INFRASTRUCTURE SPENDING jumped in April amid the continued implementation of projects. — PHILIPPINE STAR/MIGUEL DE GUZMAN
INFRASTRUCTURE SPENDING jumped in April amid the continued implementation of projects, the Department of Budget and Management (DBM) reported.
Infrastructure and other capital outlays rose by 36.2% to P118.9 billion in April from P87.3 billion in the same month a year ago, according to the latest National Government disbursement report.
Month on month, infrastructure spending rose by 23.5% from the P96.3 billion recorded in March.
“The strong infrastructure spending performance was largely on account of the implementation of infrastructure projects of the Department of Public Works and Highways (DPWH), such as the construction, repair and rehabilitation of roads, bridges, and flood control structures; and the construction of administrative, hospital, and multi-purpose buildings,” the DBM said.
The DBM also cited the release of local counterpart funds for Department of Transportation foreign-assisted projects and the implementation of capital outlay projects under the Revised Armed Forces of the Philippines Modernization Program.
For the first four months of the year, infrastructure spending increased by 18.2% to P335.7 billion from P284 billion in the year-ago period.
The DBM said that higher spending in the January-to-April period was due to the implementation of various road infrastructure programs and defense modernization projects of the DPWH and Department of National Defense, respectively.
In the January-April period, overall infrastructure disbursements rose by 18.1% to P409.7 billion from P346.9 billion.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that the higher spending in the first four months may be due to the lower base effects as the government suffered from underspending a year ago.
In the second quarter of last year, government spending contracted by 7.1%, bringing down overall gross domestic product (GDP) for the quarter to 4.3%. This as state agencies were flagged due to low budget utilization.
Mr. Ricafort also noted the government’s push for accelerated government spending would help drive economic growth.
“For the coming months, preparations for the May 2025 midterm elections could lead to more and faster government spending on various projects and programs, including infrastructure, before the election ban, thereby could lead to faster growth in infrastructure spending, going forward,” he said.
The midterm elections in May 2025 will have Filipinos voting for key positions such as 12 of the 24 Senate seats. Other positions include congressmen, governor, mayors, and village captains, among others.
The government is planning to spend 5-6% of GDP on infrastructure annually until 2028.
According to the latest Development Budget Coordination Committee data, this year’s infrastructure program is set at 5.6% of GDP.
Infrastructure is one of the administration’s priority investment areas. The government’s list of infrastructure flagship projects currently stands at 185 with a total value of P9.54 trillion. —Luisa Maria Jacinta C. Jocson
The Philippine central bank earlier warned that inflation could temporarily overshoot the 2-4% target until July amid base effects. — PHILIPPINE STAR/RYAN BALDEMOR
By Luisa Maria Jacinta C. Jocson, Reporter
THE BANGKO SENTRAL ng Pilipinas (BSP) is expected to stand pat for a sixth straight meeting this week amid the peso’s weakness and risks to inflation.
A BusinessWorld poll conducted last week showed that all 15 analysts surveyed expect the Monetary Board to maintain its target reverse repurchase rate at a 17-year high of 6.5% at its policy meeting on Thursday.
The BSP has raised borrowing costs by a cumulative 450 basis points (bps) from May 2022 to October 2023.
“We don’t expect the BSP to change policy settings on June 27, but their post-meeting statement may continue to be less hawkish than their rhetoric early this year,” Bank of the Philippine Islands Lead Economist Emilio S. Neri, Jr. said in a Viber message.
“The BSP can afford a more dovish slant on Thursday following downside surprises on headline inflation prints for April and May,” he added.
Headline inflation accelerated to 3.9% in May from 3.8% in April, marking the sixth straight month that inflation settled within the BSP’s 2-4% target band.
“While the latest inflation print for May accelerated slightly, a reading within BSP’s target range of 2-4% for a sixth straight month will give comfort to the BSP,” Sarah Tan, an economist from Moody’s Analytics, said in an e-mail.
“Still, inflation is uncomfortably high at 3.9% which means that it is not time for the BSP to begin monetary policy easing just yet,” she added.
Pantheon Chief Emerging Asia Economist Miguel Chanco said that the Monetary Board is likely to maintain its policy rate as there is still a “small risk” of inflation breaching the upper end of the BSP’s target.
“To be clear, this breach should be temporary, lasting just one month, at most. By August, this temporary breach should have started to reverse, paying the way for the Board to start a normalization of policy,” he said.
The BSP earlier warned that inflation could temporarily overshoot the 2-4% target until July amid base effects.
Security Bank Corp. Chief Economist Robert Dan J. Roces said that the BSP is likely to keep rates steady, influenced by the “prevailing weakness of the Philippine peso and anticipation of pronounced disinflation not occurring until the end of the third quarter of 2024.”
“We think the inflation pressure and the weak currency will continue to constrain the capability of the BSP to cut the rate,” Sunny Liu, lead economist at Oxford Economics, said in an e-mail.
The peso weakened to a 19-month low on Friday, closing at P58.80 per dollar. The local unit depreciated by two centavos from its P58.78 finish on Thursday.
