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PHL stock market seen to bounce back this year

EXPERTS on Wednesday discussed the challenges and opportunities facing the local bourse at the BusinessWorld Insights: Stock Market Outlook 2025 at the Dusit Thani Manila, Makati City. In photo: PhilSTAR Media Group Executive Vice-President Lucien C. Dy Tioco; Unicapital Group Senior Vice-President for Investment Banking Pamela Victoriano; Department of Finance Assistant Secretary Neil Adrian S. Cabiles; Sunlife Investment Management and Trust Corp. President Michael Gerard D. Enriquez; COL Financial First Vice-President and Chief Investor Relations Officer April Lynn C. Lee-Tan; BusinessWorld Editor-in-Chief Cathy Rose A. Garcia; First Metro Securities Brokerage Corp. First Vice-President and Equity Research Division Head Reuben Mark Angeles; BDO Securities Corp. Head Trader Jasper M. Jimenez; and PhilSTAR Media Group Vice-President for Sales & Marketing Jay R. Sarmiento.

By Ashley Erika O. Jose, Reporter

THE PHILIPPINE stock market is likely to bounce back this year, amid easing inflation and further rate cuts by the central bank, analysts said.

“It is the first time in two years that we’re bullish on this market,” First Metro Securities Brokerage Corp. First Vice-President and Equity Research Division Head Reuben Mark Angeles said during the BusinessWorld Insights: Stock Market 2025 forum on Wednesday.

“For the last two years, we’ve been very bearish. And we see a lot of things that have turned around. And we see that at the end of the year, we will see stronger equity market performance.”

Mr. Angeles said PSEi is expected to hit the 7,600 level by yearend.

The PSE index (PSEi) closed 2024 at 6,528.79, up by 1.2% from its 6,450.04 finish in 2023. This marked the first time the bellwether index closed higher since 2019.

He noted the Philippine economy is on a “clear growth path,” with the midterm elections and favorable base effects to stimulate consumption this year.

April Lynn C. Lee-Tan, first vice-president and corporate strategy and chief investor relations officer of COL Financial Group, Inc., said there would be more opportunities for growth in the stock market, especially if foreign investments come in.

“We have a general positive outlook because of cheap valuation. The trends last year were high interest rates, high inflation, which are no longer the case now,” Ms. Lee-Tan told BusinessWorld on the sidelines of the forum.

Michael Gerard D. Enriquez, president of Sun Life Investment Management and Trust Corp., gave a moderate projection of 7,500 for the PSEi, which depends on further rate cuts, resilient corporate earnings growth and inflation is maintained at current levels.

He gave a conservative estimate of 6,608 for the PSEi if there are fewer-than-expected rate cuts, a weaker peso and heightened geopolitical tensions.

He said his “aggressive” outlook of 8,512 for the PSEi could materialize if the local currency starts to recover, the central bank implements more rate cuts and if there is renewed foreign interest in Philippine equities.

The Bangko Sentral ng Pilipinas (BSP) surprised markets after it left the benchmark rate unchanged at 5.75% at its Feb. 13 meeting. This after the central bank cut rates at three straight meetings since it began its easing cycle in August.

BSP Governor Eli M. Remolona Jr. has said the Monetary Board may slash benchmark interest rates by a total of 50 basis points (bps) this year as “policy insurance” against risks, with the cuts likely to be done in 25-bp increments each in the first and second half.

Ms. Lee-Tan said that the Philippines is less vulnerable to the US President Donald J. Trump’s tariff threats, as the country only accounts for 1% of US imports. She also noted the country is driven mainly by consumption, making it less affected by Mr. Trump’s protectionist policies.

Mr. Trump has announced this month its plans to impose tariffs on auto, chip, and pharmaceutical imports over the course of the year.

The US President has also tightened immigration policies, which may affect remittances of overseas Filipinos workers (OFW). Around 40% of remittances are from the OFWs in the US.

Mr. Angeles noted that investor confidence may be negatively impacted if remittances are significantly affected.

Unicapital Inc. Senior Vice-President for Investment Banking Pamela Louise Q. Victoriano said she sees the PSEi ending at the 7,800 level by yearend.

“Opportunities continue to persist. We are cautiously optimistic, we feel that the fundamentals for the Philippines are still there, and this represents good long-term growth prospects for the country,” Ms. Victoriano said.

BDO Securities Corp. Head Trader Jasper M. Jimenez said investors should diversify their portfolios but should favor stock market investments.

“Investors’ portfolios have to adapt to the changing market conditions. The stock market today is very different from before, we see a very fast appreciation due to market reasons. In terms of size, they can take advantage of this,” Mr. Jimenez said.

Analysts also noted that market reforms, such as the proposed reduction of sales transaction tax, are expected to boost stock market activity.

Mr. Angeles said European funds are likely to go back to the local stock market after the Philippines’ recent exit from the Financial Action Task Force’s “gray list.”

Digital banks likely to remain in the red

MACROVECTOR/FREEPIK

By Luisa Maria Jacinta C. Jocson, Reporter

DIGITAL BANKS in the Philippines remained in the red in 2024 and will likely continue to post losses in the near term as they struggle to expand the reach of their credit products, a central bank official said.

“Fintech startups, including digital banks (DBs), often face losses in their initial years due to significant pre-operating and establishment expenses,” Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier told BusinessWorld.

“As startups, it is expected that most of the DBs will not reach positive net results within the first five to seven years of operations,” she added.

Preliminary data from the BSP showed that the digital banking sector posted a P7.07-billion net loss as of end-December.

The digital bank industry has been in the red since the BSP began consolidating data from the sector starting March 2023.

Ms. Fonacier said the losses were mainly due to digital lenders putting in large investments for technology and personnel, as well as high customer acquisition costs.

Digital banks have also been unable to expand their lending products, she added.

“While DBs have been able to attract deposits at a fast rate, the rollout of credit products has not kept pace, as shown by the low industry loan-to-deposit ratio of 36%.”

“There are difficulties in securing high-quality loans due to the limited financial data or credit history of their target market,” she added.

Latest BSP data showed that deposits in digital banks stood at P87.39 billion as of September 2024, jumping by 34.1% from P65.18 billion a year prior. The number of deposit accounts stood at 16.25 million, while depositors stood at 10.55 million.

Meanwhile, the sector’s gross loans stood at P29.78 billion as of September 2024, up by 1.2% from P29.42 billion a year prior.

“In addition, retaining customers over a long term can also be a challenge given that the market still has low switching barriers,” Ms. Fonacier said.

“While this pattern aligns with the experiences of DBs in other regions, we have also observed that our DBs continue to face scaling challenges, particularly in expanding their credit market.”

She noted that digital lenders must be able to “enhance their credit scoring models, accelerate the deployment of credit products, and demonstrate their role in expanding financial access for underserved communities.”

In a recent report, Fitch Ratings said that most digital banks in the Asia-Pacific region are subject to higher credit risks as they target small businesses as their main borrowers.

There are currently six digital banks operating in the Philippines, namely, Overseas Filipino Bank, a subsidiary of Land Bank of the Philippines; Tonik Digital Bank, Inc.; GoTyme Bank of the Gokongwei group and Singapore-based Tyme; Maya Bank of Voyager Innovations, Inc.; UNObank of DigibankASIA Pte. Ltd.; and UnionDigital Bank of Union Bank of the Philippines, Inc.

Overseas Filipino Bank was the first to obtain a digital banking license, which launched in 2020. By 2022, all six digital banks were in operation.

Ms. Fonacier said the public is also still wary of using digital services, which is another barrier online banks must overcome.

“With concerns emanating from potential cybersecurity risks, lack of awareness regarding the benefits of digital banking may affect market growth, customer adoption and loyalty, and opportunities for financial inclusion.”

“To address this, DBs should continue their push for financial inclusion and invest in financial education initiatives, emphasizing the advantages, risks involved, and safe use of digital financial solutions,” she added.

One of the primary concerns of the digital banking sector has been its financial stability.

“Several rating agencies and multilateral organizations still view that DBs in the Philippines are unlikely to turn a profit soon, as they continue to face bad loans and high operating costs,” Ms. Fonacier said.

Data as of end-September showed that just two out of the six digital banks have posted net income as of the reporting period.

“For DBs to achieve profitability, they must exhibit their capacity to achieve business goals to realize overall positive margins and financial sustainability,” Ms. Fonacier said.

“DBs also need to strengthen governance, particularly oversight practices across business functions to properly direct the business operations towards achieving business goals and eventual profitability.”

Digital banks can also engage with partners that already have “established digital capabilities and broader customer base.”

“This collaborative approach has been successfully applied by DBs in other jurisdictions as it provided them the essential foundation for growth and innovation,” she added.

Digital banks are also seen to be catalysts in “deepening financial inclusion and driving digital transformation in the banking industry,” Ms. Fonacier said.

“While pain points were experienced in their first two years of commercial operations, DBs are expected to refine their business strategies and propositions to better serve the customers and the financial sector as a whole.”

The share of Filipinos with bank accounts reached 65% of the adult population in 2022, according to latest data from the BSP.

The central bank wants to onboard at least 70% of adult Filipinos into the formal financial system.

NEW DIGITAL BANKS
Meanwhile, profitability is just among several considerations the central bank will look into as it reviews new applicants.

“While profitability is a valid concern for DBs, the BSP takes a more holistic approach and does not focus solely on profitability when assessing new applicants,” Ms. Fonacier said.

