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Philippines-Japan friendship takes form in real estate

Yume at Riverpark’s Clubhouse, where convergence and calm will happen. (Artist’s perspective)

FNG bridges culture through space and design

The 1951 San Francisco Peace Treaty laid the foundation for a renewed relationship between the Philippines and Japan. The treaty was ratified by the Philippine government on July 16, 1956, and took effect for the country after a week. Today, July 23, is celebrated annually as Philippines-Japan Friendship Day, as mandated by Proclamation No. 854 in 2006.

The partnership, meanwhile, has expanded beyond government initiatives, as Japanese and Filipino companies engage in joint ventures that contribute to the local economy and strengthen cultural ties.

Among them is Federal Land NRE Global, Inc. (FNG).

Since its launch in 2022, FNG, the joint venture between local property firm Federal Land, Inc. and Japan-based Nomura Real Estate Development Co., Ltd. (NRE), has worked on several real estate projects, focusing on residential and mixed-use communities. These developments show how the countries’ strong ties extend beyond trade — it also connects people through spaces.

The Observatory’s façade is inspired by the Philippine eagle, refining vertical living in the metro. (Artist’s perspective)

Building spaces, bridging culture

The collaboration between Federal Land and NRE started with the development of The Seasons Residences. Together with Isetan Mitsukoshi Holdings, Ltd., they also brought in the country’s first MITSUKOSHI mall in Bonifacio Global City. What began as a single project has since grown into a wider commitment to urban development.

Today, FNG handles a growing portfolio of mixed-use and residential projects that combine Japanese architectural sensibilities with Filipino lifestyle demands.

Spacious lots in Yume at Riverpark provide ample room for larger gardens. (Artist’s Perspective)

“The FNG brand is built on the Japanese and Filipino collaboration. Grounded in sustainability and a future-forward mindset, these values shape how we design and deliver each of our developments,” said Yusuke Hirano, vice-chairman of FNG.

In Cavite, FNG launched Yume at Riverpark, the company’s first horizontal development outside Metro Manila. It is set within Riverpark, Federal Land’s township spanning 600 hectares in General Trias, Cavite, creating a bold vision for a future-ready community. Designed around greenways and water corridors, it brings urban convenience into harmony with nature.

Yume at Riverpark is an 18-hectare community that features open spaces, a wellness center, and a clubhouse designed by award-winning architect Ed Calma with Japanese design firm UDS Ltd.

Strategically placed near the Cavite-Laguna Expressway (CALAX), Yume at Riverpark is easily accessible to residents from the southern part of Luzon. Once the infrastructure is completed, direct interchanges at Riverpark North and South will provide seamless access to the community.

The Observatory Sales Pavilion

In Mandaluyong, FNG is developing The Observatory, its first vertical mixed-use development in Metro Manila. Covering 4.5 hectares, the project includes residential towers, office spaces, and commercial zones, positioned near major business districts including Ortigas, Makati, and Bonifacio Global City.

Sora, the first residential tower in the project, takes inspiration from Tokyo’s Shibuya district. It offers flexible layouts designed to accommodate the needs of young professionals and small families. To help buyers better understand the project, FNG opened The Observatory Sales Pavilion, which includes scaled building models, virtual walkthroughs, and interactive tools.

To further integrate lifestyle and convenience, FNG introduces popular Japanese food brands such as UCC Mentore, MOS Burger, and CoCo Ichibanya into its new showroom. These additions provide a distinct experience for visitors.

Boosting economic development

A surge in business activity is taking shape in Cavite following the complete sellout of Phase 1 of FNG’s Riverpark North Commercial Lots. The development is beginning to attract investors, stimulate job creation, and support the province’s growing logistics and trade sectors.

In 2024, FNG broke ground for the logistics center within the Riverpark North site, in collaboration with Fast Retailing Philippines, the local partner of Japanese clothing brand UNIQLO. The upcoming hub is expected to serve as a warehouse and transport facility, supporting key supply chain operations in the region. In the same year, Federal Land and SM also broke ground for the rising SM City General Trias.

The location of Riverpark North complements infrastructure upgrades currently being carried out across Cavite. These include new roads and transport networks that are helping reduce travel time between Metro Manila and Southern Luzon.

Riverpark North Commercial Lots promotes a collaborative and open environment through thoughtfully integrated open spaces. (Artist’s perspective)

FNG is now moving forward with Phase 2 of the project, and site development has already started.

Filipino-Japanese values as a foundation

In just three years of operations, FNG has made a strong impression in the real estate sector, earning multiple honors for its approach to design and development.

At the 19th PropertyGuru Asia Property Awards, the company was named Best Breakthrough Developer, putting it alongside recognized names in the Asia-Pacific property market.

At the 12th PropertyGuru Philippines Property Awards, Yume at Riverpark won Best Subdivision Development.

Through Kaizen, FNG aligns innovation with discipline, ensuring better outcomes at every level.

Such recognitions indicate FNG’s commitment to disciplined planning, collaboration, rooted in the Japanese principle of kaizen or continuous improvement. By combining Japanese discipline with Filipino values, FNG creates a culture that strengthens operations and allows it to serve communities effectively without losing sight of quality.

For more information on these thriving developments, visit FNG.ph.

 

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Philippines trade talks yield modest tariff shift after Trump-Marcos meeting

US PRESIDENT Donald J. Trump and Philippine President Ferdinand R. Marcos, Jr. met in the Oval Office at the White House in Washington, DC on July 22, 2025 — REUTERS/KENT NISHIMURA

WASHINGTON – US President Donald Trump announced on Tuesday a new 19% tariff rate for goods from the Philippines after what he called a “beautiful visit” by Philippine President Ferdinand Marcos Jr. to the White House, and said US goods would pay zero tariffs.