This was its worst finish since its P58.80 per dollar close on Nov. 3, 2022.
“The peso’s fragility, exacerbated by external economic pressures and capital outflows, makes a compelling case for maintaining higher interest rates to support the currency and mitigate potential inflationary pressures from further depreciation,” Mr. Roces said.
Meanwhile, analysts said that the US Federal Reserve’s latest signals would also impact policy decisions by the BSP.
“Number one driver for the BSP to move, I believe, is still what the US Fed wants to do,” Union Bank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said in an e-mail.
“We see this around the world among global central banks seemingly hesitant to start cutting rates ahead of the US Fed and I do not expect the BSP to be no different,” he added.
The US central bank earlier this month left its policy rate unchanged at 5.25%-5.5% for a seventh straight meeting.
Fed officials are now pricing in just one rate cut this year, compared with expectations of three cuts previously. They also signaled that policy easing could be pushed back to as late as December.
Ms. Tan said that the delay in the Fed’s first rate cut would add to the case for the BSP to stand pat at its upcoming meeting.
“Furthermore, the Federal Reserve’s recent monetary policy pronouncements could also influence the BSP’s stance, as synchronized actions may be necessary to manage cross-border financial stability and prevent disruptive capital movements,” Mr. Roces said.
“Hence, a pause in rate changes would provide BSP with an opportunity to assess the impacts of global monetary shifts while addressing domestic economic vulnerabilities linked to currency performance and delayed disinflation,” he added.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that if there are signals of a Fed cut by September, the BSP can start cutting rates in August as there are no other rate-setting meetings in the third quarter.
“We assume that the Fed will ease by 25 bps each in September and December. We also believe that the BSP should not cut rates ahead of the Fed or else risk further exchange rate weakness,” Philippine National Bank economist Alvin Joseph A. Arogo said in an e-mail.
“We expect BSP to wait until headline inflation stays well within the 2-4% target range for a few months before starting cutting,” Zamros Bin Dzulkafli, economist at Maybank Investment Banking Group, said in an e-mail.
BSP Governor Eli M. Remolona, Jr. earlier said that the central bank can begin cutting rates as early as August.
“Lower power prices and slower annual increases in rice prices for June may actually lead the BSP to increasingly hint on an August rate cut. If the July headline inflation print falls below 4%, BSP may gain enough confidence to hint on another cut in October,” Mr. Neri said.
Mr. Arogo said that the recent tariff reduction would also help inflation settle within the target.
President Ferdinand R. Marcos, Jr. last week issued Executive Order No. 26 which updates the tariff rates on various commodities, including rice. The tariff on rice imports was slashed to 15% from 35% until 2028, in a bid to tame rice prices.
“Any local policy rate cut would also be a function of the inflation (likely to be within the BSP inflation target as made more possible with the reduction on rice import tariffs) and also a function of the behavior of the US dollar/peso exchange rate that has an effect on import prices and overall inflation,” Mr. Ricafort added.
On the other hand, Mr. Neri said that the BSP may be unable to cut if second-quarter gross domestic product (GDP) growth surprises on the upside; the Fed continues to delay its policy easing; and if the peso further sinks to the P60-per-dollar level.
THE PHILIPPINE PORTS Authority (PPA) will be increasing cargo handling fees by 16% at the Manila ports by August, the Philippine Exporters Confederation, Inc. (Philexport) said in a bulletin.
According to Philexport, the increase was confirmed by PPA Manager for Commercial Services Mark Jon S. Palomar’s letter in response to Philexport’s petition “to defer cargo handling tariff hikes until the export industry has recovered.”
Citing Mr. Palomar’s letter, Philexport said that the hike in fees was approved by the PPA board of directors during its regular meeting on May 28.
This involves a 16% increase in cargo handling tariffs at the Manila South Harbor and the Manila International Container Terminal (MICT).
Manila South Harbor is operated by Asian Terminals, Inc., while the MICT is operated by International Container Terminal Services, Inc.
“[The increase] is based on the consumer price index adjustment factor from 2020 to 2023 considering the relevant provision of the Terminal Operators Contract with the Authority,” Philexport said, citing Mr. Palomar’s letter.
The Philippines’ annual average inflation rate stood at 6% in 2023, higher than the 2022 annual average inflation rate of 5.8%.
The increase, which will be implemented no earlier than Aug. 5, will be executed in two tranches.
The first tranche will involve a 10% increase in cargo handling fees. The second tranche, which will involve a 6% increase, will be implemented six months after the first tranche takes effect.
According to the export group, it has been opposing, together with the Export Development Council, any cargo handling rate increases at Philippine ports.
“The PPA has a share in cargo handling revenues generated by cargo-handling contractors and port-related service operators,” Philexport said.
“Thus, the approval of any cargo handling tariff hike constitutes a ‘conflict of interest’ as the PPA, being the regulator, also benefits from its own regulation, giving the agency the incentive to increase the rate to improve its financial health,” it added.
Sought for comment, Philippine Chamber of Commerce and Industry Chairman George T. Barcelon said that the business group does not think the PPA should implement any hike in fees at this time.
