MSPECTRUM, Inc., the wholly owned solar subsidiary of Manila Electric Co. (Meralco), has energized the solar rooftop facility of Japanese manufacturer Citizen Finedevice Philippines Corp. in Batangas province.
The solar project has a capacity of 726 kilowatt-peak, which was put up at Citizen Finedevice’s manufacturing facility in Sto. Tomas, the company said in a media release on Thursday.
It is expected to generate approximately 1.055 gigawatt-hours of clean energy annually.
“With this partnership, we commit to providing Citizen Finedevice with the necessary support they will need from us to continue to move forward towards becoming a more sustainable business,” MSpectrum Chief Operating Officer Patrick Henry T. Panlilio said.
Citizen Finedevice Philippines President Tomoya Koyama said that they are seeing their partnership with MSpectrum as “the catalyst of our green energy journey.”
“Our partnership with MSpectrum, has led to significant energy savings, and carbon footprint reductions. Through this partnership, we are now prepared to go even further in our sustainability journey,” he said.
Citizen Finedevice is a manufacturing company focused on the production and sale of precise metal machined components for various gadgets and devices.
MSpectrum’s solar rooftop portfolio of ongoing and operating capacity reached 70 megawatts as of June 2024. Of this, commercial and industrial clients account for 98% of the installed capacity.
In its presence, these are a result of partnerships with major international and local companies. The majority of its solar installations are in Luzon.
Backed by Meralco’s energy expertise and proven safety track record, MSpectrum offers tailor-fit solutions for industrial, commercial, and residential customers through an in-depth understanding of energy consumption behaviors and strategic partnerships with world-class technology partners.
Meralco’s majority owner, 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
WE RECENTLY PRESENTED our analysis of the Philippine economy until 2030 using the De La Salle forecasting and simulation models. Our assessment tilts toward the moderately optimistic side of the scale, barring unexpected shocks. Growth will continue, wages and income per capita will increase, the very thin middle class is also slowly increasing, and poverty will decrease.
Having said the above, our analysis shows that the Philippines will not do as well as the government keeps saying over and over. This means that the key targets set in the Philippine Development Plan (PDP) 2023-2028 will be attained a few years later, including income per capita which is said will be attained by 2028. The economy will grow, but not at 6.5-8%. It will register an average of 5.5% between now and 2030, with a peak of 6.4% in 2025. Poverty will decline, but will not reach 9% until 2035 (2028 in the PDP), and its hypothetical elimination would take several decades. At the same time, the macroeconomic situation is stable (again, barring shocks), with unemployment declining toward 4% and inflation staying close to the ceiling of the central bank’s target range of 2-4%. We also see the Peso depreciating and reaching P62 per dollar in 2027 and remaining there. The latter is not necessarily bad news as the economy will eventually adjust to this rate; and moreover, while initially imports will become more expensive, exports, and tourism, will become more price competitive.
The picture summarized in previous paragraphs reflects steadiness. The problem is that behind it there is what we call MOTS, or “More Of The Same.” Calls to further liberalize foreign direct investments (FDI) or improve the ease of doing business might be fine but these will not put the economy on a high-speed train. We are in the caboose. We have said it before: the country needs firms that manufacture high-quality products and export them, that is, compete in world markets.
Unless the structure of our economy changes in the direction of industrialization, progress will continue but at today’s pace. The reason? About 50% of our employment is in activities of low productivity, such as agriculture, wholesale and retail trade, and construction. This structure does not change significantly in our baseline scenario forecast until 2030. This is the main reason why gross national income per capita increases slowly and remains below the government’s target: it will reach $5,919 in 2028 against the PDP target of $6,044 to $6,571. Under our baseline scenario, it will take many more years than most think to get to high income or catch up with economies like Malaysia, not to mention with the advanced Western economies. This is probably a chimera.
Moving forward to 2026-2030, growth will peak in 2025 (6.4%) and 2026 (6.2%) but then it will decrease toward 5-5.5% until 2030. Why does this happen? The reason is that it is very difficult to maintain for years a growth rate at potential, which is about 6-6.5%. For the Philippines to grow (actual growth) above this rate, the potential rate will have to increase, and this will happen only with a “different” economy. With the current engines, this is the fastest we can advance, not 7-8%.
Our models allow us to design a hypothetical scenario where we travel faster. In this scenario, the manufacturing employment share increases to about 25% of total employment between now and 2030. This would accelerate growth to 8-10% until 2030 (East Asian style) and would bring gross national income per capita to about $7,406 in 2028 and to $8,777 in 2030. This is the only way.
Of course, in reality, the share of manufacturing will not reach 25%. The manufacturing employment share today is just 8% (and declining), though it is true that the number of workers in the sector is increasing but at a much slower pace than in other sectors (hence the decline of this sector’s share in total employment). Yet, the exercise is meaningful in that a 25% manufacturing employment share was the share that all advanced economies attained in the 20th century. Reaching this share was a necessary precondition to attain high income. Our model is consistent with this assessment.
What can the Philippines manufacture? This is simple: the thousands of products that make a national economy and that today we do not manufacture or do not export competitively (as high-quality products). Instead, we import them: canned processed fruits and vegetables (agriculture); table napkins (textile sector); cutlery (metal sector); glasses (chemical sector); chairs, tables, and beds (furniture sector); or top-of-the-line ball pens, pencils, and erasers. And we do not manufacture the machines that make these products. If Filipino companies cannot manufacture these products competitively, “let’s close the country.” Do not look for funny growth drivers. Artificial intelligence and similar stories? No, that is not what will propel the Philippines today.