The new tariff rate is just below the 20% threatened by Trump earlier this month, but still above the 17% rate set in April when Trump announced what he called reciprocal tariff rates for dozens of countries. It matches the 19% rate announced for Indonesia and bests Vietnam’s slightly higher rate of 20%.

Trump posted the news on his Truth Social media platform after meeting with Marcos in the Oval Office, where he had earlier signaled a deal could be reached during the visit.

“It was a beautiful visit, and we concluded our Trade Deal, whereby The Philippines is going OPEN MARKET with the United States, and ZERO Tariffs. The Philippines will pay a 19% Tariff,” Trump said, calling Marcos a “very good and tough negotiator.”

Trump said the two Pacific allies, who will celebrate 80 years of diplomatic relations next year, would also work together militarily but gave no details.

Marcos, the first Southeast Asian leader to meet Trump in his second term, told reporters at the start of the meeting that the United States was his country’s “strongest, closest, most reliable ally.”

He had no comment after Trump’s post on the new tariff rate.

Trump said the “very big numbers” in the trade agreement would only grow larger. The US had a deficit of nearly $5 billion with the Philippines last year on bilateral goods trade of $23.5 billion.

Trump has upended global trade flows with tariffs on nearly every trading partner, with almost all countries facing a 10% tariff that took effect in April and many facing steep additional tariffs from August 1.

Gregory Poling, a Southeast Asia expert at Washington’s Center for Strategic and International Studies, said it was too early to say much about the Philippines trade deal since no details had been released, as was the case with similar pacts with Indonesia and Vietnam.

“At the end of the day, I don’t think the Philippine government is sweating the final number so long as it keeps Philippine-made goods competitive with those of its neighbors, which this does,” Poling said.

The White House announced further details of a framework for a US-Indonesia trade agreementon Tuesday, saying negotiators were due to finalize the terms in coming weeks.

During the Oval Office event, Trump said he may visit China for a landmark trip “in the not-too-distant future” and noted the Philippines had distanced itself from Beijing after his election last November.

“The country was maybe tilting toward China, but we un-tilted it very, very quickly,” Trump said.

Philippine officials had said Marcos planned to stress that Manila must become economically stronger if it is to serve as a truly robust US partner in the Indo-Pacific.

Protesters gathered near the White House as Marcos arrived, demanding the Philippine leader address pleas of Filipino Americans and migrant workers who have made multiple requests for support amid federal immigration raids. — Reuters

SEC considers tiered public float for IPOs

BW FILE PHOTO

By Revin Mikhael D. Ochave, Reporter

THE Securities and Exchange Commission (SEC) is looking at a tiered approach for the minimum public float requirement of companies seeking to list on the stock exchange, its chairperson said.

SEC Chairperson Francisco Ed. Lim said the current 20% minimum public float requirement for companies planning to conduct an initial public offering (IPO) is a “one-size-fits-all” situation that could be addressed by a tiered system depending on the company’s market capitalization.

“A 20% float at IPO, regardless of the size of the issue, was done to improve the liquidity of the market, which is one of the basic problems. But I think the 20% (float) is ‘one size fits all.’ Personally, I don’t think that’s the way,” Mr. Lim said in an interview to be aired on One News’ Thought Leaders with Cathy Yang on July 25.

Mr. Lim said he asked the supervising SEC commissioner to look at tiers that would depend on the company’s market capitalization.

“The higher the market capitalization is, the lower the percentage of free float,” he said.

Mr. Lim said the SEC will internally discuss the proposal but will also get comments from the Philippine Stock Exchange (PSE) and the public.

“I think this has been done by other exchanges. Let’s see what happens,” he said.

Mr. Lim said he is not in favor of providing exemptive relief from the current 20% public float requirement.

“I’m quite allergic to exemptive relief,” he added.

Mr. Lim said the tiered approach makes the rule applicable to all companies, unlike exemptive relief which is granted on a case-to-case basis.

“Just amend the rule to make it applicable to everybody rather than applying to a particular company, because once you do that, then other companies will have their own reasons why you should give exemptive relief,” he said.

In March, the SEC, which was then led by chairperson Emilio B. Aquino, said companies may apply for exemptive relief from the 20% public float rule “provided they bridge any gap from the 20% standard within less than 24 months from the listing date and only as deemed necessary by the commission.”

The SEC initially allowed an initial public float of 15% by way of exemptive relief, but subject to strict criteria.

However, the corporate regulator “remained firm” on the 20% minimum public float requirement for companies eyeing to do an IPO, citing the “value of higher public ownership to market depth and efficiency.”

The SEC’s move came as Globe Telecom, Inc. said the long-awaited IPO of GCash, controlled by Globe Fintech Innovations (Mynt), will depend on regulators lowering the required public float to 10%-15%.

In 2017, the commission increased the minimum public ownership requirement for companies looking to do an IPO to 20% from the previous 10%.

AP Securities, Inc. Research Head Alfred Benjamin R. Garcia said in a Viber message that the tier system would be better for companies seeking to go public.

“That would be a better approach than exemptive relief, since the latter feels too much like favoritism. It also makes better sense as it translates the percentage into peso amount, so the end result is still in keeping with the goal of ensuring liquidity,” he said.

“At least Mr. Lim seems to be more concerned about actual shareholder welfare rather than changing up the rules to accommodate certain companies,” he added.

Unicapital Securities, Inc. Research Head Wendy B. Estacio-Cruz said in a Viber message that the tiered approach offers a “more practical and inclusive way to encourage IPOs.”

“It offers a clearer and more predictable path for companies that may find it challenging to meet the 20% threshold right away. At the same time, it still supports the goal of improving market liquidity without being too rigid,” she said.

“This approach also helps avoid the impression that rules are being bent for certain companies, which can happen when exemptions are granted too often. Overall, it’s a fairer and more transparent way to strike a balance between attracting listings and building a healthy, liquid market,” she added.