“The PPA at this point in time should not be increasing their service charge because this would be challenging to the importers and exporters who are already facing the increase in shipping costs,” Mr. Barcelon said in a phone interview.
“I don’t think it would be prudent for them to increase… Maybe this is not the right time because businessmen are already having challenges,” he added.
Mr. Barcelon said importers and exporters are already facing higher shipping costs due to geopolitical tensions in the Middle East.
“If you will notice, this week, there will be an increase in oil prices. All of this, somehow, would be passed on to consumers… and this might affect our inflation,” he added.
Pump prices for petroleum products are expected to climb this week, driven by “continued geopolitical tensions and supply risks,” according to the Department of Energy.
Inflation rose 3.9% in May, the fastest rise since November.
British Chamber of Commerce Philippines Executive Director Chris Nelson said on Sunday that the increase is “government-mandated” and reflects the inflation uptrend over the last three years.
“It’s based on the last three years of inflation, so if inflation drops, then obviously going forward, the increase should be less,” Mr. Nelson said in a phone interview.
But more than the increase in cargo handling fees, Mr. Nelson said the bigger challenge that companies face today is the “exceptionally high” shipping rates.
“So, look, it’s a mandated increase by the government. It covers inflation, (which) we understand. But if you look at the cost in the system, what’s more of a challenge for exporters and importers is actually the shipping rates, which are, again, very high,” he added.
The pending increase also comes after the 32% increase in storage charges for foreign containerized cargoes.
“Trade groups, including Philexport, had also opposed the increase of 32%, noting it was too high and would hurt the economy and the stakeholders already facing inflation and a weak global economy,” the group said.
The PPA implemented an increase in storage fees as well as a surcharge for the storage of reefer containers on Jan. 6, despite calls from the business sector to defer or reconsider the increase last year.
Meanwhile, other chambers that opposed the proposal include the American Chamber of Commerce of the Philippines, Inc., the German-Philippine Chamber of Commerce and Industry, and the European Chamber of Commerce of the Philippines.
Asked to comment, the PPA has yet to respond to BusinessWorld’s inquiry as of press time.
Moody’s Analytics said the Philippines’ gross domestic product (GDP) growth is expected to average 5.9% this year. — PHILIPPINE STAR/MIGUEL DE GUZMAN
THE PHILIPPINES is expected to be the second-fastest growing economy in the Asia-Pacific (APAC) region this year, although expansion is “below potential,” Moody’s Analytics said.
In a report, Moody’s Analytics said the Philippines’ gross domestic product (GDP) growth is expected to average 5.9% this year, just behind India (6.8%) but ahead of Vietnam (5.8%), Indonesia (5.2%), and China (4.9%).
“Rising exports and stronger domestic demand have driven better-than-expected growth across most of the region in the first quarter,” Moody’s Analytics said. “Stronger household consumption also contributed to output gains.”
The forecast is slightly below the government’s 6-7% growth target, but faster than the Philippine GDP growth of 5.5% in 2023.
The economy expanded by 5.7% in the first quarter.
National Economic and Development Authority Secretary Arsenio M. Balisacan earlier said that GDP growth must average 6.1% in the succeeding three quarters to meet the government’s target.
Moody’s noted that the Philippines’ economic growth is still below pre-pandemic levels.
“Output in the ASEAN (Association of Southeast Asian Nations) group of economies is more than 6% behind the pre-pandemic trend, with the Philippines and Thailand faring the worst (GDP in both countries is more than 10% below pre-pandemic levels),” it said.
Moody’s Analytics said that the APAC economy is “outperforming but underachieving.”
“Economies in the region are doing better than most economies worldwide. But with growth in many countries running below potential, it would be premature to say that the region is out of the woods,” it said.
It forecasts the APAC region to grow by 3.9% in both 2024 and 2025.
“Key challenges in the months ahead are unsteady foreign demand, lingering inflation, and a delayed easing of monetary settings,” it said.
“A fresh uptick in commodity prices would stoke inflation and prompt monetary policy tightening that would weigh heavily on the region’s economy,” it added.
For 2025, Moody’s Analytics sees the Philippines expanding by 6%. This would make it the third-fastest growing country in the region, after India and Vietnam (both at 6.5%).
The latest forecast for the Philippines also falls below the government’s 6.5-7.5% target band for next year.
INFLATION Meanwhile, Moody’s said it expects inflation to average 3.6% this year. This is a tad higher than the Bangko Sentral ng Pilipinas’ (BSP) 3.5% projection for 2024.
It sees inflation easing to 3.3% next year, matching the BSP’s baseline forecast.
“Inflation is a key factor underpinning our forecast over the next 12 months. Consumer price inflation in the region is slowing, but progress has been uneven. Price pressures have eased in developed and developing Asia-Pacific economies,” Moody’s said.
“But while inflation in developing economies is broadly in line with central bank targets or pre-pandemic averages, it is a bit higher than central banks in developed economies would like it to be.”
Headline inflation picked up for a fourth straight month to 3.9% in May. However, this was the sixth straight month that inflation settled within the BSP’s 2-4% target band.