We also simulate what would happen if the employment share of Accommodation and Food increased to 15-20% by 2030. This is where most workers in the tourism sector are. Again, this will not happen, but the exercise tells us that income per capita would be lower than in the baseline scenario (at $5,319). Why? It is a low-productivity sector.
There is no choice but to industrialize, however difficult it may be. The Philippines missed its chance in the 1970s, 1980s, and early 1990s; and even today, many government officials and private sector CEOs believe that what the Philippines needs is recipes such as further liberalizing FDI, spending more on infrastructure, or reducing red tape. We do not claim that these are not necessary. What we claim is that these measures will not contribute to significantly change the structure of the economy. They amount to doing MOTS, perhaps somewhat better but no more.
In the case of much-desired FDI, the evidence for most developing countries is that it is detached from the local economy. There is no correlation between the position in the Doing Business ranking and growth. Yet, do not talk to some policymakers about “industrial policy” — measures to propel the manufacturing sector. They make faces. Instead, the focus on “servification” has become a mantra.
Naturally, services do contribute to the economy. The problem is that a significant portion of our services is non-tradable (does not compete in the world economy). Business Processing Outsourcing certainly contributes, but that sector’s share in total employment is small in a county with almost 50 million workers. We do recognize the sector’s contribution from the balance of payments point of view. We do hope this sector moves up the development ladder and enters the activities that pay higher wages.
Tourism could also lend a hand, but the Philippines will — for sure — not accommodate 40 million tourists by 2030. Where will they stay? Not to mention that our island-tourism type is not sophisticated. And even if the share of employment in agriculture declined by a few percentage points and that of tourism increased (as it will happen), the corresponding increase in productivity and wages would only be a fraction of that attained if the employment share that increased was that of manufacturing.
Finally, the other important contributor to maintaining the balance of payment is OFW remittances. That we have almost 2 million workers abroad is a sign of the weakness of the economy. The good news is that we forecast that this number will decrease to 1.4-1.5 million by 2029-2030. This is the result of higher wages at home.
In conclusion: our analysis shows that the Philippine economy will continue improving until 2030. Hence, the glass is half full and we are moderately optimistic. The big question is the direction and speed of the economy in the coming years: where is it going? We argue that unless the structure of the economy changes and manufacturing plays a much more important role (becomes a bigger employer), we will continue being part of the caboose. Either we focus on creating firms that transform our economy (increase productivity and manufacture products that compete in the world economy), or the Philippines will be left behind in the coming decades.
Jesus Felipe is distinguished professor of Economics at De La Salle University. Pedro Pascual is a board-certified economist with Spain’s Ministry of Economy and partner at MC Spencer (Philippines).
LONDON — Almost 30 years on from the blockbuster Twister, deadly tornadoes and their chasers return to the screen for an updated extreme weather tale.
Twisters is a “current-day chapter” of its 1996 predecessor, its makers say.
It centers on storm expert Kate Carter, played by Daisy Edgar-Jones, and chaser and superstar streamer Tyler Owens (Glen Powell) whose paths cross during a once in a generation tornado outbreak in Oklahoma.
Directed by Minari filmmaker Lee Isaac Chung, in his big-budget action movie debut, Twisters introduces advanced technology and a new generation of adrenaline junkies with a large social media following.
“This is a new chapter. This is just a modern telling of that same community that audiences responded to in ’96,” said Mr. Powell, premiering the film in London on Monday.
“Audiences can expect lots of fun, lots of thrills and just to strap in and go on the ride,” added Ms. Edgar-Jones.
Mr. Powell’s Owens is a former rodeo star and self-titled “tornado wrangler” whose rowdy team courts danger with gusto. Texan Mr. Powell, 35, said both the original movie and the reboot resonated with him personally.
“When I was like nine years old, there was a tornado that went through Jarrell, Texas, and we were on the road to my aunt’s ranch and got kind of stuck in it. It was a really terrifying thing… But we cleaned up after that tornado. It’s one of those things that imprints on you for the rest of your life,” he said.
“This movie’s really about what we do in the face of storms, but also how we pick up after each other in the wake of disaster,” said Mr. Powell. “It’s a thing that affects a lot of people, and not just tornadoes but weather all over the planet. I think this is a universal movie for that reason.”
Twisters, written by Mark L. Smith, is based on consultations with meteorologists, climate scientists, and real-life storm chasers, said Mr. Chung.
“We had people working on the forefront of climate science and also tornado science. We tried to incorporate as much of that into this film as possible to honor what is actually happening and also honor the scientists who are heroes in many ways. If we’re going to look to any solutions, we have to look to the scientists,” he said.
Like Twister, Mr. Chung hopes his follow-up will leave a lasting impact.
“That first film inspired so many people to get into weather science and research. I would love if that would happen with this movie, that we would inspire a new generation of people want to research and get out there and study.”
Twisters will start screening in Philippine cinemas on July 17. It has an MTRCB rating of PG. — Reuters
SHORT POSITIONS on most Asian currencies eased, as rising expectations of at least two rate cuts by the US Federal Reserve this year and an easing dollar boosted risk sentiment, a Reuters poll found on Thursday.
Bearish bets on the Singapore dollar and the Thai baht were at the lowest since early January, while those on the Indonesian rupiah eased to their lowest level since mid-March, according to a fortnightly poll of 11 analysts.
