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Isuzu PHL starts construction of 50th dealership, eyes year-end opening

BW FILE PHOTO

ISUZU PHILIPPINES Corp. (IPC) has started construction of its 50th dealership in the country, which is expected to open by the end of the year, the company said on Tuesday.

The upcoming dealership, to be located in Mandaluyong City, is being developed in partnership with ICONIC Dealership, Inc., the company said in a statement.

The company described the site as “strategic,” citing the city’s mix of commercial establishments, residential communities, and expanding middle-class population.

“It brings the Isuzu brand even closer to a wide array of customers in one of the most progressive corridors of Metro Manila,” IPC President Mikio Tsukui said in a statement.

The facility will have a total floor area of 2,108 square meters (sq.m.), including a 709-sq.m. showroom that can accommodate up to five display units. It will also feature four service bays, a car wash area, and customer parking.

As of March, IPC ranked sixth in total automotive sales in the country, accounting for 4,371 units, or 3.73% of the industry total, according to a joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. and the Truck Manufacturers Association. — J.I.D. Tabile

Arts & Culture (05/07/25)


Robinsons’ ARTablado holds shows on motherhood

THIS Mother’s Day, Robinsons Land ARTablado is honoring the love and care that mothers give their families through two exhibits. On view until May 15 at the gallery’s branch at Robinsons Galleria is a solo show by Philippine biodiversity advocate and artist Bing Famoso, while the works of mother-and-daughter tandem Maria Cristina Arroyo and Christelle Arroyo are mounted at Robinsons Antipolo.


Instituto Cervantes shows films from Castilla y León

THIS MONTH, Instituto Cervantes Manila, in collaboration with the Castilla y León Film Commission and the Embassy of Spain, will present a film series by filmmakers from Castilla y León. The movie series includes four feature films and three short films and will be shown every Thursday of May at the Instituto Cervantes in Manila. Each screening will be followed by a panel discussion featuring the filmmakers, and Kristine Guzmán, head of the Castilla y León Film Commission. The series will kick off on May 8 with the short film Alegre y olé (2023, 20 min.), directed by Clara Santaolaya, about two patients in a psychiatric center and their relationship. It will be followed by the feature film Gallo Rojo (2024, 84 min.), directed by Enrique García-Vázquez, about a woman who returns to the village one summer to set up a cinema after living in a big city for a while. There she meets up with an old acquaintance, and their friendship grows. To be screened on May 15 are the short documentary Yo, mi, me, conmigo (2024, 14 min.), by Alicia Van Assche, and a drama-thriller Pastoris (2024, 108 min.), by Pablo Moreno. The third screening on March 22 will feature the short Las calles de Granada (2023, 14 min.), directed by Isabel Medarde, followed by Secundarias (2023, 81 min.) by Arturo Dueñas. The series will conclude on March 29 with the full-length film La Controversia de Valladolid (2023) by Juan Rodríguez-Briso. All films will be screened in their original Spanish language with English subtitles and will take place at 2 p.m. at the Intramuros branch of Instituto Cervantes (855 Calle Real, San Luis Complex, Intramuros, Manila). Admission is free, with seating on a first-come, first-served basis. For more information, visit Instituto Cervantes’ website at www.manila.cervantes.es, or follow them on Facebook at www.facebook.com/InstitutoCervantesManila.


Choral festival calls for composition entries

THE Andrea O. Veneracion International Choral Festival (AOVICF) is accepting entries for the first-ever AOVICF Choral Composition Competition until May 30. Named after the founder of the world-renowned Philippine Madrigal Singers, AOVICF invites composers worldwide, amateur or professional, aged 18 years and above, to submit their original unpublished entries. More details can be found at https://www.aovchoralfestph.com/compositioncompetition.


Art House, AAG unveil Zóbel Centennial Collection

NEWLY launched merchandise created by Art House and the Ateneo Art Gallery (AAG) under the Fernando Zóbel Centennial Collection, feature travel sketches by the artist which he made while traveling around the Northern region of the country. Mr. Zóbel’s drawings were applied onto gift and novelty items like catch trays, Japanese umbrellas, cell phone stands, laptop stands, and coasters. They are now available at the AAG’s museum shop.


British Council opens grants for 2025

PROMOTING more cross-border artistic collaborations between the UK and the Philippines, the British Council has opened applications for its Connections Through Culture (CTC) grants. These offer up to £10,000 in funding for innovative, cross-cultural initiatives that “challenge ideas, inspire communities, and push artistic boundaries.” The grants can support a digital art residency, an international performance, a creative policy lab, or a community-led exhibition. Applications are now open until June 23 for architecture, music, fashion, film, and theater.


May exhibitions at Vinyl on Vinyl

FOUR EXHIBITS are on view at Vinyl on Vinyl this May. First is Mond’s Death of the North Star, a mix of tumultuous and even grotesque paintings and sculptures. Reen Barrera and Marilou Solano have also put up Mayday Rain, a collection of paintings and figures that explore the act of calling for rain in the dry season. There’s also Seeweirdo’s The Never-Ending Cooking Show, featuring the artist’s colorful paintings as a behind-the-scenes look at the grind, from messy mistakes and chaotic struggles to beautiful breakthroughs. Finally, there’s Geremy Samala’s Aeon Shift, with works showcasing eccentric characters through acrylic paint. The exhibits are on view throughout May. At the gallery in the La Fuerza Compound, Chino Roces Ave., Makati.


Prisoner art on view at REP production of Reza’s ART

WHEN the curtains rise for the Repertory Philippines’ (REP) production of ART, a highly acclaimed comedy by French playwright Yasmina Reza, the stage will be adorned by the all-white centerpiece that drives forward the plot, as well as other works. These other works are paintings by members of the HOPE Project, an initiative focusing on persons deprived of liberty (PDL) from the Bureau of Jail Management and Penology in Lipa City, Batangas. These pieces will be displayed for auction throughout the run of the production at the REP Eastwood Theater Lobby in Quezon City. The play will run from June 13 to 29. Proceeds from the auction will cover legal fees for the PDLs’ release after they complete their full sentence.

BTr fully awards reissued bonds

WIKIPEDIA/JUDGE FLORO

THE GOVERNMENT made a full award of the Treasury bonds (T-bonds) it offered on Tuesday as it saw strong demand, with investors flocking to fixed-income assets as the Trump administration’s shifting policies continue to stoke volatility in global markets.

The Bureau of the Treasury (BTr) raised P30 billion as planned via the reissued 10-year bonds it auctioned off as total bids reached P71.71 billion or more than twice the amount on offer.

This brought the total outstanding volume for the bond series to P395.6 billion, the Treasury said in a statement.

The bonds, which have a remaining life of seven years and four months, were awarded at an average rate of 6.081%. Accepted bid yields ranged from 6% to 6.095%.

The average rate for the reissued papers went down by 6.2 basis points (bps) from the 6.143% fetched for the series’ last award on March 11 and was also 66.9 bps lower than the 6.75% coupon for the issue.

However, this was 2 bps above the 6.061% quoted for the seven-year bond and 4.7 bps higher than the 6.034% seen for the same bond series at the secondary market before Tuesday’s auction, based on PHP Bloomberg Valuation Service Reference Rates data provided by the BTr.

The government fully awarded the reissued T-bonds as the offer was more than twice oversubscribed and as the average yield fetched was lower than the rate quoted for the series’ previous reissuance, the Treasury said.

The bond offer fetched strong demand and yields slightly higher than prevailing secondary market rates due amid “increased preference of many investors toward fixed-income securities amid short-term market jitters from policy pronouncements by US President Donald J. Trump,” a trader said in an e-mail.

Investor attention has been on the possibility of easing trade tensions between the US and China after Beijing last week said it was evaluating an offer from Washington to hold talks over tariffs, Reuters reported.

But with few details, investors have been left trying to make sense of headlines coming out of the White House.

Mr. Trump said on Sunday that Washington is meeting with many countries, including China, and that his main priority with China is to secure a fair deal.

Mr. Trump also on Monday slapped a 100% tariff on movies produced outside the United States but offered little clarity on how the levies would be implemented.

US Treasury Secretary Scott Bessent on Monday said Mr. Trump’s tariff, tax cut and deregulation agenda would work together to drive long-term investment to the US economy, adding that US financial markets were “anti-fragile” and would weather any short-term turbulence.

Mr. Bessent, in prepared remarks to the Milken Institute Global Conference in Los Angeles, delivered a full-throated defense of Mr. Trump’s tariffs but emphasized the Republican tax bill working its way through Congress, saying it would make many parts of the president’s first-term tax cuts permanent, including a deduction for small businesses.

Mr. Bessent said that Mr. Trump’s tariff blitz since taking office for a second time on Jan. 20 was engineered to encourage companies like those attending the conference to invest in the US, build factories and make products in the US.

In a subsequent interview with CNBC television, Mr. Bessent said that he believed these policies could push US growth close to 3% by this time next year, which would help to bring down US budget deficits to their long-term average share of economic output.

The US economy contracted for the first time in three years in the first quarter amid a flood of imports to beat Mr. Trump’s tariffs, and the International Monetary Fund has forecast that US gross domestic product will grow only 1.8% in 2025.

The reissued T-bond’s average yield was a tad above the comparable secondary market yields after the BTr’s recent issuance of P300 billion in new 10-year benchmark fixed-rate Treasury notes siphoned off some excess peso liquidity from the market, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort added in a Viber message.

The BTr plans to raise P260 billion from the domestic market this month, or P100 billion via Treasury bills and P160 billion through T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.54 trillion or 5.3% of gross domestic product this year. — A.M.C. Sy with Reuters

SEC unveils 6 new digital platforms to enhance services

BW FILE PHOTO

THE Securities and Exchange Commission (SEC) on Tuesday launched six digital platforms and an in-house data center aimed at improving the delivery of its regulatory services.

“We envision the data center to strengthen our response to disruptions by having the ability to handle everything from one place and through our own team of technical experts,” SEC Chairperson Emilio B. Aquino said at the launch event in Makati City.

“In turn, this will pave the way for quicker transactions, better access to services, and stronger data security that will benefit our stakeholders,” he added.

The SEC’s new digital initiative, the Hierarchical and Applicable Relations and Beneficial Ownership Registry (HARBOR), enables authenticated authorized filers to submit and update beneficial ownership data, streamlining the process by eliminating manual information management.

Another platform is the SEC Verification of Electronic Records and Information Trust and Authentication System, which enables multiple authorized parties to approve and sign corporate documents — such as board resolutions and compliance reports — in real time to improve document credentialing.

The SEC also launched the SEC Electronic Exceptional and Alternative Submission Environment, an alternative platform for the submission of reportorial requirements by corporations under dispute status that are temporarily barred from using their Electronic Filing and Submission Tool accounts.

The commission also introduced the Electronic Workbench and Analytics Technical Computing Hub, which notifies corporations of reportorial deadlines and flags them for late or non-submission to improve regulatory compliance.

In addition, two internal systems — the Document Management System (DMS) and Workflow Management System (WMS) — were deployed to streamline internal operations.

The DMS, set to be implemented at SEC extension offices as well, is designed to improve document traceability, accessibility, and organization, facilitating the management and retrieval of regulatory documents.

The WMS enables SEC units to design and configure their own process flows, including document approvals, license applications, compliance verifications, and inter-agency coordination.

“Our push for digitalization — a core component of sustainability — allows us to fulfill our mandate under the Ease of Doing Business Act,” Mr. Aquino said.

The SEC recorded a 6% increase in new company registrations to 52,304 in 2024 from 49,506 in 2023, driven by its digital platforms. — Revin Mikhael D. Ochave

Trump tariff order on movies leaves film industry flummoxed

VENTI-VIEWS-UNSPLASH

LOS ANGELES/WASHINGTON — The entertainment industry reacted with alarm and bafflement on Monday after US President Donald J. Trump said he would impose a 100% tariff on all movies produced outside the US, but issued few details on just how such a levy would work.

Veteran studio executives who spoke with Reuters on condition of anonymity said the announcement on Sunday left unanswered the timing of the proposed levy and how it would be enforced for an industry whose biggest-budget films are often produced across several continents.

Mr. Trump’s pronouncement followed his meeting at Mar-a-Lago with his Hollywood ambassador, actor Jon Voight, special advisor Steven Paul, and media executive Scott Karol. The group mulled a range of ideas to revive domestic film and TV production, including federal tax incentives, tax code changes, and imposing tariffs “in certain limited circumstances,” the group said in a statement.

Slapping levies on an industry like film would mark a major extension of tariffs as a policy tool into services, for which the US runs a sizable trade surplus. And like the auto, pharmaceutical, and chip industries before it, Mr. Trump’s declaration threatens to put another business in a tariff-induced state of limbo.

The industry has been pressing for tax incentives to boost output in Los Angeles, the movie industry’s glitzy historic hub of cinema, as studios have shifted production to locations such as the UK, Canada, and Australia to take advantage of generous tax credits and lower labor costs. A survey among studio executives over their preferred production locations for 2025 to 2026 by ProdPro showed the top five choices were all elsewhere.

The White House’s trade policy is aimed at boosting US industrial activity, but the series of levies and rollbacks has sapped consumer and business confidence.

Tariffs on movies might prove particularly hard to implement.

One studio executive compared movie production to auto manufacturing, with various pieces — filming, visual effects, and other elements — completed around the world, then assembled, through post-production, in the US. Some executives wondered whether the levy would apply only to the work done elsewhere, or attach to projects jointly financed by foreign investors.

Producer Todd Garner said proposed tariffs could have the unintended consequence of stymieing creativity. He cited director Steven Spielberg’s acclaimed World War II epic on the invasion of Normandy, France, Saving Private Ryan.

“How would you make Saving Private Ryan in the US? In Shreveport?” Mr. Garner said from Australia, where he is filming the action-drama Runner. “Or a globe-trotting Mission: Impossible?”

On Monday, Mr. Trump told reporters he would meet with industry officials first to make sure they liked the idea. The White House said it had not made any final decisions, but noted that Hollywood film production had sharply declined from the previous year.

The primary union representing actors issued a supportive statement on Monday. SAG-AFTRA National Executive Director and Chief Negotiator Duncan Crabtree-Ireland said the union supports efforts to increase domestic movie, television, and streaming production and adding jobs for American workers.

“We look forward to learning more about the specifics of the plan announced by the president and to advancing a dialogue to achieve our common goals,” Mr. Crabtree-Ireland said.

The International Alliance of Theatrical Stage Employees, a union representing more than 170,000 technicians and craftspeople, called for a balanced federal response that includes tax incentives to help bring jobs back.

Any trade policy “must do no harm to our Canadian members — nor the industry overall,” said International Alliance President Matthew D. Loeb.

IMPLEMENTATION CONFUSION
Shares of media companies slipped on Monday.

Streaming pioneer Netflix, which relies on global operations to produce content for international audiences, posted a 2% decline in its stock. Disney and Universal-owner Comcast edged lower. Stocks of theater operators such as Cinemark and IMAX were down 1.6% and 2%, respectively.

IMAX declined to comment, while others did not respond to requests for comment.

Entertainment attorney Stephen Weizenecker said producers, financiers and film offices were trying to figure out how tariffs would be implemented, but said it could lead to a notable shift in production back to the United States.

“If you get any sort of significant tariff, 10% or 20%, it takes away whatever production incentive there was for filming outside the United States,” said Mr. Weizenecker, who advises producers and financiers on production incentives.

However, traditional enforcement tools, like customs inspections at ports of entry, will not work for movies that are licensed, streamed, or distributed on global platforms using a borderless cloud infrastructure, wrote TD Cowen media analyst Doug Creutz. The “risks to putting digital goods and services on the table in trade negotiations/wars are overwhelmingly tilted against the US,” he noted.

Hollywood brings in most of its box office revenue from overseas. In 2024, about 70% of the roughly $30 billion in global ticket sales came from outside the United States and Canada, said Daniel Loria, senior vice-president at The Boxoffice Company. — Reuters

DMPL seeks investor after rejecting $45-M settlement contribution

Bugo cannery workers in Cagayan de Oro — DELMONTEPACIFIC.COM

LISTED Del Monte Pacific Ltd. (DMPL) said it is in talks with a potential investor for its US subsidiary after deciding against contributing up to $45 million for a litigation settlement deal.

DMPL’s board opted not to provide the $45-million contribution to the new term facility lenders of its US subsidiary, Del Monte Foods Holdings Ltd. (DMFHL), the food and beverage manufacturer said in a regulatory filing on Tuesday.

“DMPL has prioritized sustaining the momentum of its core Philippine and export businesses, which continue to deliver strong sales and profit growth,” the company said.

DMPL, along with certain lenders, negotiated a settlement following an alleged default on a term loan agreement signed in May 2022 involving US subsidiaries. The settlement agreement required DMPL to contribute up to $45 million by May 5.

The entire 2022 term loan had been retired through the settlement loan from a group of other existing lenders.

“Such litigation had been dismissed with finality in the US,” DMPL said.

Following DMPL’s decision, a 25% equity stake in DMFHL will now be allocated to partially offset the settlement loan as part of the settlement terms.

DMPL’s 25% equity stake in DMFHL will repay 37% of the settlement loan. The balance of 63% of the settlement loan continues to be a first-out incremental loan due from DMFHL to the new term facility lenders.

Lender-appointed directors will also assume majority board representation in DMFHL and its subsidiaries following DMPL’s decision not to contribute to the settlement.

With this, DMPL said it is currently in preliminary discussions with a potential investor regarding investment opportunities in DMFHL.

“These discussions are expected to be protracted, and the new term facility lenders have expressed support for this initiative,” DMPL said. 

As of end-January, DMPL’s net investment value in DMFHL stood at $579 million. DMPL, along with its affiliates, also has $169 million in net receivables from DMFHL and its subsidiaries.

DMPL shares rose by 17.65% or 51 centavos to P3.40 each on Tuesday. — Revin Mikhael D. Ochave

EastWest Bank books P1.8-billion Q1 net earnings

EAST WEST Banking Corp. booked a net income of P1.8 billion in the first quarter, backed by strong revenue growth amid the expansion of its consumer lending business.

This first-quarter performance translated to a “healthy” return on equity of 10%, EastWest Bank said in a disclosure to the stock exchange on Tuesday.

The bank’s financial statement was unavailable as of press time.

“Our first-quarter performance reflects the solid momentum we’ve built in expanding our consumer franchise. We remain focused on driving profitability through disciplined growth and operational efficiency,” EastWest Bank President Jackie S. Fernandez said.

The bank’s revenues increased by 16% year on year to P11.6 billion in the three months ended March.

This was mainly driven by the 13% growth in its net interest income to P9.3 billion.

Loans and receivables climbed by 11% year on year to P339 billion at end-March, driven by the 36% growth in its credit cards segment and the 18% increase in personal loans.

“The bank’s consumer lending portfolio grew by 15% and now accounts for 84% of total loans — the highest among peer banks,” it said. “Deposits also expanded by 12% to P399.2 billion, with a CASA (current account and savings account) ratio of 74%, placing EastWest among the industry’s top performers.”

“This strong balance sheet performance translated to a net interest margin of 8.1%, one of the highest in the sector.”

Meanwhile, the bank’s non-interest income likewise rose by 25% to P2.3 billion in the quarter, driven by a 31% increase in fee income from its lending business to P1.7 billion.

On the other hand, operating expenses went up by 8% to P6.3 billion due to manpower and business-related expenses.

As a result, its cost-to-income ratio stood at 54.3%.

EastWest Bank’s total assets expanded by 11% to P531.2 billion at end-March.

Its capital adequacy ratio stood at 13.7%, while its common equity Tier 1 ratio was at 12.8%.

“Our strategic direction is clear — we are committed to scaling our consumer banking business, deepening customer relationships, and accelerating digital transformation. With a strong foundation, robust capital position, and market-leading margins, we are well-positioned to capitalize on growth opportunities,” EastWest Bank Chief Executive Officer Jerry G. Ngo said.

“We will continue investing in technology, expanding our customer base, and strengthening our product offerings to sustain our momentum in the years ahead. The future is bright, and we are ready to go further,” he added.

EastWest Bank shares inched down by two centavos or 0.18% to end at P11 each. — Aaron Michael C. Sy

Stars shine in tailored looks at Met Ball celebration of Black style

NEW YORK — Singer Rihanna revealed her third pregnancy, Pharrell Williams sported a jacket with 15,000 pearls, and musician Andre 3000 strapped a piano to his back as celebrities celebrated Black style and tailoring at the Met Gala fundraiser on Monday.

Mostly black-and-white looks populated the daffodil-accented deep-blue carpet covering the steps to the Metropolitan Museum of Art. Guests arrived as assistants sheltered them under umbrellas in the heavy rain.

Formula 1 driver Lewis Hamilton and actor Colman Domingo, co-chairs of the gala, were among the first of the stars of sports, music, film, and television to appear.

Mr. Domingo wore a full-length royal blue pleated cloak falling from a gold-and-white casing around his shoulders. He removed the cloak to reveal a bejeweled, checkered black-and-white jacket and grey trousers. Mr. Hamilton chose an ivory suit with a beret.

The last to arrive was Rihanna, who sported a wide-brimmed black hat and a striped, corseted bodice that hugged her stomach. Her partner, musician A$AP Rocky, had arrived earlier and confirmed that Rihanna was pregnant with the couple’s third child.

In between, former Democratic presidential candidate Kamala D. Harris had made her way into the event. She was not spotted on the carpet, but the Democratic Party posted a photo of her on social media in a long black-and-white gown.

Andre 3000 turned heads with one of the most over-the-top looks — a replica of a piano that he hauled on his back like a backpack.

Mr. Williams, the musician and creative director of Louis Vuitton menswear, wore black tuxedo pants paired with an ivory jacket adorned with 15,000 pearls.

The Met Gala, a fundraiser for the art museum’s Costume Institute, has become known for its roster of A-list celebrities in extravagant outfits. This year’s guests were told to dress according to the theme “Tailored for You,” a nod to the exhibit called Superfine: Tailoring Black Style at the museum’s Costume Institute. The exhibit focuses on an elegant Black dandy aesthetic.

The theme was chosen before the election of US President Donald J. Trump, who launched an assault on diversity and inclusion efforts during the first weeks of his second term.

Andrew Bolton, head curator of the Costume Institute, said that even though work began on the exhibit in 2022, “in this current political climate, it resonates very differently. Timing is everything.”

Also on the carpet, legendary Indian actor Shah Rukh Khan wore a silk black sherwani-style jacket over black trousers with several necklaces including one with a giant “K.”

Euphoria actor Sydney Sweeney shimmered in a fitted sparkling black gown with her hair slicked back in a bun. Her co-star Zendaya wore a white silk suit with a brimmed hat.

Some pops of color made a statement on the carpet.

Olympic gymnast Simone Biles stood out in a short bright blue dress with a white collar. Director Spike Lee wore a black suit with a silver crossbody bag, orange glasses, and an orange New York Knicks cap. Singer Chappell Roan donned hot pink.

Among the notable accessories, Bad Bunny carried a brown and yellow bowling-style bag and Tessa Thompson had a fan with an image of the late fashion journalist Andre Leon Talley, who many cited as an inspiration for their outfits.

Other attendees included musicians Stevie Wonder and Shaboozey and actors Demi Moore, Nicole Kidman, and Cynthia Erivo.

Los Angeles Lakers star LeBron James, honorary chair of the event, could not attend because of a knee injury. “Hate to miss an historical event!” Mr. James wrote on social media platform X. — Reuters

DigiPlus says Singapore registration marks key step in global strategy

A VIEW of the city skyline in Singapore, Dec. 31, 2020 — REUTERS

TANCO-LED DigiPlus Interactive Corp. has incorporated a wholly owned unit in Singapore to provide regional support services as part of its global strategy.

The newly incorporated company, DigiPlus Global Pte. Ltd., is wholly owned by DigiPlus subsidiary Digivest Holdings, Inc.

“The newly established DigiPlus Global will serve as the company’s international hub — driving its global ambitions through strategic partnerships, talent acquisition, and corporate support,” DigiPlus said in a regulatory filing on Tuesday.

“The entity is formally registered under Singapore’s business activity classification for head and regional offices, acting as DigiPlus’ centralized administrative and management office,” it added.

DigiPlus Global will provide regional support services and will not operate any gaming platforms in Singapore, in compliance with the country’s regulatory framework.

“This is not just an expansion; it’s a foundational step in our growth strategy,” DigiPlus Chairman Eusebio H. Tanco said.

“By anchoring our international presence in Singapore — one of the world’s most advanced business ecosystems — we are accelerating DigiPlus’ transformation into a globally recognized force in digital entertainment,” he added.

DigiPlus said the move will help widen its access to global expertise, strengthen cross-border collaboration, and build high-value relationships in key markets.

“It will also accelerate the company’s ability to pioneer the next wave of digital entertainment innovations as it continues to grow its digital platforms — BingoPlus, ArenaPlus, and GameZone — which already dominate the Philippine market,” it said.

In January, DigiPlus said its subsidiary DigiPlus Brazil Interactive Ltda. secured a gaming license from the Brazilian Ministry of Finance’s Secretariat of Awards and Bets.

This license enables the company to conduct land-based and online sports betting, electronic games, live game studios, and other fixed-odds betting activities in Brazil.

For 2024, DigiPlus reported a 207% surge in net income to P12.6 billion as total revenue increased by 176% to P75.2 billion, driven by sustained momentum in its retail gaming segment and new game launches.

DigiPlus shares rose by 0.48% or 20 centavos to P41.70 per share on Tuesday. — Revin Mikhael D. Ochave

Digital transformation in Philippine agribusiness: The scarcity and glut of tomatoes

FREEPIK

(Part 6)

A major part of Industrialization 4.0 is Data Analytics and Data Science. JT Solis, CEO of Mayani, went straight to the point at the Forum on Digital Transformation by referring to the huge data deficit that exists in the Philippine agribusiness sector. He rightly pointed out that what we have to build up is not just the physical infrastructure that underpins our physical supply chain operations (first mile line haul, last mile delivery, reefer trucks, cold storage facilities, etc.) but the information structure that is needed to correct the asymmetry of information, especially biased against the small farmers.

To dramatize the point, Mr. Solis suggested that the participants of the Forum check what appeared on Facebook and other news websites that very day. The news reported that 91 hectares in Bungabon, Nueva Ecija were devoted to planting tomatoes. Consequently, there was an oversupply situation leading to a precipitous drop in prices. Just last January, the Bangko Sentral ng Pilipinas (BSP) reported that of the 2.9% rise in average prices reflected by the Consumer Price Index, 0.4% could be attributed to the increase in tomato prices. In fact, the top five contributors to inflation were mostly in the agricultural sector. Tomato was the top one, with meat and poultry as top four and five, respectively.

Because of this obvious lack of information to guide the production decisions of farmers, Mayani decided to do the following, Mr. Solis said:

1.) “We initially built Mayani as an agri e-commerce platform to be able to provide the average Filipino with access to nutritious, fairly priced produce. We have tried to accomplish this goal by working with a good number of B2B offtake partners, such as Jollibee Food Group, Shakey’s, etc. as well as NGOs. What we realized was that we can leverage the power of offtake and do a great deal of development interventions upstream the supply chain. We, however, have been sufficiently realistic to realize that providing market linkage to these smallholders is not sufficient to make a significant dent in their lives. We could do more to actually provide and unlock other interventions, such as access to inputs for the production process.”

2.) “We took cognizance of the fact that half of the cost of production goes towards inputs, in fact oftentimes more than half. At the same time, it would be more profitable for the farmer if they have access to less costly credit. This motivated us to strike a partnership with GCash. What stared us in the face is that there is a $6 billion agricultural credit gap in the Philippines.

“There is an agri-agra law that exists in the Philippines. Despite this, the large financial institutions prefer to pay hundreds of millions of pesos in penalties for not investing in agriculture because they do not see how they can generate profits from agri-agra loans.

“We were fortunate to see the light: that we could leverage our information infrastructure, the data that we have within our supply chain to be able to holistically underwrite loans for these small farmers, and at the same time leverage offtake. ‘Someone’s gonna buy their harvest anyway, right? And that is a sure source of repayment!’”

3.) Mr. Solis expressed satisfaction that Mayani partnered with GCash in providing credit to the small farmers. Mayani’s vision is to create the largest agri-credit movement to do what the big banks have failed to accomplish. “No assets, no credit card, no collateral!” These small farmers have never stepped into any bank branch in their lifetime. “Thanks to our having the information structure provided by our close contacts with the small farmers, we are able to prevent situations similar to what we have seen in Bongabong, Nueva Ecija today — an oversupply of tomatoes. At the same time, we are able to drive rural financial inclusion.”

The intervention of Irish Ativo from the Department of Agriculture moved the discussion towards the efforts of the present Secretary of Agriculture, Francis Tiu Laurel, to introduce the Science and Info-driven Market Decision Making in the work of the department.

This is a perfect example of the digitalization of the entire Department of Agriculture. As a first step, the Agribusiness and Marketing Assistance Service (AMAS) division of the Department is launching its Agricultural and Fishery Market Information Systems whose objective is to develop a data base for suppliers and buyers, as well as to facilitate market linkage on a digitalized level. Dr. Maningas then pointed out that it is crucial for the Department of Agriculture to coordinate with the Department of Information and Communications Technology since the latter is the one charged with providing the backbone for the information network. This close coordination was confirmed by the representatives of the two government agencies.

Given the appropriate leadership and intervention coming from the government agencies concerned, civil society can play an equally important role in bringing digitalization to the small farmers. A good example is the role played by the social enterprise AgrodigitalPh represented in the forum by Henry James Sison who emphasized that his organization works exclusively with small holders.

To quote him: “It is but natural that we get in touch with local government units. There are a lot of interventions in the countryside. But there is an absence of business plans among these enterprises. As an example, we work a lot in Panay, Negros, and Cebu. In these provinces, there are numerous landing sites that are built at random, with little consideration on how they are going to be optimally used. Large sums are invested in these landing sites but there is a serious shortage of business plans on how these sites are going to be profitably utilized. That’s where we come in. We try to foster a business mentality among the progressive small holders. We try to distinguish between the enlightened smallholders and those who are hopelessly entrenched in the old system in which the only concern is to bring their stuff to the bagsakan (trading post) or the bulungan in the case of the small fishermen.

As a final word, as Marc Concio concluded, the biggest challenge is to change the farmer’s mindset. It is easy to talk about digitalization, using advanced technology, but at the end of the day, if the farmer does not appreciate it enough to adopt it, there will be zero impact.

To illustrate, Mr. Concio said that they have spoken to many farmers and asked them if they want to have access to cheaper credit, say at 4% yearly interest, to the tune of P100,000 to P500,000 per hectare. It’s usually a YES. Then they ask what do they have to do? They are told to enroll online into our platform, into our farmer credit scoring system. This openness is already a step towards changing their behavior. Changing behavior is easier said than done, though.

As Mr. Concio affirmed, all that they tell the small farmers is that it is not necessary that they change their behavior. All that they tell them is that when they enter the trading post, it passes through the AI CCTVs and truck weighing scales. Based on the weight of their truck, the CCTVs and the person at the entrance capture what kind of fruit or vegetable is being brought in, say five tons of carrots. The price at the trading post is determined by supply and demand. There appears a theoretical price which then determines the gross income of the farmer supplier. This proof of income is shared with the LANDBANK, the creditor. Third, the farmer is matched with the buyer at the trading post. The buyer is guaranteed whatever price comes out in the trading post. By having this bidding system, there is no need to change the behavior of the farmer. Once he perceives the improvement in his income through this system, he will adopt technology and digitization.

As the colloquial expression attests, the “proof of the pudding is in the eating.”

 

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

AUB’s net income rises by 34% in Q1

BW FILE PHOTO

ASIA United Bank Corp. (AUB) and its subsidiaries saw its consolidated net income rise by 34% year on year in the first quarter amid strong lending growth and its digital partnerships.

The AUB Group’s consolidated net earnings climbed to P3.1 billion in the first three months from P2.3 billion a year prior, the bank said in a disclosure to the stock exchange on Tuesday.

This translated to a return on equity of 22.3% and a return on assets of 3.4%, up from 20% and 2.8% a year prior, respectively.

The bank’s financial statement was unavailable as of press time.

“We have managed to sustain the growth in our profitability since the pandemic, thanks to our robust core business and digital partnerships,” AUB President Manuel A. Gomez said.

“While we are confident of our performance, we remain cautiously optimistic about the near-term outlook for the global economy due to the ongoing trade wars, the potential disruption in global supply chains, the projected slowdown in many major economies, and the growing geopolitical tension in some parts of the world. We will continue to adjust our sails to navigate this global turmoil and remain agile,” Mr. Gomez said.

AUB’s net interest income increased by 8% year on year to P4.3 billion in the first quarter. This came as its interest earnings rose by 9% to P5.6 billion, which partially offset the 11% increase in its interest expense on deposits.

The bank said its loan portfolio expanded by 34% to P252.6 billion from P188.4 billion a year ago, helping drive profitability. Despite the increase in loans, its nonperforming loan ratio improved to 0.35% from the previous year’s 0.47%.

Meanwhile, its total deposits rose by 9% year on year to P308.1 billion, with low-cost current account, savings account or CASA deposits accounting for 69% of the total and being its primary source of funding.

Net interest margin was at 5.1%.

“Non-interest income grew 81% to P1.3 billion as other non-interest-bearing business activities such as trading and securities gains, foreign exchange gains, miscellaneous income and service charges and other fees from other operating activities such as credit cards, AUB PayMate, HelloMoney, remittance business, trust and other branch-related transactions grew,” AUB added.

Meanwhile, the bank’s operating expenses increased by 9% year on year to P1.8 billion in the first quarter due to higher compensation, capital expenditures, and business growth-related expenses.

“Thanks to its heavy reliance on digital partnerships, the bank continues to exhibit efficient resource management in its business generation as evidenced by its 32.6% cost-to-income ratio,” it said.

Loan loss provisions went down by 15% to P66 million in the first quarter from P78 million  a year prior. Still, the bank’s NPL coverage ratio rose to 119.8% from 116.7%.

AUB’s assets increased by 11% year on year to P384 billion at end-March, while total equity rose by 22% to P61.8 billion.

Its indicative common equity Tier 1 ratio stood at 17.49%, while capital adequacy ratio was at 18.19%.

“The bank is adequately capitalized with capital ratios well above regulatory requirements,” it said.

AUB’s shares climbed by P3.75 or 5.48% to close at P72.15 apiece on Tuesday. — Aaron Michael C. Sy

Sean ‘Diddy’ Combs’ jurors say they have seen video of alleged beating, heard baby oil jokes

Sean “Diddy” Combs on the talk show Late Night with Seth Myers. — IMDB

NEW YORK— Prospective jurors in Sean “Diddy” Combs’ sex trafficking trial acknowledged on Monday being familiar with allegations against the hip-hop mogul, seeing a video of him allegedly assaulting a woman and hearing a comedian joke about baby oil that prosecutors say was found in his residences.

But having followed the case in the media did not exclude them from potentially serving on the jury for a trial expected to last up to two months on charges of racketeering conspiracy, sex trafficking, and transportation to engage in prostitution.

Mr. Combs, 55, has pleaded not guilty. The Bad Boy Records founder is known for elevating hip-hop in American culture in the 1990s and 2000s, and hosting lavish parties for the cultural elite in the Hamptons and Saint-Tropez.

In a 26th-floor courtroom in Lower Manhattan, US District Judge Arun Subramanian questioned 32 prospective jurors one-by-one, a process known as voir dire, in a bid to seat a panel of 12 jurors and six alternates who can be fair and impartial to both sides despite heavy media coverage of the case.

Opening statements are scheduled for May 12.

Mr. Subramanian deemed 19 qualified to serve — including two who said they were fans of 1990s hip-hop — and the rest were dismissed. More will be questioned on Tuesday, and jury selection is expected to finish by the end of the week.

The judge’s goal is to choose 45 potential jurors who are qualified to serve, and lawyers for both sides will then have the opportunity to dismiss jurors without stating a reason.

With Mr. Combs looking on wearing dark glasses and sporting a salt-and-pepper goatee, one juror said they had seen a video on the news that showed Mr. Combs allegedly assaulting someone in a hotel. Mr. Subramanian decided that juror, referred to as Juror No. 5, was qualified for the panel after they assured the judge they would be a “blank slate entering this courtroom.”

A prospective juror was dismissed after writing in a screening questionnaire that a still image they had seen below a news headline of a woman on the floor in a hotel hallway and Mr. Combs standing near her “could be damning evidence.”

Last year, CNN broadcast surveillance footage of what it said was a 2016 incident in which Mr. Combs attacked his former girlfriend, the R&B singer Casandra Ventura, in the hallway of a Los Angeles hotel. Mr. Combs apologized after the footage aired.

The jury will be anonymous, which is frequently the case in high-profile trials in which jurors could face threats or harassment if their identities are known.

Prosecutors have said the incident depicted in the hotel surveillance video was evidence of how Mr. Combs used force and threats over a two-decade period to coerce women to take part in days-long, drug-fueled sexual performances with male sex workers, which the mogul called “Freak Offs.”

COMBS JAILED SINCE SEPTEMBER ARREST
Prosecutors say employees of Mr. Combs’ business empire helped the “Freak Offs,” including by booking hotel rooms, buying controlled substances and other items used during sex, and helping him cover up the activity. During raids of Mr. Combs’ homes, authorities found drugs and 1,000 bottles of baby oil and lubricant, prosecutors said.

One prospective juror said they had “liked” a video on social media in which a comedian joked about Mr. Combs and baby oil.

“I remember liking it because I thought it was funny,” said the juror, who Mr. Subramanian decided was qualified after they said they would be able to put the video aside and be impartial.

Mr. Combs’ lawyers say the hotel surveillance video depicted a domestic dispute over infidelity and was not evidence of sex trafficking. They are expected to argue that the sexual activity described by prosecutors was consensual.

Mr. Combs is the latest powerful man in the entertainment industry to be accused of sexual misconduct since the #MeToo movement encouraged women to speak up about abuse.

Since September he has been held at Brooklyn’s Metropolitan Detention Center, about an hour by subway from the Harlem neighborhood where he was born. His rags-to-riches life story is of a boy reared by a single mother who through perseverance grew up to live in mansions in Los Angeles and Miami.

If convicted on all counts, he faces a mandatory minimum of 15 years in prison and could face life in prison. — Reuters