“For the region’s central banks, exchange rates are a primary concern. Given expected rate cuts by the US Federal Reserve Bank (we look for a cut to the federal funds rate in September), attention this year has focused on when central banks in this region will ease monetary settings,” it added.
The BSP has kept its benchmark rate steady at 17-year high 6.5%. From May 2022 to October 2023, it raised rates by a total of 450 basis points to tame inflation.
The Monetary Board is set to meet on Thursday for its next policy review. A BusinessWorld poll of 15 analysts said they expect the central bank to stand pat at its meeting. — Luisa Maria Jacinta C. Jocson
Manila is celebrating its 453rd founding anniversary today, June 24, with a declaration from President Ferdinand R. Marcos, Jr. making it a special non-working day in the city. Executive Secretary Lucas Bersamin, authorized by the President, signed Proclamation 599, giving Manileños the opportunity to fully participate in the festivities.
The proclamation emphasized the significance of the day: “It is but fitting and proper that the people of the City of Manila be given full opportunity to participate in the occasion and enjoy the celebration.”
The bustling capital of the Philippines, Manila is the heart of the nation’s economic, political, social, and cultural activities and it has been for all those 453 years.
Founded on June 24, 1571, by Spanish conquistador Miguel López de Legazpi, Manila has a history as rich and diverse as a city only more than four centuries of existence can have. Its story stretches back far before the arrival of the Spanish.
A popular, but now debunked, theory about the city’s name was that it was once known as “Maynilad” to the indigenous Tagalog people, with “Maynilad” being derived from the nilad plant, a type of shrub that grew abundantly in the mangrove swamps around the area.
This has been disproven as it does not make linguistic sense according to many experts, with documents uncovered by famed historians Ambeth Ocampo and Joseph Baumgartner supporting the repudiation.
A more accepted theory for the name is that it originates from the phrase “may-nilà,” which means “where indigo is found.” The word “nilà” comes from a Sanskrit term referring to indigo dye and the plants from which this natural dye is extracted. Over time, the name Maynilà was Hispanicized, becoming the Spanish “Manila.”
In any case, long before Legazpi’s arrival, Manila was already a thriving economic and cultural settlement situated along the Pasig River, acting as a crucial nexus for trade among neighboring regions and distant lands like China. Chinese, Malay, Indian, and Arab traders exchanged all manner of goods like rice, wine, jewelry, gold, textiles and even metals like iron.
This flourishing trade network fostered a sophisticated society, complete with its own system of governance under local chieftains known as “rajahs” and “datus.” The prosperity of Manila during this period was evident in the bustling markets, skilled artisans, and the diverse cultural influences that permeated daily life.
When the Spanish came, they also brought a dramatic transformation for the settlement. On June 24, 1571, Mr. Legazpi formally declared Manila as a city and the capital of the Spanish East Indies, heralding the start of an era that would shape the city’s destiny for centuries.
The Spanish established Intramuros, the walled city, as the administrative and religious center. Intramuros, with its massive stone walls and fortifications, became the seat of Spanish colonial power, housing government buildings, churches, and schools.
The strategic location of Manila made it a key player in the Galleon Trade, a vital economic route that connected the Philippines to Acapulco, Mexico across the Pacific. This trade route not only expanded the trade of goods like silk, spices, and silver in the city, but also enabled a significant cultural and intellectual exchange between the East and the West. The influence of Spanish culture, religion, and governance left an indelible mark on Manila and the rest of the Philippines, as still seen today in the country’s architecture, language, and traditions.
With the signing of the Treaty of Paris in 1898 came the end of Spanish rule, when the Spaniards ceded the Philippines to the United States. The Americans, much like their predecessors, changed Manila significantly, with the introduction of modern infrastructure, public education, and new governmental systems.
The Americans embarked on an ambitious urban planning project led by architect and urban planner Daniel Burnham, who envisioned Manila as a modern city with wide boulevards, public parks, and grand civic buildings. Many of these developments, such as the iconic Rizal Park and the Manila Hotel, still stand today as testaments to this transformative period.
During World War II, Manila faced one of its darkest chapters. The city was occupied by Japanese forces from 1942 to 1945, enduring severe hardship and brutality. The Battle of Manila in 1945, aimed at liberating the city from Japanese control, resulted in the death of at least 100,000 civilians and the complete devastation of the city, including the historic Intramuros.
The post-war era saw Manila rise once again as the capital of an independent Philippines. Reconstruction efforts, fueled by a spirit of nationalism and resilience, transformed the war-torn city into a bustling metropolis. The city experienced rapid urbanization and population growth, becoming the political, economic, and cultural heart of the nation.
Photo by patrickroque01 | Wikimedia Commons
Manila today is a testament to its storied past and vibrant present, where centuries-old churches stand alongside towering skyscrapers, and where diverse cultures blend seamlessly. The city’s rich heritage is celebrated through numerous festivals, landmarks, and traditions that reflect its unique identity, as is evident in this year’s celebration of its foundation.
This year’s “Araw ng Maynila” promises to be a grand celebration, with a series of events lined up to honor the city’s rich heritage.
