CEU, PTFC join PSE’s Shari’ah-compliant securities

April 8, 2025 | 12:06 am

THE Philippine Stock Exchange, Inc. (PSE) has included Centro Escolar University (CEU), an educational institution, and PTFC Redevelopment Corp., a warehouse leasing company, in its list of Shari’ah-compliant securities.

The updated list, issued on April 4, also saw the removal of Figaro Coffee Group, Inc., a food and beverage company, and Nickel Asia Corp., a mining firm.

The revisions were made following the quarterly screening for the period ending March 25, 2025.

The number of compliant companies remained at 53.

The PSE issued the prior list of Shari’ah-compliant securities on January 8, which covered the review period ending December 25, 2024.

Shari’ah is the moral and religious code of Islam that includes rules, regulations, teachings, and values governing the lives of Muslims.

“Shari’ah-compliant investment instruments create a mechanism for listed companies to gain access to potential funding from Islamic investors, including those in countries in the Middle East and other countries with high Muslim populations such as Malaysia and Indonesia,” the PSE said.

Done by Islamic finance information provider IdealRatings, Inc., the quarterly review looks at the compliance of the companies’ business activities and financial ratios to Shari’ah standards.

IdealRatings inspects listed companies in accordance with Shari’ah standards under the Accounting and Auditing Organization for Islamic Financial Institutions.

Under the business screening, the income of companies derived from activities such as adult entertainment, alcohol, cinema, defense & weapons, financial services, gambling, gold and silver hedging, interest-bearing investments, music, pork, and tobacco must be less than 5%.

In terms of financial ratio screening, a company’s cash or interest-bearing deposits or investments should not exceed 30% of its market capitalization, while its interest-bearing debt should not go beyond 30% of its market capitalization. — Revin Mikhael D. Ochave

SMIC unit starts geothermal exploration in Albay

April 8, 2025 | 12:05 am

THE PHILIPPINE Geothermal Production Co., Inc. (PGPC), a subsidiary of SM Investments Corp. (SMIC), has started exploring new renewable geothermal energy sources in Albay, the company announced on Monday.

The company has commenced operations of its drilling rig as it develops a geothermal steam field at Mt. Malinao, which could generate up to 49 megawatts (MW) of electricity, the company said in a media release.

Mt. Malinao is among the new concession areas being developed by PGPC in various locations across Luzon.

Overall, these new concession sites have the potential to provide up to 300 MW of renewable energy to the Luzon grid.

Last year, PGPC announced it had started the exploration and development of new geothermal energy sources in various parts of Luzon, including the provinces of Kalinga, Benguet, Cagayan, Quezon, Camarines Norte, and Camarines Sur.

In 2023, SMIC said that PGPC was expanding its renewable energy capacity to 600 MW through new exploration projects.

PGPC, which pioneered Southeast Asia’s first commercial geothermal power project in 1971, currently operates the Tiwi field in Albay and the Makiling-Banahaw (Mak-Ban) steam field spanning Laguna and Batangas.

These facilities have been supplying renewable geothermal energy to client power plants since 1979.

The Philippines is the third-largest geothermal producer, after Indonesia and the US.

As of July 2024, the Department of Energy is monitoring 35 geothermal service contracts, 20 of which are in the pre-development stage, and 15 in the development or commercial stage. — Sheldeen Joy Talavera

T-bill yields end mixed as market eyes BSP cut

April 8, 2025 | 12:05 am

THE GOVERNMENT partially awarded the Treasury bills (T-bills) it offered on Monday as yield movements were mixed, with demand shifting to the higher-yielding longer tenors on expectations of further monetary easing by the Bangko Sentral ng Pilipinas (BSP).

The Bureau of the Treasury (BTr) raised P24.46 billion from the T-bills it auctioned off on Monday, below the P25-billion plan, even as total bids reached P63.33 billion or more than twice the amount on offer. This was also higher than the P45.667 billion in tenders recorded on March 31.

Broken down, the Treasury borrowed just P7.46 billion via the 90-day T-bills, lower than the P8-billion program, even as tenders for the tenor reached P12.96 billion. The three-month paper was quoted at an average rate of 5.393%, rising by 8.6 basis points (bps) from the 5.307% seen at the previous auction. Tenders accepted by the BTr carried yields of 5.325% to 5.449%.

The BTr partially awarded the three-month paper to cap the rise in its average yield, rejecting bids with rates higher than those quoted for the longer tenors auctioned off on Monday, it said in a statement.

Meanwhile, the government made a full P8-billion award of the 181-day securities as bids for the paper amounted to P19.03 billion. The average rate of the six-month T-bill was at 5.645%, 0.8 bp lower than the 5.646% fetched last week, with accepted rates ranging from 5.545% to 5.747%.

Lastly, the Treasury raised P9 billion as planned via the 363-day debt papers as demand for the tenor totaled P31.34 billion. The average rate of the one-year debt went down by 2.2 bps to 5.726% from 5.748% previously, with bids accepted having yields of 5.71% to 5.745%.

The T-bill tenors were adjusted as the issue date was pushed back by a day due to a holiday.

At the secondary market before Monday’s auction, the 91-, 182-, and 364-day T-bills were quoted at 5.3454%, 5.6819%, and 5.7735%, respectively, based on PHP Bloomberg Valuation Service (BVAL) Reference Rates data provided by the Treasury.