“Rather, new DB applicants will undergo a more comprehensive review process that will primarily focus on value proposition, business models, and resource capabilities which should include a demonstration of their potential for sustained profitability.”

The Monetary Board in January lifted the three-year moratorium on new digital banking licenses.

The BSP is now set to allow four more digital banks to operate in the country, which would bring the total to 10.

These can either be new applicants or banks that will convert their existing license to a digital one.

“Applicants must also demonstrate sufficient capabilities and readiness to deploy their digital solutions and to sustainably grow their business given inherent challenges in the Philippine market,” Ms. Fonacier said.

While there has been no official filing yet, she earlier said there are two foreign digital banking players interested in entering the Philippine market.

“Relatedly, these new players will be assessed not only on their ability to help the digital banking industry recover from recorded losses but also on their contribution in achieving the policy objectives of the digital banking framework,” she said.

“This includes promoting wider adoption and use of digital financial services in the country and expanding their reach into underserved markets.”

DigiPlus setting up Singapore unit

DIGIPLUS.COM.PH

LISTED DIGITAL entertainment company DigiPlus Interactive Corp. said it will establish DigiPlus Global Pte. Ltd. (DigiPlus Global) in Singapore to expand its international footprint. 

“Singapore is a world-class hub for business, technology, and talent, making it an ideal base for our global initiatives,” said DigiPlus Interactive Chairman Eusebio Tanco in a statement on Wednesday.

“With the incorporation of DigiPlus Global, we are strengthening our ability to attract top-tier professionals, forge strategic alliances, and enhance our international presence, all while remaining deeply committed to our home market in the Philippines,” he added.

The company said its board of directors approved the plan during a meeting on Feb. 26.

DigiPlus Global will be wholly owned by Diginvest Holdings, Inc., a 100% subsidiary of DigiPlus Interactive. It will serve as a support function center and regional hub, focusing on strategic partnerships, talent acquisition, and international expansion — key pillars of DigiPlus’ long-term growth strategy.

DigiPlus Interactive operates digital entertainment platforms, including BingoPlus, the country’s first government-approved online bingo platform; ArenaPlus, a premier sportsbook; and Gamezone, a growing platform for casual and arcade gaming.

While DigiPlus Global will focus solely on corporate and operational support functions, it will not engage in any iGaming operations in Singapore, strictly adhering to the country’s regulatory framework, the company said. 

“This milestone marks a bold step in DigiPlus Interactive’s expansion, leveraging Singapore’s advanced business infrastructure and global connectivity to further position the company as a leader in digital entertainment,” the company said.

DigiPlus Interactive has earmarked up to P3 billion for capital expenditures in 2025 as it pursues further expansion.

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

The license allows DigiPlus to operate land-based and online sports betting, electronic games, live game studios, and other fixed-odds betting activities in Brazil. The company aims to tap into Brazil’s population of over 200 million and leverage the recent liberalization of its gaming market. 

At the local bourse on Wednesday, the company’s shares climbed 0.41% to close at P36.70 each. — Sheldeen Joy Talavera

ACEN kicks off large-scale battery storage project in Australia

ACEN

ACEN CORP., through its subsidiary, has started building a large-scale battery energy storage system (BESS) alongside its 720-megawatt (MW) solar project in New South Wales (NSW), Australia.

ACEN Australia has engaged international energy storage specialist Energy Vault to lead the construction of the facility, which will be capable of storing 200 megawatts of energy for two hours, the company said in a media release on Wednesday.

The facility is the first large-scale BESS in the region and is expected to provide on-demand energy to customers in both NSW and Queensland. Its construction is supported by the NSW Government’s Emerging Energy Program.

The 400-megawatt-hour project will involve “the integration of advanced grid-forming inverters to provide system strength, stability, and network security services.” 

“This is the first large-scale battery storage project to be built in New England, so this is a great milestone for the region and the National Electricity Market,” said Tim Greenaway, ACEN Australia’s head of construction and engineering.

Mr. Greenaway stated that geotechnical and design work is nearly complete, and installation of the electrical infrastructure to connect the battery is well underway.

“We expect the civil and base electrical work for the BESS to begin in the next month or two, in preparation for the delivery of the battery modules in the second half of the year,” he said.

Energy Vault Vice-President of Sales Asia Lucas Sadler said the New England Battery Project is the company’s first project to enter the construction phase in Australia.

“There’s a lot of global attention on Australia’s battery storage market, and we’re very happy to be making a positive contribution to such an important project,” Mr. Sadler said. 

The BESS will be co-located at the Stage 1 Solar Power Project site, which has 400 MW of capacity and was completed in 2023. Construction of the second 320-MW phase is scheduled to begin in 2026.

A BESS is a type of energy storage system that uses batteries to store electricity from the grid and release it when needed to augment supply or enhance power quality.

