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Maynilad eyes further investments in New Clark City

NEWCLARK.PH

WEST ZONE concessionaire Maynilad Water Services, Inc. plans to increase its investments in New Clark City over the next five years as part of its long-term expansion strategy.

“We’re operating deep wells for New Clark City for the immediate locators that are already there inside New Clark City, and I guess the main investments will come within five years,” Maynilad President and Chief Executive Officer Ramoncito S. Fernandez said on Money Talks with Cathy Yang on One News on Wednesday.

He said the company continues to focus on serving commercial and industrial consumers in its west concession area while exploring opportunities in emerging urban centers.

Maynilad and its partner, Korean Water Resources Corp., have submitted a P15-billion unsolicited proposal to the Public-Private Partnership Center to develop a water supply and management system for New Clark City.

The proposal remains subject to approval by the Bases Conversion and Development Authority (BCDA).

“It’s a medium to long-term investment that we’re putting in once the BCDA will approve our unsolicited proposal,” Mr. Fernandez said.

He also said the company is exploring partnerships with water districts that require sustainable and potable water supply within and outside the Bulacan and Cavite areas.

“These are the growth areas that we’re looking at for the future, creating long-term value for Maynilad,” Mr. Fernandez said.

Maynilad provides water and wastewater services in the West Zone, which covers 11 cities in Metro Manila, three of which have partial coverage, as well as parts of Cavite province.

Metro Pacific Investments Corp., Maynilad’s majority shareholder, 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

RCBC eyes double-digit card loan growth

PHILSTAR FILE PHOTO

RIZAL COMMERCIAL Banking Corp. (RCBC) is targeting double-digit loan growth for its credit cards business as it continues to grow its consumer business.

“I think we’re constantly innovating and we’re constantly growing our business, attracting new customers, and also gaining more loyalty from our customers. The growth will be there. We want them to appreciate the product and service that we’re going to offer to our clients. I’m not going to put a particular number to it, but I’m confident that clients will be very happy,” RCBC President and Chief Executive Officer Reginaldo Anthony B. Cariaso told reporters on the sidelines of the launch of the RCBC Airmiles Visa Signature Card late on Tuesday.

The bank’s credit card receivables grew by 32% year on year in 2025, driven by the acquisition of affluent customers that also resulted in an 18% increase in issued cards, it said.

RCBC Credit Cards President and Chief Executive Officer Arniel Vincent B. Ong said at the same event that total credit cards in force stood at 1.5 million, which he expects to continue growing at a double-digit pace, contributing to the bank’s aggressive consumer expansion.

“The cards business has been one of the fastest growing portfolios of the bank. As we push more into the consumer segment, if you look at RCBC, that’s not going to change. We will continue to drive growth through our consumer business. And credit cards is one of those pillars.”

Mr. Ong said credit card loans make up close to half of the bank’s total consumer portfolio. Of the bank’s total credit card transaction value, more than half are coming from the affluent segment.

“We’ve been making a stronger position on the affluent segment for the last three to four years since the exit from the pandemic. That’s been a very conscious decision that we’ve made. A lot of our products, features, and promotions have really been trying to capture the mass affluent and the affluent segment needs.”

The RCBC Airmiles Visa Signature Card launched on Tuesday, which replaces its current travel miles card offering, also caters to the affluent segment.

The new card features 1.5% foreign exchange conversion fee, unlimited airport lounge access worldwide, up to P20 million in travel insurance coverage, and up to 36-month installments via the RCBC Pulz app.

Mr. Ong said holders of the bank’s previous miles card will be moved to the RCBC Airmiles Visa Signature Card by June.

Meanwhile, RCBC does not expect the war in the Middle East to materially affect their operations, but they will continue to monitor developments for potential risks, he added.

“Depending on how long this war happens, it can cause inflationary pressures on the prices of goods locally, which means it will eat into the disposable income of customers. At RCBC, even during the pandemic, what we have always done is to help our customers who are struggling so that if they have a problem, we can help them… Those things will continue. So, as a bank, we’re just preparing for those things,” Mr. Ong said.

“Let’s just say we are on top of it. We’re dimensioning that risk at the moment. It’s a very live discussion. So, it’s hard to say at this point. But the bank is taking a proactive stance to manage those risks.”

RCBC’s net income rose by 11% year on year to P10.6 billion in 2025.

Its shares closed at P23.90 apiece on Wednesday, down by 10 centavos or 0.42% from Tuesday’s finish. — Aaron Michael C. Sy

No fools: April is Filipino Food Month

REPRESENTATIVES of the Department of Agriculture along with Assistant Secretary Genevieve E. Velicaria-Guevarra (2nd from right).

THANKS to Presidential Proclamation No. 469, we celebrate Filipino Food Month every April, usually with a long list of activities filling the month, from food tours to festivals, conferences to cultural presentations. And due to the Philippines’ assumption of the chair for the Association of Southeast Asian Nations (ASEAN), this year’s theme, “Connected by Taste: Filipino Food in the Flavors of ASEAN” emphasizes our ties with the Southeast Asian neighborhood.

Proclaimed in 2018 by former President Rodrigo R. Duterte, it says, “The Department of Agriculture (DA) and the National Commission for Culture and the Arts (NCCA) shall lead the above celebration. All departments, bureaus and agencies of the national government, including government-owned or -controlled corporations, and state universities and colleges, are hereby directed, and local government units (LGUs) and the private sector are encouraged, to participate and assist in the activities of the celebration.”

Slated activities include the official launch and opening of this year’s Filipino Food Month in Iloilo City and Camarines Sur on April 6. Iloilo will host the national launch and major activities for the month due to its UNESCO status as first Creative City of Gastronomy in the Philippines. A DA-initiated Kadiwa Pop-Up Store will open on April 2, prior to the opening ceremonies.

The Iloilo opening ceremonies will also see a Welcome Dinner for ASEAN delegates, and a Gastronomy and Heritage Tour of Iloilo on April 8, and ending with a send-off dinner at Newport World Resorts on the same day.

CONFERENCES AND FESTIVALS
KainCon, an academic conference featuring papers on Filipino food, will be held on April 16 to 18, and Hapag ng Pamana — food festivals focusing on local delicacies — in Zamboanga and Marawi City on April 18 and April 27 to 29 respectively. There will also be a Hapag ng Pamana event in Nueva Ecija from April 22 to 24.

A series of festivals will also be celebrated during Filipino Food Month, namely the Balikutsa Festival celebrating the pulled candy, in Santa Maria, Ilocos Sur on April 25; the Halo-Halo Festival, focusing on the shaved ice dessert, in Sultan Kudarat, Mindanao on April 26; the Taraon Festival that honors the culinary and cultural traditions of Infanta, Pangasinan and the Viva Binatbatan Festival of Arts in Vigan, Ilocos Sur, which focuses on the abel Iloco weaving tradition of the area, both on April 28; and the Kanen Festival, celebrating the kakanin or rice-flour based delicacies, of Urbiztondo, Pangasinan on April 30.

Throughout the month, there will be food heritage talks, regional food fairs, academic discussions, and cultural presentations that highlight the diversity of Filipino cuisine, from indigenous food traditions to contemporary culinary innovations, from other partner agencies.

The NCCA will be holding Food Fridates at the Likhang Filipino Exhibition Halls in Pasay City, during which different LGUs take over and focus on what they have to offer, with Mabalacat, Pampanga and Samar as leader LGUs on April 17 and 24 respectively.

Filipino Food Month is set to culminate and officially close on May 2 with a turnover ceremony.

OUR NEIGHBORS AND BACKYARD
In a speech at a press conference announcing the events of Food Month on March 6 at the Metropolitan Theater, NCCA Deputy Executive Director for Administration and Support Services Marichu G. Tellano said, “We dive into the scene connected by taste, with the goal of which is to highlight and showcase Filipino cuisine, not as an isolated agenda, not as an isolated island with different flavors, but a key player in the flavors of the ASEAN.

“We look at how our shared history with our neighbors has seasoned our identity, and how we can continue to grow together, one plate at a time,” she said. “Food is not just to feed us,” she added. “From life to death, really, food serves as a common connection.”

Before concentrating on our neighbors, it’s nice to know that we’re also looking out for our own backyard (literally). Genevieve E. Velicaria-Guevarra, the Agriculture Department’s assistant secretary for agribusiness, marketing and consumers, discussed their efforts in protecting heritage crops. “We’re trying to document the gene species,” she said in a Q&A during the press conference. The idea is to try to preserve the genes and DNA of native species, “Especially for our heritage rice. Also for our mangoes,” she said.

“We’re trying to preserve as much as we can right now. Hopefully, we can expand to further crops.”

In a similar thread, NCCA Chairman and Executive Director Eric Zerrudo said that more than consumption, what the agency cares about are the practices that surround food, and therefore build a food culture. “We don’t just look at the material product of food,” he said. “Food has always been viewed by the NCCA as a practice.

“We’re trying to protect the indigenized culture of food production, but we also have to be conscious that our exchanges with our nature, with our society, with our environment, would continue to evolve new tastes and new foods.”

