DoTr studies ‘final termination’ of common station contract

March 7, 2025 | 12:10 am

LRT-MRT common station — DEPARTMENT OF TRANSPORTATION

THE Department of Transportation (DoTr) said it is evaluating the final termination of its contract with the contractors of the Unified Grand Central Station at North Avenue-EDSA, Quezon City, also known as the common station for the Metro Rail Transit (MRT) and Light Rail Transit (LRT) lines and the Metro Manila Subway.

“Our legal team is now studying the final termination of the contract so we can move on and finally complete this project,” Transportation Secretary Vivencio B. Dizon said in a statement on Thursday.

The contractors — BF Corp. and Foresight Development and Surveying Co. (BFC-FDSC) — signed a P2.8-billion agreement with the government in 2019 for the construction of Area A of the Unified Grand Central Station project.

The project aims to link Metro Manila’s main train lines, including LRT-1, MRT-3, MRT-7, and eventually the Metro Manila Subway.

The project was initially targeted for completion in the first quarter of 2021. It is designed to have three sections, each built separately: Area A by BFC-FDSC, Area B by Ayala Corp., and Area C by San Miguel Corp. (SMC), the concessionaire for the MRT-7 project.

Mr. Dizon said the project’s construction delays are “unacceptable,” as progress has remained idle for more than a year.

“This project should by now have been completed, and the public should already be benefiting from it,” Mr. Dizon said.

BusinessWorld sought comments from BFC-FDSC via e-mail and text messages but had yet to receive a response by the deadline.

Foresight Development and Surveying Co. was formerly registered with the Securities and Exchange Commission on March 25, 1997, as Foresight Surveying Co., with a primary focus on surveying and related geodetic engineering services.

Meanwhile, BF Corp., founded by former Metropolitan Manila Development Authority (MMDA) Chairman Bayani F. Fernando, is primarily engaged in general construction and engineering.

Mr. Dizon also warned that the contractor may face penalties and liquidated damages for failing to complete the project within the agreed timeline.

For now, the DoTr is evaluating all available options under the Government Procurement Act or the Public-Private Partnership Code to expedite project completion.

Further, Mr. Dizon acknowledged that the government also bears responsibility for the project delay, calling it a case of government oversight.

“Classic na pagkukulang ng gobyerno po ‘yan — ‘yung hindi pagbabayad on time. Iche-check po natin lahat ‘yan. At the end of the day, ibabalanse po natin lahat ‘yan — ‘yung pagkukulang ng gobyerno, ‘yung pagkukulang ng contractor — at the end, aabot tayo sa solusyon para sa lahat ng mga ‘yan,” Mr. Dizon said.

Under the agreement, the common station is set to be built at a compromise location near the original 2009 site in front of SM Annex (North EDSA) and the 2014 location near Ayala-owned TriNoma Mall.

The common station features a 13,700-square-meter concourse designed to ensure seamless transfers for rail passengers. It will have an intermodal integrated system to facilitate smooth commuter transfers. — Ashley Erika O. Jose

Ayala sells 40% of AC Logistics to Danish logistics giant

March 7, 2025 | 12:09 am

By Revin Mikhael D. Ochave, Reporter

DENMARK-BASED logistics giant A.P. Moller is acquiring up to 40% of Ayala Corp.’s logistics subsidiary AC Logistics Holdings Corp.

A.P. Moller Capital, through EMIF II Holding III B.V., will acquire the stake in AC Logistics under a share subscription agreement, subject to the final subscription price and the fulfillment of several conditions, including regulatory approvals and the achievement of certain business milestones, Ayala Corp. said in a regulatory filing on Thursday.

Ayala Corp. did not provide further details on the transaction.

A.P. Moller Capital, an affiliate of Danish logistics giant A.P. Moller Holding, is an infrastructure fund manager focused on scaling transport and logistics infrastructure as well as supporting the energy transition.

A.P. Moller Holding is the parent company of the A.P. Moller Group, whose portfolio includes A.P. Moller-Maersk, a global shipping and logistics provider.

“A country of 7,000 islands requires considerable logistics infrastructure, and we would like to help address this need. Working together with partners like A.P. Moller Capital, we believe we can provide real solutions,” Ayala Corp. President and Chief Executive Officer (CEO) Cezar P. Consing said.