The PSE aims to have six IPOs this year. However, only one company has made its stock market debut — Cebu-based fuel retailer and distributor Top Line Business Development Corp. in April.

Aside from GCash, other companies expected to go public include Maynilad Water Services, Inc. and integrated resort operator Hann Holdings, Inc.

On Tuesday, the bellwether PSE index rose by 0.04% or 2.95 points to 6,355.69, while the broader all shares index gained by 0.1% or 3.76 points to 3,757.20.

Mr. Lim’s interview on Thought Leaders with Cathy Yang will be aired at 9:30 p.m. on July 25 on One News Channel.

Digital bank deposits hit P100B for the first time

Peoples walk past automated teller machines in Makati City, June 23, 2016. — REUTERS

By Luisa Maria Jacinta C. Jocson, Senior Reporter

THE Philippine banking system’s total deposits rose by 5.4% year on year to over P20 trillion as of the first quarter, the latest data from the Bangko Sentral ng Pilipinas (BSP) showed, as digital bank deposits surpassed the P100-billion mark for the first time.

BSP data showed the banking industry’s deposits increased to P20.2 trillion as of end March from P19.1 trillion in the same period in 2024.

The number of deposit accounts climbed by 19.1% to 150.8 million from 126.6 million year on year. The number of depositors likewise jumped by 16.7% to 134.5 million from 115.3 million.

Savings deposit accounts reached P8.82 trillion, while regular savings hit P7.47 trillion. Time deposits stood at P5.78 trillion, while demand deposits reached P5.54 trillion.

Broken down, universal and commercial banks held deposits worth P18.86 trillion at end-March, up by 5.1% from P17.95 trillion a year ago.

Big banks had a total of 94.2 million accounts and 86.7 million depositors in the first three months of the year.

Deposits held by thrift banks edged higher by 5% to P839.68 billion in the first three months from P799.34 billion a year ago.

Thrift banks had 7.65 million deposit accounts and 7.49 million depositors.

Rural and cooperative banks’ deposits climbed by 18.7% to P358 billion during the period from P301.72 billion a year ago. These banks had a total of 25.1 million deposit accounts and 24.9 million depositors.

Total deposits of digital banks jumped by 33.3% to P102.3 billion at end-March from P76.8 billion. This was the first time deposits from digital banks breached the P100-billion level.

The number of deposit accounts at digital banks hit 23.85 million with 15.5 million depositors.

“Continued growth in deposits is also a function of continued growth in sales and net income of businesses and also a function of the local employment data, still among the best in about 20 years or since revised records started in 2005,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

There were 52.32 million Filipinos that were part of the labor force in May, the highest recorded number since April 2005.

The country’s unemployment rate went down to 3.9% in May from 4.1% in April. This translated to 2.03 million jobless Filipinos in May from 2.06 million a month prior.

“The growth in deposits may have helped the continued and faster growth in bank loans that grew by more than twice versus deposits, reflecting improved demographics of the country that led to a much faster growth in consumer loans,” Mr. Ricafort said.

Bank lending jumped by 11.3% year on year to P13.37 trillion as of May, the latest data from the BSP showed. Consumer loans to residents grew 23.7% to P1.699 trillion during the month. 

“Continued growth in deposits is crucial for banks’ financial intermediation business that supports growth in both loans and investments that add to earnings of banks,” he added.

The latest central bank data showed the share of Filipinos with bank accounts reached 65% of the adult population in 2022.

TIEZA books P192-million investment commitments as of July

Tourists enjoy the beach in Puerto Galera in Oriental Mindoro in this file photo. — PHILIPPINE STAR/EDD GUMBAN

By Justine Irish D. Tabile, Reporter

THE TOURISM Infrastructure and Enterprise Zone Authority (TIEZA) said it has secured P192.3 million worth of investments so far this year.

“For 2025, we have secured P192 million. That is January to this date,” TIEZA Chief Operating Officer Mark T. Lapid told BusinessWorld on the sidelines of the agency’s Partners and Stakeholders Appreciation Night on Monday.

Compared to last year, Mr. Lapid said the TIEZA’s aggressive information drive has been key in attracting more investments.

“We have more this year because we are being aggressive on the information drive even with the market sounding and the missions that we do with different local stakeholders in different areas.”

“If you look at it, we are still a new investment promotion agency. That’s why we are very happy that there are more investors applying and trying to get accredited with us,” he added.

Since 2021, TIEZA has secured investment commitments worth P225.7 billion, which are expected to generate 131,805 jobs.

“These figures underscore the growing confidence of investors in the Philippine tourism sector and affirm TIEZA’s continued role as the key investment promotion agency (IPA) in driving high-impact tourism investments nationwide through our expanding portfolio of registered business enterprises (RBEs),” Mr. Lapid said.

On Monday, TIEZA welcomed seven registered business enterprises to its portfolio. These are Bukid Amara Davao, Fairfield by Marriott Cebu Mactan, Anjo World Conference Center, Avignon Clinic, Flow State Bouldering, Belo Medical Group – Greenhills, and Reside Siargao.

These tourism-related ventures span accommodations and meetings, incentive travel, convention and exhibition facilities, health and wellness, farm tourism, sports facilities, and recreational centers.

“Their entry into the TIEZA registry is expected to generate employment and stimulate local economies and attract fresh investments to their respective communities,” TIEZA said.

Aside from the agency’s information drive, Mr. Lapid said the increased investments are also being driven by the enactment of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act.

“With CREATE MORE, the playing field became level among different investment promotion agencies like the Philippine Economic Zone Authority and the Board of Investments,” he said.

“And of course, we have infrastructure support in our mandate that will help our investors, so it is better in encouraging our campaign for investment in tourism,” he added.

Asked about what he wants to hear from President Ferdinand R. Marcos, Jr. in his State of the Nation Address next week, Mr. Lapid said he hoped TIEZA would be recognized for its efforts to digitalize the collection of travel tax.

