MANILA – The Philippines has revised up annual gross domestic product (GDP) growth in the first quarter to 5.8% from the previously reported 5.7%, the statistics agency said on Wednesday.
The government will release second-quarter GDP data at around 0200 GMT on Thursday. — Reuters
ANNAPOLIS, Maryland – The United States has communicated to Iran and Israel that conflict in the Middle East must not escalate, Secretary of State Antony Blinken said on Tuesday, even as the Pentagon warned that it would not tolerate attacks against its forces in the region.
The Middle East is bracing for a possible new wave of attacks by Iran and its allies following last week’s killing of senior members of militant groups Hamas and Hezbollah. Five U.S. troops and two contractors were injured in an attack on a base in Iraq on Monday, which US Defense Secretary Lloyd Austin blamed on Iran-backed groups.
Officials had been in constant contact with allies and partners in the region and there was a “clear consensus” that no one should escalate the situation, the top US diplomat said.
“We’ve been engaged in intense diplomacy with allies and partners, communicating that message directly to Iran. We’ve communicated that message directly to Israel,” Mr. Blinken said.
The United States will continue to defend Israel against attacks, Mr. Blinken said, but noted that everyone in the region should understand the risks of escalation and miscalculation.
“Further attacks only raise the risk of dangerous outcomes that no one can predict and no one can fully control.”
The Pentagon has said it will deploy additional fighter jets and Navy warships to the Middle East as Washington seeks to bolster defenses in the region.
“What I’ve been focused on is making sure that we’re doing everything we can to put measures in place to protect our troops and also make sure that we’re in a good position to aid in the in the defense of Israel, if called upon to do that,” Mr. said.
Mr. Blinken, following a meeting involving Mr. Austin and their Australian counterparts, also said talks to achieve a ceasefire and hostage deal on the war in Gaza had reached their final stage and should end very soon. – Reuters
WILL NOT TOLERATE ATTACK ON TROOPS
Ismail Haniyeh, the political leader of Palestinian Islamist group Hamas, was assassinated in the Iranian capital of Tehran last week. The attack drew threats of revenge by Iran on Israel, which has not claimed responsibility.
Coupled with the killing of the senior military commander of the Lebanese group Hezbollah, Fuad Shukr, by Israel in a strike on Beirut last week, concern has intensified that the conflict in Gaza is turning into a wider Middle East war.
Iran has said the US bears responsibility in the assassination of Mr. Haniyeh because of its support for Israel.
On Monday, a rocket attack on al Asad airbase in western Iraq injured seven US personnel.
Mr. Austin said the United States “will not tolerate” attacks on its personnel.
Asked if he knew who was behind the attack, Mr. Austin added the US was sure it was an Iran-backed militia, but had not determined which one.
“We’re still investigating to determine that,” he said.
Iraq’s military condemned on Tuesday what it called “reckless” actions against bases on its soil and said it had captured a truck with a rocket launcher.
A small truck was seized with a rocket launcher fixed on the back. Eight unfired rockets were dismantled, the statement said.
A rare ally of both the US and Iran, Iraq hosts 2,500 U.S. troops and has Iran-backed militias linked to its security forces. It has witnessed escalating tit-for-tat attacks since the Israel-Hamas war erupted in October. – Reuters
MANILA – The Philippines’ agricultural and fisheries output value dropped an annual 3.3% in the second quarter of the year, led by decreases in the crops and livestock sector, the statistics agency said on Wednesday.
The Southeast Asian nation’s crop output, which accounted for 53% of the agriculture sector’s total production, sank 8.6% from a year earlier while livestock output contracted by 0.3%, the Philippine Statistics Authority said.
Poultry output rose 8.7% and fisheries production increased by 2.2%.
The government will release second-quarter gross domestic product figures on Thursday, giving the central bank more data ahead of their Aug. 15 rate-setting meeting. — Reuters
PHILADELPHIA – Democratic presidential nominee Kamala Harris and her newly selected vice presidential running mate, Minnesota Governor Tim Walz, campaigned for the first time together on Tuesday in Philadelphia, kicking off a multi-day tour of battleground states aimed at introducing Mr. Walz to the national stage.