Manila Mayor Maria Sheilah “Honey” H. Lacuna-Pangan has announced a packed schedule of festive activities leading up to the main event on June 24.
“I am inviting all Manilans to take part in the said activities and celebrate our beloved city’s founding anniversary with us. These are all being offered at no cost to the people of Manila,” Ms. Lacuna said.
The celebrations kicked off with “Tunog Maynila,” a series of free concerts held at the Kartilya ng Katipunan beside the Manila City Hall. Scheduled for June 1, 8, 15, and 22, these concerts showcased 12 of the country’s top bands, each event concluding with a spectacular lights and fireworks show.
Complementing the musical festivities is “Lasa Maynila,” a food bazaar by Mercato Central, which is open from 4 p.m. to 11 p.m. every Friday, Saturday, and Sunday throughout June. This food bazaar will feature a wide array of local culinary delights, offering a true taste of Manila’s diverse food culture.
Moreover, every Friday from 5 p.m. to 6 p.m., there is “Musiko Maynila,” a free concert featuring Metro Manila’s top marching bands. Following this, from 6 p.m. to 10 p.m., the city will host “Talentadong Manileño,” a talent contest presented by the ‘Bekshies ng Maynila (LGBTQ).
On Sundays, “Move Manila” brings the community together with a dance competition dubbed “Zumba Manila,” organized by the Manila SPTA. Held along Roxas Boulevard, this event promises to get everyone moving and grooving in celebration of the city’s anniversary.
As Manila gears up to mark its 453rd year, the city invites everyone to join in the celebrations and experience the unique charm and spirit of the Philippine capital. With a month-long lineup of concerts, food bazaars, talent shows, and dance competitions, Manila Day 2024 promises to be a memorable tribute to the city’s long history and dynamic present.
From its early days as a bustling trade port to its modern-day status as the nation’s capital, the City of Manila continues to be at the heart of Filipino culture and spirit. — Bjorn Biel M. Beltran
As more and more Filipinos from outside the National Capitol Region come into Metro Manila to enjoy the nightlife of Bonifacio Global City, shop in the grandness of malls in the south, or take pictures in the aesthetics of destinations in the north, the City of Manila is often perceived by many Filipinos as solely the government’s seat of power.
Old and rich in history, the “Pearl of the Orient” is the cultural core of Filipino heritage having witnessed some of the most important events in the country’s history. Chiseled in the walls of Manila’s archaic infrastructures is the story of every Filipino, laid bare for every tourist to see, local or international, as they tour the city.
On the walls of Intramuros
When Spain conquered Manila in 1571, they rebuilt the wooden forts that used to protect an Islamic Tagalog society with stone and built a secondary stone wall to further defend the settlement inside in what is now a United Nations Educational, Scientific and Cultural Organization (UNESCO) world heritage site — the walled city of Intramuros.
For more than 300 years, Intramuros was at the core of Manila City and was the center of power for the Spaniards in the region. While the walled city suffered greatly during World War II, restoration efforts by the government during the 1980s reconstructed the fort to its former majestic self. Today, tourists from all over the world gather in the medieval city to experience Spanish-era Manila through the Intramuros’ churches, restaurants, and museums.
Several tours by different agencies are offered to give visitors a preview of the walled city’s historical landmarks whether by walking, cycling, or by coach. Tours in the city after dark have even grown in popularity in recent years as grim and scary stories are told along the many dungeons and spooky areas of Intramuros.
Food trip in Binondo
A few years after the Spanish occupation of Manila, Chinese-Catholic immigrants and merchants established a permanent settlement across the Pasig River in 1594. Now the oldest Chinatown in the world, the district of Binondo was founded by Chinese traders who were attracted by the prospects of a better life in the prospering city of Manila.
From the elegance of the Jones Bridge to the vibrant New Binondo Chinatown Arch that welcomes you to the district, Binondo is the embodiment of Chinese-Filipino culture that has stood the test of time. The district is currently known for its authentic Chinese cuisine, neoclassical establishments, and the Minor Basilica and National Shrine of San Lorenzo Ruiz or Binondo Church where the first Filipino saint, St. Lorenzo Ruiz, was an altar server.
Touring this district requires not only the energy to walk for hours but also the stomach to try its famous dishes and the patience to wait in long lines. Various social media posts about food in Binondo have gone viral, however, some agencies give tourists the chance to go on a walking tour in the district, visit its famous landmarks, and eat at its renowned food establishments like Cafe Mezzanine and Eng Bee Tin.
Strolling in Rizal Park
Photo by Maynard Rabanal (Greedyplus) | Wikimedia Commons
In 1897, right before the Spanish were forced out of the country, Jose P. Rizal, our national hero whose work became a powerful tool against Spanish colonialism and inspired a generation of revolutionaries, was executed by a firing squad for rebellion in what was then known as “Bagumbayan.”
As a tribute to the heroism of Rizal, a monument in his honor was built at the site of his execution with his “Mi Ultimo Adios” inscribed on a black granite wall. The area, now known as Rizal Park or Luneta, is one of the few remaining patches of green in the heart of Manila. The park covers about 60 hectares of open lawns, ornamental gardens, paved walks, and wooded areas with carriages bringing tourists around the monument.
Rizal Park can be toured by anyone and everyone. While most parks are just leisure spots where families can bond, Luneta provides the perfect mix of relaxation and education on Philippine history. Several sights can be witnessed in the park including a daily flag ceremony, Knights of Rizal guarding his monument, and various other historical markers related to Rizal.
Learning about the Philippines and its wildlife
Aside from these historical landmarks and districts in Manila, there are other spots within the city where tourists and visitors can visit modern sites and attractions, depending on their liking.
For visitors looking for more facts and insights on their trip to Manila, the city is home to three National Museums with different specializations: the National Museum of Fine Arts, the National Museum of Anthropology, and the National Museum of Natural History. Each of these museums is unique in their own way in their presentation of artifacts from all over the country. The best part about these museums is that they are close to each other and can easily be toured within a day.
Meanwhile, tourists looking for Filipino wildlife in the metropolis can visit two areas open daily within the city to satisfy their eyes’ craving. On one hand, the Manila Zoo is home to various land animals ranging from reptiles to birds including the Philippine Eagle. On the other hand, the Manila Ocean Park offers a variety of sea creatures that one can see, and even has shows where they showcase the skills animals can learn.
As the city celebrates its day, to rediscover its roots is to embark on a journey through its historic streets and landmarks. Walking tours and visits to iconic locations not only honor Manila’s rich legacy but also highlight the enduring spirit and resilience of its people, making every step a tribute to a city that is Filipino in every single way. — Jomarc Angelo M. Corpuz
MPIC CHAIRMAN, President, and Chief Executive Officer Manuel V. Pangilinan — BW FILE PHOTO
PANGILINAN-LED Metro Pacific Tollways Corp. (MPTC) expects to generate P30 billion in yearly revenue from its toll road contract in Indonesia, which is expected to be signed this week, according to its chairman.
“It is likely to be signed next week in Jakarta,” MPTC Chairman Manuel V. Pangilinan told reporters on the sidelines of the company’s inauguration of the Cavitex C5 Link Sucat interchange last week. “They are in final documentation.”
Jasamarga Transjawa Tol, a state-owned enterprise and the largest toll road operator in Indonesia, is bidding for the Trans-Java toll road in Indonesia.
The Trans-Java toll road is an expressway network that runs from the Port of Merak in Cilegon — the main link between Sumatra and Java — to Banyuwangi, the eastern end of Java and the main link between it and Bali.
Last year, MPTC said it expected to invest about $600 million (P35.3 billion) to secure its bid for a portion of the Trans-Java toll road. The company, along with Singapore’s GIC Pte. Ltd., jointly bid for a 35% stake in the toll project.
Jasamarga manages the 676-kilometer section of the Trans-Java toll, serving between 700,000 and 800,000 vehicles daily.
Mr. Pangilinan said the company is expected to reach financial closing for the project three months after it signs the contract.
MPTC earlier said its Indonesian assets would be included in the planned joint venture with San Miguel Corp.
He said the closing of the Trans-Java toll road is considered the last remaining piece for its planned merger with San Miguel to move forward.
MPTC President and Chief Executive Officer Rogelio L. Singson said the traffic revenues from San Miguel’s toll road assets in Manila are higher than MPTC.“But once we put in our Indonesia [revenue], it will be balanced,” he said.
San Miguel and MPIC wants to set up a joint venture company for their tollway units.The planned venture is said to have a starting EBITDA or earnings before interest, taxes, depreciation, and amortization of about P50 billion and is described as a potential candidate for listing on the Philippine Stock Exchange.
MPTC is the tollway unit of Metro Pacific Investments Corp., one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose
LISTED restaurant chain Shakey’s Pizza Asia Ventures, Inc. remains open but is “not actively looking” for possible acquisitions, as the company is focused on the growth of its current brand portfolio.
“We’re not actively in search, but we will always remain open, and we’ll listen,” Shakey’s President and Chief Executive Officer Vicente L. Gregorio told a virtual news briefing last week. “There must be a compelling reason for us to take on the new acquisition.”
“We will always be open, but our focus at the moment is really just these powerful brands that we have. There’s a lot of work and a lot of opportunities that can carry us on for the next couple of years,” he added.
Shakey’s portfolio consists of five brands — Shakey’s Pizza, Potato Corner, Peri-Peri Charcoal Chicken & Sauce Bar, Singaporean milk tea brand R&B Milk Tea and artisanal brand Project Pie.
The company acquired Potato Corner in 2022. Shakey’s bought the master franchise to launch the R&B Milk Tea brand in 2020. It acquired the Peri-Peri Charcoal Chicken & Sauce Bar brand and the assets and intellectual property rights of the Project Pie brand in 2019.
Meanwhile, Shakey’s Chairman Christopher T. Po said the company’s bar for acquisitions is “higher right now,” depending on the valuation and compatibility with its other brands.
He added that the company’s portfolio is “enough to grow double digits for the foreseeable future.”
“When I say the bar is higher, with more brands in the portfolio, we’re careful also not to take in a new opportunity that will just clash with our existing brands,” he told the same briefing.
“If we can buy attractive brands at a discount, that gives us a larger cushion to do things, a lot more flexibility. If there’s a new opportunity that is not competitive with our current set of brands, and also at a fair valuation, then it’s something where we would take a serious look,” he added.
Shakey’s net income declined by 15% to P171 million in the first quarter due to higher operating expenses. System-wide sales rose by 15% to P4.8 billion.
The company had 2,232 stores and outlets at the end of March.
Shakey’s shares closed at P9.52 each on June 21. — Revin Mikhael D. Ochave
Last January, the United Nations Development Programme in the Philippines, with support from the Government of Japan, officially handed over equipment to the City of Manila through the ACE Project. — Photo by www.undp.org/philippines
Manila, one of the oldest cities in the country, is brimming with rich history, vibrant culture, and economic activity. The city was even hailed as one of the leading destinations in 2023, according to the World Travel Awards 2023, recognizing its leadership and economic dynamism.
With continuous progress, the City of Manila is one of the frontrunners to transform the Philippines as a sustainable country.
As one of the most fast-paced and populous urban areas, the city is taking a step forward to progress by adopting a circular economy. As it is gaining momentum in the Philippines, circularity offers promising ways to cut down greenhouse gas emissions. The shift is fueled by embracing new technologies and innovative solutions, while also prompting sustainable lifestyles.
Maximizing this opportunity, Manila is seen to be well-positioned to step up their waste management game by making the most of their resources. To support local solutions, the United Nations Development Programme (UNDP) and Japan partnered together supporting local government units (LGUs) in the Philippines, and Manila is one of these LGUs. This partnership is said to enhance waste management practices and reduce waste generation.
Maria Sheilah “Honey” H. Lacuna-Pangan, mayor of the City of Manila, noted that the partnership is one step forward to the city’s transition to a circular economy, recognizing the city’s potential to drive sustainable growth and reduce environmental impact.
As part of the project, the city government recently received a material waste processing facility, equipped with plastic melters, biogas digesters, and organic waste recovery systems that help improve waste management practices within the city. This partnership marks a significant milestone of adopting a circular economy, and one step forward to sustainable growth in the city.
For Ms. Lacuna-Pangan, raising environmental awareness and getting Manila residents on board to solid waste management initiatives is a top priority.
“We are grateful to UNDP, through the ACE project, for the donation. The equipment will be brought to different communities and will take its significant role in the promotion of circular economy solutions that involves sharing, reusing, repairing, refurbishing, and recycling,” Ms. Lacuna-Pangan said.
“Our city government is continuously trying to respond to the problem of waste and its impact on the environment. One of our concrete actions is the establishment of this Materials Recovery Facility that we have right here inside the Manila Zoo. This is where we found a space appropriate to such facility; and, of course, this is a place where waste materials are accumulated every day.”
According to the UNDP, the partnership is also granting financial support and expertise to small and medium enterprises to boost their production, sustainability efforts, and expand to new and wider markets.
“By working together and training academic institutions, civil society and private enterprises, the project is helping identify innovative, grassroots circular economy solutions to scale up,” the UNDP was quoted in an article published on their website.
Further taking another step towards sustainability, the City of Manila partnered with the World Wide Fund for Nature (WWF) Philippines for the Plastic Smart Cities (PSC) project, which aims to reduce the city’s plastic pollution by 30% in 2024, and completely eliminate plastic waste leakage by 2030.
According to an article by the WWF, plastic waste is the third largest solid waste produced in the Philippines, amounting to 2,150,000 tons in 2019, and only 9% of these plastics were recycled.
Katherine Custodia, executive director of WWF-Philippines, emphasized that plastic pollution is a pressing concern as it affects both public health and the environment.
“We generate 2 million tons of plastic waste in the Philippines every year, only 9% is recycled and 35% leaks out into the open environment. As we are an archipelago of 7,640 islands, the damage caused by plastic pollution to our environment is magnified.”
Thus, Manila’s partnership to being a Plastic Smart City is a sign that the city is ready to commit to eliminating plastic pollution, Ms. Custodia noted.
“Like many around the world, Manila City believes that plastics do not belong in nature. The city has formulated and is implementing a program of auction against marine litter and has an ordinance regulating the use of single-use plastics,” she said.
A total of 1,754 households reportedly have been trained in solid waste management and 179 small waste collection vehicles have been distributed across six districts in the city. In addition, seven solution providers have expressed their support towards the city’s journey to better waste management.
The city government is actively developing efforts that address plastic pollutions, one way is by continuously cleaning up waterways, Ms. Lacuna-Pangan said during the launch of Earth Hour Philippines earlier this year.
“In our own little way, we have been helping in cleaning up the waterways in our juridical area through our own small teams without any other goal but pick up trash and clean the bay. We have dedicated teams meant to address three different waterfronts in the nation’s capital, [namely the] Baseco Beach, Roxas Boulevard, and our esteros and creeks, which lessen the chances of plastic wastes to eventually end up and float to the open sea.”