“On Thursday, we will have a memorandum of agreement signing with the Department of Information and Communications Technology for the integration of travel tax in the eGov app so that the access to travel tax will be faster,” he added.

In 2024, Mr. Lapid said travel tax collections reached P7.8 billion, which is at par with collections in 2019.

“We’re two years early from the projection that was given to us to recover by the United Nations World Tourism Organization,” he said.

“So, our recovery program is quite good, showing a strong recovery and renewed public confidence in travel,” he added.

Half of the travel tax collections goes to TIEZA, while 40% goes to the Commission on Higher Education, and 10% goes to the National Commission for Culture and the Arts.

A spiritual journey through art

COELI MANESE’S artworks from The Light That Never Goes Out. — BRONTË H. LACSAMANA

Coeli Manese paints God in abstraction

THE GOAL of abstract expressionist painter Coeli Manese has always been to make people pause, reflect, and reconnect with their own spirituality.

For Ms. Manese, her artworks represent the eternal guiding light of faith. This is why, at the Conrad Manila hotel, 20 of her works have been put together in an exhibit titled The Light That Never Goes Out for guests to peruse and enjoy.

As part of the hotel gallery’s “Of Art and Wine” series, the collection offers a glimpse into Ms. Manese’s world of vibrant color, texture, and emotion, a result of her own periods of reflection.

“It’s all deeply personal, born from my journey of faith, exploration, and creative expression inspired by biblical teachings,” she said at the exhibit launch on July 15. “I’d gone through sadness and depression before I started painting this collection.”

Ever since “the light came out” after she emerged from that time of darkness, the ideas behind the works for the exhibit also came to light.

“Throughout my journey, the light was there. Sometimes you don’t see it because of distractions and all, so that’s the reason that’s the title,” she added.

Though Ms. Manese started painting as a child, her adult years following a career in hotel sales and marketing saw her explore different artistic outlets — ceramics, pottery, even photography. Realist painting was her last stop, until she discovered abstraction.

She told BusinessWorld that Helen Frankenthaler was her inspiration for abstract painting.

“I tried imitating her works and, from there, I developed my style, which has more vertical and horizontal lines. Abstraction for me, in that first work I did, had a strong connection,” she said.

For Ms. Manese, that moment made her decide that abstract painting was truly for her. “It’s because of the colors. When you paint abstract, the colors just come out. It’s a discovery, and there are changes year after year; the colors evolve.”

Of Art and Wine: The Light That Never Goes Out is on view at Conrad Manila’s Gallery C until Sept. 13. — Brontë H. Lacsamana

S&P upgrades Meralco outlook to ‘positive,’ affirms ‘BBB’ rating

PHILIPPINE STAR/BOY SANTOS

S&P GLOBAL RATINGS has affirmed Manila Electric Co.’s (Meralco) credit rating at “BBB” and revised its outlook to “positive,” citing expectations of improved business integration and project execution in power generation.

“The positive outlook reflects our expectation that business integration, scale, and diversity could improve with project execution in power generation, without material delays or cost overruns,” S&P said in an e-mailed report on Tuesday.

S&P revised the credit outlook for Meralco to “positive” from “stable,” indicating that its “BBB” rating could be upgraded.

A “BBB” rating indicates that Meralco has adequate capacity to meet its financial commitments but remains more subject to adverse economic conditions.

S&P said the outlook revision reflects Meralco’s stronger business position, citing “improving scale and profitability in power generation and further diversification as an integrated power utility.”

The development enables the company to continue generating robust operating cash flow from its core distribution business, supported by the recent renewal of its distribution franchise, the agency said.

This is despite increased leverage resulting from significant capital expenditures for a large solar project and recent acquisitions.

“Backed by… exclusive franchise, the company will likely maintain its natural monopoly within its franchise area, including Metropolitan Manila, the Philippines’ national capital and economic center,” S&P noted.

President Ferdinand R. Marcos, Jr. on April 11 signed into law the measure extending Meralco’s franchise by another 25 years, which was supposed to end in 2028.

Meralco serves around eight million customers across 39 cities and 72 municipalities.

Meanwhile, S&P said that the company’s expansion into power generation will strengthen its business diversification as an integrated power utility.

Meralco’s stake in two operational natural gas power plants with a combined capacity of 2.6 gigawatts (GW), as well as the construction of the 3.5-GW MTerra Solar power project, will bring the company’s gross operating generation capacity to 8.8 GW by 2027 from 2.6 GW in 2024.

The credit watcher expects the solar power project and gas power plants to contribute 24% and 7%, respectively, to Meralco’s adjusted earnings before interest, taxes, depreciation, and amortization by 2027.

“We assume predictable cash flow from the projects, given their long-term power supply agreements with favorable tariffs,” S&P said. “These upstream investments will also help Meralco better secure power supply and evolve as an integrated power utility from a stand-alone distribution company.”

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

Museum café fuels fine arts scholarship grants

THE SCHOLARSIP CAFÉ

IN the 1940s, Juvenal Sansó was a struggling artist and reliant on a stipend for his art education in Paris. In honor of the renowned artist’s early experience, the private, nonprofit institution Fundacion Sansó will be supporting young artists through delicious pastries, coffee, and tea served in a museum café in San Juan City.

The café, called Scholarsip, opened at the expanded wing of Fundacion Sansó last week. An extension of the museum shop, it will add funds to the foundation’s scholarship and grants program. Through the years, 31 students from Bulacan State University have received scholarships while students from the University of the Philippines Diliman and Far Eastern University have received thesis grants.

The café’s food and beverage partners are Yardstick Coffee for the coffee, Tsaa Laya for the tea, Purple Yam for the pastries, chef Kim Tatel for the savories, and Theo & Philo for the chocolates.

