Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 14

First Gen acquires Pi Energy shares in P1-B deal with First Philippine Holdings

FIRSTGEN.COM.PH

LOPEZ-LED First Philippine Holdings Corp. (FPH) sold its shares in Pi Energy, Inc., its energy solutions platform, to its power generation arm, First Gen Corp., for P1.006 billion.

In separate disclosures, FPH and First Gen said they executed a deed of assignment for the purchase of 210,330 common shares at P1 each and 2.78 million preferred shares at P361.873 each in Pi Energy.

The purchase of common shares and preferred shares amounted to P210,330 and P1.006 billion, respectively.

“Given that FGEN is the FPH Group’s platform for delivering value-added and decarbonization solutions, the transfer of Pi Energy to FGEN aligns with the group’s efforts to streamline its business holdings and better manage its portfolio,” the companies said.

Pi Energy provides customers with energy solutions through a range of products and services such as microgrids, solar rooftops, energy audits, remote energy monitoring, and energy efficiency, among others.

“This transaction is expected to generate synergies and value-accretive returns for FGEN’s shareholders,” the companies said.

Pi Energy has helped First Gen and its partners deliver energy solutions such as remote energy monitoring systems, allowing companies to track their energy consumption in real time.

First Gen has a total of 3,668 megawatts of combined capacity from its portfolio of plants that run on geothermal, wind, hydro, solar energy, and natural gas.

For the first quarter, First Gen saw its attributable net income climb 4.4% to $82.3 million, driven by lower operating expenses.

Revenues declined 2.2% to $583.3 million due to lower electricity sales volumes across the natural gas and geothermal platforms.

At the local bourse on Monday, shares in the company rose 0.24% to P16.54 each. — Sheldeen Joy Talavera

Insurance industry’s premiums rise by 14.41% in Q1

PHILSTAR FILE PHOTO

THE PHILIPPINE insurance industry saw its combined premiums increase by 14.41% year on year in the first quarter, driven by both the life and nonlife sectors.

The combined premiums of life and nonlife insurers and mutual benefit associations (MBA) climbed to P124.17 billion in the three months ended March from P108.53 billion a year prior, according to data posted on the Insurance Commission’s (IC) website based on the submissions of 127 out of 129 licensed companies.

This led to a 7.09% increase in the industry’s net income to P15.3 billion from P14.29 billion. Its net worth also rose by 8.6% year on year to P497.23 billion.

Total paid-up capital and guaranty fund went up by 1.82% to P86.21 billion.

The industry’s combined assets expanded by 4.13% to P2.48 trillion at end-March from P2.38 trillion a year prior. Of this, invested assets were at P2.19 trillion, up by 3.44% from P2.12 trillion.

Liabilities also increased by 3.06% year on year to P1.98 trillion.

Meanwhile, benefit payouts or losses incurred inched down to P38.86 billion from P39.25 billion.

Insurance penetration — or premium volume as a share of gross domestic product (GDP), which shows the contribution of the industry to the economy — inched up to 1.89% as of March from 1.78% a year prior.

Insurance density — or the amount of premium per capita, which reflects the average spending of each individual on insurance — increased by 13.4% to P1,094.94 from P965.56.

LIFE INSURANCE
Broken down, the life insurance industry’s premium income rose by 13.96% year on year to P99.9 billion in the first quarter from P87.66 billion, according to IC data based on the submissions of 32 of 33 licensed companies.

The bulk of the total were variable life premiums, which grew by 22.78% to P67.6 billion in the period.

Meanwhile, traditional life premiums slipped by 0.93% to P32.3 billion. By line of business, ordinary, accidental, and health premiums decreased by 2.07%, 19.38%, and 10.55% to P18.11 billion, P608.1 million, and P5.29 billion, respectively, while group and industrial premiums increased by 11.43% to P8.29 billion.

Life insurers’ new business annual premium equivalent increased by 12.92% to P18.86 billion in the first quarter from P16.71 billion.

The sector’s net income also rose by 12.22% to P10.83 billion from P9.65 billion a year ago, while total net worth went up by 10% to P290.05 billion.

Total assets rose by 3.58% to P1.93 trillion as of end-March, with invested assets climbing by 3.17% to P1.86 trillion.