Jose Antonio Miguel “Jam” Melchor, founder of the Philippine Culinary Heritage Movement, told BusinessWorld what ordinary citizens can do to help preserve food culture. “I think it’s important that we support local,” he said. That isn’t just a buzzword; it’s a concrete plan. “We support chefs that support local. That is somehow creating an economy na talagang mag-produce pa ng mas maraming local ingredients (that encourages the production of more local ingredients).” — Joseph L. Garcia

PHL financial industry’s digitalization to boost market reach, revenues

STOCK PHOTO | Image by jannoon028 from Freepik

BANKS AND INSURERS in the Philippines expect emerging technologies like artificial intelligence (AI) to help boost market penetration and their revenues, while also driving financial inclusion.

Bangko Sentral ng Pilipinas Managing Director Charina B. De Vera-Yap said on Tuesday that both banks and insurers need to work on reaching the underserved beyond account ownership and building resilience to protect families from unexpected shock.

Technology can be an enabler, but building consumer trust by ensuring that they are protected from various cyberthreats is critical, she said.

“Fraud can spread quickly. Misinformation circulates widely. Products may become more complex, and sometimes technology evolves faster than consumers can truly understand. So the challenge before us is not simply how to innovate. The real challenge is this: how do we ensure that innovation builds a system that is inclusive, resilient, and trusted? Because ultimately, trust is what makes financial systems sustainable,” she said in a speech at the Asian Banking & Finance and Insurance Asia Summit held on Tuesday.

Bank of the Philippine Islands (BPI) President and Chief Executive Officer Jose Teodoro K. Limcaoco, who is also president of the Bankers Association of the Philippines, said banks can expand their market penetration by offering different avenues for consumers to be part of the financial system.

“Financial inclusion is about allowing people to participate actively and progressively in the financial system, whether it’s through payment, whether it’s through transfers, making an investment, having access to cheap insurance or other financial services. And as financial services continue to evolve, so too must the role of banks to support this kind of everyday participation.”

For BPI, Mr. Limcaoco said the bank has expanded its physical and digital touchpoints through its agency and small and medium enterprise banking businesses, as well as its e-wallet Vybe.

As fraud and scam attempts remain more sophisticated and as consumers demand faster services, Globe Business Assistant Vice-President for Business Solutions Consulting Marlon Cruz said banks and insurers are shifting to real-time data processing to meet clients’ needs.

He said industry players are shifting to data streaming from processing information by the batch, which had the disadvantage of being outdated due to having waiting times.

“The waiting time is dead. From InstaPay to online shopping, our consumer wants instant. So, real-time data is making this happen,” Mr. Cruz said.

Insular Life Assurance Co., Ltd. Chief Product and Innovation Officer Jose Eduardo O. Ang likewise said the company is leveraging AI by using it to assist its agents or for chatbots for simpler transactions. — A.M.C. Sy

Peso drops again as Middle East war continues

BW FILE PHOTO

THE PESO dropped back to the P59 level against the dollar on Wednesday as uncertainty over the Middle East war weighed on sentiment.

The local unit dropped by 27.4 centavos to close at P59.17 against the greenback from its P58.896 finish on Tuesday, data from the Bankers Association of the Philippines showed.

The peso opened Wednesday’s trading session stronger at P58.888 per dollar. It climbed to a high of P58.77 but failed to hold on to its gains, closing at its intraday low.

Dollars traded edged up to $2.057 billion from $2.027 billion on Tuesday.

“The peso reverted above the P59 level on renewed safe-haven demand as military tensions between Iran and the US intensified along the crucial Strait of Hormuz,” a trader said in an e-mail.

For Thursday, the peso could recover ahead of a potentially softer US consumer inflation report overnight.

The trader sees the peso moving between P59 and P59.25 per dollar on Thursday.

The dollar staged a rebound after an early wobble on Wednesday as fears of escalation in the Middle East war kept risk appetite in check and prompted traders to seek refuge in the safe-haven currency, Reuters reported.

While any indication of a swift resolution to the US-Israel war with Iran has tempered the currency’s gains, conflicting signals from Washington and Tehran left traders without a clear direction.

Earlier this week, US President Donald J. Trump hinted that the war could end sooner than he had initially suggested, prompting a rebound in risk assets.

Iran, however, has continued to disrupt oil shipments through the Strait of Hormuz, defying Trump and drawing Washington’s ire.

Oil prices recovered on Wednesday after dropping earlier in the session, as doubts emerged over whether the International Energy Agency’s reported plan for a reserve release would be enough to offset a supply shock.

The yen was at 158.38 per US dollar, weakening 0.2%. The dollar index, which measures the US unit against six other rivals, was flat at 98.96.

As the conflict stretched into its 12th day, the US and Israel traded air strikes with Iran’s military across the Middle East. The besieged Tehran government warned its state security forces were ready with “fingers on the trigger” to confront any revival of anti-government protests.