Other new features of the expanded wing are the improved museum shop display of art merchandise, a dedicated gallery for young and emerging artists, and a mini library and reading nook.

“We keep Mr. Sansó’s legacy alive by administering grants to students,” Ricky Francisco, Fundacion Sansó museum director and curator, told BusinessWorld at the July 17 launch.

A major source of their funding over the past 10 years has been the fees charged for authenticating Sansó artworks. “Of course, there’s a finite number of his works to authenticate, so we’ve had to come up with this extension of our museum shop,” Mr. Francisco added.

Tenie Santos, Fundacion Sansó’s assistant director, explained that they have also managed to acquire land in Laguna for a permanent museum, which “took 10 years to save up for.”

“Given the journey it took to get here, it will probably take another 10 years to build the museum,” Ms. Santos said.

For now, the foundation’s focus is on Scholarsip, which aims to “provide a sustainable platform that uplifts local producers, empowers emerging artists, and supports cultural programs that keep Sansó’s spirit alive.”

WHAT TO ORDER
For Scholarsip, the museum staff trained in professional coffee preparation and latte art under Yardstick Coffee. Their latte options include Hazelnut, Caramel, White Mocha, and Spanish.

Meanwhile, Tsaa Laya’s artisanal teas, crafted in Calauan, Laguna, offer a dose of calm. The Bughaw tea is made with butterfly pea flower while the Soothing Comfort tea contains lagundi.

Theo & Philo’s premium chocolates, sourced from Davao, add a touch of creamy indulgence. The menu has a nostalgic Chocolate Milk drink made with Theo & Philo chocolate.

Visitors must try the pastries by New York-based Filipino artisanal bakery Purple Yam (which was recognized with the Michelin Bib Gourmand in 2017, 2019, and 2021), including the perfectly balanced Buko Nipa Ube Pie and the nutty Panutsa Cashew Pie.

Mr. Tatel’s savory sourdough and focaccia creations round out the menu with something filling to eat. Favorites include the 3 Cheese and Mushroom Scallops for the sourdough option, and Chicken Mushroom for the focaccia option.

“We’re really driven by advocacy, so the proceeds from Scholarsip will go directly toward Fundacion Sansó’s programs,” said Ms. Santos.

Fundacion Sansó is located at 32 V. Cruz St., Brgy. Sta. Lucia, San Juan. — Brontë H. Lacsamana

Gov’t fully awards T-bonds amid robust demand

BW FILE PHOTO

THE GOVERNMENT made a full award of the reissued Treasury bonds (T-bonds) it auctioned off on Tuesday at an average rate broadly in line with prevailing secondary market yields as the offer fetched robust demand.

The Bureau of the Treasury (BTr) borrowed P20 billion as planned via the reissued seven-year bonds, with total bids for the tenor reaching P46.752 billion or more than double the amount on offer.

This brought the outstanding volume for the issue to P341.4 billion, the Treasury said in a statement.

It added that it made a full award of the bonds as the offer was oversubscribed and as the average rate fetched for the issue was lower than comparable secondary market levels.

The reissued bonds, which have a remaining life of two years and nine months, were awarded at an average rate of 5.817%. Accepted yields ranged from 5.79% to 5.824%.

The average rate of the reissued papers was up by 5.7 basis points (bps) from the 5.76% fetched for the series’ last award on June 25 and was also 218.2 bps above the 3.635% coupon for the issue.

Meanwhile, this was 0.68 bp below the 5.8102% fetched for the same bond series and 2.39 bps lower than the 5.8408% quoted for the three-year paper — the benchmark tenor closest to the remaining life of the issue — at the secondary market before Tuesday’s auction, based on the PHP Bloomberg Valuation Service (BVAL) Reference Rates data provided by the BTr.

The government fully awarded its T-bond offer as strong demand caused the issue’s average rate to settle near the lower end of the 5.8%-5.875% range expected by the market, a trader said in a text message.

“The auction performed well within market expectations… The bid-to-cover ratio was also high at 2.338 times the awarded volume,” the trader said.

The BTr made a full award as the average rate fetched for the issue was lower than prevailing BVAL yields, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

He added that the strong demand seen for the offering was likely partly due to the P516 billion worth of retail Treasury bonds (RTB) set to mature early next month, with players already looking for reinvestment options with higher yields.

Expectations of further monetary easing by both the Bangko Sentral ng Pilipinas (BSP) and the US Federal Reserve also kept the issue’s average rate in line with prevailing market yields, Mr. Ricafort said.

BSP Governor Eli M. Remolona, Jr. has said that they have room for two more rate cuts this year amid benign inflation.

In June, the central bank delivered a second straight cut, reducing benchmark borrowing costs by 25 bps to bring the key rate to 5.25%. The Monetary Board has now lowered interest rates by a total of 125 bps since it began its easing cycle in August last year.

Meanwhile, the US central bank is widely expected to hold rates steady at the 4.25%-4.5% range in its July 29-30 meeting.

Investors will watch a speech by Federal Reserve Chair Jerome H. Powell set later on Tuesday for clues about when the Fed might cut interest rates, especially after mixed inflation signals last week, Reuters reported.

Traders have largely ruled out a July rate cut, and they now see a greater than 50% chance the Fed will cut by its September meeting, according to CME Group’s FedWatch tool.

The BTr wants to raise P250 billion from the domestic market this month, or P125 billion through Treasury bills and P125 billion via T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.56 trillion or 5.5% of gross domestic product this year. — A.M.C. Sy with Reuters

A Friendship Woven in Trust: Commemorating 69 Years of Japan-Philippines Ties

By Kazuya Endo, Japanese Ambassador to the Philippines

Isang mainit na pagbati sa lahat ng aking mga kaibigang Pilipino! (Warm greetings to all my Filipino friends!) It is my great pleasure and honor to celebrate with you today the 69th Japan-Philippines Friendship Day.