Liabilities also increased by 2.52% to P1.64 trillion.

The life sector’s total paid-up capital with available cash assets inched up by 1% to P35.26 billion as of March.

Meanwhile, total life benefit payments decreased by 7.24% to P28.95 billion in the period.

NONLIFE INSURANCE
For its part, the nonlife insurance sector’s total premiums earned rose by 19.19% year on year to P18.8 billion in the first quarter from P15.78 billion a year ago, IC data based on the submissions of 56 out of 57 licensed companies.

Net premiums written increased by 19.35% to P20.27 billion in the period, while gross premiums written went up by 19.13% to P33.6 billion.

By line of business, motor insurance was the biggest contributor to the sector’s net premiums written with P7.97 billion, up by 11.1% year on year. This was followed by fire with P3.81 billion (up 21.91%). Rounding out the top three was other casualty policies with P2.32 billion (up 23.8%).

The nonlife sector’s net income increased by 14.63% to P2.89 billion in the first quarter from P2.52 billion a year prior. Total net worth went up by 6.3% to P139.87 billion.

Its combined assets climbed by 4.88% to P381.66 billion as of March. Invested assets went up by 4.95% year on year to P187.29 billion.

Total liabilities also rose by 4.08% to P241.79 billion.

The sector’s paid-up capital went up by 2.35% to P49.66 billion at end-March.

Meanwhile, total losses incurred rose by 27.1% to P7.9 billion from P6.23 billion.

MUTUAL BENEFIT ASSOCIATIONS
Lastly, the total contributions or premiums of MBAs rose by 2.89% year on year to P3.99 billion in the three months ended March from P3.88 billion, IC data from the submissions of all 39 licensed companies showed.

The sector’s combined assets increased by 9.04% to P166.38 billion in the first quarter from P152.53 billion a year ago, with total invested assets rising by 5.07% to P146.33 billion.

Total liabilities also rose by 10.08% to P99.06 billion as of March.

MBAs’ combined fund balance grew by 7.54% to P67.32 billion. Total guaranty fund also increased by 4.02% to P1.29 billion.

Meanwhile, total benefit payments and expenses went up by 9.83% to P1.98 billion in the first quarter.

MBAs’ net surplus decreased by 25.21% to P1.59 billion in the period from P2.12 billion a year ago. — Aaron Michael C. Sy

Entertainment News (05/20/25)

Spotify’s AI Playlist available in the Philippines

THE beta version of Spotify’s AI Playlist is now available for Premium users in the Philippines. It allows users to create playlists with the goal of finding music that fits any mood or moment in an instant. They do this through prompts, like “high-energy electropop that takes me to another world” or “workout music to make my ex jealous.” It is now available to Premium users in the Philippines.

K-drama’s Ahn Hyo Seop now in Madame Tussauds HK

K-DRAMA actor Ahn Hyo Seop is the latest Korean star to be immortalized in wax at Madame Tussauds Hong Kong (HK). Fans can now see his lifelike figure, styled in his chief executive officer look from A Business Proposal. The figure wears the original suit worn by Mr. Ahn for the show. It is on view in the K-Wave Zone. There is also a light stick display, done in partnership with the Korean Cultural Center in Hong Kong, on view until Aug. 22.

The Dawn returns with a brand new single

FILIPINO alternative rock trailblazers The Dawn have released a new single titled “Sa’n Ka Pupunta,” out now on Sony Music Entertainment. Known for their evolving musicality and lyrical depth, the band delivers an emotionally charged anthem that speaks to the silent battles people face in an uncertain, often overwhelming world. It is out now on all digital music streaming platforms.

TV5 rolls out new weekend lineup, primetime block

TV5’s NEW lineup was rolled out over the weekend. It includes Emojination, back for a 5th season, where emoji-filled laughter takes over every Saturday at 5:30 p.m. Sing Galing, a videoke game show, now airs twice a week in its new timeslot at 6:15 p.m. on Saturdays and 6:30 p.m. on Sundays. TV5 also launched a refreshed early evening primetime block that starts at 5:30 p.m. with Una sa Lahat, a news program led by journalist Jiggy Manicad, and then the primetime newscast Frontline Pilipinas. At 6:45 p.m., the digital youth series Ang Mutya ng Section E comes on, with breakout stars Ashtine Olviga, Andres Muhlach, and Rabin Angeles.

