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The Philippines as a rising star in Southeast Asia retail

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The Philippines is turning heads on the global stage. With the country set to achieve upper-middle income status this year, more foreign investors are checking the potential opportunities the Philippines provides. More brands are coming in, and they are bringing even more fuel to power the country’s economic engine.

According to global professional services firm Colliers in its 2025 Philippine Property Market Outlook Report, foreign retailers were finding the country more attractive for investments.

“The Philippine economy is primarily consumption-driven, and this entices foreign retailers to invest in the country,” Colliers said. “Foreign players are now more aggressive in taking up physical mall space.”

In April last year, Japanese furniture and home accessories giant Nitori launched its first store in the Philippines at Mitsukoshi in Bonifacio Global City, with a pledge to have as many as 65 Philippine stores by 2035.

Nitori is the largest furniture and home furnishing chain in Japan, with 810 stores in its home country and 173 stores in other regions around the world. In 2023, there were 340 million customers who visited the Nitori stores, making it one of the biggest home-furnishing brands in Asia.

Meanwhile, Australian home and lifestyle retailer Kmart chose the Philippines as the location for its first foray into Southeast Asia. Rebranding itself as Anko, the store opened its doors at Glorietta 2 in Makati last November. Anko offers a variety of similar products to its Australian counterpart, including homewares, storage solutions, bedding, children’s toys, beauty products, fitness gear, and pet essentials.

Outside of malls, DALI Everyday Grocery, a Swiss international retail chain, entered the market in 2022, and has since rapidly expanded to over 630 stores in Luzon as of last year. It aims to reach 950.

DALI claims to be building the first neighborhood “Hard Discounter,” aiming to become the price leader of the Philippines, selling food & non-food products for daily use at the lowest possible price possible.

Colliers Research Director Joey Bondoc further explained to the press that food and beverage (F&B) retailers were also “taking advantage of Filipinos’ affinity for food and our economy being led by personal consumption,” adding that he expects to see foreign F&B brands take up less than a third (31%) of the total space to be occupied by F&B retailers in Metro Manila in the next 12 months.

The most recent notable entry in the Philippine market is Indonesian coffee chain Kopi Kenangan, which has furthered its international expansion strategy with the first of 10 planned stores in the country.

Partnering with Filipino franchise group Fredley Group of Companies — which manages brands like Macao Imperial Tea, Nabe, and New York Fries and Dip — Kopi Kenangan launched as Kenangan Coffee at Manila’s SM Mall of Asia in November.

Founded in 2017, Kopi Kenangan is one of the largest branded coffee chains in Indonesia with over 900 outlets across 60 cities. The Jakarta-based coffee chain now has a presence across four Southeast Asia markets after debuting in Malaysia in October 2022 and Singapore in September 2023. It currently operates 71 in Malaysia and seven in Singapore.

Colliers’ Mr. Bondoc expects vacancy rate in the retail property space to slightly shrink to 15% this year as a result of the increased attention that the Philippines is garnering from abroad. “It is obvious that foreign retailers are taking advantage of our young and millennial workforce that propel spending across the country,” he said.

He noted that this is amid an initiative by many property developers that redesigned their existing retail spaces to introduce new concepts and become “more experiential [and] less transactional.”

This will allow retail developers to take advantage of the high demand for “more immersive experiences” inside malls, expanding their food halls, upgrading cinemas, and putting up pop-up stores to gauge market sentiment.

“This segment is making a comeback after being disrupted heavily by the pandemic due to physical distancing,” he said. — Bjorn Biel M. Beltran

Keeping up with top shopping trends

Freepik / pch.vector

As new styles and innovations keep emerging, retailers are constantly seeking for ways to keep the shopping experience fresh and more engaging. The following trends in shopping are guiding malls and retail spaces to seamlessly connect with shoppers and set modern shopping to higher standards.

Omnichannel shopping

From merely physical spaces, shopping is now being redefined to a combination of in-store and online shopping. According to audience research company GWI, 59% of people prefer online shopping, while 41% are still shopping in physical stores globally. Interestingly, in the Philippines, a unique shopping trend has emerged, with many embracing omnichannel shopping.

At a Retail Asia Forum 2024, Jerome Andrew Garcia, Principal of Advisory Services at KPMG in the Philippines, emphasized that 61% of Filipino consumers prefer the omnichannel approach, while 22% prefer physical stores, and 17% with online.

This trend allows shoppers to seamlessly blend their shopping habits, for example, browsing items online or checking local store inventories, depending on what is most convenient for them. Ultimately, the goal is to create a shopping experience that is both seamless and personalized, empowering consumers to make shopping choices that align with their lifestyles.

“People browse online before they come to the store,” Rosemarie Bosch Ong, Wilcon Depot, Inc.’s senior executive vice-president and chief operating officer, said in the same forum. “We’ve learned that people browsing before coming to the store greatly enhances the chance they’ll buy something in-store.”

Adding to this, the omnichannel approach has equipped retailers to track and analyze trends and data insights in real-time, enabling them to cater to consumer preferences more efficiently, as Jayan Dy of SM Retail said.

“A specific example is when we noticed an increase in demand for cranberry bread in a particular urban area. Upon checking, even offline sales matched that trend,” he said.

Personalization

Moreover, in modern shopping, personalized shopping drives tangible results, enabling brands to serve customers more effectively. Recently, brands and retailers have been leveraging artificial intelligence (AI) technology to create more customized shopping experiences, using data analytics and behavior insights to better cater to consumer preferences. With AI on board, shopping has reached an entirely new level of personalization.

Recognizing AI’s potential, GWI indicated that 56% of Gen Z are optimistic about AI’s impact on society. On another note, a recent study by McKinsey & Company revealed 71% of consumers expect businesses to provide personalized interactions, while 76% feel frustrated when they don’t get such kind of interaction.

AI fundamentally enhances personalization in retail, offering benefits such as more efficient customer engagement, creative and tailored content, refined marketing strategies, and customizing of promotions and product recommendations across e-commerce platforms and other marketing channels.

“Many retailers view AI and GenAI (generative AI) as a way to reverse the downward trends and accelerate growth,” McKinsey explained in a report. “An increasing number are starting to experiment with AI to improve mass promotions. But companies can be more strategic by employing AI for targeted promotions, using data to tailor discounts based on people’s shopping preferences or their affinity for different types of offers. With a more granular approach to customer segmentation, retailers can craft promotions that target specific customer life cycle stages (such as new-customer acquisition, customer retention, repeat purchase, or risk of churn) or specific business objectives (such as promoting a particular brand or category or encouraging cross-selling).”

Experiential retail

Another rising trend in shopping is experiential retail, where shopping destinations are transformed into immersive environments, where entertainment, interaction, and the community come together as one. Experiential retail can thus be another means of creating meaningful connections with today’s shoppers and attracting them to physical stores.

By embracing this trend, retailers can enhance brand strategies and unlock numerous benefits. This involves designing immersive store environments that highlight the brand identity and invite shoppers to interact with their products. Another way is integrating technology, such as augmented reality (AR), virtual reality (VR), and mobile apps that can provide fun and engaging experiences that go way beyond simple browsing.

In experiential retail, retailers can transform their stores from mere points of sales into dynamic destinations that captivate today’s experience-driven consumers. Brands that go the extra mile to create unique shopping experiences can cultivate deeper customer connections and strengthen their brand reputation.

For instance, Ayala Malls has been redeveloping its four iconic malls — Glorietta, Greenbelt, TriNoma, and Ayala Center Cebu 3 — since last year, to create immersive shopping experiences that fuses shopping, entertainment, and technology. This redevelopment focuses on providing the best dining, entertainment, and leisure experiences for shoppers. For Ayala Malls, this initiative is crucial as it strives to meet the new tastes of the generation, enhance customer engagement with advanced technology, and set new standards in retail landmarks.

“With this transformative era, Ayala Malls firms up its dedication to creating dynamic, innovative, sustainable, and memorable malls that serve, empower, and celebrate the local communities the malls are embedded in. Ayala Malls moves towards the future with a strong vision to be the mall of choice — the mall that customers keep coming back to, the third space that customers love,” the company said on its website.

Going sustainable

More than an accessory, sustainability has also become one of retail’s latest components in response to an apparent consumer shift for sustainable products. GWI’s report noted that 58% of consumers are willing to pay more for eco-friendly products.

2025 marks a transformative period for retail, where integrating sustainability into modern shopping is reshaping the market. The benefits are clear: less environmental impact, attracting more environmentally conscious consumers, less material waste, and improved brand reputation. But more importantly, this trend highlights the growing importance of environmental responsibility in businesses, and how it is redefining the future of retail, creating a more responsible and resilient landscape.

Prominent shopping centers and retail brands in the country are championing sustainable shopping through various initiatives. For example, SM Supermalls allows shoppers to upgrade their digital devices into new ones at the Power Mac Center. For those looking to dispose of old or broken electronic devices responsibly, SM Cyberzone offers e-waste collection points. Brands like H&M and Uniqlo use recycled and sustainable sourced materials in their clothing lines. — Angela Kiara S. Brillantes

PLDT profit up 21.4% to P32.3B in 2024, eyes up to P73-B capex

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PANGILINAN-LED PLDT Inc. saw its attributable net income for 2024 climb by 21.4% to P32.31 billion, fueled by the company’s all-time-high service revenue growth. 

The company’s consolidated revenue for the period surged to P216.83 billion, marking a 2.8% increase from P210.95 billion in 2023, mainly driven by growth in its service revenues.

Broken down, PLDT’s service revenue increased by 3.2% to P208.38 billion from P201.83 billion in 2023, while its non-service revenues declined to P8.45 billion, down 7.3% from P9.12 billion in the comparable period a year ago.

The company’s service revenue growth was primarily driven by improvements in its data and broadband topline, which grew by 3% to P162.1 billion, PLDT Chief Financial Officer and Chief Management Officer Danny Y. Yu said in a briefing on Thursday. 

Its wireless segment recorded total revenue of P83.5 billion in 2024, reflecting a 2% year-on-year increase.

Telco core income, which excludes the impact of asset sales and losses from Maya Innovations Holdings, reached P35.14 billion, rising by 2.3% from P34.34 billion in 2023.

“Our 2024 results highlight PLDT’s resilience and the continued demand for reliable connectivity. But our intention is to use this as a benchmark for even better performance in the coming years,” said PLDT and Smart Chairman and Chief Executive Officer Manuel V. Pangilinan. 

For 2025, Mr. Pangilinan said the company is confident it can sustain its growth, noting that it would be in an “even better position” in terms of growth trajectory.

CAPEX GUIDANCE
This year, PLDT has set a capital expenditure (capex) guidance of between P68 billion and P73 billion to fund its network rollout, new cell sites, 5G network upgrades, and artificial intelligence initiatives. 

The company’s capex guidance for this year is significantly lower than its total capex spending in 2024, which stood at P78.2 billion.

Meanwhile, Maya, PLDT’s financial technology arm, achieved growth after recording 5.4 million bank customers, up 71% year-on-year.

Earlier, Mr. Pangilinan said the group was looking to increase its stake in Maya Bank, Inc. Maya is owned by Voyager Innovations, Inc., while PLDT is Voyager’s main shareholder. 

To recall, KKR tapped Goldman Sachs for the possible sale of its minority stake in Maya. KKR owns more than 20% of Maya.

“We know they (KKR) are trying to scan the market for the value of Maya, so you see Maya is just starting to turn the corner. We’d be keen to increase our stake for whatever might be available,” Mr. Pangilinan said.

Mr. Pangilinan said the company’s negotiations with European fund manager CVC Capital Partners for the sale of a minority stake in its data center business, ePLDT, Inc., have ended.

“We are in discussions at the moment with another potential foreign investor,” Mr. Pangilinan said, though he declined to identify the new investor.

Previously, the company had engaged Japan’s Nippon Telegraph and Telephone (NTT) for the potential sale of up to 49% of its data center business, but that deal was also eventually dropped. 

To date, PLDT, through its subsidiary ePLDT, Inc., operates 11 data centers, including the 50-megawatt hyperscale data center in Sta. Rosa, Laguna.

At the local bourse on Thursday, shares in the company fell by P12, or 0.86%, to close at P1,376 apiece.

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

The Mall of Asia turns to the skies

Families and friends take pictures at the newly opened MOA Sky.

Rooftop space repurposed for sports, entertainment, and art

THE LARGEST MALL in the Philippines, SM Mall of Asia (MOA) in Pasay City, just got a little bit bigger with the addition of MOA Sky, its redeveloped rooftop area on the fourth level of the mall.

MOA Sky is essentially a full kilometer of interconnected plazas, wide open spaces, and promenades, differentiated by distinct sections — a FIFA-grade football pitch, a spiritual sanctuary, an open-air amphitheater, and a pet park.

“Today, we don’t just open a new space, we unveil a bold new era for SM Mall of Asia,” said SM Supermalls Chief Executive Officer and President Steven T. Tan at the Feb. 25 launch of the MOA Sky.

He added that repurposing the rooftop was “all part of [SM Prime Holdings chairman] Hans Sy’s vision.”

“This isn’t just an expansion; it’s a transformation, a realization of a vision set in motion more than a decade ago. I remember it vividly. ‘We have to wow our customers,’” Mr. Tan recalled.

The sports facility is one of the highlights, especially for football fans. The MOA Football Pitch is a full-sized field that seats 1,800 spectators, viable for both college matches and international tournaments.

To inaugurate the venue, the Philippine Women’s National Football Team held a friendly match on the night of MOA Sky’s launch. Philippine Football Federation John Gutierrez said at the event that the FIFA-graded pitch represents “a big boost in Philippine football.”

“This isn’t just about a football pitch. It’s about proving that football belongs here, that it has a future here,” he explained. “It’s going to be a big help to the growth of football here in the country.”

The 3,200-square-meter MOA Sky Amphitheater is just as groundbreaking, providing a new space in Metro Manila for large concerts, fashion shows, and open-air performances. The unveiling saw singer-songwriter Adie, alternative rock band Hale, and indie pop band December Avenue become the first three acts to ever perform at the venue.

Scattered throughout MOA Sky are Filipino-American artist Jefrё Figueras-Manuel’s four-meter-tall sculptures of the 12 animals of the Chinese Zodiac, which mallgoers can snap pictures with. There are QR codes beneath the sculptures where people can view their personalized horoscopes.

“When I was asked by the Sy family to create a sculpture here, I said yes because it was an opportunity to create iconic works in the biggest sky garden in the Philippines!” said Mr. Figueras-Manuel at the unveiling.

“We created a series of Zodiacs because of the idea that all of us here at this sky looking up to the heavens, looking for traits that we all want to achieve that make us part of one story,” he added.

For Mr. Tan, public art “gives Filipino people pieces of beauty to appreciate,” wherever they may be. “It really elevates the whole experience,” he said.

Meanwhile, the MOA Sanctuary offers an escape for spiritual enrichment. It houses “a sacred space for prayer and reflection,” the glass structure with its own secluded pocket gardens serving as the quietest part of the rooftop expanse.

Pet parents can also bring their fur babies to the Paw Park, which features specialized play zones. All throughout the rooftop space, families and friends with their pets are welcome to sit down and have picnics. The North and South Sky Plazas will sometimes host fairs, markets, and art exhibits.

Mr. Tan emphasized “SM Prime’s commitment to sustainability,” evident in the three-megawatt peak solar photovoltaic rooftop which powers the energy used in the entire space.

“This is more than just a landmark. It is where art, sports, entertainment, and sustainability converge into one,” he said. — Brontë H. Lacsamana

ABS-CBN sells 68% of Quezon City property to Ayala Land for P6.24B

PHILSTAR FILE PHOTO

AYALA LAND, Inc. (ALI) has signed a memorandum of agreement to acquire a portion of ABS-CBN Corp.’s property in Quezon City for P6.24 billion. 

In separate disclosures on Thursday, ABS-CBN and property company Ayala Land confirmed the agreement for the sale of ABS-CBN’s property in Quezon City. 

The sale covers up to 30,000 square meters, or 68.14% of ABS-CBN’s 44,027.30-square-meter property.

The agreement is subject to certain conditions, including clearance from the Philippine Competition Commission (PCC). 

The two parties agreed on the valuation after negotiations and a due diligence review, ABS-CBN said.

Following the sale, ABS-CBN will consolidate its operations within the remaining 1.4-hectare property in Quezon City.

ABS-CBN said proceeds from the sale will be used to prepay its outstanding bank loans.

“Down payment shall be placed in an escrow account to be released to ABS-CBN upon completion of certain conditions precedent and signing of the Deed of Absolute Sale. The balance shall be payable in installments over 10 years,” ABS-CBN said. 

For the third quarter of last year, ABS-CBN’s attributable net loss narrowed to P389.87 million, down from P1.02 billion in the same period a year ago. Revenues for the period declined to P4.33 billion from P4.73 billion in the third quarter of 2023.

At the local bourse on Thursday, ABS-CBN shares closed 12 centavos higher at P4.75 apiece. — Ashley Erika O. Jose

Conan O’Brien says Oscars can’t avoid politics but won’t dwell on it

CONAN O’BRIEN at the 2015 San Diego Comic Con International in San Diego, California. — GAGE SKIDMORE/WIKIMEDIA COMMONS

LOS ANGELES — Conan O’Brien said he does not think he can avoid politics when he steps on the stage on Sunday to host the Academy Awards, the highest honors in the movie business.

Past hosts and winners in traditionally liberal Hollywood often commented on current events, at times sparking angry critiques from Donald J. Trump on social media.

Republican Mr. Trump returned to the White House as president in January.

I think as host I cannot ignore the moment we’re in right now, but also it’s threading a needle,” Mr. O’Brien, a first-time Oscars host, said at a press conference. “I want to do it with humor and also make sure the night doesn’t drift into only about that.”

The Oscars will be broadcast live on Walt Disney’s network on Sunday.

Mr. O’Brien said he had a responsibility to celebrate the actors and craftspeople who worked on the nominated movies while acknowledging current events. “It’s a difficult line to walk, but I’m determined to do it,” he said.

He promised a festive night, a luxurious tuxedo custom-made for him by a Los Angeles designer and “for the first time in my career — incredible lighting.”

He also joked that he would take jabs at beloved Hollywood figures such as Ron Howard and Tom Hanks. “I’m going to take ’em both down.”

Mr. O’Brien said he could not reveal much else about the show.

“I don’t go to rehearsals. I hang out at a Cheesecake Factory,” he quipped. — Reuters

SEC pushes on with AML reforms to prevent FATF relisting

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By Luisa Maria Jacinta C. Jocson, Reporter

THE SECURITIES and Exchange Commission (SEC) is ramping up reforms by launching a beneficial ownership registry, tightening oversight of financial institutions and non-profits, and drafting new crypto asset regulations to ensure the Philippines does not return to the Financial Action Task Force’s (FATF) “gray list,” its chairman said.

“The next two years will be crucial as the Philippines prepares for another mutual evaluation, where the country’s AML/CFT standards will be assessed for compliance with global standards,” SEC Chairperson Emilio B. Aquino said during a briefing on Thursday. 

“Failure to address identified risks — such as gaps in beneficial ownership transparency, enforcement actions, or emerging financial threats — could increase our risk of going back to the gray list,” he added. 

The FATF last week removed the Philippines from its list of jurisdictions under increased monitoring for “dirty money” risks. 

The country had been on the gray list for over three years, since June 2021. The dirty money watchdog said the Philippines’ removal was due to progress in addressing strategic deficiencies in anti-money laundering, countering the financing of terrorism, and proliferation financing (AML/CFT/CPF).

In 2027, the Philippines will undergo a new assessment, during which the FATF will verify whether the measures remain in place. 

The SEC said it will continue cooperating with other government agencies and authorities to combat money laundering and other illicit financial activities.

PROJECT HARBOR
The SEC plans to launch the Hierarchical Applicable Relations and Beneficial Ownership Registry (Project HARBOR) this year. This will serve as a “registry of beneficial ownership information that will be easily accessible to partner agencies through data-sharing agreements.”

“Project HARBOR’s features will include automated data validation, configurable access levels for authorized users, and analytical tools for identifying complex ownership structures.”

The registry aims to streamline beneficial ownership disclosures, promote regulatory transparency, and enhance compliance with global AML/CFT standards.

“Project HARBOR will modernize how we manage beneficial ownership data, reducing manual interventions and facilitating a secure, efficient disclosure process for corporations, thereby addressing concerns over the accuracy of beneficial ownership information submitted to the SEC,” Mr. Aquino added. 

NON-PROFIT ORGANIZATIONS
The SEC also said it will continue to monitor the non-profit organization (NPO) sector through regular offsite and onsite examinations. 

“The SEC has committed to continuing outreach and knowledge-sharing activities for the NPO sector, while also encouraging unincorporated entities to register with the Commission to reduce their risk of being used for money laundering and terrorist financing.” 

The FATF, in its statement, emphasized that the Philippines’ reform measures should not impede legitimate nonprofit activities. 

“We recognize the important role that non-profit organizations play in nation-building through the advocacies they put forward,” Mr. Aquino said.

“At the SEC, our goal in regulation is to improve corporate governance without unduly burdening legitimate NPO activities,” he added. 

The SEC said it is also streamlining processes and removing redundancies by prioritizing engagement with NPOs through capacity-building initiatives instead of imposing additional regulatory requirements. 

FINANCIAL INSTITUTIONS
“Aside from the NPO sector, the SEC is also strengthening enforcement of AML/CFT policies over financial institutions under its jurisdiction, including brokers, dealers, lending and financing corporations, and other securities dealers, in line with its mandate as the country’s capital market regulator.” 

Mr. Aquino said the SEC is also closely monitoring virtual currencies and other digital assets.

“To mitigate risks, the Commission is drafting new rules on crypto-asset service providers (CASPs) to enhance oversight and supervision of businesses engaged in offering, trading, and other activities involving innovative financial products.”

The draft guidelines for CASPs have already been released for public consultation, the SEC added. 

“The SEC reiterates its commitment to implementing the necessary measures in compliance with evolving global AML/CFT standards, ensuring that the Philippines’ presence on the FATF gray list will finally become a thing of the past,” Mr. Aquino said. 

IMPACT
The banking, financial institutions, and financial technology sectors could see a boost in investment. 

“There are a lot of potential venture capitalists and private equity firms interested. They will bring in their money as long as the country is not seen as a high-risk investment destination. Now, with our removal from the gray list, the Philippines has become more attractive. Investors no longer have to worry,” Mr. Aquino said. 

In 2002, the FATF blacklisted the Philippines for having no legal anti-money laundering framework. The country was removed from the blacklist a year later after the passage of the Anti-Money Laundering Act. 

Last year, President Ferdinand R. Marcos, Jr. directed all relevant agencies to work toward the country’s removal from the gray list by October. 

In July, Malacañang issued an executive order mandating all government offices to adopt the National Anti-Money Laundering, Counter-Terrorism Financing, and Counter-Proliferation Financing Strategy 2023–2027.

Peso dips as Trump tariff vs EU fans trade war fears

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THE PESO dipped against the dollar on Thursday after US President Donald J. Trump said he would slap a 25% tariff on the European Union (EU), which vowed to counter “firmly and immediately,” fanning fears of an escalating trade war.

It closed at P57.91 a dollar, three centavos weaker than its P57.88 finish on Tuesday, according to Bankers Association of the Philippines data posted on its website.

The peso opened at P57.87 against the dollar, weakened to as much as P57.92 and strengthened to as much as P57.85. Volume fell to $1.07 billion from $1.09 billion on Tuesday.

“The peso weakened from safe-haven demand after US President Trump announced 25% tariffs for the European Union,” a trader said in an e-mail.

The US leader on Wednesday said he plans to slap cars and other goods from the European Union a 25% tariff. The EU vowed to counter “firmly and immediately.”

The dollar-peso also traded cautiously as players awaited key US data to be released overnight, including initial jobless claims and durable goods, in addition to US GDP, another trader said by telephone.

The second trader expects the peso to weaken further on Friday on expectations of an upbeat report on US durable goods.

The first trader expects the peso to trade from P57.70 to P58.10 a dollar, while the second trader sees it at P57.80 to P58.05.

The dollar firmed in Asia on Thursday and Treasury yields ticked higher as investors assessed the outlook for tariffs and the economy under Mr. Trump.

Asian stocks were weaker overall in volatile trading, with tech shares around the region getting little steer from earnings of heavyweight US chipmaker and artificial intelligence darling Nvidia.

Cryptocurrency Bitcoin languished near the $85,000 mark, while safe-haven gold steadied some $64 an ounce below its record high as trade war worries kept market sentiment fragile.

Mr. Trump clouded the outlook for looming levies on top trading partners Canada and Mexico on Wednesday by signaling they would take effect on April 2, which would be another month-long extension.

However a White House official later said the previous March 2 deadline for the levies remained in effect “as of this moment,” stirring further uncertainty about US trade policy.

US two-year Treasury yields rose to 4.09%, finding their footing after a slump to the lowest since Nov. 1 at 4.065% in the prior session. The 10-year yield rose to 4.2809% from a low of 4.245% on Wednesday, a two-and-a-half-month trough.

The dollar and US yields have been under pressure in recent weeks as a run of soft economic indicators have combined with growth worries arising from Mr. Trump’s tariff plans.

Traders have raised bets for Federal Reserve interest rate cuts in recent days, now seeing two quarter-point reductions this year, with the first likely in July and the next as early as October.

Markets will look at GDP and durable order data due on Thursday for any stronger signs of slowdown, while the Fed’s preferred inflation gauge, the personal consumption expenditure index, is due on Friday.

“Markets are starting to feel less confidence about US growth,” said Shoki Omori, chief global desk strategist at Mizuho Securities. “US data surprises will continue to be towards the downside,” although as economists start to adjust their forecasts toward weaker outcomes, and with inflation still “sticky,” 10-year Treasury yields are unlikely to fall below 4%, he added.

The dollar index, which measures the currency against six major rivals, rose 0.24% to 106.7, continuing its climb off a two-and-a-half-month low of 106.12, reached earlier this week. — Aaron Michael C. Sy with Reuters

The undeniable impact of Bob Dylan

A Complete Unknown (2024)

By Brontë H. Lacsamana, Reporter

Movie Review
A Complete Unknown
Directed by James Mangold

YET ANOTHER biopic of a beloved musician has hit the big screen, this time inviting longtime Bob Dylan fans to revisit their favorite songs, and younger audiences to get to know the 1960s icon.

This picture of a mysterious counterculture legend, who arrives to fame in New York as if out of nowhere (well, actually, Minnesota), employs the usual storytelling devices we’ve all seen before in other music biopics. While Bob Dylan is a uniquely singular personality, Mr. Mangold’s standard filmmaking renders this supposedly revolutionary character and intriguing arc within folk music, a bit flat.

One thing must be made clear, though. This is not a dig at all at Timothée Chalamet’s acting ability. Taking on the physicality, mannerisms, and distinct voice of Mr. Dylan with ease, he embodies the self-absorbed, nonchalant energy that made him appealing to people at the time. Perhaps the only criticism of his performance is that he’s too well-known to millennials and Gen Zs at this point so it’s difficult to disentangle Mr. Chalamet’s boyish charm from that of young Mr. Dylan’s. He never truly “disappears” into the role, as is the expectation with biopics. While his descent into the spirit of the freewheelin’ folk rock icon is clear and admirable, many may argue that there is no point recreating the man’s singular enigmatic charm, except to reshape the existing one that Mr. Chalamet has, as best he could. In any case, the Academy has deemed his performance Oscar nomination-worthy, and the Screen Actors Guild recently awarded him Best Actor for it, in a milestone that Mr. Chalamet said he considers part of his “pursuit of greatness.”

Made for those who already know what a legend Bob Dylan is, the film wastes no time in letting us know that he has unimaginable depths to him that are futile to explore — and so, we must focus on the impact of his music on the world, and of his stubborn personality on the people around him.

Of course, there’s nothing inherently wrong with this approach, except for the fact that we’ve already seen it done in a more creative, truly ambitious way with Todd Haynes’ 2007 take on Mr. Dylan’s multifaceted character in I’m Not There, where six different actors portrayed various aspects of his life and music (namely Christian Bale, Cate Blanchett, Heath Ledger, Ben Whishaw, Richard Gere, and Marcus Carl Franklin). There are also the two excellent, deep-dive documentaries on Mr. Dylan made by Martin Scorsese — 2005’s No Direction Home and 2019’s Rolling Thunder Revue.

Stacked against a larger-than-life music figure whose tale has been told masterfully many times before, Mr. Mangold instead paints a clean, detailed picture of the vibrant folk music scene, and how it interweaves with the cultural upheaval that was going on in 1960s America. Armed with a guitar and a pen that would eventually be used to create extremely poignant (and later Nobel Prize-winning) pieces of music, the contrarian Bob Dylan and his path to stardom becomes a transformation into an agent of change for the tumultuous times.

Aside from Mr. Chalamet’s decent portrayal, praise must be heaped on Monica Barbaro, who is radiant as singer-songwriter Joan Baez, an icon herself that becomes the all-to-pretty foil to Mr. Dylan’s contrarian ways. Another supporting character to note is Edward Norton’s take on Pete Seeger, who starts off as a gentle, nurturing pillar of folk music — until he subverts expectations and his resentment towards the uncontrollable force of nature that is Bob Dylan grows and grows. The beautiful Elle Fanning as Sylvie Russo (a character based on his then-girlfriend Suze Rotolo) turns in a heartbreaking performance of a woman caught in the crosshairs, failed romantically by a man occupied with seemingly greater things.

A realization about Mr. Chalamet’s casting is that his real-life persona as a serious, sensitive artist and heartthrob really channels that aspect of Mr. Dylan more than other depictions before this. Female audience members who are attracted to self-absorbed, noncommittal artsy types with disheveled hair and clothes must beware, for this film captures that energy perfectly. This allows Barbaro, Norton, and Fanning, as actors portraying the people on the other ends of his unpredictable relationships, to have their brief moments to shine.

Being based on the 2015 book Dylan Goes Electric! by Elijah Wald provides the film with a solid backbone of the musician’s journey experimenting with the folk genre. Mr. Mangold and Jay Cocks’ adapted screenplay leans into the sense of this enigmatic man making waves, as a newcomer and then as a star, with the people at the time caught in the trajectory of his impact. Those deep into Bob Dylan lore will also find it apt that the film is bookended by brief moments of meeting his real-life inspiration, Woody Guthrie (played by Scoot McNairy), shown on his deathbed throughout the events that take place.

Memorable tunes such as “Like a Rolling Stone,” “Mr. Tambourine Man,” and “The Times They Are a-Changin,’” with Mr. Chalamet’s voice imitating Mr. Dylan’s, convey a thoughtful attempt to distill the original music in the recreation. “It’s All Over Now, Baby Blue” is a personal favorite, along with all of Dylan and Baez duets, especially “Don’t Think Twice, It’s All Right” and “It Ain’t Me, Babe,” but what it most successfully does is inspire audiences to listen to the real stuff afterward and bask in just how great the music is.

It’s beguiling to watch the quieter scenes of Mr. Chalamet’s Dylan writing songs at night, hair tousled with his old guitar in hand, either in his New York flat or after a night with Barbaro’s Baez (the inexplicable pull between the two in this fleeting affair simply electric to behold). All of this, in contrast to the sociopolitical and cultural turmoil that often swirled around them, in the streets or on TV reports, drive home just how serendipitous it is that Bob Dylan had such resonant music that came forth right at a time the world needed it. Even if it has a biographical approach that feels too safe to appropriately mirror the evocative nature of Mr. Dylan’s life and work, A Complete Unknown is proof of his impact that people still like to remember today.

A Complete Unknown is now showing in Philippine cinemas nationwide.

Spain’s Repsol acquires 40% stake in Unioil Lubricants

UNIOIL.COM

MADRID-BASED multinational energy and petrochemical company Repsol S.A., through its subsidiary, has acquired a 40% stake in the lubricant manufacturing and distribution arm of the Unioil Group of Companies. 

In a statement on Thursday, Unioil Group said it had entered into a joint venture agreement with Repsol Downstream Internacional, S.A.U. to invest in Unioil Lubricants, Inc. (ULI).

ULI will be responsible for manufacturing and distributing a diverse range of products, including Unioil, Idemitsu, and Repsol lubricants.

The partnership aims to leverage both companies’ strengths to enhance product offerings and expand market reach. 

“This collaboration not only strengthens our position in the lubricants market but also allows us to offer a wider range of high-quality products to our customers. We are confident that this partnership will drive significant growth and innovation for Unioil Lubricants, Inc.,” ULI President Manuel Soriano said in a statement.

Established in 1966 by the Co family, Unioil started as a re-refiner of base oil before expanding to manufacture its own branded lubricants. The company later ventured into fuel trading, distribution, and retailing. It operates 165 retail stations and four storage terminals across the Philippines. 

This latest acquisition marks Unioil’s second foreign partnership this month, following its recently announced deal with Saudi Arabian oil giant Aramco. 

Unioil and Aramco entered into definitive agreements for the latter’s acquisition of a 25% stake for an undisclosed amount.

As part of the partnership, Unioil will introduce Aramco’s brands and Valvoline-branded lubricants to Filipino consumers.

The deal comes 17 years after Aramco, widely considered the world’s largest oil producer, exited the Philippines following the sale of its 40% stake in Petron Corp. In 1994, Aramco had invested in Petron when the Philippine government privatized the company. — Sheldeen Joy Talavera

NGCP eyes completion of P8.1-B Tuy-Dasmariñas project by Q4

PHILSTAR FILE PHOTO

POWER TRANSMISSION operator National Grid Corp. of the Philippines (NGCP) expects to complete its P8.1-billion Tuy-Dasmariñas 500-kilovolt (kV) project by the fourth quarter (Q4) of this year. 

“One big project is [the] Tuy-Dasmariñas 500-kV backbone in South Luzon, and this is for completion this year. It’s a major transmission [project],” Redi Allan Remoroza, NGCP’s assistant vice-president and head of transmission planning, told reporters on Wednesday. 

The Tuy-Dasmariñas 500-kV Transmission Line involves the construction of a 49-kilometer double-circuit overhead transmission line, initially to be energized at the 230-kV voltage level. 

The new transmission line is expected to accommodate the entry of an additional 5,215.55 megawatts of proposed generation capacity near Calaca, Batangas.

Alongside the construction of the overhead transmission line, NGCP will also build a new substation in the town of Tuy, Batangas. 

The Tuy 500/230-kV Substation Project Stage 1 was approved by the Energy Regulatory Commission in October last year, with an approved cost of P8.1 billion, according to NGCP. 

The Tuy-Dasmariñas 500-kV Line is part of NGCP’s major grid development under its Transmission Development Plan. 

In November last year, the grid operator said it is allocating more than P600 billion in capital expenditures for over 100 transmission projects in its pipeline. — Sheldeen Joy Talavera

BDO, Shizuoka Bank expand tie-up to boost service to Japanese companies

PHILIPPINE STAR/IRRA LISING

BDO UNIBANK, Inc. has expanded its partnership with Shizuoka Bank Ltd. to boost trade and investment with Japanese companies in the country.

“The expanded partnership with Shizuoka Bank enables companies to connect with the right partners, streamline financial transactions and navigate regulatory landscapes,” it said in a statement on Thursday.

“This demonstrates BDO’s commitment to accelerate trade and investments and strengthen vital industries contributing to the nation’s economic development,” it added.

The parties signed a memorandum of understanding to enhance the business alliance and support Japanese firms in the Philippines.

Under the expanded partnership, Shizuoka Bank expects a bigger client base in the Philippines through additional investments and business matching initiatives.

“With Japan increasing its demand for skilled Filipino workers, BDO and Shizuoka Bank will provide the needed support to overseas Filipino workers including technical intern trainees, specified skilled workers and professionals employed in Japan,” BDO said.

Shizuoka Bank has 177 branches and 26 subbranches in the Shizuoka Prefecture, as well as in Japan’s three major economic hubs — Tokyo, Osaka and Nagoya.

The lenders partnered in 2016 to provide financial solutions to Japanese customers.

BDO’s attributable net income climbed 11.73% to P82.02 billion last year on the back of the solid performance of its core businesses.

Its shares went up P2.10 to close at P150.50 each. — Aaron Michael C. Sy