Ayala Corp. said A.P. Moller Capital’s entry would strengthen AC Logistics’ ability to meet growing and increasingly complex logistics demands.

“This potential transaction with A.P. Moller Capital reflects Ayala’s strong commitment to growing AC Logistics into an industry leader that will deliver high-quality logistics solutions for the Philippines. We are confident A.P. Moller Capital is the best partner to unlock the many opportunities in this sector,” AC Logistics President and CEO Erry Hardianto said.

The deal comes months after Mr. Hardianto assumed leadership at AC Logistics in July last year, succeeding Jose Rene D. Almendras. Mr. Hardianto previously spent 23 years at Maersk.

Before joining AC Logistics, Mr. Hardianto led Maersk’s Asia-Pacific Regional Logistics Operations, overseeing the company’s businesses in Singapore, Thailand, Indonesia, and the Philippines.

“The entry of A.P. Moller, with its ties to global logistics giant Maersk, is sure to positively impact AC Logistics’ strategy for expanding its logistics business,” AP Securities, Inc. Research Head Alfred Benjamin R. Garcia said in a Viber message when sought for comment.

“While logistics is not considered one of Ayala’s core businesses, the company has identified it as a strategic sector for expansion,” he added.

Established in 2021, AC Logistics provides supply chain solutions, including cold chain services, freight forwarding, national distribution, and contract logistics.

The company operates a nationwide network of distribution centers and has access to a fleet of transportation assets, including temperature-controlled trucks and an extensive network of agents.

Ayala Corp.’s core businesses are in real estate, banking, telecommunications, and renewable energy. It also has a growing presence in healthcare, mobility, and logistics, along with investments in industrial technologies, education, and other ventures.

On Thursday, Ayala Corp. shares rose by 1.40% or P8 to P578 apiece.

Megawide eyes April 14 listing for P6-B share offer

March 7, 2025 | 12:08 am

SAAVEDRA-LED Megawide Construction Corp. is eyeing an April 14 listing on the Philippine Stock Exchange (PSE) for its P5.95-billion preferred shares offering.

The latest indicative terms as of March 5 show that the offer period will run from March 26 to April 4.

The Philippine Stock Exchange approved the offer, according to a notice on the market operator’s website on Wednesday. It also received authorization from the Securities and Exchange Commission on Feb. 25.

Megawide’s issuance consists of 30 million Series 6 preferred shares, with an oversubscription option of up to 30 million additional shares, priced at P100 apiece.

The preferred shares are perpetual, cumulative, non-voting, non-participating, non-convertible, and redeemable.

The company will use the net proceeds for the partial financing of pipeline projects, the redemption of shares, and general corporate purposes.

Megawide tapped PNB Capital and Investment Corp., RCBC Capital Corp., and Security Bank Capital Investment Corp. as joint issue managers, joint lead underwriters, and joint bookrunners for the transaction.

Previously, Megawide said it earmarked P1.8 billion for its capital expenditure budget this year to support ongoing projects of its real estate subsidiary, PH1 World Developers, Inc., the first phase of the Cavite bus rapid transit project, and construction contracts under bidding.

On Thursday, Megawide shares dropped 0.44% or one centavo to P2.26 apiece. — Revin Mikhael D. Ochave

ICTSI income up 66% in 2024, driven by operations in Asia

March 7, 2025 | 12:07 am

ICTSI-Manila-International-Container-Terminal — ICTSI.COM

RAZON-LED International Container Terminal Services, Inc. (ICTSI) saw its 2024 attributable net income surge by 66.1% to $849.80 million from $511.53 million a year earlier, driven mainly by its operations in Asia.

“The group has delivered another set of excellent results… giving us the financial strength and flexibility to pursue new opportunities and invest in existing projects. While we continue to be mindful of the complex geopolitical backdrop, these results demonstrate the strength and resilience of our globally diversified origin-and-destination portfolio,” ICTSI Chairman Enrique K. Razon, Jr. said in a regulatory filing on Thursday.

Gross revenues for the period rose by 14.6% to $2.74 billion from $2.39 billion in 2023.

Breaking down the company’s revenue growth, its operations in Asia accounted for the largest share, generating $1.14 billion in 2024, up by 9.6% from $1.04 billion in 2023.

Revenues from its operations in the Americas reached $1.08 billion, up by 26% from $855.62 million in 2023, while revenues from Europe, the Middle East, and Africa (EMEA) totaled $521.02 million, an increase of 6.3% from $490.28 million.

