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Adolescence, an exploration of toxic masculinity among the youth

OWEN COOPER as Jamie and Stephen Graham as Eddie in Netflix’s Adolescence.

By Brontë H. Lacsamana, Reporter

TV Review
Adolescence
Netflix

(WARNING: This includes spoilers.)

THERE ARE MANY films and shows about technology and the younger generation, from dramas and romances to horror flicks and even documentaries. Adolescence on Netflix, a miniseries consisting of four episodes, weaves a fictional thriller loosely inspired by real events, where a 13-year-old boy is accused of murder — and it has easily become the most tension-filled, heartbreaking show on that platform.

Set in present day in a small town in the UK, it follows Jamie Miller (played by phenomenal newcomer Owen Cooper) as he wakes up to a police raid storming his home and taking him to the police station amid the panicked cries of his father, mother, and older sister.

As the title suggests, all of this is made harrowing by majority of the first episode not acknowledging the elephant in the room: what did this young adolescent do to warrant such a violent arrest? Jamie’s father Eddie (played by brilliant veteran actor Stephen Graham) agrees to accompany him to the station, where intrusive medical checks and tense meetings with a lawyer build up more suspense.

While Eddie has firmly stood by his son all throughout, the episode concludes with the police interrogation, where horrifying information (complete with CCTV footage) comes to light and shakes his core — it turns out Jamie has murdered a female classmate.

The entire episode occurs in a continuous shot, covering a full hour from the police raid to the aftermath of the shocking revelation. Directed by Philip Barintini (known for the thrilling culinary drama Boiling Point, which Graham also starred in), the show’s first episode makes a strong impression as it takes us through different characters to slowly reveal the details of the case.

It is unbelievable that Cooper is a first-time actor, as he portrays the baby-faced, uncertain Jamie with such vulnerability. The third episode, where he comes face-to-face with Erin Doherty as intelligent therapist Briony Ariston, sees him peel back layers of the complex, troubled teenager as his psychology is gradually pieced together to chilling effect.

Graham as his father Eddie, backed by Christine Temarco as his mother Manda, turn in such raw performances as parents coming to terms with the fate of their son. The final episode is where they shine the most, the show’s question of how the youth these days are influenced extensively by toxic spaces they are exposed to online haunting the heartbroken parents (and perhaps all the members of the audience watching who are parents of digital natives).

The second episode, while not as tightly woven as the rest, reveals a whole other environment altogether — the public school system, where bullying easily takes place online, right under adults’ noses. It is frustrating to watch Ashley Walter as initially oblivious Detective Luke Bascombe, himself a parent of a child also in Jamie’s school, struggle to understand the youth’s seemingly alien language.

All of this comes together so brilliantly, with the parents, the therapist, and the detective all asking what might have gone wrong with Jamie to be able to do what he did. Ultimately, Adolescence examines how online spaces have become a breeding ground for misogyny, taking advantage of insecurities and fragilities of teenage boys to get them onboard with concepts of toxic masculinity.

Instead of being centered on a trial, like most dramas about killers, this series focuses on how gutting it must be for people in a family and a community to confront how the world tends to fail children. It’s a must-watch for those who want to understand just how bad it could get when there are no guardrails in place for young people navigating spaces online, or consequences for those who espouse harmful behavior.

Adolescence goes beyond the mystery element of true-crime dramas, choosing not to sensationalize the making of a killer, but instead taking a close look at how families and communities (unwittingly) have a hand in it, and later cope with the fact when it’s already too late.

Megaworld to invest P30B in office expansion

MEGAWORLD

LISTED PROPERTY developer Megaworld Corp. plans to invest P30 billion over the next five years to expand its office portfolio and enhance its existing properties nationwide. 

“We are optimistic about the office sector in the Philippines, particularly as more international companies continue to enter the market, either to establish their presence or expand their operations here,” Alliance Global Group President and Chief Executive Officer Kevin L. Tan said in a regulatory filing on Monday.

Alliance Global is the parent company of Megaworld.

Megaworld said the investment will fund office developments within its townships in Bulacan, Pampanga, Bacolod, Iloilo, Cebu, Davao, Metro Manila, and other planned township locations. 

These office developments will be Leadership in Energy and Environmental Design (LEED)-registered and certified, featuring sustainable design and modern amenities. 

“We see a significant increase in demand for office spaces, not just from BPO (business process outsourcing) companies but also from traditional corporate tenants,” Mr. Tan said.

Megaworld said part of the investment will be allocated for the redevelopment and renovation of existing office properties.

“The new office towers will highlight our ongoing commitment to sustainability. We have been placing greater emphasis on this aspect of our business,” said Megaworld President Lourdes Gutierrez-Alfonso.