In his remarks to a raucous crowd of more than 10,000 at Temple University, Mr. described his upbringing in a small Nebraska town, his 24 years serving in the Army National Guard and his prior career as a high school social studies teacher and football coach.
“It was my students who encouraged me to run for office,” he said. “They saw in me what I was hoping to instill in them: a commitment of common good, a belief that one person can make a difference.”
He also went after the Republican presidential nominee, Donald Trump, and his running mate, Senator JD Vance, an early demonstration of how Mr. Walz will approach the traditional “attack dog” role of the vice presidential candidate despite his affable, folksy style.
“He mocks our laws, he sows chaos and division, and that’s to say nothing of his record as president,” Mr. Walz said of Mr. Trump. “He froze in the face of the COVID crisis, he drove our economy into the ground, and make no mistake, violent crime was up under Donald Trump. That’s not even counting the crimes he committed.”
Ms. Harris’ entry into the race after President Joe Biden abandoned his reelection bid just over two weeks ago has rapidly upended the election campaign, with polls showing she has erased the lead Trump had built.
Mr. Walz criticized Republicans for pursuing restrictions on women’s reproductive rights, an issue that has plagued Republicans since the US Supreme Court in 2022 ended women’s constitutional right to abortion.
“Even if we wouldn’t make the same choice for ourselves, there’s a golden rule: mind your own damn business!” he said, drawing a huge ovation.
Ms. Harris, speaking before Mr. Walz, listed his titles – husband, father, teacher, coach, veteran, congressman, governor – before predicting he would earn a new one in the Nov. 5 election: vice president of the United States.
“He’s the kind of person who makes people feel like they belong and then inspires them to dream big,” she said.
Ms. Harris, the US vice president, announced her choice of Mr. Walz earlier in the day, opting for a vice presidential running mate with executive experience, military service and a track record of winning over the rural, white voters who have gravitated to Mr. Trump over the years.
The Harris campaign said it had raised more than $20 million after the announcement of Mr. Walz as the vice presidential pick.
Pennsylvania, the site of their first rally, is seen as perhaps the most critical state in what is expected to be a close election between the Democrats and their Republican rivals.
TRUMP, VANCE CALL WALZ ‘RADICAL’
Mr. Walz was elected to a Republican-leaning district in the US House of Representatives in 2006 and served 12 years before being elected governor of Minnesota in 2018 and again in 2022.
He has pushed a progressive agenda that includes free school meals, goals for tackling climate change, tax cuts for the middle class and expanded paid leave for workers.
Mr. Trump and Mr. Vance were quick to criticize the new competition as too liberal.
“This is the most Radical Left duo in American history,” Mr. Trump wrote on his social media platform.
Mr. Vance knocked Mr. Walz for his handling of protests after George Floyd, a Black man, was killed in Minneapolis by a white police officer in 2020, with the Republican saying Walz was not assertive enough in combating the rioters.
“The biggest problem with the Tim Walz pick – it’s not Tim Walz himself. It’s what it says about Kamala Harris, that when given the opportunity she will bend the knee to the most radical elements of her party,” Mr. Vance told reporters in Philadelphia earlier in the day.
Americans typically focus on the person at the top of the ticket when choosing whom to vote for, but vice presidential candidates can help or hurt their running mates based on their backgrounds, home state popularity and ability to sway important constituencies or independent voters.
“She went with her gut on this one and chose the option that won’t alienate young folks,” said Republican strategist Rina Shah.
Mr. Walz beat out Pennsylvania’s popular governor, Josh Shapiro, for the No. 2 role. Shapiro had faced sharp criticism from the left, especially progressive groups and pro-Palestinian activists, over his support for Israel and his handling of college protests sparked by the war in Gaza.
Mr. Shapiro delivered a fiery speech at the Tuesday evening rally in his home state, attacking Republicans and promising to “work my tail off” to get Harris elected. He also offered a strong endorsement of Mr. Walz, telling the crowd that he is an “outstanding governor” and a “great patriot.”
Some Trump advisers were glad Ms. Harris did not pick Mr. Shapiro because of concerns he could help deliver all-important Pennsylvania if he was on the ticket, one adviser said.