The fast-evolving developments have left traders grappling with how to best price the risk.

A key focus for the market will also be US inflation data for February later on Wednesday. It is expected to show core consumer prices rose 0.2% during the month while headline prices were up 0.3%, according to economists polled by Reuters. — A.M.C. Sy with Reuters

Anissa Helou on discovering new flavors in a cuisine she thought she knew

FEW PEOPLE know Lebanese cuisine like Anissa Helou. The James Beard Award-winning author and Beirut native has penned nearly a dozen cookbooks on topics ranging from Mediterranean street food to modern mezze. But it wasn’t until she began researching her latest, Lebanon: Cooking the Foods of My Homeland, that she realized how little she knew about the diversity within her own country’s cuisine.

Speaking with Reuters ahead of the book’s March 10 release, Helou, who lives in Sicily, reflects on uncovering regional specialties that most Beirutis wouldn’t know and why documenting these recipes now feels more urgent than ever.

This conversation, conducted before the outbreak of the latest conflict in the Middle East, has been edited and condensed for clarity.

Q: Can you tell me about your introduction to cooking growing up in Beirut?

A: My mother and grandmother were very, very good cooks and they always prepared the food for us. We spent some of the summers in Syria, because my father is originally Syrian, and we spent it in (the northwestern Syrian town of) Mashta el-Helou with my aunt who grew everything and did everything at home. So from when I was a kid, food has been incredibly important in my life.

Q: How did that passion manifest into cookbook writing?

A: I didn’t have to cook when I was in Lebanon, so when I left at 21 and started living with a man, the first thing I said to him (was) “Don’t expect me to cook for you,” mainly because I was into women’s liberation and I was a bit of a feminist. I loved food and I loved eating and going to markets and everything, but I saw cooking as a domestic occupation rather than an interesting way of approaching culture.

(Then one day,) a friend of his came to the house and she cooked. I was looking at them eating and him with his beatific expression and I was thinking maybe I should review my attitude to cooking. I very foolishly decided to cook a Lebanese meal for 30 of our friends, most of them foreign, in mid-’70s London, a culinary desert. Olive oil, flat-leaf parsley, burghul (or bulgur wheat), tahini — (all) almost unknown ingredients for the general public. I crisscrossed London to get the ingredients, and I managed to produce a meal having not been able to get in touch with my mother because it was at the height of the (Lebanese) Civil War and there was no communication. But I cooked from memory.

It wasn’t until 20 years later (that I had) a chance encounter with a Lebanese friend (who had) taken a literary agent to write a book. They were talking about cookbooks as an emerging genre in publishing. I started thinking, you know, my mother is such a great cook. She won’t be with us forever. Maybe I should write down her recipes. And because a lot of young people had been displaced in the Civil War, I thought a good Lebanese cookbook would be great for people who didn’t have the chance I had.

Q: Lebanon examines the country’s cuisine through a regional rather than a national lens. What inspired that approach?

A: What people eat in the south is quite different from what people eat in the north. There’s a whole selection of kibbehs (a popular dish made of spiced ground meat and bulgur wheat) in the south that you don’t find anywhere else; even breads that you don’t find either in Beirut or in the north. So, looking at it from a regional point of view makes you focus more on the communities and on the specialties of that region.

Q: How unfamiliar to you were some of these dishes?

A: Take the example of a flatbread called mishtah. Until I did my book on savory baking (in 2007), I didn’t know it existed. That bread was made on a daily basis an hour away from Beirut and I never saw it. Even my mother, who was a fount of knowledge of Lebanese cuisine, didn’t know about it. So, it was a revelation — there’s this flatbread that’s more like focaccia than pita with texture because it has like cracked wheat in it and lots of spices that I had never seen or tasted.

And then the different kibbehs. There’s what I call our own “steak tartare,” frakeh. The burghul is mixed with herbs and spices and then with the raw meat. And that again I didn’t know about until I started researching this book.

Q: You’ve written nearly a dozen cookbooks. What was your aim with this one?

A: There are lots of books on Lebanese food, but there are very few authors that have had an approach that is both historical and aesthetic and in-depth. What I wanted to do with this book is to have these approaches (for) those who don’t know Lebanese cuisine and to present the beauty of our food and to make them discover new things. Like why, for instance, the Druze will not eat molokhia (a popular, nutrient-dense stew made of jute mallow). I didn’t know until I found out that they don’t eat it because their sheikh in the 11th century decided that it was an aphrodisiac and there (are) still many Druze now who, not knowing why, still will not touch molokhia.

Q: You’ve been living outside of Lebanon for more than 50 years now. What were the biggest changes you observed going back?

A: I live in Sicily now, and you go to places where they look like medieval paintings. They haven’t changed at all. One thing that struck me (in Lebanon) is how little conservation there was in the rural parts. I’m not talking about the cities because it’s quite obvious that Beirut has been overdeveloped. I mean, Tripoli is a city that I love that still has kept a lot of its old character, especially in the souks and the old part, or Saida in the south.

But the people were always very nice. We were in Tyre and we were walking down the street and I saw a woman rolling vine leaves on her veranda and I just barged in on her and started talking to her and asking what she was doing, who she was cooking for. And she offered us coffee and talked to us. Everywhere we went, everybody received us with open arms. I know it’s cliché, but they’re so hospitable and generous with the food, whatever they’re preparing.

Q: Your work often explores how food preserves cultural memory — something that has been similarly discussed by cookbook authors like Palestinian chef Sami Tamimi. How important is it in the Lebanese context?

A: I think it’s very important. My whole purpose writing about food is preserving culinary traditions for future generations. Food is much more important for Palestinians to preserve for their identity because most of their food is being appropriated. Whereas in the case of the Lebanese, we don’t yet have that problem. But there is the problem of instability, conflicts, aggression. There is a risk of loss of this knowledge because people get displaced, places get destroyed. Lebanon is not immune to destruction, especially now.

So it’s very important for me to preserve and to document, especially visually, because you might lose that beautiful village or this gorgeous house with the old lady who is making mishtah in a hole in the wall. These places are going to go eventually; they will not stay. And so to document them visually, as well as in the written word, is very important.

The perspectives expressed in Culture Current are the subject’s own and do not necessarily reflect the views of Reuters News. Reuters

War and summer — a double whammy for energy markets

STOCK PHOTO | Image by Evening_tao from Freepik

By Alexander Ablaza

A MAJOR Middle East crisis intensifies just as the La Niña ends, paving the way for the hottest months in the Philippines.

Separately, both conditions severely choke energy supply. The ongoing military escalation between the United States, Israel, and Iran has triggered a significant global energy shock by disrupting production and closing major shipping arteries, thereby causing Brent crude prices to surge beyond $100 per barrel. For the upcoming summer, I believe the heat index rise will once again bump up the demand for more cooling, which will easily strain our grids with an additional requirement of 3,340 megawatts of peaking generation, transmission, and distribution capacities.

When they coincide however, the “double whammy” compounds the upward pressure on energy prices, while further tightening fuel and electricity markets. As we are now experiencing gas pump prices surges and gas station queues, the global oil supply shocks are most certainly affecting the transport sector more immediately and intensely than they are the power sector. That said, electricity prices will have to follow suit. We need to remember that off-grid areas are still electrified through about an aggregate 400 megawatts of diesel power generation, and that the grid continues to draw peaking power from gas turbines and diesel generators. Imported LNG prices have likewise surged due to disruptions in global production and critical shipping routes. Additionally, all on-grid power transmission and distribution utilities consume oil-based fuel for their maintenance and operational transport fleets.

The downstream effect of surging energy prices on inflation is a chain reaction where rising fuel and gas costs permeate every sector of the economy. The costs of housing, transport, food, and manufacturing will rise in successive waves and the rising cost of imported energy and demand for dollars will certainly depreciate the Philippine Peso to exchange rates above the P60 threshold.

The “double whammy,” scary as it might seem, unexpectedly poses a silver lining — it forces the country to quickly tap another often-overlooked indigenous resource. Energy efficiency and energy conservation are not just climate and decarbonization strategies — they should be deployed as front-line defenses against geopolitical energy shocks. For the Philippines, where imported oil drives both transport and electricity costs, efficiency measures can soften the blow of imported energy deficits, stabilize the economy, and protect households from sudden price surges. Much more pronounced during times of energy market uncertainty, energy efficiency and conservation are and should always be prioritized as the most reliable “first fuel.” The non-profit Philippine Energy Efficiency Alliance (PE2) estimates that a progressive implementation of energy efficiency deployment through 2040 can actually reduce our economy’s final energy demand by as much as 182 million tons of oil equivalent and defer up to 45,900 megawatts in fuel and electricity production and distribution infrastructure upgrades.

Energy markets that are net importers of energy (such as Singapore and the Philippines) see the most urgent need to build energy price resiliency through accelerated and sustained mobilization of energy efficiency technologies and capital across all energy end-use sectors, whether they be households, MSMEs, larger businesses, or government facilities.

Energy efficiency can be relied upon to quickly reduce vulnerability of local energy markets by decoupling economic growth from the importation of oil, gas, and other fossil fuels. By lowering overall fuel and electricity demand, energy efficiency reduces the pressure on energy infrastructure and mitigates the impact of sudden disruptions in global supply chains. Aggressive energy efficiency investments in the demand-side of energy markets will also serve to dampen the rise in fuel and electricity prices, because of its ability to defer the need for investments to upgrade energy infrastructure in the local fuel market or grids.

It is assuring to see the Philippine Government, through the Inter-Agency Energy Efficiency and Conservation Committee (IAEECC) and the Department of Energy (DoE), quick to push energy efficiency and conservation in the public sector through accelerated implementation of the Government Energy Management Program (GEMP). Government, nationally through the executive and legislative branches and locally through the LGUs, has always been convinced that it should lead by example.

The President through the IAEECC and DoE has been very quick to tighten GEMP enforcement and increase the awareness of no-cost measures such as the mandatory 10% reduction in energy consumption and the setting of minimum thermostat settings of 24° Centigrade for air conditioning systems. Malacañang is even contemplating a four-day workweek for selected government entities.

Private sector and civil society should be collaborating to tap the “first fuel” to cushion the impacts of the volatile oil and gas markets. In meetings with other industry associations, I cited the need to broaden the awareness and enforcement of Republic Act 11285, more popularly known as the Energy Efficiency and Conservation Act, especially for the MSMEs now captured by the reduced consumption threshold of designated establishments. I likewise sought to increase the awareness and capacities for larger designated establishments on the opportunity to accelerate energy efficiency upgrades through the energy service company (ESCO) performance contracting model, especially to significantly improve efficiency of air conditioning systems. PE2 likewise suggested efforts to build a culture of energy monitoring even among households and small businesses.

The “double whammy” is an urgent call for action. Every energy end-user, from the smallest household to the largest industrial facility and transport fleets, will have to be part of a new “war” against energy waste and losses through immediate no-cost behavioral change and forced obsolescence of low-efficiency appliances, machinery, and vehicles from our energy market.

 

Alexander Ablaza founded and currently leads the Asia-Pacific ESCO Industry Alliance (APEIA), the Philippine Energy Efficiency Alliance (PE2), and Climargy, the world’s pioneer private super-ESCO.

aablaza@live.com

PHINMA swings to loss as property, materials units weaken

PHINMA

PHINMA CORP. recorded an attributable net loss of P308.83 million for 2025 despite generating consolidated net income of P326.65 million.

The difference between the consolidated profit and the attributable loss came during a year of higher capital spending. Capital expenditures rose to P5 billion from P3.14 billion in the previous year, the company said in a statement on Wednesday.

PHINMA reported consolidated revenues of P22.84 billion and earnings before interest, taxes, depreciation, and amortization (EBITDA) of P3.48 billion. In the fourth quarter alone, the company posted a consolidated net loss of P49.39 million on revenues of P6.54 billion.

The group’s financial results reflected varied performance across its core business units.

PHINMA Education remained the group’s main growth driver, posting P7.19 billion in revenues and consolidated net income of P1.61 billion. The segment’s results were supported by a record enrollment of 177,851 students across the Philippines and Indonesia for the 2025-2026 school year.

Other business segments faced headwinds during the period. The Construction Materials Group posted a net loss of P265.38 million on revenues of P13.33 billion as macroeconomic pressures and market uncertainty weighed on performance following the fallout from flood control corruption issues. The company said the group had no direct exposure to those projects.

PHINMA Properties recorded a net loss of P646.56 million amid a broad slowdown in the Metro Manila real estate market. Meanwhile, the hospitality segment reported a net loss of P17.94 million as expansion-related costs and weaker tourist arrivals offset growth in corporate and convention bookings.

Management described 2025 as a period of building capacity for future growth. The group refinanced portions of its borrowings by converting certain short-term obligations into longer-term debt to strengthen its liquidity profile.

PHINMA Chairman and Chief Executive Officer Ramon R. del Rosario, Jr. said: “While 2025 presented a challenging operating environment, the group continued to invest in initiatives that strengthen our long-term growth platform. The expansion of PHINMA Education, the regional development of PHINMA Properties, strategic partnerships in Construction Materials, and new Hospitality and Community Housing projects are building additional operating capacity across our businesses. These investments position PHINMA to participate more fully in the country’s long-term growth while continuing our mission of serving underserved families and communities.”

To address market volatility, Philcement brought in Sumitomo Osaka Cement as a 15% minority shareholder. Meanwhile, the property division shifted its focus toward regional township developments such as Saludad in Bacolod and community housing projects for minimum wage workers in Davao.

As of Dec. 31, 2025, PHINMA Corp. had total assets of P59.39 billion and cash equivalents of P3.19 billion.

PHINMA shares rose by 1.4% to P14.50 apiece on Wednesday. — Alexandria Grace C. Magno

Oracle expects AI boom through at least 2027

STOCK PHOTO | Image by Rawpixel.Com from Freepik

ORACLE on Tuesday predicted that the artificial intelligence (AI) data center boom will power its revenue above Wall Street estimates well into 2027, sending its shares up 8.3% in extended trading.

The results help to allay investor concerns that Oracle’s costly multi-billion dollar push into AI computing would not generate profits quickly enough. Oracle has made a dramatic turn toward building data centers for partners such as OpenAI and Meta, while at the same time enacting layoffs as it uses smaller engineering teams and AI coding tools to roll out new software for its longtime customer base of large businesses.

Remaining performance obligations (RPO), a key indicator of future contracted revenue, grew 325% from last year to $553 billion in the third quarter, ahead of the $540.37 billion estimate from four Visible Alpha analysts. Oracle had reported RPO of $523 billion in the previous quarter.

Most of the increase in RPO in the quarter is related to large-scale AI contracts where Oracle, which has borrowed heavily, “does not expect to have to raise any incremental funds,” the company said in a statement.

The company also raised its revenue forecast for fiscal 2027 to $90 billion, above analysts’ estimates of $86.6 billion, according to LSEG-compiled data.

“Oracle’s quarter is a beat and a stress test result for the AI trade,” said eMarketer analyst Jacob Bourne. “As the most debt-exposed major player in AI infrastructure, Oracle is the canary in the coal mine and this report suggests there’s underlying health in AI spending beyond the hype.”

On a conference call with investors, Clay Magouyrk, one of Oracle’s two CEOs, said that the company’s margins on its cloud business should improve over time. He reiterated the company’s previous guidance, saying that renting out AI chips from partners such as Nvidia would have margins of 30% to 40%.

But he said that 10% to 20% of customer spending with Oracle’s cloud unit would go toward other services, which could also include its database business that has 60% to 80% gross margins.

“When you combine all of these pieces together, the overall margin profile of (Oracle Cloud Infrastructure) continues to strengthen and grows rapidly,” Mr. Magouyrk said.

The company’s strategy to build out data centers is helping it capture a slice of the booming AI market. Oracle has been aggressively spending to expand its cloud infrastructure to support generative AI workloads, competing for customers against hyperscalers such as Amazon’s AWS and Microsoft’s Azure.

On the conference call, Oracle’s co-founder and executive chairman, Larry Ellison, also said that the wave of investor concern that AI coding tools would weaken demand for business software should not apply to Oracle, because the company is embracing those tools by using small teams of engineers to create new software-as-a-service (SaaS) products.

“Thank God we have these coding tools now that allow us to build a comprehensive set of software — agent-based software to automate a complete ecosystem like healthcare, or financial services,” Mr. Ellison said. “That’s why we think the ‘SaaS’-apocalypse applies to others but not to Oracle.”

The company reported total revenue of $17.19 billion for the third quarter ended Feb. 28, compared with analysts’ average estimate of $16.91 billion, according to LSEG data.

For its current fiscal fourth quarter, Oracle predicts adjusted profits between $1.96 and $2.00 in US dollars, above analysts’ estimates of $1.94 per share.

The company expects fiscal fourth-quarter revenue growth of 19% to 21% in US dollars, in line with analysts’ estimates of 20.2% growth to $19.12 billion. Similarly, Oracle forecast cloud revenue growth of 46% to 50% in US dollars, also in line with estimates of 48% growth to $9.98 billion. Reuters

Alternergy plans P5-billion preferred share offer

BW FILE PHOTO

ALTERNERGY Holdings Corp. plans to raise up to P5 billion through a proposed issuance of perpetual preferred shares to support funding for its renewable energy projects.

In a statement on Wednesday, the company said its board approved the filing of a shelf registration covering up to 50 million perpetual preferred shares priced at P100 apiece.

Alternergy plans to issue the shares in one or more series or tranches over five years, to be drawn from its unissued capital stock.

“Alternergy board decision to proceed with a shelf registration is a pivotal move given current market volatility brought about by the Middle East conflict,” Alternergy President Gerry P. Magbanua said.

A shelf registration allows companies to register securities for public offering without selling the entire amount immediately.

“A shelf registration will provide flexibility in future capital raising. We believe this is prudent approach than a full public offering in the near term,” Mr. Magbanua said.

Proceeds from any public offering under the shelf registration will fund the company’s pipeline of projects secured under the fourth Green Energy Auction round.

These projects have a combined capacity of up to 500 megawatts (MW) across Luzon, Visayas, and Mindanao. They include the Liberty floating solar project in Tarlac; the Kalandagan solar-plus-battery energy storage project in Tacurong City, Sultan Kudarat; the Alegri wind project in Cebu; and the Tayabas wind project in Quezon province.

Alternergy aims to expand its renewable energy portfolio to 1,000 MW by 2030. — Sheldeen Joy Talavera

PSE chief says 2026 Maya IPO still a go despite market rout

FINANCIAL TECHNOLOGY (fintech) firm Maya Innovations Holdings, Pte. Ltd.’s planned initial public offering (IPO) in the Philippines this year is still on the table even as volatility has hit global markets amid the conflict in the Middle East, the top official of the bourse operator said.

“As far as the Maya listing is concerned, I think that is still on, I think it is happening by the third quarter. That is their plan,” Philippine Stock Exchange, Inc. (PSE) President and Chief Executive Officer Ramon S. Monzon said in a CNBC interview on Wednesday.

Maya Innovations, formerly Voyager Innovations Holdings, Pte. Ltd., is the parent holding company of Maya Philippines, Inc. and Maya Bank, Inc.

Maya Philippines is registered with the Bangko Sentral ng Pilipinas (BSP) as an electronic money issuer, remittance and transfer company, operator of payment system, and virtual asset services provider.

Meanwhile, Maya Bank is one of the six BSP-licensed digital banks in the country.

Last month, Maya Chairman Manuel V. Pangilinan said it is planning a dual listing for the fintech firm, aiming to list first in the US and then on the PSE by the second half of the year.

The listing is part of the company’s plan to raise new capital while also allowing existing investors to exit and enabling PLDT Inc. to keep its stake.

Maya’s existing shareholders include PLDT and First Pacific, which together hold 39.6%, as well as KKR & Co., Tencent Holdings, and the International Finance Corp.

For this year, the PSE expects four IPOs, which include those of electronic wallet platform GCash and PNB Holdings Corp.

“As for GCash, both the regulators — the PSE and SEC (Securities and Exchange Commission) — have come up with regulations that could make the IPO of GCash possible,” Mr. Monzon said in the same interview, referring to the SEC’s decision to ease minimum free float requirement for large listings. Under the Memorandum Circular No. 11 signed on Feb. 24, the SEC has introduced a tiered public ownership framework.

“I think [what] our market will be watching out is the duration of the conflict in the Middle East…  I think, maybe for all markets, this Iran conflict, markets can recover and damage is transitory, but if the conflict prolongs, all bets are off.”

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

Egg yolks for prosperity

Shrimp Chop Fried Rice

WHILE Din Tai Fung’s Lunar New Year dishes from last February are still being served, that does not mean that there are no Lenten specials.

Din Tai Fung, a franchise concept brought here by The Moment Group (179 stores in 15 countries), recently invited BusinessWorld over for lunch to test the lucky goodies and taste their Lenten offering (another spiritual entry).

During Lent, Catholics are expected to abstain from meat, but the modern world has given us ways to still indulge, provided the meal didn’t come from poultry, beef, or pork (fish is still on the table). So Din Tai Fung’s Lenten offering is a Shrimp Chop Fried Rice (P395) — essentially a ground shrimp cutlet bound together by egg. It was strangely familiar (like something we’d have at a Binondo joint), and a bit boring, depending heavily on the sweet-and-sour dip for flavor. This chop rested on a bed of aromatic fried rice, which was useful for the Lunar New Year selections that followed.

The Lunar New Year selections are Salted Egg Yolk Lobster Tail (P985), Salted Egg Yolk Pork Ribs (P545), and Salted Egg Yolk Tofu (P285). Had we known these were the earlier offerings, we’d have marched right into a Din Tai Fung on the Feb. 12 release date. They’re now on limited-time offer, available while supplies last.

The Lobster Tail, a bit more expensive than the restaurant’s usual offerings, used the salted egg yolk as a creamy sauce. Served with its former shell, one can taste the rich seafood merging with the salted egg, texture upon texture of pure indulgence. Salted egg yolks symbolize the moon in Chinese culture (hence its appearance on mooncakes in another moon-related feast), and they also symbolize prosperity, making them perfect for this specific promotion.

The feeling of richness extended into a Salted Egg Yolk Tofu (double-fried for extra crispiness and dusted with the egg yolk in powdered form), and the Salted Egg Yolk Pork Ribs. Afterwards, we kept craving for the tofu, small and very crispy salty bites, and they could be served in a party as appetizers. We conclude, then, that all you need for a great lunch is a hefty dusting of salted egg yolks.

The Salted Egg Yolk dishes are available in all Din Tai Fung stores in the country (while supplies last), while the Shrimp Chop Fried Rice is only available from Feb. 18 to April 5. — JL Garcia