Facebook Instagram Linkedin X Youtube
Home Blog Page 1366

Prime Infra consolidates Wawa water project under Manila Water

THE UPPER WAWA DAM — PRIMEINFRA.PH

MANILA WATER Co., Inc. has acquired full ownership of WawaJVCo, Inc., consolidating the Wawa Bulk Water Supply Project under its operations in a P37.8-billion transaction with parent firm Prime Infrastructure Capital, Inc. (Prime Infra).

In a regulatory filing on Monday, Manila Water said it acquired full ownership of WawaJVCo through common and non-voting preferred shares worth P37.8 billion.

Trident Water Company Holdings, Inc., a subsidiary of Prime Infra, holds control of Manila Water.

WawaJVCo, a joint venture between Prime Infra and San Lorenzo Ruiz Builders & Developers Group, was established to develop, operate, and maintain the Wawa Bulk Water Supply Project, which is intended to augment Metro Manila’s raw water supply.

The company’s portfolio includes the Tayabasan Weir in Antipolo, which has been operational since October 2022 with a capacity of 80 million liters per day (MLD), and the Upper Wawa Dam in Rodriguez, Rizal, with a capacity of up to 710 MLD.

In 2019, WawaJVCo signed a 30-year bulk water supply agreement with the Metropolitan Waterworks and Sewerage System and Manila Water for the supply of 518 MLD of water until 2050.

“The acquisition is financially accretive to [Manila Water] and is strategically aligned with its long-term operational and water security objectives,” the water concessionaire said.

“In anticipation of the full operation of the Upper Wawa Dam, it has been determined that [Manila Water] is best placed to directly manage, operate, and optimize the Upper Wawa Dam to ensure technical compatibility, system efficiency, and operational synergies,” it said.

WawaJVCo recently announced the completion of the Upper Wawa Dam, which is set to begin commercial operations in December and is expected to benefit over 700,000 households.

Manila Water said the acquisition will allow for “greater focus and flexibility in water resource allocation, while allowing for more efficient operations and overall cost management of the facility.”

The acquisition is expected to be finalized on Aug. 29.

“This transaction underscores Prime Infra’s strategic commitment to the water sector. By consolidating our assets under Manila Water as our core water infrastructure platform, we are enhancing system integration, operational efficiency, and service delivery,” Prime Infra President and Chief Executive Officer Guillaume Lucci was quoted as saying in a statement.

“This consolidation allows us to unlock greater value from our portfolio and strengthens our position as a leader across the entire water value chain.”

Manila Water serves the East Zone of Metro Manila, covering parts of Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, San Juan, portions of Quezon City and Manila, and several towns in Rizal province. — Sheldeen Joy Talavera

Jaws and the two musical notes that changed Hollywood forever

A SCENE from the 1975 film Jaws.

“DA, DUH.”

Two simple notes — E and F — have become synonymous with tension, fear and, sharks, representing the primal dread of being stalked by a predator.

And they largely have Jaws to thank.

Fifty years ago, Steven Spielberg’s blockbuster film — along with its spooky score composed by John Williams — convinced generations of swimmers to think twice before going in the water.

As a scholar of media history and popular culture, I decided to take a deeper dive into the staying power of these two notes and learned about how they’re influenced by 19th century classical music, Mickey Mouse, and Alfred Hitchcock.

THE FIRST SUMMER BLOCKBUSTER
In 1964, fisherman Frank Mundus killed a 4,500-pound great white shark off Long Island.

After hearing the story, freelance journalist Peter Benchley began pitching a novel based on three men’s attempt to capture a man-eating shark, basing the character of Quint off of Mundus. Doubleday commissioned Benchley to write the novel, and in 1973, Universal Studios producers Richard D. Zanuck and David Brown purchased the film rights to the novel before it was published. The 26-year-old Spielberg was signed on to be the director.

Tapping into both mythical and real fears regarding great white sharks — including an infamous set of shark attacks along the Jersey Shore in 1916 — Benchley’s 1974 novel became a bestseller. The book was a key part of Universal’s marketing campaign, which began several months before the film’s release.

Starting in the fall of 1974, Zanuck, Brown, and Benchley appeared on a number of radio and television programs to simultaneously promote the release of the paperback edition of the novel and the upcoming film. The marketing also included a national television advertising campaign that featured emerging composer Williams’ two-note theme. The plan was for a summer release, which, at the time, was reserved for films with less than stellar reviews.

Films at the time typically were released market by market, preceded by local reviews. However, Universal’s decision to release the film in hundreds of theaters across the country on June 20, 1975, led to huge up-front profits, sparking a 14-week run as the No. 1 film in the US.

Many consider Jaws the first true summer blockbuster. It catapulted Spielberg to fame and kicked off the director’s long collaboration with Williams, who would go on to earn the second-highest number of Academy Award nominations in history — 54 — behind only Walt Disney’s 59.

THE FILM’S BEATING HEART
Though it’s now considered one of the greatest scores in film history, when Williams proposed the two-note theme, Spielberg initially thought it was a joke.