Moreover, the City of Manila was the host of this year’s Earth Hour, bringing millions of people together to play a part in restoring and reserving nature. “As the country’s capital, we’re keen on using the influence we have in engaging other cities and Filipinos to do their part in saving the environment,” Ms. Lacuna-Pangan said during the launch.
Also, part of efforts to achieve zero waste in Philippine waters is adopting policies that is centered on address plastic pollution. The City of Manila is taking a proactive approach by being the first city to implement a City Plan of Action on Marine Litter and to also localize the National Plan of Action on Marine Litter.
Along with these policies, Ms. Lacuna-Pangan shared, Manila has also taken local initiatives, including partnerships with the private sector for managing solid waste and reducing plastic pollution. Among these are programs like Kolek, Kilo Kita Para sa Walastik na Maynila; Alaskalikasan Wrapper Redemption Program; Aling Tindera: A Waste to Cash Program; and Tapon to Ipon Project. — Angela Kiara S. Brillantes
TWO units of the SN Aboitiz Power Group (SNAP) have signed a deal with the Regional Development Council of the Cordillera Administrative Region (CAR) to implement energy-funded projects.
SNAP-Benguet and SNAP-Magat signed a memorandum of agreement with the council for projects under the Energy department’s Energy Regulation No. 1-94, the company said in a statement on Friday.
The regulation wants to ensure that host communities get a reasonable share of the profit from power plants operating in their area.
SNAP said the program gives the host community a one-centavo share for every kilowatt-hour of the total electricity sales of a power generating company.
Half of the share will be used in community electrification. A quarter of the share will be allocated for livelihood programs, while the other 25% will be earmarked for reforestation, watershed management, health, and environment enhancement initiatives.
SNAP is a joint venture of Norwegian company Scatec and Aboitiz Power Corp. It owns and operates the 112.5-megawatt (MW) Ambuklao and 140-MW Binga hydroelectric power plants in Benguet, and the 388-MW Magat hydroelectric power plant on the border of Isabela and Ifugao.
The company also owns and operates the 8.5-MW Maris hydro and the 24-MW Magat battery energy storage facility in Isabela. — Sheldeen Joy Talavera
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PARIS — With pleated Bermuda shorts, muted pastels and cinched parkas, French label Hermes presented a breezy summer 2025 collection at Paris Men’s Fashion Week that was marked by light, natural materials.
There were few patterns on display as models wearing leather sandals with crisscrossed straps strode down the runway in short-sleeved overshirts, light-weight jackets and tailored trousers made from fabrics such as canvas and crepe cotton twill. (The show can be watched here: https://www.hermes.com/us/en/ )
They carried bags in denim canvas as well as a calfskin version of the label’s roomy Bolide model in the latest collection presented by Veronique Nichanian, the fashion house’s longtime artistic director for menswear.
Paris Men’s Fashion Week takes place this year as the luxury sector faces slowing demand for clothing and accessories, especially in China, a key market, where shoppers of high-end fashion are seeking more discreet styles.
GIANT CATS AT THE DIOR SHOW Dior men’s artistic director Kim Jones showed his summer 2025 collection for the LVMH-owned label on a Paris runway decorated with giant cat sculptures on Friday. (You can see the show here: https://tinyurl.com/45s8fpj5)
“These are the cats that spoke to me the most — they meowed to me,” said Mr. Jones, describing the quirky ceramic animals created by South African artist Hylton Nel.
Models marched past them in tailored trousers and bermuda-length shorts, sleeveless knits in pale colors and chunky shoes with clog-like toes. Sparkly brooches and embellished coats brightened the muted color palette, and saddle bags came in extra-large and extra small sizes.
“An elegant life” was painted on the pedestal of one sculpture — a lounging cat-headed creature with a woman’s body, wearing bright red lipstick and matching high heeled shoes.
PHARRELL WILLIAMS FOR LOUIS VUITTON Louis Vuitton (LV) men’s creative director Pharrell Williams took to an outdoor, turf-lined runway at UNESCO headquarters on Tuesday last week, opening Paris Fashion week with an evening show.
The world’s biggest fashion label, known for its checked damier patterns and monogrammed trunks, drew on a travel theme for the spring summer 2025 men’s collection, with a towering globe sculpture, rows of international flags and — in the distance — the Eiffel Tower as a backdrop. (The show can be seen here: https://tinyurl.com/2p8yp7c7)
Models strode down the grass catwalk in crisply tailored suits, slick bomber jackets and fur coats, with rhinestone-encrusted sunglasses and chunky, airplane-wing brooches, while an orchestra and choir performed music produced by Williams.
The LVMH-owned label drew an audience of 1,500, as well as screaming crowds on the street outside, angling to catch arrivals of celebrity guests, who included NBA basketball player Victor Wembanyama, actor Michael Fassbender, and K-pop star Jackson Wang.
The Paris men’s fashion shows come as France gears up for the summer Olympics, as well as two rounds of elections in the coming weeks, which have thrown the country into political disarray. Construction of Olympics venue sites has clogged traffic and pushed some fashion shows to the outskirts of the city center.
The shows wound up on Sunday and will be followed by Haute Couture week. — Reuters