Growing expectations of the Fed’s two rate cuts this year after a slew of worse-than-expected economic data was the “main factor” in bearish bets easing, said Poon Panichpibool, a markets strategist at Krung Thai Bank.
Fed Chair Jerome H. Powell has said “more good data” would build the case for the US central bank to cut interest rates.
Investors now await the release of June inflation data from the US, due later on Thursday, which is expected to show inflation cooling and make a case for a September rate cut.
If the market remains certain on the Fed delivering two rate cuts this year, then high-yielding emerging market currencies such as the Indian rupee and the Indonesian rupiah could outperform low-yielding peers, Mr. Panichpibool added.
The Indian rupee, the best performer in the region so far this year, was among the least-shorted foreign exchange (FX) currencies.
Short bets on the Philippine peso was at the lowest level since early April. Philippine central bank governor said last week that it had more scope to cut interest rates at its next meeting in August after annual inflation slowed in June.
The Chinese yuan remained among the most-shorted among Asian currencies.
Data from China, the single biggest trading partner to many emerging Asian countries, showed that consumer price inflation came in below expectations while producer price deflation persisted, pointing to stubbornly weak demand.
“Markets are anticipating further policy support for the economy and the housing sector, which could rejuvenate equity markets and support the RMB (yuan),” analysts at DBS wrote.
Bearish bets on the South Korean won also eased. All responses were received before the Bank of Korea stood pat on its interest rates, saying it was time to prepare for a pivot to rate cuts. — Reuters
Quality healthcare is essential for improving life expectancy, enhancing the quality of life, and reducing mortality rates. However, according to the Philippine Statistics Authority (PSA), there are still significant disparities in healthcare access across different regions of the country.
For instance, while urban areas like Metro Manila have a relatively high concentration of hospitals and healthcare providers, rural regions often struggle with a scarcity of medical facilities and professionals.
Manuel “Manny” V. Pangilinan, widely known as MVP, has made significant contributions to infrastructure development, service improvements, and strategic investments aimed at enhancing the accessibility and quality of healthcare for Filipinos.
As a business leader and philanthropist, his initiatives have left a lasting impact on various sectors, particularly in addressing critical infrastructure needs and advancing healthcare services across the country.
Under MVP’s leadership, Metro Pacific Investments Corp. (MPIC) has invested heavily in the healthcare sector, managing some of the country’s top hospitals and enhancing their capabilities and services.
With a mission to deliver integrated quality healthcare services that are accessible and sustainable, MPIC has embarked on initiatives that align with its vision of being the leading and most valued integrated healthcare network in the country.
Since its initial investment in Makati Medical Center in 2007, Metro Pacific Hospital Holdings, Inc. has rapidly emerged as the largest private hospital group in the Philippines, revolutionizing the healthcare landscape in the country.
Rebranded as Metro Pacific Health (MPH) in 2022, it now encompasses 21 reputable hospitals like Makati Medical Center, Cardinal Santos Medical Center, Asian Hospital and Medical Center, Riverside Medical Center, and Davao Doctors Hospital, as well as 23 hospitals, 26 outpatient care centers, two allied health colleges, and a centralized laboratory across the country.
“We rename Metro Pacific Hospitals to Metro Pacific Health — symbolizing not only a wider spectrum of investments in health services, but also our enhanced mission of responding to the most pressing concern of our people,” said the MPH founder and chairman.
The healthcare network’s focus on expanding its network of healthcare facilities is aimed at providing affordable and quality healthcare services to a larger segment of the population.
Metro Pacific Health also emphasized the importance of running hospitals more efficiently to reduce the overall cost of healthcare services. By leveraging collective buying power to procure medicines and supplies at the lowest possible cost, the company aims to streamline operations and pass on the cost benefits to its patients.
Furthermore, the company is committed to expanding its range of services to include complex healthcare procedures within the next three to four years. The forward-looking approach is designed to reduce the need for Filipinos to seek specialized medical treatment overseas, ensuring that such services are readily available within the country.
“Our intention is to expand efficiencies to make our services affordable. That’s an important concern for this group — to make the health services, not only quality health services, but to make services affordable. We will not only provide quality hospital care, but make that accessible to (a) greater number of people,” Mr. Pangilinan said.
According to the MPH chairman, each MPH facility is dedicated to providing top-notch medical care while upholding the renowned Filipino values of hospitality and compassion.
MPH is committed to being “The Heart of Filipino Healthcare,” offering high-quality, compassionate, and patient-centric care. The organization takes pride in delivering expertise and kindness across all its hospitals.
From hospital care to virtual, mobile, and home care, Metro Pacific Health aims to foster healthy lifestyles through wellness-oriented programs and projects. With over 9,000 expert doctors and nearly 17,000 skilled nurses, MPH’s dedication and selfless service, especially during the pandemic, highlight the resilience and camaraderie of Filipino healthcare professionals.
One of the key investments made by MPH has been in the e-health landscape. This investment aims to ensure that, while embracing modernity, the network remains fully focused on the patients in its care delivery.
The healthcare network has been upgrading its partner hospitals’ information systems, implementing electronic medical records, establishing virtual care platforms, and developing dynamic portals.
Currently, MPH acquired the biggest number of beds and the size of the investments in Greater Metro Manila. By 2025, the healthcare network plans to add two more hospitals. The company is also aiming to expand its footprint in regional areas, specifically targeting medium-sized hospitals in those regions.
“We will achieve our vision of making Metro Pacific Health the leading and most valued integrated healthcare network in the Philippines, and one of Asia’s most innovative and trusted healthcare providers,” Mr. Pangilinan said.
