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Lola Amour, Oliver Cronin collaborate on new ballad

Song is an offshoot of their experience at music camp

LOCAL pop rock band Lola Amour has been featured on the latest single of Australian singer-songwriter Oliver Cronin, titled “Maria,” born from an unexpected collaboration last year.

The track follows the release of Lola Amour’s album concert documentary back in November, indicating a more global presence. For Mr. Cronin, the track is part of the deluxe edition of his new EP Edge of Paradise, a lead-up to his upcoming debut album Paradise.

Both artists, who met at a music camp in Malaysia last year, found a sense of synergy with each other and decided to explore it.

“Maria” centers on a fictional woman, according to Lola Amour’s lead singer and rhythm guitarist Pio Dumayas.

“It’s not about a real person, but we made up this woman that me and Oliver are both blindly in love with. We made the song around that concept,” said Mr. Dumayas at the song’s Feb. 6 press launch in Manila.

“We experienced a new songwriting process that allowed our style to blend with Oliver’s,” he explained. “It’s not our main sound, but it’s like a side quest for us.”

Lola Amour keyboardist David Yuhico added that the ballad was “a result of a unique experience.”

“It was our first time joining a music camp. It’s a good thing we gave it a chance because it was one of the best things that happened to us as songwriters,” he said.

The song has a classic boyband sound to it, with a bold saxophone solo by Lola Amour member Jeff Abueg, capturing the styles of both artists. In a statement, Oliver Cronin described the collaboration as “an incredible experience.”

“Their 7-piece dynamic brought something fresh and magical to ‘Maria,’” he said.

On the band’s slowly expanding global footprint (with Spotify detecting thousands of listeners from Indonesia, USA, Canada, and Australia), frontman Mr. Dumayas added that their international appeal is but “a natural progression.”

“All of our planned releases as of now are songs in English. It’s not intentional, but we welcome new audiences outside the country,” he said.

The band racked their brains as to what single word could describe the coming year — “busy” was an immediate answer. After some thought, they settled on “growth.”

“Maria” is out now on all digital music streaming platforms. — Brontë H. Lacsamana

Alsons raises P1.6B from commercial papers

ACR.COM.PH

ALSONS Consolidated Resources, Inc. (ACR), the listed investment holding company of the Alcantara Group, has secured P1.6 billion from the issuance of commercial papers.

The company listed the initial tranche of its P3-billion commercial paper program on the Philippine Dealing & Exchange Corp. (PDEx), it said in a statement.

“ACR is committed to helping address the country’s growing demand for reliable and affordable power. This commercial paper program provides us with an efficient and cost-effective way to support our working capital requirements, enabling us to fulfill our mission of unlocking potential and empowering progress in Mindanao and beyond,” said ACR Deputy Chief Financial Officer Philip Edward B. Sagun.

The issuance consists of a base offer of P1.2 billion and an oversubscription of up to P400 million.

Commercial papers are short-term debt securities issued by corporations to raise funds for immediate financial needs, such as refinancing short-term liabilities or covering operational expenses.

According to its latest prospectus, ACR intends to use the proceeds to refinance maturing short-term obligations and for working capital purposes.

RCBC Capital Corp. acted as the issue manager, lead underwriter, and bookrunner for the program. MIB Capital Corp. was appointed as the arranger, while AB Capital and Investment Corp. served as the facility agent.

The Securities and Exchange Commission recently issued a certificate of permit to offer the securities.

ACR is currently focused on expanding its renewable energy portfolio, with several hydro and solar power projects in various stages of development.

It also aims to grow its retail electricity supply customer base.

“We are optimistic about the expansion of our Retail Electricity Supply unit as we continue to enhance our market presence, improve our operational capability, and develop our power assets,” said Mr. Sagun.

ACR, which describes itself as Mindanao’s first independent power producer, operates four power plants with a combined capacity of 468 megawatts.

At the local bourse on Monday, shares in the company climbed by 2.15% to close at P0.475 each. — Sheldeen Joy Talavera

Healthy kibble for dogs now available

DOG OWNERS will know that it’s difficult to maintain a healthy lifestyle for their dogs. Be it yummy treats, leftovers, or cheap dog food, dogs eat just about anything, their curious noses able to sniff out all the good stuff that they want (sometimes, even if it isn’t meant for them!). This is where Kind Kibble comes in.

Southeast Asian pet wellness brand Dr. Shiba launched the new food product, which aims to “deliver premium nutrition without unnecessary fillers or misleading claims.”

“There were really two options that we saw on the market — one option was very cheap dog food and you don’t really know what’s in there, and then the top-of-shelf expensive dog food where you pay way more than you would for your own meals,” Dr. Shiba Chief Executive Officer Philipp Renner said at the Philippine launch on Feb. 6.

“We saw that prices compromise quality, so we thought that there must be a better way,” he said.

Kind Kibble is made of 56% high-quality fresh beef, 30% proteins, and is enriched with superfoods like sweet potato, blueberries, and pears. There are no animal by-products, fillers, or artificial add-ons.

Most importantly, all of the contents of the dog food are specified on the label, for complete transparency, said Mr. Renner.

“We wanted to make sure we have the nutrition in there that a dog needs on a daily basis, and there are standards for that. We said we need to at least hit the standard. Ideally, we go above,” he explained.

Veterinary Practitioners of the Philippines-licensed veterinarian Dr. Rio Dela Cruz told the press during the event that it’s important “to look at new products in the market with a critical eye.”

She reminded pet owners to ensure that their pets have a well-balanced diet, with a very good protein source.

“If you have these good ingredients in their food, that will reflect their overall health status. So, you can see that they avoid diseases, that they have healthy, shiny fur, and of course everything else that indicates a peaceful demeanor and long lifespan,” she said.

Mr. Renner explained that they tested the product on a broad range of dogs, to ensure that the taste would be favorable to canines. “They dictated, out of a lot of different tastes, what would be the flavor of the kibble,” he said.

Dr. Shiba brand ambassador Liza Soberano also shared her experience as a dog owner at the launch event.

“As a fur parent, I’ve seen firsthand how proper nutrition impacts pets’ well-being. Kind Kibble gives my Yuna the balanced nutrition she needs. I love that I can trust what’s in her food,” she told the press.

Dr. Shiba’s Kind Kibble is now available at P799 for a two-kg pack via dr-shiba.com, Pet Express, Pet Lovers Centre, PetBuddy, Dogs and the City, and online platforms like Lazada, Shopee, and TikTok Shop. — Brontë H. Lacsamana

Entertainment News (02/11/25)

RMusic Love Fest at Robinsons Malls

FOR this Valentine season, Robinsons Malls is bringing together Filipino music artists for multiple performances at its various malls until Feb. 28 through the RMusic Love Fest 2025. Janine Berdin and Justine Vasquez will be performing at Robinsons Pavia and Robinsons Roxas, respectively, on Feb. 13 and 14. Moira Dela Torre takes center stage at Robinsons Magnolia on Feb. 15 and at Robinsons Galleria South on Feb. 16. The Valentine celebrations continue at Robinsons Butuan on Feb. 20 with performances from Armi Millare, Janine Berdin, and Justine Vasquez. Imago and Armi Mallare will serenade mallgoers on Feb. 22 at Robinsons Bacolod.  December Avenue will be at Robinsons Las Piñas on Feb. 22 while Over October and Armi Millare will be in Robinsons Gen Trias on Feb. 23.  Moira Dela Torre returns with a show at Robinsons Metro East on Feb. 23, and December Avenue at Robinsons Ilocos on Feb. 27. Finally, Moira Dela Torre caps the month of celebrations at Robinsons Galleria Cebu on Feb. 28.

Valentine promos at SM last through February

VALENTINE’S DAY isn’t just about couples; it’s a celebration of love in all its forms, so SM suggests treating oneself to a well-deserved Valentine shopping spree. Shop from Feb. 14 to 16, and get a 10% discount for a minimum receipt purchase of P3,000. SMAC members who go on another shopping spree from Feb. 24 to 28, will earn an extra 10 times their SMAC points for a minimum purchase of P3,000 in a single receipt. With the hot weather coming soon, customers can buy the JisuLife Life 9 handheld fan for P999, down from an original price of P1,499, with a minimum purchase of P1,000 from SM Store. This promo will be available from Feb. 12 to March 15.

Singer-songwriter David Kushner releases new single

MULTI-PLATINUM singer-songwriter David Kushner is back with the new single, “Breathe In, Breathe Out,” available now via Miserable Music Group. Produced by Rick Nowels, the deeply emotional, cinematic track is joined by an official music video. The song heralds Mr. Kushner’s upcoming EP, 20 Years from Now, arriving on Valentine’s Day, Feb. 14. It sees Mr. Kushner unpacking the passing of time and the lingering question of where love will weave itself two decades down the line, inspired by his parents’ rocky relationship.

K-Drama Buried Hearts on Disney+ this February

IN the suspense K-drama Buried Hearts, a political investigation uncovers corruption and embezzlement at a top Korean conglomerate, leading to a scheming executive’s attempts to curry favor. The political revenge drama comes to Disney+ on Feb. 21. It stars Park Hyungsik as the morally ambiguous Daesan Group executive, and Huh Joonho as a manipulative professor and powerbroker. Fellow co-stars include Hong Hwayeon and Lee Haeyoung. Buried Hearts is written by Lee Myeonghee and directed by Jin Changkyoo.

Pinoy artist MURI to perform at SXSW Music Festival

RISING artist MURI is set to take the stage at the 2025 South by Southwest (SXSW), a music festival in Austin, Texas, from March 10-15. Following her appearance at Southeast Asia’s AXEAN Festival, she now travels west to join an roster of international talents, showcasing her unique blend of soul, indie, and jazz-pop music to a global audience. The resident violinist of Filipino indie-folk band The Ransom Collective, MURI has recently stepped into the spotlight as a solo artist with the release of her debut EP, 11ème.

Novocaine opens in PHL cinemas in March

THE action-packed film Novocaine follows every man Nate (played by Jack Quaid), who must turn his inability to feel pain into an unexpected strength when the girl of his dreams (Amber Midthunder) is kidnapped. The film centers on his fight to get her back. It is presented by Paramount Pictures, written by Lars Jacobson, and directed by Dan Berk and Robert Olsen. Novocaine opens in Philippine cinemas on March 12.

Fusion The Philippine Music Festival turns 10

THE 10th anniversary of Fusion The Philippine Music Festival takes place on March 15 at the Cultural Center of the Philippines’ Open Grounds in Pasay City. It will feature OPM artists like Ben & Ben, December Avenue, Zack Tabudlo, Maki, The Itchyworms, Alamat, KAIA, Barbie Almalbis, Allmo$t, Pauline Anne, D’Grind, the UP Varsity Pep Squad, and DJs Ron Poe, Mars Miranda, and DJ Bandit. There will also be special performances from KWC Philippines’ rising stars: Jan Francis, Al, MJ, Jovie and Nica. The music festival unites artists across genres, generations, and managements.

Children’s performer CoComelon stages live show

THE CoComelon: Sing-A-Long LIVE show is coming to the Philippines on April 25 to 27. As announced by Wilbros Live, Round Room Live, and Moonbug Entertainment, the new show will bring JJ, Cody, Nina and their friends from the globally beloved children’s YouTube network to life. CoComelon: Sing-A-Long LIVE will tour internationally, its Manila stop slated for three days at the New Frontier Theater in Cubao, Quezon City. Tickets for the show go on sale on Feb. 15 via TicketNet.com.ph and all TicketNet outlets nationwide.

NOBITA teams up with Flow G on new track

KNOWN for their emotionally charged songwriting, Filipino alternative pop quintet NOBITA is back with the new single “PNYT.” The genre-defying track features award-winning rapper Flow G, marking a bold departure from NOBITA’s signature sound. The lyrics tackle the unpredictable and sometimes devastating nature of love. The track opens with guitar riffs and a verse that blends elements of rock, R&B, and hip-hop. NOBITA’s “PNYT” (featuring Flow G) is out now on all digital music platforms worldwide via Sony Music Entertainment.

Marina Summers joins RuPaul’s Drag Race PH tour

WILBROS Live has just announced that Marina Summers will be joining RuPaul’s Drag Race WERQ THE WORLD 2025 World Tour in the Philippines. She is the first performer to be announced out of many Drag Race PH Queens who will be revealed soon. The show is set for April 29 at the Waterfront Hotel in Cebu City, and April 30 at the Araneta Coliseum in Quezon City. The international lineup includes Sasha Velour, Derrick Barry, Jaida Essence Hall, Roxxxy Andrews, Vanessa Vanjie, and many more. Tickets for the Manila show are available via TicketNet while tickets for the Cebu show are available via SM Tickets.

Coldplay debuts ‘Man in The Moon’ music video

COLDPLAY has released the music video for their track “Man in The Moon” from the extended Full Moon Edition of the band’s latest album Moon Music. It was filmed while the band was in Singapore, capturing a dance party with various Singaporean creatives out in the middle of the water. The video spotlights Singapore’s iconic spots and hidden gems, from the Marina Bay to Fort Canning Park.

SM Prime sets rates for P25-B bond offering

SM City J Mall in Mandaue City — BW FILE PHOTO

SM PRIME Holdings, Inc. has set the interest rates for its planned P25-billion peso-denominated fixed-rate bond offering, which will be available from Feb. 12 to Feb. 18. 

The property developer’s Series Y bonds will carry an interest rate of 6.0282% due in 2028, while the Series Z bonds are priced at 6.2113% due in 2031, according to a regulatory filing on Monday.

Meanwhile, the Series AA bonds will be priced at 6.4784% and will mature in 2035.

The bond offering consists of an aggregate principal amount of P20 billion, with an oversubscription option of up to P5 billion.

This issuance marks the second tranche of SM Prime’s P100-billion shelf registration of fixed-rate bonds approved by the Securities and Exchange Commission (SEC) on June 6 last year.

The P25-billion issuance received a PRS Aaa rating from the Philippine Rating Services Corp. (PhilRatings).

A PRS Aaa rating is the highest assigned by PhilRatings, signifying that the obligations are of the highest quality with minimal credit risk and that the issuer has an extremely strong capacity to meet financial commitments. 

Last week, SM Prime announced a budget allocation of up to P33 billion this year to expand its commercial real estate portfolio.

Approximately P21 billion will be earmarked for increasing the gross floor area of the company’s malls, while P6 billion will be allocated for expanding its hospitality and meetings, incentives, conferences, and exhibitions operations. 

Another P6 billion will be used for the development of new office towers and workspaces.

“We expect moderating inflation, easing interest rates, and election-related spending to fuel our growth in 2025,” said SM Prime President Jeffrey C. Lim.

On Monday, SM Prime shares declined by 4.09% or P1.05 to P24.60 apiece. — Revin Mikhael D. Ochave

Going beyond ASEAN to South Asia

ATHARVA TULSI-UNSPLASH

Not many people refer to it as part of South Asia because India to many is a mystery. Many women directors, CEOs, and entrepreneurs have put India in the back burner because they do not have the contacts, have never been to the sub-continent, or are simply scared to even tread to unusual destinations. But for me, India has always been a joy to visit and a mystery box to keep unraveling.

My first trip was back in 2005 when I was invited by the International Trade Center (www.intracen.org) to talk about coffee. I met the Program Director of Women of ITC named Meg Jones and was also able to see Zain Verjee (then a CNN anchor) in person. I traveled with the Philippine Star’s now business editor, Iris Gonzales, and we were thrilled to have been billeted at the Taj Hotel.

The next few trips, many years later, were with the Philippine Chamber of Commerce and Industry’s George Barcelon and Filipino-Indian Business Council’s Johnny Chotrani, again to Delhi for the Delhi Dialogue. And another round in Delhi again with my Philippine Women’s Economic Network (PhilWEN) colleagues to meet FICCI-FLO or the Federation of Chambers of Commerce, Inc. — Ladies Organization. So, India was slowly opening up like a gift, with us being bolder and visiting nearby cities (three-, five-, eight-hour drives) like Agra, Jaipur and back to Delhi. FICCI-FLO recommended the hotels and rental cars for our adventure trips outside Delhi. And this is why connections are important. No matter if you are in Guatemala or India, a good local connection is the key to a pleasant and productive trip, be it for pleasure, business, or both.

Last September, we were hosted again by FICCI-FLO in Hyderabad and Delhi along with entrepreneurs, women directors, and a mixed group of shoppers, connectors, and businesspeople looking to connect to Indian businesspeople. We signed a Memorandum of Agreement with FICCI-FLO and promised to keep these delegations coming year in and year out.

As promised, we are going again with PhilWEN (www.philwen.org) this month to Mumbai and Bangalore, even getting an audience with the Art of Living founder Sri Sri Guruji Ravi Shankar. Only the right connections can arrange such visits I think, because the Art of Living ashram is a very sacred place, and they do screen who wants to go and see the serene and peaceful area reserved for the spiritual movement’s members.

I cannot wait to see bustling Mumbai as I hear it is the “New York” of India, maybe because it is the center of business and the basis for the name Bombay and the roots of what we call “Bumbay” in the vernacular. Maybe we will even get a chance to see Bollywood, and other features of Mumbai, like the tiffin carriers (dabbawalas) which have been recognized by the Six Sigma systems for handling 200,000 lunches with near-impossible error rate. They have a Six Sigma efficiency rating of 99.999999%.

The PhilWEN delegation will be joined by our colleagues from ASEAN, making our group a mixed bag of women leaders, entrepreneurs, and women directors. Why only women? Because FICCI-FLO is our counterpart ladies’ organization and we would like to focus on our counterparts in India who will show us not only serious business connections but all the women-friendly activities on the side, like shopping and savoring Indian cuisine.

It is time we looked beyond ASEAN and check out what South Asia has to offer, starting with the biggest country which is India. I am proud to say I have been invited to the far east of India, in Guwahati where even regular citizens of Delhi have not been. Northeast India has a totally different feel, but we can save that for later. In the meantime, it is best to get to know the centers of business — Hyderabad for pharmaceuticals, Delhi and Mumbai for everything else, and Bangalore for IT and coffee. Karnataka state is where most of the coffee farms are and we hope to visit with coffee people there, too.

Take a look at the map of India as you read this article and see where you would like to start your Indian journey of discovery. Like they say, “you need a lifetime to see all of India” but we definitely can start now. As the PhilWEN ladies have planned, we will go to Mumbai and add a few extra days for leisure for “women-centric” activities and then explore the business opportunities open to all of us.

After this February visit, we may host the ladies of FICCI-FLO in Manila, this year or next, in turn to meet their potential Philippine business connections. We did this during the ASEAN Business and Investment Summit 2017 in Manila when the ladies from FICCI-FLO joined our regional events. Because they, too, need a counterpart in the Philippines to be able to explore a new country in their list of partner countries.

FICCI-FLO has 20 chapters across India and is headquartered in New Delhi. It was established in 1983 as a division of FICCI which is the apex body of industry and commerce in India (this as taken from FICCI FLO website.) PhilWEN, its Philippine counterpart, has over 200 members across five organizations ranging from women directors to women professionals as well as entrepreneurs.

It is all systems go for this India experience, and we cannot wait to tell you how much fun it was while we navigate new cities in the sub-continent known as “Incredible India.”

Let us go beyond our ASEAN borders and explore further towards the Indian Ocean and learn why India’s citizens excel all over the world; not just in pharmaceuticals and information technology, but art, cuisine, and even the film industry.

 

Chit U. Juan is the co-vice chair of the MAP Environment Committee.She is also the president of the Philippine Coffee Board, Inc. and Slow Food Manila (www.slowfood.com).

map@map.org.ph

pujuan29@gmail.com

Globe signs data-sharing deal with GoTyme

Globe said that without this agreement, a warrant or subpoena issued by a law enforcement agency or court would be required to obtain information about a suspected scammer. — BW FILE PHOTO

GLOBE Telecom, Inc. has entered into a data-sharing agreement with Gokongwei-led digital bank GoTyme Bank to bolster its cybersecurity initiatives, the telecommunications company announced on Monday.

“Through collaborations, we can combine our expertise and resources to better safeguard the financial sector and our customers from cybercrime,” Globe Chief Privacy Officer Irish Salandanan-Almeida said in a statement.

Under the agreement, the parties will share information such as mobile numbers suspected to be used by fraudsters, including names, addresses, and contact details, without requiring a court-issued warrant or subpoena.

“This partnership reflects our ongoing commitment to championing cybersecurity and protecting our customers from the growing threats in the digital world,” said Ms. Salandanan-Almeida.

The agreement also allows GoTyme to share relevant information to support investigations in compliance with the Data Privacy Act, Globe said.

“We, at GoTyme Bank, provide not just a simple and beautiful banking experience but also secure and safe service. This DSA with Globe augments the bank’s cybersecurity,” GoTyme Chief Information Security Officer Albert P. Dela Cruz said.

The Ayala-led telecommunications company said this collaboration aligns with the Bangko Sentral ng Pilipinas and the National Privacy Commission’s call for partnerships among financial institutions, companies, and telecom providers to combat fraud.

“It further solidifies the telco leader’s commitment to cybersecurity and ongoing efforts to combat spam, phishing, identity theft, and other online criminal activities,” Globe said.

The companies are also collaborating with financial institutions, payment gateway providers, and law enforcement agencies to share information and assist in fraud investigations, it added. 

GoTyme Bank is a partnership between the Gokongwei Group and Singapore-based Tyme Group, which also operates TymeX in Vietnam, India, and China, and digital bank TymeBank in South Africa.

At the local bourse on Monday, shares in Globe shed P18 or 0.79% to close at P2,270 apiece. — Ashley Erika O. Jose

T-bill rates correct higher after 5 weeks of decline

BW FILE PHOTO

THE GOVERNMENT made a full award of the Treasury bills (T-bill) it offered on Monday amid “decent” demand and at average rates still mostly below secondary market levels even as yields corrected higher following five straight weeks of decline.

The Bureau of the Treasury (BTr) raised P22 billion as planned from the T-bills it auctioned off on Monday as total bids reached P50.113 billion, more than twice the amount on offer but lower than the P70.649 billion in tenders seen on Feb. 3.

Broken down, the Treasury borrowed P7 billion as planned via the 91-day T-bills as tenders for the tenor reached P19.238 billion. The three-month paper was quoted at an average rate of 5.128%, rising by 2.7 basis points (bps) from the 5.101% seen at the previous auction, with accepted rates ranging from 5.10% to 5.148%.

The government also made a full P7-billion award of the 182-day securities as bids stood at P14.95 billion. The average rate of the six-month T-bill stood at 5.562%, 8.5 bps higher than the 5.477% fetched the previous week. Tenders accepted by the BTr carried rates of 5.5% to 5.59%.

Lastly, the Treasury raised P8 billion as planned via the 364-day debt papers as demand for the tenor totaled P15.925 billion. The average rate of the one-year debt increased by 5.5 bps to 5.726% from 5.671% previously, with bids accepted having rates of 5.69% to 5.765%.

At the secondary market before the auction, the 91-, 182-, and 364-day T-bills were quoted at 5.1697%, 5.4959%, and 5.7201%, respectively, based on PHP Bloomberg Valuation Service (BVAL) Reference Rates data provided by the Treasury.

The BTr made a full award of its Treasury bill offering as it saw “still decent demand,” a trader said in a text message.

T-bill yields rose as “headlines over the weekend, including better US jobs data, suggest slower rates cuts for the US Federal Reserve,” the trader said.

“But the higher rates looked more like a correction from the aggressive drop seen in the last few weeks,” the trader added. “Note that the rates for the 91- and 182-day T-bills are still lower than the current and the projected Bangko Sentral ng Pilipinas (BSP) policy rate after Thursday.”

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort likewise said in a Viber message that T-bill yields corrected slightly higher after declining for five straight weeks due to bets of slower Fed easing amid uncertainties over the Trump administration’s policies, but remained mostly lower than comparable short-term BVAL yields ahead of a widely expected BSP cut on Thursday.

Demand for the T-bill offer was slightly weaker as market interest is now starting to shift to long-term debt for higher returns, Mr. Ricafort added.

Federal Reserve officials on Friday said the US job market is solid and noted the lack of clarity over how US President Donald J. Trump’s policies will affect economic growth and still-elevated inflation, underscoring their no-rush approach to interest rate cuts, Reuters reported.

On Friday the Labor department reported a 4% unemployment rate last month and the addition of 143,000 jobs, a picture “consistent with a healthy labor market that is neither weakening nor showing signs of overheating,” Federal Reserve Governor Adriana Kugler said in Miami, Florida.

At the same time, she said, there is “considerable uncertainty” about the economic impact of new policy proposals, and “recent progress on inflation has been slow and uneven, and inflation remains elevated.”

US inflation by the Fed’s targeted measure, the 12-month change in the personal consumption expenditures price index, ticked up toward the end of last year, measuring 2.6% in December. The Fed’s target is 2%.

Rate-futures traders bet the Fed would end up cutting rates just once this year, with a rising risk that it would wait to do so until the second half of the year.

“We don’t need to be in a hurry” is how Fed Chair Jerome H. Powell characterized the rate-path outlook last month after the US central bank opted to hold short-term US borrowing costs steady in the 4.25%-4.50% range.

Meanwhile, a BusinessWorld poll conducted last week showed that 19 out of 20 analysts expect the BSP’s policy-setting Monetary Board to reduce the target reverse repurchase rate by 25 bps at its meeting on Feb. 13 (Thursday).

This would mark the BSP’s fourth straight 25-bp cut since August and would bring the policy rate to 5.5% from 5.75% currently.

BSP Governor Eli M. Remolona, Jr. previously said that a rate cut is “on the table” at this week’s policy meeting. He said they may slash benchmark interest rates by 50 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.

On Tuesday, the BTr will offer P30 billion in reissued 10-year Treasury bonds (T-bonds) with a remaining life of seven years and seven months.

The Treasury is looking to raise P203 billion from the domestic market this month, or P88 billion from T-bills and P115 billion from T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.54 trillion or 5.3% of gross domestic product this year. — A.M.C. Sy with Reuters

Even Cowgirls Get the Blues author Tom Robbins, 92

AUTHOR Tom Robbins, whose novels read like a hit of literary LSD, filled with fantastical characters, manic metaphors and counterculture whimsy, died on Sunday. He was 92.

Robbins’ death was announced by his wife, Alexa Robbins, on Facebook. The post did not cite a cause.

“He was surrounded by his family and loyal pets. Throughout these difficult last chapters, he was brave, funny and sweet,” Alexa Robbins wrote. “He asked that people remember him by reading his books.”

Mr. Robbins indulged the hippie sensibilities of young people starting in the early 1970s with books that had an overarching philosophy of what he called “serious playfulness” and a mandate that it should be pursued in the most outlandish ways possible. As he wrote in Half Asleep in Frog Pajamas, “Minds were made for blowing.”

Mr. Robbins’ works included Even Cowgirls Get the Blues, Another Roadside Attraction, and Still Life With Woodpecker.

Mr. Robbins’ characters were over the top, off the wall and around the bend. Among them were Sissy Hankshaw, the hitchhiker with the nine-inch thumbs in Even Cowgirls Get the Blues, and Switters, the pacifist CIA operative in love with a nun in Fierce Invalids Home from Hot Climates. Skinny Legs and All featured a talking can of pork and beans, a dirty sock, and Turn Around Norman, a performance artist whose act consisted of moving imperceptibly.

“What I try to do, among other things, is to mix fantasy and spirituality, sexuality, humor, and poetry in combinations that have never quite been seen before in literature,” Mr. Robbins said in an interview with January magazine in 2000. “And I guess when a reader finishes one of my books … I would like for him or her to be in the state that they would be in after a Fellini film or a Grateful Dead concert.”

He was born in Blowing Rock, North Carolina, and grew up there and in Richmond, Virginia, in a family that he once described as “kind of a Southern Baptist version of The Simpsons.” Mr. Robbins said he was dictating stories to his mother at age five and developed his writing skills further at Washington and Lee University in Virginia working on the school newspaper with Tom Wolfe, who would go on to write The Right Stuff and The Electric Kool-Aid Acid Test.

FROM NEWSPAPERS TO NOVELS
Mr. Robbins worked as an editor, reporter and critic for newspapers in Richmond and Seattle, where he moved in the 1960s in search of a more progressive atmosphere than the South offered. He had a writing epiphany while reviewing a 1967 concert by the Doors.

“It had jimmied the lock on my language box and smashed the last of my literary inhibitions,” he wrote in the 2014 memoir Tibetan Peach Pie. “When I read over the paragraphs I’d written that midnight, I detected an ease, a freedom of expression, a syntax simultaneously wild and precise.”

What came next was 1971’s Another Roadside Attraction, the roundabout tale of how the mummified, unresurrected body of Jesus was stolen from the Vatican and ended up at a hot dog stand in the US Northwest. Five years later, his second book, Even Cowgirls Get the Blues, in which Sissy hitchhiked her way through a world of sex, drugs, and mysticism, made him a cult favorite.

His novels often had strong female protagonists, which made him especially popular with women readers. And while he appealed to the youth culture, the literary establishment never warmed to Mr. Robbins. Critics said his plots were formulaic and his style overwrought.

Mr. Robbins wrote his books in longhand on legal pads, producing only a couple of pages a day and with nothing plotted in advance. An attempt at using an electric typewriter ended with the author bashing it with a piece of lumber.

He labored over word selection and said he liked to “remind reader and writer alike that language is not the frosting, it’s the cake.” As a result, his works were overflowing with wild-eyed metaphors.

“Word spread like a skin disease in a nudist colony,” he wrote in Skinny Legs and All. In Jitterbug Perfume he described a falling man as going down “like a sack of meteorites addressed special delivery to gravity.”

Robbins, who had three children, lived with his wife, Alexa, in La Conner, Washington, 70 miles north of Seattle. — Reuters

Makati CBD exempt from condominium oversupply

PHILIPPINE STAR/MICHAEL VARCAS

First of two parts

PROPERTY BROKERS, investors, and even my contacts from developers have been asking me lately about the condominium oversupply in Metro Manila. Over the past couple of weeks, Colliers Philippines representatives have been busy going around, providing updates about the Philippine property market, especially the Metro Manila condominium segment that has been seeing challenges. We help explain the real picture and dissect the nuts and bolts of the condominium overhang across the capital region and discuss the opportunities that we see in the market. One thing is for sure: it’s not all doom and gloom. Colliers Philippines wants to debunk statements that aim to sow fear.

I am glad that broadsheets such as BusinessWorld allow me to present the real situation behind the “condominium oversupply” issue. I believe that this is a perfect opportunity for me to dissect the figures, explain the market dynamics, and identify the real reasons behind the challenges that the market faces at this point. As a property stakeholder and as the research head of one of the Philippines’ leading real estate services firms, it is crucial that I shed light on the real situation to offset the negative titles that have been hugging business reports as of late.

MAKATI CBD SUSTAINING ITS LUSTER
Let me first stress that the ‘oversupply’ in Metro Manila does not cover all sub-markets and price segments. The Makati (central business district) CBD, for instance, continues to be one of the most, if not the most desired address of large, multinational firms and their employees. Makati houses not just expansive office towers but also high-end malls; some are even up for redevelopment which will only make residing within Makati CBD more attractive for top Filipino professionals and expatriates and their families.

Makati CBD is one business district in Metro Manila that continues to dominate in terms of total share to the more expensive condominium projects in the capital region. For the office segment, the business district continues to attract traditional and outsourcing tenants. As a result, office vacancies in the bustling financial district continue to remain relatively low at about 8.3% as of end-2024. This is much better than the Metro Manila-wide office vacancy of 19.8%.

MAKATI CBD’S ATTRACTIVENESS AS AN OUTSOURCING HUB
The results of our latest briefing polls showed that Makati CBD remains a preferred location of tenants. The business hub continues to attract multinational corporations as well as large outsourcing firms. In our view, Makati CBD is up for redevelopment and landlords should capture demand from firms planning to locate and expand in the country’s primary financial district.

Also, a recent poll conducted by Colliers Philippines showed that nearly 40% of our respondents chose Makati CBD for their relocation or expansion, followed by Fort Bonifacio (25%), Bay Area (14%), Alabang (14%), and Ortigas CBD (10%).

Colliers continues to see demand coming from various segments. In 2024, we recorded leases from government agencies, banking and financial service providers, and IT companies locating in Makati CBD, among other attractive sites. As I always highlight, it is crucial for a business district to attract these office locators as they are also likely to fuel demand for upscale residential projects that feature relatively larger cuts, more open spaces, sustainable features, and hotel-like amenities and interior design.

DISSECTING MAKATI CBD’S LIMITED UNSOLD INVENTORY
Latest data from Colliers Philippines show that Makati CBD accounts for less than 1% of total unsold ready for occupancy (RFO) condominium units in Metro Manila. This is a much better figure compared to unsold RFO inventory in Pasig, parts of Quezon City, Manila, and Parañaque. These areas covered nearly 60% of unsold RFO inventory in Metro Manila as of end-2024. This only supports our previous statement that Makati CBD remains as one of the most preferred addresses not just in Metro Manila, but also across the country.

This clearly indicates that Makati CBD is NOT part of the so-called oversupply plaguing other parts of Metro Manila, especially those in the peripheries of major CBDs.

Colliers doesn’t see a sizable addition to Makati CBD’s RFO condominium stock. With other things being constant and with limited addition to total RFO supply in the business hub, we only expect pre-selling prices in Makati CBD to increase beyond 2025.

Given that Makati CBD has the lowest vacancy in the Metro Manila office market (-8.3% versus the Metro Manila-wide vacancy of 19.8% as of end-2024) and one of the tempered vacancies in the residential sector (13.2% versus the 23.9% overall vacancy in the capital region as of end-2024 and significantly lower then the Bay Area’s  52%) we believe that Makati CBD remains exempt from the condominium oversupply narrative and  is one business hub that is up for redevelopment. This should further raise the attractiveness of the CBD and further redefine the skyline of the country’s premier financial district. The first movers in the next phase of Makati CBD redevelopment definitely have an edge. More on this next week.

 

Joey Roi Bondoc is the director and head of Research of Colliers Philippines.

joey.bondoc@colliers.com

Dr. Edwin Mercado, the right person to head PhilHealth

PRESIDENT Ferdinand “Bongbong” Marcos, Jr. (L) appointed Dr. Edwin Mercado as the new president and chief executive officer of PhilHealth on Feb. 4. — FACEBOOK.COM/BONGBONGMARCOS

His credentials also make him the right person to head the Health department

Following its controversial budget troubles, which led to the Philippine Health Insurance Corp. (PhilHealth) receiving no subsidy from the National Government, President Ferdinand “Bongbong” Marcos, Jr. appointed Dr. Edwin Mercado as the new president and chief executive officer of PhilHealth last Tuesday, replacing Emmanuel Ledesma. Dr. Mercado’s appointment cut short the term of Mr. Ledesma, who was appointed as the president and chief executive officer of PhilHealth in July 2023. Under the law, PhilHealth presidents serve for a six-year non-renewable term.

Dr. Mercado’s academic credentials and his 35 years of work experience with a national chain of healthcare facilities well qualify him for three of the key positions in PhilHealth — chief executive officer, fund manager, and medical director. He can assume all three positions. He is also going to be a great resource person and close partner of the other key person in PhilHealth — the actuary.

Edwin Mercado graduated from the University of the Philippines, College of Medicine, in 1987. He finished his orthopedic training in Philippine General Hospital. In his senior year of residency, he was chief resident and awarded “most outstanding in research.” He earned a master’s degree in Healthcare Administration from the University of North Carolina, Chapel Hill, and another master’s degree in Medical Science in Global Health Delivery from the Harvard School of Medicine.

While he has published studies on bone graft substitutes and fracture treatment, he has also focused on health economics and delivery models to comply with the Philippine Universal Health Care (UHC) Law and coordinated with PhilHealth and local government units for these studies.

Dr. Mercado’s research topics are on Public-Private Partnerships for primary care clinics and universal healthcare public financial systems in the Philippines. He is also assessing the understanding and acceptance of the UHC implementing rules among provider, payer, and regulator stakeholders.

Dr. Mercado brings with him a wealth of experience in hospital management. He is the vice-chair of Mercado General Hospital, Inc., a national chain of healthcare facilities that includes four general hospitals, six multi-specialty clinics, two surgery centers, 150 primary care corporate clinics, and more.

He has also worked with the Department of Health (DoH) and the Zuellig Family Foundation. He is also a faculty lecturer at the Ateneo School of Medicine and Public Health, as well as a guest lecturer at the University of the Philippines College of Public Health.

I have asserted in previous columns that PhilHealth does not have the experts that a health insurance company should have in order to be viable. These experts are an actuary, a fund manager, a medical director, and a capable overall administrator.

The health insurance actuary is responsible for assessing future financial risk in healthcare. He calculates the cost of healthcare based on reported health data, like the DoH morbidity rates and the rate of increase of the cost of medicines and services. He should have at least a master’s degree in Actuarial Science and at least one year experience in dealing with the measurement and management of risk in the healthcare field.

We had asked the PhilHealth actuary for her resume. In spite of follow-ups, we never received it.

The fund manager is responsible for making the funds — the aggregate premiums paid by the people insured — grow by implementing investment strategies. The typical fund manager possesses a minimum of a bachelor’s degree in economics, finance, and business. He may have gone through advanced studies in financial management. A significant experience as a trader in a bank would be a plus.

The senior vice-president for fund management of PhilHealth did not go through advance studies in financial management and had not worked in a financial institution in any capacity.

The immediate past president, Mr. Ledesma, had earned a master’s degree in Business Management, major in Finance, Accounting, and Management Strategy from Northwestern University, Chicago. He had worked for financial institutions — as managing director of an offshore bank and as vice-president of an investment bank. He could have been both president and fund manager. But he was more inclined towards administration. That may account for his allowing the diversion of P89.9 billion of PhilHealth’s money to the government’s unappropriated programs.

Mr. Ledesma’s experience as managing director of an offshore bank, vice-president of an investment bank, and president of Power Sector Assets and Liabilities Management, did not qualify him for the position of chief executive officer of a complex and far-flung operation.

The medical director assists in the development of health insurance policies, analyzes medical data to identify risk factors and trends that could impact underwriting decisions, works with the actuary to develop risk profiles, and provides expert opinions on complex claims involving medical conditions or treatments.

He serves as a liaison between healthcare providers and the insurance company. He formulates the policies in the hiring of claims adjusters and develops their training program. He must be a doctor of Medicine with experience working in a clinical setting and as an administrator.

None of the top executives of PhilHealth is designated Medical Director or carries any title suggestive of the performance of the functions described above.

Because of PhilHealth’s tremendous responsibility — 100 million Filipinos are insured with it, it has 17 regional offices, five branches and 101 local offices strategically located nationwide, and more than 7,800 employees — someone who has been president or chief operating officer of a company with regional offices would be ideal to head PhilHealth.

Dr. Mercado, having been part of the Mercado national chain of healthcare facilities and having earned a master’s degree in Healthcare Administration, is very well qualified to be chief executive officer of PhilHealth.

As part of top management of the Mercado chain of healthcare facilities, Dr. Mercado must have participated in the management of the funds generated by the chain, making him knowledgeable in fund management. Again, as part of top management of the chain, he must have performed the functions of a medical director described above.

With his possession of a prodigious amount of morbidity data accumulated personally during his 35-year experience as a practicing surgeon, and as part of the management team of the Mercado chain of healthcare facilities, he can identify risk factors and trends that would help the actuary develop risk profiles.

Dr. Mercado’s credentials exceed those required by the position of chief executive officer of PhilHealth. Not only does he have a master’s degree from Harvard and conducted studies on health economics and delivery models to comply with UHC Law, he coordinated with local government units for these studies.

He has done research on private public partnerships for primary care clinics and on UHC public financial systems. He is also assessing the understanding and acceptance of the UHC implementing rules among provider, payer, and regulator stakeholders. I predict he will soon discover the monumental mistake of RA 11223, that of assigning an insurance company to finance universal healthcare.

All those also make him suitable for the position of Secretary of the Department of Health. Dr. Teodoro “Ted” Herbosa, the current health secretary, is also a graduate of the UP College of Medicine. He completed an international diploma course in emergency and crisis management from the University of Geneva in Switzerland and finished his post-graduate studies at the Sackler Faculty of Medicine of the Tel Aviv University in Israel.

He was the Health Undersecretary from 2010 to 2015. He led the modernization of public hospitals through Health Facilities Enhancement Funds and the Public-Private Partnerships.

Dr. Herbosa has extensive experience in Trauma Surgery and Disaster and Emergency Medicine. In the University of the Philippines, he started the Fellowship Program for Trauma Surgery and the Residency Program in Emergency Medicine.

He has also held several international posts. He was a Professor of Emergency Medicine at Universiti Kebangsaan Malaysia from 2007 to 2010. He created the Center for Research in Emergency Medicine and produced the first batch of Masters graduates in Emergency Medicine. He was an International Associate for Johns Hopkins University, implementing the Hospital Preparedness for Emergencies course and the USAID-funded PEER Program.

A comparison of the credentials of the two doctors shows that Dr. Mercado’s sphere of knowledge and interest in the world of healthcare is larger than that of Dr. Herbosa. Dr. Mercado thinks of global health delivery, private public partnerships for primary care clinics, and UHC public financial systems.

Dr. Herbosa has referred to himself as an emergency room doctor and therefore a quick decision maker. In 2023, upon his appointment as DoH secretary, he said he wants to “digitize” (I think he meant “digitalize”) and make the DoH very efficient in delivering healthcare and to be able to monitor results quickly. It is obvious he is oblivious of the lack of both communication and healthcare facilities in many parts of the country.

The appointment of Dr. Edwin Mercado as head of the DoH would be celebrated. He would put in order the UHC lawmakers seeking re-election had improvised to be able to present it to the electorate in the election of 2019.

 

Oscar P. Lagman, Jr. is a former COO of a health insurance company. He had also been part of many USAID-funded projects in healthcare, including the organization of the universal healthcare program of the Province of Bukidnon.

MediaQuest, Revillame partner for P4-B building in Mandaluyong

FROM LEFT TO RIGHT: MediaQuest Holdings Inc. Group Chief Financial Officer John L. Andal, MediaQuest Holdings Inc. President and CEO Jane J. Basas, MVP Group of Companies Chairman Manny V. Pangilinan, TV host Willie Revillame, Golden Pacific Holdings Inc. officers JP Padiernos and Joy P. Carlos, and Leonard De Vera.

MEDIAQUEST HOLDINGS, Inc. has partnered with television personality Wilfredo “Willie” B. Revillame and Golden Pacific Holdings, Inc. for the construction of a new ten-story multipurpose building in Mandaluyong City.

The agreement, signed on Monday, involved MVP Group of Companies Chairman Manuel V. Pangilinan, MediaQuest President and Chief Executive Officer Jane J. Basas, Golden Pacific Holdings President JP Padiernos, and Mr. Revillame.

“The building is almost P4 billion,” Mr. Revillame told reporters.

The new facility, located beside the TV5 Media Center, will feature studios, modern office spaces, and volleyball and basketball courts.

“This is a special building, studio, dedicated to Willie’s Wil to Win show. But when he’s not using it, it can be used for other shows of TV5. We provide the land, and most of the expenses related to the building will be provided by his group,” MVP Group Chairman Manuel V. Pangilinan said in a separate interview.

“This is an exciting new chapter for MediaQuest and our partners. This new building is a significant investment that will help MediaQuest bring joy to Filipinos for decades to come,” he added.

With the new project, the taping of Mr. Revillame’s Wil to Win TV show will be relocated to Mandaluyong from its current studio in Novaliches.

“We hope to turn over the first phase before the end of the year. We aim to complete the entire project within two and a half to three years. Our main priority is this because we really want to move operations from Novaliches to Mandaluyong,” Ms. Basas said.

“We’re going to uproot them from Novaliches once this is done and bring the show here. That’s phase one. We’re also looking to sell the Novaliches property. Part of the funds for construction will come from the proceeds of that sale,” she added.

Hastings Holdings, Inc., a unit of the PLDT Beneficial Trust Fund subsidiary MediaQuest, has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Revin Mikhael D. Ochave

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