As we commemorate this special occasion, I would like to take a moment to reflect on the ongoing Expo 2025 Osaka, Kansai, Japan and, in particular the Philippine Pavilion. I had the privilege of visiting the Philippine Pavilion twice — first, during the Philippine National Day and again during the visit of President Ferdinand Marcos, Jr. and First Lady Louise Araneta-Marcos. On both occasions, I was deeply impressed by the thoughtful presentation of the Pavilion and particularly its symbolic theme — “Woven.” When I heard and experienced this theme, I found myself thinking: this theme is a perfect metaphor for the entirety of Japan-Philippines relations.

The ties that bind our two nations are like a tapestry woven from various threads of trust. And those threads — be it people-to-people and cultural ties, or economic and security partnerships — are woven together to create a vivid, rich, and beautiful tapestry called Japan-Philippines relations. Using this metaphor, let me illustrate some of the threads we’ve woven together lately that add a new color and design to our partnership.

Thread of Fostering Enduring People-to-People and Cultural Connections

Japan-Philippines Summit Meeting: (L) Japanese Prime Minister Ishiba Shigeru and (R) Philippine President Ferdinand R. Marcos, Jr. — Cabinet Public Affairs Office

As our cooperation grows from strength to strength, robust people-to-people and cultural ties continue to play a role in the foundational thread of our trust. In my various visits across the Philippines’ vast regions, I’ve been truly overwhelmed by the local support for our bilateral partnership. It has been particularly heartwarming to witness our Filipino friends’ deep interest in and shared love for Japanese culture, clearly demonstrated by the record-high of over 820,000 Filipino visitors to Japan last year. With the recent opening of the Japan Visa Application Center (JVAC), we are optimistic about sustaining this encouraging trend in the years ahead.

With tourism a promising source of shared experiences, our ties continue to find renewal through the personal encounters Filipinos have with Japanese culture. In our lively receptions at the Ambassador’s Residence, I’ve had the privilege of hearing about the lasting friendships and experiences forged by Filipino participants in the Japan Exchange and Teaching (JET) Programme and recipients of the Japanese Government Scholarship (MEXT). Meanwhile, the aspirations of our Filipino JDS (Project for Human Resource Development Scholarship) Fellows and SSEAYP (Ship for Southeast Asian and Japanese Youth Program) delegates have also been a glowing testament to deepening people-to-people exchanges with the Philippines.

Furthermore, my wife and I are delightedly grateful to have participated in many events celebrating our two countries’ cultures here in the Philippines. Rooting for our Japanese volleyball teams together with Filipino fans, sharing the art of Nihon Buyo or traditional dance on the occasion of Japan’s National Day Celebration, interacting with young Filipino university students, appreciating beautiful Ikebana arrangements, and singing along to the Filipino-Japanese jazz band who performed at my humble residence are among my fondest memories with our Filipino friends thus far.

Defense Minister Nakatani Gen and Secretary Gilberto Teodoro, Jr. at the Japan-Philippines Defense Ministerial Meeting

Vibrant visits of dignitaries are always a reflection of the importance of our bilateral relations. In the time of growing volatility and complexity, neighboring countries that share fundamental values and strategic interests are ever more important. During the first half of the year, the Philippines welcomed a series of visits from Japanese Cabinet Ministers who were generously greeted with the iconic brand of Philippine hospitality. In January, we warmly received Foreign Minister Iwaya Takeshi, followed by Defense Minister Nakatani Gen in February. Minister of Land, Infrastructure, Transport, and Tourism Nakano Hiromasa also made his visit in April. These visits culminated in the first official visit of Prime Minister Ishiba Shigeru to the Philippines in April — marking the second visit by a Japanese prime minister under the Marcos administration.

Thread of Bolstering Economic Growth and Sustainable Development

Economic partnership is another important thread I would like to highlight. Japan has been consistently supporting sustainable development in the Philippines. The past year has seen a significant bolstering of our economic cooperation, with Japan contributing to quality infrastructure projects in the country. These include the Metro Manila Subway Project (MMSP), the North-South Commuter Railway (NSCR), and the Davao City Bypass Construction Project — all funded by Japan’s Official Development Assistance (ODA) through the Japan International Cooperation Agency (JICA). Apart from these projects, this year, we also celebrate the 60th anniversary of JICA’s Japan Overseas Cooperation Volunteers (JOCV), which has been providing grassroots support for the development of various countries, including the Philippines.

The strong economic ties between Japan and the Philippines are the cornerstone of our friendship. Japan remains as one of the top investors in the Philippines, especially in Philippine Economic Zone Authority (PEZA) locations. With cumulative investments exceeding P550 billion and direct employment of over 300,000 Filipinos, these significantly impact our economies. Following the relaxation of foreign ownership rules in retail, we’ve recently welcomed several prominent Japanese brands. Nitori opened its first store in 2024, shortly after I assumed my post last year. In addition, Mitsukoshi BGC opened in mid-2023. These are landmarks in the growing Japanese retail presence in our market.

Japan also continues to extend its steadfast support for the peace process in the Bangsamoro region, through the three pillars of the Japan-Bangsamoro Initiatives for Reconstruction and Development (J-BIRD). These efforts encompass capacity-building for the Bangsamoro Transition Authority (BTA), assistance in the transformation of former combatant communities into progressive and resilient societies, and the provision of socioeconomic development assistance. As we look forward to the first Bangsamoro Parliament elections, we recognize this milestone as a significant stride towards achieving lasting peace and prosperity in the region.

Thread of Deepening Security Partnerships

Japan Coast Guard (JCG) Commandant Seguchi Yoshio meets with Philippine Coast Guard (PCG) Commandant Ronnie Gil Gavan for the first time.