But Williams had been inspired by 19th and 20th century composers, including Claude Debussy, Igor Stravinsky, and especially Antonin Dvorak’s Symphony No. 9, “From the New World.” In the Jaws theme, you can hear echoes of the end of Dvorak’s symphony, as well as the sounds of another character-driven musical piece, Sergei Prokofiev’s Peter and the Wolf.

Peter and the Wolf and the score from Jaws are both prime examples of leitmotifs, or a musical piece that represents a place or character.

The varying pace of the ostinato — a musical motif that repeats itself — elicits intensifying degrees of emotion and fear. This became more integral as Spielberg and the technical team struggled with the malfunctioning pneumatic sharks that they’d nicknamed “Bruce,” after Spielberg’s lawyer.

As a result, the shark does not appear until the 81-minute mark of the 124-minute film. But its presence is felt through Williams’ theme, which some music scholars have theorized evoke the shark’s heartbeat.

SOUNDS TO MANIPULATE EMOTIONS
Williams also has Disney to thank for revolutionizing character-driven music in film.

The two don’t just share a brimming trophy case. They also understood how music can heighten emotion and magnify action for audiences.

Although his career started in the silent film era, Disney became a titan of film, and later media, by leveraging sound to establish one of the greatest stars in media history, Mickey Mouse.

When Disney saw The Jazz Singer in 1927, he knew that sound would be the future of film.

On Nov. 18, 1928, Steamboat Willie premiered at Universal’s Colony Theater in New York City as Disney’s first animated film to incorporate synchronized sound.

Unlike previous attempts to bring sound to film by having record players concurrently play or deploying live musicians to perform in the theater, Disney used technology that recorded sound directly on the film reel.

It wasn’t the first animated film with synchronized sound, but it was a technical improvement to previous attempts at it, and Steamboat Willie became an international hit, launching Mickey’s — and Disney’s — career.

The use of music or sound to match the rhythm of the characters on screen became known as “Mickey Mousing.”

King Kong in 1933 would deftly deploy Mickey Mousing in a live action film, with music mimicking the giant gorilla’s movements. For example, in one scene, Kong carries away Ann Darrow, who’s played by actress Fay Wray. Composer Max Steiner uses lighter tones to convey Kong’s curiosity as he holds Ann, followed by ominous, faster, tones as Ann escapes and Kong chases after her. In doing so, Steiner encourages viewers to both fear and connect with the beast throughout the film, helping them suspend disbelief and enter a world of fantasy.

Mickey Mousing declined in popularity after World War II. Many filmmakers saw it as juvenile and too simplistic for the evolving and advancing film industry.

WHEN LESS IS MORE
In spite of this criticism, the technique was still used to score some iconic scenes, like the playing of violins in the shower as Marion Crane is stabbed in Alfred Hitchcock’s Psycho.

Spielberg idolized Hitchcock. A young Spielberg was even kicked off the Universal lot after sneaking on to watch the production of Hitchcock’s 1966 film Torn Curtain.

Although Hitchcock and Spielberg never met, Jaws clearly exhibits the influence of Hitchcock, the “Master of Suspense.”

And maybe that’s why Spielberg initially overcame his doubts about using something so simple to represent tension in the thriller.

The use of the two-note motif helped overcome the production issues Spielberg faced directing the first feature length movie to be filmed on the ocean. The malfunctioning animatronic shark forced Spielberg to leverage Williams’ minimalist theme to represent the shark’s ominous presence in spite of the limited appearances by the eponymous predatory star.

As Williams continued his legendary career, he would deploy a similar sonic motif for certain Star Wars characters. Each time Darth Vader appeared, the “Imperial March” was played to set the tone for the leader of the dark side.

As movie budgets creep closer to a half-billion dollars, the Jaws theme — and the way those two notes manipulate tension — is a reminder that in film, sometimes less can be more.

 

Jared Bahir Browsh is an assistant teaching professor of critical sports studies at the University of Colorado Boulder.

Entertainment News (07/01/25)

WARNER BROS. PICTURES

Tickets now on sale for Superman

TICKETS are now available for the new Superman movie, which opens July 9 only in cinemas and IMAX nationwide. Superman is directed by James Gunn and stars David Corenswet as the new Superman/Clark Kent, together with Rachel Brosnahan (Lois Lane) and Nicholas Hoult (Lex Luthor). To check schedules and book tickets, visit https://www.superman.com.ph/. Superman, DC Studios’ first feature film to hit the big screen, is set to soar into theaters worldwide, distributed by Warner Bros. Pictures. DC Studios heads Peter Safran and Mr. Gunn are producing the film, which Mr. Gunn directs from his own screenplay, based on characters from DC, Superman created by Jerry Siegel and Joe Shuster.

Itaewon Class creator to hold masterclass

AS part of the Korean Cultural Center’s “Meet the Mentor” series, the creator of the webtoon Itaewon Class, Cho Kwangjin, will visit Manila from July 4 to 6. The three-day event features exclusive talks, an interactive booth exhibit, and a masterclass highlighting South Korea’s webtoon and creative industries. Itaewon Class was adapted into a hit K-drama series in 2020.

Sinners streams exclusively on Max

WARNER BROS. PICTURES’ horror movie Sinners will make its global streaming debut exclusively on Max on Friday, July 4. The film stars Michael B. Jordan in a dual role as twin brothers who, in an attempt to leave their troubled lives behind, return to their hometown to start again, only to discover that an even greater evil is waiting to welcome them back. The movie, written and directed by Oscar-nominated filmmaker Ryan Coogler, also stars Hailee Steinfeld, Miles Caton, Jack O’Connell, Wunmi Mosaku, Jayme Lawson, Omar Miller, and Delroy Lindo. To subscribe to Max, go to  www.max.com or the Apple App Store or Google Play Store and subscribe for P149/month or P1,040 for 12 months. Max is also available via Cignal, Cignal Super, Smart and PLDT Home. Max will soon be renamed HBO Max.

SM Mall of Asia opens Ultimate LEGO Playground

THIS July, the LEGO Group will be going to the SM Mall of Asia in Pasay City to put up the LEGO Playground, a sensory, hands-on space where traditional larong Pinoy — Filipino games — are reimagined with LEGO bricks. The week-long event, scheduled for July 6 to 13, is free and open to all, with fun zones, build challenges, and a showcase of The LEGO Group’s latest 2025 sets.

Jurassic World Rebirth in cinemas

THE latest Jurassic Park movie, Jurassic World Rebirth, is now showing in Philippine cinemas through Universal Pictures. The film stars Scarlett Johansson, Mahershala Ali, Jonathan Bailey, and Rupert Friend and is directed by Gareth Edwards. Set five years after the events of Jurassic World Dominion, it shows how the planet’s ecology has proven largely inhospitable to dinosaurs, who remain in isolated equatorial environments, and how their DNA holds the key to a drug that will bring miraculous life-saving benefits to humankind.

Netflix’s Somebody Feed Phil goes to the Philippines

THE Philippines’ rich culinary scene and cultural heritage have been featured in Episode 7 of the latest season of Netflix travel and food series, Somebody Feed Phil. As part of the show’s 8th season, it follows host Phil Rosenthal’s journey through the food culture of Manila and Cavite. “If you really want the best of the best, I think you have to come. Because then you get to experience the richness of a culture that embraces its diverse influences and creates the sublime,” Mr. Rosenthal said on his website. One effect of the show on the local food scene was that the Diliman classic restaurant, Trellis, which was featured in the episode, announced that it had run out of its signature sisig for the first time in 45 years after the episode aired. The show is currently streaming on Netflix.

Jeniffer Maravilla releases new single

SINGER Jeniffer Maravilla dove into her vulnerable side and personal experience of yearning through her newest single, “Sana Nandito Ka.” “ I sang through memories, tears, and truths that I don’t often share. I also made more conscious choices in phrasing and dynamics to mirror my actual experiences, so what you hear is not just a performance, it’s a piece of me,” she said. The single is out now on music streaming platforms.

Rich Brian drops new single

THE new single by musician Rich Brian is “Oh Well,” the latest offering from his forthcoming album WHERE IS MY HEAD? due Aug. 15. Paired with a Jared Hogan-directed video, the single follows his first live performance in years at the 2025 Head In The Clouds Festival in Los Angeles in front of 40,000 fans. “Oh Well” offers an alternative R&B slow-burn side to the rapper and singer. It is out now on all music streaming platforms.

Ayala Land acquires New World Makati Hotel

Left to right: George Aquino, president and chief executive officer of AyalaLand Hospitality; Kwok Yan Chi of New World International Development Philippines; and Jose Eduardo Quimpo II, vice-president & head of corporate finance, Ayala Land, Inc.

AYALA LAND, Inc. has acquired New World Makati Hotel, expanding the portfolio of its hotel and resort development arm.

The acquisition is part of Ayala Land Hospitality’s (ALH) strategy to strengthen its presence in high-growth urban centers, particularly in Makati, ALH said in an e-mail statement on Monday.

New World Makati Hotel has more than 500 guest rooms and suites. It is located across Greenbelt and is within walking distance of major commercial offices and luxury retail establishments.

“This move reflects our continued focus on offering a cohesive and high-quality guest experience across key locations,” ALH President and Chief Executive Officer George I. Aquino said.

“The addition of New World Makati Hotel complements our existing portfolio and reinforces our commitment to serving evolving customer needs in one of the country’s most dynamic cities,” he added.

ALH said hotel operations will remain uninterrupted, with the current management team retained, and all existing bookings honored.

“ALH assures guests and partners of a smooth transition, maintaining the high standards of service the brand is known for. Business continuity will be maintained across all touchpoints,” it said.

ALH has over 4,000 rooms under its homegrown brands, including Seda Hotels, El Nido Resorts, and Huni Lio, as well as international luxury brands such as Raffles Makati, Fairmont Makati, and the upcoming Mandarin Oriental Makati. — Revin Mikhael D. Ochave

Squid Game stocks sink as blockbuster ends with mixed reviews

ACTOR Lee Jung-jae in a scene from Squid Game. — IMDB

SHARES in South Korean companies tied to Netflix Inc.’s blockbuster series Squid Game slumped on Monday following the release of the hit show’s final season, which debuted to a lukewarm audience reception despite topping global streaming charts.

Artist Co., an entertainment agency in which Squid Game’s main actor Lee Jung-jae is the largest shareholder, tanked as much as 21%. Artist Studio, Inc., a unit of Artist Co., also declined 24%. Dexter Studios Co., South Korea-based visual effects production firm and one of the partners of Squid Game production, fell 8.5%.

“Much of the criticism stems from how the show ended — viewers whose interpretation of the show’s worldview doesn’t align with theirs,” said Kim Hern-sik, a pop culture critic in Seoul. “It’s hard to top Season 1 — it was a global sensation.”

The third season of Netflix’s anti-capitalist parable, which premiered on June 27, topped the global TV show rankings on Netflix in all countries, according to FlixPatrol, which tracks viewing on streaming services. The Season 3 earned 83% approval rating among professional critics while 51% approval rating from audience, according to Rotten Tomatoes.

First released in 2021, Squid Game became a cultural phenomenon, igniting global conversations with its brutal social allegory and captivating visuals. It remains Netflix’s most-watched show of all time, drawing about 600 million views to date across the first two seasons. The Korean dystopian survival thriller has also won six Emmy Awards. — Bloomberg

Basic Energy Corp. to hold Annual Stockholders’ Meeting on July 23

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

Century Pacific eyes double-digit growth despite US tariffs

CENTURYPACIFIC.COM.PH

LISTED food and beverage manufacturer Century Pacific Food, Inc. (CNPF) is maintaining its target of double-digit growth in revenue and profit this year, even as its export business has begun to feel the impact of tariffs imposed by the United States.

“Looking ahead, we remain cautiously optimistic in our full-year outlook and continue to target double-digit growth across topline and bottomline,” CNPF Executive Chairman Christopher T. Po said during the company’s annual stockholders’ meeting on Monday.

Mr. Po said the company has earmarked P4 billion to P5 billion in capital expenditure this year to support the growth of its business segments.

He added that CNPF plans to expand the capacity of its dairy, tuna, and coconut water businesses.

During a separate media briefing, CNPF President and Chief Executive Officer Teodoro Alexander T. Po said the tariffs have already affected the company’s export operations.

“It’s actually already affecting our US businesses because there’s already a 10% minimum straight tariff being imposed on exports to the US. Our significant exports of coconut water to the US are already affected by the US tariffs, and some of our tuna original equipment manufacturer and branded exports are also affected,” he said.

“For now, there is a combination of pass-on and absorption that’s happening in the market. But it’s quite volatile and unstable at this point,” he added.

The US imposed a 17% reciprocal tariff on Philippine goods on April 2, but the measure was suspended for 90 days pending negotiations until July 9. In the interim, most trading partners were charged a provisional 10% tariff.

“The silver lining that we’re hoping to get is that the Philippines will be better treated tariff-wise than our other global competitors in the export business,” Mr. Po said.

For the first quarter, CNPF reported an 11% increase in net income to P1.9 billion, driven by its branded segment. Consolidated revenue rose by 10% to P19.9 billion.

On Monday, CNPF shares rose by 0.63% or 25 centavos to close at P40.25 apiece. — Revin Mikhael D. Ochave

A.I. director Steven Spielberg opposed to using AI in front of the camera

HALEY JOEL OSMENT in a scene from 2001’s A.I. Artificial Intelligence. — IMDB

LOS ANGELES — When Steven Spielberg directed the film A.I. Artificial Intelligence, the technology was the stuff of science fiction — a device to tell a story about the ethics of creating sentient machines.

Now, AI is a concrete reality in Hollywood — one where Mr. Spielberg said he has drawn a line in the sand.

“I don’t want AI making any creative decisions that I can’t make myself,” said Mr. Spielberg, in an interview with Reuters. “And I don’t want to use AI as a non-human collaborator, in trying to work out my creative thinking.”

Mr. Spielberg spoke on Thursday after a ceremony dedicating the Steven Spielberg Theater on the Universal Studios lot. The event acknowledged the director’s decades-long relationship with the studio, which released such films as Jaws, Jurassic Park, Schindler’s List, and E.T. the Extra-Terrestrial.

The acclaimed director joked that his career at Universal began in 1967, when he took a tour of the lot as a high school student. He said he hid in the bathroom during a break, and waited for the tour to move on without him, “then I had the entire lot to myself that day.”

“Our hope and dream is that it’s not just the place that is founded on his extraordinary legacy,” said Donna Langley, chairman of NBCUniversal Entertainment & Studios. “But it is the place of future hopes and dreams of filmmakers and storytellers who are going to take this company into the next 100 years and the 100 years after that, people who come with a hope and a dream, people who have been inspired by Steven.”

Mr. Spielberg’s 2001 modest box office hit A.I. Artificial Intelligence was a meditation on love, loss, and what it means to be human through the eyes of a discarded humanoid robot. In the Pinocchio-like journey set in a futuristic dystopia, David, the android boy, yearns to be human, searching for love, in a world of machines and artificial intelligence.

The film hit screens when AI was still in its nascent stages and predated the launch of OpenAI’s ChatGPT by 21 years.

SPIELBERG AGAINST AI MAKING CREATIVE DECISIONS
“It wasn’t about artificial intelligence as much as it was about sentient existence, and can you love a sentient entity? Can a mother love a robot child?” said Mr. Spielberg. “It was not really where AI is taking us today. Eventually, there will be a convergence between AI and robotics.”

Mr. Spielberg said AI can be a great tool “if used responsibly and morally” to help find a cure for cancer and other diseases.

“I just draw a line — and it’s not a line of cement, it’s just a little bit of line in the sand — which gives me some wiggle room to say (that) I have the option to revise this thinking in the future,” he said. “But right now, I don’t want AI making any creative decisions.”

He said he has seen, first-hand, how technology can replace human talent while working on the 1993 film, Jurassic Park.

Mr. Spielberg initially planned to use renowned stop-motion clay animation artist Phil Tippett to create the dinosaurs roaming the island theme park. Visual effects artist Dennis Muren proposed an alternative method, using Industrial Light & Magic’s computer-generated imagery to create realistic dinosaurs. The director is an executive producer in Jurassic World: Rebirth which reaches theaters on July 2.

“That kind of made certain careers somewhat extinct,” said Mr. Spielberg. “So, I’m very sensitive to things that AI may do to take work away from people.”

Mr. Spielberg said he has yet to use AI on any of his films so far, though he is open to possible applications of it behind-the-scenes, in functions like budgeting or planning.

“I don’t want to use it in front of the camera right now,” Mr. Spielberg said. “Not quite yet.” — Reuters

BTr partially awards T-bill offer

TREASURY.GOV.PH

THE GOVERNMENT made a partial award of the Treasury bills (T-bills) it offered on Monday as yields were mixed amid expectations that headline inflation may have picked up anew in June following the surge in oil prices seen last month amid the Israel-Iran war.

The Bureau of the Treasury (BTr) raised just P23.95 billion from the T-bills it auctioned off on Monday, short of the P25-billion plan, even as the offer was more than twice oversubscribed, with total bids reaching P56.84 billion. However, the total demand seen was lower than the P65.47 billion in tenders recorded on June 24.

The government partially awarded the three-month paper as it rejected high bids, the Treasury said in a statement, with players asking for yields higher than secondary market levels. The BTr sold only P6.95 billion in 91-day T-bills on Monday, well below the P8-billion plan, even as total tenders for the tenor reached P18.125 billion. The three-month paper was quoted at an average rate of 5.526%, 0.4 basis point (bp) lower than the 5.53% seen in the previous auction, with bids accepted having yields of 5.49% to 5.548%.

Meanwhile, the government raised P8 billion as planned from the 180-day securities it offered on Monday as bids amounted to P20.9 billion. The average rate of the six-month T-bill was at 5.607%, rising by 5 bps from the 5.557% fetched last week, with accepted yields ranging from 5.583% to 5.64%.

Lastly, the Treasury raised P9 billion as planned via the 364-day debt papers as demand for the tenor totaled P18.715 billion. The average rate of the one-year T-bill inched down by 0.4 bp to 5.651% from 5.655% previously. Accepted bids carried yields of 5.629% to 5.669%.

“Average rates for the 180- and 364-day T-bills fell below prevailing secondary market rates,” the BTr said.

At the secondary market before Monday’s auction, the 91-, 182-, and 364-day T-bills were quoted at 5.479%, 5.642%, and 5.696%, respectively, based on PHP Bloomberg Valuation Service Reference Rates data provided by the Treasury.

The government made a partial award of its T-bill offer as demand was “modest to decent,” a trader said in a text message.

The trader added that the market is likely on wait-and-see mode to gauge the BTr’s awarding behavior at its upcoming bond auctions before making any “significant” moves.

T-bill yield movements were mostly marginal on Monday as oil prices and the peso-dollar exchange rate have normalized as Iran and Israel last week agreed to a ceasefire, easing the renewed inflation concerns sparked by the market volatility caused by the 12-day conflict, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Still, the conflict is expected to have caused a pickup in headline inflation last month, he said.

Mr. Ricafort also noted that T-bill movements remained “modest” despite the 25-bp rate cut delivered by the Bangko Sentral ng Pilipinas (BSP) on June 19 and expectations of further monetary easing at home and in the United States.

Philippine inflation may have quickened slightly in June, with the spike in fuel costs likely to have been offset by broadly stable food prices, analysts said.

A BusinessWorld poll of 17 analysts yielded a median estimate of 1.5% for the June consumer price index, accelerating from the 1.3% in May but still below the BSP’s 2-4% annual target.

If realized, this would be the fastest clip in three months or since 1.8% in March. It would also mark the first pickup since December as the CPI has been on a downtrend since February. Still, this would be slower than the 3.7% print in June 2024.

The median estimate is also well within the BSP’s June forecast of 1.1% to 1.9%.

“Upward price pressures for the month are likely to be driven by higher meat and vegetable prices, elevated oil prices, and the depreciation of the peso. These pressures, however, could be partially offset by lower prices of rice, fish, and fruits, as well as lower electricity rates,” the BSP said on Monday.

“Going forward, the BSP remains committed to safeguarding price stability by ensuring that monetary policy settings are conducive to sustainable economic growth and employment.”

On Tuesday, the government will offer P30 billion in reissued seven-year Treasury bonds (T-bonds) with a remaining life of five years and 25 days.

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

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

Office vacancies may ease despite supply surge, says Santos Knight Frank

STOCK PHOTO | Image by Sean Yoro from Unsplash

METRO MANILA is expected to see a surge in office supply over the next five years as projects launched during the pandemic are completed, but vacancy rates are projected to decline due to sustained demand from the business process outsourcing (BPO) sector, according to property consultancy firm Santos Knight Frank (SKF).

“Any projects that were thought of, or announced during the pandemic years of 2020 to 2022, will have been completed by the time we hit 2030,” SKF Senior Director Morgan McGilvray said during a briefing on Monday.

New office space in Metro Manila is expected to average 754,598 square meters (sq.m.) through 2030, SKF said.

As of end-June, 158,147 sq.m. of new office supply entered the Metro Manila market, and another 403,770 sq.m. of new office space will be completed in the second half, SKF said. This brings Metro Manila’s total office supply to 8.8 million sq.m.

Metro Manila’s office vacancy rate rose to 22% in the six-month period from 18.9% a year earlier, Mr. McGilvray said.

By submarket, the highest level of available supply was recorded in Taguig at 2.4 million sq.m., followed by Ortigas (1.6 million sq.m.), Makati (1.5 million sq.m.), Quezon City (1.4 million sq.m.), the Bay Area (1.4 million sq.m.), and Alabang (500,000 sq.m.).

“For the office sector, we’re seeing a lot more activity in the first half of 2025 than we did last year,” SKF Chairman and Chief Executive Officer Rick Santos said during the briefing.

“We are still seeing BPO expansion — we are seeing sophisticated voice call centers also still expanding, and that’s in lockstep with what we’re seeing in India as well.”

Net absorption in the first half stood at 192,000 sq.m., higher than the 101,000 sq.m. in the previous quarter, driven by move-ins and expansions in the BPO sector, SKF said.

SKF expects office vacancy to decline through 2030.

“Maybe the first half of 2025 is an exception because we saw the last group of POGOs (Philippine offshore gaming operators) move out,” Mr. McGilvray said. “But if we just look at the numbers for a moment, it looks like we might have 400,000 sq.m. of net absorption this year… if we continue to have that rate, that should balance out pretty well with the supply coming on board.”

“[Vacancy through] 2030 is a long way to predict in advance, but the numbers right now indicate vacancy might continue to actually trickle down over the coming years,” he added.

Looking ahead, the BPO sector — especially healthcare BPOs — is expected to drive demand in the Metro Manila office market, Mr. McGilvray said.

“We do sense that there’s a lot more healthcare BPOs especially that can and will come to the Philippines… because one or two [companies] enter the market, they have a good success story, their competitors notice, and then their competitors also follow them into the market,” he said on the sidelines of the briefing.

“That’s mostly what we’ve been seeing as the best demand driver lately, and we don’t necessarily expect that to slow down anytime soon.”

Companies looking to expand their office space still prioritize accessibility to public transportation, as well as the environmental sustainability and newness of buildings, Mr. McGilvray said.

According to Mr. Santos, today’s global business environment has become “the most volatile we’ve ever seen,” driven by the United States’ shifting tariff policies and ongoing geopolitical tensions in the Middle East and Europe.

“So definitely, we’re seeing a lot of volatility on the geopolitical side. However, we see that as an opportunity for the Philippines, and obviously for the real estate market.”

The Philippines’ much-lower reciprocal tariffs are expected to attract foreign manufacturing firms looking to diversify their operations, Mr. Santos said.

The US in April imposed a 17% tariff on Philippine goods — the second lowest among Association of Southeast Asian Nations countries.

While the reciprocal tariffs have been paused for 90 days until July 9, the baseline 10% tariff remains in place.

“The Philippines is also poised to benefit from the diversification in the manufacturing sector, and a lot of manufacturing companies in ASEAN countries are looking at the Philippines now,” Mr. Santos said. — Beatriz Marie D. Cruz

Understanding the evolving trade dynamics and financial implications

STOCK PHOTO | Image from Freepik

The global trade landscape in 2025 is poised for significant shifts, particularly as protectionist measures, national interests, and multi-lateral alliances converge. Tools, like game theory, offer a robust framework for assessing the strategies at play among nations. This article explores three inter-related aspects: the impending tariff war led by the US, the potential responses from key global players, and the lessons for strengthening institutional frameworks such as the World Trade Organization (WTO), International Monetary Fund (IMF), and other economic bodies, to mitigate disruptions in both real and financial markets.

This article can be the basis of a position paper and action programs for the Management Association of the Philippines’ CEO Academy for continuous learning on Game Theory and the 2025 Tariff War, with actual applications to individual firms or industry groups designing practical steps to avert disastrous consequences of non-collaboration.

THE US’ BLANKET TARIFFS
The US has intensified its stance on trade imbalances, insisting on blanket tariffs against nations with significant trade surpluses. This unilateral approach reflects a zero-sum framework in trade relations, where the US seeks tangible benefits by penalizing surplus-holding economies, such as China, the EU, Japan, and Canada.

However, the dilemma between serving US selfish interests versus its desire to continue as a leader in global economic stability or shared growth, has converted the problem into one of purpose, for looking at the common good. That is what 21st Century leadership should be all about as humanity’s existence is challenged by humanoids, climate change, and networked disinformation.

STRATEGIC ALLIANCES, COUNTERMEASURES
Countries targeted by these tariffs have begun exploring avenues for collective action. Two distinct groups have emerged:

• Canada and the EU plus Japan: These nations are reportedly discussing a coordinated sell-off of US Treasuries. Such a move, if executed, could destabilize US financial markets, serving as a counterweight to the economic pressures created by the tariffs. Its implications on the role of the US dollar may trigger responses, such as when Nixon moved the dollar from the gold standard to the more freely convertible currencies of its economic partners.

One reaction of President Donald Trump in mid-April to the decline in returns on both US public and private financial obligations (bonds and shorter-term issues) held by foreigners was a move that could have been expected from game theory: to demand the independent Federal Reserve Board (the US central bank) lower interest rates to counter the trade in goods impact on inflation, as the capital flows of a coordinated sell-off of US Treasuries will have an impact on employment. The combined effect will be stagflation — simultaneous higher costs and more joblessness.

• China and BRICS: China, while managing its own trade surplus, is considering aligning with BRICS nations to focus on the broader issue of global trade payments. A key aspect of this strategy is the exploration of an alternative world currency that could reduce reliance on the US dollar as the dominant international trade medium.

In game theory terms, these alliances represent cooperative strategies aimed at maximizing collective benefits while minimizing individual losses. The interplay of these groups, paired with US actions, forms a complex multi-player game that could redefine the global trade order. US global economic leadership may be lost if it insists on acting without regard for its own immediate neighbors (NAFTA has been softened into the US-Mexico-Canada Agreement) or allies in ASEAN (supporting the QUAD initiative critical to world shipping routes across continents).

China’s approach combines short-term tactical measures with long-term structural objectives. While allying with BRICS on collective trade concerns, its focus on developing an alternative world currency underscores its intent to establish a more stable and equitable trade framework. Such a currency could include digital mechanisms leveraging blockchain technology, offering transparency and reduced dependency on dollar-dominated systems.

IMPLICATIONS OF US TREASURY SELL-OFF
A coordinated sell-off of US Treasuries by Canada, the EU, Japan, and potentially other nations could have profound implications for global financial markets. The ripple effects would likely include:

• Increased volatility in bond markets;

• Pressure on US interest rates, potentially affecting domestic economic growth; and,

• A shift in global investment patterns, favoring emerging economies or alternative currency systems.

Such actions highlight the intricate links between trade policies and financial systems, underscoring the need for multi-lateral engagement to prevent systemic disruptions.

LESSONS FOR STRENGTHENING GLOBAL INSTITUTIONS
The WTO remains the cornerstone of global trade governance. However, its effectiveness is increasingly challenged by unilateral actions, regional alliances, and new financial mechanisms. Strengthening the WTO’s capacity to mediate complex disputes is essential for stabilizing markets. Coordination with institutions, such as the IMF and World Bank, could provide a more comprehensive approach to addressing trade and financial imbalances.

Beyond the traditional trade-focused bodies, organizations, such as the International Organization of Securities Commissions (IOSCO) and regional development banks, must play a larger role in analyzing the inter-connectedness of real goods markets and financial systems. Their expertise in securities, investments, and financial regulations can offer insights into mitigating risks arising from shifts in trade policies. Treasury bureaus across all forms of governments can also have information systems alerting key global economic players on impending changes in their programs.

ADOPTING MULTI-DISCIPLINARY APPROACHES
The interplay between real markets (goods and services) and financial systems requires multi-disciplinary analysis. Institutions must invest in studying these interactions to design policies that align trade and financial stability. For instance:

• Mechanisms to ensure liquidity in financial markets during trade disruptions;

• Strategies for diversifying global payment systems to reduce reliance on a single currency; and,

• Tools for predicting and managing the contagion effects of protectionist measures.

CONCLUSION
The emerging dynamics of the 2025 tariff war, coupled with strategic international responses and financial system inter-dependencies, highlight the need for robust institutional coordination. Game theory provides a valuable lens to predict and analyze the outcomes of these complex interactions. Strengthening global institutions, such as the WTO, IMF, and non-tariff players, will be imperative to maintaining order in both trade and financial markets. As nations navigate these challenges, the lessons learned will shape the future of global economic governance and cooperation.

The article reflects the personal opinion of the author and does not reflect the official stand of the Management Association of the Philippines of MAP.

 

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

map@map.org.ph

mmacaranas@gmail.com

Investment, Innovation, and Courage: Driving business action for the SDGs in Asia and the Pacific

STOCK PHOTO | Image by Rawpixel.com from Freepik

By Shinta Widjaja Kamdani

WITH just five years left to achieve the Sustainable Development Goals (SDGs), the urgency for bold and tangible solutions is undeniable. The $1.5 trillion annual investment gap required to achieve the SDGs isn’t just a number, it’s a call to action. Traditional “business-as-usual” approaches are no longer sufficient. What we need is a paradigm shift driven by collaboration, decisive action, and collective leadership from the private sector.

Asia and the Pacific, which contributes over 60% of global GDP, holds both immense potential and deeply entrenched challenges. More than 400 million people still live in poverty. Inequitable resource distribution, limited access to quality education and decent work, and weak social protections continue to hinder inclusive growth. These development gaps, alongside rapid population growth and escalating climate threats, present both risks and opportunities for businesses. One thing is certain — the private sector can no longer afford to be a bystander; it must be a driver of change.

FROM COMMITMENT TO CONCRETE ACTION
In April, business leaders convened at the Asia-Pacific Business Forum organized by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP). The result was the Kuala Lumpur Business Leaders’ Declaration, a collective vision calling for action.

But vision alone is not enough. The declaration outlines five key pillars that provide a roadmap for structured and measurable implementation:

1. Green Energy Transition. Companies must prioritize shifting consumption patterns, accelerating renewable energy adoption, and investing in energy-efficient technologies.

2. Sustainable Infrastructure. The private sector must lead in building climate-resilient infrastructure through public-private partnerships and ensure business facilities meet green standards.

3. Inclusive Financing. In emerging economies, sustainable finance must reach the informal sector and grassroots levels. Businesses can champion microfinance, social venture capital, and micro-, small-, and medium-enterprises (MSME) support.

4. Digital Innovation. Tech companies should serve as catalysts for social transformation by creating open platforms, expanding digital literacy, and developing inclusive, data-driven solutions.

5. Circular Economy. The linear model is outdated. Businesses must redesign production, consumption, and waste systems to be regenerative and resource efficient.

The case for action is no longer just ethical — it’s economic. Companies integrating SDG principles are demonstrating higher resilience, stronger market positioning, and long-term profitability. Supply chain disruptions, resource volatility, and climate risks increasingly affect margins. In contrast, sustainability-aligned businesses are better able to manage risks, reduce operational costs, attract capital, and retain talent. Regulatory and incentive challenges persist, but the climate crisis and social inequality are time bombs. Action must come before policy. What’s required now is the courage to lead — to take risks, drive collaboration, and turn ambition into tangible impact.

This is not just about corporate responsibility. It is about securing competitive advantage in an economy being redefined by environmental, social, and governance (ESG) criteria. Investors, consumers, and regulators are increasingly rewarding sustainability-forward companies.

Asia and the Pacific has the assets to lead this transformation: capital, talent, and a collaborative business network. But without translating these into impactful investments, scalable projects, and replicable innovations, potential is wasted.

The ESCAP Sustainable Business Network (ESBN) is poised to accelerate this progress. Representing leading businesses from 53 countries, ESBN is focused on three strategic goals:

• Mobilizing private financing for energy transition and emissions reduction;

• Accelerating supply chain decarbonization through accurate emissions tracking and reporting; and,

• Building a circular economy ecosystem to boost resource efficiency and resilience.

To further align business transformation with the SDGs, ESBN has introduced the Green Deal for Business, a strategic framework helping companies integrate SDG principles into their core models. It provides tools for decarbonization, resource efficiency, and socially inclusive innovation, paving the way for a systematic shift where profit and sustainability go hand in hand.

At the Sintesa Group, integrating sustainability into our operations has improved efficiency while unlocking new partnerships and access to green financing. Guided by our vision as a Sustainable Excellence Company, we established the SDG Roadmap: Sintesa for the Earth to align operations and investment decisions with SDG principles — executed through Sintesa Energy, Sintesa Health, and Sintesa Ecotourism. These investments are not cost centers — they are growth engines. This reinforces what we see across ESBN: the SDGs are not just targets, they are blueprints for innovation, resilience, and financial performance.

ESBN doesn’t just facilitate dialogue. It connects sustainability commitments with global investment stakeholders. Deeper collaboration with the UN’s Global Investors for Sustainable Development (GISD) Alliance, where Indonesian businesses are already key members, opens doors to SDG-aligned green financing across the region.

Asia and the Pacific have what it takes to pioneer global transformation. But intention alone won’t suffice. We need investment in innovative solutions, cross-sector collaboration and visionary tangible action.

The upcoming Fourth International Conference on Financing for Development is an opportunity to bring the region’s private sector voice into global SDG financing efforts. It is a moment to show what works and to attract investment to where it matters most.

The Kuala Lumpur Declaration has laid out the roadmap. ESBN provides the platform. It’s our turn to act.

Now is the time to channel investment into high-impact sectors.

Now is the time to evolve innovation beyond technology into collective strategy. Now is the time for courage. Not as a conference slogan, but as a daily business imperative.

Because history doesn’t remember those who waited. It honors those who led — who turned crisis into opportunity and challenge into a launchpad for progress.

 

Shinta Widjaja Kamdani is the chair of the ESCAP Sustainable Business Network, the CEO of the Sintesa Group, and chair of APINDO.

1...1,3651,3661,367...14,244Page 1,366 of 14,244
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube