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Linggo ng Musikang Pilipino centers on community, collaboration for 11th year

TO ADAPT to the vibrant and evolving landscape of the local music industry, Linggo ng Musikang Pilipino (Philippine Music Week), or LMP, is promoting and supporting Filipino artists with a focus on community and collaboration.

Organized and produced by the Organisasyon ng Pilipinong Mang-aawit (OPM) and co-presented by the Filipino Society of Composers, Authors and Publishers, Inc. (FILSCAP), 2025 marks the annual music festival’s 11th year.

This year’s celebration has the theme “LMP25: Ikaw. Ako. Tayo.” (LMP25: You. Me. Us.). Its events are currently ongoing and will run until Aug. 1.

OPM Executive Director Gab Cabangon noted that community and collaboration are key in developing the local music industry.

“This event inspires all of us to embrace our culture, continuously hone our craft, and promote original Philippine music,” Mr. Cabangon said at the opening of the LMP25 music talk on July 26 at Greenhills. “We have so much to share, not just locally, but also internationally. I’ve always said this, but Filipino artists are just as good as, if not even better than, international artists.”

The programs include OPM Spotlight performances in different areas of Metro Manila, which brought together over 50 artists across multiple venues throughout July. Because OPM membership “grew significantly this year,” it marks the first time that the lineup was made 100% of artists who are part of the organization.

This year’s concerts featured performances by Color It Red, Noel Cabangon, dwta, Solace Out the Door, and PhilPop Himig Handog grand champion Tiara Shaye, among many others.

One series of performances is currently taking place at Power Plant Mall, Makati City, daily at noon and 5 p.m. until July 30.

MUSIC TALK
LMP also partnered with FILSCAP for the half-day program “LMP25: Music Talk Series,” which brought together music industry professionals to give insights on songwriting, music production from the label’s perspective, and licensing and publishing.

“How people spoke, say, eight years ago is very different from how people speak now,” said Ben&Ben member Miguel Benjamin Guico at the talk on July 26, giving advice to songwriters in the audience. “It pays to be immersed in different generations.”

In a fast-paced digital world, he recommended that musicians “broaden their perspectives and be adaptable” in order to remain relevant as well as timeless. “You have to have a zest and passion for discovery,” he added.

For Jeli Mateo, chief executive officer of independent label Flip Music Productions, it is now absolutely essential for artists to know their identity.

“Visual branding is everything now. How you communicate your story is a huge part of the consumption patterns of this generation,” she said at the panel for the label’s perspective.

Sony Music Philippines’ Artist Management Director Raymond Fabul echoed this, advising that staying true to one’s genre or branding is better than planning for it.

“Music is cyclical, so there will always be genres or trends that emerge at any given time, but it doesn’t mean the rest of it disappears. There’s so many people streaming and there’s now so much control over your preferences and algorithms that can feed you the niche that you want,” Mr. Fabul said.

Marivic Benedicto, president of the Philippine Association of the Record Industry or PARI, added that copyright is another matter that Filipino musicians can easily get informed on these days.

“Copyright is attached from the moment of creation, but for third-party reference, you can register to have your composition’s copyright registered with IPOPHL (the Intellectual Property Office of the Philippines) for just P500,” she said.

“This is helpful for situations like when a bad actor is claiming your work on a platform like YouTube.”

FILSCAP Licensing Manager Mich Maskariño concluded that their events, like songwriting camps and open mic nights, are there for up-and-coming artists who want more exposure.

“A few compositions have been picked up there for use in TV shows,” she said. “It’s just a matter of signing up and going there to showcase your work.”

For more information and the full schedule of LMP25’s remaining events, visit www.lmp.com.ph/ and www.facebook.com/PinoySingers/. — Brontë H. Lacsamana

A sleek experience that’s not quite fantastic

By Brontë H. Lacsamana, Reporter

Movie Review
Fantastic Four: First Steps
Directed by Matt Shakman

THE LAST three decades have each seen an iteration of the Fantastic Four, and it’s safe to say that the latest provides the most sleek and smooth experience yet.

Fantastic Four: First Steps, directed by Matt Shakman, benefits from the vibrant, 1960s-inspired, retro-futuristic world it’s set in, making it a breath of fresh air compared with other superhero movies of recent memory. Though an easy watch, perhaps what makes it less fantastic and memorable than its campier iterations from the 2000s and 2010s is how fast-paced it is.

Each of the four members of Marvel’s “First Family” gets to shine mainly in the group dynamic, with few moments of interaction with at least one other member. The film is tightly structured, and the moments to breathe for each individual are few and far between.

It begins with Reed Richards, Sue Storm, Johnny Storm, and Ben Grimm (played respectively by Pedro Pascal, Vanessa Kirby, Joseph Quinn, and Ebon Moss-Bachrach) already four years into being superheroes, their little family established as the center of this version of Earth. They regularly appear on television newsreels to the adoration of mankind, battling both human and planetary threats, and still find time to sit down together for Sunday dinner — until Reed and Sue get pregnant with a child who may or may not be super-powered, and the enigmatic alien Silver Surfer arrives and heralds the coming of a space god called Galactus.

The four leads do a great job embodying these people as a group facing insurmountable challenges, and it only makes one wish they each had a bit more time as individuals.

Pascal does his job as the handsome yet anxious scientist Reed, and he gets his key moment speaking to his infant son about his sense of guilt and shame being a flawed genius. The rest of his screen time is unfortunately not as moving. Kirby is engaging as Sue, her heroic choices as a mother making her the strongest of the cast, simply because the baby is central to the plot. Together, the couple displays the most memorable dynamic.

Quinn, as charismatic as he is, doesn’t get enough time to showcase Johnny’s full range as an impulsive hothead who sometimes has good ideas, and his chemistry with Julia Garner’s scene-stealing, mysterious Silver Surfer breezes by so quickly. On a similar note, Moss-Bachrach as Ben is the most under-utilized, his loneliness as a gigantic hunk of rock, juxtaposed with light moments with the family, coming across as boxes that have to be ticked along the way.

Again, this all just means that the ingredients for this strange, lovely tale of family unity among unique individuals are all there, but are not put together caringly enough, as if they wanted to keep the runtime short and hurried up the pacing as a result. A version of this film where we have time to breathe with the characters would improve it greatly.

In terms of the movie experience, it definitely helped to see all the science-fiction set pieces and larger-than-life action sequences, along with hearing immersive sound effects and Michael Giacchino’s majestic score, come to life in TriNoma’s A-Giant cinema.

The last time I watched a movie at TriNoma was before the COVID-19 pandemic. Back then, the screens were already noticeably old and the sound system was no longer of good quality. Now, with plush seating and the upgraded Dolby Atmos complementing the renovated screens, it seems the A-Giant cinema has finally been given a long-overdue update.

Fantastic Four: First Steps may not be perfect, but it was enjoyable to see “movie science” used to beat up a planetary bad guy, with a solid cast of characters coming together to teach the world about the importance of family. It was cheesy, it was fun, and it was a smooth experience. There are just too many Marvel superhero movies to keep up with, and self-contained stories like this one are a bit of something to chew on for those no longer willing to hop on the blockbuster trainwreck of unending franchises — and having a good-quality cinema to watch it in does help savor the meal.

Entertainment News (07/29/25)

FOCAP hosts special screening of WPS documentary

THE Foreign Correspondents Association of the Philippines (FOCAP) will host a special screening of the documentary Food Delivery: Fresh from the West Philippine Sea on Aug. 1 at the Power Plant Cinema, Rockwell, Makati. There will be a talkback with the documentary’s director Baby Ruth Villarama, producer Chuck Gutierrez, and Philippine Coast Guard Commodore Jay Tarriela after the screening. The documentary showcases the efforts and struggles of Filipinos in staking their claim in the hotly contested West Philippine Sea (WPS) and South China Sea. Tickets are on sale (on a first come, first served basis) at P1,000 each. To register, fill out this form: https://bit.ly/FOCAPFoodDelivery.

GMA Pictures releases horror film P77

ON July 30, GMA Pictures and GMA Public Affairs will release a psychological horror film called P77 by the acclaimed makers of Firefly, Green Bones, and Mallari. Starring Barbie Forteza in her first lead role in a horror film, and award-winning child actor Euwenn Mikaell, P77 delves into the realm where the worst nightmares happen while wide awake. The story revolves around Luna (Ms. Forteza), a cruise ship chambermaid who has to quit her job to attend to her sick brother (Mr. Mikaell), which leads them to seek refuge in an empty condo, Penthouse 77. It also stars veteran actors Jackielou Blanco, Carlos Siguion-Reyna, Gina Pareño, Rosanna Roces, Chrome Cosio, and JC Alcantara. The film has been rated R-13 by the MTRCB.

Robinsons Galleria offers movie deals

ROBINSONS GALLERIA is celebrating the 45th anniversary of Robinsons Land Corp. (RLC) with movie blockbuster deals. Until Aug. 17, moviegoers can enjoy up to 45% off on Robinsons Movieworld tickets at Robinsons Galleria Ortigas.

Manny Jacinto on Freakier Friday world tour

BODY-SWAPPING chaos returns as Disney’s movie Freakier Friday hits Philippine cinemas on Aug. 6. As part of the film’s official promotional world tour, Filipino-Canadian actor Manny Jacinto is flying to Manila for a special appearance at SM Mall of Asia Main Atrium on Aug. 5. Mr. Jacinto is part of the cast of Freakier Friday, the sequel to the 2003 hit, which again stars Jamie Lee Curtis, Lindsay Lohan and Mark Harmon.

Tame Impala returns with new single

TAME IMPALA (aka Kevin Parker) is back with the release of “End of Summer,” his first recording for new label Columbia Records. The song sees him drawing from the deep, rich history of dance music and harkens back to the acid house summer of 1989 and to the free rave parties of the mid-1990s. “End of Summer” is out now on all digital music streaming platforms.

Cadbury raffles ENHYPEN experience

CADBURY is giving fans of ENHYPEN a once-in-a-lifetime chance to win a K-pop experience in South Korea through the “One, Two Connect in Korea with Cadbury and ENHYPEN” raffle promo. By purchasing at least P200 worth of Cadbury Dairy Milk products, fans will have a chance to meet ENHYPEN in person and win exclusive merchandise through weekly draws which are held up to Aug. 26. The grand draw will be held on Sept. 5.

Culture Wars drops new single

FOLLOWING on the success of their hit song “Typical Ways,” Austin-based alt-rock band Culture Wars is back with a new single, “Lies.” This is an anthemic track about the heart-breaking betrayal and lies of an unfaithful partner, showcasing frontman Alex Dugan’s vocal range. It also teases the band’s forthcoming album, If not now, when? “Lies” is out now on all digital music streaming platforms.

Shangri-La Plaza launches Culture in Focus

SHANGRI-LA Plaza Mall’s latest initiative, “Culture in Focus,” aims to bring art and culture through film and other forms of expression to the public. The first in its series of film events was the International Silent Film Festival. The next events lined up under this program are Cinemalaya, Cine Europa, animation showcases, workshops, DJ nights, and more.

Make-roscope kits arrive at Toys R Us

TO HELP enrich science and math education, Jeremake Innovations, Inc., has announced the arrival of its Make-roscope kits at flagship Toys R Us stores across Metro Manila. The Make-roscope is a keychain microscope kit that encourages children to discover the intricacies of plants, insects, and various materials. Children can examine a leaf and see the veins that help carry nutrients, or look at sugar granules to appreciate their crystal formation. Its initial rollout covers three major locations: Toys R Us TriNoma (Quezon City), Toys R Us Power Plant Mall (Makati City), and Toys R Us – Robinsons Magnolia (Quezon City).

One cornerstone investor confirms participation in Maynilad’s IPO

MAYNILADWATER.COM.PH

WEST ZONE concessionaire Maynilad Water Services, Inc. said it has secured a firm commitment from one of its two intended cornerstone investors to participate in its planned P45.8-billion initial public offering (IPO).

“One of the cornerstone investors already confirmed approval, while [we are hoping] to secure the other by September,” Maynilad Chairman Manuel V. Pangilinan told reporters on Monday.

Mr. Pangilinan confirmed that the two cornerstone investors are both foreign entities.

Maynilad initially scheduled its IPO listing for July 17 but has postponed it to no later than the end of October, citing potential interest from cornerstone investors.

“Hopefully, we could get back on the saddle by October,” Mr. Pangilinan said.

Maynilad’s IPO consists of 1.93 billion primary shares and 354.7 million secondary shares priced at up to P20 apiece.

The secondary shares will be sold by the water provider’s principal shareholder, Maynilad Water Holding Company, Inc.

The IPO could raise as much as P37.41 billion in net proceeds if both the overallotment option and the preferential offer are fully taken up.

Proceeds are allocated for capital expenditures and general corporate purposes. Maynilad will not receive proceeds from the sale of secondary shares.

Maynilad tapped BPI Capital Corp., Hongkong and Shanghai Banking Corp. Ltd., Morgan Stanley Asia (Singapore) Pte., and UBS AG, Singapore Branch as joint global coordinators and joint bookrunners for the offering.

Under the terms of its legislative franchise, Maynilad is required to offer at least 30% of its outstanding capital stock to the public by January 2027.

Pangilinan-led conglomerate Metro Pacific Investments Corp., which holds a majority stake in Maynilad, is one of three Philippine subsidiaries of First Pacific Co. Ltd., alongside Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

BTr ups T-bill award as rates drop across the board

BW FILE PHOTO

THE GOVERNMENT upsized its award of the Treasury bills (T-bills) it offered on Monday as yields dropped across the board on the back of robust investor appetite for short-term debt and expectations of further monetary easing here and in the United States.

The Bureau of the Treasury (BTr) raised P28.4 billion from the T-bills it auctioned off, higher than the P25-billion plan, with the offer more than four times oversubscribed as total bids reached P103.45 billion. This was higher than the P92.163 billion in tenders recorded on July 21.

The Auction Committee hiked the awarded T-bill volume as all tenors fetched average rates that were lower than those quoted at the previous auction as well as prevailing secondary market yields, the BTr said in a statement.

Broken down, the Treasury borrowed P7 billion as planned via the 91-day T-bills as total tenders for the tenor reached P37.74 billion. The three-month paper was quoted at an average rate of 5.388%, down by 3.4 basis points (bps) from the 5.422% seen in the previous auction. The BTr only accepted bids with this yield.

Meanwhile, the government raised P11.9 billion from the 182-day securities, higher than the P8.5-billion program, as bids amounted to P36.74 billion. The strong demand prompted the BTr to double its acceptance of non-competitive bids for the tenor to P6.8 billion, it said.

The average rate of the six-month T-bill was at 5.543%, down by 2.3 bps from the 5.566% fetched last week, with accepted yields ranging from 5.54% to 5.55%.

Lastly, the Treasury sold the programmed P9.5 billion in 364-day debt as demand for the tenor totaled P28.97 billion. The average rate of the one-year T-bill inched down by 0.4 bp to 5.627% from 5.631% previously. Tenders accepted carried rates ranging from 5.6% to 5.648%.

At the secondary market before Monday’s auction, the 91-, 182-, and 364-day T-bills were quoted at 5.4104%, 5.5817%, and 5.68%, respectively, based on PHP Bloomberg Valuation Service Reference Rates data provided by the Treasury.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message  that the Treasury fully awarded its T-bill offering as average yields were lower across the board on bets of another rate cut by the Bangko Sentral ng Pilipinas (BSP) as early as next month.

The Monetary Board in June reduced borrowing costs by 25 bps for a second straight time this year, bringing its policy rate to 5.25%. Since starting its easing cycle in August, the central bank lowered interest rates by a cumulative 125 bps.

BSP Governor Eli M. Remolona, Jr. has signaled two more 25-bp cuts this year. The Monetary Board’s next policy meeting is scheduled for Aug. 28.

Rates also went down “amid uncertainties over US President Donald J. Trump’s tariffs ahead of Aug. 1… as these could slow down the global economy and could support future Federal Reserve rate cuts,” Mr. Ricafort said.

The Fed is widely expected to keep its target rate at the 4.25% to 4.5% range at its meeting this week as officials seek more data to determine tariffs’ impact on inflation before they ease rates further, Reuters reported.

Traders see about a 60% chance of a rate cut in September, according to CME’s FedWatch tool.

A trader likewise said in a text message that investors likely positioned before the Aug. 1 US tariff deadline.

“Very high demand” likely led to the BTr’s full award of its T-bill offer on Monday, the trader said.

“The marginal increase in demand could also have been due to today being close to month-end, so investors may be trying to fulfill their requirements before August… Another thing to note is the tight spread of the awarded yields. The 91-day was only awarded at 5.388%, the 182-day had a spread of 5.54%-5.55%, and the 364-day has the widest awarded spread at 5.6%-5.648%,” the trader added.

Monday’s T-bill auction was the last for the month. The government raised P137.1 billion from short-term securities in July, higher than the P125-billion plan, as the Treasury upsized its awards at four of the five auctions while making a partial award of one offering.

On Tuesday, the government will offer P20 billion in reissued 20-year Treasury bonds (T-bonds) with a remaining life of 18 years and 10 months.

The BTr wants to raise P250 billion from the domestic market this month, or P125 billion through T-bills and P125 billion via T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.56 trillion or 5.5% of gross domestic product this year. — Aaron Michael C. Sy with Reuters

Labubu fans dote over ugly-cute doll trending at Comic-Con

AN ATTENDEE wears a Labubu at the Pop Mart booth on the convention floor during the opening day of Comic-Con International in San Diego, California July 24. — REUTERS/MIKE BLAKE/FILE PHOTO

SAN DIEGO — San Diego Comic-Con is the latest location where the ugly-cute dolls named Labubu have been trending, with fans carrying the plushies globally popularized by celebrities Rihanna, Lizzo, Dua Lipa, and Lisa from the K-pop group Blackpink.

The wide-eyed and grinning doll was created in 2015 by Hong Kong artist and illustrator Kasing Lung. In 2019, Mr. Lung allowed them to be sold by Pop Mart, a Chinese toy company that sells collectible figurines, often in “blind boxes.”

“Blind boxes” are sealed boxes containing a surprise item that is usually part of a themed collection.

Naomi Galban, from San Diego, waited in line on Sunday at the Pop Mart booth in the San Diego Convention Center for a chance to get her first Labubu.

“Every time I go to a Pop Mart store, they’re sold out,” the 24-year-old told Reuters. She hoped to buy one for her little sister.

Emily Brough, Pop Mart’s head of IP licensing, spoke to Reuters on Thursday about Labubu fans at Comic-Con. “We love to see how fans are personalizing it (Labubu) for themselves,” Ms. Brough said next to the Pop Mart booth.

While Ms. Brough noted that there were many people with a Labubu strapped to their bags and backpacks at Comic-Con, the doll’s popularity did not happen overnight.

Labubus had a huge boost in 2019 after Pop Mart began selling them, and in 2024, when Blackpink’s Lisa, who is Thai, created a buying frenzy in Thailand after she promoted Labubu on social media.

Pop Mart saw sales skyrocket in North America that same year, with revenue in the US in the first quarter of 2025 already surpassing the full-year US revenue from 2024, Pop Mart said.

When he created Labubu, Mr. Lung gave the character, who is female, a backstory inspired by Nordic mythology. He called her and his other fictional creatures “The Monsters.”

Diana Goycortua, 25, first discovered Labubu through social media, and before she knew it, it felt like a “game” to try and collect the dolls.

“It’s a little bit of gambling with what you’re getting,” the Labubu fan from San Diego said on Sunday while waiting at the Pop Mart booth, concluding that her love for the character made it worth trying blind boxes.

Ms. Goycortua already has three Labubus, and was hoping to score her a fourth one at Comic-Con. — Reuters

Megaworld sells P1.17B worth of MREIT shares via block sale

MEGAWORLD

LISTED real estate developer Megaworld Corp. sold P1.17 billion worth of shares in its real estate investment trust, MREIT, Inc., through a block sale.

Megaworld sold 84.8 million common shares in MREIT at P13.82 per share on Friday, the real estate company said in a regulatory filing on Monday.

The offer price was at a discount to MREIT’s share price of P14.18 per share on Friday.

Megaworld tapped Maybank Securities, Inc. and BDO Securities as brokers for the transaction.

The block sale proceeds will be settled on Tuesday.

“The company will submit the required reinvestment plan detailing the use of proceeds from the block sale transaction,” Megaworld said.

Unicapital Securities, Inc. Research Head Wendy B. Estacio-Cruz said in a Viber message that the transaction signals a possible asset infusion by Megaworld into MREIT in the second half of the year in support of the latter’s plan to expand its portfolio.

“(MREIT’s) sponsor, Megaworld, has a robust project pipeline and fully owned retail and hotel developments, which may serve as potential acquisitions for MREIT moving forward. Its upcoming asset infusions are expected to follow a target mix of 80% office and 20% retail properties,” she said.

MREIT grew its gross leasable area (GLA) to 482,000 square meters (sq.m.) after its third wave of asset acquisitions last year.

The company’s portfolio comprises 24 prime office properties across five Megaworld townships: Eastwood City, McKinley Hill, McKinley West, Iloilo Business Park, and Davao Park District.

MREIT previously said that it is on track to grow its GLA to 600,000 sq.m. by yearend to support its goal of reaching 1 million sq.m. of GLA by 2030.

On Monday, Megaworld shares rose by 0.5% or one centavo to P2.03 apiece, while MREIT shares increased by 0.14% or two centavos to P14.20 per share. — Revin Mikhael D. Ochave

BDO’s second-quarter net income flat at P20.985B

BW FILE PHOTO

BDO Unibank, Inc.’s net income was flat in the second quarter as higher expenses offset increases in both its net interest and non-interest earnings.

The Sy-led bank’s attributable net profit stood at P20.985 billion in the three months ended June, steady from its income in the same period last year, according to its financial statement disclosed to the stock exchange on Monday.

This brought its first-half net income to P40.76 billion, up by 3.12% from P39.52 billion in the comparable year-ago period, “driven by strong performance of its core businesses,” BDO said.

Its first semester performance translated to a return on average common equity of 13.92% and a return on average assets of 1.64%, both down from 15.05% and 1.73%, respectively, in the same period last year, as its net income increased at a slower pace versus its average common equity and average assets.

“Earnings growth was tempered by the continuing investments in market coverage and IT spending for operational efficiency,” BDO said.

“Amid global uncertainties arising from geopolitical tensions and the imposition of US tariffs, the Philippines is expected to remain resilient, supported by its consumer-driven economy and sustained domestic demand. Likewise, the bank remains well-positioned to manage emerging risks and capitalize on opportunities given its robust capital base and diversified business franchise,” it added.

In the second quarter, BDO’s net interest income increased by 8.32% year on year to P50.38 billion from P46.51 billion.

Broken down, interest income rose by 6.2% to P72.26 billion, driven by higher interest earnings from loans and other receivables. This was faster than the 1.63% increase in its interest expense to P21.88 billion.

For the first half, net interest income increased by 7% to P98.134 billion from P91.455 billion amid the expansion of its earning assets.

Net interest margin inched down to 4.3% as of June from 4.34% a year ago amid lower rates due to the central bank’s monetary easing cycle and “competitive market pricing.”

Meanwhile, the bank’s other operating income went up by 9.2% year on year to P19.35 billion in the second quarter from P17.72 billion, driven by higher service charges, fees and commissions, trust fees, and trading gains.

In the first half, its non-interest income jumped by 15% to P37.956 billion on the back of higher fee-based income and earnings from insurance operations.

On the other hand, the bank’s operating expenses rose by 14.28% to P41.5 billion in the three months ended June from P36.32 billion in the same period last year.

This brought its first half expenses to P82.36 billion, up 15% year on year, which it attributed to higher manpower and occupancy costs, among others.

BDO’s gross customer loans climbed by 14% to P3.4 trillion at end-June amid growth across all market segments.

Despite the growth in its loan book, its nonperforming loan (NPL) ratio was at just 1.75%, with NPL coverage at 140%.

“With an expanded loan portfolio, the bank continued its conservative provisioning stance, setting aside P7.2 billion as provision for impairment losses,” it said.

On the funding side, total deposits grew by 8% to P4.03 trillion as of June, with 69% of the total being low-cost current account, savings account or CASA deposits. Demand and time deposits increased by 13% and 11%, respectively.

BDO’s assets expanded by 9% to P5.13 trillion at end-June amid higher customer loans and mainly funded by deposits.

Total equity went up by 12% year on year to P611.18 billion.

The bank’s capital adequacy ratio was at 15.43% as of end-June, up from 14.81% in the same period last year, as the increase in its capital coming from profits outpaced the growth in its risk-weighted assets.

Its liquidity ratio stood at 31.16%, down from 34.28% last year due to faster growth in loans. Interest rate coverage and profit margin also declined to 214.92% and 22.17% from 221.22% and 23.37%, respectively, amid higher funding costs.

BDO’s shares dropped by P3.20 or 2.10% to close at P149 apiece on Monday. — Aaron Michael C. Sy

Tom Lehrer, musical satirist and math prodigy, 97

Tom Lehrer singing “Poisoning Pigeons in the Park.” — AMAZON.COM

TOM LEHRER, the math prodigy who became an influential musical satirist with his barbed views of American social and political life in the 1950s and 1960s, has died at the age of 97, according to news reports.

Mr. Lehrer died at his home in Cambridge, Massachusetts, on Saturday, his longtime friend David Herder told the New York Times. No cause of death was specified.

Mr. Lehrer’s career as a musician and revered social commentator was little more than a happy accident that began with composing ditties to amuse classmates at Harvard University. His heyday lasted about seven years and, by his own count, produced only 37 songs before the reluctant performer returned to teaching at Harvard and other universities.

“There’s never been anyone like him,” Sir Cameron Mackintosh, the Broadway producer who created Tom Foolery, a revue of Lehrer songs, told BuzzFeed in 2014. “Of all famous songwriters, he’s probably the only one that… is an amateur in that he never wanted to be professional. And yet the work he did is of the highest quality of any great songwriter.”

As the US nestled into the post-war complacency of the 1950s, the liberal-leaning Mr. Lehrer was poking holes in the culture with his songs while maintaining an urbane, witty air.

Some of his works reflected his mathematical interests — “New Math” about subtracting 173 from 342 and “Lobachevsky” about a 19th century Russian mathematician — but his meatier songs were deemed by some to be too irreverent and shocking. In 1959 Time magazine lumped him in with groundbreaking comics Lenny Bruce and Mort Sahl as “sicknicks” who had “a personal and highly disturbing hostility toward all the world.”

The song “I Wanna Go Back to Dixie” looked at racism in the South (“The land of the boll weevil where the laws are medieval”) while “National Brotherhood Week” took on hypocrites (“It’s only for a week so have no fear / Be nice to people who are inferior to you”). “Be Prepared” exposed the dark side of a Boy Scout’s life, “I Got It from Agnes” was about venereal disease, and “We Will All Go Together When We Go” addressed nuclear Armageddon.

“If, after hearing my songs, just one human being is inspired to say something nasty to a friend, or perhaps to strike a loved one, it will all have been worth the while,” Mr. Lehrer wrote on the notes that accompanied one of his albums.

ODE TO ELEMENTS
Thomas Andrew Lehrer was born on April 9, 1928, in New York. He grew up in the Big Apple listening to musical theater and one of his first works was “The Elements,” a recitation of the periodic table set to a Gilbert and Sullivan tune. He enrolled at Harvard at age 15 and his “Fight Fiercely, Harvard” with the line “Won’t it be peachy if we win the game?” became a popular spoof of the school’s sports fight song.

He performed at campus functions and, while in graduate school, compiled enough material to record an album in a Boston studio. He sold Songs by Tom Lehrer around campus and it developed a word-of-mouth cult following around the country.

After serving in the US Army from 1955 to 1957, Mr. Lehrer began performing and recorded more albums but was losing his zest for music. By the early 1960s, working on his doctorate — which he never finished — and teaching became greater concerns, although he did contribute songs to the TV news satire show That Was the Week That Was in 1963 and 1964.

Mr. Lehrer taught math at Harvard and the Massachusetts Institute of Technology and musical theater at the University of California-Santa Cruz.

He said he found math and songwriting to be similar — both a matter of fitting the pieces together in search of a proper and satisfying outcome. When asked why he abandoned musical satire, he said cultural changes had created issues such as abortion and feminism that were too complicated to satirize.

Famously, he quipped that “political satire became obsolete when Henry Kissinger was awarded the Nobel Peace Prize” after the award was given to the controversial secretary of state in 1973.

Mr. Lehrer, who never married, also said the things he once found to be funny were now scary.

“I often feel like a resident of Pompeii who has been asked for some humorous comments on lava,” he told People magazine in 1982.

Mr. Lehrer’s impact lasted decades after he stopped performing. His work was often featured on the syndicated Dr. Demento radio show and Harry Potter star Daniel Radcliffe dazzled a talk show audience by doing “The Elements” on a television show in 2010. The rapper 2 Chainz sampled part of Mr. Lehrer’s “The Old Dope Peddler” in a 2012 song. — Reuters

Robinsons Retail inks deal to buy motorcycle dealer Premiumbikes

PREMIUMBIKES.PH

GOKONGWEI-LED Robinsons Retail Holdings, Inc. (RRHI) is entering the motorcycle dealership business through its P146.4-million acquisition of Premiumbikes Corp., after signing a definitive share purchase agreement, subject to regulatory approval.

RRHI, through its subsidiary Robinsons Supermarket Corp., signed a share purchase agreement to acquire 100% of Premiumbikes from Lance Y. Gokongwei, the president and chief executive officer (CEO) of parent company JG Summit Holdings, Inc.

The deal involves the acquisition of 20.15 million shares at P7.27 per share, with the transaction value equivalent to 1.0x the audited book value of Premiumbikes for 2024, RRHI said in a regulatory filing on Monday.

Premiumbikes had 214 stores nationwide as of end-June. It carries motorcycle brands such as Honda, Yamaha, Suzuki, Kawasaki, Kymco, and TVS.

For 2024, Premiumbikes grew its net income by 15.2% to P4.17 billion, while its earnings before interest, taxes, depreciation, and amortization (EBITDA) climbed by 36.7% to P324.2 million.

RRHI said the acquisition signals its entry into the growing Philippine motorcycle market and supports its plan to diversify revenue streams.

“This acquisition marks a key milestone for our company as we enter a new and fast-growing category that is also profitable,” RRHI President and CEO Stanley C. Co said.

“This move reflects our commitment to enhancing the retail experience and providing accessible, reliable, and affordable products that meet the evolving needs of Filipino consumers,” he added.

RRHI said the acquisition is still subject to customary closing conditions, including regulatory clearance from the Philippine Competition Commission.

“The Philippines still has a low motorcycle penetration ratio compared to other Southeast Asian markets, which gives us a lot of room to grow,” Premiumbikes General Manager Joselito O. Pojol said.

AP Securities, Inc. Research Analyst Cholo Miguel C. Ramirez said in a Viber message that the acquisition will provide a boost to RRHI’s financials.

“Based on current details disclosed, the acquisition of Premiumbikes could potentially be earnings accretive as both sales and EBITDA in 2024 were up by double digits year-on-year,” he said.

“While 2025 sales could also be stronger, underpinned by higher motorcycle sales, which from January to May 2025 are already up by 8.31% year-on-year versus the same period last year’s 1.02% growth year-on-year,” he added.

As of end-May, Philippine motorcycle sales rose by 8% to 746,016 from 688,790 in the same period last year, based on data from the Federation of Asian Motorcycle Industries.

In a separate disclosure, RRHI’s board approved the retirement of 158.39 million treasury shares, which the company said has no effect on its operations.

“As a consequence of retirement, the treasury shares are no longer re-issuable,” RRHI said.

The company’s board also approved the election of Mr. Gokongwei as a board director. He filled one of the board seats made vacant by the resignations of Scott Price and Curtis Liu, which took effect on May 30.

Mr. Gokongwei was also concurrently appointed as chairman of RRHI’s remuneration, nomination, and succession planning committee, replacing Robina Gokongwei Pe, who remained as a member.

RRHI is the retail arm of JG Summit. As of end-March, RRHI had 2,448 stores, comprising 760 food stores, 1,131 drugstores, 50 department stores, 225 DIY stores, and 282 specialty stores. It also operates 2,116 franchised stores under The Generics Pharmacy brand.

RRHI shares rose by 0.38% or 15 centavos to P39.60 per share on Monday. — Revin Mikhael D. Ochave

Subic-Clark as catalyst: Igniting manufacturing and MSME growth

A 2019 aerial view of the Subic Special Economic and Freeport Zone. — COMMONS.WIKIMEDIA.ORG

(This column is based on the speech delivered by the author at the Italian Chamber of Commerce during the Philippines’ Subic-Clark Business Conference on July 17.)

At a time when the global economy is in flux — when supply chains are shifting and sustainability is a baseline, not a bonus — the Philippines stands at a pivotal crossroads. The question before us is not whether we can grow. We are already the fastest-growing economy in one of the world’s fastest-growing regions. The question is: Can we transform?

THE TWIN ENGINES OF GROWTH
If we want to enter a virtuous cycle of sustained, inclusive growth, we must build — not just consume. We must do so by fully embracing the manufacturing sector and empowering our micro-, small-, and medium-sized enterprises (MSMEs). These two forces — large-scale industry and agile, homegrown businesses — are not mutually exclusive. They are the twin engines of national prosperity. Currently, they are under-leveraged.

For decades, our economy has leaned heavily on services and remittances. While these sectors have generated stability, they have not built the productive backbone needed to move up the global value chain. We continue to export minerals instead of electronics, bananas instead of food brands. The value created abroad from our raw materials far exceeds what we capture at home.

This has to change. Manufacturing is not just about physical output. It creates jobs for every skill level, drives technological innovation, and forges deep links to both domestic suppliers and global markets. It is the engine that powers middle-class expansion and economic self-sufficiency.

The good news? We have a model playbook — and it has been tested across the ASEAN. Malaysia did not stop at palm oil extraction; it built an ecosystem around value-added production, chemicals, and consumer goods. Thailand linked farmers to food tech clusters and created globally competitive agri-businesses. Vietnam transitioned from low-end textiles to electronics manufacturing by systematically prioritizing value-added production and foreign investment.

And here is the common thread: none of them succeeded by focusing solely on large companies. MSMEs played central roles — not as marginal actors, but as integral parts of modern supply chains.

In the Philippines, MSMEs account for a staggering 99.5% of all registered businesses. Yet they often remain stuck — under-supported, under-financed, and under-connected. They struggle to access capital, adopt technology, or tap into larger markets. This shortcoming is not just a missed opportunity — it is a systemic failure that holds the entire economy back.

It is time to stop treating MSMEs as minor problems to manage. We must start seeing them as the key to unlocking broad-based industrial transformation.

LABORATORY OF PROGRESS
And there is no better place to lead that transformation than the Subic-Clark region.

This region is already a living laboratory of what is possible when infrastructure, innovation, and investment converge. With its deep-water port in Subic, international airport in Clark, and seamless connections via SCTEX and NLEX, it is a logistical powerhouse. Soon, the planned Subic-Clark-Manila-Batangas Railway initiative will cut costs and connect key economic zones across Luzon.

But logistics is only part of the story. Subic-Clark is home to over 2,500 enterprises spanning electronics, food processing, shipbuilding, logistics, and advanced manufacturing. It is a hub for both domestic businesses and foreign direct investors — and increasingly, Filipino entrepreneurs are taking the lead and forming joint ventures. Local MSMEs are supplying parts, managing logistics, packaging food, and embedding themselves into high-value supply chains.

What sets Subic-Clark apart is not just its geography, but its ambition. The region is actively positioning itself as one of Asia’s first carbon-neutral industrial corridors by 2040. Battery manufacturing, EV assembly, and renewable energy projects are already in motion. In an era when ESG standards are shaping trade policy and consumer demand, Subic-Clark is not catching up — it is getting ahead.

SCALING SUCCESS NATIONWIDE
However, to replicate this success across the nation, we need more than just zones and infrastructure. We need a strategy. A national, actionable, urgent strategy.

First, we must build value-adding agro-industrial clusters in regions rich in rice, fruits, seafood, and minerals. Instead of exporting raw goods, we should focus on producing processed fruits, ready-to-eat meals, herbal extracts, healthy snacks, and branded foods. Shared facilities — like maker labs, sterilizers, cryogenic dryers, and packaging plants — must be made accessible to MSMEs and cooperatives so they can meet global standards.

Second, we need to supercharge MSME empowerment. That means easy access to capital via loans, grants, and credit guarantees. It means digital tools — like point-of-sale systems, inventory apps, e-commerce platforms, and cloud accounting — all made affordable and accessible. It means institutionalized mentorship programs that organize MSMEs into clusters and connect them to large firms and research institutions.

Third, we must reform with purpose. Registration and permitting should be fast, online, and uniform across regions. Regulations must be harmonized to eliminate contradictory rules at the national and local levels. Bureaucracy must be streamlined to check endless delays.

Fourth, we must invest — aggressively — in skills and innovation. Technical and vocational training in fields, such as agro-processing, robotics, logistics, and AI, must be expanded. Public-private partnerships should drive research in food tech, packaging innovation, and sustainable manufacturing. We need more maker labs, more incubation centers, and more innovation hubs — especially outside Metro Manila.

Fifth, we must strengthen market access. MSMEs require support in obtaining certifications, such as ISO, HACCP, Halal, and Kosher. They need help entering digital marketplaces, joining global trade fairs, and branding their products for export. “Made in the Philippines” should be known as a mark of quality, sustainability, and innovation.

A CALL TO ACTION
We already have the fundamentals: a hardworking, trainable workforce; strategic geography; improving infrastructure; and a business community ready to lead. What we need now is execution — bold, decisive, and inclusive.

To MSMEs: seize the incentives, tools, and platforms. Organize into clusters. Move up the value chain. The time to grow is now.

To Filipino entrepreneurs: Partner up. Build scale. Compete in the local market against imported consumer goods and compete with the best in the international market.

To policymakers: eliminate red tape, champion science, and protect long-term policy continuity. Enable growth, rather than just regulating it.

And to foreign investors: the Philippines is not just open for business. We are ready for partnership. Come here to co-build, co-invest, and co-innovate.

Imagine a future where Subic-Clark is one of many thriving industrial corridors — Where Filipino MSMEs are recognized not only for their resilience but also for their excellence. Where our exports are not commodities, but branded, high-value products. Where our students learn robotics, supply chain design, alongside agriculture and food technology. Where we are not defined by what we lack — but by what we build, export, and lead.

That future is within reach. But only if we act — with purpose, with urgency, and with belief in our own potential.

Let us build a Philippines that manufactures.

Let us build a Philippines that competes.

Let us build a Philippines that thrives.

 

Alfredo E. Pascual is a former president of the Management Association of the Philippines, the former trade and industry secretary, and past president of the University of the Philippines.

map@map.org.ph

aepascual@gmail.com

PNB net earnings climb 29% in Q2

PHILIPPINE National Bank’s (PNB) net profit jumped by 28.95% year on year in the second quarter amid the continued growth of its core business.

The bank’s net income went up to P6.43 billion in the three months through June, up from P4.98 billion in the same period last year, it said in a disclosure to the stock exchange on Monday.

In the first six months, PNB’s net earnings rose by 21.63% year on year to P12.52 billion from P10.29 billion “on the back of sustained improvements in core revenues consisting of net interest income and net service fees and commissions,” it said.

“The double-digit growth in profitability is a clear indication that the various strategic initiatives that were put in place are gaining traction. We are excited to unlock new revenue streams to boost our net income as we continue to explore the use of technology, including data science and AI (artificial intelligence), in our businesses as well as forge strategic alliances with partners that will add value to our products and services,” PNB President and Chief Executive Officer Edwin R. Bautista said.

In the second quarter, PNB’s net interest income increased by 5.79% to P13.05 billion in from P12.34 billion a year prior.

This brought its net interest earnings for the first half to P25.77 billion, up 7% year on year, “as the bank’s core earning assets consisting of loans and investments securities grew by 5% and 11%, respectively.”

Net service fees and commissions income also went up by 27.76% year on year to P1.39 billion in the second quarter. In the first semester, this went up by 24% to P2.82 billion, which it said was “mostly from deposit transactions, credit cards and the bank’s bancassurance business as the bank intensifies its cross-selling efforts to its customers.”

Meanwhile, other income grew by 5.38% to P1.21 billion in the second quarter from P1.15 billion a year ago, driven by higher trading and foreign exchange gains, bringing the first semester total to P3.14 billion.

As a result, PNB’s total operating income rose by 7.4% year on year to P15.66 billion from P14.58 billion in the second quarter. In the first half, this also went up to P31.73 billion from P28.64 billion.

Meanwhile, the bank’s operating expenses increased by 8.81% year on year to P7.58 billion in the second quarter and by 9% to P15.64 billion in the six months through June “as robust revenue growth translated to higher business taxes and other business-related expenses.”

PNB’s loans and receivables grew by 5.09% to P669.24 billion in the first six months from P636.82 billion at end-2024.

On the funding side, total deposits went up by 3.23% to P1.003 trillion from P971.67 billion. PNB said this was made up mostly of low-cost current and savings account deposits for the first time.

The bank’s assets stood at P1.29 trillion at end-June, up by 2.81% from P1.26 trillion at end-2024. Total equity also rose by 4.29% to P225.93 billion.

Shares of PNB rose by P2.10 or 3.34% to end at P64.90 each on Monday. — Aaron Michael C. Sy

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