The government partially awarded its offer as three-month tenor’s average yield rose, a trader said in a text message.

“There is not much demand for the short end at the current levels as the market is anticipating rate cuts from the BSP. Investors are looking to lock in yields from longer tenors given this view,” the trader said.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that the six-month and one-year T-bills fetched slightly lower average yields as the market expects the BSP to resume its easing cycle this week and possibly implement more rate cuts within the year.

He added that the average T-bill yields fetched on Monday were mostly lower than comparable BVAL rates as well as the BSP’s current policy rate of 5.75%.

The BSP is expected to resume its easing cycle at its meeting on Thursday as easing inflation and a possible economic slowdown due to the United States’ trade policies give it ample room to cut borrowing rates further to support growth.

A BusinessWorld poll showed that all 17 analysts surveyed expect the Monetary Board to reduce its target reverse repurchase rate by 25 bps to 5.5% this week.

This would mark its first easing move since December as the BSP unexpectedly kept benchmark interest rates steady in February in a “prudent” move to assess the potential impact of the Trump administration’s evolving policies on the Philippine economy.

The Monetary Board has brought down borrowing costs by a cumulative 75 bps since it began its rate-cut cycle in August last year.

US President Donald J. Trump last week announced sweeping tariffs on America’s trading partners, imposing a 17% reciprocal tariff on all Philippine goods exported to the US, which will take effect on April 9.

While this was higher than the 10% baseline tariff imposed on most countries, this levy was the second lowest in Southeast Asia after Singapore (10%).

On Tuesday, the BTr will offer P35 billion in reissued 20-year Treasury bonds (T-bonds) with a remaining life of six years and three months.

The Treasury is looking to raise P245 billion from the domestic market this month or P125 billion via T-bills and P120 billion through T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.54 trillion this year. — A.M.C. Sy

National Artists’ works appear on Globe 5G Wi-Fi routers

April 8, 2025 | 12:05 am

“Birdman”-by-Vicente-Manansala — “BIRDMAN” BY VICENTE MANANSALA

WORKS by four Philippine National Artists — Larry Alcala, Carlos “Botong” Francisco, Abdulmari Imao, and Vicente Manansala — now adorn telecom company Globe’s newly launched 5G Wi-Fi routers.

The designs were unveiled by Globe executives at the a:museum of Ayala Malls Manila Bay on April 2, with the goal to make local art more accessible. The routers’ skins show the following artworks: Barangay by Larry Alcala, Pageant of Commerce by Botong Francisco, Marahuyo by Abdulmari Imao (finished by his son Toym Imao), and Birdman by Vicente Manansala.

Darius Delgado, Globe’s chief commercial officer, said at the launch that the new products are a result of studying customer behaviors and trends.

“There’s a niche market in the younger segment — young professionals, married couples, those who choose not to have a big family. When you look at their behaviors, it’s all about vintage and retro,” he explained.

“What better way to address that new passion of the younger generation by immortalizing the best work of our Philippine National Artists in a breakthrough product?” Mr. Delgado said.

For Abigail Cardino, brand management head for Globe AT HOME, the routers were born from the goal of making “every aspect of the experience exceptional.”

“There’s an LED touchscreen at the center that shows diagnostics for when the internet is not working well. It’s a fusion of technology and artistry, having this new feature alongside the works of our Philippine national artists, who are masters of their craft,” she said.

Developed in collaboration with global tech company rainx, the Wi-Fi unit aims to deliver “fiber-like speeds without the need for traditional installation.” Users can also instantly connect by scanning a QR code on the device’s built-in screen.

Mr. Imao, whose father was unable to finish Marahuyo in his lifetime, found that completing the work and allowing it to be one of the four skins of Globe’s 5G Wi-Fi routers, is a way of democratizing art.

At the launch, he talked about the messenger spirit of the Sarimanok, which is the central figure in the work of art.

“In one of our folk tales, it was an ordinary rooster that was all white, just like the basic Wi-Fi router unit. It used to bring letters from a heavenly princess down to an earthly prince. At one point, there was a strong storm, and the chicken lost its way. The heavenly king took pity on the bird and sent a rainbow in order to guide the white rooster home. When it crossed the rainbow, it caught the colors while delivering the message,” Mr. Imao said.

“That’s literally what we’re doing here — a plain white router which has suddenly caught new colors.”

Mr. Delgado added that the days of hiding ugly modems are gone. “You will not see a household taking care of their units, because they’re not aesthetically pleasing. You tend to hide it. This is different because it’s a personal device that you’d want to showcase,” he said.

The new Globe AT HOME 5G Wi-Fi router costs P1,100. Subscription reloads range from P299 to P1,299. — Brontë H. Lacsamana

Megaworld eyes real estate innovations through JLL partnership

April 8, 2025 | 12:04 am

BELLAGIO-PALAWAN_Facade-Render — THE BELLAGIO PALAWAN

LISTED Megaworld Corp. has partnered with global real estate services company JLL to explore new opportunities, solutions, and innovations.

Under the collaboration, JLL will provide strategic advisory services on the latest international real estate standards to Megaworld, covering research, consulting, and project development.