After their joint appearance in Philadelphia, Ms. Harris and Mr. Walz plan a multi-city tour of critical swing states including Wisconsin, Arizona and Nevada. Mr. Vance is doing a similar tour, with stops in Michigan and Wisconsin planned on Wednesday. – Reuters
WASHINGTON – Boeing said on Tuesday it plans to make design changes to prevent a future mid-air cabin panel blowout like the one in an Alaska Airlines 737 MAX 9 flight in January that spun the planemaker into its second major crisis in recent years.
The National Transportation Safety Board and Boeing said officials still have not determined who removed and reinstalled that plane’s door plug during production.
NTSB completed the first of two days of hearings Tuesday that lasted nearly 10 hours into the mid-air emergency that badly damaged Boeing’s reputation, led to the MAX 9 grounding for two weeks, a ban by the Federal Aviation Administration on expanding production, a criminal investigation and the departure of several key executives.
Investigators have said the door plug in the new Alaska MAX 9 was missing four key bolts.
Boeing, which has vowed to make key quality improvement, faced extensive questions about the production of the accident MAX 9 and lack of paperwork documenting the removal of the door plug.
NTSB Chair Jennifer Homendy on Tuesday criticized the planemaker’s safety culture, asking why it had not made improvements earlier and said it must takes steps to improve. “The safety culture needs a lot of work,” Ms. Homendy said.
Boeing’s senior vice president for quality Elizabeth Lund said the planemaker is working on design changes that it hopes to implement within the year and then to retrofit across the fleet.
“They are working on some design changes that will allow the door plug to not be closed if there’s any issue until it’s firmly secured,” Ms. Lund said.
Ms. Lund said two Boeing employees who were likely involved in the opening of the door plug have been placed on paid administrative leave.
The board also released 3,800 pages of factual reports and interviews from the ongoing investigation.
Boeing has said no paperwork exists to document the removal of four key missing bolts. Lund said Boeing has now put a bright blue and yellow sign on the door plug when it arrives at the factory that says in big letters: “Do not open” and adds a redundancy “to ensure that the plug is not inadvertently opened.“
A flight attendant described a moment of terror when the door plug blew out. “And then, just all of a sudden, there was just a really loud bang and lots of whooshing air, like the door burst open,” the flight attendant said. “Masks came down, I saw the galley curtain get sucked towards the cabin.”
Doug Ackerman, vice president of supplier quality for Boeing said Boeing has 1,200 active suppliers for its commercial airplanes and 200 supplier quality auditors.
Ms. Lund said Tuesday Boeing is still building “in the 20s” for monthly MAX production – far fewer MAXs than the 38 per month it is allowed to produce. “We are working our way back up. But at one point I think we were as low as eight,” Ms. Lund told the NTSB.
Last month, Boeing agreed to buy back Spirit AeroSystems, whose core plants it spun off in 2005, for $4.7 billion in stock.
The hearings are reviewing key issues, including 737 manufacturing and inspections, safety management and quality management systems, FAA oversight, and issues surrounding the opening and closing of the door plug.
FUSELAGE DEFECTS
Jonathan Arnold, Aviation Safety Inspector at the FAA, said a systemic issue he witnessed at Boeing’s factory was employees not following the instructions.
“That seems to be systemic where they deviate from their instructions. And typically, tool control is what I see most,” Mr. Arnold said.
Ms. Lund said before the Jan. 5 accident, every 737 fuselage delivered to Boeing by Spirit AeroSystems had defects. “What we don’t want is the really big defects that are impactful to the production system,” Ms. Lund said. “We were starting to see more and more of those kinds of issues, I will tell you, right around the time of the accident.”
Ms. Homendy at one point expressed frustration with Boeing. “The safety culture needs a lot of work (at Boeing),” she said. “There’s not a lot of trust, there’s a lot of distrust within the workforce.”
Boeing executive Carole Murray described various problems with fuselages coming from Spirit AeroSystems in the run-up to the accident. “We had defects. Sealant was one of our biggest defects that we had write-ups on,” she said. “We had multiple escapements around the window frame, skin defects.”