The security cooperation thread is growing evidence of our deepening trust, driven by our shared commitment to a Free and Open Indo-Pacific (FOIP). This concept, promoting peace, stability, and prosperity across the region through ensuring rules-based international order, has certainly been realized by our bilateral cooperation. The Japan-Philippines Reciprocal Access Agreement (RAA) signed in July 2024, for instance, has emerged as a landmark achievement for our two countries. Its unanimous approval by the Philippine Senate in December of the same year and its approval by the Japanese Diet last June underscore our shared commitment to regional peace and stability. In the recently held Japan-Philippines Summit Meeting, our two leaders further agreed to commence negotiations on an Acquisition and Cross-Servicing Agreement (ACSA). The meeting also confirmed the importance of an early conclusion of an Agreement on the Security of Information.

Japan Maritime Self-Defense Force (JMSDF) and the Philippine Navy (PN) conduct Bilateral Maritime Cooperative Activity (MCA) in the South China Sea.

On another promising front, Japan’s unwavering support for the Philippines’ security capabilities remains well represented through our Official Security Assistance (OSA) scheme. At present, the Philippines holds the distinction of being the first recipient of the OSA, as well as the only country to have been granted OSA funding for two consecutive years. Japan is further conducting a feasibility study for the OSA for the third year. We have also witnessed the frequent conduct of Maritime Cooperative Activities (MCA) and increased port visits by Japan Maritime Self-Defense Force (JMSDF) vessels in the country. This year, in fact, we had the honor of hosting the 71st Anniversary of the Japan Self-Defense Forces aboard the JMSDF vessel, JS ISE, during its visit at the Port of Manila.

The threads of our bilateral friendship are interwoven with a strong commitment to international peace and security, a tapestry we continue to weave together through active multilateral engagement. This shared dedication is evident in our cooperation on disarmament. Japan’s participation in the High-Level Launch Meeting of the Friends of the Fissile Material Cut-off Treaty (FMCT) in September 2024, alongside the Philippines, exemplifies our collaborative approach. As fellow members of the Non-Proliferation and Disarmament Initiative, we are working together to enhance cooperation in nuclear disarmament and non-proliferation.

Weaving Together to Fortify Our Long-Lasting Friendship

I hope I have been able to convey just how beautifully each individual thread has contributed to the rich tapestry of Japan-Philippines relations.

As we move forward into the future, we will continue to weave this tapestry together. Thread by thread, we will create and enrich the fabric of friendship between our two nations. Let us work hand in hand, weaving a vibrant, rich, and beautiful future for Japan and the Philippines.

Mabuhay ang pagkakaibigan ng Japan at Pilipinas! (Long live the friendship of Japan and the Philippines!)

Palafox: Smarter urban planning needed for PHL to go first-world

Palafox Associates Managing Partner and Founder Felino A. Palafox, Jr. speaks to reporters during the firm's 36th anniversary celebration on July 22. — BEATRIZ MARIE D. CRUZ

THE PHILIPPINES needs to address inefficient land use, improve urban planning, and establish “smart” cities in the countryside to achieve first-world status by 2050, according to veteran architect and urban planner Felino A. Palafox, Jr.

“Looking at Metro Manila, [I noticed] that there are so many wrong land uses in the wrong places, and at the wrong time,” said Mr. Palafox, founder of architecture and urban planning firm Palafox Associates, during the company’s 36th anniversary event on Tuesday.

“Planning is about balance — a balance between jobs and housing, and between land use and transportation,” he said.

Mr. Palafox cited Goldman Sachs, which earlier projected that the Philippines will become the world’s 16th largest economy by 2050.

This also aligns with Palafox Associates’ “Philippines 2050: A First-World Country, A First-World Economy” campaign, which envisions the Philippines as a first-world nation by 2050.

By 2050, over 100 million Filipinos will live in cities, Mr. Palafox said. To accommodate this growing population, the country will need at least 100 new smart, inclusive, and resilient cities, he noted.

“We should encourage more development there [in the countryside], and to stop being Metro Manila-centric. Let’s make the Philippines polycentric,” he said.

Addressing the country’s recurring flooding issue is a key aspect of urban development, Mr. Palafox said, noting that progress has been limited by aging infrastructure and insufficient government response.

“We plan from ridge to reef — top of the mountain, highlands, midlands, lowlands. That’s where you address it before the floods come,” he said.

The country’s waterways have long been unable to accommodate high volumes of rainwater, Mr. Palafox also said.

He cited Super Typhoon Ondoy in 2009, during which over 4,600 cubic meters (m³) of water per second flowed down from the mountains. Since the Pasig River could handle only 600 m³ per second, the excess water — more than 4,000 m³ per second — flooded Metro Manila, causing widespread destruction and thousands of deaths.

To better manage stormwater, the country should consider investing in rainwater harvesting systems and SMART (stormwater management and road tunnel) tunnels.

A SMART tunnel, which has been adopted in countries like Malaysia, diverts floodwater caused by heavy rain into a bypass tunnel.

“During the worst flood, the whole SMART tunnel can be used as spillway,” Mr. Palafox said.

The Philippine government must also focus on solving corruption, criminality, poverty, and poor infrastructure, he added.

Extending the term of foreign leases to 99 years would also help open up the economy and entice more foreign expansion in real estate, Mr. Palafox also said.

He also attributed shortfalls in the country’s urban planning and infrastructure development to inconsistent governance, especially when a different public official is elected.

“We should have a continuous planning system where even if you have a different mayor or governor, the planning system is there,” he said. — Beatriz Marie D. Cruz

Bonnets, speech bubbles and ‘cheeky easter eggs’: A graphic biography of Jane Austen is subtly sophisticated

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THIS YEAR is the 250th anniversary of Jane Austen’s birth and she hasn’t aged a bit as the cultural touchstone of classy romance. Her Pride and Prejudice anti-hero, Mr. Darcy, perennially pops up in his breeches in Instagram memes, while Regency feminist, Elizabeth Bennet has been brought to life by a host of contemporary actors.