Wolf Alice releases new single, touts 4th album

BRITISH BAND Wolf Alice is back with a new single, “Bloom Baby Bloom.” They also announced that their fourth studio album, The Clearing, will drop on Aug. 29 under Sony Music. Written in Seven Sisters and recorded in LA with Grammy-winning producer Greg Kurstin last year, the album is teased by the new single, which is a heavy rock song with a rolling bass riff. “Bloom Baby Bloom” is out now on all digital music streaming platforms.

The Bear, Alien: Earth release dates announced

THE release dates of Disney+ hit series have been unveiled. First is the FX culinary drama The Bear, set to come out on June 26. Christopher Storer’s Emmy-winning hit show will drop all 10 episodes on the premiere. Meanwhile, the sci-fi drama series Alien: Earth is slated to be released on Aug. 13. Inspired by the acclaimed feature film franchise and created for television by Noah Hawley, the show will premiere its first two episodes, with one episode following each week subsequently. Both shows will be exclusively on Disney+.

Jessie J drops new single

MULTI-PLATINUM selling artist Jessie J has released her brand-new single, “Living My Best Life,” out now via Darco Artist Partnerships. The feel-good anthem, produced by Ryan Tedder, is a celebration of positivity and joy. It marks Jessie J’s cheerful return, inspired by driving through LA, with the best of Whitney and Prince on her playlist. “Living My Best Life” is out now on all digital music streaming platforms.

Travel Madness Expo 2025 set for July

THE biggest travel and trade fair, Travel Madness Expo, will be held from July 11 to 13. It will offer travel deals for destinations both local and international. There will be cultural performances, food tastings, raffles, and giveaways in store. The expo will take place in Halls 1 to 4 on the ground floor of the SMX Convention Center in Mall of Asia, Pasay City. Offerings span discounted airfares, package tours, and low rates for resorts and hotels. Participating agencies will offer a three-month extension for buy-now, pay-later travel packages. The expo is supported by local and national tourism organizations, travel authorities, and various stakeholders in the travel industry, represented by 250 companies in total.

Babyface’s concert coming to Manila

OVATION Productions has announced that Grammy Award-winning artist Babyface will be having a concert on July 14, dubbed BABYFACE Greatest Hits Concert Live in Manila. He has written and produced hits for artists like Boyz II Men, Eric Clapton, Madonna, Beyonce, Bruno Mars, Ariana Grande, Celine Dion, and countless others. He will be performing many of these hits live. Tickets are now on sale at SM Ticket outlets.

VIVANT Corp. to hold virtual Annual Stockholders’ Meeting on June 19

 

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.

GT Capital eyes healthcare, energy for new direct investments

GTCAPITAL.COM.PH

GT CAPITAL HOLDINGS, Inc. is exploring direct investments in sectors such as healthcare and energy, a company official said.

“We’re primarily a consumption economy, so we’re looking for sectors that most people here in the Philippines look for and at the same time are relatively fragmented so that you don’t have to compete against a major entrenched player,” GT Capital Holdings Chief Financial Officer George S. Uy-Tioco, Jr. said on Money Talks with Cathy Yang on One News on Monday.

He said the company intends to avoid highly regulated industries, pointing out that its investment in Metro Pacific Investments Corp. (MPIC) already gives it exposure to regulated sectors.

In March, GT Capital announced plans to invest up to $200 million this year to fund expansion in underpenetrated segments.

“The pandemic has basically raised people’s awareness about the need for healthcare and from our perspective we feel that there is an opportunity to play a role there,” Mr. Uy-Tioco said, adding that the company is actively exploring opportunities in the healthcare sector.

“The other sector that we know is in great demand is energy. So, the demand for energy is very high. So, that is another sector we think could be an interesting area to invest in,” he added.

Mr. Uy-Tioco also said the company will not be affected by Moody’s downgrade of the United States’ credit rating, noting that GT Capital has no outstanding dollar-denominated debt.