Michelle Delgado, a structures mechanic who worked as a contractor at Boeing and did the rework on the Alaska MAX 9 aircraft, told NTSB the workload is heavy and requires working long hours.
“In order for me to not have to deal with a worse situation tomorrow, I’d rather work a 12 to 13-hour shift to get it all done, for my sake, so I don’t have to deal with people the next day,” he told NTSB.
Also in June, the NTSB said Boeing violated investigation rules when Lund provided non-public information to media and speculated about possible causes.
Last month, Boeing agreed to plead guilty to a criminal fraud conspiracy charge and pay a fine of at least $243.6 million to resolve a Justice Department investigation into two 737 MAX fatal crashes. – Reuters
BANGKOK – A court in Thailand will decide on Wednesday the fate of the progressive opposition party, Move Forward, in a case that has compounded fears of a re-igniting of a power struggle between influential conservatives and popularly elected parties.
The Constitutional Court will rule on the poll body’s request to dissolve the 2023 election winner Move Forward after the same court in January found its campaign to amend a law protecting the monarchy from criticism risked undermining Thailand’s system of governance with the king as head of state.
Move Forward’s anti-establishment agenda won huge support among voters but it clashed with Thailand’s powerful nexus of old money families, conservatives and the military, to which reforming the lese-majeste law is a step too far in a country where royalists regard the monarchy as sacrosanct.
Move Forward’s influential rivals coalesced to block the party from forming a government last year but it remains the biggest force in parliament with an agenda that includes military reform and undoing big business monopolies.
The party denies wrongdoing and was ordered to drop its campaign on the royal insults law. It is hopeful it will escape dissolution, arguing the election commission’s complaint did not follow proper procedures.
The verdict comes as cracks appear in an uneasy truce between the royalist establishment and another longtime rival, the populist ruling party, Pheu Thai, with Prime Minister Srettha Thavisin facing possible dismissal by the same court next week over a cabinet appointment. He denies wrongdoing.
‘REACHING A CRESCENDO’
“Once again, political risk and uncertainty is reaching a crescendo,” said Nattabhorn Buamahakul, Managing Partner at government affairs consultancy, Vero Advocacy.
“These highly consequential decisions, the fate of parliament’s biggest party and the PM’s seat could lead to lawmakers switching parties, more bargaining and – as we have previously seen – street demonstrations,” she added.
Thailand, Southeast Asia’s second-biggest economy, has been locked in a two-decade cycle of coups, judicial interventions and dissolutions that have toppled elected governments and major parties, at times leading to violent street demonstrations.
Protests ensued in 2020 after Move Forward’s predecessor, Future Forward, was disbanded over a campaign funding violation, with anti-government protests leading to some taboo-breaking calls to reform the monarchy, which landed several activists in jail.
The palace typically does not comment on the lese-majeste law.
Move Forward figurehead Pita Limjaroenrat, who is among 11 party executives who face bans from politics for a decade, last month told Reuters it was time to “stop this vicious cycle”.
“I want to prove to the establishment, and also to the world, that dissolving parties is futile,” he added.
He could be right, with expectations that if disbanded, the party’s surviving 143 legislators will keep their seats and reorganise under a new party that could become even more popular.
“They are they only option for progressive voters,” said Stithorn Thananithichot, director of the Office of Innovation for Democracy at King Prajadhipok’s Institute,
“Orange, no matter the name, will always vote orange,” he said, referring to the party’s signature color. – Reuters
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By Jomarc Angelo M. Corpuz, Special Features and Content Writer
In recent years, the Philippines has been constantly ravaged by natural disasters that have caused billions worth of damages and displaced millions of people, particularly in urban areas. As the country grows more concerned about the effects of climate change and urbanization, the call for growth that leaves no one behind — including nature — is amplified.
The latest edition of BusinessWorld’s monthly Insights forum, held last July 31 at Dusit Thani Manila with the theme “Building Sustainable and Inclusive Communities for the Future,” focused on addressing the critical need for resilience, inclusivity, and sustainability in a world where the effects of global warming are becoming more evident.
BusinessWorld Executive Vice-President Lucien C. Dy Tioco kicked off the event with a welcome address, emphasizing the importance of having discussions about enabling communities that encourage sustainable living as well as espousing inclusive cultures.
“We stand at a pivotal moment where the decisions we make and the actions we take can significantly influence the well-being and prosperity of our communities for generations to come,” Mr. Dy Tioco said.
Department of Human Settlements and Urban Development Undersecretary (DHSUD) Henry Yap delivered the forum’s keynote address. He underscored the urgent need for comprehensive, coordinated, and resilient urban planning and development in response to sustainability and inclusivity challenges.
While Mr. Yap did say that urbanization has brought economic growth and opportunities, he also acknowledged the numerous challenges that it brings including informal settlements, urban blight, traffic congestion, insufficient public transportation, and environmental degradation.
The undersecretary also mentioned the Philippines’ rapid urbanization rate is at nearly 54% of Filipinos, or approximately 58.9 million of the current population, residing in urban barangays. He also noted several of his department’s programs that promote the transformation of urban landscapes through the implementation of innovative, green, and resilient urban renewal and development projects.
Following Mr. Yap’s address was a presentation by Arch. Felino A. Palafox Jr., the president of Palafox Architecture Group, Inc., which highlighted the country’s need for more sustainable cities as well as the Philippines’ potential to become a leading economy.
“[We will have] 150 million Filipinos by 2050 and 70% will be urban population in cities. With that, we need 100 new cities by 2050 that are sustainable, resilient, liveable, healthier, smart cities by 2050. Otherwise, our existing cities will be as bad, if not worse, than what Metro Manila is today,” he said.
Mr. Palafox also mentioned his company’s advocacy for the Philippines to become a first-world country and economy by 2050. Although he believes it’s achievable, Mr. Palafox outlined six key challenges that must be tackled to make it a reality: corruption, criminality, climate change, inequality, infrastructure, and the need to attract more investments.
Robinsons Land Corp. Chief Strategist Ramon Rivero, in another presentation, noted that the local real estate industry should be working towards sustainability and resilience.
“As we stand at the crossroads of rapid urbanization and environmental stewardship, the real estate in the Philippines holds a unique position of influence and responsibility. The choices we make today will shape the landscapes, economies, and quality of life for generations to come,” he said.
Mr. Rivero added that sustainable development was no longer an option and has become an imperative. In addition, he expressed the importance of involving local communities and ensuring that their needs and voices are heard when building sustainable developments.
Spaces for sustainable living
Messrs. Palafox and Rivero joined TruNorth Homes Founder and CEO Earl Forlales for the first panel discussion, themed “The Quest for Sustainable Living in Filipino Communities,” which centered mostly on the current situation of sustainable living in the country and the roles the Philippine government and private sector can play in making more sustainable communities.
Acknowledging the housing stock in the country, Mr. Forlales emphasized the significance of making sustainable housing affordable to Filipinos who “can’t even play in the home-buying market anymore even if they wanted to.”
“The greenest building is the one that is already built. Often when we talk about sustainable building, we only focus on how we can build moving forward while failing to account for the massive existing housing stock that we already have,” he added.
Meanwhile, Mr. Palafox, speaking on the need for more sustainable communities after the devastating effects of Super-Typhoon Carina, noted that it is 90% less expensive to address the hazards before they become disasters. He added that it saves more human lives, buildings, infrastructures, and agriculture.
Additionally, Mr. Palafox said that sustainable communities in the Philippines recycle resources, are walkable, use fewer resources, and have infrastructure that lasts for several generations.
Furthermore, Mr. Rivero commended the current administration’s accessibility and willingness to work with the private sector and that the government has been a catalyst for private sector solutions. Moreover, he explained that sustainability has to be an “easy option” for Filipinos either through incentives or education.
“The philosophy of incrementality is so key in sustainability, as long as we are gradually improving, then we’re in the right direction because incrementality can change over time,” Mr. Rivero said.
Inclusive urban planning
The second panel discussion featured experts from the Gokongwei Group and Aboitiz InfraCapital Economic Estates who shared their insights on “Inclusive Planning for Enriched Communities.” The panel composed of Gokongwei Group’s Head of Sustainability and CSR Yvonne Flores and Aboitiz InfraCapital Economic Estates Vice-President for Inventory Generation Jolan Formalejo talked about the challenges and opportunities linked to inclusive urban planning.
While discussing how to balance economic development with social inclusivity, Ms. Flores underscored the importance of understanding how businesses can include low-income communities in their operations.
“Urban planning makes the solutions happen. It’s all based on how you maximize opportunities. Make sure that whatever the vision is, it’s part of the plan and executed in the best way,” she added.
In addition, Mr. Formalejo named overcrowding as the biggest challenge brought about by fast-paced urbanization. Conversely, he noted that opportunities for building inclusive urban communities lie in the collaboration between public and private companies in promoting sustainable developments across the regions.
“It’s not only the numbers that we can achieve in terms of economic growth but also the achievements that we can all accomplish in terms of implementing projects related to inclusivity and sustainable development,” Mr. Formalejo explained.
As the country struggles with rapid urbanization and the growing impacts of climate change, a concerted effort toward building sustainable and inclusive communities in the Philippines has become even more agent.
This BusinessWorld Insights forum was presented by BusinessWorld Publishing Corp. together with Robinsons Land Corp.; and is sponsored by Aboitiz InfraCapital Economic Estates; with the support of Filinvest City and SM Offices; together with the Asian Consulting Group, American Chamber of Commerce of the Philippines, British Chamber of Commerce of the Philippines, Bank Marketing Association of the Philippines, Management Association of the Philippines, Philippine Chamber of Commerce and Industry, Philippine Franchise Association, Philippine Retailers Association, and official media partner The Philippine STAR.
By Ashley Erika O. Jose, Reporter
METRO PACIFIC Tollways Corp. (MPTC) said it is negotiating with a European company for the expansion of Cebu-Cordova Link Expressway (CCLEx).
“We are hoping to get something in writing soon because the foreign company takes time to look at the actual conditions on the ground. So, they have done their due diligence,” MPTC President and Chief Executive Officer Rogelio L. Singson told reporters on the sidelines of the SME Finance Forum on Tuesday.
“Now, we are ready to receive an offer within the next two weeks,” he added.
Mr. Singson said the investment from the foreign company, which he described as a European firm with existing tollway operations, may range from P5 billion to P10 billion.
“All of that will go to project expansion. It is not for buying of shares,” he noted.
This is part of the company’s strategy to make the expressway viable, as it currently reaches only 30% of its projected traffic volume and struggles to meet the target of 50,000 motorists per day, MPTC said.
The P33-billion CCLEx is an 8.9-kilometer toll bridge that connects the town of Cordova on Mactan Island to Cebu City via the South Road Properties.
The tollway company plans to expand both ends of CCLEx, linking it to Bacalso and Lapu-Lapu.
Nigel Paul C. Villarete, senior adviser on public-private partnership at the technical advisory group Libra Konsult, Inc., said that MPTC’s plan would provide faster access and lead to an increase in traffic volume.
“MPTC’s plans are the realization of the connectivity conceptualized decades ago to link Mactan-Cebu International Airport (MCIA) to the southern part of Cebu,” Mr. Villarete said.
He said MPTC may team up with its existing partner, the Spanish construction firm Acciona S.A., which specializes in infrastructure development including roads, expressways, and renewable energy projects.
Mr. Villarete said the remaining missing link is the expressway connecting MCIA to CCLEx, as the northern part of Cebu is already connected to the airport via the Mandaue-Mactan bridges and CCLEx.
Rene S. Santiago, former president of the Transportation Science Society of the Philippines, said that providing access to both sides of CCLEx will be crucial, particularly a direct link to MCIA.
“CCLEx is bleeding for lack of traffic volume. A foreign investor would have to take a leap of faith,” he said.
MPTC is the tollways unit of Metro Pacific Investments Corp., one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls.
MANILA Electric Co. (Meralco) said it is planning to build new substations — facilities that transform high-voltage electricity for distribution to homes and businesses — within the development sites of property developer Ayala Land, Inc., particularly for Circuit Makati and Parklinks Estate.
“We, at Meralco, keep our lines of communication open with our enterprise partners such as Ayala Land,” Meralco Executive Vice-President and Chief Operating Officer Ronnie L. Aperocho said in a statement on Tuesday.
“This enables continuous improvement and innovation in empowering not only our commercial customers but also businesses that support communities and power our economy,” he added.
The power distributor said it has reaffirmed its commitment to delivering reliable and quality service to Ayala Land following a “strategic business review session.”
Currently, Meralco has six existing substation facilities serving Ayala Land estates.
The real estate company provides substation lot provisions for its developments, allowing the power distributor to energize projects.
In September last year, Meralco energized a 115-kilovolt (kV)-34.5-kV gas-insulated switchgear substation worth P597 million to provide power supply to Ayala Land’s Arca South estate and nearby communities in Taguig City.
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
MINDANAO Container Terminal (MCT), operated by the Razon-led International Container Terminal Services, Inc. (ICTSI), has received the inaugural call of SITC’s new China-Philippines Express 7 (CXP7) service.
SITC International Holdings Co. Ltd. is a major Chinese logistics and shipping company specializing in containerized cargo.
“SITC’s new service is designed to meet the growing demand for increased calls at MCT that will cater to the needs of pineapple and banana shippers for timely exports to China,” said Aurelio Garcia, MCT chief executive officer.
The CXP7 service covers the ports of Shanghai, Wenzhou, Manila (South), Cebu, and Cagayan de Oro (MCT), with MCT receiving calls every Monday.
The maiden voyage was marked by the arrival of the 1,800-twenty-foot equivalent unit (TEU) vessel, SITC Haode.
“The new service underscores MCT’s critical role as a trade facilitator in Southern Philippines, reflecting its commitment to enhancing offerings and supporting the growth of the Mindanao’s agricultural export sector,” ICTSI said.
For the January-to-March period, ICTSI’s attributable net income rose to $209.88 million, a 35.7% increase from $164.61 million in the same period last year.
The company’s combined revenues increased to $637.65 million, up 11.4% from $572.25 million a year earlier, according to its financial report.
The listed port operator reported handling a total volume of 3.09 million TEUs in the first quarter, compared to 3.1 million TEUs in the same period last year. — A.E.O. Jose
RESTAURANT OPERATORS DMG Holdings, Inc. and Withlink Co., Ltd. are investing P200 million to open 23 outlets of Buchiton Ramen House in the Philippines.
In a statement on Tuesday, DMG Holdings said it will invest alongside Withlink to open 23 Buchiton Ramen House outlets by 2026, aiming to generate new jobs and franchise opportunities.
“Buchiton targets to open three outlets this year, 10 by 2025, and 10 by 2026,” said Matthew Ablis, chief operating officer of DMG Holdings.
He added that an investment of between P7 million and P9 million is needed to open a Buchiton store in the Philippines.
Aside from Buchiton, DMG Holdings is also the operator of 29 restaurant outlets in the Philippines. These comprise seven Mesa restaurants, seven Hayashi restaurants, nine stores of Old Town Malaysian Cuisine, and four stores of Vari Uma.
Last week, DMG Holdings opened the first Philippine outlet of Buchiton at SM San Lazaro, which serves Tonkotsu ramen.
The Manila store will offer the brand’s ramen broth, gyoza, and karaage, which will be imported directly from Japan.
“Aside from Buchiton’s first Philippine outlet at SM San Lazaro, we will also open two more stores this year at SM Cebu-Consolacion and SM East Ortigas Mall,” Mr. Ablis said.
Withlink, the Japanese operator of Buchiton Ramen House, is part of Yoshinoya Holdings Co. Ltd.
Mr. Del Mundo said he expects Buchiton to become a popular dining option in the Philippines.
“Buchiton was created with a deep respect for traditional recipes and a passion for delivering exceptional taste. We are excited to bring the rich flavors of authentic Japanese ramen to Filipino food enthusiasts,” he said.
“Filipinos have developed a strong affinity for ramen over the years, and Buchiton is eager to satisfy this growing demand with its reasonably priced yet flavor-packed offerings,” he added. — Justine Irish D. Tabile
