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GCG orders closure of PNOC renewable energy unit

THE Governance Commission for Government-Owned or -Controlled Corporations (GCG) has approved the deactivation of the renewable energy arm of state-run Philippine National Oil Co. (PNOC) after determining that it was not meeting its intended objectives.

In a memorandum order dated Feb. 18, the commission resolved to formally dissolve PNOC Renewables Corp. (PNOC RC) after determining that “it is not producing desired outcomes.”

GCG said PNOC RC is “no longer achieving the objectives and purposes for which it was originally designed and organized.”

The commission also flagged the unit for not being cost-efficient and for failing to generate sufficient social, physical, or economic returns relative to the resources invested in it.

“The PNOC RC’s functions or purposes duplicate or unnecessarily overlap with functions, programs, activities or projects already provided by other government agencies,” the commission said.

GCG added that PNOC RC’s activities could be better carried out by the private sector.

The Department of Energy (DoE), the supervising agency of the unit, has formally endorsed its deactivation.

PNOC RC is a wholly owned subsidiary of PNOC that was created to promote and undertake research, development, utilization, and distribution of new renewable energy sources.

PNOC, for its part, was created to develop, explore, and manage the country’s oil and energy resources.

GCG directed the PNOC board of directors to take all necessary steps to protect government interests in connection with the deactivation, including the preservation of the unit’s assets.

PNOC RC was also instructed to coordinate with its parent company to explore the possible re-employment of affected personnel. — Sheldeen Joy Talavera

How do auctions work?

SALCEDO AUCTION’S Richie Lerma. — BRONTË H. LACSAMANA

An auction is not just theater, it is contract law in motion

TO HELP cultivate art appreciation and sustain the growth of the Philippine art market, a major auction house recently held a talk to shed light on how auctions work behind the scenes.

Organized by the Asia Society Philippines in partnership with Salcedo Auctions, the event, “Auctions 101: The Art of the Bid,” welcomed seasoned collectors, aspiring bidders, and those simply curious about auctions.

Live auctions involve a great deal of theatrics. Bidders raise their paddle boards in the heat of the moment as they try to outbid each other in a spirited process facilitated by the auctioneer up front. Each successful bid is marked by the bang of the gavel on the block, after which the winner gets to take home a coveted Anita Magsaysay-Ho or H.R. Ocampo painting.

Setting aside the hype and the fanfare, auctions are actually quite serious. They are bound by law through the Civil Code of the Philippines under Article 1476 (“A contract of sale is perfected when there is a meeting of minds.”) and Article 1485 (“Before the hammer, retractable. At the fall of the hammer, perfected. After the hammer, binding”). So, there is a legal foundation for auctions here.

“The hesitation to raise your paddle is healthy because an auction is not just theater. It is, in fact, contract law in motion,” Salcedo Auctions chairman Richie Lerma said at the talk held on Feb. 28. “The fall of the hammer is juridical.”

REGULATION AND ETHICS

Salcedo Auctions, founded in 2010 by husband-and-wife duo Richie and Karen Lerma, is one of the few auction houses in the country.

According to Mr. Lerma, an auction house’s credibility is of utmost importance, especially in the Philippines. Here, art is “largely unregulated as a specialized sector,” he said.

“In the Philippines, there is no dedicated national auction commission, no licensing board for auctioneers, and no statute that exclusively regulates fine art auction conduct. There is no mandatory public registry of reserves, no centralized enforcement authority overseeing bidding behavior,” he explained.

“So, where regulation is light, ethics must be heavy.”

Aside from the usual promotional materials for the artworks, jewelry, furniture, or artifacts up for bid which are found on an auction house’s website, the catalog is the basis for what potential buyers can expect. They are encouraged to peruse the e-catalogs and even visit the gallery before the auction date to scrutinize the items up for grabs.

For Mr. Lerma, these catalogs “cannot misrepresent authorship.”

“Condition reports cannot conceal known material defects. Provenance and prices cannot be fabricated,” he said. “A catalog entry is not marketing fluff because what’s in the catalog is legally consequential.”

VALUATION OF ART
A factor to consider in valuing art is when a piece falls under the National Cultural Heritage Act. Legal due diligence must also consider the weight of an item’s patrimony in the Philippines when it comes to pricing. A major example of such an item is the previously lost 1883 boceto or study for Juan Luna’s Spoliarium, which was auctioned by Salcedo Auctions in 2018 for P73.58 million.

While there is no government valuation board for art or statutory pricing authority in the Philippines, auction houses must follow five pillars of auction valuation, Mr. Lerma added.

“This is not guesswork,” he said. “It is structured judgment.”

The pillars are: scholarship (considering where a work falls in an artist’s trajectory or in art history); visual literacy (the composition, material, and overall quality); provenance (tracing ownership of the work); exhibition and publication history (if the work was exhibited by an institution or reproduced before); and comparative market analysis (based on how a particular artist, medium, or size does in the market).

“All this information is not background decoration. It sets the framework for pricing architecture,” explained Mr. Lerma, noting that their auction house in particular has a reliable database of results over the 16 years they’ve been holding auctions. “We’ve found that the market rewards master works, and a strong provenance reduces risk.”

An example he gave was Jose Joya’s 1962 abstract oil painting Flight, valued at around P7 million by Salcedo Auctions and ultimately sold for over P37 million last year.

Mr. Lerma noted that the painting represented the Philippines at the Venice Biennale in 1964, considered “the apogee of Joya’s career.” Plus, it came from the well-preserved collection of a Filipino diplomat in the US, which meant it was in pristine condition, while its provenance was strong having been previously owned by a friend of Joya.

“The P7-million valuation is our reserve, or the price agreed to by the seller and the auction house,” he said. “If an item hits the reserve, then it can sell. That’s what the reserve is.”