“The typical reaction of markets when there’s a downgrade in ratings is typically to have an increase in the cost of borrowing, but it still remains to be seen. For corporates, I cannot speak for others but we ourselves do not hold dollar-denominated debt,” he said. Most of the company’s debt is peso-denominated, he added.

GT Capital’s attributable net income rose by 28.55% to P9.14 billion in the first quarter from P7.11 billion in the same period last year. Consolidated revenues increased by 21.16% to P89.78 billion from P74.1 billion previously.

GT Capital is a listed holding company with interests in banking, property development, infrastructure and utilities, automotive manufacturing and distribution, financing, and life and nonlife insurance.

On Monday, shares in GT Capital rose by P5 or 0.91% to close at P543 apiece.

GT Capital holds a stake in Pangilinan-led MPIC, one of the three main Philippine units of Hong Kong-based First Pacific Co. Ltd., along with Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority interest in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose

BSP defers rollout of new forex reporting system to June 2026

BANGKO SENTRAL NG PILIPINAS

THE BANGKO SENTRAL ng Pilipinas (BSP) has extended anew its test period for its implementation of the International Transactions Reporting System (ITRS), which is now expected to go live by June 2026.

The testing period is extended until May next year, the BSP said in a memorandum posted on its website. This marks the second extension of the testing period that was originally set to end in June last year.

Banks may submit their test reports through the sandbox or production portals of the system.

“The implementation timeline of the ITRS is extended to allow sufficient time for the banks and the project team to address emerging technical and report-related concerns prior to full implementation,” the central bank said.

“Banks may continue setting up their systems and are encouraged to exercise diligence in their testing to ensure readiness upon full implementation of the ITRS system.”

By June 1, 2026, the central bank will fully deploy the ITRS, it said. The system was initially eyed to be implemented by this year.

“Banks will be mandated to submit reports via the ITRS production portal upon full implementation of the system,” the BSP said.

The ITRS is a data collection mechanism that will allow the BSP to monitor and supervise cross-border and foreign exchange (forex) transactions.

The application programming interface in extensible markup language (XML) format will be used by financial institutions to submit ITRS reports.

The central bank has been conducting technical briefings and providing the XML schema for banks since 2023. Pilot testing was also conducted in late 2023. — Luisa Maria Jacinta C. Jocson

‘Conscious business’ and what it means for business

FREEPIK

I first heard about conscious business from my conversations with key officers of Axialent (www.axialent.com), a company founded in 2002 by Fred Kofman. In his book Conscious Business, How to Build Value Through Values, the author explains that a conscious business promotes the intelligent pursuit of happiness among all its stakeholders. It does not measure success solely through financial metrics. Instead, it evaluates success through three key lenses:

• The “It” perspective focuses on the organization’s effectiveness, efficiency, and reliability, all crucial for increasing shareholder value and growth.

• The “We” perspective emphasizes the organization’s ability to cultivate collaborative relationships that empower people to perform at their best.

• The “I” perspective encourages personal growth, meaning, and engagement for each stakeholder.

He further says that an organization that embraces conscious business is a dynamic enterprise steered by individuals who consider the impact of their actions on all stakeholders. Characterized by a purpose that transcends profits, a conscious business continually questions: “How does our existence make the world a better place?” Thus, the goal of a conscious business extends beyond mere productivity as it aims to foster an environment that allows individuals to live their lives with passion, love, compassion, and creativity.

CASE STUDIES OF ‘CONSCIOUS BUSINESS’
To demonstrate the impact of this philosophy on business, I would like to share case studies where this was adopted.

Empowering people with purpose and agility. In the following cases, what made the difference was not structure alone — it was leadership alignment, mindset shifts, and cultural clarity. Building a sustainable business that can thrive for many generations demands more than numbers — it demands empowered people with a shared purpose and agility.

• At one global bank, conscious business enabled the organization to adopt agile ways of working to scale across 30,000+ employees in 11 countries — resulting in faster product delivery, stronger customer responsiveness, and a decisive edge in digital growth.

• Another financial institution, facing rising disengagement despite strong earnings, re-centered its leadership on customer value — boosting team performance and customer trust.

Aligning culture with business and vision. Embedded in the philosophy of conscious business is the principle of the nexus of culture, leadership, and strategy. Organizations need to align their culture with their business vision, ensuring that transformation isn’t just adopted — but embraced at every level. For example, the best digital strategies can falter without the right cultural foundation. Conversely, when companies get their culture right, the results are remarkable, such as in the following companies:

• A leading e-commerce retailer nurtured a unified, customer-obsessed culture that empowered agile teams to innovate. The CFO of this company, Latin America’s largest e-commerce platform, noted that the two years of its culture program were the most successful in the company’s history — and he credits the culture work as a key factor in that success.

• A diversified global conglomerate unified tens of thousands of employees after rapid growth and acquisitions. By building a culture of collaboration, accountability, and trust across 18+ countries, the organization was able to break down silos, improve efficiency, and engage its people behind a new strategy. This cultural cohesion proved vital in driving innovation and growth in a complex business environment.

These stories show that an intentional culture transformation can scale agile ways of working, improve customer experience, and unite large organizations behind a common purpose, building on an organization’s strengths and values to prepare its leaders and teams for new challenges. Treating culture as a business lever — not just an HR initiative — can unlock real results.

Leading across generations. Aligning culture with strategy enables companies to execute faster, lead more collaboratively, and future-proof growth — especially in family-led, multi-sector enterprises. In companies undergoing transformation, culture becomes the glue: it breaks silos, fosters agility, and equips the next generation to lead with confidence. Organizations which are diverse, multi-sector, and rich in legacy often reach an inflection point: where future growth depends not just on having the right strategy, but on shifting deep-seated cultural norms and mindsets, especially among leaders that span across generations, to execute strategy flawlessly.

• At a global petrochemical company, a culture shift empowered teams and sped up decision-making — critical for navigating market volatility.

• A tech giant, transformed its habits so individuals and teams could effectively build social value, move fast, be bold, be open, and focus on impact.

• A financial group replaced outdated hierarchies with empowered, agile teams — resulting in faster decisions and stronger customer responsiveness.

Having a strong foundation and the right cultural alignment can power transformation, empower next-gen leaders, and evolve a family legacy for the future.

EMBRACING CONSCIOUS BUSINESS
In the same book I cited, Mr. Kofman refers to consciousness being the main source of organizational greatness. He explains that conscious business means finding your passion and expressing your essential values through your work. A conscious business seeks to promote the intelligent pursuit of happiness in all its stakeholders. It produces sustainable, exceptional performance through the solidarity of its community and the dignity of each member.

Basic principles and behaviors that can help an organization become a conscious business include:

• Unconditional responsibility — how to become the main character of your life;

• Open-minded humility — valuing curiosity over the need to be right;

• Unflinching integrity — how to succeed beyond a narrow view of success;

• Authentic communication — how to speak your truth, and elicit others’ truths;

• Impeccable commitments — how to coordinate actions with accountability;

• Constructive negotiation — how to favor positive-sum rather than zero-sum outcomes;

• Right leadership — how being, rather than doing, is the ultimate source of excellence.

In embracing conscious business, we transcend mere profitability, cultivating workplaces where individuals thrive, communities flourish, and organizations achieve lasting success. “Conscious business” is not just a guide; it is a call to action — inviting us to align our deepest values with purposeful work, transforming both our professional lives and the world around us.

 

Ma. Aurora “Boots” D. Geotina-Garcia is a member of the MAP Education Committee and the MAP Diversity, Equity & Inclusion Committee. She was the first female chair of the Bases Conversion & Development Authority (BCDA) and is the founding chair and president of the Philippine Women’s Economic Network (PhilWEN). She is president of Mageo Consulting, Inc., a company providing corporate finance advisory services.

map@map.org.ph

magg@mageo.net

Austria grappling with venue, funding for next Eurovision Song Contest after Pinoy-Austrian wins 2025 tilt

VIENNA — The Austrian government and national broadcaster ORF are grappling with where to host the next Eurovision Song Contest and how to cover the cost, officials said on Sunday after their country’s entry won the competition for the third time.

Apart from jubilation at the resounding victory overnight of “Wasted Love” by 24-year-old Filipino-Austrian operatic singer Johannes Pietsch, known as JJ, much of the public discussion in Austria has been about the tens of millions of euros hosting the event will cost.

JJ won this year’s tilt ahead of Israel’s Yuval Raphael, a survivor of the Oct. 7 attacks, who sang “New Day Will Rise” in the world’s biggest music competition, which was watched by more than 160 million people across the world.

The contest’s final in Basel, Switzerland, came days after Austria’s new centrist coalition government presented a budget dominated by belt-tightening measures. As the country heads towards a third year of recession, its budget deficit has grown well beyond the European Union’s limit of 3% of economic output.

Asked by his own broadcaster how the cost of the event would be covered, ORF chief Roland Weissmann said: “If I had a perfect answer today, that would be a bit like witchcraft. But in the days before (the final) when there was a chance we would win, we did start thinking about it.”

“We are in intensive discussions with Austrian officialdom,” he said, adding that there would be a “transparent process” to determine where the contest would be held.

Vienna, by far the country’s largest city, hosted the event 10 years ago after bearded drag queen Conchita Wurst won with “Rise Like a Phoenix.” Mr. Weissmann said many other cities and communities had already expressed an interest.

Speaking on ORF moments after Mr. Weissmann, Vice-Chancellor Andreas Babler of the Social Democrats, who is also culture minister, was guarded, saying only that “serious discussions” were underway.

JJ has said he would like the contest to be held in Vienna, his hometown. He also told ORF he had some other requests, including hosting the event himself.

“I would like to fly into the opening ceremony. That would be great. But we still have to discuss that,” JJ said, adding that it would be similar to the official video of his song in which he appears to float in the air.

Official discussions on funding are likely to focus on how the Austrian share of the costs should be spread between entities like ORF, the government, and the host city or state.

According to the Eurovision Song Contest’s website, the event is mainly funded by participating broadcasters’ fees, contributions by the host broadcaster and host city, as well as revenue from items like sponsorship deals, ticket sales, and public voting for songs.

While hosting the event is at odds with the government’s savings drive, there is little doubt that funding will be available, and ministers have also looked on the lighter side.

Finance Minister Markus Marterbauer posted overnight on Instagram a satirical website’s headline that said to avoid the cost of hosting the next contest he had voted for the favorite, Sweden, 3,000 times.

His caption: “It wasn’t enough…”

TIME NOT WASTED
The win was Austria’s third in the competition, following Conchita’s success and Udo Juergens’ victory in 1966.

JJ combined elements of opera, techno, and soprano heights in his song “Wasted Love,” winning the hearts of the professional juries and telephone voters.

“This is absolutely insane. My dreams came true,” said the singer. “It’s out of this world.”

Going into the final, the Filipino-Austrian was second favorite behind Swedish comedy trio KAJ, whose song extolling the joy of saunas had been the hot favorite with bookmakers before finishing fourth.

Switzerland, hosting after Swiss rapper and singer Nemo won last year’s contest in Malmö, Sweden, finished 10th.

JJ said he wanted to give listeners an insight into his deepest thoughts when he wrote the song, and was happy it had resonated with so many fans.

“There’s no wasted love. Love is never wasted. There’s so much love that we can spread around, and we should use love as the strongest force on planet Earth,” he added.

Fans traveled from across Europe and beyond to Basel, with 100,000 people attending Eurovision events in the city, including the final.

Eurovision, which stresses its political neutrality, faced controversy again this year due to the war in Gaza.

Israel’s entrant, Raphael, was at the Nova music festival during the Oct. 7, 2023, attack by Hamas militants on southern Israel that killed 1,200 people and saw 251 taken hostage, according to Israeli officials.

The singer was the most popular among the general public to finish behind Austria, which was the most popular contestant among the juries.

Pro-Palestinian groups urged the European Broadcasting Union to exclude Israel over Gaza, where more than 50,000 people have been killed in the ensuing offensive by Israel, according to local health officials.

Around 200 protesters mounted a demonstration in Basel on Saturday evening, while two protesters attempted to get onto the stage during Raphael’s performance but were halted by security officials. Nobody was injured.

Spanish public broadcaster RTVE also showed a message before the start of the Eurovision show saying “When human rights are at stake, silence is not an option. Peace and Justice for Palestine.” — Reuters

Auto Sales (April 2025)

PHILIPPINE AUTOMOTIVE SALES slid by 10% in April, the biggest annual decline in more than three years, amid a double-digit decline in passenger car sales, an industry report showed. Read the full story.

Auto Sales (April 2025)

ACEN to power portion of Shang’s Ortigas tower with renewable energy

THESTFRANCISSHANGRILAPLACE.COM

ST. FRANCIS Shangri-La Place, a luxury development of Shang Properties in Ortigas, has engaged Ayala-led ACEN Renewable Energy Solutions (ACEN RES) to supply renewable energy to a portion of its building.

ACEN RES will provide power to the tower’s common areas, enabling a shift to 100% renewable energy, the company said in a statement on Monday.

“This transition to renewable energy for our common areas aligns with our commitment to providing our residents with a sustainable and environmentally responsible living environment,” said Joseph Salting, head of property management at Shang Property Management Services.

ACEN RES powers the building using renewable energy from ACEN Corp.’s portfolio of solar, wind, and geothermal power plants, contributing to the country’s broader transition to renewable energy.

Under the government’s Green Energy Option Program, qualified electricity consumers may choose renewable energy sources through their preferred renewable energy supplier.

By shifting to renewable energy, St. Francis Shangri-La Place avoids carbon dioxide emissions of approximately 2,200 tons per year.

In April, ACEN RES was also tapped by foam and mattress manufacturer Uratex to transition the power source of four facilities to 100% renewable energy.

“We look forward to a continued and expanding collaboration, exploring opportunities beyond just energy supply. We are committed to nurturing strong partnerships within the Ayala group, and we see immense potential to create synergies across our diverse businesses, including banking, communications, green mobility, and land development,” said Miguel de Jesus, managing director and chief operating officer for Philippine operations at ACEN.

“By working together, we can unlock new avenues for innovation and sustainable growth,” he added.

ACEN RES is the retail electricity arm of ACEN, which is the listed energy platform of the Ayala Group. The energy company currently has 7 gigawatts of attributable renewable energy capacity spanning operational, under-construction, and committed projects.

Shares in the company declined 1.92%, closing at P2.55 each. — Sheldeen Joy Talavera

Maya taps BillEase for BNPL service

MAYA GROUP has partnered with consumer finance app BillEase to make its buy now, pay later (BNPL) service available across its financial technology ecosystem.

BillEase’s BNPL feature is now available through Maya Business via its payment gateway and point-of-sale (POS) terminals. Customers can avail of the service by selecting BillEase when transacting and checking out at Maya-powered merchants online and in-store.

They can also scan a QR Ph code and split their purchases into installments without a credit card using BillEase’s app.

“This partnership gives merchants and their customers a seamless and flexible way to pay. By adding the BillEase option into our payment channels and leveraging QR Ph, we are helping businesses expand financial access and drive more sales through flexible payment options,” Maya Head of Enterprise Pete Cruz said.

“With this integration, retailers and merchants using Maya’s payment solutions can now offer our installment option, making purchases more affordable and accessible. We are able to provide a BNPL experience that enables more Filipinos to access flexible payment options without requiring a credit card,” BillEase POS Product Head Kurt Molina said.

Transactions up to P2,000 are eligible for 0% interest if paid within one month, while larger purchases can be split over longer terms with low rates.

Maya Innovations Holdings, Pte. Ltd., formerly Voyager Innovations Holdings, Pte. Ltd., is the parent holding company of Maya Philippines, Inc. and Maya Bank, Inc.

Maya Philippines, which powers the digital wallet and payment services within the Maya app, is registered with the Bangko Sentral ng Pilipinas (BSP) as an electronic money issuer, remittance and transfer company, operator of payment system, and virtual asset services provider.

Meanwhile, Maya Bank is one of the six BSP-licensed digital banks in the country.

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. — A.M.C. Sy

What CEOs can learn about legacy from the Pope

CATHOLIC CHURCH ENGLAND AND WALES/FLICKR

By Gautam Mukunda

I’M NOT CATHOLIC, but when I think about the church’s almost 2,000 years of continuity, I feel awe bordering on the religious. Measured by length or impact, the papacy stands alone. But however unique it might be, it is still a leadership position. We can use what we’ve learned about leadership in other domains to illuminate what Leo XIV might mean for the church and the world. At the same time, the papal transition offers its own lessons for leaders — especially those looking to secure their legacies for the long-term.

Although most analyses of the new pope predict that he will be a figure of continuity who is less likely to make changes than his predecessor, leadership theories disagree, suggesting that he will likely leave a major individual imprint on the church.

In my books Indispensable and Picking Presidents, I tried to answer a question that has engaged scholars going back to Plato: Do leaders matter? The Scottish historian Thomas Carlyle once proclaimed that “The history of the world is but the biography of great men.” Even setting aside the sexism, it’s easy to dismiss this simplistic view of the world. From Karl Marx to modern social scientists, there are plenty of people who argue that history is the product of large forces, not individual choices.

My research reveals that both beliefs offer insights. Most large and powerful organizations — including the Catholic Church — select leaders by evaluating a pool of candidates over a period of years, or even decades. This process filters out unsuitable contenders, leaving the finalists highly competent, but often fungible, so that the individual impact of whoever finally gets the job is low. Think of virtually any Goldman Sachs CEO or McKinsey managing partner; I don’t need to name names because the institutions are more important than the individuals who lead them. I call these highly filtered leaders — they generally perform well but are rarely exceptional.

But if the elites who do the choosing don’t have enough information to fully vet the candidates, an unfiltered leader can get the job. It can happen for any number of reasons: The organization can pick an outsider, or someone inherits the role, or an accident or scandal eliminates all other hopefuls. Perhaps the most common path is when all the major contenders are deadlocked, opening the door for someone who would otherwise have been filtered out.

And unfiltered leaders, precisely because they have not been fully evaluated, can be very different from anyone else who might have held the job in the past. As a result, they can make unique, high-impact choices no one else would make. This means unfiltered leaders tend to be very high variance in performance — they are either very good or very bad, but they are rarely boring. And they are the rare individuals who really can make history. Think Abraham Lincoln, Barack Obama, or Donald Trump in the presidency, or Steve Jobs (Apple, Inc.), Sam Bankman-Fried (FTX), or Alan Mulally (Ford Motor Co.) in business.

Applying these ideas to the papacy is difficult because of the exceptional secrecy surrounding the election process. What we do know is that no modern pope would be considered unfiltered by the standard of almost any other organization. To the extent one can be, however, Leo XIV is.

Going into the conclave, Cardinal Robert Francis Prevost was not considered a major contender. (By definition, not being a favorite means he wasn’t seen as fitting the traditional mold for the job.) Second, because he only became a cardinal in 2023, he had spent little time at the uppermost reaches of the church, where he could be closely evaluated by his peers. Third, the cardinals who elected the next pope were themselves mostly new to the job; 108 of the 133 voting members were named by Francis and voting in their first conclave. Many are from Latin America, Asia, and Africa — far from the Vatican and the opportunity to get to know the contenders and compare notes.

Pope Francis, by contrast, had been a cardinal for 12 years, and is rumored to have come in second in the previous papal election. He was widely considered a leading candidate and was elected by a conclave made up of cardinals still concentrated in Europe, nearly half of whom had voted in the previous election. And by the standards of the Catholic Church, his career in Latin America still makes him less filtered than most popes.

So how did Robert Prevost become Leo XIV? Because Francis clearly wanted to make sure that his vision of the church continued. He installed Prevost as prefect of the Dicastery for Bishops, the office responsible for selecting and managing bishops, which gave him the chance to build support from current and future cardinals. Francis met with Prevost every week and praised him to other church leaders. And he appointed the cardinals who took only two days to elect Prevost as his successor. Francis, in other words, put his stamp on how the Catholic Church selected its next generation of leaders both directly through his own appointments and indirectly via Prevost, his protégé.

A leader of any kind of organization who, like Francis, wishes to ensure that their legacy continues, should seek to emulate his example. Businesses don’t have cardinals or conclaves, but they do have their own people and processes for choosing the next generation. Put your stamp on them now, and your vision may continue long beyond your time in the boardroom or corner office.

BLOOMBERG OPINION

1...131415...12,694Page 14 of 12,694
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube