SEOUL – North Korea said on Friday it had fired 18 short-range ballistic missiles during a drill as a demonstration of its willingness to launch a pre-emptive strike against South Korea’s “gangsters’ regime” if necessary to counter an attack.
North Korean leader Kim Jong Un guided the firing drill of the 600mm “super-large” multiple rocket launchers on Thursday, state news agency KCNA reported.
South Korea said it had detected at least 10 short-range ballistic missiles fired by North Korea off its east coast, calling it a possible display for would-be weapons buyers, including Russia.
The launch, following the firing of tactical ballistic missiles and a failed satellite launch this month, was a clear act of provocation that threatens peace on the Korean peninsula, deputy spokesperson for Seoul’s unification ministry Kim In-ae told a briefing.
Artillery troops successfully hit the target of an island about 365 km (230 miles) away as Kim Jong Un oversaw the demonstration at the launch site, KCNA reported.
Photos published by state media showed 18 missiles, identified by experts as KN-25s, rising into the air from mobile launchers.
First tested in 2019, the “super-large” rocket blurs the distinction between multiple-launch rocket systems and short-range ballistic missiles, according to the Center for International and Strategic Studies.
North Korea has said a tactical nuclear weapon could be fitted to such missiles. Leader Kim urged the country’s nuclear forces to be ready to carry out the mission of war deterrence and take the initiative in case of war, KCNA said.
“Showers of fire for annihilation” during the drill showed North Korea’s will to defend its sovereignty and react against the enemy, KCNA said in another report.
The drill included the use of a recently unveiled fire-control system that is part of the government’s combined nuclear weapons management system, KCNA said.
The US State Department condemned Thursday’s launch using ballistic missile technology as reckless and violating multiple U.N. Security Council resolutions.
The US Defense Intelligence Agency said analysis of debris imagery confirmed Russia has fielded North Korean missiles in its war in Ukraine, according to a report summary.
Russia and North Korea have denied arms deals, which would violate U.N. embargoes on Pyongyang, but have vowed to deepen cooperation in all sectors.
A column carried by KCNA criticized Wednesday’s deployment of US RC-135U reconnaissance aircraft from Japan to the Korean peninsula, saying the aircraft and other reconnaissance assets by the South and the US infringed on North Korea’s sovereignty.
South Korean media reported that a US military spy plane had flown above the Seoul metropolitan area and waters off the west coast this week, citing flight trackers.
On Wednesday, North Korea sent hundreds of balloons carrying trash and manure across the heavily fortified border to South Korea, calling them “gifts of sincerity” and prompting an angry response from Seoul, which said the act was base and dangerous. – Reuters
DigiPlus Interactive Corp. (DigiPlus), one of the fastest-growing digital entertainment companies in the country, continues to expand its product offerings with BingoPlus Poker and Tongits+.
BingoPlus Poker is an all-in-one card app that offers a range of card games that can be enjoyed by both casual and more experienced players. BingoPlus Poker houses various games that players can enjoy like TongIts, Lucky 9, Pusoy, and many more. Players can try their luck and play bets by playing online through its website, gamefun.ph.
Meanwhile, Tongits+ brings the fun and excitement of playing the well-loved Filipino casual card game online by playing against other players and redeeming rewards.
Just like in arcades, players can redeem rewards through virtual coins they earn by playing the game. Players can also gain virtual coins by completing app tasks or simply by tuning to Tongits+’s livestream which airs Monday to Friday, 9am to 6pm on its official Facebook Page and Community Fan Page.
“We are very excited to share our new games with more Filipinos. At DigiPlus, we’ll continue to develop games to deliver fun and enjoyment to everyone, anytime and anywhere,” DigiPlus President Andy Tsui said.
These latest offerings form part of DigiPlus’ move to continue to invest in new technologies and product development as part of its strategic priorities that would enable the company to sustain its growth momentum and achieve its goal to become the number one diversified leisure and entertainment hub in the country.
BingoPlus Poker is now available through gamefun.ph while TongIts+ is available for download on Google Play.
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MANILA – Philippine annual inflation was likely to be within a range of 3.7% to 4.5% in May, the central bank said on Friday, reflecting upside pressures from higher electricity and vegetable prices which could be offset by lower costs of other food items.
Annual inflation in April was 3.8%, marking the third straight month that the pace of price increases has accelerated, but it remained within the central bank’s 2%-4% target range.
“Going forward, the BSP (central bank) will continue to monitor developments affecting the outlook for inflation and growth in line with its data-dependent approach to monetary policy decision-making,” it said in a statement.
The Philippine statistics agency will release May inflation data on June 5. The central bank held its policy rate steady at 6.50% earlier this month and it’s next review is on June 27. – Reuters
MANILA – The Philippine central bank said on Friday it will observe a “quiet period” for seven calendar days before its monetary policy meetings so that it is consistent in its messaging.
The Bangko Sentral ng Pilipinas (BSP) said its governor may speak about speak about the current monetary policy issues or prospective monetary policy decisions during the quiet period, with concurrence by the monetary board.
“Forward guidance requires the BSP to exercise transparency, to be consistent in its messaging, and to project a single voice to the public when communicating the intention and direction of monetary policy,” it said in a statement. – Reuters
Donald Trump’s criminal conviction for illegally covering up a hush money payment to a porn star will not prevent the Republican candidate from pursuing his campaign to retake the White House, even if he were sentenced to prison before the Nov. 5 election.
Here’s why.
HOW CAN TRUMP BE PRESIDENT DESPITE THE CONVICTION?
The US Constitution only requires that presidents be at least 35 years old and US citizens who have lived in the country for 14 years.
Neither a criminal conviction nor a prison sentence would affect Trump’s eligibility or his ability to become president. In theory, he could be sworn in from jail or prison if he were to unseat Democratic President Joe Biden in the Nov. 5 election.
Jailhouse presidential campaigns are not unprecedented in US history. Socialist Eugene Debs unsuccessfully ran for president from prison in the 1920 election, though unlike Trump he was not a serious contender.
WILL TRUMP GO TO PRISON?
It is not yet known what sentence, if any, the judge will impose.
Mr. Trump is a first-time offender for a nonviolent crime, and it is rare for people with no criminal history who are convicted only of falsification of business records to be sentenced to prison in New York. Punishments like fines or probation are more common.
The maximum sentence for Mr. Trump’s crime of falsifying business records is 1-1/3 to four years in prison, but in cases involving prison time, defendants are typically sentenced to a year or less.
If punished beyond a fine, Mr. Trump could be placed under home confinement or subjected to a curfew rather than imprisoned.
As a former president, he has a lifetime Secret Service detail, and the logistics of keeping him safe behind bars could be complicated.
Mr. Trump could also be released on bail while appealing his conviction.
HOW COULD THE GUILTY VERDICT AFFECT THE ELECTION?
While the hush money case is widely seen as the least consequential of the four criminal prosecutions Mr. Trump faces, the guilty verdict could have implications for the election.
Opinion polls show a guilty verdict could cost him votes in an election that will potentially be decided by just tens of thousands of votes in a handful of battleground states.
One in four Republicans said they would not vote for Mr. Trump if he was found guilty in a criminal trial, according to a Reuters/Ipsos poll of registered voters in April. In the same survey, 60% of independents said they would not vote for Mr. Trump if he was convicted of a crime. – Reuters
PHINMA Service Awardees (L-R) Jejomar Quiros, David John Cadiao, Ron Ranier Reyes, Aida Santamaria, Maribel Esguerra with executives of PHINMA Corp.
Ever since she was young, Maribel Esguerra has always wanted to become a teacher—even going as far as roleplaying as one with her neighbors and cousins at the age of six.
“Grade 1 po ako nun. ‘Yung mga batang pinsan ko po kasi hindi pa nag-aaral kaya kung ano inaaral namin sa school, ‘yun ‘yung ginagaya namin na activities. ‘Yun po ‘yung idea ko ng pags-serve noon,” she said.
After over a decade of student leadership along with several side hustles in university to make ends meet, Esguerra is now a college instructor and a remote and distance learning program coordinator at PHINMA Saint Jude College Manila.
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On top of teaching, Maribel Esguerra continues her volunteering efforts beyond her days as a PHINMA scholar.
On top of teaching, Maribel Esguerra continues her volunteering efforts beyond her days as a PHINMA scholar.
She’s also among the recipients of the PHINMA Service Awards, which returned this 2024 after eight years.
Service beyond work
Together with the PHINMA Foundation, PHINMA brought back the Awards this March 22 to honor individuals who have impacted their communities outside of work. In his remarks, PHINMA Chairman and CEO Ramon del Rosario, Jr. said the recognition goes beyond tenure—it’s given to employees whose initiatives have made lives better whether through volunteerism, advocacy, or innovative problem-solving.
Esguerra was recognized under the PHINMA National Scholarship (PNS) Scholar Category for her ongoing volunteer efforts with organizations like Silid Aralan Inc. since her days as a member of PNS Batch 2023, with her advocacies including stray animal welfare.
The Awards also recognized the service of mentors, known as Big Brothers and Sisters, to these scholars. The category awardee for this year is PHINMA human resources manager Aida Santamaria, who witnessed the graduation of six PHINMA scholars over her 16-year mentorship.
Aida Santamaria with her Service Award trophy, which is made of repurposed materials and serves as a lamp too. She was recognized for her mentorship efforts benefitting six PHINMA scholars during her over 20-year stay in the company.
“Hindi lang naman customers natin or employees ang pwede maging better ang lives. Baka kako eh anointed ako na magpaganda ng buhay ng mga batang ito,” said Santamaria, who retired this year after more than two decades with PHINMA.
She treated these scholars as if they were her own children through the years, where she always made it a point to have lunches and dinners with them or simply check up on them given how living away from their families can be difficult.
Giving back, investing in the future
Jejomar Quiros delivers his award acceptance remarks before the Service Awards audience. He was recognized for his “Pamaskong Handog 100” initiative mainly aimed at poor families.
Jejomar Quiros is no stranger to difficulties and even loss. From his familiarity with grief stemmed an initiative he put up in 2018, as he aimed to uplift children’s lives by giving their families noche buena packs and school supplies.
This effort of Quiros, now the dean of PHINMA Saint Jude College’s College of Allied Health Sciences, has since become a full-blown “Pamaskong Handog 100” program embraced by schools and organizations associated with him.
“Pag hindi mo alam kung papaano maging walang-wala, hindi mo mae-experience o mararamdaman kung papaano maging wala…So ngayong able na tayo, na kaya na nating tumulong, let’s be the changemakers na tumulong sa kanila ngayon,” said Quiros, PHINMA Service Awardee under the employee category.
Also exposed to life’s hardships himself, David John Cadiao powered through financial obstacles to become the first member of his family to earn a four-year college degree. The son of a construction worker and a housewife is now the senior high school principal at PHINMA University of Pangasinan – Urdaneta Campus.
David John Cadiao reads a book to an audience of children under the LibLibrary Project, which sets up mini-libraries in underserved communities.
Cadiao, also a Service Awardee from the same category, recalled how the overwhelming support he got inspired him to join the non-government organization Junior Chamber International where he initiated projects under his leadership like the LibLibrary Project which establishes mini-libraries in underserved communities.
“Maliban sa pagtuturo ko ito ang obligasyon ko, ito ang responsibilidad ko sa ibang tao,” he said, also stressing the importance of investing in the leaders of tomorrow.
This is a view shared by fellow awardee Ron Ranier Reyes, PHINMA’s public affairs manager who was lauded for his efforts to prepare future leaders from underserved communities. He co-founded non-profit organization Hirayang Kabataan in 2018 which provides learning opportunities and development workshops to youth who want to serve, particularly from rural areas.
Ron Ranier Reyes (second to the left, seated) with his org Hirayang Kabataan and their facilitators and institutional partners during their Tara Takbo sessions in 2023 for youth leaders preparing for the Sangguniang Kabataan polls.
“Their individual stories, challenges, and dreams inspire me and my peers to stay optimistic and pass on the torch to other well-meaning individuals, igniting a sense of purpose that transcends the challenges encountered along the way. Ang tunay na pagbabago sa ating bansa ay makakamit lang kung ang bawat isa sa atin ay magtutulungan at magtitiwala sa ating kapwa,” Reyes reflected.
Onwards with redefining service
The stories of service of the five awardees show the many different ways PHINMA’s employees can make lives better and fulfill this mission wherever they are headed.
“This is just the start of the new PHINMA Service Awards, which will be an annual recognition of these stories and their impact on our communities,” said PHINMA President and COO Dr. Chito Salazar during the ceremony.
As for the awardees, the recognition is more than just a welcome surprise: it’s a reminder of their commitment to service and what lies ahead for their efforts within and beyond the Group.
“Mas lumawak ‘yung pwede kong magawa dahil syempre nasa isang organization ako na ang mission nila ay gumanda ang buhay ng tao…mas lumawak ‘yung kakayahan ko para makatulong sa ibang tao through PHINMA,” Cadiao concluded.
“At PHINMA, service isn’t just about giving back; it’s about leading with empathy, humility, and a genuine commitment to uplifting others. This has become a guiding principle in the work that I do inside and outside the organization,” said Reyes.
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Hyundai Motor Philippines, Inc. (HMPH) celebrates the second anniversary of its inauguration as the official sales subsidiary and official distributor of Hyundai Motor Company in the Philippines, this month of June. As a brand committed to “Progress for Humanity,” HMPH will be marking this milestone alongside its loyal customers through a special anniversary promotion.
To further enhance the customer experience and express appreciation for their unwavering support, HMPH is providing an after-sales promo for all Hyundai Customers who will bring their vehicles for Preventive Maintenance Service (PMS) at any of the authorized Hyundai Service Centers nationwide. Until June 15, customers can get a free 23-point vehicle checkup and Global Diagnostic System (GDS) Scan. As an added treat, a Hyundai branded sling bag or duffle bag await customers who avail of parts and services amounting to at least P5,000 and P8,000, respectively. Customers simply have to answer a customer experience survey to be sent to them via e-mail. Additionally, vehicles with free PMS, namely the Palisade, IONIQ 5 & IONIQ 6 are automatically eligible for this anniversary exclusive.
“We are immensely grateful to our customers for their trust and support over the years. Our anniversary promotion is our way of giving back to the community that has made our journey so remarkable. As their chosen mobility partner, Hyundai aims to continuously find innovative ways to sustain customer satisfaction and elevate ownership experience,” says Cecil Capacete, HMPH managing director.
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Becoming a world-class real estate developer requires a portfolio of master-planned, multi-use developments built not only with concrete, metal, and cables but also on the values of trust, reliability, and integrity.
Since the completion of their first project, the Soler Tower in Binondo in 1972, Federal Land, Inc., a subsidiary of GT Capital Holdings together with Metropolitan Bank and Trust (Metrobank), Toyota Motor Philippines, and PSBank, has been at the forefront of real estate development in the Philippines, evolving from single-tower buildings to a collection of renowned residential condominiums, office buildings, retail and commercial centers, five-star hotels, and mixed-use townships all over the country.
For over 52 years, Federal Land has consistently elevated the Filipino lifestyle and developed notable projects, including Grand Hyatt Manila in Bonifacio Global City, the Met Park development in Pasay City, and Marco Polo Residences and Marco Polo Plaza Cebu at the Queen City of the South. With an even more promising future ahead, Federal Land stands poised to meet the changing needs of the market as it expands its footprint further across the country. Most of these bold new strides will be alongside another world-class developer whom they have recently formed a strong new collaboration with, to transform these ambitious visions into reality.
Federal Land’s Developments Meeting Rising Demand
As the Philippine economy continues to improve, more and more Filipinos are realizing the value of real estate investments. Results from Colliers Philippines Research’s Property Market Updates 2024 indicate that demand for residential properties is on the rise, with significant growth observed in both the vertical and horizontal housing segments.
The growing demand by Filipinos for condominiums and lots is further highlighted by the growth of their respective markets, where price appreciation of pre-selling condominiums grew to 12.4% and 11.0% for lot-only units, whether inside or outside Metro Manila, reflecting the increasing desire for urban and provincial living and the amenities it affords.
Additionally, 30% in lot-only properties, and 26% in condominiums, reflecting a diverse range of preferences varied by individual lifestyle choices, investment goals, and market dynamics.
Federal Land recognizes such evolving demands, and its latest projects are set to meet the preferences of modern homeowners and investors alike.
One of the highly acclaimed vertical developments is The Seasons Residences in BGC. Recently, Federal Land started unit handovers at the newly completed Haru Tower, while construction remains on schedule for the rest of the four towers. The Seasons Residences’ first tower features Japanese innovations that elevate the standards of comfort, convenience, and functionality for urban living.
Situated prominently at the northern gateway of BGC, The Seasons Residences is the country’s first residential project with a distinct Japanese concept. Elevating the Japanese living experience in the business district is MITSUKOSHI BGC which offers Japanese retail brands within a well-thought-out commercial development.
These projects are built under the partnership between Federal Land and two Japanese giants, Nomura Real Estate Development Co. Ltd., the renowned real estate arm of the Nomura Group of Companies, and Isetan Mitsukoshi Holdings, Ltd., one of the largest department store groups in Japan.
Meanwhile, The Grand Midori in Ortigas also meets the needs of the modern Filipino lifestyle while being conveniently located at the very center of one of Metro Manila’s prime locations. With the company’s launch of the development’s second tower last year, residents and city dwellers now have the rare opportunity to own either a studio (35.5 to 38 sq.m.), one-bedroom (48 to 64 sq.m.), or two-bedroom (69 to 107 sq.m.) unit with a distinct zen-inspired design from renowned architectural firm Tange Associates. This prime development is also replete with captivating amenities conducive to realizing tranquility in the dynamic core of the Ortigas business district.
For home buyers looking for resort-style condominiums, Federal Land’s Six Senses Residences offers a wide and well-appointed array of amenities, such as a swimming pool with pool bar, dance studio, function room, karaoke room, and more, while being situated strategically within Met Park, Federal Land’s 36-hectare (ha) master-planned community unveiled under its Federal Land Communities township product line.
Touted as a modern cultural district, this cosmopolitan art district further elevates the multisensory living experience of Six Senses Residences while at the same time being conveniently located near the broader and emerging Manila Bay Area’s major redevelopments.
Similarly, the developer’s newest vertical residence within the Met Park township, Mi Casa, is set to become another icon of the Bay Area ideal for homeowners striving for an active life with its various designer amenities and access to bustling retail and the outdoors. The development is an upmarket Hawaiian-inspired residence that offers spacious studio, one-, two-, three-bedroom, and penthouse unit variations and a complete community living experience through its highly integrated and highly networked location.
The resort-styled Six Senses Residence, the upscale leisure-themed Mi Casa, and the tropical-inspired Palm Beach West developments are still offering ready-for-occupancy (RFO) units which will enable prospective homeowners to immediately benefit from the many perks that come with investing in a fully built signature Federal Land community.
Similarly located in Met Park in the Bay Area is Palm Beach West, a flagship development by Horizon Land, Federal Land’s smart value brand. It promises a beach-inspired condo experience “where every day is crafted for relaxation and adventure under the sun in a master-planned community.” This low-density four-tower development features an expansive amenity podium and offers no more than 16 units per floor — allowing investors to buy as much as they need, with sizes ranging from 26 sq.m. for studio units to 94 sq.m. for three-bedroom units.
Horizon Land also offers pocket-friendly properties around the Pasay City area through Quantum Residences. The three-tower, high-rise residential condominium is conveniently located near the intersection of Taft Ave. and Gil Puyat Ave., making it a practical and safe address for young professionals, students, and start-up families due to its proximity to shopping malls, universities, transport terminals, and hospitals. While in Marikina, Horizon Land’s Siena Towers offers a convenient central address near the city’s emerging IT-BPM sector.
All these RFOs offer homebuyers a unique blend of convenience, security, and immediate earnings, making them the ideal investment for those seeking stability and swift entry into the real estate market. With Federal Land’s strategic locations and high-quality developments, their properties promise long-term value appreciation, further enhancing their appeal to savvy investors looking to diversify their portfolios.
Filipinos are looking to invest in horizontal developments as well. According to Colliers’ Q1 Metro Manila Residential Report 2024, there has been a steady demand for house-and-lot and lot-only projects outside of Metro Manila including developing provinces such as Pampanga, Bulacan, Cavite, Laguna, and Batangas.
This demand for properties in emerging areas is driven by several factors, such as improved infrastructure, competitive pricing compared to Metro Manila, and the appeal of a suburban lifestyle that offers the tranquility of provincial lifestyle and accessibility due to its proximity to the capital.
Hartwood Village at Meadowcrest (Artist’s Perspective)
One of the company’s projects set to meet such demand is Hartwood Village, Federal Land’s latest horizontal development nestled within Federal Land Communities’ Meadowcrest in Biñan, Laguna. Meadowcrest embodies the 15-minute community concept that ensures access to essential services and recreational facilities within a short distance for its residents.
Situated near the newly completed Cavite-Laguna Expressway (CALAX) segment, the horizontal development will be a 48-ha carefully planned, human-scaled neighborhood township strategically positioned near key centers, major thoroughfares, and well-regarded establishments, such as De La Salle University Laguna, NUVALI, and Laguna Technopark. The pioneer upscale residential address in Meadowcrest is Hartwood Village.
The horizontal development features sustainable amenities like pedestrian pathways, bike lanes, and facilities that promote community engagement and environmental stewardship. The Hartwood Village possesses a wide range of lot classifications from standard village lots to park premier lots with lot sizes ranging from 300-542 sq.m.
Federal Land Nomura Real Estate Global: A Powerhouse Collaboration Transforming Philippine Real Estate Landscape
In 2022, Federal Land Inc. formed a ground-breaking joint venture with one of Japan’s leaders in residential developments, under the banner Federal Land NRE Global Inc. (FNG), with a vision to redefine local real estate as its investment into the future and usher in next-generation developments.
This partnership branches out of the Ty group of companies’ enviable ventures with leading Japanese companies that have strengthened economic relations between the two countries and is expected to set the standard in real estate excellence, drive innovative urban development, and significantly boost bilateral investments, further cementing the Philippines’ position as a prime destination for global investors.
Fusing Japanese innovation with Filipino sensibility, this joint venture is redefining Metro Manila’s skyline with projects that aim to further address the demand for condominium investments, as well as provide additional options for prospective homeowners.
FNG’s The Observatory Cybergate Entrance (Artist’s Perspective)
Among these projects is The Observatory in Mandaluyong City, a 4.5-ha mixed-use community that is strategically located in close proximity to major central business districts. It features a neighborhood of residential towers, sprawling retail facilities, and an office building, all seamlessly connected through walkable and open spaces.
The Observatory Sora Tower, the first residential tower to rise in the development, will feature a total of 650 units that will cover the aforementioned types. The development in Mandaluyong features a range of unit sizes, from compact studios measuring 28-33.5 sq.m. to spacious penthouses ranging from 155-205 sq.m.
In addition to vertical developments like condominiums, FNG is well-prepared to meet the market’s growing demand for horizontal developments, particularly beyond the Metro. Data from the Colliers’ Q1 Metro Manila Residential Report suggests an increase in the annual average take-up for horizontal projects in these areas from the 28,700 average units sold from 2020 to 2021 to more than 29,000 units in 2022 to 2023.
This rise in demand for residential properties presents an opportunity for FNG to further broaden its portfolio and expand its presence in emerging provincial markets, reaching a wider segment and providing more product options bearing the Federal Land mark.
Establishing a significant presence in General Trias, Cavite, FNG is expanding its horizons within the 600-ha Riverpark, a large-scale, multi-use township also spearheaded by the Federal Land Communities brand. Envisioned as the “Next Gen City of the South,” Riverpark aims to provide smart living and lifestyle-enhancing developments with river and park-side experiences.
FNG’s Yume at Riverpark Drop off (Artist’s Perspective)
Among these developments, Yume at Riverpark shines with its fusion of Japanese culture and design, tailored to meet the practical needs of family-oriented Filipinos, making it an ideal choice for young families seeking a tranquil retreat away from Manila’s busy streets. Presenting a range of residential options with lot sizes spanning from 300 to 527 sq.m., the FNG development provides ample space for families to create their dream homes.
With General Trias City’s leap from being an agricultural municipality to an industrial and urbanized city, as well as its proximity to infrastructure projects that heighten access to major roads, Yume at Riverpark is located in the heart of the country’s latest property investment destination.
Additionally, the impending completion of the Cavite-Laguna Expressway (CALAX) Project reduces travel time from the Cavite Toll Expressway (CAVITEX) to the South Luzon Expressway from two hours to half an hour. This improved connectivity makes property investments in Yume at Riverpark, more attractive, valuable, and practical.
With a legacy spanning over five decades, Federal Land’s decades-long journey exemplifies a relentless pursuit of excellence and innovation. As the company and FNG continue to expand their footprint outside Metro Manila, their powerhouse collaboration is poised to redefine residential living and urban development in emerging regions across the Philippines — one landmark property at a time.
For more information on the developments of the Philippines’ premier real estate developer Federal Land and its subsidiary, Horizon Land, visitwww.federalland.ph. For more details on FNG, the joint venture redefining the real estate industry in the country, visit www.fng.ph.
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The Philippines, among the world’s most vulnerable to the impact of climate change, plans to increase the share of renewable energy in its total power mix to 50% by 2040 from 22% as of 2022. — BLOOMBERG
Citicore Renewable Energy Corp. aims to build more solar power plants to secure over half of the Philippines’ total capacity in five years, its chief executive said, as the company joins a growing group raising funds to ride the country’s green energy push.
Citicore is seeking to raise up to P5.3 billion ($90 million) in an initial public offering that closes on Friday. That’s the largest by a domestic renewable energy company in nearly two decades, but just about a third of Energy Development Corp.’s P16.7-billion share sale in 2006, according to data compiled by Bloomberg. The company cut its public offer size after selling a stake in Citicore Energy REIT Corp. to SM Investments Corp. in March.
An affiliate of major Philippine construction firm Megawide Construction Corp., Citicore is prepared to spend P175 billion over the next five years to build 5 gigawatts of solar power capacity, CEO Oliver Tan said. The company’s pipeline of solar, wind and hydropower projects with a combined capacity of around 10.4 gigawatts will be operational by 2028.
The Philippines, among the world’s most vulnerable to the impact of climate change, plans to increase the share of renewable energy in its total power mix to 50% by 2040 from 22% as of 2022. It’s seeking to cut its reliance on fossil fuels by taking advantage of the archipelago’s abundant renewable energy resources.
In the past 14 months, three of the five IPOs in the Philippines, including Citicore, have been renewable energy companies seeking to bankroll projects.
“Our shift to renewable energy is actually for the survival of our country,” Mr. Tan said in an interview on Wednesday. “It’s energy security, energy independence.”
Ahead of Citicore in listing were Repower Energy Development Corp. and Alternergy Holdings Corp., which raised P1 billion and P1.47 billion, respectively. Shares of Repower were up 1.4% while those of Alternergy have dropped 48% from their public offer prices.
Citicore’s portfolio of 285 megawatts as of end-2023 accounts for about a fifth of the Philippines’ installed solar capacity. Bigger peer ACEN Corp., a unit of conglomerate Ayala Corp., has 964 MW of installed solar capacity and plans more projects in the country. Citicore is building smaller solar plants in multiple locations and planting crops below the panels to maximize land use, said Joan Cosico, chief investor relations officer.
Citicore’s first gigawatt should be on stream by next year, although hitting expansion targets may face challenges, said Nicky Franco, vice president for research at Abacus Securities Corp.
“Further out, it gets murky because land acquisition or conversion can take time and right of way plus permitting for transmission lines can take even longer,” Mr. Franco said. “But construction is in CREC’s DNA so it’s an IPO we are quite positive about especially for long-term investors.” — Bloomberg
BEIJING/MANILA – China’s defence ministry on Thursday strongly condemned the deployment of a U.S. intermediate range missile system in the northern Philippines during military drills in April, saying it “brought huge risks of war into the region”.
Defence Ministry spokesperson Wu Qian told a press briefing in Beijing that China remained highly vigilant and opposed the deployment, the first in the Indo-Pacific region.
“The United States and Philippine practices put the entire region under the fire of the United States (and) brought huge risks of war into the region,” Mr. Wu said, adding it “seriously undermined” regional peace.
“Intermediate-range missiles are strategic and offensive weapons with a strong Cold War colour,” Mr. Wu said.
China deploys its own advanced intermediate-range missiles as part of an extensive conventional ballistic missile arsenal.
The U.S. said last month it had deployed its Typhon missile system to the Philippines as part of their Balikatan or “shoulder-to-shoulder” military drills.
Philippine military official Col. Michael Logico said in April that the missile system, which can fire Tomahawk land attack and SM-6 missiles, was brought to Laoag city in Ilocos Norte province in the northern Philippines.
But officials did not say if the weapon system was transported elsewhere, or if it remains in the Philippines.
The Philippines and U.S. military did not fire the missile system during the exercises, but Mr. Logico said it was shipped to test the feasibility of transporting the 40-ton weapon system by air.
A Philippines military spokesperson could not be reached for comment on Thursday.
The annual drills this year involved around 16,000 Filipinos and U.S. soldiers, some of which were staged in northern Philippine islands near Taiwan and in western waters facing the South China Sea, where China is in dispute with the Philippines and other regional claimants.
The exercises irked China at the time and it warned of destabilization when countries outside the region “flex muscles and stoke confrontation”.
Philippine and U.S. officials had said the exercises were meant to improve interoperability between their forces and were not directed at any third country. — Reuters
THE NATIONAL Government’s (NG) outstanding debt returned to the P15-trillion level as of end-April due to the weaker peso, the Bureau of the Treasury (BTr) said.
Data from the BTr on Thursday showed outstanding debt rose by 0.61% to P15.02 trillion as of end-April from P14.93 trillion as of end-March.
“Total debt increased by P91.5 billion or 0.61% from the end-March 2024 level due to government net financing and the impact of local currency depreciation on the valuation of foreign currency-denominated debt,” the BTr said.
Year on year, the outstanding debt stock jumped by 7.95% from P13.91 trillion in the same period a year ago.
Of the total debt, more than two-thirds or 68.64% came from domestic sources.
As of end-April, outstanding domestic debt edged higher by 0.3% to P10.31 trillion from P10.28 trillion as of end-March. It also increased by 8.99% from P9.46 trillion in the same period a year earlier.
Government securities made up almost the entire domestic debt as of end April.
“For the month, the increment resulted from the P27.23-billion net issuance of government securities and the P3.78-billion effect of peso depreciation on foreign currency-denominated domestic debt,” it said.
Data from the BTr showed the peso closed at P57.583 against the dollar at end-April, weakening by P1.323 from its P56.26 finish a month ago.
Meanwhile, external debt went up by 1.3% to P4.71 trillion as of end-April from P4.65 trillion as of end-March. Year on year, foreign debt rose by 5.74% from P4.45 trillion.
“Although there was a net repayment of P32.91 billion in foreign loans within the month, the considerable depreciation of the peso caused a P109.31-billion upward adjustment in the local valuation of US dollar-denominated debt, partly offset by the P15.91-billion downward adjustment brought about by the opposite movement of third-currency debt,” the BTr added.
External debt was composed of P2.25 trillion in loans and P2.46 trillion in global bonds.
Broken down, global bonds consisted of P2.07 trillion in US dollar bonds, P212.85 billion in euro bonds, P64.03 billion in Japanese yen bonds, P57.58 billion in Islamic certificates and P54.77 billion in peso global bonds.
Meanwhile, the NG’s guaranteed obligations stood at P356.06 billion as of April, up by 2.89% from P346.04 billion in March. However, it dropped by 6.47% from P380.69 billion in the same period in 2023.
“The increment was due to the net availment of domestic guarantees amounting to P7.54 billion and the impact of peso depreciation on foreign currency-denominated guarantees amounting to P3.8 billion,” the BTr said.
“On the other hand, third-currency adjustments against the US dollar trimmed P1.32 billion,” it added.
Analysts noted that the peso depreciation contributed to the increase in debt as of end-April.
“This 0.61% increase from March is due to a combination of government borrowing and a weaker peso. Domestic debt grew slightly, impacted by new government security issuances and peso depreciation,” Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message.
Mr. Roces said the higher external debt was “primarily due to the peso’s depreciation inflating the value of dollar-denominated debt, outweighing a small decrease from other currencies.”
In mid-April, the peso sank to the P57-per-dollar level for the first time since November 2022, which was also its worst close in 17 months at the time.
“Weaker peso exchange rate over the past two years could have also increased the peso equivalent of foreign debt,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
Mr. Ricafort said that outstanding debt could rise further after the government’s dollar bond issuance in May and other planned borrowings for the rest of the year.
The Philippine government raised $2 billion from its dual-tranche dollar bond issuance in May, its first global bond sale for the year.
The government’s borrowing program is set at P2.57 trillion this year, of which 75% will come from domestic sources and the rest from foreign sources.
As of the first quarter, the NG’s debt as a share of the gross domestic product (GDP) stood at 60.2%. This was below 61.1% a year ago but higher than 60.1% at the end of 2023.
The government’s debt-to-GDP ratio target this year is set at 60.3%. It seeks to bring this down further to 55.9% by 2028.
THE PESO sank to a near 19-month low on Thursday due to a strong dollar as US Treasury yields surged amid a hawkish US Federal Reserve.
The local unit closed at P58.635 per dollar on Thursday, weakening by 21.5 centavos from its P58.42 finish on Wednesday, Bankers Association of the Philippines data showed.
This was the peso’s worst finish in almost 19 months or since its P58.80-per-dollar close on Nov. 3, 2022.
The local unit is now down by P3.265 from its end-2023 close of P55.37 versus the greenback.
The peso opened Thursday’s session weaker at P58.50 against the dollar, which was already its intraday best. Its worst showing was at P58.73 versus the greenback.
Dollars exchanged inched down to $1.39 billion on Thursday from $1.4 billion on Wednesday.
The peso slumped due to a generally stronger dollar following a rise in US Treasury yields, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
“The dollar strengthened across the board with higher Treasury yields and recent hawkish Fed speak. The market was a bit on the edge with sticky inflation potentially indicating higher rates for longer,” Security Bank Corp. Chief Economist Robert Dan J. Roces likewise said in a Viber message.
The dollar held steady on Thursday after rising to a two-week high as a rout in US Treasuries pushed up yields, boosting the currency’s allure, Reuters reported.
The index tracking the US currency against its major peers climbed to 105.18 overnight, the highest since May 14, and was slightly lower at 105.05 in early European trading.
A two-day, 15-basis-point jump above 4.6% for long-term Treasury yields helped push the dollar higher. The rise in yields, which move inversely to prices, has been driven by a spate of stronger-than-expected data, tough words from Federal Reserve officials, and a run of poorly received bond auctions.
Expectations for Federal Reserve interest rate reductions this year have been pared back amid signs of sticky inflation, most recently with a surprise uptick in consumer sentiment in data on Tuesday.
Traders currently see 56.6% odds of a quarter-point cut by the conclusion of the September meeting, down from 57.5% odds a week ago, according to the CME Group’s FedWatch Tool.
For Friday, Mr. Roces said peso-dollar trading will be driven by the second estimate for first-quarter US gross domestic product scheduled for release overnight.
Mr. Ricafort expects the peso to range from P58.50 to P58.70 per dollar on Friday. — A.M.C. SywithReuters
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