The services also include areas such as office reinvention, reinvigoration, and reimagination, as well as innovations, project and building management, new property technology solutions, property assessment, and certifications.

JLL will also provide services related to building safety, security, and resilience in accordance with global standards.

“With JLL’s in-depth local and international real estate expertise, we can continue shaping an exciting future for Philippine real estate. We are exploring new opportunities to introduce innovative ideas and solutions across our developments,” Megaworld President Lourdes T. Gutierrez-Alfonso said in a statement on Monday.

“Over the last 30 years in corporate real estate, this type of partnership has never been done before. We offer a new set of services related to technology, sustainability, and health and wellness, all aimed at further boosting the global standards of real estate products, especially for a publicly listed real estate developer like Megaworld,” JLL Philippines Country Head Joey Radovan said.

JLL is a Fortune 200 company with a presence in over 80 countries. It is one of the leading global commercial real estate and investment management companies. The company has helped various clients buy, build, occupy, manage, and invest in various commercial, industrial, hotel, residential, and retail properties.

For 2024, Megaworld recorded an 11.7% jump in attributable net income to P21.67 billion. Revenue climbed by 17.2% to P81.69 billion on higher real estate sales.

Megaworld shares dropped by 2.79% or five centavos to P1.74 per share on Monday. — Revin Mikhael D. Ochave

Credit gauges in Asia show the most concern since early in the pandemic

April 8, 2025 | 12:04 am

CREDIT DEFAULT SWAPS (CDS) in Asia blew out the most since the worsening of the coronavirus disease 2019 (COVID-19) pandemic in 2020, as a rout in risk assets deepened following US President Donald J. Trump’s doubling down on his global tariff barrage and China’s retaliation.

The cost to insure investment-grade debt of Asian issuers outside Japan widened by 26.5 basis points (bps) on Monday, according to traders, deeper than the 22 bps in earlier trading. If that level holds, it would mark the biggest single-day jump since March 2020, a Markit index shows.

The moves in credit mirror a sell-off in stocks around the region Monday, with equity gauges from Sydney to Tokyo plunging. The new US tariffs last week also caused global junk bond spreads to widen by the most since 2020 as investors worried that the levies would set off a wave of defaults and push economies, including the US, into recession.

At the open in Europe, gauges for credit risk climbed further from their blowout last week to their highest since late 2023. The Markit iTraxx main index of European investment-grade borrowers rose by 9.25 bps to 86.1 bps. The iTraxx Crossover index — which tracks CDS of European junk debt issuers — rose by another 46.3 bps to 433.2 bps.

“The sell-off is driven by fears of recessions,” said Pauline Chrystal, a fund manager at Kapstream Capital in Sydney. “We still see the sell-off as an opportunity to add risk. However, prolonged uncertainty resulting in lower capex from corporates, significant impact on earnings or a rise in unemployment may change our view.”

US officials have levers they can pull to “rectify” the situation, including walking back some of the tariffs if markets sell off further, or the possibility of Federal Reserve intervention, she said.

Spreads on Asian high-grade bonds widened at least 15 bps on Monday, according to traders, worsening from a minimum 10-bp blowout earlier. That would be the worst widening also since March 2020 if the benchmark closes at that level, a Bloomberg index shows. Hong Kong and Chinese borrowers are among the names leading losses, as the markets there try to catch up after a holiday on Friday, according to traders.

Yield premiums on both investment-grade and junk debt from Asia fared better than US peers last week. Junk bond spreads in the US widened by 93 bps in the two-day period to Friday, more than double that of comparable Asian debt, Bloomberg indexes show.

In broader debt markets, yields on two-year Treasuries, the most policy-sensitive bonds, dropped as much as 22 bps, while the Japanese yen and Swiss franc surged as funds poured into havens.

Still, spreads globally are rising from some of the lowest in decades, and their levels still remain below the highs touched when Silicon Valley Bank failed in March 2023.

“This is an economic stagflationary shock and likely to morph into a structural change if tariffs remain in their current form,” Omar Slim, co-head of Asia fixed income at PineBridge Investments, said. “Credit markets are definitely not insulated, but they tend to respond violently whenever there is a financial shock, which isn’t the case here, at least so far.”

Bond issuers are somewhat shielded from the current upheaval, as balance sheets remain generally healthy, he said.

Mr. Trump, speaking Sunday on Air Force One, dismissed investors’ fears and repeatedly defended the tariff move unveiled last week. He also said he wouldn’t strike deals to cut the highest tariffs unless they’d eliminate the US trade deficit with that country.

Given the backdrop, strategists are bracing for spreads to widen in the short-term. Risks were skewed for investors to demand even higher risk premiums, Goldman Sachs Group, Inc. credit strategists led by Lotfi Karoui wrote in a Sunday note.

Henry Loh, head of Asia credit at Aberdeen, echoed the view. “With global credit spreads having traded through historical averages, there’s a lot of room for spreads to move wider,” he said. “The sell-off thus far has been indiscriminate, and while a more cautious near-term approach may be prudent, we expect Asia’s resilience to play out in the longer term.” — Bloomberg

Structured internships in a lifelong learning law

April 8, 2025 | 12:04 am

(Last of two parts)

The various miseducation crises of the Philippines identified in the first two-year reports of the Second Congressional Commission on Education (EDCOM 2) are forms of social cancer that spread insidiously across the body politic in different people, places, and times. They must be viewed in the broad sense of emergencies increasing with risk and decreasing with sense of urgency — to better understand the different interventions in the way people or groups react to crises.