As of 2025, Megaworld has opened office towers in its provincial townships, adding approximately 60,000 square meters of gross leasable area (GLA). These include Enterprise One in Iloilo Business Park, No. 1 Upper East in The Upper East Bacolod, and Pasudeco Tower in Capital Town Pampanga. 

For this year, Megaworld plans to add another 50,000 square meters of office space in Bacolod, Iloilo, and Cebu.

Last year, Megaworld said it aims to reach two million square meters of gross leasable office space by 2030. 

Currently, the company has 1.6 million square meters of leasable office space in its portfolio.

In 2024, Megaworld’s attributable net income rose by 11.7% to P21.67 billion, driven by revenue growth in its residential business.

The company attributed its 2024 performance to the continued expansion of its core businesses, particularly in real estate, leasing, and hospitality.

Total revenue increased by 17.2% to P81.69 billion from P69.73 billion in 2023, primarily driven by real estate sales.

At the local bourse on Monday, Megaworld shares closed at P1.85 apiece, down 10 centavos or 0.54%. — Ashley Erika O. Jose

Entertainment News (03/25/25)


Mariah Carey to perform in Manila in October

THE best-selling female artist of all time, Mariah Carey, is bringing her The Celebration of Mimi tour to Manila on Oct. 14 at the SM Mall of Asia Arena in Pasay City. Presented by Wilbros Live, the concert’s ticket details will be announced soon. They will be available via SMTickets.com and SM Tickets outlets nationwide. Ms. Carey, who has sold more than 200 million albums to-date, will perform her greatest hits at the concert.


Eraserheads docu gets extended run

DUE to public demand, the music documentary Eraserheads: Combo On The Run is extending its run in the cinemas for another week. It was originally to have a limited run from March 21 to 23. The film charts the journey of the iconic Filipino band Eraserheads, from their rise in popularity to their breakup and later attempts to reunite. “The positive response and support have been overwhelming and humbling. I hope more people get to see the film. This is not just a music story; it’s our story,” said director Maria Diane Ventura, on the extended run of the documentary, in a press statement.


Tiara Shaye, Fana win 2025 PhilPop Himig Handog

TIARA SHAYE AND FANA took home the Grand Champion title at the PhilPop Himig Handog Songwriting Festival, held at the New Frontier Theater in Quezon City on March 23. Their winning entry, “Wag Paglaruan,” was chosen as the best song among the 12 finalists. It was composed by Ms. Shaye and sung by both her and Fana. The competition also recognized the Cebuano track “Buhi,” composed by Keith John Quito and interpreted by Ferdinand Aragon, as the first runner-up. The emotional ballad “Papahiram,” written by Rinz Ruiz and performed by singer-songwriters Moira and Johnoy Danao, was second runner-up. The winner of both the Smart People’s Choice Award and the MYX Choice Award for Best Music Video was “Kurba,” composed by Sunkissed Lola’s Alvin Serito and interpreted by popstar Maki. The songs are now available on all digital streaming platforms worldwide.


Ame takes on ’60s rock in new single

THE three-piece band Ame is putting a contemporary twist on ’60s rock with their new single, “Ipagpatawad Mo,” released via Evosound Philippines. The track blends blues-infused guitar riffs and rhythms with modern energy. It is produced by Max Cinco and Paulo Agudelo, with Sam Marquez mixing and mastering. To celebrate the track, which is the first from an upcoming album, Ame is set to perform live at the second floor of Kowloon House in Matalino St., Quezon City on April 12. Ame’s “Ipagpatawad Mo” is now streaming on all digital music platforms worldwide.


Matsuri Japanese festival to take place in May

DUBBED the biggest Japanese festival in Manila, the Matsuri festival will have over 150 booths in Manila’s Rizal Park, with live music, cosplay, pop culture, and food. The event will happen on May 10 and 11, from noon to 11 p.m. Performers include James Reid, Maki Otsuki, LILY, FuMi, SKYGARDEN, Fairy Tales!, Tokyo Otome Daiko, Enishi, GONZO, Wannabes, Muramura Tamura, Yuki Horikoshi, HIDE, and Israel Buenaobra. Tickets are now available via the website: https://fest.matsuri.top/


Cinemalaya 2025 calls for short film entries

THE Cultural Center of the Philippines and the Cinemalaya Foundation Inc. are accepting submissions to the Short Film Category of the Cinemalaya Philippine Independent Film Festival 2025. The deadline for the submission of films is on or before May 16, until 6 p.m. It is open to all Filipino filmmakers. Entries must have been produced between March 8, 2024 and May 16, 2025. For online applications, all requirements must be submitted through the link: https://forms.gle/NbgnaybpZ7jMvQ9W9. The Cinemalaya Selection Committee will shortlist 10 finalists which will be screened at the 2025 Cinemalaya Film Festival on Oct. 3 to 12.