Embracing digitalization for accessible healthcare
Photo from freepik / macrovector
MPH has unveiled its blueprint for business growth, which includes modernizing healthcare with state-of-the-art technology in medical science and data. The healthcare network’s approach is expected to improve the end-to-end customer experience and making world-class quality healthcare more accessible to many Filipinos.
Mr. Pangilinan’s vision for improving healthcare accessibility materialized in the form of the mWell mobile application. One of its standout features is teleconsultation, priced at an affordable P399 per session, which includes P20,000 worth of accident insurance.
The application also includes a groundbreaking feature called the mWell Mind Health Score, designed to provide insights into one’s mental well-being.
In a statement, Mr. Pangilinan highlighted the role of digital platforms in enhancing the affordability and reach of healthcare services. He emphasized the need to collaborate with existing healthcare industry stakeholders and serve more Filipinos digitally.
“Digital will expedite the adoption of health services. Make it more affordable, more extensive, so more people can avail of it,” said Mr. Pangilinan.
The impact of these initiatives is reflected in the increasing adoption of digital health services. According to Mordor Intelligence, the telemedicine market size is estimated at US$172.44 billion in 2024, and is expected to reach US$330.26 billion by 2029, growing at a compound annual growth rate of 13.88% during the forecast period of 2024-2029.
Consequently, the mWell app, with its user-friendly interface and affordable services, is poised to contribute significantly to this growth.
“mWell’s mission is to demolish the barriers preventing our countrymen in remote areas from receiving quality healthcare. Our platform is sustainable, future-proof, and fully integrated — allowing us to bring healthcare closer to all Filipinos,” Mr. Pangilinan added. — Mhicole A. Moral
MICRO, small and medium enterprises (MSMEs) are at the greatest risk of closing down after the latest wage increase, an economist said.
“I don’t think P645 (the level wages are at in Metro Manila after the wage order) is enough given that inflation has been going on for several years now. But even this wage increase is not recommended because it will lead to the closure of many micro-, small- and medium-scale enterprises,” Leonardo A. Lanzona, Jr., an Ateneo de Manila economics professor, told BusinessWorld via Messenger chat.
“The overall objective of the government is to nurture MSMEs to grow into large corporations, achieving scale economies and larger profits. The minimum wages contradict this objective,” he added.
According to the Department of Trade and Industry, 99.59% of businesses in the Philippines were MSMEs in 2022.
The Regional Tripartite Wages and Productivity Board-National Capital Region (RTWPB-NCR) on July 1 approved a P35 wage increase for NCR workers, bringing the daily minimum wage for non-agricultural workers to P645. The new wage scale takes effect on July 17.
Labor groups continue to back a legislated across-the-board wage increase. In both chambers of Congress, bills calling for wage hikes of up to P750 are being considered.
The government’s chief economic planner, Secretary Arsenio M. Balisacan, has said the wage hike in the capital region is unlikely to hurt the economy because it will only affect “one-tenth of 1%” of workers.
About 40,000 to 140,000 workers will be affected if small businesses end up shutting down or reducing their employees, Mr. Balisacan added, describing the number as “negligible.”
“The point is that the burden of inflation should not be placed on the shoulders of the private sector. It is the responsibility of [the] government, not the private firms, to give decent wages,” Mr. Lanzona added.
He said that the government must improve productivity and strengthen social protections.
“Improve skills through training programs and create expanded cash transfer programs such as unemployment insurance,” he said.
“Public goods are intended to serve society as a whole. The private sector is not expected to provide since this is beyond their self-interest. Besides, the politicians and society are the ones who benefit most by providing public goods that offer workers decent wages. Hence, by economic principles, they and society should be (the) ones creating these goods,” he added.
Mr. Lanzona added that the new daily minimum wage in the NCR remains inadequate for dealing with inflation.
“It is not enough to cover the elevated prices after several years of inflation. But at the same time, households on average do not rely much on minimum wages since more than 45% of the workers are self-employed. Only a small portion of the households are dependent on minimum wages,” he said.
Inflation in June eased to 3.7% due to an easing in electricity and transport costs.
Federation of Free Workers Vice-President Julius H. Cainglet said it is the government’s responsibility to ensure correct wages are paid.
“If the government makes it affordable and easier to do business, and hold down electricity and other public utility costs, employers will be more able to pay a living wage,” he told BusinessWorld via Viber.
He added that it is also the government’s role to make it easier for workers to unionize.
“If the workers are unionized and they have collective bargaining power there would be no need for government to set minimum wages since workers would be able to bargain for wages and other benefits on their own,” he said. — Chloe Mari A. Hufana
THE Energy Regulatory Commission (ERC) is seeing a delay in the resumption of the billing and settlement of amounts in the reserve market as the regulator still has to consult the stakeholders on the proposed price cap.
“We have already received many comments. It looks like it will be a long discussion, which may impact the timeline for the resumption of the reserve market because we definitely want the resumption to happen only when we have the offer floor and price cap,” ERC Chairperson and Chief Executive Officer Monalisa C. Dimalanta told reporters on Wednesday.
Ms. Dimalanta said that they have tracked “more than 100 comments from stakeholders”that they need to sort out.
She earlier said that the ERC is eyeing the reserve market to return to full operations on July 26, as it is tied to the billing cycle.
In a draft resolution, the ERC has proposed setting a floor price of P0 per megawatt-hour and a ceiling price of P19 per kilowatt-hour for trading power reserves.
The ERC has called on all interested parties to submit comments on or before July 8, with a public consultation set for July 11.
The reserve market allows the system operator to procure power reserves from the Wholesale Electricity Spot Market (WESM) to meet the reserve requirements of the energy system.
In March, the ERC suspended the operations of the billing and settlement of the price determination methodology for the implementation of the co-optimized energy and reserve market in the WESM.
It said that the Independent Electricity Market Operator of the Philippines reported significant price increases in reserve costs for March compared to February.
The regulatory body ordered the settlement of 30% of the amounts due on the reserve market transactions during the March billing month to allow power generators to partially recover their costs.
Citing simulations, the ERC projected the partial payments to be worth P1.7 billion, which has already been recovered during the June electricity billing.
The reserves traded for the March period were valued at P5.7 billion.
The full commercial operations of the reserve market commenced in January. — Sheldeen Joy Talavera
Part of nation-building is ensuring physical structures like roads, power lines, or hospitals are in place to facilitate commerce, connect cities, and improve the quality of life in a region. Infrastructure is essential in creating an environment that enables economic prosperity and development in a country.
As a savvy business mogul who has been a fixture in improving life for Filipinos, Manuel V. Pangilinan, more often referred to as MVP, has made significant contributions across major industries in the Philippines such as telecommunications, utilities, media, and sports. As the chairman and CEO of Metro Pacific Investments Corp. (MPIC), Mr. Pangilinan has been instrumental to laying the foundation for the infrastructure that connects the Philippines today.
Through MPIC’s tollway unit, Metro Pacific Tollways Corp. (MPTC), MVP has provided a safe and convenient mobility experience to travelers as well as brought progress to communities through sustainable infrastructure. In terms of vehicle traffic volume, revenue levels, asset base, and the combined length of expressways, the MPTC is the largest toll road developer in the Philippines.
One of their developments, in a joint venture with the Philippine Reclamation Authority (PRA), is the Manila-Cavite Expressway Project (CAVITEX), a 14-kilometer (km) tollway that traverses the Coast of Manila and connects Roxas Boulevard to Cavite. With exits to Bacoor, Las Piñas, and Kawit, Cavite, the road was designed to link Metro Manila with thriving provinces in Southern Luzon. Inaugurated by then President Benigno S.C. Aquino III in 2011, CAVITEX has eased traffic on major stretches and reduced travel time for Filipinos going to Cavite.
Recently, it was reported that the Pangilinan-led company is keen on buying out the remaining interest of the government. In their current deal, the PRA operates and manages the expressway while MPTC’s subsidiary, Cavitex Infrastructure Corp., is tasked with the design, finance, and construction of the toll roads.
Another connector of provinces in Southern Luzon, the MPTC’s Cavite-Laguna Expressway (CALAX) reduces the travel time from Kawit, Cavite to Biñan, Laguna from two hours to 35 minutes. The 44.58-km four-lane closed-system tolled expressway is a private-public partnership between the Department of Public Works and Highways, as the implementing agency; and MPCALA Holdings, Inc., a subsidiary of the MPTC.
CALAX is uniquely designed to feature several commercial establishments and is equipped with state-of-the-art technology such as an Automatic License Plate Recognition System that allows barrier-less entry, IP-based Speed Detection Cameras, and CCTVs. The expressway recently opened its Silang-Aguinaldo Interchange that leads to Tagaytay City last year and is on track to complete its Governor’s Drive Interchange by third quarter of 2025.
Pioneering expressways in the Visayas region, MVP’s MPTC built the country’s longest and tallest bridge connecting Mactan Island with mainland Cebu through the Cebu-Cordova Link Expressway (CCLEX). The 8.9-km CCLEX is the Pangilinan-led company’s first venture outside of Luzon and the first tollway of the MPTC to be fully cashless.
Recently opened in 2022, the tollway is set to add the Guadalupe ramp which will connect three interior villages in the city to the CCLEX and make a significant impact to the local economy. The construction of the P6-billion ramp will start later this year and is expected to be complete by the end of 2026.
Operating north of Metro Manila, another MPTC subsidiary, the North Luzon Expressway Corp. is the builder-concessionaire and handler of three major expressways spanning over 200 kilometers that link Metro Manila to North and Central Luzon: the North Luzon Expressway (NLEX), Subic-Clark-Tarlac Expressway (SCTEX), and NLEX Connector. Formerly known as the Manila North Tollways Corp. (MNTC), NLEX Corp. has operated for over 20 years engaging in the development, design, construction, finance, operation, and management of toll road projects.
NLEX practically functions as the gateway for travelers going from the capital to the northern parts of Luzon. The 105-km tollway spans from its Balintawak Interchange to three different provinces with exits in Hacienda Luicita, Tarlac, Porac, Pampanga, and Tipo in Bataan. Built during the 1960s, NLEX’s main segment is built parallel to the Manila North Road, also known as the MacArthur Highway.
Linked to NLEX, the SCTEX is a logistical hub that has revolutionized the way business and leisure are conducted in the region. The 94-kilometer expressway connects Central Luzon’s most thriving areas: Subic Bay Freeport Zone in Zambales, Clark Freeport Zone in Pampanga, and the Central Technopark in Tarlac.
The tollway, a venture between the Bases Conversion and Development Authority (BCDA) and MPTC, also leads further north of Luzon through its link with San Miguel Corp.’s Tarlac-Pangasinan-La Union Expressway.