Along with new screen versions of Austen’s Sense and Sensibility (starring Daisy Edgar-Jones) and a Netflix version of P & P, there have been adaptations of her classics Persuasion, Emma, Northanger Abbey, and Mansfield Park. And, there are numerous biographies and biopics including a TV drama about Jane’s sister, Cassandra, who burnt most of Jane’s letters.

Now, there is also a graphic biography: The Novel Life of Jane Austen, written by Janine Barchas and illustrated by Isabel Greenberg.

Together, they have co-created a storyboard for the domestic life that framed Austen’s writing, encompassing her closeness to both Cassandra and her brother Frank, who joined the navy and liked to sew.

Unlike a “cradle to grave” biography, Barchas begins with a teenage Jane in London with Frank touring an exhibition about Shakespeare and his work. We then follow her, in illustrative comic boxes and speech bubbles, through her publishing rejections, her breakthrough debut Sense and Sensibility, and her rise to become one of most beloved writers in the canon of English literature.

The book ends beyond the grave, flashing forward to the present, in a scene where contemporary fans – Janeites – visit Jane Austen’s House, the cottage in Hampshire where Austen lived when she revised and published her six novels.

It’s also a sign of subtle structural polish. Now Jane Austen is as deserving of her own gallery as Shakespeare was when we first met Jane as a young, unpublished author.

THINKING IN PINK
Barchas – an “Austenite,” as Austen scholars are called – is the author of The Lost Books of Jane Austen, a study of the mass market editions of Austen’s work. (The Novel Life touches on Austen’s posthumous appeal with a scene where readers buy Austen books for one shilling at a railway station after her death, aged 41.)

Barchas also wrote Matters of Fact in Jane Austen: History, Location and Celebrity, which links Austen’s characters to well-known locations and figures in her era.

Barchas is the co-creator of the interactive digital exhibition, What Jane Saw, which invites us to visit two art exhibitions witnessed by Jane Austen: the Sir Joshua Reynolds retrospective in 1813 or the Shakespeare Gallery as it looked in 1796. The Novel Life, however, is a more definitive life story. It’s also best read in print (although it is available as an e-book) to appreciate Greenberg’s illustrations and graphic format.

The Novel Life is a gentler, less dramatic style than traditional comics with six-pack superheroes or Japanese manga, similar to Greenberg’s previous literary graphic biography foray, Glass Town, about the Brontë sisters.

For the Novel Life, Greenberg has drawn a world in which Austen is whimsical, with expressive eyes looming under her signature bangs. She and her sister Cassandra appear in bright yellow or blue empire line dresses.

Most scenes are illustrated in a muted palette of yellow, blue, and grey. This palette, Barchas reflects in the preface, represents “the relative quiet of her (Austen’s) life.”

When Jane is thinking or writing however, the pages transform into vivid shades of pink to symbolize her imagination and inspiration. In these pages, The Novel Life is at its best, showing graphic biography can be both captivating and deceptively sophisticated.

ARCHIVAL NODS
Is a graphic biography really a biography in the conventional understanding of the genre? It can upset the perceived rules. Anticipating this, in the preface, Barchas reminds us: “Any biography of Austen, and there are many, exists at the intersection of speculation and research.”

This book is at this intersection. While the dialogue is largely invented, it is grounded in Barchas’ expertise and there is a glossary of sources at the end.

Throughout, there are also nods to the archive. Barchas begins with a scene of Jane in 1796 writing a letter to Cassandra at a desk while staying in London – one of the few not burnt.

A speech bubble quotes an extract from it: “Here I am once more in this scene of dissipation and vice, and I begin already to find my morals corrupted.”

There are also Post-it style notes, separate from the bubbles, offering extra biographical context for readers less familiar with the intricacies of Austen’s story. A key scene happens when Jane, 22, receives her first rejection by a publisher for her manuscript First Impressions and is comforted by the loyal Cassandra. The note reads: “Jane would carry out more than a decade and a half of revisions before she dared to offer the manuscript to another publisher, who released it in 1813 as Pride and Prejudice.”

Because of their visual casualness, importantly the notes don’t interfere with the intimate, engaging tone of the story.

‘EASTER EGGS’
For Austen’s committed “Janeite” fan base, Barchas promises “cheeky easter eggs” in the preface. Janeites can delight in well-quoted lines from the novels that appear as dialogue or a character’s thoughts.

Look, for instance, for Jane reading at a dinner party from P & P: “It’s a truth universally acknowledged […]” and “she is tolerable but not handsome enough to tempt me […].”

It’s a truth universally acknowledged, too, that graphic biography can be confused with the graphic novel, now the third most popular literary genre in sales after general fiction and romance.

But, dear reader, there’s a tradition of life writing in the medium. The Pulitzer Prize winning graphic biography/memoir, The Complete Maus, told Art Spiegelman’s father’s story of the Holocaust to his son, (Art) who struggled to understand his father. Maus portrayed Jewish people anthropomorphically as mice and Nazis as cats. It was described by The New Yorker “as the first masterpiece of comic book history.”

Other high points in graphic biography include Peter Bagge’s Woman Rebel, the story of birth control campaigner Margaret Sanger, published in 2013.

Not everyone will appreciate a work diverging so dramatically from the expectations of a traditional biography. And those who will most appreciate or scrutinize The Novel Life are, yes, the Janeites and Austenites.

Regardless, Austen comes to graphic life in the mind and hands of Barchas and Greenberg. More generally, for those of us who like our biographies in vivid color – literally – and enjoy experiments in nonfiction storytelling, it’s a delightful reading experience, just like Jane Austen.

 

Kerrie Davies is a senior lecturer at the School of the Arts & Media, UNSW Sydney.

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