KREY returns with comeback single

AFTER a two-year hiatus, 24-year-old singer-songwriter KREY has returned to the music scene with a new single “Meet Again.” Under Diorama FM, a music label dedicated to cultivating talent with a distinct sound and strong creative identity, she blends indie and pop with her unique Bisaya perspective as a Davao City-based artist. “Meet Again” is now available on all major streaming platforms.


Dancel, Zild, Benin, Mayonnaise share a stage

INDEPENDENT events production company Minsan Studio will debut its own music festival, the Minsan Fest, on May 17 at the Quezon City Memorial Circle. The festival, which kicks off at 2 p.m., is designed to be accessible for students and young fans — the ticket price is much lower for the youth. Its lineup is composed of The Itchyworms, Mayonnaise, Ebe Dancel, Zild, Autotelic, Reese Lansangan, Clara Benin, Autotelic, TONEEJAY, SUD, thesunmanager, and Minaw. The “minsan pass,” an eco-friendly digital pass available in the form of a lanyard or bag tag, is priced at P349 for attendees aged 24 and below. Regular tickets cost P699.


David Archuleta releases new single

SINGER-SONGWRITER David Archuleta returns with new music. The pop single “Crème Brulée” is the first single off of the singer’s upcoming EP release. Co-written with Ryan Nealon and Robyn Dell’Unto and produced by Michael Blum, Mr. Archuleta marks a new era of playful flirty pop as he sings in both English and Spanish on the track. “All this time I’ve been singing Spanish covers, but I’ve never had that Spanish flair in my own pop music. I wanted to get in touch with my Latin roots, have fun, be flirty, and explore the sensual side of David,” he said in a statement. The song is out now on all streaming platforms.

JFC taps global banks for US dollar bond issuance

BW FILE PHOTO

JOLLIBEE FOODS Corp. (JFC) plans to issue US dollar-denominated bonds to raise funds for its growth plans and debt reduction.

In a stock exchange filing on Monday, JFC, through its wholly owned subsidiary Jollibee Worldwide Pte. Ltd., appointed J.P. Morgan Securities Asia Pte. Ltd. and Morgan Stanley Asia Pte. as joint global coordinators and bookrunners for the planned issuance. 

JFC also engaged BPI Capital Corp. and Hongkong and Shanghai Banking Corp. Ltd. (HSBC) Singapore branch as joint lead managers and bookrunners.

“Proceeds from the contemplated offering are intended for the issuer’s general corporate purposes and/or refinancing of its existing borrowings,” JFC said.

These institutions will arrange a series of fixed-income investor meetings on March 24 for JFC’s Regulation S five-year US dollar-denominated senior unsecured guaranteed notes issuance, subject to market conditions. 

A Regulation S issuance refers to securities offered outside the United States that are not registered under the US Securities Act or any US state securities laws, the company said. 

For 2024, JFC earmarked P18 billion to P21 billion for capital expenditures to support its target of opening up to 800 new stores worldwide.

As of end-September 2023, JFC expanded its store network by 42.8% to 9,598 locations, comprising 3,340 stores in the Philippines and 6,258 overseas.

JFC operates 568 stores in China, 381 in North America, and 362 across Europe, the Middle East, Africa, and Asia. It also has 815 under Highlands Coffee, 1,219 under The Coffee Bean & Tea Leaf, 333 under Milksha, and 2,580 under Compose Coffee. 

At the stock exchange on Monday, JFC shares gained P2, or 0.84%, closing at P240 apiece. — Ashley Erika O. Jose

Conan O’Brien decries ‘bullies’ while receiving Kennedy Center’s Mark Twain Prize

IMDB

WASHINGTON — Conan O’Brien accepted the Mark Twain Prize for American Humor on Sunday with a not-so-subtle broadside against President Donald J. Trump, whose takeover of the Kennedy Center, which awarded the prize, has shaken the art world.

A host of comedians including David Letterman, Adam Sandler, Sarah Silverman, and Stephen Colbert celebrated Mr. O’Brien for comic greatness while ribbing the Trump administration and putting a spotlight on the renowned arts facility that is now overseen by Trump allies.

But it was Mr. O’Brien, the longtime late-night television host and comedy writer, who aimed his comments most directly at the Republican president without using his name.

“Twain hated bullies,” Mr. O’Brien said. “He punched up, not down. And he deeply, deeply empathized with the weak.”