Meanwhile, NLEX Corp.’s connector project aims to link the northern expressway to its southern counterpart, the South Luzon Expressway. Mostly traversing along the Philippine National Rail track, the eight-kilometer elevated four-lane tollway is expected to benefit at least 35,000 motorists daily and decongest Metro Manila traffic. NLEX Connector Road may be accessed along C3 Road in Caloocan City and along España and Magsaysay Boulevards in Manila.
Aside from their tollways here in the country, the Pangilinan-led company also has ventures in neighboring countries in Southeast Asia. Through Metro Pacific Tollways Asia (MPT Asia), Mr. Pangilinan has significant stakes in two major infrastructure companies in ASEAN: a 76.31% share in PT Nusantara Infrastructure in Indonesia and a 44.9% share in CII Bridges & Roads of Vietnam.
MVP’s network of expressways in Indonesia is passed through by more than 300,000 vehicles daily while his company’s bridges and roads in Vietnam help nearly 50,000 motorists daily in Vietnam. Furthermore, MPTC plans to grow the portfolio of MPT Asia by investing and gaining stakes in existing toll roads in the said countries and potentially, Malaysia.
Mr. Pangilinan’s legacy in nation-building is marked by building and managing extensive networks of expressways, bridges, and toll roads that have boosted the country’s logistics and economy while improving the quality of life of millions of Filipinos. Through his commitment to developing infrastructure, MVP has not only linked several parts of the archipelago but also united the people that he connected. — Jomarc Angelo M. Corpuz
JINGU GAIEN Ginkgo Street in autumn. — KAKIDAI/ WIKIMEDIA.ORG
IT’S A NARRATIVE that might have sprung straight from the script of a Studio Ghibli movie, or perhaps a Joni Mitchell song. Big corporations and government interests unite to raze trees, demolish a beloved park, and commercialize a communal area — all in the name of profits, in the face of local opposition, and even against the dying wishes of a beloved national treasure.
The redevelopment of Jingu Gaien, a green oasis in Tokyo’s city center, has been dividing opinion for years. Protesters decry the planned rebuilding of its baseball and rugby stadiums, which they say will result in the destruction of “thousands” of trees. But like many compelling stories, this is mostly fiction.
The park dates back a century to the construction of Meiji Shrine, proposed by Eiichi Shibusawa, the “father of Japanese capitalism” who last week debuted on the new design of Japan’s largest banknote. Since I first wrote about the redevelopment last year, the debate has intensified. A Unesco-affiliated body has raised opposition, the Supreme Court rejected an injunction to stop work, and it became a battleground in the recent Tokyo governor election, where an opposition-backed candidate pledged to put the project to the people in a first-ever referendum.
While her defeat means a plebiscite won’t happen, the success of the narrative — akin to paving paradise and putting up a parking lot — has been confounding. Nowhere was this made more evident than in the statement by the International Council on Monuments and Sites. In a so-called heritage alert, it said that the project would lead to “complete destruction of the urban forest formed and nurtured over the past 100 years.”
One of Japan’s most prominent international figures, composer Ryuichi Sakamoto, wrote to Governor Yuriko Koike calling on her to halt the project just weeks before his death last year. In the words of one critic, it’s “like building skyscrapers in the middle of Central Park.”
Let’s leave this scenario for folk songs, and look at the facts. The project involves three new high-rises, one of them rebuilding trading house Itochu Corp.’s headquarters, a decades-old piece of unremarkable architecture already 22 stories tall. It’ll be replaced by 38-floor building on a thoroughfare already dominated by high-rises (speaking of Central Park, how much taller have surrounding buildings become in recent decades?). Two new structures will be added, one comprising 18 stories on the site of the current baseball stadium; the other, 40 stories tall, will replace — and I’m not making this up — a literal parking lot.
Paradise it currently isn’t. While the area is nice to jog around, much of it is inaccessible. Indeed, the park is not public land at all: It belongs to the Shinto religious organization Meiji Jingu, which administers the shrine and is pushing for the redevelopment as it depends on money raised from leasing out facilities to sustain the much larger main gardens.
The most maddening theme is over the “complete destruction of the urban forest.” Jingu Gaien is famed for the promenade of almost 150 ginkgo trees, which leads off Aoyama-dori Avenue into the park. They are so associated with the area that most local residents I’ve spoken to mistakenly believe that these trees will be razed. From the beginning, plans have always involved preserving the rows of ginkgos.1
Many of the “thousands of trees” activists decry would be more properly termed shrubs — azaleas and other bushes that can be found anywhere in the city. While it’s true that several hundred trees will be cut down, these will be replaced, leaving more green space and trees in the park after the development than before.
The other divisive decision is the redevelopment of the baseball stadium, used by the local Yakult Swallows pro team. In English media coverage, it’s typically cited as one of the last remaining parks where Babe Ruth played. Indeed, the venue feels from a bygone era, and would require massive renovation to reach modern standards. Plans instead call for it to be moved to the site of the current rugby field, where there’s more room to develop and add modern facilities, including a hotel (a new rugby facility will be built on the site of the current ballpark).
The Swallows merely rent the stadium but deserve an up-to-date facility; at a time when many developers are planning new sports venues in Tokyo (and elsewhere), there’s nothing to stop them from moving out of the existing, decaying stadium.2
Sakamoto, who had a lifelong record of supporting tree-planting, was well-intended in his opposition. But, while this is difficult to say about the recently deceased, much of his political activism hasn’t aged well. Protests that he took part in in 2015 to halt legislation to expand Japan’s regional security role now look not only hyperbolic, but naive in the face of increasing aggression by Japan’s neighbors. And his dismissive comment at an anti-nuclear protest in 2012 in the highly emotive wake of the Fukushima disaster, decrying the risk of nuclear power to generate “mere electricity,” sits at odds with a nation where lives are in danger this very week from a sweltering heatwave. Countries without sufficient power supplies are seeing deaths in the hundreds and thousands.
