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Fortune lists 38 Philippine firms in debut Southeast Asia 500

AYALALAND.COM.PH

FORTUNE magazine recognized 38 Philippine companies in its inaugural Fortune Southeast Asia 500 list for their contributions to the regional economy.

San Miguel Corp. (SMC) ranked ninth, followed by SM Investments Corp. (27th), Manila Electric Co. (34th), JG Summit Holdings, Inc. (55th), BDO Unibank, Inc. (57th), Aboitiz Equity Ventures, Inc. (59th), Ayala Corp. (70th), GT Capital Holdings, Inc. (74th), Jollibee Foods Corp. (86th), and Cosco Capital, Inc. (95th).

Fortune said the companies were ranked by total revenues for their latest available respective fiscal years ended on or before Dec. 31, 2023.

Other Philippine companies listed include PLDT Inc., Alliance Global Group, Inc., Robinsons Retail Holdings, Inc., Metropolitan Bank & Trust Co., Globe Telecom, Inc., Bank of the Philippine Islands, PAL Holdings, Inc., Lopez Holdings Corp., and International Container Terminal Services, Inc.

The list also named companies such as DMCI Holdings, Inc., LT Group, Inc., UnionBank of the Philippines, Filinvest Development Corp., Rizal Commercial Banking Corp., Monde Nissin Corp., China Banking Corp., Century Pacific Food, Inc., and Basic Energy Corp.

Fortune also cited Security Bank Corp., Synergy Grid & Development Philippines, Inc., Bloomberry Resorts Corp., Metro Retail Stores Group Inc., Converge ICT Solutions, Inc., Wilcon Depot, Inc., D&L Industries, Inc., Manila Water Co., Inc., SSI Group, Inc., and Digiplus Interactive Corp.

In the region, Indonesia led with 110 companies on the list, followed by Thailand with 107, Malaysia with 89, Singapore with 84, Vietnam with 70, the Philippines with 38, and Cambodia with two.

“The Fortune Southeast Asia 500 reflects a dynamic and fast-changing region — one whose core economies are growing notably faster than those of Europe or the US. This is partly due to Southeast Asia taking on far greater significance in the global economy, not least because a host of Global 500 multinationals have shifted more of their supply chains to Southeast Asian nations,” Fortune Executive Editor for Asia Clay Chander said.

Meanwhile, Singapore-based commodity trader Trafigura Group Pte. Ltd. topped all Southeast Asian companies on the list with $244 billion in revenue, followed by Thai oil and gas provider PTT Public Company Ltd. with $90.42 billion, Indonesian oil and natural gas company Pertamina at $75.79 billion, Singaporean agricultural company Wilmar International Ltd. at $67.16 billion, and Singaporean agribusiness company Olam Group at $35.95 billion.

Completing the top ten were Indonesian electricity distributor Perusahaan Listrik Negara with $32.01 billion, Thai convenience store operator CP All Public Co. Ltd. with $26.49 billion, Singaporean electronics manufacturer Flex Ltd. with $26.42 billion, and Singaporean financial services company DBS Group Holdings with $25.61 billion.

“The Fortune Southeast Asia 500 debuts right as global business is starting to pay closer attention to the region. Southeast Asian economies are benefiting from supply chain diversification as rapid domestic development builds the next wave of global middle class consumers,” Fortune said.

Sought for comment, AP Securities, Inc. Research Head Alfred Benjamin R. Garcia said in a Viber message that the top ten on the list mainly consist of oil and gas companies, as well as agricultural commodity enterprises.

“The ranking further reflects the reality that the Philippines is a consumption-driven economy rather than a production-driven one,” he said.

 Asked about the country’s ranking compared to its neighbors, Mr. Garcia said this is indicative of a “more vibrant small and medium enterprise (SME) environment.” “The business environment here is more fragmented than our neighbors. That could be a negative in the sense that a lot of companies don’t reach economies of scale. But it could also be taken positively in the sense that we might have a more vibrant SME environment here in the Philippines compared to our neighbors,” he said.

 Companies included in the inaugural Southeast Asia 500 join an elite group of firms recognized under the Fortune 500 franchise, which spans the original Fortune 500, the Fortune Global 500, the Fortune Europe 500, and the Fortune China 500. — Revin Mikhael D. Ochave

Golden MV Holdings, Inc.’s annual meeting of stockholders to be held online on July 15

 

 


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Arts & Culture (06/19/24)


Japanese fashion, art, culture in PH context lecture

“FILIPINO Lens on Japanese Fashion, Art, and Culture” is a hybrid lecture on the extensive and interconnected creative history between the Philippines and Japan. It will be held simultaneously in Manila and Tokyo on June 21 both online and at the Benilde campus. Facilitators include Karl Ian Cheng Chua, a historian specializing in Japan; Vincent Tan, board member of the Professional Regulatory Board of Interior Design; fashion designer Tracy Dizon who is a teaching artist in New York; natural dye artist Diana Katigbak who specializes in indigo dyeing; and Nicolle Luna, a professor under Benilde currently pursuing her MA at the Bunka Gakuen University. The lecture, free and open to the public, will be conducted in a hybrid setup with simultaneous physical and online platforms on June 21, 1 p.m. Philippine time. The physical lecture will be held at the 8F Commons of the Benilde Design + Arts Campus, 950 Pablo Ocampo St., Malate, Manila. Interested participants may join online via bit.ly/FilipinoLensHybridLecture.


Big Bad Wolf goes to Glorietta

THE BIG Bad Wolf book fair will be more accessible to the public when it opens at the Glorietta Activity Center and Palm Drive Activity Center in the Ayala Center, Makati, from June 19 to 26. It is part of Ayala Mall’s broader advocacy, “BookLat: Open. Imagine. Discover,” which provides avenues for recreation and experiential learning. Ayala Malls will also host a donation drive, encouraging customers to share a book for every purchase they make at the book fair in support of fostering early childhood literacy. This project aims to collect 20,000 books that will benefit kindergarten to grade 3 students in public schools within Ayala Land Estates and Ayala Malls communities. To kick things off, Glorietta is pledging 1,000 books, which Big Bad Wolf will match.


NCCA Gallery unveils ‘Musa at Musika’ exhibit

ARTIST Anastacio E. Silverio has launched his exhibit, “Musa at Musika,” at the NCCA Gallery. The exhibit features 14 of his multi-media artworks which capture the resilience and emotive power of music, portraying it as a force that elicits love and helps overcome obstacles. The exhibit is ongoing until June 30 at the National Commission for Culture and the Arts (NCCA) Gallery, the Ground Floor of the NCCA Bldg., 633 General Luna St., Intramuros, Manila.


Free monotype printmaking workshop for teens

IMPRINT, a monotype printmaking workshop, is now accepting registrants for June 22. The class is designed for aspiring artists ages 13 to 17. Organized by the Museum of Contemporary Art and Design (MCAD) in partnership with the Bachelor of Fine Arts in Culture-Based Arts of the De La Salle-College of Saint Benilde (DLS-CSB), it will be facilitated by visual artist and art and design educator Hershey B. Malinis, the chairperson of Benilde’s Fine Arts in Culture-Based Arts Program. Free and open to the public, the workshop requires registration. The materials will be provided at the venue. It will be held on June 22, at 2 p.m., at the 14F Studio of the Benilde Design + Arts Campus, 950 Pablo Ocampo St., Malate, Manila.


Nilad Community holds Dia de Manila heritage talks

THE HERITAGE network Nilad Community is holding two days of free talks about Manila heritage for Dia de Manila 2024. On June 22, architect Riel Diala will define heritage, conservation, and its significance in contemporary society at 11 a.m., and architect Ysa Peñas will discuss architectural queer heritage from the 1980s to present-day Malate at 1 p.m. The day will close with historian Xiao Chua’s talk on how today’s landmarks, monuments, and public spaces reflect history, scheduled for 5 p.m. On June 23, Stephen Pamorada of The Heritage Collective will explore the connection between cultural heritage and community identity at 1 p.m., and Diego Torres of Renacimiento Manila will give an overview of the historical development of Manila’s various neighborhoods at 4 p.m. All talks will be at The Art District at the Calvo Bldg., Escolta St., Binondo, Manila.