ACEN, the listed energy platform of the Ayala Group, holds approximately 6.8 gigawatts of attributable renewable energy capacity across operational, under-construction, and committed projects. It operates in the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the US. — Sheldeen Joy Talavera

Yabu flagship in Rockwell reopens, announces more concepts

YABU: HOUSE OF KATSU’S flagship store in Rockwell

YABU: HOUSE OF KATSU reopened its flagship store in Rockwell in a dinner on the last week of January. The store is now 50% larger, and a little bit brighter.

The dinner was also an opportunity to introduce the new Crispy Katsudon, featuring crispy katsu on tamagoyaki omelette, coated in rich donburi sauce, and served on premium Japanese rice. The menu also highlights the popular new Kurobuta pork options.

More than these new additions, John Concepcion, chief executive officer of Standard Hospitality Group which owns Yabu, unveiled plans to increase their collective store number from 45 to 100. Their brands include Yabu, Ippudo, Koyo, Hannosuke, Hachibei, and Hokkaido Soft Cream, and specialty café Elephant Grounds. Some of these brands have been united under one roof in the food hall concept Kiwami, which is also opening its third location in SM Mall of Asia this year (previous locations are in Bonifacio Global City and Alabang).

“Our goal is to set the standard in the restaurant scene, and this expanded flagship store represents our commitment to that vision,” Mr. Concepcion, said in a statement. “As we continue to grow, we’re focused on elevating the casual dining experience while maintaining the quality that has made Yabu the country’s leading katsu brand.”

In a speech, he said that they’re opening four more Yabus, and opening two new Japanese concepts, in the second half of this year — counting all their brands, they’re opening 12 new locations this year.

It is all about “The concept of going to Japan, going to a place just producing one dish — that whole concept of mastery,” he said.

In an interview with BusinessWorld, he talked about their expansion to 45 restaurants from their first Yabu location in 2011. “That’s not actually fast,” he noted considering the 14 years since opening the first restaurant. “Anybody can open and open, but if it’s now well-maintained, that’s a problem. It has to be the right speed — make sure that the people in the system are in place.

“When you hit 45 stores, it’s growing on its own. There’s a system working, there’s people working; the cash is coming in, and it’s on a sustainable basis right now. It takes a lot of effort to get to that level.” — Joseph L. Garcia

SM Prime lists P25-B fixed-rate retail bonds on PDEx

SM PRIME Holdings Corp. (SM Prime) has listed its P25-billion fixed-rate retail bonds on the Philippine Dealing & Exchange Corp. (PDEx).

This issuance is the second tranche of SM Prime’s P100-billion shelf registration of fixed-rate bonds, which was approved by the Securities and Exchange Commission (SEC), the company said in a regulatory filing on Wednesday.

The listed property developer said the issuance consists of Series Y, Z, and AA bonds, maturing in 2028, 2031, and 2035, respectively.

Under its application submitted to the SEC last year, SM Prime sought approval to raise up to P25 billion, with an oversubscription option of up to P5 billion.

The offering includes three-year Series Y bonds due in 2028, six-year Series Z bonds due in 2031, and 10-year Series AA bonds due in 2035. 

On Monday, the company announced plans to allocate P100 billion in capital expenditures (capex) this year, with the majority directed toward residential projects and integrated property developments.

Capex for 2024 will primarily be allocated to malls, residential properties, and integrated developments, SM Prime said.

For 2024, Sy-led SM Prime recorded a 14% increase in consolidated net income, reaching a record-high P45.6 billion, up from P40 billion in 2023. The growth was driven by strong holiday spending, the opening of two new malls, and higher real estate sales.

Consolidated revenue also rose by 10%, reaching an all-time high of P140.4 billion in 2024, compared to P128.1 billion in 2023, due to increased rental income, real estate sales, and revenues from services and experiential offerings. 

At the local bourse on Wednesday, shares in the company gained 90 centavos, or 3.83%, to close at P24.40 apiece. — Ashley Erika O. Jose

Now Now Canteen: A fermentation experiment that aims to start a culinary movement in the metro

NOW NOW CANTEEN’S FERMENTATION SHELF — ZSARLENE B. CHUA

By Zsarlene B. Chua

LOCATED in a nondescript part of Mandaluyong, at the corner of Calbayog and L. Esteban streets, a fermentation lab-cum-contemporary canteen is trying to “spearhead a fermentation movement in Metro Manila” by offering tried-and-true classics elevated through fermentation.

Now Now Canteen, founded by husband-and-wife team Bryan and Maxine Kong, started as an idea to develop a fermented ice cream.

“We ate at Noma for our honeymoon and were so blown away with how they prepared [their dishes] and that they’re heavily focused on fermentation,” Mr. Kong told BusinessWorld at the sidelines of a beauty event on Feb. 21. Once back in the Philippines, Mr. Kong was so inspired that he decided to grow his own koji (a fermentation starter that uses rice or soybean) and create a fermented sweet potato ice cream for Kurimu, his Japanese-style premium handcrafted ice cream venture.

This experiment didn’t exactly work out, so he decided to put koji in dishes like tinola (Filipino chicken soup with ginger) and sinigang (Filipino sour soup that uses a variety of possible souring agents like tamarind or guava) with better results.

Koji (Aspergillus oryzae) is a fungus used in East Asian fermentation, which is the key to making soy sauce, miso, and sake. Used in East Asia for thousands of years, it has been a cornerstone of traditional fermentation practices as it breaks down starches and proteins to enhance umami (savoriness) and deepen flavors.

Mr. Kong and his wife were so enamored by koji and the potential of fermentation in bringing out the umami of dishes that it grew into what is now Now Now Canteen.

Opened in September 2024, Now Now has gained a cult following for its unique menu, which incorporates fermented ingredients. The restaurant’s nondescript exterior matches its industrial, lab-like interior, complete with metal décor, a steel shelf displaying creations, and a temperature-controlled fermentation lab.

“You won’t find a restaurant like this in our area,” Mr. Kong said. But beyond their dishes, part of their ethos, he said, is to “democratize fine dining culinary techniques and make it accessible to the neighborhood.”

Now Now offers two service times: brunch and dinner and while reservations are encouraged, walk-ins are welcome. The entire menu is also a la carte and items are reasonably priced beginning at P350.

While this writer wasn’t able to experience too much of the menu during the event, a few of the standouts were the Tortang Talong Okonomiyaki, a spin on the popular eggplant omelet and includes bacon, crispy fried noodles, crispy nori sheets, all dressed in wild garlic mayo. We were also served a sort of fermented red sauce, reminiscent of ketchup which imparted a tang that cuts through the savoriness, so you don’t get tired of the flavors. It was an all-in-all full-on umami bomb, creating a perfectly balanced bite — rich, textured, and satisfying.

Then there’s the Shakshouka which uses fermented eggplants and onions, labneh (Middle Eastern cheese created from strained yogurt), poached eggs, chicken skin, and served with Polish flatbread. The dish was an instant hit at our table due to the rich fermented eggplant balancing the creamy labneh and runny eggs. It would benefit from more than a hint of spice to further wake up the flavors, but it was a very good dish.

The menu is developed by executive chef Mateusz Łuczaj and executive pastry chef Lisane Łuczaj who fly in from Poland to work with the Now Now team to develop new dishes. Mr. Kong said that the plan is to create a revolving menu with the target of three menu changes a year.

FERMENTATION, EXPERIMENTATION, AND SUSTAINABILITY
Beyond accessibility and spreading the gospel of fermentation in the metro, Now Now’s mission is also to champion sustainability and local produce. Mr. Kong said that currently, the restaurant is “97% waste-free” as almost all of the trimmings from the produce are fermented as the “kitchen is really intentional with our food waste.”

He added that they are currently in talks with local farmers about getting their trimmings and waste products so they can create something new out of it. “We’ll make a sauce out of [their] waste,” he said.

With fermentation being a hobby of his, Mr. Kong is also trying out different ferments using local produce like a batuan cheong. Batuan is a sour fruit, a relative to mangosteen, that is often used as a souring agent for the Visayan sour soup, kansi, and sinigang. Meanwhile, cheong is the Korean process of making fruit syrups by using a 1:1 ratio of fruit and sugar. Together, batuan cheong is a syrup whose aroma reminds us of a sweet-sour dessert wine. In a few more weeks (or even months), this batuan cheong will eventually end up in a ceviche, an application Mr. Kong endorses as the syrup imparts complex sweet-sour notes that go well with fish.

Now Now Canteen, with its bold approach to fermentation and sustainability, is a culinary experiment in progress. A testament to the ever-evolving food culture in the country. And with The Michelin Guide arriving in the Philippines, Mr. Kong said that this presents an opportunity for the country’s culinary industry to take the spotlight on the world stage.

“[Due to] the Filipino diaspora, Filipinos are everywhere. So we actually have the power to influence the world culinary scene,” he said.

Now Now Canteen is located at 497-C Rosa Bldg., Calbayog corner Esteban St., Mandaluyong City.

 

Zsarlene Chua is a former BusinessWorld reporter who is now a fledgling PR girl. She’s all about skincare, makeup, and video games — and occasionally food. None of the products she reviews are the writer’s clients. Contact the author at zsarlene.chua@gmail.com.

AboitizPower plans P30-B bond offer in Q2

ABOITIZPOWER.COM

ABOITIZ Power Corp. (AboitizPower) plans to issue up to P30 billion in fixed-rate retail bonds by the second quarter, as part of its P100-billion shelf registration program.

In a stock exchange disclosure on Wednesday, AboitizPower said its board of directors had approved the filing of a registration under the Securities and Exchange Commission’s shelf registration program for peso-denominated fixed-rate retail bonds.

The proposed issuance consists of up to P20 billion worth of retail bonds, with an oversubscription option of up to P10 billion. 

“Subject to market conditions, the company intends to offer the first tranche of the retail bonds to the general public during the second quarter of 2025 and to list the first tranche with the Philippine Dealing and Exchange Corporation (PDEx) by the third quarter of 2025,” the company said.

AboitizPower said the proceeds from the first tranche of the retail bonds will be used to refinance corporate debts and/or for other general corporate purposes.

The board delegated to the company’s management the authority to determine the final issue amount, interest rate, offer price, tenors, and other terms and conditions of the retail bonds, including the appointment of parties involved in the offering.

In 2022, the company raised P10 billion in fixed-rate retail bonds, including oversubscription, from the third tranche of its P30-billion debt securities program.

Proceeds from that bond offer were intended for debt refinancing and funding renewable energy projects.

At present, AboitizPower holds a portfolio of 4,482.12 megawatts across 48 power generation facilities nationwide.

At the local bourse on Wednesday, shares in the company declined by 0.12% to close at P40.85 each. — Sheldeen Joy Talavera

Coffee festival expands to include weavers and crafters

THE BIYAYA (Filipino for “blessing” or “gift”) Sustainable Living Festival is branching out from the Manila Coffee Festival to include more local products, especially woven textiles and other crafts. The festival will be held from March 14 to 16 at Parqal in Aseana City, Parañaque.

In a press conference at the Kapetolyo by SGD Coffee in Ermita, Manila, Richard Watanabe, founder of the Coffee Heritage Project and co-founder of the Biyaya Sustainable Living Festival, discussed some of the things people will experience at the festival. These will include craft beer made with products from the Cordilleras (including coffee and cacao), a chalk mural competition, agricultural workshops, free coffee from The Coffee Village, Baybayin workshops (an ancient writing system from pre-Hispanic Philippines), and woven crafts, but also weaving demonstrations.

“When we protect, nurture, and grow the heritage craft and practices of Filipino communities, we ensure their sustainable livelihood,” he said in a statement. “In the process, these communities can continue to live on the land of their ancestors, safeguarding not just their culture but also the environment. Thriving, sustainable communities are the foundation for environmental protection.

Biyaya 2025 Poster

“Biyaya isn’t just about coffee; it’s about uplifting the entire ecosystem of heritage industries that allow these communities to thrive,” he added.

His partner in this project, fashion designer and sustainability advocate Tati Fortuna, said in a speech: “We are bringing in — today, can be more — 75 farmers and weavers.” The festival will have more than 200 exhibitors including coffee, cacao, and coconut farmers, as well as craftsmen, weavers, and local fashion designers.

“We are not going to take any part in the sales that they make,” she pointed out. Last year’s Manila Coffee Festival brought in 12,000 visitors and P45 million in earnings for its exhibitors.

“Our objective for Biyaya, is to put the farmers, the weavers, and crafters, and communities front and center,” she said. “We want to honor them in any way that we can, and we are very thankful,” she said.

“Biyaya supports a long-term value chain that ensures Filipino farmers and artisans are empowered at every stage. With transparency checks in place, Biyaya guarantees that the processes behind the products are ethical, fair, and environmentally conscious,” said a statement from the festival. 

Ms. Fortuna said, “Biyaya is not just a once-a-year event. We want to have a deeper connection and a deeper relationship to the communities.” Long-term plans involve weaving and craft schools, and enhanced training for the same causes.

The Biyaya Festival will run from March 14 to 16 at Parqal in Aseana City, from 4 p.m. to 10 p.m. Check the Manila Coffee Festival Facebook page for ticket sales and inquiries. — Joseph L. Garcia

Megaworld says 2024 earnings hit P21.67B, up 11.7%

THE BELLAGIO PALAWAN

LISTED PROPERTY developer Megaworld Corp. saw its attributable net income for 2024 rise by 11.7% to P21.67 billion, driven by revenue growth from the company’s residential business.

“Moving forward, we will set our eyes on more innovations as well as on how we can collaborate to further innovate, but still keeping our commitment to care for our people and our communities,” Megaworld President Lourdes Gutierrez-Alfonso said in a stock exchange filing on Wednesday.

Megaworld attributed its 2024 results to the continued expansion of its core businesses, particularly in real estate, leasing, and hospitality.

The company’s total revenue climbed 17.2% to P81.69 billion from P69.73 billion in 2023, mainly lifted by real estate sales.

Broken down, real estate sales logged a 19.4% growth to P50.99 billion from P42.72 billion in 2023, accounting for most of the company’s revenue for the period.

Rental revenue rose by 10.3% to P19.68 billion from P17.85 billion in 2023, while revenues from hotel operations increased by 34.1% to P5.11 billion from P3.81 billion in 2023.

“In 2024, aside from delivering record results as we celebrated our 35 years in the Philippine real estate industry, we also pushed the boundaries of innovation across our townships and bannered new developments that truly help contribute to nation-building,” Ms. Gutierrez-Alfonso said.

According to Megaworld, real estate sales remained the company’s primary growth driver, mainly due to rising demand for residential properties in both Metro Manila and key provincial locations.

In 2024 alone, Megaworld launched four expansive developments across the country, adding approximately 400 hectares to its land holdings.

These additions brought Megaworld’s township portfolio to 35 and expanded its total land bank to nearly 7,000 hectares.

The property developer’s leasing portfolio also gained momentum in 2024 as it attracted more high-profile tenants. Megaworld noted that its lifestyle malls welcomed about 50,000 square meters of new tenant store openings.

Furthermore, Megaworld’s hotels and resorts contributed to the company’s growth through the expansion of MICE (meetings, incentives, conventions, and exhibitions) facilities.

At the local bourse, shares in the company closed 2.29% higher at P1.79 apiece. — Ashley Erika O. Jose

Dining In/Out (02/27/25)

Pernod Ricard Philippines introduces digital labels

PERNOD RICARD Philippines is rolling out its digital label initiative across its entire brand portfolio. The beverages giant is integrating QR code-enabled digital labels on all brands, such as Beefeater Gin, Jameson Irish Whiskey, Ballantine’s Scotch Whisky, Chivas Regal, and Absolut Vodka. These QR codes, printed on the back labels, will lead consumers to dedicated webpages offering comprehensive product information, health guidelines, responsible drinking advice, and more. “With our digital labels, we’re making this possible by providing key details at their fingertips,” said Hadyu Ikrami, head of legal, public affairs, communication and S&R, Pernod Ricard Philippines. “This initiative supports the Philippines’ digitalization efforts while reinforcing our commitment to responsible drinking. By providing consumers with easy access to essential information, we empower them to make informed choices and enjoy convivial moments responsibly.” Pernod Ricard Philippines has long championed responsible drinking campaigns, such as the widely recognized “Drink More Water” campaign, which encourages consumers to stay hydrated and pace themselves when consuming alcohol. The introduction of digital labels furthers this mission, reinforcing the company’s dedication to reducing harmful drinking. Customers can expect detailed information about ingredients and alcohol content and guidelines on alcohol consumption aligned with local health recommendations. The digital label initiative is now fully available across all Pernod Ricard brands in the Philippines.

Flare and Fare Nights at Lanson Place Mall of Asia

THE 12th Philippine International Pyromusical Competition is captivating audiences with its dazzling displays of light and sound on select Saturdays until March 15. Lanson Place Mall of Asia invites guests to witness the pyrotechnic showdown from its exclusive vantage points. Guests can enjoy prime viewing locations at Cyan Modern Kitchen and the EDGE Pool Bar, both offering unparalleled views of the spectacle. At Cyan Modern Kitchen, viewers can savor a dinner buffet from 5:30 to 9:30 p.m., perfectly timed for the evening’s performance. The buffet features a wide array of dishes, along with free-flowing mocktails, cocktails, soda, and juices. Indoor seating is available for P4,000 net per person, while outdoor seating, allowing for an even more immersive experience, is priced at P4,500 net per person. The EDGE Pool Bar offers an elevated cocktail experience from 6 to 9 p.m. Guests can enjoy a curated bar snack platter complemented by beats from a live DJ under the night sky. This package is priced at P2,400 net for two persons. For those seeking to extend their experience, Lanson Place Mall of Asia offers weekend stays, starting at P14,533 net. These stays include a buffet breakfast at Cyan Modern Kitchen and afternoon high tea at Madeleine High Tea. For reservations, e-mail reservations.lpmn@lansonplace.com, or call 7777-0000.

Coffee with photo art at Solaire Resort North

AT Café Mangrove at Solaire Resort North, guests are invited to personalize each experience with a photo of their choice printed atop their beverage with a special food-grade latte art machine with each offer of a warm drink. Enjoy signature fruit-based iced teas starting at P300++, as well as the signature lattes, served both iced and hot, starting at P380++. Café Mangrove also has healthy beverage blends –nutritious herbal, fruity, and vegetarian drinks, and smoothies full of vitamins. Guests can browse the café’s breakfast menu to kickstart the day with a hearty meal available from 7 to 10:30 a.m. These include classic breakfast meals from all around the world to simple and healthy dishes like Overnight Oats and granola bowls. For those dining in the afternoon, Café Mangrove’s High Tea menu boasts a set of sweet and savory snacks available from 2:30 to 5 p.m., all accompanied by a cup of coffee or tea as well as one glass of wine for P1,888++, or champagne for an additional P500++ for the upgrade. Dinner options include Café Mangrove’s wide variety of meals and a show with the café’s entertainers serenading guests throughout the night. For inquiries, visit the Solaire Resort North website at sn.solaireresort.com, or contact 8888-8888 or via e-mail at sn.reservations@solaireresort.com.

Liquid Brunch at Fairmont Makati

KICK OFF your summer with Liquid Brunch, Fairmont Makati’s premier poolside party, happening every first Sunday of the month. Indulge in exclusive offerings from their partners, Moët & Chandon, Monkey Shoulder, Freixenet, and Citadelle Gin (debuting in March). The beverage packages start at P7,500 net, and walk-in guests can join for P600 net, which includes a glass of the signature cocktail of the month. For inquiries, contact 8555-9840 or e-mail dining.makati@fairmont.com.

KATHA Awards for Food 2025 nominations still open

NOMINATIONS opened in February for the KATHA Awards for Food 2025 by the Center for International Trade Expositions and Missions (CITEM). The KATHA Awards for Food has been part of the IFEX Philippines’ food landscape since its inception in 2015. Philippine SMEs who are IFEX Philippines Flavor Finds exhibitors for this year’s edition are qualified to join the Awards for their new products or innovations in the following categories: Baked Goods, Cakes, Desserts, and Confectionery; Beverages; Dairy Products; Food Ingredients, Condiments, and Sweeteners; Functional and Nutraceutical Food; Gourmet and Specialty Food; Meat and Poultry; Organic Food; Plant-based Alternatives; Processed Fruits, Nuts, and Vegetables; Pulses and Grains; and Seafood Products. Special citations in booth and packaging design will also be handed out during the IFEX Philippines KATHA Awarding Ceremony when all the winners will receive trophies and certifications in their respective categories. Shortlisted product contenders will be screened by a professional team of experts in food and food-related sectors. These experts will conduct food samplings, panel presentations, and interviews with product owners to assess product quality and taste, branding and packaging, function or food application, marketability, product quality and taste, as well as sustainability in terms of supply and environmental impact. Winners will be unveiled by CITEM during the IFEX Philippines 2025 Media Preview in April, and will be displayed throughout the three-day IFEX Philippines trade show slated for May 22 to 24 at the World Trade Center Metro Manila in Pasay City. Nominations or applications to the KATHA Awards for Food 2025 are accepted until Feb. 28. Register as an IFEX Philippines exhibitor at ifexconnect.com, and enroll new and innovative products with an automatic nomination through this form https://docs.google.com/forms/d/e/1FAIpQLSePW12ZW7qEVjeurACX768RB3lNe0z5WZ24gFEapD8NDe3qRA/viewform.

K-pop star is new Snickers ambassador

MARS announced that Snickers has selected SEVENTEEN’s Mingyu as the new Asia Ambassador. SEVENTEEN, with 13 members, is the first K-pop group to perform at the Philippine Arena. In a statement, the brand said, “Mingyu’s zealous personality captivates audiences worldwide, aligning perfectly with our brand values. Snickers has been a globally popular chocolate bar for many years, and we anticipate positive synergy in various ways.” Through this collaboration, Snickers aims to further connect with consumers. For updates, follow Snickers Philippines on Facebook at @SnickersPhilippines.

Alfamart targets to add 200 stores in Luzon this year

BW FILE PHOTO

MINIMART CHAIN Alfamart plans to expand its store network by adding at least 200 more stores in Luzon this year, the SM group announced on Wednesday.

This expansion will further strengthen Alfamart’s growth, as it ended 2024 with a total of 2,400 stores nationwide, SM Investments Corp. (SMIC) said in a statement. 

“Our continued growth is anchored on the needs of the neighborhoods we serve. We remain committed to strengthening our presence in underserved areas within Luzon to provide communities with better value and easier access to essential goods,” said Alfamart Philippines Chief Operating Officer Harvey T. Ong.

As part of its expansion plans, Alfamart continues to generate more job opportunities for local communities, SMIC said. 

For instance, the company created over 2,500 new jobs in 2024 through its network expansion, including the launch of a new distribution center in Sariaya, Quezon, the company added.

Alfamart, which opened its first store in June 2014, is part of the SM group’s retail food business. It operates as a joint venture between SM and Indonesia-based retail company PT Sumber Alfaria Trijaya Tbk.

SMIC, the listed holding company of the Sy family, has core businesses in retail, banking, and property. — Ashley Erika O. Jose

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