The stakes in Jingu Gaien are smaller. But it’s important that anti-progress narratives are met head-on. It’s easy to say no, to dig one’s heels in and resist change. But Shibusawa, the early industrialist who aided the creation of Meiji Jingu, knew well that legacy comes from creating things, and envisioned a world where private business contributed to the public good. Neither scaremongering nor catchy protest songs help.
BLOOMBERG OPINION
1 Some 19 ginkgo trees, off the main strip, will be removed, and if possible, transplanted.
2 Indeed, the same concern is precisely what led to the first redevelopment of “The House That Ruth Built” — Yankee Stadium — in the 1970s, which was then replaced entirely by 2009.
X had Mia Goth’s Maxine shooting a porn flick on a farm owned by elderly Pearl (also Mia Goth) at the same time she’s being stalked by a serial killer; Pearl as prequel to X sketches the eponymous woman’s life as a young farmer’s spouse in 1918, uncovering her dreams and frustrations and why Maxine’s barebones film production outfit fascinates her so.
X was Ti West’s tribute parody of 1970s cinema, channeling in particular The Texas Chainsaw Massacre through the making of a porn film (a genre which also experienced its golden period (Behind the Green Door, The Devil in Miss Jones) around the same time); it was stealthy fun with both Maxine and Pearl sneaking around and through farmhouse and nearby barn, peering on and tiptoeing up to each other. Maybe the high point of all the unsettlingly erotic shenanigans is Pearl climbing into bed and mashing the sleeping younger woman’s breast — Mia Goth molesting Mia Goth; could there be a more potent image of celebrity narcissism?
Pearl — easily my favorite of the three films in the series — was an even more startling portmanteau: a slasher channeling the sinuous moves of a widescreen technicolor Douglas Sirk, the idealized past slyly undercut by Sirk’s critically framing eye. Where Maxine is already debauched and only hardened by her ordeal, Pearl is an innocent (relatively speaking) raised high by her hopes, then brought to ruin by her ambition (and control-freak mother), her true nature emerging from the ashes.
MaXXXine picks up where X left off, with Maxine fleeing to 1980s Hollywood, the glitz, the glamor, the horrific bad taste all on display. Director West is channeling John Carpenter and Dario Argento and Brian De Palma now, Carpenter with his gliding camera and surgical editing, Argento with his shocking color palette, De Palma with his split screens and video footage. It’s fun to watch West making fun of pulpy 1980s moviemaking conventions and Goth’s Maxine striding through it all in tightfitting double denims and white pumps, not so much an avenging as ass-wiggling angel of death.
Oddly there’s little sinew tying Pearl to X and MaXXXine beyond a handful of similarities to both women’s trajectories: both are driven by a hunger for stardom, both reveal hidden reserves of sensuality and violence. The biggest difference may be where either woman lands: Pearl lying before the front door of her farmhouse, Maxine living in an apartment above a video rental store, window facing one of the seedier sections of Hollywood Boulevard.
I mention Argento and Carpenter but really the MVP 1980s filmmaker when it came to inspiration has to be De Palma, particularly Body Double which also involved a killer, a horror film, a porn star. Wests excesses aren’t as inventive — we don’t have a giant power drill whining through a Hollywood mansion’s second floor (and a woman’s torso) and we don’t have dream sequences flitting between memory and reality in the hero’s head; I suppose many a horror bro feels disappointed at the paucity of perversion on display.
But West seems focused not so much on baroque horror or lurid thrills as he is on Maxine’s personal trajectory, trying to remain true to her character as revealed in the closing moments of X and fitfully throughout this sequel (West — along with Goth, who acts as producer — is being as coy as a professional stripteaser). Maxine, as suggested by a home movie and various news clippings, is a victim of childhood trauma and possible psychological abuse; what sets this apart from most horror films of the serial killer variety is that she’s survived and the experience has strengthened her, even emboldened her. Unlike Pearl, Maxine has had much of her vulnerable underbelly already cauterized; all that’s left is for her to cauterize the remaining soft parts for more scar tissue to grow over.
Come to think of it, there may be more to the parallels between Maxine and Pearl than meets the eye. We get hints of Maxine’s family; couldn’t Pearl’s own be West’s way of exploring that history in a roundabout manner? We see Maxine as a reflection of Pearl, more fully exposed to the modern world — younger meets older, contemporary meets retro; the scene of the two of them in bed together might hold more significance than we originally thought, might, you could argue, be the key image of the trilogy.
No Maxine isn’t a very sympathetic character; if anything she’s most sympathetic when we catch glimpses of said remaining soft parts (mainly her childhood, whatever acquaintances remain on her shrinking friends’ list, and the moment when she reaches out to her lawyer Teddy Night [an enjoyable Giancarlo Esposito] for help) — prior to welding armor plating over them.
And Maxine has learned to fight back, unlike most female protagonists in ’80s and recent horror flicks (“You wanna know what I did to the last person that tried to kill me?”).This is not your standard-issue scream queen virgin but a ballsy badass bitch with swagger to match — just ask private investigator John Labat (Kevin Bacon, channeling M Emmett Walsh at his most gloriously unwashed) who got a taste of Maxine’s temper, car keys clenched firmly in her fist.
The climax (skip the next three paragraphs if you plan to see the film) does call back to Pearl’s central relationship with her mother. The guiding force in our lives for good or for bad often turn out to be our parents, and Maxine for all her bravado isn’t all that different; maybe what gives her that extra bit of English is in recognizing this uncomfortable fact, and explicitly thanking her father for exactly the kind of influence he’s been in her life — compelling Maxine to flee as far as rural Texas, then Hollywood, only to have her demons (her demon) follow her there, less for a final confrontation than for therapeutic resolution.
And what of Maxine’s father, Ernest Miller, eliminating her friends — her remaining source of humanity — along the way? Our heroine is horrified, but at some level isn’t she actually grateful to him for doing what she always needed to do but had neither the ruthlessness nor inclination to? And when she stands above him and does what finally needed to be done, hasn’t she demonstrated in full the lesson he has insisted on teaching her all her life?
West has been criticized for his lack of characterization through the films; I submit that he has been indulging in characterization, through Pearl (whose life is a metaphoric commentary on Maxine’s) and through our heroine’s own choices — if, as F Scott Fitzgerald once scribbled in the notes of his final unfinished novel, that “action is character” you can catch glimpses of her character through the actions she has taken. West is being oblique, not negligent, using incident, atmosphere, and the various films’ visual styles to tease out her developing personality.
And that’s it, that’s most of what I have to say — MaXXXine may not be the goriest or most frightening or even the most intense horror of the year (though it has its moments), but I’d call it one of the more interesting, with enough freshly carved meat to chew over while walking out the theater.
THE PHILIPPINES will have to build up a pool of workers skilled in generative artificial intelligence (GenAI) to overcome challenges in the broader adoption of the technology, according to information technology and business process management service provider Pointwest.
“Developing a local, GenAI-skilled talent pool here in the Philippines is what’s most critical for Filipino organizations to overcome these challenges,” the company told BusinessWorld via e-mail.
It said GenAI remains an early-stage technology, though adoption is picking up with greater accessibility.
“Most organizations in the Philippines are still in the experimental phase and have yet to truly scale and operationalize this technology,” Pointwest said.
“Quality of data, concerns over data security and privacy, and talent availability are all critical challenges that organizations must overcome as they look to scale and operationalize GenAI,” it added.
Pointwest said that to address such challenges, organizations should play their part by encouraging students to pursue a career that will leverage their skills in GenAI.
The company recently collaborated with Amazon Web Services on the “GenAI Spark Hackathon,” which allowed students from 11 universities to develop prototypes using GenAI with real-life applications.
“By inspiring interest in GenAI, offering training and practical experience, and facilitating professional networking events like the GenAI Spark Hackathon, we play a key role in helping to scale GenAI across the country,” it added.
However, Pointwest said that it recognizes that despite the benefits of using GenAI, the technology is just a “tool” that requires human oversight.
“GenAI is truly a transformative technology with the potential to boost creativity and productivity, enable personalization, advance scientific discovery, and impact just about every aspect of the way we live,” it said.
“It’s important to understand, however, that AI is just a tool. Human oversight and judgment will both remain critical to ensure that it is used responsibly, safely, and ethically,” it added.
Pointwest said the Philippines has just begun to scratch the surface of GenAI’s potential.
“As this emerging technology becomes more user-friendly and accessible and as its adoption further widens, improvements will come faster and benefits will become more significant and widespread,” it said.
“With its increasing power, regulation can help to ensure responsible development and use of this technology, helping to mitigate the risk of misuse, bias, and potential negative societal impacts,” he added.
THE INSURANCE Commission (IC) has placed health maintenance organization (HMO) CareHealth Plus Systems International, Inc. under receivership due to its inability to pay its obligations amid liquidity issues.
CareHealth Plus has been placed under receivership effective June 27, the IC said in a notice posted on its website.
“Based on the evaluation of the company’s liquidity and solvency by Atty. Erwin C. Onglengco, CareHealth Plus is suffering from liquidity problems, which resulted to continuous delay and difficulty of paying all its obligations,” the insurance regulator said in the latest notice.
The IC also issued a stay order against CareHealth Plus effective June 27 “in order to consolidate, preserve, and protect the assets of the company for the benefit of its members and other stakeholders,” based on a notice dated June 21.
“Hence, payment of claims is suspended until Carehealth is restored to a state wherein it is liquid and has sufficient assets, properties and/or means to satisfy the claims of its members and other stakeholders; or until it goes into liquidation, as the case may be,” the regulator said.
This comes about three months after the HMO was placed under conservatorship on April 5 due to complaints that it was unable to provide the benefits stipulated in its products. The IC found a total of 66 pending complaints against CareHealth Plus, with some involving corporate accounts and government agencies.
The IC issued a cease-and-desist order on the company on Oct. 10, 2023, preventing it from selling new policies. However, it was allowed to continue servicing the claims of existing policyholders.
In a resolution dated April 3, the IC denied CareHealth Plus’ motion to lift the cease-and-desist order. It also denied the HMO’s application for license renewal.
CareHealth Plus is an HMO based in Manila with several branches in the country.
The firm booked a net profit of P1.23 million as of September 2023, data from the IC showed. Its assets stood at P1.47 billion in the period, while liabilities totaled P1.4 billion.
The HMO industry posted a net income of P6.8 million in the first quarter, a turnaround from the P319-million net loss incurred in the same period last year, on the back of higher revenues. — AMCS