By volume, ICTSI handled a total of 13.07 million twenty-foot equivalent units (TEUs), marking a 2.5% increase from 12.75 million TEUs in 2023.

Asia recorded a total volume of 7.11 million TEUs, 8.2% higher than 6.57 million TEUs in 2023. The Americas handled 3.50 million TEUs, a 4.1% decline from 3.65 million TEUs, while EMEA’s volume fell by 2.4% to 2.46 million TEUs from 2.52 million TEUs.

For 2025, ICTSI is setting aside approximately $580 million in capital expenditures, primarily for the development of Southern Luzon Gateway in the Philippines, as well as planned expansions at ICTSI Rio in Brazil and Mindanao Container Terminal (MCT).

This year’s capital expenditure budget is higher than that of 2024. For the January-to-September period last year, ICTSI said its capital expenditure reached $298.63 million, representing 66.4% of its $450-million allocation for 2024.

The Razon-led port operator said this year’s capital expenditure will also fund the ongoing expansion of Matadi Gateway Terminal (MGT) in DR Congo, the Phase 3B expansion at Contecon Manzanillo (CMSA) in Mexico, and equipment acquisitions and upgrades.

At the local bourse on Thursday, ICTSI shares climbed by P19, or 5.64%, to close at P356 apiece. — Ashley Erika O. Jose

Meralco eyes 35 MW for data centers this year

March 7, 2025 | 12:06 am

VITRO Sta. Rosa — VITRO STA. ROSA — EPLDT.COM

By Sheldeen Joy Talavera, Reporter

POWER DISTRIBUTOR Manila Electric Co. (Meralco) is aiming to supply approximately 35 megawatts (MW) of power to data centers this year amid rising demand for digital infrastructure.

Over the next decade, or until 2035, the company aims to provide at least 850 MW for data center energization, Ferdinand O. Geluz, senior vice-president and chief revenue officer of Meralco, told BusinessWorld.

“This expansion reflects the increasing demand for digital infrastructure and our commitment to delivering the necessary power solutions and service standards to support the sector’s growth,” he said via Viber.

Meralco has partnered with various industry players, including the Data Center Association of the Philippines, to better understand their need for a highly reliable and clean energy supply, he said.

Data centers are mission-critical facilities for companies with significant data processing and storage requirements.

Currently, key players in the data center industry include PLDT Inc. and ST Telemedia Global Data Centres Philippines (STT GDC). PLDT, through VITRO Inc., operates 10 data centers, while STT GDC has seven.

Meralco previously developed switching stations for the two companies to support the power needs of their hyperscale data centers.

In 2023, the company energized hyperscale-ready data centers with an initial capacity of 22 MW, which can scale up to 180 MW.

“Meralco’s support for data centers in the country aligns well with the current administration’s priorities under its socioeconomic agenda, particularly in energy security and infrastructure development,” the power distributor said.

Meralco’s controlling stakeholder, 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.

Navigating Taiwan as a Filipino tourist

March 7, 2025 | 12:06 am

Taoyuan-International-Airport — photo by Almira Louise S. Martinez

by Almira Louise S. Martinez, Reporter

Although the Philippines has no formal diplomatic ties with Taiwan, the two countries have maintained a strong relationship, especially in tourism.

In 2024, the Taiwan Tourism Administration (TTA) ranked the Philippines as the fifth largest source of inbound tourists, with approximately 470,000 Filipino tourist arrivals.

One of the reasons why Filipinos prefer visiting the self-ruled island is its proximity. 700 miles away, Filipinos can easily reach Taiwan in around two hours by plane. The TTA added that roughly 130 flights between both countries are happening weekly between both countries, making it more convenient for travelers.

Apart from being close to the Philippines, it is also not that expensive to travel to Taiwan compared to other East Asian countries like Japan.

According to Google Flights, the cheapest roundtrip ticket to Taiwan from Manila currently costs around P8,000. The cheapest month to fly is September, while the most expensive is in January.

Lantern festival

The monumental celebration – the 36th Lantern Festival, held in Taoyuan City from February 12 to 23, became more accessible and travel-friendly to foreign visitors, including Filipinos, because was held near the international airport.

The main lantern exhibition hall was placed in front of the Taoyuan MRT A18 station which is 17 to 20 minutes away from Taoyuan International Airport. Meanwhile, the Lights Playground was at the A19 Station, making it more favorable for travelers.

On its first day, the Taoyuan City Government reported more than 970,000 people went to see the lighting of the main lantern, Infinite Paradise. Apart from this, the Little New Year celebration also showcased more than 300 works under 11 themes.

Some of the displayed works at the event are international friendship lanterns aimed to showcase Taiwan’s “friendly exchanges and cooperation with the world” and highlight the festival as a gateway for tourists to visit Taiwan.

Popular destinations for Filipinos

Ivy Chen, a tour guide from Edison Tour, said many Filipinos prefer to go to the largest metropolitan area in Taiwan called the Taipei-Keelung metropolitan area or the Greater Taipei. The metro covers three administrative divisions: Taipei City, New Taipei City, and Keelung City.

Popular destinations for Filipino tourists visiting Greater Taipei include Ximending, Taipei 101, Jiufien Old Street, and Queen’s Head.

“They haven’t got the opportunity to discover other places [in Taiwan]. Wherever you are visiting, you go to the most popular place in the beginning,” Ms. Chen told BusinessWorld.

The TTA said in an email interview that although Filipinos are largely familiar with the picturesque locations in the north, Taiwan has developed many “scenic areas and new tourism resources during the epidemic, such as theme parks, hot springs, and leisure farms” that may pique the interest of Filipinos.

Ms. Chen suggested that Filipinos engage in “deep travel” or seek deeper cultural immersion to see the real beauty of Taiwan and its people.

“Less is more, it’s a trend, an international trend. People don’t really need a lot, but they can go into very deep travel and experience the real nature [of the destination],” she said.

Tours

While the TTA recommends traversing the countryside, the language barrier remains a challenge for Filipino travelers. Unlike in Taipei, the country’s capital, where a few can understand and speak English, most people in rural areas only speak Mandarin, Taiwanese, and Hakka.

Roaming in Beipu Old Street with tour guide | photo by Almira Louise S. Martinez

To address this issue and ensure hassle-free travel for Filipinos, some travel agencies offer Tagalog-speaking tour guides to help tourists communicate better with Taiwanese people while exploring their beautiful culture, tradition, and cuisine.

“Whenever the Philippine guest comes, this guy can speak Tagalog to them,” Ms. Chen said as she highlighted her company’s 50 Tagalog-speaking guides.

Ms. Ivy added that although these guides are not all Filipinos, they underwent seminars and certifications to ensure they can speak and understand Tagalog fluently.

Those who prefer a “do it yourself (DIY)” trip can also opt to explore the island by taxi, train, or ride-hailing car.

Tourism Center

The government of Taiwan plans to open more tourism offices overseas to attract more visitors from around the globe.

“The government will serve as a leader in the tourism industry and drive the entire Taiwanese tourism industry to go global,” the TTA said in a press release.

Taipei Economic and Cultural Office (TECO) Representative Wallace Chow during the opening of Taiwan Tourism Information Center in Makati

The first Taiwan Tourism Information Center opened in the Philippines in December to boost the number of inbound tourists in Taiwan further. It aims to be a resource hub providing the latest information on Taiwan’s travel requirements, tourist destinations, and cultural attractions.

“We believe that Taiwan’s soft power and sturdy foundation will shine like the Taiwan Lantern Festival and let the world see Taiwan,” the TTA added.

Taipei Economic and Culture Office in the Philippines Ambassador Wallace Chow said last December he looks forward to reaching 500,000 Filipino tourists in 2025.

The visa-free policy for Filipino citizens going to Taiwan is valid until July 31, 2025.

BusinessWorld was part of the media familiarization trip in Taiwan hosted by the TTA from February 11 to 16.

Pet lifestyle app launches dating, telemedicine services

March 7, 2025 | 12:05 am

1 of 2

UNLEASH PH, a Filipino pet lifestyle app, has taken a step to revolutionize pet care. Since it launched in October, the app has served as an e-commerce platform through its Animall feature, as well as promoted its advocacy of adoption from shelters.

On Feb. 28, Unleash PH unveiled more of its services. First is Meets, a dating feature designed specifically for pets. This addition to the app allows pet owners to help their pets find compatible mates, whether the same breed or not, bringing a social aspect to pet care.

Meanwhile, the Services feature offers networks for mobile grooming, telemedicine, vaccination, pet sitting, pet training, pet-friendly cafés throughout the country, and even arrangements for pet air travel.

These additions “demonstrate the app’s dedication to making pet care more accessible for pet parents everywhere,” said Unleash’s Chief Executive Officer Chie Malaki.

Muji Jaafar, director for operations at Unleash, told BusinessWorld at the sidelines of the gala night that all of these services were born from observations of the growing pet market.

“There used to be just an aisle of the department store or the grocery where you can see pet supplies. Come end of 2022 to 2023, if you’ve observed, there’s a whole portion of the store already for them. It’s getting bigger and bigger. There are also entire stores just for pets. That’s how big the market for pet needs has become,” Mr. Jaafar said.

He explained that Unleash started to connect pets needing adoption with humans looking for a pet to take home.

“It’s an all-in-one pet lifestyle app. Anything that you can think about pet parenting is there. Consumables like food, accessories — we have the Animall for that,” he said.

All products in the marketplace are carefully chosen, and the sellers themselves screened to ensure that they are licensed. Unleash hosts its own delivery service and courier, ensuring “a flawless experience,” according to Mr. Jaafar.

“This is our edge over other pet e-commerce platforms,” he said.

The app also has a Feed portion, which contains social media posts presented like TikTok and Facebook. The content there can connect to shops in the Animall, allowing pet owners to browse through the app with the convenience of not needing to go outside of it to make a purchase.

Mr. Jaafar reiterated that the heart of Unleash is adoption. “The Reads portion contains our advocacy, which is the shelter. People can send donations and also do adoptions,” he said.

But not everyone is ready to adopt. Thus, there is Playbook, a Tamagotchi-type game on the app where children can take care of a virtual pet. “Sometimes, little kids ask their parents for a pet, and these parents, you know, they don’t want to give that trust yet to their kids. This portion addresses that. If you can take care of your pet there, then you’re responsible enough [for a real pet]. We connect that to the advocacy of where families can adopt,” he explained.

As of February, the Unleash PH app has had over a million downloads, while the community itself has reached 17,000 members. Mr. Jaafar revealed that they are targeting 10 million downloads by the end of 2025.

“We see great potential in creating an entire world for them through this online platform. We have a vision of promoting proper pet care,” he said.

Unleash PH is available to download for free on both iOS and Android. — Brontë H. Lacsamana

NAC sees nickel prices rising on supply constraints

March 7, 2025 | 12:05 am

Rio Tuba Nickel Mining in Bataraza, Palawan — NICKELASIA.COM

LISTED Nickel Asia Corp. (NAC) said it expects upward pressure on nickel prices due to potential supply constraints amid rising demand from the stainless steel and electric vehicle sectors.

“Nickel supply visibility beyond 2027 is limited, considering the availability of ore supply, regulatory challenges, and execution risks of processing projects,” the company said in a report released late Wednesday.

NAC earlier said its revenues from ore sales declined by 8.5% to P19.56 billion from P21.38 billion last year, due to lower ore prices, which declined 14% to $20.04 per wet metric ton (WMT) from $23.30 per WMT.

Global nickel production is projected to grow by 3.8% in 2025, while consumption is expected to rise by 5% to 3.514 million tons, driven primarily by demand for stainless steel and renewable energy, according to a recent analysis by the Philippine Nickel Industry Association (PNIA).

It said nickel prices, which recently hit a four-year low, would likely average $16,750 per ton in 2025, with potential spikes to $20,000 early in the year.

Among the challenges that the industry is monitoring are China’s slowdown in stainless steel production and the shift to lithium iron phosphate batteries, which threaten the role of nickel-based batteries in electric vehicles.

Geopolitical risks in major producers like Indonesia and the Philippines may disrupt market stability, according to PNIA.

NAC and DMCI Mining on Wednesday said they had signed a memorandum of understanding “to explore the feasibility of developing and operating a nickel processing plant in the Philippines.”

NAC said it is still in the process of determining the equity structure of the potential joint venture entity for the plant’s development and operation. — Kyle Aristophere T. Atienza

Satirizing a bleak future in a wacky way

March 7, 2025 | 12:04 am

Robert-Pattinson-plays-both-Mickey-17-and-Mickey-18 — ROBERT PATTINSON and Robert Pattinson in a scene from Mickey 17.

By Brontë H. Lacsamana, Reporter

Movie Review
Mickey 17
Directed by Bong Joon-ho

THE WORLD can be described as cruel and uncaring, viewing people as expendable and the optics of power and influence as more important than empathy and compassion.

This movie satirizes that to an insane degree.

Mickey 17 follows Mickey Barnes (played by Robert Pattinson), who finds himself with the most unusual job — dying horribly for a living and getting reprinted over and over again. He is basically a lab rat or guinea pig, something that was ethically contested but still came to exist in this futuristic society, as a space colony tries to put down roots in an alien planet to build a human settlement.

At the heart of it is Pattinson’s multifaceted performance as Mickey, who dies repeatedly and finds himself as the compassionate moral compass, always wracked with guilt, in a world living without it. His dual role as the kindhearted albeit slow Mickey 17 and the more volatile, impulsive, and even murderous Mickey 18, showcases his impressive range. The two, drastically different forms of his character come to be when the 18^th iteration is reprinted by the science team, believing that the 17^th has already died, and so the two must coexist even when it is forbidden. Pattinson bounces the two portrayals off of each other with ease, his already uncharacteristically high-pitched voice utilized in two different ways.

Parasite director Bong Joon-ho’s most obvious trademark in his English-language films are the cartoonish people of power representing the worst of humankind. There was Tilda Swinton as an outrageous figure of authority on both the Snowpiercer train and in the Okja corporation, and Jake Gyllenhaal in Okja as a disturbed spokesperson and TV personality. In Mickey 17 there is the tandem of Mark Ruffalo and Toni Collette as an egomaniacal couple with political influence.

Placed in a distant human settlement in space, Ruffalo and Collette as Mr. and Mrs. Kenneth Marshall ham it up big time, lording over the miserable group of people whom they’ve led into running a tight ship without compassion. Ruffalo in particular does something remarkable with his facial expressions and mannerisms, his jaw set into a permanent scowl that makes him the exact picture of a self-absorbed politician angling for a close-up, believing himself to be the savior of his people. It all pays off, the duo becoming the goofy, evil balance to the brief philosophical moments Mickey has and the heartfelt environmentalism (again, carrying over from Bong’s previous work) emerging even on an alien planet.

Naomi Ackie as Nasha is not to be overlooked. Playing Mickey’s love interest, she embodies the ferocious spunk and channeled the cleverness that he sorely lacks. Her badassery as a fighter, and sexual eagerness as a partner set her up to be just as abrasive as the rest of the crew, but she reveals a heart of gold that it turns out she and Mickey share (which also explains what she saw in him when he was first shown to be the biggest loser of them all). Steven Yeun as Timo, the toxic “best friend” who always either takes advantage of Mickey’s softness or leaves him behind, is appropriately the asshole of the century.

Fans of director Bong Joon-ho will notice that he tends to enjoy making riotous satires of the cruelty and carelessness of our times. As with his previous English-language films Snowpiercer and Okja, he does this through a sci-fi story that probes the ethics of making inhumane sacrifices for the survival of humanity. What sets Mickey 17 apart, though, is that the wackiness is turned up to dangerous levels. Almost too much, even.

Audience members who are more familiar with his 2019 Best Picture Oscar-winning Parasite and his more grounded Korean films may be shocked to behold this crazy corner of his filmography, but at their essence, a sort of hope amid the bleak is shared. Snowpiercer is more about class struggle while Okja is more about environmentalism — and Mickey 17 has both in spades! The initially scary creeper creatures that Mickey and Nasha encounter and later advocate for in the face of human cruelty are just as memorable as the cartoonish, uncaring people of power who seek to obliterate them for human needs.

Pattinson, Ruffalo, the digitally rendered creepers, and the rest of the cast may be good enough to carry the chaos, but this brand of sci-fi satire can quickly grow tired for some audiences. Bong Joon-ho runs a tight ship with his grounded work, and that’s more difficult to do with these wackier English-language ones. It may very well be his way of saying that Western and capitalist systems are deserving of more and more ridiculous satirical scrutiny as time goes by, and that it is all the more reason for us to lead with kindness and hope.

MTRCB Rating: R-16

Tonik Digital Bank’s cumulative loan disbursements breach 1M

March 7, 2025 | 12:04 am

TONIK Digital Bank, Inc. has breached one million in cumulative loan disbursements, it said on Thursday.

“Reaching one million loans marks a major stride in our mission to deliver fast, accessible mass-market consumer credit across the Philippines. We’re scaling rapidly while turning an operational profit — a rare combo in fintech (financial technology) — and we see much more upside ahead,” Tonik Founder and Chief Executive Officer Greg Krasnov said in a statement.

Tonik, which was launched in 2021, said it expanded its loan portfolio by seven times and reduced unit operational service costs by five times in two years.

“This dynamic growth and cost focus helped the bank hit contribution margin breakeven in the fourth quarter of 2024, paving the way for cash flow breakeven within the next 9-12 months,” it said.

“Tonik also leads in average revenue per user and average margin per user across digital banking — showcasing a more robust monetization model than its payments-led peers.”

The bank said its focus on the unsecured consumer credit market, boosted by artificial intelligence (AI)-driven underwriting and the use of alternative data, has driven its growth.

“Consumer lending in the Philippines comprises just 5% of GDP (gross domestic product), far below the 21% regional average. Armed with a digital-only bank license, Tonik secures low-cost deposit funding, strongly outperforming fintech lenders forced to rely on more expensive wholesale capital,” Tonik said.

“With a diverse product lineup — payroll loans, shop installment financing, AI-powered digital cash loans, and upsell loans — Tonik is poised for accelerating its impact in 2025 due to aggressive deployment of AI across the organization.”

Tonik is one of the six digital banks licensed by the Bangko Sentral ng Pilipinas (BSP) to operate in the country.

Singapore-based holding company Tonik Financial Pte Ltd. holds a 60% stake in the digital bank, while Oak Drive Ventures, Inc. and Camerton, Inc. have shareholdings of 20% apiece.

Based on its annual report posted on its website, Tonik booked a net loss of P947.095 million in 2022, wider than the P643.9-million loss reported in 2021.

Tonik had total assets of P8.49 billion at end-September 2024, latest data from the BSP’s website showed. Its gross loan portfolio stood at P2.42 billion in the period, while its net loan portfolio was at P2.21 billion. Deposit liabilities stood at P6.03 billion.

The digital banking sector posted a combined P7.07-billion net loss in 2024, according to preliminary BSP data. — A.M.C. Sy

STT GDC Philippines goes fully renewable in data center operations

March 7, 2025 | 12:04 am

ST TELEMEDIA Global Data Centres (STT GDC) Philippines, a data center solutions provider, said its data centers are now powered by renewable energy.

“Operating on renewable energy is a significant step forward, showcasing our determination to lead the way in sustainability best practices within the data center industry,” STT GDC Philippines President and Chief Executive Officer (CEO) Carlomagno E. Malana said in a media release on Thursday.

STT GDC Philippines is a joint venture of Globe Telecom, Inc., Ayala Corp., and ST Telemedia Global Data Centres (STT GDC).

All of its operational data centers in the country now run on renewables, STT GDC Philippines said, noting that this move is part of the company’s net-zero commitment.

“We aim to be a catalyst for positive change, inspiring others to embrace renewable energy and contribute to the global push for a low-carbon economy,” Mr. Malana said.

The company said it has also adopted innovative energy solutions, including the use of rooftop solar for electric vehicle (EV) charging and EV operations.

“STT GDC Philippines remains committed to environmental sustainability within its operations. This commitment is supported by continuous innovation in energy-efficient design, water conservation, and sustainable infrastructure development, guided by globally recognized standards,” it said.

STT GDC Philippines has seven data centers in the Philippines with a combined IT load of 140 megawatts (MW), according to its website. — Ashley Erika O. Jose

Philippines still 2^nd most impacted by terrorism in Asia-Pacific

March 7, 2025 | 12:04 am

The Philippines continued to be the second-most impacted by terrorism in the Asia-Paciﬁc region after scoring 5.166 out of 10 (with 10 being the worst) in the 2025 edition of the Global Terrorism Index (GTI) by the Institute for Economics and Peace. The country’s rank improved by a notch to 20th out of 163 countries. The index analyzes the impact of terrorism on the countries based on four factors: the total number of terrorist incidents, fatalities, injuries, and hostages using 2024 data. Though the Philippines recorded improvements from its score and rank in the GTI, it still has the second-highest level of terrorism in the region, recording 31 deaths from 22 attacks in 2024.