Mr. O’Brien described the award’s namesake as “allergic to hypocrisy” and suspicious of populism and imperialism. “He loved America but knew it was deeply flawed,” Mr. O’Brien said.

Mr. Trump, who came into office in January, has spent the last two months implementing much of the populist agenda that helped him get elected last year while advocating for US annexation of Canada and Greenland, firing federal workers, and deporting migrants who were in the United States illegally.

The show was the first signature event at the Kennedy Center since Mr. Trump announced he would become chairman of the institution, pushing out billionaire philanthropist David Rubenstein.

Mr. Trump dismissed board members appointed by former President Joe Biden and installed officials loyal to him. He handed leadership reins for the facility to Richard Grenell, a close ally and former ambassador to Germany who is serving as envoy for special missions in Mr. Trump’s current administration.

The new board, which includes White House Chief of Staff Susie Wiles and Usha Vance, wife of Vice-President JD Vance, fired its former president, Deborah Rutter. Mr. Trump visited the center last week and declared it in “tremendous disrepair.”

Mr. O’Brien thanked Mr.Rubenstein and Ms. Rutter in his remarks, drawing loud applause from the audience.

“When he accepted the Mark Twain Prize, this was a very different place,” Mr. Colbert said from the Kennedy Center stage. “Today they announced two board members: Bashar al-Assad and Skeletor,” Mr. Colbert quipped, referring to the former president of Syria and a cartoon villain.

COMEDY GIANT
Other comedians joked that this would be the last Mark Twain Prize awarded by the Center. John Mulaney cracked that the facility, which is seen as a memorial to slain former President John F. Kennedy, would be renamed after Roy Cohn, a political fixer known for his role in Senator Joseph McCarthy’s anti-communist scare campaigns of the 1950s, and a lawyer for Mr. Trump in his early years in business.

Along with the annual Kennedy Center Honors in December, the Mark Twain Prize is one of the premier events at the renowned arts institution. Mr. Trump did not attend the event on Sunday and did not attend any of the Honors performances during his first term.

Mr. O’Brien hosted the Oscars earlier this month and is slated to come back in the emcee role next year. He was the host of Late Night with Conan O’Brien and The Tonight Show with Conan O’Brien on NBC and Conan on TBS. He is a former writer for Saturday Night Live.

“You are a genius, my friend,” comedian and actor Will Ferrell said from the stage. “You’re an absolute giant in the world of comedy,” said actor and comedian Tracy Morgan.

Mr. O’Brien told reporters before the show that he wanted to go through with the event to support Kennedy Center workers. “Our country has been through many different sea changes, and my thought is I will be here specifically to honor Mark Twain and the people that this award stands for,” he said.

Previous winners of the Mark Twain Prize include Kevin Hart, Mr. Sandler, Jon Stewart, Julia Louis-Dreyfus, and Carol Burnett.

Sunday’s show will be available for viewing on Netflix on May 4. — Reuters

Tom Cruise, Superman, and Avatar hold keys to 2025 box office

LOS ANGELES — Tom Cruise takes on what may be his final Mission: Impossible, a new Superman will wear the red cape, and the record-setting Avatar sci-fi series will return to movie theaters this year.

Those films and more are giving cinema operators hope that the long recovery from the COVID-19 pandemic will continue in 2025. Five years after the start of the health crisis, moviegoing has not fully rebounded.

Box office receipts totaled $8.6 billion last year in the United States and Canada, 25% below the pre-pandemic heights of $11.4 billion in 2019.

The film industry was disrupted again in 2023 when Hollywood writers and actors went on strike.

“That complex matrix of filmmaking, where everyone wants the best talent and the best actors and the best sets, it takes a long time to get that running again,” said Tim Richards, founder and chief executive officer of Europe’s Vue Cinemas. “2025 is going to feel the tail end of that.”

Top names in the movie business will gather at the annual CinemaCon convention in Las Vegas early next month to talk about the state of the industry.

The conference draws executives from Hollywood studios and multiplex operators such as AMC Entertainment, Cinemark, and Cineworld, as well as owners of single theaters in small towns.

At the Academy Awards this month, Anora filmmaker and best director winner Sean Baker delivered a “battle cry” for filmmakers, distributors and audiences to support theaters.

“The theater-going experience is under threat,” he said, noting that the number of screens shrunk during the pandemic.

“If we don’t reverse this trend, we’ll be losing a vital part of our culture,” Mr. Baker added.

Shawn Robbins, director of movie analytics at Fandango and founder and owner of Box Office Theory, said the movie business was adjusting to “a new normal.”

“Event movies are increasingly drivers of the business,” Mr. Robbins said. “There’s even more weight on their shoulders in terms of box office dollars.”

Moviegoers still turn out for big-budget films, Mr. Robbins said, but have shown they are happy to wait to watch others at home.

“It is very common knowledge that a lot of movies will be available to stream within three to eight weeks, whereas it used to be a minimum of three months,” he said.

AVATAR AS TIPPING POINT?
Among the big hitters coming to theaters this year are Mission: Impossible – The Final Reckoning, a movie that may be Cruise’s last appearance in the long-running action franchise. “One last time,” he says in the trailer. The film will debut over the US Memorial Day weekend in May, along with Walt Disney’s live-action version of animated classic Lilo & Stitch.

Brad Pitt plays a Formula 1 driver in the June release F1, and in July, Warner Bros. will release its new Superman movie directed by Guardians of the Galaxy filmmaker James Gunn and starring David Corenswet.

From Marvel, the anti-hero team Thunderbolts will kick off the summer moviegoing season in early May, followed by The Fantastic Four in late July.

Around the November and December holidays, offerings include the second part of musical box office phenomenon Wicked, animated sequel Zootopia 2, and Avatar: Fire and Ash, the third film in James Cameron’s Avatar series. The first Avatar is the highest-grossing movie of all time, and the second movie ranks third.

Mr. Robbins projected 2025 would end with a slight increase in domestic box office receipts compared with last year, “maybe flirting with $9 billion.” He said it is unclear when ticket sales will return to pre-pandemic levels.

Mr. Richards said he believed the new Avatar would kick off “an extraordinary three to five years” for cinemas.

“We’re going to see (Avatar) as the tipping point,” Mr. Richards said. “2026 has got an extraordinary number of great films.” — Reuters

AI adoption key to customer engagement, says Twilio

NICHOLAS KONTOPOULOS

By Beatriz Marie D. Cruz, Reporter

PHILIPPINE businesses must adopt artificial intelligence (AI) tools to meet consumer demand for personalized experiences, said American cloud communications company Twilio.

“I would argue that, in Asia as a whole — including the Philippines — you’re seeing a higher level of sophistication among consumers,” Nicholas Kontopoulos, vice-president of marketing, Asia-Pacific & Japan at Twilio, said in an interview with BusinessWorld.

“[This is evident] both in their knowledge of how to use the tools available to them to get the best deals possible, compare services, and gain insights into which brands are serving their customers well,” he said.

Twilio helps companies build a platform for communication features such as messaging, calls, and customer support. It specializes in application programming interface (API), allowing businesses to seamlessly integrate Twilio’s services into their respective applications.

Other customer engagement solutions the company specializes in include user authentication and identity verification, voice APIs, and short message service (SMS) marketing.

Twilio serves over 325,000 global enterprises, including major firms like Uber, IBM, Dell, and HubSpot. In the Philippines, Twilio covers business-to-business and business-to-client brands across industries such as financial services, retail, and airlines.

About 57% of Philippine consumers said they are likely to spend money on brands that personalize their services, according to Twilio’s 2024 State of Customer Engagement Report.

Mr. Kontopoulos noted that companies’ data silos — or isolated data across departments or units — hamper their ability to leverage customer engagement.

To address this, the Twilio Segment customer data platform (CDP) helps developers collect and unify customer data. It provides insights across a firm’s marketing, sales, and customer service teams to ensure data-driven customer engagement.

The company is banking on its CDP to expand its reach in the Philippines, particularly in industries such as retail and financial services, amid the increasing demand for personalized customer engagement.

Likewise, the company’s ConversationRelay enables businesses to create robust natural-voice AI agents for customer inquiries. It seamlessly integrates real-time streaming, speech recognition, and interruption handling.

“Where I really get excited about AI is how it also will support individual employees in performing their roles more effectively,” he said, adding that AI can increase companies’ productivity by 20-30%.

CONSUMER TRUST
Despite this, Twilio seeks to ensure that its products are designed to secure customer data, the company said.

“People think about customer experience always at the front end, but security is a great opportunity to deliver and really solidify customer experience and trust,” he said.

It maintains a risk-based assessment security program based on the ISO/IEC 27001 information security management system (ISMS), according to its website. This includes administrative, technical, organizational, and physical safeguards reasonably designed to protect its services and the security, confidentiality, integrity, and availability of customer data.

The company also conducts regular external audits and subjects its employees to minimum security measures.

According to Mr. Kontopoulos, trust remains the “bedrock” of the customer experience.

“If I’m sharing my data with you, are you using that data? Are you protecting that data?” he said. “But then it’s also not just about protecting the data. Are you using that data in a way that creates value for me?”

Mr. Kontopoulos also cited the need for brands to be transparent about their AI use, especially in customer interactions.

“I think that’s one of the mistakes that businesses could make — if they don’t inform consumers that they’re dealing with an AI agent, and for whatever reason, their experience doesn’t go the way they hoped, it could create a negative reaction.”

According to Twilio’s latest State of Customer Engagement Report, Filipino consumers cite transparent communication (75%), accessibility and responsive customer service (73%) as the most effective ways brands can build their trust.

Amid firms’ rapid adoption of AI, the Department of Information and Communications Technology has been drafting its own guidelines on the ethical and trustworthy use of AI-related technologies.

Likewise, the Bangko Sentral ng Pilipinas recently said it will issue regulations aimed at mitigating potential risks in the use of AI in the financial sector.

According to Mr. Kontopoulos, brands’ ability to personalize customer engagement through AI will impact their competitiveness.

“If you’re not doing this, you’re going to find yourself quickly falling behind your consumers’ expectations as well as your competitors who are servicing them.”

Film Coco 2 in development at Disney and Pixar studios

LOS ANGELES — Animation studios Disney and Pixar are developing the film Coco 2, which is slated to release in 2029, Disney’s Chief Executive Officer Bob Iger announced during the company’s annual shareholder meeting on Thursday.

The first Coco film won two Academy Awards for best animated feature and best original song for “Remember Me.” It also won a Golden Globe for best animated motion picture and a BAFTA for best animated film.

The film told the story of Miguel, a 12-year-old with dreams of becoming a musician despite his family’s generations-old ban on music, who ventured to the vibrant Land of the Dead to unlock the real story behind his family history.

Coco 2 will include the same directors of the first Coco film, Oscar-winning director Lee Unkrich and co-director Adrian Molina.

“While the film is just in the initial stages, we know it will be full of humor, heart, and adventure,” Mr. Iger said about the animated sequel film. “And we can’t wait to share more soon.”

The film will be produced by Oscar-winning producer Mark Nielsen, who worked on Toy Story 4 and Inside Out. — Reuters

Vivant’s income up 3% to P2.4B in 2024

VIVANT.COM.PH

LISTED company Vivant Corp. reported an attributable net income of P2.4 billion for 2024, up 3% from the previous year, driven by growth in its energy business.

“The year 2024 was a record year for Vivant Corp., led by its energy business, which saw double-digit growth in earnings,” Vivant Chief Executive Officer Arlo G. Sarmiento said in a media release on Monday.

“Meanwhile, our business development teams in both energy and water continued to lay the groundwork for the company’s future growth,” he added.

Consolidated core net income rose 20% to P2.3 billion from P1.9 billion in the previous year.

Power generation accounted for the bulk of net income, contributing 64% or P2.2 billion. Earnings from this segment grew 15%, driven by the participation of the company’s power plants in the reserve market and the Wholesale Electricity Spot Market.

Last year, Vivant delivered a total of 4,965 gigawatt-hours of energy to its power generation customers.

The company’s distribution utility business contributed P1.2 billion, while retail electricity accounted for P22.3 million. 

Vivant said its water business is “still in its investment phase and is expected to meaningfully contribute in the medium term.” 

Consolidated revenues surged 48% to P12.2 billion, driven by higher sales volumes from certain power generation assets, retail electricity supply, and solar rooftop businesses.

Operating expenses climbed 59% to P1.6 billion, primarily due to increased manpower, consultancy service engagements for digital transformation and business expansion initiatives, and higher depreciation from asset acquisitions. 

Mr. Sarmiento said Vivant has established a pipeline of projects, including plans for “a more balanced portfolio of conventional and renewable energy projects.” 

“In water, we have earmarked investments across the water value chain, centered on desalination and wastewater treatment to address the needs of the communities we serve,” he said.

Vivant Water, the company’s water infrastructure unit, is developing a P2-billion desalination plant in Cordova, Cebu, which is expected to produce up to 20 million liters per day of potable water upon completion this year.

For 2025, the company has allocated a P4.5-billion capital expenditure budget, primarily for renewable energy projects such as solar and wind power developments. It plans to roll out solar power projects with a total capacity of 115 megawatts (MW) and develop a 200-MW wind power project in Samar. 

Vivant has investments in various companies engaged in electric power generation and distribution, as well as the retail electricity business. The company has also expanded into the water industry, with a diversified portfolio in bulk water supply, wastewater treatment, and water distribution. — Sheldeen Joy Talavera

BTr upsizes T-bill award even as yields mostly rise on tariff woes

BW FILE PHOTO

THE GOVERNMENT upsized the volume of Treasury bills (T-bills) it awarded on Monday amid strong demand, even as rates mostly rose due to concerns over the economic impact of the Trump administration’s tariffs.