He added that pricing must be “high enough to protect the consignor but still grounded in reality” while also expressing the market’s collective judgment on the quality of the work.

“In a lightly regulated environment like the Philippines, discipline in valuation is not optional. It is the foundation of trust,” Mr. Lerma said.

SHILL BIDDING
One of the topics covered in the talk was the dangers of an unregulated landscape. “Shill bidding,” in particular, was highlighted as one of the worst fraudulent practices to look out for.

“It’s when the seller or someone working with them places fake bids on an auction item to artificially inflate its price and desirability,” said Mr. Lerma. “It is designed to trick legitimate bidders to pay more than the item is actually worth.”

In the Philippines, because there is no auction-specific authority to police such conduct, auction houses must be wary and collectors must take care not to be misled. A single exaggerated result in Philippine art auctions can “shift perception dramatically,” especially in a country where disinformation spreads faster than correction.

“Again, an auction is not just theatrics. There is legal framework behind it. You need to enter with knowledge or assurance and never allow yourself to be tricked into a sale,” Mr. Lerma explained.

AUCTION PROCESS
The talk ended by detailing the lifecycle of an auction.

It all begins with consignment, when the seller approaches the auction house with the item. Then, there is the arduous assessment of authentication, provenance, and market viability, after which both parties conclude with a consignment agreement.

The pre-sale takes place once the items are cataloged, photographed, studied for a condition report, and marketed to the public. Mr. Lerma said that the final step in this stage is mounting the preview exhibition — a “fun step that allows everyone to see and scrutinize what exactly is available.”

On auction day, bidders come in to register and get their paddles. The theatrics ensue with the bidding, where the auctioneer calls out prices usually in increments of 10% to which interested buyers can commit. Finally, the sale is perfected when the hammer falls.

“The post-sale is very crucial because this is where the agreement is fully realized,” Mr. Lerma said, describing the issuance of the invoice and the buyer paying the full price. “Once compliance checks are applied and the seller is paid, the title is then transferred.”

To conclude the talk, he explained that the Philippine art auction market is “an intersection of history, scholarship, and spectacle.”

“It’s governed but not tightly regulated, so its most powerful stabilizing force is credibility,” he said. “Ultimately, auctions are not about the hammer. They are about the legacy of authenticity and stewardship that we uphold.”

“Auctions 101: The Art of the Bid” is the first installment of a new program series on art, heritage, and collecting, launched by the Asia Society Philippines and Salcedo Auctions. More details on their next talk will be announced through their social media pages and subscription e-mails. — Brontë H. Lacsamana

Ipilan Nickel cites permits after Senate hearing claims

GFNI.COM.PH

IPILAN NICKEL CORP., the Palawan-based subsidiary of listed miner Global Ferronickel Holdings, Inc. (FNI), said its mining operations in Brooke’s Point comply with environmental and regulatory requirements, following claims raised during a Senate hearing on Monday.

In a statement on Tuesday, Ipilan said the Department of Environment and Natural Resources (DENR) had renewed its Mineral Production Sharing Agreement, allowing the company to operate until 2043.

The company also said a June 2020 DENR order clarified that its Environmental Compliance Certificate remains “valid and subsisting.”

“These approvals confirm that the company has satisfied the requirements imposed by the government agencies mandated to regulate mining activities in the Philippines,” the company said.

Ipilan issued the statement after Brooke’s Point Vice-Mayor Mary Jean D. Feliciano told a Senate panel that the firm’s operations had caused flooding in the town’s watershed and polluted water systems used by farmers and fishers.

“Since Ipilan Nickel began operating in Brooke’s Point, we have been experiencing flooding. Many farmers have stopped planting rice… while fishers have left because the seabed has become muddy,” Ms. Feliciano said in Filipino.

Ipilan said an investigation by the Mines and Geosciences Bureau into a flooding incident reported in 2023 found that the event was caused by heavy rainfall and soil saturation rather than mining activities.

The company also said it had remitted P1.73 billion to the national government since starting commercial operations in 2022 and paid P322.1 million in local taxes and fees. These included P299.4 million paid directly to the government of Brooke’s Point, making it the town’s top taxpayer, according to the company.

“Despite consistently accepting and receipting these payments, the local government has withheld the ministerial issuance of the corresponding Mayor’s Permit,” the company said.

Ipilan maintained that the Philippine Mining Act does not require a mayor’s permit for mining operations to continue.

The company added that it also holds a valid mayor’s permit issued at its head office in Parañaque City. — Vonn Andrei E. Villamiel

The buzz about Bangaw

ALDIN COVARRUBIAS as Jack

By Brontë H. Lacsamana, Reporter

Theater Review
Bangaw
Presented by the FEU Theater Guild

IN 1954, William Golding’s Lord of the Flies offered a terrifying look into the innate power-hungry psyche of humanity. It’s a novel that reflected the colonial and warmongering culture prevalent in Western society at the time, presented through a fictional tale of British schoolboys stranded on an island.

Initially, Gold Villar-Lim adapted the novel into a musical called Bangaw for the Philippine Educational Theater Association (PETA) to use in high-school-level workshops. This year, an expanded version of her book and lyrics is being presented by the campus theater group FEU Theater Guild, led by director Dudz Teraña. In this production, Bangaw immerses the viewers in its harrowing setting.

The experience of Bangaw is set apart by the details. As soon as you enter the FEU Center for the Arts Studio’s makeshift blackbox-style theater, the ushers, dressed as flight attendants, and the entire stage floor coated in sand and bordered by strips of bamboo (akin to the bars of a cage) immediately place you on the island as well. The ensemble of around 20 people in tattered school uniforms is already standing in the middle, holding flashlights and scanning the crowd that gradually fills up the theater around them.

Thanks to Kane Stephanie Hombre and Valerie Tolete’s textured set, Margarita Barrameda’s appropriately ragged costumes, and Nash Dansent Desoyo’s dramatic lighting design utilizing the intensity of shadows, the horrific story comes to life. The cast, though they are still university students, hold their own and do justice to the challenging aspects of the musical.

Played by Sam Siasoyco, the lead character Raf (Ralph in the book) delivers the conyo sensibilities of a student from an exclusive school. He embodies the reliable leader who is eventually overwhelmed by the rules of the jungle (or lack thereof) very well, with the notes of grief in his performance being his strength. Meanwhile, Aldin Covarrubias as Jack, the violent bully who later becomes the most savage of all the youths, turns in a striking and chilling performance.

Another scene stealer is Jharelle Villalobos as Tabeks (Piggy in the book), whose character is tweaked to be gay, with moments of both comic relief and tragedy endearing him to the audience. There’s also Julia Nicole Ramas’ intelligent yet hauntingly frightened Simone, and Francine Galvez’s heartbreaking Tiny, characters adapted into women for the play and effectively expanding the world of Bangaw from the source material.

Each and every actor in the entire ensemble should be commended for what they’ve accomplished, especially given that they’re all still students. They chant and rap with extreme energy, controlling Vince Lim’s rhythmic music with some decently executed melodies here and there amid the mind-numbing chaos. They trudge on even as the sand pit muffles their voices and the yelled ad libs render some lines unintelligible — but their shining moments happen with Joseph Torres’ choreography.

Whether they crawl through the sand, flail and leap around desperately, or lock their limbs to mimic thick foliage and mountainous terrain, they are able to sustain a cohesive energy all throughout, in the bright light or in the cover of darkness. The use of their bodies in itself makes this show a sight to behold.

The downside is that because there’s such intense energy from beginning to end, there’s also a fatigue that occurs, with few moments to breathe and take it all in. Still, Teraña and Villar-Lim do a great job transforming this old story into a relevant cautionary tale for today, in a time of geopolitical conflict. It challenges the viewers to confront the ferocity of injustice and violence through young teens who imitate what they see in the dystopic world around them.

With the original novel’s singular picture of a privileged class being watered down to include both boys and girls from different socioeconomic backgrounds, Bangaw is more about the barbarism that bleeds through to the younger generation rather than a sharp commentary of the ills in learned social behaviors. For a Philippine adaptation, the cruelty of senseless authoritarian leadership and the blind faith in what the kids would call an aswang rings true, though the lack of detail of each character’s place in this vaguely sketched out allegory makes the final result not as incisive as it should be.

Given the sheer energy it takes to perform this musical, it makes sense that not everything could be fleshed out. Bangaw is not meant to be a faithful adaptation of the novel, but a vivid impression of the experience it conveys, adapted to a Philippine context. The characters and the story include engaging details, from the use of slang to the updated pop culture references, littered throughout the series of tragic scenes that don’t quite build up to a gut punch of a conclusion (though it does leave one silent and contemplative).

Bangaw captures the worst emotions that can consume humans at their most vulnerable, be it anger or fear or sheer hopelessness, and with its ensemble’s unforgettable energy, it reminds us to be wary of where the world may be headed. It’s a decent showcase of what student theater has to offer.

Bangaw has shows until April 24, with ticket prices ranging from P100 to P700. For more details, visit FEU Theater Guild’s social media pages.

Population decline: Greatest threat to humanity

EASY-PEASY.AI

(Part 5)

How can the Philippines avoid the worst results of falling fertility rates with the consequent population decline and rapid ageing? We shall now study the past, present and future of Philippine demographics.

After the Philippines obtained its independence in 1946, the country had a very high fertility rate which was typical of the world-wide “baby boom.” Fertility rates were as high as six to seven babies per fertile woman. There were, however, also high infant and maternal mortality rates. The population then was predominantly rural. Children were seen as economic resources, especially in agriculture; social security for old age; and blessings from God, consistent with traditional Filipino and Catholic values.

During the 1960s, the rapid population growth started to worry development planners as infrastructure, schools, and jobs lagged behind population growth. Unfortunately, there was a strong population-control bias among international institutions like the World Bank and US Agency for International Aid (USAID) that believed in the facile theory that in order to increase the per capita income of the developing nations, it was necessary to reduce the denominator, i.e., the number of heads.

They ignored the obvious fact that people are the ultimate resources, as taught by famous economist Julian L. Simon who argued that human ingenuity and creativity are the “ultimate resources” and not natural resources. They were blind to the fact that population growth, when combined with freedom and innovation, can lead to greater prosperity, not scarcity. Human beings are problem solvers, not merely consumers of finite resources. These ideas were diametrically opposed to the pessimistic views of British economic historian Thomas Malthus and Paul Ehrlich, the author of the book Population Bomb that was the bible of the pill and condom pushers. One does not have to be an economist or economic historian to know that Malthus’ prophecies of doom (i.e., worldwide starvation and death) were way off the mark. There was no worldwide shortage of food. In fact, advanced technology enabled countries like the US to produce millions of tons of surplus food, so much that they were forced to throw food away. This prompted the late Pope Francis to coin the phrase “throw away culture.”

In the 1970s, part of the demographic dividend paid off as Filipino workers were in great demand in labor-scarce countries abroad, especially in the Middle East. At first considered as a temporary solution, the overseas Filipino worker (OFW) phenomenon became a permanent feature so that today there are more than 10 million OFWs remitting some $40 billion yearly to the Philippines, which constitutes close to 10% of GDP.

Unfortunately, the exit of millions of Filipino workers constituted both a brain drain as well as a cause of lower birth rates as family separation took its toll.

The good news is that remittances give a big boost to consumption which has been the strong engine of growth of the economy. The bad news is that overdependence on remittances is postponing the restructuring of the whole economy so that there could be the necessary productivity increase in the deployment of labor in the various economic sectors for long-term sustainable growth.

This overdependence of OFW remittances could cause the Philippines to become ensnared in the so-called Middle-Income Trap. This can be avoided, however, if the country invests heavily in the reskilling, upskilling, and retooling of its workers, especially in technical skills and in the so-called Industrial Revolution 4.0 (Artificial Intelligence, Robotics, Internet of Things and Data Analytics).

At the start of the third millennium, fertility started to decline so that now it stands at 1.9 to 2.0 babies per fertile woman, already below the replacement rate. This places the country in a demographic transition, remaining still young (the median age is still the lowest in the Indo-Pacific region at 26) with the population still growing at less than 1% annually.

According to Fitch Solutions unit BMI, Generation Alpha, or those born between 2021 and 2024, will make up 27% of the Philippine population in 2030, positioning it to become a major consumer market. As of December 2025, the total Philippine population was estimated to be 117 million, 49.3% of which is urban (as compared to 27% in the 1950s). Assuming that fertility remains near 1.9 through the mid-century, the population in 2055 is projected to be 139 million. The country is still gifted with a demographic dividend with a large working-age population and slower growth of dependents. This endows it with the potential to benefit from its young population — as long as there are higher investments in education and skills development (4-5% of GDP) and productivity is increased, especially in the service sector which accounts for more than 60% of the labor force.

Also crucial is a significant increase in the productivity of the agricultural sector through higher investments in farm to market roads, irrigation systems, post-harvest facilities, agricultural extension and credit services, and other resources needed by the small farmers, especially in the rice sector, to be more productive. Side by side with the assistance to small farmers should be complementary efforts to consolidate part of the small farms into larger units so that there can be diversification into higher-value commercial crops like coffee, cacao, bamboo, mangoes, cashew, avocado, and pili nuts that can significantly increase the agricultural exports of the Philippines, following the very successful Vietnamese model.

Given what has happened to most of its East Asian neighbors, the Philippines should avoid rapid ageing before it becomes rich. This will happen if the fertility rate drops precipitously below its present 1.9 babies per fertile woman as has happened in South Korea and Spain.

The Philippines should do its best to maintain fertility around the replacement level, invest heavily in education and health, strengthen families and the “inviolable” institution of marriage, and use migration strategically. Unlike many ageing societies, the Philippines still has a very high value placed on children, strong kinship networks, and extensive religious support for family life (from both its two major religions, Christianity and Islam). These should all be considered demographic assets and not obstacles (as wrongly presented by the population control propagandists who have done so much damage to those who are now ageing irreversibly).

The Philippines should very actively harness its Catholic traditions. As we have seen in a previous column, Catholic Social Teaching (which highly influenced the writing of the Philippine Constitution of 1987) clearly espouses that:

a.) life is a gift, not a variable to be minimized. From this follows the need for constant vigilance of the Catholic (and Muslim) populations to make sure that the anti-abortion provision found in the Philippine Constitution should never be removed through a Charter Change (Chacha) process;

b.) the family is the basic unit of society and should be protected by the State from disintegration, one unique policy of which is the prohibition of divorce;

c.) population policy must support the strengthening of families, not to put undue pressure on them;

d.) intergenerational solidarity is a moral duty;

e.) a purely technocratic approach to demographics, as promoted by some international agencies, would undermine Filipino culture and would weaken long-term resilience of society.

(To be continued.)

 

Bernardo M. Villegas has a Ph.D. in Economics from Harvard, is professor emeritus at the University of Asia and the Pacific, and a visiting professor at the IESE Business School in Barcelona, Spain. He was a member of the 1986 Constitutional Commission.

bernardo.villegas@uap.asia

Bond yields rise on weak demand

BW FILE PHOTO

THE GOVERNMENT partially awarded the Treasury bonds (T-bonds) it offered on Tuesday, with demand weakening as investors turned cautious on longer tenors due to concerns over the fallout from the prolonged Middle East conflict.

The Bureau of the Treasury (BTr) borrowed just P9.451 billion via the reissued 10-year bonds it auctioned off, below the P20-billion offering, even as total bids reached P38.506 billion, or nearly twice the amount up for sale.

This brought the outstanding volume for the bond series to P179.5 billion, the Treasury said in a statement.

The reissued bonds, which have a remaining life of seven years and five months, were awarded at an average rate of 6.473%. Accepted yields ranged from 6.4% to 6.5%.

The average yield of the reissued papers rose by 61.4 basis points (bps) from the 5.859% fetched for the series’ last award on Feb. 10 but was still 15.2 bps below the 6.625% coupon for the issue.

This was also 20.03 bps above the 6.2727% fetched for the same bond series and 20.41 bps higher than the 6.2689% quoted for the seven-year paper — the benchmark tenor closest to the remaining life of the issue — at the secondary market before Tuesday’s auction, based on the PHP Bloomberg Valuation Service Reference Rates data provided by the BTr.

The Treasury said it made a partial award of the bonds to cap the rise in yields.

“Weak demand there. I was actually surprised BTr still awarded it, although awarded bids were lower than market expectations prior to the auction,” a trader said in a text message.

The government partially awarded the bonds on tepid demand and higher bid yields “amid some market hesitancy on longer-end tenors to lock in with some market risk to manage compared to shorter-dated tenors amid geopolitical risks, especially in the Middle East,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

He said the impact of the Iran war on oil prices along with the peso’s weakness could lead to higher import costs that could drive up Philippine inflation.

This could reduce the odds of further monetary easing by the Bangko Sentral ng Pilipinas (BSP) or even lead to rate hikes, he said, adding that the conflict could also delay the US Federal Reserve’s cutting cycle.

On Friday, BSP Governor Eli M. Remolona, Jr. said inflation could breach 4% if oil hits $100 a barrel, adding that if fuel prices rise sharply and persistently, they could be forced to tighten their policy stance again.

The Monetary Board last hiked borrowing costs in October 2023. It began its current easing cycle in August 2024 and has lowered rates by a total of 225 bps, bringing the key policy rate to its lowest in over three years at 4.25%.

Oil prices fell on Tuesday after hitting a more than three-year high in the previous session as US President Donald J. Trump predicted the war in the Middle East could end soon, easing concerns about prolonged disruptions to global oil supplies, Reuters reported.

Brent futures fell $6.28 or 6.3% to $92.68 a barrel at 0715 GMT, while US West Texas Intermediate crude was down $6.19 or 6.5% to $88.58 a barrel. Both contracts fell as much as 11% earlier before paring some losses.

Oil surged past $100 a barrel on Monday to the highest since mid-2022, as supply cuts by Saudi Arabia and other producers during the expanding US-Israeli war on Iran stoked fears of major disruptions to global supplies.

Prices later retreated after Russian President Vladimir Putin held a call with Mr. Trump and shared proposals aimed at a quick settlement to the war, according to a Kremlin aide, easing concerns about supply.

Mr. Trump said on Monday in a CBS News interview that he thought the war against Iran was “very complete” and Washington was “very far ahead” of his initial four- to five-week estimated time frame.

The BTr wants to raise P248 billion from the domestic market this month, or P108 billion in Treasury bills and P140 billion via T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.647 trillion or 5.3% of gross domestic product this year. — A.M.C. Sy with Reuters

PHINMA Hospitality breaks ground on TRYP Bacolod hotel

PHINMA Properties

PHINMA HOSPITALITY, Inc., the hospitality arm of Del Rosario-led PHINMA Corp., has held a groundbreaking ceremony for TRYP by Wyndham Bacolod in PHINMA Properties’ Saludad township, marking its third TRYP hotel in the Philippines.

“The goal is not just to build another hotel in Bacolod, but to build a hotel that feels unmistakably Bacolod. Bacolod is a city with strong identity and forward momentum, and TRYP was designed to reflect both,” PHINMA Hospitality Chairman and Chief Executive Officer Jose Mari del Rosario said in a disclosure on Tuesday.

The TRYP Bacolod hotel will feature design elements inspired by Bacolod’s culture and heritage, including references to the MassKara Festival, the region’s culinary traditions, and the area’s sugar industry.

According to the company, the hotel will incorporate design features such as deep violet tones, tubo textures, headboards inspired by local motifs, terrazzo tiles, and lighting fixtures resembling pulled caramelized sugarcane.

“Saludad gathers the best of PHINMA in one township, particularly for Bacolodnons. Our new TRYP hotel’s groundbreaking not only significantly elevates Saludad’s profile, but places us in a better position to serve the wider community and champion what makes Saludad distinctly Bacolod,” PHINMA Properties President and Chief Executive Officer Raphael B. Felix said.

PHINMA Property Holdings Corp. (PHINMA Properties), the group’s real estate arm, launched the P12-billion Saludad township in 2024.

The 21-hectare development is planned to include residential areas, commercial spaces, educational facilities, hospitality components, and retail establishments.

Also located within the township are Likha Estates, which offer lot-only residential developments; Southwestern University PHINMA’s first campus outside Cebu City under PHINMA Education; and Maayo Terraces.

In April 2025, PHINMA Properties broke ground on Maayo Terraces, an 11-tower mid-rise residential condominium project within the Saludad township.

PHINMA Corp. Chairman and Chief Executive Officer Ramon R. del Rosario, Jr. said the projects support Bacolod’s growth in the Negros region.

“This is reflected in the meaningful investments that PHINMA has made, starting with our Saludad township and reinforced by the entrance of a TRYP by Wyndham hotel and a branch of Southwestern University,” he said.

“Through these initiatives, augmented further by one of our initial community housing projects, PHINMA is positioned to support Bacolod’s development and to provide residents and communities with more opportunities for better lives.”

At the local bourse on Tuesday, shares in PHINMA Corp. fell by 4.92% to close at P14.30 apiece. — Alexandria Grace C. Magno

Arts & Culture (03/11/26)

Rap icon Gloc-9 releases poetry books

AT THE Philippine Book Festival in SM Megamall, Filipino rap icon Gloc-9, going by his real name Aristotle Pollisco, will be launching seven poetry chapbooks under the omnibus title Makata Sa Pinas, a hashtag he has been using over the past decade. While Mr. Pollisco previously released the book of poetry Akin Lang Naman in 2017 with ABS-CBN Publishing, this new project offers a different approach to presenting his work as poetry. This time, Mr. Pollisco envisioned a series of slimmer volumes in collaboration with the small press Everything’s Fine, which reexamines his entire discography by revisiting the recurring themes and subject matter that consistently surface throughout his music. He will be at the Makata Sa Pinas book launch on March 12, from 5 to 7 p.m., at the Philippine Book Festival 2026, Megatrade Hall, 5th Level, SM Megamall. Admission is free.

Francophonie celebration in March

THE Embassies of France and Francophone countries in the Philippines, together with the Alliance Française de Manille (AFM) and Cebu, will be holding a celebration of French culture in the Philippines. The festivities will begin in March and continue until November, under the theme “En route to the 20th Francophonie Summit in Cambodia.” Film screenings, exhibitions, conferences, and workshops will showcase the richness of the French language and the diversity of Francophone cultures. On March 12, the exhibit Woven Traces, presented by AFM and Qube Gallery, will open at the AFM Gallery and run until April 11. On March 13, AFM will host a “Francophone Karaoke Evening” at 6:30 p.m. On March 14, visitors can catch Nandita autour du monde, a theatrical storytelling performance by Marilyn Garcia in French, at 2 p.m. Alliance Française de Manille is at 209 Nicanor Garcia St., Bel-Air II, Makati City.

Ballet Manila, MSO perform Sleeping Beauty

BALLET MANILA’S presentation of Sleeping Beauty, the final offering of the “Princess Trilogy Series,” will be held from March 13 to 15 at the Aliw Theater, CCP Complex, Pasay City. All performances will feature the Manila Symphony Orchestra (MSO), conducted by Alexander Vikulov, bringing the beloved classic to life with a full live orchestral accompaniment.

The Mind Museum holds 14th anniversary promotions

THIS MARCH, as The Mind Museum celebrates its 14th anniversary, it is inviting the public to rediscover the wonder of science through exclusive promotions and a special program. One is the P14 Anniversary Promo, where visitors can enjoy three-hour access to The Mind Museum for only P14. Promo slots are limited per time slot (9 a.m. to noon, noon to 3 p.m., and 3 to 6 p.m.), and a maximum of two tickets only can be purchased per person. The promo is valid for visits on March 14 and 15 only. There is also a free museum pass for 14-year-old guests when accompanied by at least one paying guest. Visitors must present a valid ID or birth certificate showing the birth year 2012, valid for visits on March 14 and 15 only. Finally, the special anniversary program, “It’s About Time We Talk About Time: How Science Sees Time,” will take place on March 14, 2 p.m., at Mind Pod 3, The Mind Museum. Admission is free, but slots are limited, so early registration is encouraged.

Kapitolyo Art Space mounts Women’s Month show

IN CELEBRATION of Women’s Month, Kapitolyo Art Space presents the exhibition titled Lumière, running until March 24. The show brings together women artists whose works illuminate the gallery space through diverse perspectives and practices. Kapitolyo Art Space is found at 23 W Capitol Dr., Pasig City.

Exploding Galaxies launches new imprint, first anthology

THIS MARCH, independent press Exploding Galaxies will be launching a new imprint, e.g., and their first anthology. The anthology will be a collection of works from e.g.’s maiden year, featuring contributions from some of the most talented contemporary Filipino writers and artists. The collection includes the personal writings of the late Vicente L. Rafael, an eminent postcolonial historian whose academic works shaped Philippine and Southeast Asian historiography. The launch will be held in part in his memory, with drinks, small bites, and live readings by writers Alvin Yapan and Christian Jil Benitez. Interested guests can RSVP via tinyurl.com/egAnthology. The event will be held at WHYNoT, 4th Floor Karrivin Studios, Makati on March 20, 6 p.m.

REP opens 89th season with REP Unplugged

DESIGNED to bring the audience closer to the actors, Repertory Philippines’ new innovative series offers reimagined staged readings, stripping away grand sets to focus on the raw power of performance and text. With the theme “By love, transformed,” REP Unplugged presents two sophisticated plays featuring some of local theater’s most notable names: Private Lives on March 21 and 22 starring Missy Maramara and Alfredo Reyes; and Sole Survivor on March 28 and 29, a new play by Patricia Manuel Go with Cara Barredo as the director.

32 Filipino artists honored at Ani ng Dangal

THIRTY-TWO artists were honored with the Harvest of Honor at the recent 18th Ani ng Dangal Awards. The National Commission for Culture and the Arts (NCCA) closed National Arts Month by recognizing individuals and groups who have excelled in their respective artistic fields on the international stage. In the field of Architecture and Allied Arts, they are: GFP Architects, architect Normandy N. Canlas of Normandy Architects, Erven B. Digal of Digal Architect and Builders, SGS Designs Landscape Architecture by Vic Lopez Dul-loog, and ASYA. Artists and groups recognized in music are: Ian Gabriel Corpuz, the University of Santo Tomas Singers led by Fidel Calalang, Jr., the Philippine Meistersingers under Ramon Lijauco, Jr., Sola Gratia Chorale led by Cyril Punay, the Eastern Chamber Singers under Anna Tabita Abeleda-Piquero, the Far Eastern University Chorale led by Roijin Suarez, Fabian Obispo, and Michelle Mariposa. For visual arts, Christopher G. Andres and Gina Custodio Meneses were honored. Five honorees were recognized in literary arts: John Bengan, Roehl Joseph Dazo, Christian Jil R. Benitez, Alvin B. Yapan, and Merlie M. Alunan. In cinema, three were recognized: Judy Ann Santos, Joselito Altarejos, and Laurice Guillen. For dance, the awardees were: Ric Russell Matawa Abao, Axel Rose Canama Paypa, the Cavite Indayog Cultural Dance Troupe, Folks Jumpers, Legit Status, Jeff Keffier C. Evangelio, Choreo ’N Cream, and Makiling Dance of the Philippine High School for the Arts. Finally, two designers were recognized: Chad Gabrielle Tanutan and Ivan Cedric Fabia.

Japan: An indispensable ally for economic security

FREEPIK/JANNOON028

Last year, the Philippine Coast Guard’s West Philippine Sea Transparency Group documented 64 Philippine missions or activities that were subjected to illegal, coercive, aggressive, and deceptive (ICAD) actions.

These encounters damaged vessels and injured Filipino military personnel and fisherfolk. They put Filipino lives at risk and endangered the safety of those who were operating lawfully in Philippine waters.

Such unilateral actions in the WPS by a giant neighbor challenge the stability of the maritime domain in the Indo-Pacific region. They put the rules governing the region to the test.

“Maritime” is the operative word here. It is not just a description of a specific geographic space. It does not merely refer to a place where there is water. The Indo-Pacific region is defined by the seas, which carry the trade that sustains our economies, the energy that powers our industries, and the digital infrastructure that connects our societies. From energy shipments transiting key chokepoints to the undersea cables that transmit the vast majority of global data traffic, the maritime domain forms the backbone of modern economic life. When these arteries function freely and securely, economies grow, trade flourishes, and societies remain connected.

The maritime domain of the Indo-Pacific region, because of the immense opportunities it holds, is one of the foundations of regional stability, economic resilience, and global prosperity.

Thus, when the maritime domain is threatened, it is not merely a defense issue. Maritime security cannot be viewed solely through the lens of defense. The stability of the seas is deeply intertwined with economic security. They affect supply chains, energy flows, digital connectivity, and ultimately the economic well-being of nations across the region.

The Philippine government realizes and recognizes this. The National Security Council has underscored the need to integrate economic resilience into broader regional security efforts. At a recent forum themed “Safeguarding the Maritime Domain for the Free and Open Indo-Pacific” organized by the Stratbase Institute in partnership with the Japan Institute of International Affairs, National Security Adviser Eduardo Año emphasized that strengthening economic cooperation and resilience represents a pragmatic pathway toward a stable Indo-Pacific region.

The situation in the West Philippine Sea highlights the importance of putting international law into practice and beyond rhetorics. Ensuring maritime security is a shared responsibility that no single nation can handle alone. A free and open Indo-Pacific depends on effective governance by law, sustained cooperation, and collective commitment to protecting the maritime domain.

He highlighted how key economic systems are closely tied to the maritime domain. Energy transit routes, semiconductor supply chains, port infrastructure, and undersea cables all form part of a broader maritime ecosystem that underpins global prosperity.

But building economic resilience is an impossible task to achieve alone. Partnership with like-minded countries is essential in strengthening economic security and ensuring that regional supply chains remain stable and diversified.

Japan is one such partner. Japan has long stood out as one of the Philippines’ most reliable and enduring partners. In his keynote address during the same forum, Japanese Ambassador to the Philippines Endo Kazuya emphasized that Japan’s support for the Philippines is guided by the belief that a prosperous and resilient Philippines is vital not only for the region but also for Japan’s own national interests. He also underscored that Japan has been the Philippines’ largest official development assistance partner for decades, and that today roughly 1,600 Japanese companies operate across the country, contributing to investment, employment, and technology transfer.

Mr. Endo also highlighted that Japan and the Philippines are expanding cooperation in strengthening supply chain resilience. Japanese and Philippine companies are working together in key sectors such as mineral production — including nickel — energy infrastructure, and the development of facilities utilizing liquefied natural gas and liquefied petroleum gas. These efforts help diversify supply chains and reduce excessive dependence on any single country, reinforcing economic stability across the region.

Infrastructure connectivity also forms a crucial pillar of this partnership. Mr. Endo announced that Japan and the Philippines are moving forward with the third tranche of the Metro Manila Subway Project and the Central Mindanao High-Standard Highway Construction Project. These major infrastructure initiatives will enhance connectivity, support economic growth, and strengthen the logistics networks that underpin resilient supply chains.

Mr. Endo said these initiatives reflect the growing depth of Japan-Philippines cooperation in strengthening economic resilience and supporting a stable and prosperous Indo-Pacific region.

Strengthening economic security is essential to safeguarding a free and open Indo-Pacific region, where maritime stability underpins global trade, energy flows, and digital connectivity. Deepening economic cooperation with trusted partners like Japan is a strategic necessity. Secure supply chains, resilient infrastructure, and diversified economic partnerships are no longer simply development priorities — they are strategic imperatives.

As the Philippines seeks to defend its maritime domain, and with these threats also undermining the rule of law in the Indo-Pacific region, we should remember that pursuing economic security is not a distinct and separate undertaking. In an era where geopolitical tensions increasingly intersect with economic vulnerabilities, strengthening economic security has become central to preserving peace and stability in the Indo-Pacific.

We are thankful for trusted partners such as Japan. Through a solid relationship founded on good faith and shared goals, the Philippines can help build a more resilient regional order — one in which the seas remain open, trade continues to flow, and the principles of international law endure.

 

Victor Andres “Dindo” C. Manhit is the president of the Stratbase ADR Institute.

HSBC Philippines sees affluent sector driving growth of its premier segment

HSBC’s office at the Marina Bay Financial Center in Singapore — BW FILE PHOTO

HSBC PHILIPPINES expects the affluent sector to drive customer growth for its international wealth and premier banking segment over the next three to five years.

HSBC Head of International Wealth and Premier Banking  for the Philippines Pramoth Rajendran said they are optimistic about doubling their client base despite ongoing global uncertainties.

“See, I think we believe for the customers in the Philippines, within our target segments, we’ve got enough room to grow. There is enough potential there,” Mr. Rajendran said at a briefing in Makati City on Tuesday.

He said their growth prospects for their affluent customer base, which currently stands at about a million, “looks intact” over the medium to long term.

HSBC Philippines relaunched its Premier segment last month, offering expanded health and travel services as well as improved cross-border transactions.

“Even before the relaunch, our service levels are one of the best in the market,” Mr. Rajendran said. “And to top it up with the tailwinds we are getting from the Premier relaunch, we are starting to see more and more growth.”

HSBC Premier is open to clients with a gross monthly salary of at least P300,000 and P3 million or more in total relationship balance with HSBC in deposit or investment terms.

DIVERSIFICATION
Mr. Rajendran said their clients have been diversifying their investments both domestically and abroad, with more leaning towards long-term products.

“In terms of specific investment products, what we have seen is more each of the clients is depending on their particular needs in itself,” he said. “But what we can see is the customers are diversifying in terms of different investment products, both onshore and also offshore.”

Under the relaunched HSBC Premier, the bank is providing up to P100 million worth of health insurance coverage in partnership with Allianz Well and travel insurance valued at up to $100,000.

Their Premier travel card has a 0.99% foreign exchange rate for overseas purchases, among the lowest rates in the market, HSCB added.

“Hence, in a world where time is the ultimate luxury, HSBC Premier offers a banking experience designed to feel effortless with global access, personalized expertise, and benefits that add value to everyday life,” the bank said. “It’s built for those who want to manage, grow, and move their wealth with confidence, while enjoying privileges that keep pace with their lifestyle.” — Katherine K. Chan

Alsons sells remaining stake in Seafront

LISTED investment holding firm Alsons Consolidated Resources, Inc. said it has sold its remaining shares in Seafront Resources Corp. as part of efforts to strengthen its liquidity and redeploy capital to other investments.

In a regulatory filing on Tuesday, the company said it participated in the voluntary tender offer conducted by Seafront to acquire up to 34.58 million common shares, equivalent to 21.21% of its issued and outstanding shares.

Alsons, which held 15.54 million shares representing 9.54% of Seafront’s shares, applied to tender all of its shares at P2.70 each.

Valued at P41.97 million, the company said the transaction forms part of its portfolio management strategy, allowing it to convert its investment in Seafront into liquid funds.

“The proceeds from the disposition are expected to strengthen [Alsons’] liquidity position and may be redeployed to support other investments, capital requirements, and strategic initiatives of the company,” it said.

Seafront was originally incorporated as an oil exploration and production company before shifting its business to become a holding company, while retaining oil exploration and production as one of its secondary purposes.

Alsons is the investment holding company of the Alcantara group, with core interests in power generation and land development.

At the local bourse on Tuesday, shares in Alsons Consolidated Resources closed unchanged at P0.75 apiece. — Sheldeen Joy Talavera

Billionaire Joe Lewis scores 3,500% return on ‘Masterpieces’ art

SELF-PORTRAIT by Francis Bacon, 1972 — SOTHEBYS.COM

JOE LEWIS once turbocharged his multi-billion-dollar fortune taking big swings in the currency markets. Now, the British investor and his family are cashing in on lucrative bets made in another sector: art.

The Tavistock Group founder notched gains of more than 3,500% through offloading long-held parts of his art collection from UK painters Lucian Freud, Francis Bacon, and Leon Kossoff at a Sotheby’s auction in London this week, according to data compiled by Bloomberg.

A 1972 self-portrait of Francis Bacon was the most highly priced item on Wednesday evening of the Lewis Collection’s four pieces from the so-called School of London artists. It received a winning bid of £13.5 million ($18 million), beating high sale estimates and dwarfing Mr. Lewis’ £364,500 investment to buy the piece in 1994. The other three works Sotheby’s cited as “Masterpieces” from the Lewis Collection recorded winning bids totaling £16 million, with some also fetching prices above the top estimates.

A spokesperson for the Lewis family said the School of London artists, who rose to prominence after World War II for figurative paintings that rejected abstraction, have been a core focus for the billionaire and his relatives for decades as they sought to champion that period of British art.

Mr. Lewis, 89, and his family oversee a fortune totaling about $8.8 billion, according to the Bloomberg Billionaires Index. About 12.5% of that is tied up in art market investments.

Mr. Lewis “has an outstanding collection,” Sotheby’s Chief Executive Officer Charles F. Stewart said in an interview at Wednesday’s auction, which recorded £131 million in sales from the approximately 50 items on offer, a more than doubling from 12 months earlier. His pieces “were among the very best works on offer.”

The sales show Lewis parting with a group of assets that hark back to the early days of him building one of the world’s biggest fortunes, which now spans real estate, sports and clothing businesses. The auction’s success also shows the art sector offering attractive returns amid wild swings in other markets with geopolitical tension rising.

At around the same time as Freud, Bacon, and Kossoff were becoming influential figures on London’s art scene, Mr. Lewis transformed his family’s catering business into a chain of themed restaurants.

He sold that venture in the late 1970s for about £30 million, an early windfall in his rags-to-riches rise from the English capital’s less privileged East End district.

He became a prolific currency trader after relocating to the Bahamas but boosted his UK investments in the early 2000s with the purchase of a major stake in Tottenham Hotspur Football Club, the Premier League team he’d supported since his childhood. He transferred his majority stake in the team to a discretionary trust in 2022, the year before he became the central figure in a US insider-trading case in which he ultimately pleaded guilty but avoided prison, partly due to his age and health.

US President Donald J. Trump pardoned Mr. Lewis in November to help the British investor receive medical treatment and see family in the nation, capping off one of the most turbulent periods of his career.

The art collection that Mr. Lewis and his 64-year-old daughter Vivienne have accumulated also spans works from other 20th century artistic giants such as Pablo Picasso, Gustav Klimt, and Edgar Degas.

While Bacon’s self-portrait benefited most from prices rising during the time of the Lewis family ownership, the Kossoff piece was the focus of the most of frantic bidding on the evening. Almost a dozen separate parties vied to own the artwork, leading to its final hammer price surging to £4.2 million, more than five times its higher sale estimate from Sotheby’s before the auction.

Mr. Lewis “chose to sell in London at this moment,” Mr. Stewart said. “And was rewarded for it.” — Bloomberg

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