Structured internships (SI) and lifelong learning (LLL) legislation can be designed to lower risks and heighten the sense of urgency in the many aspects of the failed systems behind Philippine miseducation.

Various generations of learners (Baby Boomers, Gens X, Y, Z, Alphans) differ greatly in their sense of urgency, but it is the older professionals and more experienced skilled workers who can reduce risks.

There is a technical sense of urgency affecting all generations: the reaction time to an adverse event announcement compared to the estimated intervention time for bad outcomes to occur (three time points), e.g., AI displacing aspects of human work at first, and, later, wholesale replacement of entire skilled work and professions, etc. These may be viewed differently by younger job-ready Senior High School (SHS) students vs. older college students who also take Technical and Vocational Education and Training (TVET) courses.

NEED FOR BALANCE THROUGH LLL
EDCOM II’s foundational focus on basic education for a future-ready workforce must thus be balanced by LLL for the older people, even with enterprise-based training in need for more soft and hard skills.

They can be supplemented further with corporate university-type teaching and learning, e.g., the IBM set-up at the Asia Pacific College with SM Foundation, as noted in Part I of this piece.* Corporate universities lower the transaction costs across several layers of course preparation unique to the needs of companies, especially the timeliness factors in managerial interventions.

Unfortunately, LLL is the weakest of the reform areas in EDCOM II as the EDCOM II Co-Chair, Senator Sherwin Gatchalian, averred in a Philippine Business for Education (PBEd) Annual Meeting in 2024.

MALNUTRITION AND UNLICENSED TEACHERS
Long-term malnutrition stemming from the 1970s must also be studied more carefully for present-day teachers who may have been the victims of past nutrient deficiencies in their first 1,000 days of life and later childhood.

Longitudinal data on malnutrition of teachers themselves may explain their low one-third passing rate in licensure exams today. Normal schools can research this area through their doctoral students in education management.

If indeed the remaining two-thirds of teachers are not even fit for classroom assignments, their relative abilities in other tasks may have been reason enough for school principals to burden them with administrative assignments. Ironically, this is comparative advantage theory in economics put to practice with a vengeance!

Relatively better at non-teaching jobs, these licensure-failed teachers need to be retooled and upgraded both cognitively and affectively with multiple intelligences approach in normal schools.

CASE #1 – PROCESS-INDUCED LEARNING
This is the essence of the Ramon Magsaysay Award-winning Dynamic Learning Program (DLP) of the Central Visayas Institute Foundation (CVIF) of Christopher and the late Marivic Bernido.

In the CVIF-DLP process of classroom management, expert subject teachers are not the sage on the stage; they lecture during only 20% of classroom time for a subject field and move to other sections taking the same course to present the same introduction to the learning matter for the day.

The rest of the class period is managed by another teacher as students work out module exercises. This homeroom teacher nudges students to answer workbook materials developed by the subject expert teacher who moves around the different sections. Technical questions on modules are not answered by the homeroom teacher. That is the responsibility of the expert teacher as he/she returns to the class where students writing in their exercise journals may have questions.

The SI potential of DLP arises in engaging more schools whose subject experts and homeroom teachers have to intern with those who have already embraced the Bernido system. Education Secretary Juan Edgardo “Sonny” Angara has already adopted the CVIF-DLP approach for the Department of Education only weeks after I broached the subject with him and his then yet-to-be formed team. He needs more SI champions for the CVIF-DLP program.

Even less future-ready classroom teachers can be redeployed for complementary roles in producing superior students. Their collaboration abilities in normal schools must be sharpened with good critical, communications and creativity skills (UNESCO 4Cs of 21^st Century learning**). This can be a new national SI program by itself — for the AI age, not for the last century which many normal schools are attuned to.

CASE #2 – QUALITY TEACHER TRAINING
Pre-service SI for normal school students can immerse themselves in good universities, e.g., in world-ranked Philippine higher education institutions that have increased in numbers since pandemic-period trainings, like the Commission on Higher Education-Asian Institute of Management (CHED-AIM) Global Academic Leadership Program (GALP).

Several members of congressional and executive bodies participated in the GALP experiential course, alongside presidents and deans from higher education institutions in eight cohorts, with each lasting several months of blended learning.

This SI should not merely be for special education (SPED) teachers who must be re-taught how to use multiple intelligences in an AI age, the classic approach to flexible learning modalities demonstrated in the Sandiwaan Learning Center in Smokey Mountain.

In the same vein, not all universities and colleges are led and managed along the lines of the Philippine Quality Award (PQA) guidelines, the gold standard of organization performance excellence. Based on the US Malcolm Baldrige quality performance standards that have been the basis of a Philippine law (RA 9013), education institutions have won various levels of PQA recognition.

CHED’s responsible office for incorporating the spirit of such PQA quality excellence must motivate more SI across companies and higher education institutions owned by the same families and later branch off to other industries.

CASE #3 – NEW LEARNING THEORY USING AI
New approaches to classroom management in disadvantaged schools, e.g., in Smokey Mountain, is what Fr. Benigno Beltran, SVD, has successfully implemented. He became a Peter Drucker Fellow in Southern California to share his experience in the world-famous revolutionized Manila dumpsite where he lived for more than a quarter century.

Today, Fr. Ben has been illustrating his Convergence Theory of Learning — combining critical thinking, design thinking, and systems thinking — for the education department’s Alternative Learning System (ALS) program by utilizing AI-age devices, like Augmented Visual Reality. His approach has been demonstrated successfully in the US for some disadvantaged communities through a Filipino-American teacher.

Fr. Ben further developed his convergence theory after exchanging views with peers in the GALP Program where he guest-lectured, and networking with students in MS Innovation in Business at AIM which inspired his adoption of AVR tools. A different SI he himself designed, this unique approach is what creative educators must generate.

Talking the Walk: Management people speak of various generations of learners who face different learning emergencies, risks, and urgency. These issues will be raised from their practical experiences at the Management Association of the Philippines-Asia Pacific College Conference/Workshop on SI and LLL Legislation on April 10-11, to build a stronger Philippine workforce.

* https://tinyurl.com/27o8leky/

** Critical Thinking, Communication, Collaboration, and Creativity

Federico “Poch” M. Macaranas, PhD is the chair of the Education Committee of the Management Association of the Philippines. He is also a board member of Bayan Innovation Group, Inc. and St. Paul University Philippines.

map@map.org.ph

fmmacaranas@gmail.com

Entertainment News (04/08/25)

April 8, 2025 | 12:04 am

1 of 9

Marcus Adoro dropped from Eraserheads music fest

ERASERHEADS guitarist Marcus Adoro will be stepping back from the band amid the surfacing of rape allegations, the band’s frontman Ely Buendia announced on social media on Sunday. The new allegations were posted on Reddit. Alongside the guitarist’s withdrawal, the festival has announced the complete lineup of artists for the upcoming Electric Fun Music Festival. Joining the Eraserheads are OPM veterans Basti Artadi, Dong Abay Music Organization, Imago, Moonstar88, and The Itchyworms. The event will also see the return of all-female band General Luna to the concert stage. Newer artists in the lineup are Blaster, Carousel Casualties, Alyson, Party Pace, Pinkmen, and Sa Vie. The Eraserheads: Electric Fun Music Festival is set for May 31 at the SMDC Festival Grounds in Pasay City.

Ayala Malls, ABS-CBN revive Pinoy film classics

AYALA Malls Cinemas and ABS-CBN Film Archives are introducing “A Rewind,” an initiative that celebrates Filipino heritage by screening restored Filipino film classics. To be shown from April 9 to 13 are Kailan Ka Magiging Akin, directed by Chito Roño and starring Janice de Belen, Gabby Concepcion, Charo Santos, Gina Alajar, Eddie Gutierrez, and Cherry Pie Picache; and Mario O’Hara’s Tatlong Ina, Isang Anak, featuring Nora Aunor, Gina Alajar, Celeste Legazpi, and Matet. These films will be screened at Ayala Malls The 30^th, Ayala Malls Cloverleaf, Ayala Malls Fairview Terraces, Ayala Malls MarQuee Mall, and Ayala Malls Legazpi. Tickets are priced at P180 for regular tickets and P160 for students, who must present a valid school ID upon purchase.

Dolly de Leon in Nine Perfect Strangers S2 cast

IN THE CAST of Hulu’s Nine Perfect Strangers Season 2 is Filipino actress Dolly de Leon, alongside big names like Nicole Kidman and Henry Golding. The series is based on the bestselling novel by Liane Moriarty. The season will premiere internationally on Prime Video on May 22, starting with two episodes. It introduces nine new strangers who embark on a transformative wellness retreat led by the enigmatic Masha Dmitrichenko (played by Ms. Kidman) in the Austrian Alps.

Ode To Mars releases new single

FILIPINO band Ode to Mars has released their new single under Universal Records, “Manika.” The track revolves around unreciprocated love, and it was composed and penned by the band’s Odilon Reyes and Martin Tan. The band name is a combination of both artists’ names. “Manika” is out now on all digital music streaming platforms.

A Minecraft Movie now showing in cinemas

THE Jason Momoa-Jack Black starrer A Minecraft Movie, is currently showing in Philippine cinemas. It has announced that it scored $301 million at the global box office on its opening weekend, making it the biggest movie to open over the weekend. The film is a video game movie adaptation directed by Jared Hess and starring Mr. Momoa as Garrett “The Garbage Man” Garrison and Mr. Black as expert crafter Steve. In the Philippines, it opened at number one in the box office.

Ed Sheeran releases new single

THE song “Azizam” by Ed Sheeran has been released online. Named for a Persian term of endearment that means “my dear” or “my beloved,” it aims to embody joy, light, love, and fun. It was produced by Swedish-Iranian producer Ilya Salmanzadeh and serves as a celebration of cross-cultural collaborations brought to life. “Azizam” is out now on all digital music streaming platforms.

The Chosen Season 5 premieres in Philippines

FILIPINO fans of the groundbreaking series The Chosen will be able to watch the first part of its fifth season on the big screen, with theatrical showings scheduled from April 10 to 13 across select cinemas nationwide. Created by Dallas Jenkins, The Chosen portrays the life of Jesus Christ and his disciples, with the fifth season delving deeper into the complexities of their journey and taking place during Holy Week before Jesus’ crucifixion. Tickets can be purchased in advance at thechosenlastsupper.com.

Miley Cyrus releases new single

AMERICAN pop star Miley Cyrus has dropped a new global single titled “End of the World,” one of the singles off her upcoming album, Something Beautiful under Columbia Records. The track has an accompanying music video which showcases Ms. Cyrus on stage with her microphone in hand, reminiscent of her 2024 Grammy’s performance. “End of the World” is out now on all digital music streaming platforms.

J-pop group IMP releases new single

SEVEN-MEMBER J-pop group IMP. has officially released their latest single, “Cheek to Cheek.” The track serves as the theme song for TBS Drama’s Two Husbands One Wife, which also stars IMP. member Taiga Suzuki. Its first episode is already up on Netflix. An upbeat dance tune, “Cheek to Cheek” aims to be a motivational anthem, with playful and easy-to-follow dance choreography in the music video. It is out now on all digital music streaming platforms.

Uratex taps ACEN RES to power more facilities with renewable energy

April 8, 2025 | 12:03 am

FOAM and mattress manufacturer Uratex has partnered with ACEN RES, the retail electricity supply arm of the Ayala group, to shift the power source of four more facilities to 100% renewable energy (RE).

Uratex facilities in Magallanes, Shaw, Marcos Highway, and Isabela are transitioning to RE, joining seven other locations across Luzon and Cebu, ACEN Corp. said in a statement on Monday.

These facilities were already powered by renewables under the Green Energy Option Program, a government initiative allowing electricity consumers to switch to renewable energy and choose their supplier.

“This expansion reinforces Uratex’s holistic sustainability strategy, which includes innovative product development using recycled materials and continuous operational efficiency improvements,” the company said.

The Uratex Group of Companies is the largest manufacturer of mattresses, as well as automotive and commercial polyurethane foam products in the Philippines. It also produces automotive parts, textiles, plastic furniture, and containers.

ACEN RES is the retail electricity unit of ACEN, the listed energy platform of the Ayala Group. The energy company currently has 7 gigawatts of attributable renewable energy capacity spanning operational, under-construction, and committed projects.

“We look forward to a continued and expanding collaboration, exploring opportunities beyond just energy supply. We are committed to nurturing strong partnerships within the Ayala group, and we see immense potential to create synergies across our diverse businesses, including banking, communications, green mobility, and land development,” said Miguel de Jesus, managing director and chief operating officer for Philippine operations at ACEN.

“By working together, we can unlock new avenues for innovation and sustainable growth,” he added. — Sheldeen Joy Talavera

From uncertainty to opportunity: Key trends shaping the 2025 office market

April 8, 2025 | 12:03 am

By Kevin Jara and Kath Taburada

The Metro Manila office market navigated a challenging landscape in 2024, marked by high vacancy rates, shifting occupier strategies, and global economic uncertainties. As 2025 begins, key trends are emerging that could redefine demand dynamics, presenting both challenges and opportunities for occupiers and landlords alike.

US ELECTION SLOWS DOWN OFFICE LEASING IN Q4 2024
Metro Manila’s office market experienced a decline in transaction activity in the fourth quarter (Q4) of 2024, with total demand dropping to 143,000 square meters (sq.m.) from 192,000 sq.m. in the previous quarter. Colliers’ historical data show that demand typically dips by 30% during US election periods as occupiers delay leasing decisions, but rebounds by 40% in the following months as market confidence stabilizes.

Despite the temporary dip, expansions remained strong, signaling businesses’ confidence in the country. In 2024, expansions accounted for 56% of known transaction motivations, while 44% were relocations — primarily driven by cost-efficiency strategies and flight-to-quality movements. Traditional firms continued to be the primary demand driver, followed by third-party outsourcing (3PO) firms and shared services providers. Government agencies played a key role in traditional office space demand, accounting for 27% of total take-up.

The submarket dynamics in Metro Manila highlight the resilience of key business districts. Among Metro Manila’s submarkets, the Bay Area remained the most active, capturing 23% of total transactions, followed by Fort Bonifacio (18%) and Quezon City (17%). Key leasing transactions in the Bay Area were from government offices, while major sign-ups from multinational firms were seen in Fort Bonifacio, and expansions of IT-BPM firms were recorded in Quezon City.

POGO EXODUS’ IMPACT TO LINGER IN 2025
The lingering effects of the Philippine Offshore Gaming Operator (POGO) exodus weighed on the market, pushing Metro Manila into its first negative net take-up territory since 2021. In 2024, POGOs vacated 260,000 sq.m., and without the ban, net take-up could have remained positive at 215,000 sq.m.

The impact is most pronounced in POGO-exposed submarkets, particularly the Bay Area, Alabang, and Makati Fringe, where vacancy rates remain elevated. With the government’s continued crackdown on illegal POGOs, surrenders from these spaces will likely drive further increases in vacancy rates.

Despite these challenges, demand from other sectors has helped cushion the impact, with traditional firms, 3POs, and government agencies absorbing space. While the effects of the POGO exit will linger, ongoing transactions have prevented a worst-case scenario.

PROVINCIAL DEMAND REMAINS STRONG, DIVERSIFYING MARKET OPPORTUNITIES
Beyond Metro Manila, provincial office markets saw sustained demand, particularly from outsourcing firms. Cebu and Pampanga remained the top locations for provincial transactions, though Cebu recorded a year-on-year drop in volume — signaling possible market saturation of third-party outsourcing firms.

However, emerging office destinations such as Davao, Bacolod, Batangas, and Bohol saw a surge in demand, averaging a threefold increase in year-on-year transaction volume. Notably, some BPO players adapted to supply gaps by securing non-traditional spaces, such as Sagility’s lease within the redeveloped Tagbilaran Airport project. Additionally, newly built office buildings accounted for 60% of leasing activity, highlighting the need for high-quality, BPO-grade office spaces.

To capitalize on this trend, developers are encouraged to explore expansion in cities with limited office supply. Major developers such as Robinsons Land and Megaworld are already pivoting toward provincial growth with key projects in Iloilo, Bacolod, Bulacan, Davao, and Dumaguete. As more firms consider decentralizing operations, having high-quality office spaces will be critical in ensuring sustainable provincial market growth and attracting long-term occupiers.

WHAT TO EXPECT IN 2025
The office market is expected to remain tenant-leaning in 2025, as high vacancy rates persist due to non-renewals and carryovers from delayed construction of office buildings. However, early indicators from our Q1 2025 data suggest renewed leasing activity — particularly from 3PO firms in both Metro Manila and provincial locations — signaling a rebound in office demand.

Global economic conditions could further bolster the Philippines’ office market. With rising costs in key international markets, outsourcing remains a cost-effective strategy for multinational companies. The recent US tariff policies, as highlighted in our previous write-up, are expected to place additional cost pressures on US firms, making offshore solutions in the Philippines even more attractive. This trend could drive increased demand for office space, particularly from 3POs and shared services firms looking to expand their footprint in cost-efficient locations.

The passage of the CREATE MORE Act — particularly its provision allowing Registered Business Enterprises (RBEs) to implement up to 50% work-from-home (WFH) arrangements—will also play a crucial role in shaping office demand. In the short term, this policy may have varied effects: some firms may rationalize their office footprint, while others may see little to no change in their space needs as they are already compliant with the onsite requirement. However, in the long term, the clarity on hybrid work policies provides occupiers with a stable regulatory framework — reducing uncertainty and allowing companies to make more confident real estate decisions.

For tenants, current market conditions present an opportunity to secure favorable deals, while landlords must enhance their offerings to remain competitive. Landlords in the Bay Area, Alabang, and Makati Fringe — particularly those with aging buildings and spaces previously occupied by POGOs — will need to implement refurbishments, offer tenant improvement allowances, and introduce flexible lease structures to attract occupiers and mitigate vacancy risks.

Kevin Jara is director of tenant representation at Colliers Philippines, while Kath Taburada is senior market analyst for tenant representation at the same firm.

CIBI partners with Korean entities for credit data sharing

April 8, 2025 | 12:03 am

CREDIT BUREAU CIBI Information, Inc. has signed an agreement with South Korea’s NICE Information Service and JB Financial Group (JBFG) for the cross-border exchange of credit data.

The three entities recently signed a memorandum of understanding to establish a credit linkage system between the Philippines and Korea, CIBI said in a statement on Monday.

“Filipino nationals living in South Korea can leverage their credit information from the Philippines to access financial services, while Korean nationals in the Philippines can do the same using their home country’s credit data,” it said. “This partnership eliminates barriers by fostering a more inclusive and streamlined banking experience and enables both Filipinos and Koreans to navigate financial services with greater ease across borders.”

CIBI is the Philippines’ first credit reporting agency.

Meanwhile, NICE Information Service is Korea’s largest credit information company, specializing in credit bureaus and corporate intelligence, providing credit histories and financial data on individuals and businesses.

Lastly, JBFG is a leading financial institution in Korea whose subsidiaries include banks, credit finance and asset management companies.

“By providing access to essential solutions like credit and background reference checks, we are enhancing and supporting cross-border financial access and empowerment of both Filipino and Korean nationals,” CIBI President and Chief Executive Officer Pia L. Arellano said.

“As we begin this promising collaboration with JB Financial Group and NICE Information Service, CIBI remains committed to empowering individuals and communities through financial inclusion,” Ms. Arellano said. “By bridging the credit information gap and providing access to essential credit services like MyScore and Negative Records, we are not just enhancing cross-border financial access but also driving greater economic opportunities for both Filipino and Korean nationals.” — A.M.C. Sy

There are candidates we really shouldn’t support

April 8, 2025 | 12:03 am

A number of political observers believe that the reason why Senate President Francis Escudero would not start the impeachment trial of Vice-President Sara Duterte is that the required two-thirds of the current 23-member Senate (Sen. Sonny Angara had resigned) or 16 senators voting “Guilty” to convict her would not be met. Put another way, eight senators of the current members voting “Not guilty” would acquit VP Sara.

The observers think that Mr. Escudero had set the opening of the impeachment trial sometime in July because by that time, the composition of the Senate would have changed, and the number of senators who would vote “Guilty” would have increased to meet the required two-thirds of the members of the Senate to convict VP Sara.

However, based on the projections of pollsters Social Weather Stations and Pulse Asia — they have been correct most of the time — Mr. Escudero’s supposed scheme would be for naught. While current senators thought to be supportive of VP Sara would no longer be in the Senate in July — because they have termed out or were not re-elected — there would still be at least nine senators, including re-elected and newly elected ones, who would vote “Not Guilty.” That would mean the required two-thirds of the 24-member Senate (the slot vacated by Angara would have been filled on July 1) voting “Guilty” to convict Sara would not be met.

But there are also political pundits who say that the incumbent senators had prevailed upon Mr. Escudero to schedule the impeachment trial to after the mid-term elections so that the electorate would not know how the senators, especially those running for re-election, would have voted in the trial of VP Sara. Politicians learned an unforgettable lesson from a previous impeachment trial.

During the nationally televised impeachment trial of President Joseph “Erap” Estrada in 2000, Senators Juan Ponce Enrile, Blas Ople, Miriam Defensor Santiago, Nikki Coseteng, Tessie Oreta, Gregorio Honasan, John Osmeña, Ramon Revilla, Sr., Francisco Tatad, Tito Sotto, and Robert Jaworski voted not to open an envelope believed to contain evidence so damning to the president that people thought it would lead to his conviction and consequent removal from office. The “No” vote of the 11 senators saved President Estrada from conviction. But the people were so infuriated by the 11 senators’ display of sycophancy towards President Estrada, or fear of him, that they (the people) took it upon themselves to pressure Mr. Estrada to resign.

Not only did they oust Erap, they also made the 11 senators pay for their sycophancy or cowardice by campaigning against their re-election. Except for Senators Ople and Revilla, who chose not to run for public office again, Senators Tatad, Honasan, Jaworski, Osmeña, and Santiago were repudiated at the polls the next time they ran for the Senate.

Nikki Coseteng, having reached her term limit as senator, ran for representative of her congressional district, but lost ignominiously. Ms. Aquino-Oreta deemed it wise not to run for office again. She instead fielded her daughter as candidate for representative of Malabon, the Oreta political bailiwick. Poor girl, she paid for the “sin” of the mother. Ms. Defensor Santiago made it to the Senate on her second attempt after the Erap fiasco because she rode on Vice-President Gloria Macapagal Arroyo’s lavishly funded and military-escorted campaign caravan when VP Arroyo ran for president in 2004.

Mind you, the 11 senators only voted against opening an envelope believed to contain evidence incriminating to Erap. They had not voted to dismiss the charges against him, yet the people considered that suppression of evidence that could have led to Erap’s conviction a betrayal of the trust of the people. And for that, the people disavowed them at the polling places. That is what the senators running for re-election want to avoid — casting their vote on the issue of whether VP Sara is guilty or not as it could result in their political demise.

That is precisely the reason the people wanted the trial of VP Sara to have proceeded, even if they knew that the required two-thirds or 16 senators voting “Guilty” would not have been met. They wanted to know who among the incumbent senators would have voted “Not guilty” in spite of the preponderance of evidence of anomalies committed by VP Sara, for that would have revealed what the senators’ true character and their values are — personal interests (the goodwill of the politically powerful and influential Dutertes) first before the common good (the permanent removal from public office of an official guilty of graft and corruption).

The House of Representatives’ impeachment process brought to the public’s attention the sordid details of some of the charges against VP Sara. Evidence of anomalies committed by VP Sara was so preponderant that 240 out of 318 members of the House of Representatives signed the impeachment complaint against her. That is 75% of the members of the House of Representatives.

The same evidence would have been presented in the impeachment trial if the Senate had held the trial and the senators had judged VP Sara guilty or not guilty of the charges leveled against her. If they voted “Not Guilty,” they would meet the same fate those senators who tried to prevent President Estrada’s conviction. If they voted “Guilty,” they would draw the enmity of the Dutertes. And woe unto those who cross the Dutertes.

That is why political pundits say Mr. Escudero is under tremendous pressure from his fellow senators to postpone the impeachment trial of VP Sara, in order to protect the senators running for re-election from possible punitive judgment by the people. Well, the people can prevent those running for re-election from getting away from harsh judgment.

The same political pundits have indicated how the senators, including those running for re-election, would have voted on the charges against VP Sara. They say that among the senators who would have voted “Not Guilty” if the trial had been held before the mid-term elections are those seeking re-election: Bong Go, Bato de la Rosa, Pia Cayetano, Francis Tolentino, Bong Revilla, and Imee Marcos. They are believed to be supportive of VP Sara because of their close personal relationships to the Dutertes or because they are staunch political allies of the Dutertes.

Meanwhile, current candidate for senator Camille Villar is the daughter of Senator Cynthia Villar, a loyal ally of former President Rodrigo Duterte. In fact, Camille, a member of the House of Representatives, did not sign the impeachment complaint against VP Sara. Neither did Senator Revilla’s wife Lani Mercado, and their sons Bryan and Jolo, all members of the House of Representatives.

Do not vote for candidates who support such political allies.

Oscar P. Lagman, Jr. was formerly the chief operating officer of a health insurance company and consultant to others.