The Bureau of the Treasury (BTr) raised P28 billion from the T-bills it auctioned off on Monday, higher than the initial P22-billion plan, as total bids reached P67.88 billion, more than twice as much as the amount on offer but lower than the P118.944 billion in tenders recorded on March 17.

The oversubscription led the BTr to double the accepted non-competitive bids for the 182- and 364-day papers.

Broken down, the Treasury borrowed P7 billion as planned via the 91-day T-bills as tenders for the tenor reached P18.825 billion. The three-month paper was quoted at an average rate of 5.157%, rising by 3.9 basis points (bps) from the 5.118% seen at the previous auction. Tenders accepted by the BTr carried yields of 5.14% to 5.179%.

Meanwhile, the government made a P9.8-billion award of the 182-day securities, above the P7-billion program, as bids for the paper amounted to P19.925 billion. The average rate of the six-month T-bill was at 5.554%, 5.8 bps higher than the 5.496% fetched last week, with accepted rates ranging from 5.488% to 5.599%.

Lastly, the Treasury raised P11.2 billion via the 364-day debt papers, more than the P8 billion placed on the auction block, as demand for the tenor totaled P29.13 billion. The average rate of the one-year debt inched down by 1.6 bps to 5.681% from 5.697% previously, with bids accepted having yields of 5.673% to 5.697%.

At the secondary market before the auction, the 91-, 182-, and 364-day T-bills were quoted at 5.1769%, 5.5258%, and 5.6877%, respectively, based on PHP Bloomberg Valuation Service Reference Rates data provided by the Treasury.

The government increased its award of six-month and one-year T-bills as it took advantage of the strong demand seen for both tenors, a trader said in a text message.

“Yields were steady to a bit higher though, but still below projected path of BSP (Bangko Sentral ng Pilipinas) policy rates,” the trader added.

T-bill rates were mostly higher on Monday as they corrected after declining for the past weeks and amid market worries over US President Donald J. Trump’s plan to impose reciprocal tariffs by next month, which could affect both economic growth and inflation in the world’s largest economy and potentially lead to fewer rate cuts by the Federal Reserve, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“However, the 364-day T-bill average auction yield was again slightly lower week on week amid the relatively higher total demand…, as the investors could have again anticipated possible local policy rate cuts for the coming months by locking in yields before they go down further,” Mr. Ricafort added.

BSP Governor Eli M. Remolona, Jr. told Bloomberg News last week that the Monetary Board could resume their easing cycle at their April 10 policy meeting following the surprise pause in the February review, especially if March inflation turns out better than expected.

Mr. Remolona added that the BSP could deliver 50 bps in cuts this year, with 75 bps in reductions likely if economic growth weakens further.

The BSP has brought down its policy rate by a cumulative 75 bps to 5.75% since it began its easing cycle in August last year.

Meanwhile, Mr. Trump has vowed to impose a complicated barrage of tariffs next week, the details of which are not clear save that they are to be calculated to reflect the impact of foreign tariffs as well as foreign value-added taxes on imports, Reuters reported.

The International Monetary Fund, which meets next month in Washington for the first time since Mr. Trump’s inauguration, had previously warned of the blow a trade war could deal across the global economy. Economists see a likely recession in Canada and Mexico, which depend mightily on exports to the US and have been particularly targeted by Trump, while shifts in global currency and capital flows and US foreign spending are already creating sets of winners and losers. 

In new projections last week, Fed officials said they expect slower growth and higher inflation in the year ahead, with risks tilted to the upside, but perhaps more significantly feel the economic horizon is so obscured that the outlook for monetary policy has become a shrug of the shoulders.

“What would you write down?” when making projections in this environment, Fed Chair Jerome H. Powell said after the Fed held interest rates steady on Wednesday but still projected two quarter-percentage-point cuts by yearend.

That was the same view as in December despite policy makers’ outlook for rising inflation, but Mr. Powell said this round of rate projections involved “frankly, a little bit of inertia” against making any change given “unusually elevated” uncertainty.

“I mean it’s just… really hard to know how this is going to work out,” he said.

That same sort of default setting may have appeared in the Fed’s growth projections, which showed growth slowing roughly to the Fed’s estimated long-run trend of 1.8% and staying there through 2027 — an outcome counter to Mr. Trump’s promise of a “golden age” to make up for the immediate disruption his policies are beginning to cause.

Growth has been steadily above estimates of potential, boosted by a jump in productivity that Fed officials and analysts have cheered even as they caution there’s no guarantee it will continue.

The Fed’s new projections show all that coming back down to earth, with new risks to what had seemed a path for the central bank to return inflation to 2% without paying much of a price in terms of lost growth or jobs.

Monday’s T-bill auction was the last for the month. The BTr raised P111.6 billion from short-term papers in March, higher than the P88-billion plan as it hiked its awards at three auctions.

On Tuesday, the government will offer P35 billion in Treasury bonds, or P10 billion in reissued seven-year debt with a remaining life of three years and 27 days and P25 billion in reissued 25-year bonds with a remaining life of 24 years and 10 months.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.54 trillion or 5.3% of gross domestic product this year. — A.M.C. Sy with Reuters

South Korea court blocks K-pop group NewJeans from leaving agency

SEOUL — A South Korean court issued an injunction on Friday to stop members of K-pop group NewJeans from pursuing independent projects, marking the latest twist in a long-running dispute between the stars and their label that has gripped fans.

The Seoul Central District Court upheld a request from the label ADOR to maintain its role managing the group and prohibit NewJeans’ members from engaging in commercial activities without the label’s consent, the court said in a statement.

The five members of NewJeans announced their departure from ADOR last November, revealed a new name — NJZ — and promised to release a new song this month.

Friday’s ruling appears to throw that into doubt and the group said they would challenge the court’s decision.

“NJZ respects the court’s ruling. However, we believe that the decision did not fully take into account the complete breakdown of trust the members have experienced toward ADOR,” they said in an Instagram post.

NewJeans has been caught up in infighting between executives of the agency’s parent and the band’s creative director who has now left ADOR.

The K-pop controversy involving NewJeans made a string of headlines in South Korea and beyond last year, with accusations flying, audits, and an emotional press conference by the band.

The members have said they want to work with the creative director, accusing the firm of mistreatment. ADOR has denied such claims and said the contract remains in effect.

ADOR is a subsidiary of powerhouse label HYBE, home to another global K-pop sensation BTS.

ADOR thanked the court for its “judicious” decision.

“With our status as NewJeans’ exclusive agency now legally affirmed, we are fully committed to supporting the artists going forward,” the company said in a statement, adding that it would be present at the members’ performance on Sunday in Hong Kong. — Reuters

Pru Life UK eyes industry-beating premium income growth this year

PRU LIFE Insurance Corp. of UK Philippines (Pru Life UK) aims to grow its premiums faster than the industry this year, driven by its agency force expansion.

“We’re also focusing on growing our in-force business by our annual premiums, and our target is to grow faster than industry. We grew 10% in 2024 against the industry’s 7%.” Pru Life UK Executive Vice-President and Chief Financial Officer Francis P. Ortega said at a briefing on Monday. “So, for 2025, we need to sustain our market leadership and so we have to grow faster than our competitors. We’ve been leveraging our very successful agency force. There is still focus on continuing to grow our agency force and also looking for alternative partners that can distribute our products.”

Pru Life UK booked a premium income of P48.15 billion in 2024, ranking second in the life sector, latest data from the Insurance Commission (IC) showed. Its net income stood at P3.72 billion.

The life insurer will also launch new products to help sustain its customers and cushion for risks stemming from market volatility, Mr. Ortega added.

“If there is any downside, it’s similar to what other competitors are facing. We’ve been building on traditional products as well as our variable universal life (VUL) products. Market movements play an important role in sustaining our customers, so we, through our product development, we hope that we are able to at least minimize the risk in terms of market movements,” he said. “We’re planning to come up with a couple of innovative products to address the needs of our customers.”

Last year, the company launched three traditional life policies, which brought the share of traditional products in its new business to 6%.

Mr. Ortega said Pru Life UK’s environmental, social and governance targets also include its takaful products.

The company hopes to launch its first takaful life insurance product soon, Pru Life UK President and Chief Executive Officer Sanjay Chakrabarty said at the same briefing. “I would not give a specific date because we are still waiting for the product to be specifically approved by the Insurance Commission. But my understanding is we’re very very close. I do think sometime in April we should be able to roll out the product itself.”

Mr. Ortega added that their first takaful product would likely be an individual policy.

“What we are working on is an individual life product for the household clients. That will be our initial focus and we’re bringing down the minimum payment to a micro level, so it might be considered as microinsurance,” he said.

The insurer received its takaful window license from the IC in November last year. Takaful is a type of Islamic insurance where members contribute a certain sum of money to a common pool. Takaful insurance needs to be compliant with Shari’ah law, which prohibits riba (interest), al-maisir (gambling), and al-gharar (uncertainty) principles. — A.M.C. Sy