You win some, you lose some in peso battle

July 12, 2024 | 12:32 am

By Aaron Michael C. Sy, Reporter

THE PHILIPPINE peso’s steady decline against the dollar — an almost two-year record low — is no longer a black-and-white case of exporters and other dollar earners winning and heavy corporate borrowers losing big time.

The same can be said about the Bangko Sentral ng Pilipinas’ (BSP) steady march toward monetary easing in the coming months for the first time since November 2020, which begs the question of who will win and who will lose once the rate cuts are finally delivered.

Take the case of Mega Prime Foods, Inc., a leading brand of sardines and other canned fish products that is now forced to manage costs and investments more intensely because its packaging, raw materials, finished goods and other key capital expenditures are foreign currency denominated.

“We are not hedged in our revenue and spending,” Chief Executive Officer Michelle Tiu Lim-Chan said in a Viber message. “On the other hand, it is better for our export business, but our primary source of revenue is the domestic market.”

Tricia Anna Enriquez, a 25-year-old freelancer based in Manila, is earning P1,000 ($17) more weekly as the peso, which has lost more than P3 against the dollar this year, continues to dive in value.

“The dollar is strong, so I earn a lot more now,” she told BusinessWorld. “My usual P15,000-a-week income is now P16,000.”

The peso closed at P58.305 per dollar on Thursday, strengthening by 1.5 centavos from its P58.32-a-dollar finish on Wednesday. This was the peso’s strongest finish in more than a month or since its P57.97 close on May 28.

It has been trading at the P58-a-dollar level since May, a weakness that the Philippine central bank has attributed to safe-haven demand for the dollar amid geopolitical tensions and hawkish signals from the US Federal Reserve.

John Paolo R. Rivera, president and chief economist at Oikonomia Advisory & Research, blames the Fed, which has kept interest rates at a two-decade high amid stubborn inflation, for the dollar’s strength.

“This benefits exporters and overseas Filipino workers (OFWs) and those earning foreign currency because their dollar earnings now have more value in pesos,” he said in a Viber message.

The BSP’s signals of an early policy easing before the Fed has led to further peso depreciation, Leonardo A. Lanzona, an economics professor at the Ateneo de Manila University, said in an e-mail.

“Indeed, the dollar value has strengthened, but the immediate effect of prospective lowered interest rates here even before the Fed reduces their rates seems to have created greater damage,” he said.

The BSP would probably cut its policy rate after the US Federal Reserve, which had signaled it might start easing as late as December, Finance Secretary Ralph G. Recto said earlier.

Mr. Recto, who is a member of the BSP’s policy-making Monetary Board, expects as much as 150 basis points (bps) of cuts in the next two years.

On the other hand, BSP Governor Eli M. Remolona, Jr. has signaled a rate cut as early as August — potentially before a Fed easing. Total rate cuts this year could go as high as 50 bps, he said.

The Monetary Board has kept its benchmark rate steady at a 17-year high of 6.5% since October 2023 after 450 bps in rate increases to tame prices.

Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co., said the growing sea tensions between the Philippines and China are adding to the peso jitters.

Local importers are clearly disadvantaged by the weaker peso because their purchases are mostly dollar-denominated, while exporters benefit because their products are now worth more, he pointed out.

DOUBLE-EDGED SWORD
While this is true, the benefits are far from equal among exporters.

“Exporters that generate more local value-added are expected to reap larger benefits,” Trade Undersecretary Jose Edgardo G. Sunico said in a Viber message.

These include resource-based and service exporters such as companies in the information technology, business process management and tourism sectors, he added.

“The impact of a weaker Philippine peso on exports varies across sectors,” Mr. Sunico said.

Exports should benefit as Philippine goods and services become more price competitive, but those that rely heavily on imported raw materials and inputs would benefit less, he added.

“The business outlook will be impacted by these market dynamics, with exporters remaining optimistic about growth, while import-reliant industries are more cautious of the economic challenges posed by a weaker peso,” Mr. Sunico said.

While importers are probably hurt by the depreciating peso, they are far from helpless, Sergio Ortiz-Luis, Jr., president of the Philippine Exporters Confederation, Inc., said by telephone.

Filipino importers particularly in the agriculture sector are now trying to use local raw material substitutes to ease the blow from the strong dollar, he said.

“So their consumable goods will have fewer import [components],” he said in mixed English and Filipino.

The peso’s persistent weakness can also be a double-edged sword for Filipino families that rely on a relative who works overseas.

A strong dollar means more value in remittances sent by OFWs, Ellene A. Sana, executive director of the Center for Migrant Advocacy, said by telephone.

But they could likewise end up sending less dollars given the higher peso value of these remittances, Mr. Ravelas said.

Cash remittances from OFWs rose by 3.1% year on year to $2.562 billion in April — the fastest since December but the lowest in 11 months, according to BSP data. Month on month, remittances fell by 6.4%.

The peso depreciated by P1.52 against the dollar that month.

OFW families like most Filipinos obviously have to contend with rising prices including food.

“Inflation is rising faster compared with the peso’s weakening, so the effect on OFWs could still be negative,” Ms. Sana said.

“If you’re sending the same amount of dollars, the worth in peso could be higher but it will afford less goods,” she said.

Despite remittance optimism due to the dollar’s strength, OFWs are still wary about sticky inflation, Ms. Sana said.

Inflation eased to 3.7% in June from 3.9% in May, still within the BSP’s 2-4% annual target. It averaged 3.5% in the first half.

“You have to connect it to the end user of the money. Your end user, who is in the Philippines, is finding inflation problematic,” Ms. Sana said.

Mr. Lanzona said local companies are more exposed to the weak peso.

“This group has been among the most active spenders and borrowers of dollar-linked instruments over the past decade, either by choice due to lower cost or by necessity given the [limited] size of domestic funding sources,” he said.

While companies in other Southeast Asian countries are standing up to the dollar, local companies big and small face difficulties in expanding production or exports and are failing to take advantage of the depreciation, he added.

The peso would likely continue its free fall in the coming months due to inflation and slowing demand for domestic funds, which could force the BSP to intervene in the currency market, the economist said.

It could also keep rates high, which could slow economic growth targeted at 6-7% this year, he pointed out. The Philippine economy grew by 5.7% in the first quarter, slower than expected.

Mr. Ravelas expects a persistently weak peso until the Fed finally begins its easing cycle.

The peso would probably end the year at P58 as it gets boosted by remittances during the Christmas holiday — still weaker than the P55 to P56 levels reached at the start of the year.

Visitor receipts rise by 33% in first half

July 12, 2024 | 12:31 am

beach-tourist-wc — The Philippines welcomed 3.17 million inbound tourists as of July 10. — PHILSTAR FILE PHOTO

VISITOR RECEIPTS rose by 33% in the first six months of 2024, while international arrivals hit 3.17 million as of July 10, the Department of Tourism (DoT) said on Thursday.

In a statement, the DoT said tourism receipts from inbound visitors hit P282.17 billion in the January-to-June period, about 32.8% higher than P212.47 billion a year earlier.

The country welcomed 3.17 million inbound tourists as of July 10. Majority or 92.6% were foreign tourists, while the rest were overseas Filipinos.

The latest tally represents 41.2% of the department’s 7.7 million target for international visitor arrivals this year.

“This rise from last year’s figures not only showcased the growing appeal of the Philippines as a premier travel destination but also underscored the tangible benefits that tourism brings to our economy and our people,” said Tourism Secretary Maria Esperanza Christina G. Frasco.

South Korea remained the top source of foreign arrivals during the period, accounting for 26% or 824,798 of the total.

Rounding up the top five sources of inbound tourists are the United States with 522,667 (16.5%), China with 199,939 (6.3%), Japan with 188,805 (6%) and Australia with 137,391 (4.3%).

Other sources of tourists include Taiwan, Canada, the United Kingdom, Singapore and Malaysia.

Citing the 2024 Economic Impact Research of the World Travel & Tourism Council (WTTC), the DoT said 2024 is forecast to be a “record-breaking” year for the Philippines in terms of the tourism industry’s economic contribution, employment, and visitor spending.

In its report, WTTC projected the travel and tourism sectors’ contribution to the national economy to reach P5.4 trillion this year.

This will be a 25% increase from last year and will surpass the pre-pandemic level in 2019 by 7.1%, the DoT said.

Philippine Statistics Authority data showed the tourism industry’s direct gross value added, which measures the value generated from various tourism-related activities, stood at P2.09 trillion in 2023, accounting for 8.6% of gross domestic product.

Meanwhile, the WTTC pegged international and domestic visitor spending at P715.6 billion and P3.7 trillion, respectively, this year. This will exceed 2019 levels by 5.7% and 1.8%, respectively.

In 2023, tourism-related spending by nonresidents was P697.46 billion, while domestic visitor spending was P2.67 trillion.

“In the second half of the year, we anticipate these numbers to increase, not only the revenue generated but most importantly, the number of Filipinos employed in tourism-related industries,” Ms. Frasco said.

At the MICE (meetings, incentives, conferences, and exhibitions) Con 2024 held at the SMX Convention Center in Clark, she said the tourism industry employed over 6.21 million Filipinos last year, representing a 6.4% growth from 2022.

Citing WTTC, the DoT said the travel and tourism industry is projected to account for 9.5 million jobs, or 20% of the national workforce, this year.

Meanwhile, Ms. Frasco said the development of the MICE sector is crucial to generating employment opportunities and livelihoods for Filipinos.

“One of our strategic goals is to diversify our tourism portfolio by investing in high-value tourism products, services and experiences such as MICE and other special events in tourism,” she said.

She said MICE tourism is a big opportunity because delegates spend an average of over $573 per day, about five times more than the average leisure tourist.

“By positioning the Philippines as a premier MICE destination in Asia, we foster economic growth and provide invaluable opportunities for expansion,” she added.

However, she said the country still faces challenges in positioning itself as a MICE powerhouse.

“That is why we have worked in collaboration with our fellow government agencies in order to ensure that we improve accessibility and connectivity, as well as opportunities for our communities to benefit from our thriving tourism sector,” she said. — Justine Irish D. Tabile

In your company’s journey, is there a destination?

July 12, 2024 | 12:30 am

UPDATED-ACUMEN-Zinnia-half-page-advertorial-OL — Acumen Strategy Consultants specializes in crafting tailored business strategy roadmaps that begin by defining Purpose & Ambition, ensuring a strategic plan that is compelling, meaningful, comprehensive, and impactful.

A business strategy roadmap must begin with defining the company’s purpose and ambition

I’ve read Lewis Carroll’s book Alice in Wonderland and watched the movie a few times with my kids when they were little. One of the things about the story that struck me and has stayed with me is this dialogue when Alice was confronted with a fork in the road:

“Alice: Would you tell me, please, which way I ought to go from here?
The Cheshire Cat: That depends a good deal on where you want to get to.
Alice: I don’t much care where. The Cheshire Cat: Then it doesn’t much matter which way you go.
Alice: … So long as I get somewhere.”

I used to tap this scene to teach my kids about setting direction for oneself.

Fast-forward to many years later, I find myself using this as an inspiration for helping companies wanting to find their way.

Some companies are like Alice. They go about their business, keeping busy, but without long-term direction. They operate on a year-to-year basis. If they hit this year’s target (assuming they even have one), well and good. If not, then there’s always next year. Sure there are companies which grow despite operating this way. They get somewhere, somehow, just like Alice. But simply running on short-term goals does not open up a path towards a more significant and sustainable growth and success.

One of the things we are often asked to do by client companies is strategic planning. They want us to help them identify their strategic priorities and develop a roadmap to guide them in the next several years.

The first question we ask them is the exact question of The Cheshire Cat: “Where do you want to go in the first place?” “Where do you want to take the company in the next five or ten years?” Without a defined destination, having a plan or a roadmap is useless. We don’t want to end up just ‘somewhere’. We want our journey to be intentional and purposeful.

We strongly advise that a company defines its Purpose and Ambition (sometimes called Mission & Vision) first before embarking on strategic planning.

BIGGER PICTURE

Purpose and Ambition ground a company to something more profound and meaningful. They help ensure that the company’s priorities and plans are not developed in a vacuum, not tactical, not short-term, but rather developed in the context of a bigger picture.

The Purpose Statement is an articulation of the company’s core reason for existence and how it adds value to the lives of its stakeholders. It answers why you do what you do beyond making money. For example, Google’s Purpose is “To organize the world’s information and make it universally accessible and useful.”

In his book Start with Why, Simon Sinek says that people buy not what you do, but why you do it. When people believe in your Why, they tend to be inspired to support you because you create meaning for them, whether they be your employees, customers or business partners. It has been shown that companies with a clear purpose have better business results versus companies with no purpose because they tend to have stronger brand equity, more loyal customers and more committed employees.

The Ambition Statement is the desired future state of the business and organization that the company aspires to. It answers what the company wants to become. It is written in a way that provides focus towards a clear end state and inspires employees to expend all effort to work towards it, as illustrated by Google’s Ambition “To provide access to the world’s information in one click.”

The Ambition becomes the fundamental basis for setting the company’s financial and non-financial goals as well as its strategic imperatives for the next several years. It is the destination that needs to be reached.

The Purpose & Ambition Statements can be considered as the anchor for a Strategic Plan.

Some leaders are tempted to skip this step because they find talking about these topics too fuzzy, too subjective, maybe even too emotional. They prefer to get on with the hard stuff, i.e., strategic planning. But as The Cheshire Cat responded to Alice, ‘which way you go from here depends a good deal on where you want to go’.

So, first things first. Define your Purpose & Ambition — your Why and What. Then you can develop your How, which is your Strategic Plan.

Acumen’s Strategy Navigator framework integrates a company’s Purpose & Ambition into the strategic planning process, thus ensuring that the resulting strategies and plans are anchored on a clear destination. Of course, it takes more than this to make a good strategic plan. But our experience is that the approach of beginning with the Purpose & Ambition is likely to deliver a more compelling, meaningful, and comprehensive strategic plan that inspires sustained support from the organization.

A well-anchored strategic plan maximizes the opportunity to achieve better business performance, to motivate and engage employees, and to have a deeper impact to society. With this, companies don’t just get somewhere; they get to somewhere worthwhile. — Zinnia Rivera, Client Director, Acumen Strategy Consultants, acumen.com.ph.

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Handling business and success the MVP way

July 12, 2024 | 12:15 am

As a business tycoon and Filipino luminary, Manuel V. Pangilinan, or MVP as he is more commonly known, is a testament to the power of determination, grit, and doing what needs to be done while guided by unwavering virtues.

Last year, he admitted that he was contemplating stepping down from his many, influential roles in the companies he heads, including conglomerates First Pacific Company Limited (First Pacific) and Metro Pacific Investments Corp. (MPIC), to put more focus onto his personal life as he approaches his golden years.

Yet, as early this year, he once again took the reins as PLDT President and CEO after Al Panlilio resigned from the position due to health concerns. This was only two years after MVP supposedly retired from being the head of the telecommunications giant altogether.

Mr. Pangilinan said that he is being very careful about choosing the next person to succeed him in this role, as this is a “decision that will affect the company long-term.”

“This is not just making an investment or buying an equipment; so, no, it’s difficult because you have to look at the future in terms of the successor. I know that he should be younger than I am, much younger, should be steeped in IT, have an excellent business sense,” he said in press briefings.

Meanwhile, he was also busy overseeing the delisting of MPIC from the Philippine Stock Exchange after majority shareholders First Pacific through its affiliate, Metro Pacific Holdings, Inc., Ty-led GT Capital Holdings, Inc., a consortium including Mitsui & Co., Ltd. and MIG Holdings, Inc. (MIG) offered to buy out shares held by the public.

The delisting comes after First Pacific expressed that the intrinsic value of MPIC’s core investments in infrastructure in the Philippines has not been fully reflected in MPIC’s share price for some time. MPIC owns significant shares in Meralco; Metro Pacific Tollways Corp. (MPTC), the largest toll road developer and operator in the Philippines; Metro Pacific Health Corp., the largest private hospital operator in the Philippines; Maynilad Water Services, Inc., its water distribution arm; and other assets.

After the delisting, MVP noted that MPIC plans to list MPTC, as well as Maynilad, by 2026.

The MVP way

That he would be so willing to come back and postpone his well-deserved retirement comes as no surprise, however. This discerning criteria for excellence is exactly what led his companies — the likes of Smart, Meralco, and Maynilad, among many others — to become undisputed juggernauts in their respective fields.

Speaking to graduating students at Manila Tytana Colleges, he once said of his career, “Success springs from old-fashioned values — values as fundamental as being honest and truthful — with yourself and with others. And so is being diligent, hard-working and disciplined. But most of all, success is about passion — passion to succeed, passion for excellence, passion to compete.”

Born into modest beginnings, MVP excelled academically. He earned a Bachelor of Arts in Economics from Ateneo de Manila University, graduating with honors, and eventually went to study in the United States to pursue an MBA. He landed a scholarship at the prestigious Wharton School of Finance and Commerce, where he earned his MBA as a Procter & Gamble Fellow.

MVP’s professional journey began at Philippine Investment Management Consultants, Inc. (PHINMA), where he served as an executive assistant to the president for six years. His quest for greater challenges led him overseas once again to Bancom International Limited in Hong Kong, a Philippine investment bank.

It was during this period that he founded First Pacific in 1981, starting from a modest 50-square-meter office with a small team. His vision and leadership transformed First Pacific into a major conglomerate with diverse investments across Southeast Asia, including PLDT, Indofood, and MPIC.

Under his stewardship, First Pacific’s investment portfolio flourished. PLDT became the largest fixed broadband network and wireless provider in the Philippines, while Indofood Sukses Makmur Tbk emerged as Indonesia’s largest vertically integrated food company and the producer of the global instant noodle brand Indomie. MPIC’s investments spanned critical sectors like electricity, toll roads, water distribution and healthcare, cementing its status as a leader in Philippine infrastructure.

MVP’s influence eventually extended beyond corporate boardrooms as he took leadership roles in companies such as Meralco, Maynilad, and Philex Mining Corp. He also guided significant ventures in media, healthcare, and energy, demonstrating a unique ability to navigate and excel in diverse industries.

Currently, his portfolio includes positions as Chairman, President and CEO of MPIC, PLDT, Inc., Smart Communications, Inc., ePLDT, Inc., PLDT Communications and Energy Ventures, Inc., Manila Electric Company (Meralco), Maynilad, MPTC, NLEX Corp., and Philex Mining Corp.

More than that, MVP also chairs the Philippine Business for Social Progress (PBSP) and co-chairs the Philippine Disaster Resilience Foundation (PDRF), playing a crucial role in national recovery efforts during crises, including the COVID-19 pandemic. His initiatives through the Tulong Kapatid alliance and partnerships with the Department of Health have proven his dedication to humanitarian causes.

He serves as chairman of the PBSP, the PLDT-Smart Foundation, Inc., One Meralco Foundation, Inc., the Makati Medical Foundation, Inc., and the San Beda College Board of Trustees. He co-chairs the US-Philippine Society, the Board of Trustees of the Stratbase Albert del Rosario Institute, and the Philippine Disaster Resilience Foundation (PDRF). The Philippine Business for Education (PBED) also counts MVP as a director.

Due to his achievements and contributions to the nation, the Philippine Air Force awarded him the rank of Lieutenant Colonel (Res) in a promotion list approved by former President Rodrigo R. Duterte in July 2021. He received the Order of Lakandula with the rank of Komandante from the Office of the President of the Philippines in 2006, and he was named Management Man of the Year by the Management Association of the Philippines in 2005.

He also received the First Honorary Doctorate Degree in Management from the Asian Institute of Management in 2016, an Honorary Doctorate in Science from Far Eastern University in 2010, and an Honorary Doctorate in Humanities from Holy Angel University in 2008, Xavier University in 2007, and San Beda College in 2002.

Even as he plans for a quieter life, his influence on Philippine business and society will no doubt continue to resonate. His legacy is one of visionary leadership, transformative impact, and a steadfast commitment to uplifting the Philippine economy.

But for now, he’s still in the game. — Bjorn Biel M. Beltran

Espousing a more connected nation in a digital present

July 12, 2024 | 12:13 am

Living without connectivity is now unimaginable. It has become an integral part of lifestyles, shaping the way people live and work. It also powers industries by facilitating communication and driving businesses to innovation. In the Philippines, the importance of connectivity cannot be overstated. The country is home to 86.98 million of internet users, according to global online reference library DataReportal. Earlier this year, in another report by global intelligence firm Ookla, the country recorded an average fixed internet connection speed of 92.19 Mbps and a mobile internet connection speed of 27.75 Mbps. With the digital revolution in full swing, such demand for improved digital connectivity is bound to grow.

As the head of the MVP Group of Companies, Manuel V. Pangilinan (MVP) continues to play a pivotal role in the country’s digital journey through his enduring leadership of companies bringing connectivity across the country, among them PLDT, Smart Communications, Inc. (Smart), and Radius Telecoms, Inc.

Being one of the largest groups in Philippine telco, PLDT has brought integrated and fixed wireless networks to Filipinos across the country. Recognizing how technology and connectivity are changing the way people live, PLDT, through its connectivity services, has brought convenience and productivity to enrich their digital experiences.

The MVP-led telco has witnessed growth within its services during the first quarter of this year, with an 8.9% increase, from P9.06 billion (2023) to P9.82 billion. This boost was attributed to higher net services revenues, which rose by 3.6%, from P52.36 billion to P54.22 billion, acting as the main driver of this growth.

Meanwhile, Smart, the mobile services arm of PLDT, is leading the way in 5G connectivity in the country, according to a 2023 report by independent analytics firm Opensignal. As 5G connectivity is quickly gaining more traction among Filipinos, Smart is recognized as a top player in bringing seamless connectivity through 5G; and it is seen to continue dominating the 5G coverage category.

In efforts to push for a more connected nation, PLDT is looking to expand further and strengthen its network infrastructure, improving broadband experience and thus improve connectivity across the country, primarily through investments.

“One of the top priorities of PLDT, and of the conglomerate for that matter, is to raise the level of investments in the country, because that’s really what’s needed if we want to push our economy forward,” Mr. Pangilinan said.

The telco company has allocated a total of P635.2 billion to invest in cutting-edge technologies, as well as to expand its network services, including wireless and fixed services to uplift connectivity within the lives of enterprise clients and Filipinos through technology.

In addition to digital initiatives, the MVP Group is looking to expand investments in the electricity sector to further strengthen digital connectivity in the country. Mr. Pangilinan believes that expanding the distribution footprint of Meralco, the largest electricity supplier in the country and also part of the MVP Group, will improve efficiency of electric services that is currently powering over 30 cities and 7.716 million of Filipinos.

To do this, Mr. Pangilinan continued, investing in other electric cooperatives, and expanding and upgrading its distribution network facilities is needed to enhance network resiliency. Currently, new substations across cities were developed to support and address electricity needs and demands in the country. These new substations are developed in Taguig, Laguna, Cavite, and Bulacan.

“There is one idea which I have encouraged Meralco to adapt — broadening its investments in electric cooperatives in the country; because we might be efficient on the generation side of the business, but Meralco’s distribution footprint is limited to our franchise area,” Mr. Pangilinan said in another statement.

Continuing to push forward with its broadband expansion, PLDT has recently invested P2.12 billion in Radius Telecoms, which is managed by Meralco. This investment further cements the group’s position as a leader in the telecommunications industry.

Radius Telecoms is well known for its high-speed fiber data and internet solutions, which operates on a reliable fiber optic infrastructure. Currently, it covers a network of facilities, ensuring secure connectivity to 150 enterprise buildings and more than 200 residential units.

The said investment in Radius Telecoms, as shared by the PLDT Group, is expected to not only expand their broadband services, but also to attract a new market of subscribers amid the increasing competition in the broadband market. Both groups see this investment as an opportunity to improve internet quality and achieve cost efficiencies for both customers and companies.

Digital upskilling

As part of the Digital Infrastructure Group of the Private Sector Advisory Counsil (PSAC), the MVP Group makes certain of harnessing digital innovation to improve connectivity and network infrastructure in the country. In line with its digitalization efforts, the group has launched the GoDigital Pilipinas (GDP) movement, which promotes digital literacy and create a more sustainable and digital environment for all Filipinos.

The GDP movement is supported by private partners, such as Metro Pacific Investments Corp. (MPIC), and other MVP-led telco companies are supporting this movement. MPIC’s subsidiaries, such as PLDT, is spearheading the digital pivot through digital upskilling among Filipinos.

Notably, the telco is already at the forefront with its educational programs in the Science, Technology, Engineering, and Mathematics (STEM)-field areas. One of its education programs, the Smart Wireless Engineering Education Program (SWEEP), was established to support and partner with local universities, promoting technology and innovation among schools and universities. It also provides students and schools with the necessary equipment, training, immersive experiences, and services, providing long-lasting impact in Filipino communities through technology.

Also, under this program, Innovation Generation (InnoGen) opens an innovation grant for empowering senior high school and college students to become the next digital change-makers in the country.

In addition to other digital upskilling programs, the telco has partnered with educational institutions to empower the academic sector. This partnership aims to improve digital access, skills, and capabilities among students. In particular, PLDT Enterprise has partnered with the Philippine Science High School-Central Mindanao Campus (PSHS-CMC), equipping them with digital solutions, developing digital skills, and ensuring reliable connectivity that can enhance their educational experience.

Solidifying cybersecurity

In another notable initiative, PLDT and Smart has partnered with the Armed Forces of the Philippines (AFP) to enhance the country’s cybersecurity infrastructure amid rising cyberattacks and the Philippines’ growing vulnerability as a target.

The PLDT Group has had success in managing digital breaches in recent years. According to the group’s data, it has blocked over 5.5 million cases of cyberattacks and network breaches in the first six months of last year. This makes PLDT a vital partner of the government in protecting the country’s cyberspace against evolving digital threats.

“Whether it’s sharing threat intelligence, best practices, joint simulation exercises, we need to come together in order to protect our shared cyberspace together. The quality of attacks has leveled up in sophistication. Plans and strategies work best if we have the right teams and the right personnel to back these up. We need to bolster the ranks of our cyber warriors,” Mr. Pangilinan said in a statement.

Mr. Pangilinan added that digital initiatives — investments, partnerships, and developing infrastructures — are just some of the ways the business sector can contribute to strengthening connectivity in the country.

“I would like to encourage my colleagues in the business sector to raise their level of investments, because this could increase the number of jobs and the procurement of supplies and materials needed for business expansion, therefore driving economic growth,” he said.

“Our role as the private sector is to take the lead in driving the digitalization plans of the country together with the government. Pouring investments on infrastructure and manpower, whilst espousing digital advancement, will continuously enable us to provide the convenience and accessibility Filipinos deserve,” he added. — Angela Kiara S. Brillantes

Ensuring a sustainable future with energy security initiatives

July 12, 2024 | 12:11 am

SF_MERALCO-OL — Photo from company.meralco.com.ph

Energy is a crucial driver of economic growth and development, but the world is facing significant challenges in ensuring a sustainable and secure energy future. According to the International Energy Agency (IEA), the world’s demand for electricity grew by 2.2% in 2023, less than the 2.4% growth observed in 2022. Meanwhile, global electricity demand is expected to rise at a faster rate over the next few years, growing by an average of 3.4% annually through 2026.

The reliance on fossil fuels for energy generation has severe environmental consequences, including greenhouse gas emissions and climate change. A report from S&P Global said that fossil fuels made up 82% of the global energy mix in 2021, together with gas and coal. The heavy reliance on fossil fuels has led to a steady increase in global greenhouse gas emissions over the past decades.

In the Philippines, the growing population and continued industrialization have led to a surge in electricity demand, which is expected to reach over 40,000 megawatts (MW) by 2040, far exceeding the current dependable capacity of 22,736 MW. The increasing demand places immense pressure on existing energy infrastructure and resources.

The Philippines is facing a mounting energy crisis as the country’s power demand continues to surge, putting immense pressure on existing energy infrastructure and resources.

In response, Manila Electric Company (Meralco), the Philippines’ largest power distribution utility, has been at the forefront of this energy crisis despite evolving energy regulations, shifting weather and climate patterns, and changing market dynamics.

In 2023, Meralco achieved record-breaking sales of 51,044 Gigawatt hours (GWh), marking a notable 4.4% increase from the previous year.

Inclusive and sustainable leadership

Led by Chairman and CEO Manuel V. Pangilinan, Meralco is committed to providing affordable, accessible, reliable, and clean energy to all its customers. The electric distribution company has embarked on various initiatives and programs aimed at bringing electricity to underserved communities, embracing renewable energy sources, and supporting the achievement of Sustainable Development Goals (SDGs).

In line with the national agenda of transitioning to low-carbon energy sources, Meralco has embarked on a mission to meet the country’s growing energy demand with renewable energy. The company has set ambitious targets to secure 1,500 MW of renewable energy by 2025, aligning itself with the Department of Energy’s (DoE) Renewable Portfolio Standards.

Meralco also aims to build up to 1,500 MW of renewable energy generation capacity across multiple technologies through 2027, signaling its dedication to driving the shift towards clean energy solutions.

“With committed projects set to raise installed power capacity by 12,427.65 MW over the next five years, the outlook for the power sector looks encouraging,” said Mr. Pangilinan.

The sustainability agenda of Meralco, “Powering the Good Life,” is centered around four strategic pillars: Power, Planet, People, and Prosperity.

Under the Meralco Electrification Program (MEP), the company has accomplished 100% electrification of 536 priority sites, providing electricity to a total of 72,876 households in 2022. The MEP, backed by One Meralco Foundation’s Household Electrification Program, has also facilitated the electrification of 6,376 low-income households that were previously without access to electricity.

Meralco’s subsidiary, Spectrum, has successfully energized numerous private, educational, and government institutions, with a total capacity of 14 MWp in 2021.

Moreover, the electric company has been actively working to provide energy access to isolated communities. Through the implementation of microgrid solutions, the company has illuminated 29 households in Isla Verde with a 32-kWp solar PV and 192-kWh battery energy storage system (BESS), as well as 140 households in Cagbalete Island with a 60-kWp solar PV and 150-kWh BESS. Plans are also under way to scale up these microgrids to encompass additional communities on both islands.

Meralco is also expediting its renewable energy build-out plan. Meralco’s subsidiary, MGreen, has launched BulacanSol, a 55-MW solar farm, which commenced operations in May 2021. Additionally, Global Business Power’s (GBP) inaugural solar power plant, with a peak capacity of 115 MW in Rizal, is set to come online in 2022.

“We are making significant strides in our energy transition journey to become a significant renewable energy player in the country. More broadly, we are committed to pursuing innovative and sustainable investments that can bring significant value to our environment, our customers, our shareholders, our communities, and our people,” Mr. Pangilinan mentioned.

Efforts beyond Meralco’s core function

Meralco recognizes the role of electricity in empowering communities and improving lives, extending its reach beyond traditional electrification programs to promote the well-being of communities.

One of Meralco’s key initiatives under Mr. Pangilinan is focused on expanding water access to households, particularly in areas where potable water is scarce. The electric company is directly tackling a fundamental need for many underserved communities by providing access to clean and safe water.

Meralco has also taken proactive steps to provide electricity to schools, with the goal of expanding educational opportunities in the communities it serves. The project aims to create a conducive learning environment for students that further contributes to the development of human capital in the area.

The Pangilinan-led electric company is also committed to enhancing access to quality healthcare by ensuring that healthcare institutions have reliable access to electricity. This contributes to the overall well-being of communities by enabling the delivery of essential medical services.

Furthermore, Meralco has undertaken measures to increase disaster resilience and recovery in the areas it serves. By providing training to cooperative staff and communities, Meralco is demonstrating its dedication to supporting communities during challenging times and reinforcing the importance of preparedness and resilience in the face of natural disasters.

“Beyond our traditional role of providing power and services to our customers at affordable rates, Meralco takes to heart our overarching mission of improving people’s welfare, in coordination with, and with the support of government,” Mr. Pangilinan said.

“With sustainability at the core of Meralco’s strategy and operations, we will continue to use energy to deliver sustainable, enduring, and meaningful progress. We look forward to uplifting and enabling many more Filipinos to power better lives not only for themselves today but, more importantly, for their children’s tomorrow,” he added. — Mhicole A. Moral

Ballroom to rooftop — elevating events at Seda BGC

July 12, 2024 | 12:10 am

Seda-BGC-Satin-Room-(2)-OL — The Satin Room was designed for flexibility and versatility to cater to various requirements.

In the world of events, finding a venue that seamlessly blends functionality, elegance, and exceptional service can be a challenge. However, Seda BGC has emerged as a standout, offering versatile spaces that cater to both corporate and social events.

Function Venues for any Occasion

From intimate boardroom meetings and grand-scale conferences to weddings and milestone celebrations, Seda BGC’s 11 function and meeting rooms offer unparalleled flexibility and adaptability. Its Velvet Ballroom and Satin Room are divisible into three separate spaces, providing endless possibilities for event design and layout.

The Velvet Ballroom is a stunning space that can accommodate up to 250 persons for a sit-down event. Its pre-function area is perfectly suited for cocktails, buffet stations, and other display paraphernalia, making it an ideal choice for events that require a touch of grandeur.

The Satin Room can seat 100 persons with a round-table setup — suited for medium-size assemblies.

For an extraordinary setting meant to impress, Seda BGC’s Tower 1 rooftop is unmatched. Outdoor and indoor spaces with stunning views of the urban skyline are incomparable, providing a truly unique backdrop for any event. Total capacity is 120 persons for a lounge and cocktail setup.

Exceptional Service and Cuisine

The Velvet Ballroom set for a corporate event.

The hotel’s dedicated events team and in-house culinary team work together to ensure every detail is attended to, from the setup to the menu. From the moment guests arrive, they are greeted with a sense of professionalism and warmth that sets the tone for the entire event. The hotel’s commitment to providing a seamless and memorable experience is evident in every aspect, and with a range of culinary options to suit varying tastes, Seda BGC offers an unparalleled dining experience.

Unbeatable Location

The rooftop of Seda BGC’s Tower 1 offers stunning views of the urban skyline, whether in the lounge area or “al fresco.”

Seda BGC’s strategic location in the heart of Bonifacio Global City further enhances its appeal as the ideal venue for any occasion. The hotel’s central position allows for easy access and makes it the perfect choice for making an impressive impact on all guests.

For any event planner seeking to elevate their occasion to new heights, Seda BGC is the clear choice.

For inquiries, please email the hotels’ Events team at sales.bgc@sedahotels.com or call 79458888.

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San Miguel Corp. to hold Special Meeting of Stockholders on Aug. 8 via remote communication

July 12, 2024 | 12:10 am

NOTICE OF SPECIAL MEETING OF THE STOCKHOLDERS
August 8, 2024

The Special Meeting of the Stockholders of San Miguel Corporation will be held on Thursday, August 8, 2024 at 2:00 P.M.

The Company will not hold a physical meeting and the meeting will be conducted via remote communication and livestreamed at the Company’s website. Stockholders can attend the meeting by remote communication.

The Agenda of the Meeting is as follows:

Certification of Notice and Quorum
Approval of the Reclassification of 300,000,000 Series “1” Preferred Shares to Series “2” Preferred Shares in the Authorized Capital Stock, and Issuance of Series “2” Preferred Shares
Approval of the Amendment to Article VII of the Amended Articles of Incorporation of the Company
Approval of the Amendments to the Amended By-Laws of the Company to delineate the roles and duties of the Chairman and Chief Executive Officer, and the President and Chief Operating Officer of the Corporation.
Adjournment

Stockholders who would like to attend the online meeting should access the 2024 SMC SSM Website at https://www.sanmiguel.com.ph/SSM2024 to obtain the following: (a) ballots and proxies to attend the meeting, and (b) the link to view the livestream of the meeting which will be available on the day of the meeting.

During the meeting, the Company shall entertain questions and comments from the stockholders after the presentation of the Agenda Item No. 2 and 3. Questions and comments must be submitted either in advance or during the meeting by email to stockholders@sanmiguel.com.ph. Questions which were not answered during the meeting shall be forwarded to the Office of the Corporate Secretary for the appropriate response.

Ballots and proxies can be submitted via email at stockholders@sanmiguel.com.ph which submission shall be duly acknowledged and validated by the SMC Stock Transfer Service Corporation. For individual stockholders, the submissions must be accompanied by a copy of a government issued ID as proof of identification. For corporations, the submission must be accompanied by a certification from its Corporate Secretary stating the corporate officer’s authority to represent and sign on behalf of the corporation. Kindly submit to the SMC Stock Transfer Service Corporation the original signed and notarized documents within a reasonable time after the resumption of regular business operations.

The deadline for submission of ballots and proxies is on July 29, 2024. Validation of ballots and proxies will be on August 1, 2024 at 10:00 a.m. at the SMC Stock Transfer Service Corporation Office, 2nd Floor, SMC Head Office Complex, No. 40 San Miguel Ave., Mandaluyong City, Philippines.

(Original Signed)
Virgilio S. Jacint
Corporate Secretary

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Maya closes the Credit Gap for the Unbanked and Unhappily Banked

July 12, 2024 | 12:10 am

Maya, the #1 Digital Bank in the Philippines, continues to democratize banking, by providing easy, secure, and instant credit to Filipinos often overlooked by traditional banks and vulnerable to predatory lenders.

Maya’s research reveals that 59% of its borrowers are accessing credit for the first time through Maya, highlighting the platform’s role as a crucial entry point for the unbanked and underbanked.

Additionally, for those with existing bank relationships, only a small fraction of Maya borrowers have both a credit card and existing loans, with about half being new to credit. This underscores Maya’s vital role in serving the “unhappily banked.”

“In just two years, Maya has transformed banking, driving true financial inclusion beyond basic account access. It’s the fastest and easiest way to get everyone banked,” said Shailesh Baidwan, Maya Group President and Maya Bank Co-Founder. “And we are just getting started. Our mission is to bring millions of Filipinos into the financial fold, providing them with access to credit and opportunities to improve their lives.”

Nurturing Positive Financial Habits

Maya users, even those new to credit, demonstrate responsible borrowing behaviors, using loans wisely for essential needs. Maya’s pioneering high-engagement banking model promotes such prudent behaviors, rewarding smart spending with more attractive deposit interest rates.

When users unlock credit, data shows that they spend responsibly, such as on bill payments — a behavior incentivized by Maya with up to 14% interest credited daily to their deposit accounts.

“Our all-in-one ecosystem creates a win-win situation. The more our customers use Maya, the better their credit score gets, unlocking a world of opportunities. This approach puts the needs of our users first and, at the same time, enables us to serve more people better,” added Angelo Madrid, Maya Bank President.

Users engaged with Maya’s credit services are twice as likely to utilize additional app features, enhancing their credit health and fostering loyalty. This high engagement has led to significant credit growth, with loan disbursements as of end-March 2024 reaching PHP34 billion since the service’s launch.

Borrowing Made Simple 

Accessing traditional credit remains a challenge for many Filipinos. According to the Bangko Sentral ng Pilipinas’ “2021 Financial Inclusion Survey,” only 4% of adult borrowers secured loans from banks. Many Filipinos resort to borrowing from family, friends, or worse, predatory lenders. Maya transforms borrowing into a simple, empowering experience.

Maya leverages AI to evaluate customers’ creditworthiness through diverse data points, including payment activity, app usage, and other alternative data. This approach simplifies credit building and motivates users to engage in healthy financial behaviors, such as consistent bill payments in the Maya app.

Eligible users can secure up to PHP30,000 through Maya Easy Credit, and those with robust credit scores may qualify for a Maya Personal Loan up to PHP250,000 — all disbursed within seconds on the app.

Maya is the #1 Fintech Ecosystem in the Philippines, with Maya, the #1 Digital Bank, and Maya Business, the #1 Omni-Channel Payment Processor. Maya Bank is a digital bank regulated by the Bangko Sentral ng Pilipinas (BSP), with deposits insured by the Philippine Deposit Insurance Corp. (PDIC) up to PHP500,000 per depositor. To learn more about Maya, check out maya.ph and mayabank.ph. Follow Maya at @mayaiseverything on Facebook, Instagram, YouTube and TikTok, and @mayaofficialph on Twitter.

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Landco Pacific launches Punta Fuego luxury beachfront residential condominium — The Residences

July 12, 2024 | 12:10 am

18-The-Residences-Luxury-Beachfront-Condominium-at-Terrazas-de-Punta-Fuego-OL — The Residences Luxury Beachfront Condominium at Terrazas de Punta Fuego

A final call to be part of the Philippines’ most prestigious leisure community

Landco Pacific Corporation, a subsidiary of Manny V. Pangilinan-led Metro Pacific Investments Corporation (MPIC) has recently introduced The Residences at Terrazas de Punta Fuego, marking a new era in upscale beachfront living. Set in the prestigious Punta Fuego community in the Philippines, this launch represents the final opportunity to become part of an elite legacy.

“Punta Fuego resonates with us, it’s something special, it’s a creation that’s more popular than the creator but that’s fine with us. What is special about Punta Fuego when all developments in Nasugbu face the Nasugbu bay? Why is it that when you cross the fence to Punta Fuego, the price of the lot is four times higher?” Manzano expressed.

“It can be about our legacy as developers and being a subsidiary of MPIC or probably the marina or the golf course. But my personal take is that it’s probably because who your neighbors are, because of who lives in the area. This Punta Fuego, you add Peninsula, Terrazas and now The Residences. This latest development is Landco’s last piece of property in Punta Fuego, and it’s providential that it’s in a beachfront. It is the culmination of the Punta Fuego development, we are offering you the privilege to be part of this exclusive community, that I think centuries from now will continue to be relevant,” Manzano elaborated.

Luxury meets nature

1 of 2

The Residences is poised as a pinnacle of luxury, offering exclusive one to three-bedroom apartments within its beachfront condominium, comprising three clusters. These residences boast low-density living, panoramic views of Nasugbu Bay, and a seamless blend of Spanish Mediterranean and Asian Tropical architecture.

Punta Fuego, developed by Landco Pacific Corp. and Roxaco Land Corp. in the 1990s, stands out among Nasugbu’s developments for its prestigious marina, golf course, and distinguished community, commanding a fourfold price premium over adjacent areas.

The new project is touted as a high-value investment, given the track record of Punta Fuego which exceeded 1,000% value appreciation since it was developed in the 90s, and offers a legacy to be passed to future generations.

The Residences Pool Deck with a sea view

At The Residences, luxury meets nature. Residents can enjoy close proximity to the beach, 800 meters of fine white sand, and lush landscapes. Each unit has a guaranteed sea view and features expansive living spaces with generous ceiling heights, large windows, and private balconies, ensuring privacy and a serene environment. The property is also designed with modern amenities like a Lobby Lounge, Garden Courtyards, a conference room, a pool with a function room, and a spa and sauna, offering a balanced blend of business and leisure facilities.

Dedication to sustainability

Emphasizing sustainable development, The Residences is pursuing EDGE Certification with a commitment to energy and water efficiency, tree preservation, and support for electric vehicles. The incorporation of a double-pipe water system, rainwater harvesting, and environmental initiatives further demonstrates Landco’s dedication to sustainability.

“Sustainability is part of Landco’s DNA not because we have to, but because it’s the right thing to do,” stated Manzano.

An exclusive, idyllic community

Unit owners will enjoy the privileges of Club Association Membership, granting access to the exclusive amenities of Club Punta Fuego and the Landco Privilege Club Program. With the commitment to maintain its high environmental and community standards, The Residences represents not just a home but a legacy within an idyllic seaside sanctuary.

For more information about Landco Pacific Corporation, renowned for pioneering premium landscapes for more than 30 years and its last call for the most prestigious beachfront condominium — The Residences at Terrazas de Punta Fuego, visit https://theresidencespuntafuego.landco.ph/ or  https://www.facebook.com/LandcoPacificCorporation.

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MVP’s media empire: From journalism to talent management

July 12, 2024 | 12:09 am

SF_PhotoSynthesis_469-OL — BW FILE PHOTO

Manuel V. Pangilinan, colloquially known as MVP, is renowned in the Philippines as a well-respected businessman who has impacted several industries in the technology, finance, food and beverage, manufacturing, and energy sectors. He is concurrently chairman, president, and chief executive officer (CEO) of Metro Pacific Investments Corp. (MPIC); chairman and CEO of Manila Electric Company (Meralco); and chairman of PLDT, Inc., along with many other business ventures nationwide.

While his brilliant business acumen and never-ending love for the game of basketball are what most Filipinos know him for, Mr. Pangilinan has been a constant and transformative presence in the Philippine media industry. MVP serves as the chairman of MediaQuest Holdings, Inc. (MediaQuest), one of the largest media conglomerates in the country with stakes in print, radio, broadcast, and other content- and talent-related ventures.

Established in the 1990s through PLDT’s Beneficial Trust Fund, MediaQuest is the parent company of some of the most influential media outlets in the country such as The Philippine STAR, BusinessWorld, TV5, Radyo5, and Cignal TV.

MediaQuest started building its media empire in 1998 with the acquisition of the Nation Broadcasting Corp. (NBC) from the consortium of the Yabut family and then-House Speaker Manny Villar. NBC was the first network outside of Metro Manila to broadcast on a 24-hour basis and the first company to launch FM stations in Visayas and Mindanao.

Another significant milestone for the media conglomerate is the founding of Cignal TV in 2009. Today, Cignal is the Philippines’ premier direct-to-home satellite provider using broadcast satellite technology, which delivers premium TV content to households and establishments nationwide. With more than 2 million subscribers in 2018, it became the most subscribed pay-TV provider in the Philippines.

Then, in 2010, MVP’s media conglomerate acquired the ABC Development Corp., more commonly known as TV5. The “Kapatid” network is currently the second most-watched TV channel in the country, providing quality entertainment, news, and sports to its viewers locally and internationally.

While it has changed owners and names over the years, TV5 had its beginnings as the Associated Broadcasting Company, which was founded in 1960 by renowned newspaper publisher Joaquin “Chino” Roces. However, its rise in a once young TV landscape would be short-lived due to the censorship of the Marcos administration at the time. In a remarkable comeback, the network was able to resume operations in 1992 and was dubbed the “fastest-growing network” during the decade.

In the same year, MediaQuest, through its subsidiaries NBC and TV5, took over the airwaves of 92.3 News FM and rebranded it to Radyo 5. Recently, the station changed its name once again into 92.3 Radyo5 TRUE FM, further marrying FM and AM radio together through a diverse set of programs which includes Ted Failon DJ Chaha sa Radyo5 and Wanted sa Radyo.

Although the company did already have 30% ownership before it acquired the country’s first business daily, MediaQuest was able to formalize its acquisition of a majority stake in BusinessWorld Publishing Corp. in 2013. This acquisition strengthened MediaQuest’s foothold in the business news domain, and it also facilitated the conglomerate’s entry into print media.

Subsequently, MVP’s multimedia service company was able to gain a majority stake in the Philippines’ most widely circulated broadsheet, The Philippine STAR. The newspaper was founded just a few months after the People Power Revolution in 1986 by veteran journalists Betty Go-Belmonte, Max Soliven, and Art Borjal, who were involved in the “Mosquito Press,” a moniker for publications that were critical of the first Marcos administration.

Presently, The Philippine STAR has grown into the country’s leading and most recognized brand in journalism not only in print but also digitally. Cebu-based, English-language broadsheet The Freeman; Filipino-language tabloids Pilipino Star Ngayon and Pang-Masa; and Cebuano-language tabloid Banat all operate under the umbrella of the PhilSTAR Media Group as well.

Compelled by the need for media entities to be vigilant in guarding the truth and the need to protect press freedom, Mr. Pangilinan launched Cignal TV’s original satellite TV channel One News in 2019. By combining the expertise and personalities of MediaQuest’s most trusted brands in The Philippine STAR, BusinessWorld, News5, and Bloomberg TV Philippines, One News has sought to present all sides, contexts, and backgrounds of current issues and complement the reportage of other media outlets.

Another channel launched under the “One” brand in 2019 is One Sports, a free-to-air television network dedicated to sports. Formerly known as “5 Plus,” the sports channel has provided extensive coverage of athletes and teams from the biggest sports leagues in the Philippines and in the world, including the Philippine Basketball Association (PBA), Philippine Volleyball League (PVL), and International Basketball Federation (FIBA). The free-to-air channel is operated by NBC.

To complete the “One” brand’s network offerings, MediaQuest, through Cignal TV, aired One PH a 24/7 Filipino-language television and radio news channel. Similarly launched in 2019, One PH has programs categorized into three blocks: newscasts and talk shows; public service and infotainment; and showbiz and sports.

After the National Basketball Association (NBA) ceased airing its games on free TV in 2019, MVP’s media conglomerate became the catalyst that brought the game back to the screen of Filipinos in 2020. Just in time for the NBA’s restart, TV5 and One Sports aired select “seeding” and playoff games that gave Filipinos something to cheer for during the pandemic.

Eventually, MediaQuest launched a localized version of NBA TV, NBA TV Philippines. Through a partnership with the NBA and the NBA 2K League, the sports channel has had live simulcasts of the leagues’ games as well as locally produced programming featuring local sports personalities.

A collegiate sports channel called the “UAAP Varsity Channel” has also been launched by the MVP media conglomerate in partnership with the University Athletic Association of the Philippines (UAAP). Available on Cignal TV, the network broadcasts basketball, volleyball, and other sporting events from the said league.

Building on the success and influence in various media sectors, Mr. Pangilinan has ventured other facets of media with the launch of MediaQuest Ventures, described as the “content creation hub” of MediaQuest, in 2023. The newly founded subsidiary combines film and TV production, talent management, and live events endeavors of the media conglomerate.

Under MQuest Ventures is MQ Artist Agency (MQAA), which recently announced its “first marquee signing” Cedrick G. Juan. Mr. Juan starred in the historical film GomBurZa and won the Best Actor award at the 2023 Metro Manila Film Festival for his portrayal of Fr. Jose Burgos in the movie. The GomBurZa star signed an Exclusive Talent Management Agreement with the MQAA in May along with 13 other artists.

MVP has been a fixture in the Philippine media and a key contributor to the industry by bringing various innovations in the TV, digital, and print media markets. As the chairman of MediaQuest, he has set the gold standard in producing and distributing media content on all mediums, focused on delivering news, sports, and entertainment to Filipinos and global audiences. Despite media being one of his lesser-known endeavors, Mr. Pangilinan has proven to be the most valuable person in advancing the Philippine media industry today. — Jomarc Angelo M. Corpuz

Elevating sustainable leisure property development

July 12, 2024 | 12:07 am

Few names resonate with as much impact as Manny V. Pangilinan in the Philippine business community. His reach spans across multiple industries, and the businesses under his leadership have grown successful enough to be of national importance, with the likes of PLDT-Smart, Meralco, and Maynilad.

Landco Pacific Corp., a subsidiary of the Pangilinan-led tollways and infrastructure conglomerate Metro Pacific Investments Corp.(MPIC), aims to do the same in the landscape of leisure real estate in the Philippines. Under Mr. Pangilinan’s visionary guidance, Landco is consistently pushing the boundaries of luxury, sustainability, and community-centric development, creating a lasting legacy in the process.

One of the crown jewels in Landco’s portfolio is Punta Fuego, and it serves as proof of Mr. Pangilinan’s vision as the name has become synonymous with elite beachfront living. Developed in partnership with Roxaco Land Corp. in the 1990s, Punta Fuego has set a benchmark for luxury communities with its prestigious enclave, encompassing Peninsula de Punta Fuego and Terrazas de Punta Fuego, complete with its marina, golf course, and distinguished residential community.

“It can be about our legacy as developers and being a subsidiary of MPIC or probably the marina or the golf course. But my personal take is that it’s probably because who your neighbors are, because of who lives in the area. This Punta Fuego, you add Peninsula, Terrazas, and now The Residences. This latest development is Landco’s last piece of property in Punta Fuego, and it’s providential that it’s in a beachfront. It is the culmination of the Punta Fuego development, we are offering you the privilege to be part of this exclusive community, that I think centuries from now will continue to be relevant,” Mr. Manzano elaborated.

The latest addition, The Residences at Terrazas de Punta Fuego, epitomizes Landco’s commitment to luxury and sustainability. This exclusive beachfront condominium offers panoramic views of Nasugbu Bay, blending Spanish Mediterranean and Asian Tropical architecture. It promises low-density living, spacious units with high ceilings, and modern amenities, all designed to provide a seamless blend of luxury and nature.

A three-bedroom unit at The Residences at Punta Fuego

Sustainable development is a significant part of developing The Residences, as it is pursuing EDGE Certification with a commitment to energy and water efficiency, tree preservation, and support for electric vehicles. The incorporation of a double-pipe water system, rainwater harvesting, and environmental initiatives further demonstrates Landco’s dedication to sustainability, ensuring that providing luxury does not have to be at the cost of the environment.

In fact, the company’s BeachTowns, including Playa Laiya and Club Laiya in Batangas, are master-planned communities designed with environmental consciousness in mind. These developments feature permeable, tree-lined walkways, bike lanes, and a double-pipe water system for efficient water recycling, marking them as pioneering sustainable communities in the Philippines. Club Laiya and BeachTowns CaSoBe (Calatagan South Beach) are both sustainable developments that are LEED (Leadership in Energy and Environmental Design)-registered.

Moreover, Landco has received accolades at the 2023 Global Economics Awards held in Bangkok for its sustainable developments, naming Landco as the Best Leisure Real Estate (Resort Estate) Developer of the Year. In the leadership category, Landco CEO Mr. Manzano was recognized for his Outstanding Contribution Towards Sustainability in Real Estate Development.

“We are thankful for The Global Economics Awards for recognizing our sustained efforts in developing distinctive leisure concepts particularly the BeachTowns in Batangas to cater to the modern lifestyle of Filipino families as we promote tourism in the destination and champion sustainability,” Mr. Manzano said.

“These awards energize us to continue ramping up the sustainability initiatives in our developments to leave a lasting and sustainable legacy for future generations and for other players in the real estate industry to emulate,” he added.

Meanwhile, Club Laiya, another standout project, received the Gold Award for Outstanding Development in Luzon at the 2024 Fédération Internationale des Administrateurs de Bien-Conselis Immobiliers (FIABCI) Philippines Property and Real Estate Excellence Awards. This 23-hectare beachfront resort estate is celebrated for its master-planned design, community benefits, and environmental sustainability, reinforcing Landco’s reputation as a leader in innovative and sustainable leisure properties?.

The Spinnaker, a 22-storey beachfront condotel at Club Laiya, was also recognized at the 2024-2025 Asia Pacific Property Awards as the Best Sustainable Residential Development with Five Stars. The Spinnaker also won the Award for Condominium Development in the Philippines. The development offers 247 units with expansive sea views, state-of-the-art amenities, and a strategic location within the vibrant Club Laiya, making it an attractive investment for those seeking a blend of luxury and sustainability.

“These awards inspire us to continue pushing boundaries, shaping the future of luxury resort living in the Philippines and in the region, and ensuring that our developments become a lasting and sustainable legacy for future generations and for other players in the international real estate industry to emulate,” Mr. Manzano said.

It is through Landco that Mr. Pangilinan’s influence on the real estate industry can be seen. Through his strategic vision and unwavering commitment to excellence and sustainability, Landco has redefined upscale leisure property development in the Philippines.

Each project, from Punta Fuego to Club Laiya, is a testament to Landco’s pioneering spirit and dedication to creating world-class communities that not only enhance the lives of their residents but also set new standards for the industry.

“Prioritizing sustainability is key to our role as a reliable partner in nation building, as it creates a concrete roadmap for us to charter a better future for our people and our planet,” Mr. Pangilinan said in a speech to MPIC.

“Sustainability is part of Landco’s DNA not because we have to, but because it’s the right thing to do,” Mr. Manzano added. — Bjorn Biel M. Beltran

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