6 dance films at CCP’s Tara, Laro Ta(y)o

THE CULTURAL Center of the Philippines (CCP) project Tara, Laro Ta(y)o, aims to promote the diverse Philippine dance tapestry by showing six dance films. The featured dances are the Mali, a Dumagat traditional dance; Koirdas di la Bordon of Cuyo, Palawan; Sipit-sipit from Eastern Samar; Kikembe from Cuartero, Capiz; Kasipa sa Manggis from Marawi, Lanao del Sur; and Buwa-buwan of Butuan City, Agusan del Norte. The CCP also created instructional videos and books to document unpublished dances from the different regions of the country, with materials on costumes, music, instruments, and choreographies performed by partner dance groups from Luzon, Visayas, and Mindanao. The Tara, Laro Ta(y)o films will be screened on June 25, at the Convention Center of San Jose Del Monte, Bulacan.


Avellana Art Gallery show pays tribute to founder

THE group exhibition Same House, Different Time features the works of Lexygius Calip, Joey Cobcobo, Eugene Jarque, Lynyrd Paras, Ryan Rubio, and Mac Valdezco, all of whom have called the Avellana Art Gallery home at some point, or whose careers were nurtured under its care. As a tribute to the gallerist and former president of Museum Foundation of the Philippines, Inc., the late Albert Avellana, the exhibit “tells the story of how one’s generosity of spirit and voice of encouragement, of having opened his home to others, can make a difference in someone’s life.” Same House, Different Time is currently on view at the Avellana Art Gallery, F.B. Harrison St., Pasay City.


Bawat Bonggang Bagay makes a comeback

FOR a special Pride Month celebration at the Samsung Performing Arts Theater, the multifaceted artist and comedy icon Jon Santos will be back to stage with Bawat Bonggang Bagay, an interactive one-act play that was initially staged by The Sandbox Collective last year. It follows the story of a young child growing up with a parent facing mental illness. The show encourages audience participation in telling its message and story. The six performances will take place from June 22 to 30 at the Samsung Performing Arts Theater in Circuit Makati. It is recommended for audiences ages 15 and older. Tickets are now available via TicketWorld.


K-Comics World Tour brings exhibit to Manila

FANS of Korean comics can now discover the evolving world of webtoons at the K-Comics World Tour, opening on June 21 at the Groundspace Gallery of the Metropolitan Museum of Manila (The M) in BGC. Hosted by the Korean Ministry of Culture, Sports, and Tourism and the Korea Creative Content Agency, the event highlights webtoons’ impact on Korea’s entertainment industry, featuring popular K-drama adaptations like What’s Wrong with Secretary Kim and Red Sleeve. The exhibition will be open to the public from June 21 to August 10. Entry is free and no registration is required. For visit inquiries, contact visits@metmuseummanila.org.

SMC secures SEC approval for P20-billion bond offering

REUTERS

SAN MIGUEL Corp. (SMC) has received approval from the Securities and Exchange Commission (SEC) to proceed with its retail bond offering, which could raise up to P20 billion.

In a regulatory filing on Tuesday, SMC announced that the SEC issued the permit on June 14. The offering includes a base amount of P15 billion in fixed-rate retail bonds, with an option to increase by an additional P5 billion if there is sufficient demand.

The bond issuance features two series: 6.5-year Series O bonds maturing in 2031 with a fixed interest rate of 7.2584% per annum, and ten-year Series P bonds maturing in 2034 with a fixed interest rate of 7.7197% per annum.

SMC has received a “PRS Aaa” rating with a stable outlook from the Philippine Rating Services Corp. (PhilRatings) for its bond offering

Those with the “PRS Aaa” rating are “of the highest quality with minimal credit risk,” while the issuing company has an “extremely strong” capacity to meet its financial commitment on the obligations, PhilRatings said.

This bond offering is the second and final tranche of SMC’s P50-billion fixed-rate bonds program, which was rendered effective in June 2021.

The offer period began on Tuesday and will end on June 24. The bonds are scheduled to be issued and listed on the Philippine Dealing & Exchange Corp. on July 3.

According to its final offer supplement dated June 13, SMC expects to generate up to P19.75 billion in net proceeds if the oversubscription option is fully exercised.

The proceeds will be used for the redemption of the Series I bonds, investments in the company’s Bulacan airport project, and repayment of Series F bonds.

The conglomerate tapped Bank of Commerce, BDO Capital & Investment Corp., and Chinabank Capital Corp. as the joint issue managers of the offer.

Bank of Commerce, BDO Capital, and Chinabank Capital join Asia United Bank Corp., BPI Capital Corp., Philippine Commercial Capital, Inc., PNB Capital and Investment Corp., RCBC Capital Corp., and SB Capital Investment Corp. as the joint lead underwriters and bookrunners of the issuance.

For the first quarter, SMC reported a 94% decline in its attributable net income to P509 million due to foreign exchange loss while gross revenue rose by 13.3% to P392.71 billion.

SMC shares rose by 0.95% or 95 centavos to P100.90 per share on Tuesday. — Revin Mikhael D. Ochave

The Church’s teachings on sustainable mining: Laudato Si

POPE FRANCIS — CATHOLIC CHURCH ENGLAND AND WALES/CATHOLICNEWS.ORG.UK

(Part 3)

Bishop Broderick Pabillo, D.D., Bishop Socrates S. Pabillo, Most Rev. Edgardo S. Juanich, D.D. and Rev. Fr. Francis Mark G. Guzman were complying with their important obligation of teaching the Catholic faithful about the social doctrine of the Church related to sustaining mining in the recently convoked 2024 Palawan Stakeholders’ Congress on Mining and the Environment. Reading the contents of their respective presentations during the panel on “Stewardship of Creation,” it was obvious that they were just faithfully communicating to the participants the content of the epochal encyclical of Pope Francis entitled Laudato Si. To complete this series of articles on sustainable mining, I would like to summarize the Encyclical which goes beyond mining and covers the whole field of environmental sustainability. Today, we must protect the physical environment from the ravages caused by power plants using fossils-based fuels, waste from single-used plastic products, food waste, real estate projects that involve the reclamation of mangrove areas, and urbanization of forest and agricultural lands.

This summary comes from an article in America: A Jesuit Review from The Vatican Press Office entitled “Laudato Si: A ‘Map’:  A concise guide of key points.”*

“The Encyclical takes its name from the invocation of St. Francis of Assisi, ‘Praise be to you, my Lord,’ in his Canticle of the Creatures. It reminds all of us that the earth, our common home ‘is like a sister with whom we share our life and a beautiful mother who opens her arms to embrace us.’ People have forgotten that ‘we ourselves are dust of the earth, our bodies are made up of her elements, we breathe her air and we receive life and refreshment from her waters.’”

Pope Francis addresses the Catholic faithful as well as all men and women of good will. He quotes St. John Paul II: “Christians in their turn realize that their responsibility within creation, and their duty towards nature and the Creator, are an essential part of their faith.”

“There are several main themes that run through the text that are addressed from a variety of different perspectives, thus traversing and unifying the text:

• the intimate relationship between the poor and the fragility of the planet,

• the conviction that everything in the world is connected,

• the critique of new paradigms and forms of power derived from technology,

• the call to seek other ways of understanding the economy and progress,

• the value proper to each creature,

• the human meaning of ecology,

• the need for forthright and honest debate,

• the serious responsibility of international and local policy,

• the throwaway culture and the proposal of a new lifestyle”

“The first chapter presents the most recent findings on the environment as a way to listen to the cry of creation.” First there is the issue of water: Pope Francis “‘states that access to safe drinkable water is a basic and universal human right, since it is essential to human survival and, as such, is a condition for the protection of other human rights.’ To deprive the poor of access to water means to ‘deny the right to a life consistent with their inalienable dignity.’”

Then there is the loss of biodiversity: “Each year sees the disappearance of thousands of plant and animal species which we will never know, which our children will never see, because they have been lost forever.” The Pope laments the decline in the quality of human life and the breakdown of society: “in the framework of an ethics of international relationships, the Encyclical indicates how a ‘true “ecological debt”’ exists in the world, above all that of the North with respect to the South. In the face of climate change, there are ‘differentiated responsibilities’ and that of the developed countries is greater.”

Recognizing that there is no consensus on how to address the serious problem of the deteriorating physical environment, the assault on our common home, “Pope Francis shows himself to be deeply affected by the ‘weak responses’ in the face of the drama besetting many peoples and populations. Even though positive examples are not lacking” (including in the Philippines), “‘complacency and a cheerful recklessness’ prevail. An adequate culture is still lacking as is a willingness to change lifestyle, production and consumption, but fortunately efforts are being made ‘to establish a legal framework which can set clear boundaries and ensure the protection of ecosystems.’”

There is a misconception about man being the absolute ruler of the universe who can do as he or she pleases with the creatures of this earth. “Human beings have the responsibility to till the earth, to ‘till and keep’ the garden of the world.” They should know that “‘the ultimate purpose of other creatures is not to be found in us. Rather, all creatures are moving forward, with us and through us, towards a common point of arrival, which is God.’

“That the human being is not the master of the universe ‘does not mean to put all living beings on the same level and to deprive human beings of their unique worth and the tremendous responsibility that this entails. Nor does it imply a divinization of the earth which would prevent us from working on it in its fragility.’” Clearly, virgin forests can be cut and mangroves can be removed if doing so would result in making livelihoods available to the poorest of the poor. As Pope Francis wrote in Laudato Si, “a sense of deep communion with the rest of nature cannot be real if our hearts lack tenderness, compassion and concern for our fellow human beings.”

But there can be “excessive anthropocentrism” or too much focus on the human being and his unlimited demands on nature. “Human beings no longer recognize their place with respect to the world and take on a self-centered position, focused exclusively on themselves and on their own power. This results in a ‘use and throw-away’ culture that justifies every type of waste, environmental or human, that treats both the other and nature as simple objects and leads to a myriad of forms of domination. It is this mentality that leads to exploiting children, abandoning the elderly, forcing others into slavery, practicing human trafficking and throwing away unborn babies because they do not correspond to what the parents want, of selling ‘blood diamonds’ and the pelts of animals in danger of extinction, and over-evaluating the market to regulate itself.”

Indeed moves toward more freedom of the market, ultimately based on the fundamental human right of enterprise, can achieve wonders in liberating millions from dehumanizing poverty, such as occurred in China during the leadership of Deng Xiao Peng. But the State has a previous role of endowing the poorest of the poor with the basic needs such as food, education and health that will enable them to actually participate in the free market. “In this light, the Encyclical addresses two crucial problems of today’s world. Above all work: ‘any approach to an integral ecology, by definition does not exclude human beings and needs to take account of the value of labor’ because ‘to stop investing in people, in order to gain greater short-term financial gain, is bad for society.’

“The second problem concerns the moral or ethical limit to scientific progress, with clear reference to Genetically Modified Organisms (GMOs).” The Pope recognizes that “‘in some regions the uses of GMOs has brought about economic growth which has helped to resolve problems, there remain, however, a number of significant difficulties which should not be underestimated,’ starting from the ‘productive land being concentrated in the hands of a few owners.’’ The State must be absolutely sure, however, that any move under the name of distributive and social justice to fragment the land for redistribution to small farmers must be accompanied by a very efficient machinery of endowing the small farmers with what they need to make their small holdings productive, such as farm to market roads, irrigation and post-harvest facilities, affordable credit, extensive services, etc. This precondition to a successful agrarian reform program was what was missing in our own attempts at land reform.

(To be continued.)

*www.americamagazine.org/issue/laudato-si-map

 

Bernardo M. Villegas has a Ph.D. in Economics from Harvard, is professor emeritus at the University of Asia and the Pacific, and a visiting professor at the IESE Business School in Barcelona, Spain. He was a member of the 1986 Constitutional Commission.

bernardo.villegas@uap.asia

Gov’t fully awards T-bill offering

RJ JOQUICO-UNSPLASH

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it offered on Tuesday as rates were lower than secondary market yields amid strong demand and policy easing signals from the Finance chief.

The Bureau of the Treasury (BTr) raised P15 billion as planned from the T-bills it offered on Tuesday as total bids reached P40.282 billion or almost thrice the amount on the auction block.

Broken down, the BTr borrowed P5 billion as programmed from the 91-day T-bills as tenders for the tenor reached P17.18 billion. The three-month paper was quoted at an average rate of 5.666%, 0.01 basis point (bp) lower than the 5.667% seen last week. Accepted rates ranged from 5.645% to 5.674%.

The government likewise made a full P5-billion award of the 182-day securities, with bids reaching P12.56 billion. The average rate for the six-month T-bill stood at 5.914%, inching up by 0.6 bp from the 5.908% fetched last week, with accepted rates at 5.898% to 5.925%.

Lastly, the Treasury raised the planned P5 billion via the 364-day debt papers as demand for the tenor totaled P12.465 billion. The average rate of the one-year debt went up by 0.7 bp to 6.046% from the 6.039% quoted last week. Accepted yields were from 6.035% to 6.055%.

The BTr fully awarded its T-bill offer as the rates fetched across all tenors were lower than prevailing secondary market rates, it said in a statement.

At the secondary market before the auction, the 91-, 182-, and 364-day T-bills were quoted at 5.6669%, 5.9694%, and 6.0778%, respectively, based on PHP Bloomberg Valuation Service Reference Rates data provided by the Treasury.

T-bill yields were lower than secondary market levels following the slower-than-expected US consumer price index (CPI) and producer price index (PPI) data released last week, a trader said in a phone call.

The US Labor department’s Bureau of Labor Statistics last week said the PPI for final demand decreased 0.2% in May, Reuters reported. That was the biggest drop in the PPI since October and followed an unrevised 0.5% rise in April. Economists had forecast the PPI nudging up 0.1%.

In the 12 months through May, the PPI gained 2.2% after rising 2.3% in April.

The data followed a cooler-than-expected CPI report also released last week. US consumer prices were unchanged in May from April, against market expectations of a 0.1% rise.

The CPI rose at an annual rate of 3.4%, still well above the Fed’s target of 2%.

Meanwhile, T-bill yield movements were mixed week on week following monetary policy signals from Finance Secretary and Monetary Board member Ralph G. Recto, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort added in a Viber message.

The BSP will probably cut its policy rate after the US Federal Reserve, which has signaled it may start easing as late as December, the Finance chief said last week.

Asked if the BSP would begin its easing cycle once the US central bank cuts rates, Mr. Recto said this was “highly probable.”

The BSP has kept its benchmark rate steady at a 17-year high of 6.5% since October 2023 following cumulative hikes worth 450 bps to help bring down inflation.

The Monetary Board’s next policy meeting is on June 27.

The US central bank last week kept its benchmark overnight interest rate in the current 5.25%-5.5% range, where it has been since last July.

On Wednesday, the government will offer P30 billion in reissued 20-year Treasury bonds (T-bonds) with a remaining life of 14 years and seven months.

The BTr wants to raise P180 billion from the domestic market this month, or P60 billion via T-bills and P120 billion through T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.48 trillion or 5.6% of gross domestic product for this year. — A.M.C. Sy with Reuters

The Outsiders, Merrily We Roll Along, and Stereophonic win big at Tony Awards

STEREOPHONICPLAY.COM

NEW YORK — The Outsiders, a musical based on S.E. Hinton’s coming-of-age novel, snagged the coveted Tony Award for best musical Sunday, while a celebrated revival of a Stephen Sondheim classic and a tale of a 1970s rock band also won big.

The ceremony took place for the first time at New York City’s Lincoln Center with Tony-nominated and Oscar-winning actress Ariana DeBose hosting for the third year in a row. This year, Ms. DeBose is also producing and she choreographed the sultry song-and-dance number that opened the show.

Danya Taymor won for direction of a musical adaptation of The Outsiders, upsetting favored Merrily We Roll Along director Maria Friedman.

Best revival of a musical award winner Merrily We Roll Along has been a favorite narrative of the season, delighting audiences and critics with the revived production of Sondheim’s most famous flop, which closed after 52 previews and 16 performances in its first go-round on Broadway in 1981.

Stereophonic took the Tony Awards for best play and best direction for Daniel Aukin. David Adjmi’s play about a 1970s-era rock band making an album, featuring original songs by Will Butler, formerly of Arcade Fire, broke the record for the most nominations for a play in Tonys history.

Appropriate, playwright Branden Jacobs-Jenkins’ story about three adult siblings reuniting at their family home after the death of their father only to discover troubling family secrets, won best revival of a play.

Jonathan Groff won for best lead actor in a musical for Merrily We Roll Along while Maleah Joi Moon won best lead actress in a musical for her role in Hell’s Kitchen.

Shaina Taub won best score and best book of a musical for Suffs, the story of the suffragette movement, featuring an all-woman cast.

Succession star Jeremy Strong won best lead actor in a play for his role in the Henrik Ibsen play Enemy of the People, and Daniel Radcliffe, best known for his starring role in the Harry Potter movie franchise, won best featured actor in a musical for Merrily We Roll Along.

Sarah Paulson won best lead actress in a play for Appropriate while Will Brill beat out two other actors in his production, Stereophonic, for best featured actor in a play.

Kecia Lewis, who made her Broadway debut 40 years ago in Dreamgirls, was nominated for the first time this season. She won the best featured actress award in a musical for her role as the piano-playing mentor in Hell’s Kitchen.

Kara Young, who is the first Black actor, male or female, to be nominated for a Tony three years in a row, won the award for best featured actress in a play for her role in Purlie Victorious.

Justin Peck won the best choreography Tony for the dance musical Illinoise, which brought Sufjan Steven’s 2005 concept album Illinois to the stage.

Dancers including Ms. DeBose, reviving her Oscar-winning role as Anita in Steven Spielberg’s film version of West Side Story, paid tribute to Broadway legend Chita Rivera, who died in January at the age of 91.

During a pre-show event hosted by actors Julianne Hough and Utkarsh Ambudkar and streamed on the free platform Pluto TV, Tonys were awarded mostly in technical categories.

The pre-show included the award for best regional theater, which went to Philadelphia’s Wilma Theater, and the Isabelle Stevenson Award, which was awarded to Billy Porter for his work as an activist and spokesperson for the LGBTQ+ communities.

Director Jack O’Brien and writer, director, and producer George C. Wolfe each received the 2024 Special Tony Award for lifetime achievement in the theater.

Special Tony Awards were also presented to Alex Edelman for his one-man show Just For Us, Abe Jacob for his work in sound design, and Nikiya Mathis for her wig design in Jaja’s African Hair Braiding. — Reuters

Ayala Land buys out Aboitiz stakes in Cebu District Property for P1.81B

AYALA Land, Inc. (ALI) will fully own Cebu District Property Enterprise, Inc. (CDPEI) after buying the stakes of Aboitiz Equity Ventures, Inc. (AEV) and AboitizLand, Inc. for P1.81 billion.

In a stock exchange disclosure on Tuesday, ALI announced it signed a share sale agreement with AEV and AboitizLand on June 14.

Under the deal, ALI will buy the 50% equity interest of AboitizLand and AEV in CDPEI, consisting of 18.1 million shares at P100 per share. The move is expected to strengthen ALI’s presence in Visayas.

“This acquisition will consolidate ALI’s ownership of CDPEI, the developer of Gatewalk Central. ALI envisions Gatewalk Central to be one of its key Cebu estates that will contribute to ALI’s growing presence in the Visayas region,” ALI said.

CDPEI is a joint venture company of ALI, AEV, and AboitizLand that is engaged in developing the 17.5-hectare Gatewalk Central Superblock mixed-used real estate development in Mandaue City, Cebu.

The property will feature a four-storey mall for various retail, food, and entertainment establishments; a nine-storey business process outsourcing tower; a transit terminal; and two basement levels.

In a separate disclosure, AEV said the transaction value was determined following the internal valuation of the involved parties after due diligence review.

“The transaction is aligned with the company’s strategy to optimize resource allocation and focus on specific segments of the real estate industry,” AEV said.

On Tuesday, ALI shares fell by 1.08% or 30 centavos to P28.05 apiece while AEV stocks dropped by 0.26% or 10 centavos to P38.55 per share. — Revin Mikhael D. Ochave

Infrastructure and gov’t support key challenges to PHL startups — report

JC GELLIDON-UNSPLASH

THE PHILIPPINES faces several challenges that could delay its development of fully mature startup ecosystems, according to the Global Startup Ecosystem Index from StartupBlink, a global startup map and research center.

“The lack of infrastructure is a limiting factor to the country’s economic growth, and entrepreneurs struggle with slow regulatory support for their startups,” according to the report released early this month.

“Tackling these issues is important due to common interests from both international and local venture capitalists.”

The report measures startup ecosystems of countries and cities based on the quantity and quality of their startups and business environment.

The Philippines has steadily decreased in the rankings for three straight years, dropping one spot to No. 60.

In Southeast Asia, the Philippines remained stable at No. 6 and 35th in terms of the number of strategic branches of global technology companies.

The Philippines had five ranked cities, with Manila leading with a score that was 12 times bigger than the second-ranked Cebu City, showing a strong degree of centralization.

Manila dropped six places and fell out of the top 100 cities globally, now ranking 101st out of 1,000 cities worldwide, according to the report.

Still, the Philippines is making progress toward becoming a formidable startup ecosystem in the Asia-Pacific region, StartupBlink said.

The country enjoys a talented English-speaking population, with many already working remotely for international startups.

“Its attractiveness to foreign entrepreneurs and digital nomads, and the knowledge that local remote workers have gained while working in international startups, should allow for successful ecosystem growth, provided more of the local population embraces entrepreneurship,” it said.

Meanwhile, Manila moved up to 81-90 from 91-100 last year in the Emerging Startup Ecosystem group ranking of the Global Startup Ecosystem Report 2024, an annual report on technology startups.

Manila in the report refers to “all cities covering a 100-kilometer radius from the central point” of the Philippine capital, according to Prashant Sharma, data science lead of Startup Genome, the policy advisory and research group behind the 2024 report. 

It had a startup ecosystem value of more than $6.4 billion, for a 72% compound annual growth rate, he said in a Zoom interview on June 10.

“We have five success factors in our ranking — performance, funding, talent and experience, market reach and knowledge,” Mr. Sharma said. “We have seen Manila improve its scores [due to] its performance and funding factors mainly.”

“This year, we have also started looking at the regional rank,” he told BusinessWorld. “Manila‘s regional rank in Asia was 21-25.”

The Philippines has about 1,100 startups, 60 incubators and accelerators, 50 venture capitalists and 200 coworking spaces. It is in the Top 20 in funding in the Asia ecosystem, with the fintech, e-commerce and gaming subsectors performing well.

Startups under these subsectors include Advance Tech Lending, Inc., a business loan fintech platform that raised $16 million in 2023, and MotherNurture, Inc., a retailer of online baby products that raised $35 million in a venture capital round, also in 2023.

Cebu and Davao’s ecosystems were both past the 200-mark ranking and were not included in the 2024 report, Mr. Sharma said.

“Both cities need to work on early-stage funding rounds… where startups get early-stage funding, prove that their products do new innovations, before then going into the later rounds,” he said.

“Hopefully, we will see more activity in both cities, and they will [appear] in the Emerging Startup Ecosystem rankings,” he added.

Worldwide, the top five ecosystems were Silicon Valley, New York City and London (tied at No. 2), and Tel Aviv and Los Angeles (tied at No. 4).

Silicon Valley led all ecosystems for the greatest number of new unicorns (15) in 2023, although this was down by 80% from 2022. — Norman P. Aquino and Patricia B. Mirasol

LNG as the cleaner fuel for energy security

POWERPHILIPPINES.COM

On the one hand, there is coal. But energy sourced from coal is dirty and has been a major contributor to greenhouse emissions that have cumulatively wrought damage to the climate for hundreds of years.

On the other hand, nations of the world have acknowledged this and in fact have committed to gradually reducing humankind’s dependence on coal. There is now a global shift towards renewable energy (RE) sources like wind, solar, and hydro, albeit in varying degrees of progress and commitment.

The Philippines has joined the global shift. More and more Filipinos are becoming aware of the need to go renewable to mitigate the effects of climate change. After all, we are one of the countries deemed most vulnerable to extreme weather conditions and flooding brought about by climate change.

But while renewable energy is the way forward, the transition cannot happen in an instant. During last year’s State of the Nation Address, President Ferdinand Marcos, Jr. set ambitious targets in this regard: By 2030, RE’s share in the power mix should be 35%. By 2040, this should increase to 50%.

In the meantime, our power requirements continue, rendered even more urgent by our pursuit of middle-income status in the global economy and the need to provide a stable, sustainable, and inclusive economy for our people. We need energy to keep the economy going and even expand it. But if we are supposed to scale down on using coal and if the shift to RE will take time, how are we going to live in the present?

This is the reason liquefied natural gas (LNG) is figuring in conversations. LNG plays a crucial role in this national security imperative by diversifying supply, reducing import dependence, and ensuring reliable power generation. Its strategic importance lies in its ability to provide a stable energy source that bolsters the country’s resilience against supply disruptions, supports critical infrastructure, and underpins long-term economic stability.

Natural gas is not new to the Philippines. We have the Malampaya gas field that supplies four major plants in Luzon, accounting for about 2,081 MW or 12% of the grid’s dependable capacity. However, despite the fact that Mr. Marcos signed the renewal of the Malampaya Service Contract, extending it to 2039, the gas field is fast depleting, thus exacerbating the challenge to find the next energy source.

The urgency is clear: between these twin concerns which are equally important, we have to do something during the crucial transition period. Issues at this phase will lead to power shortages that would derail our nation’s economic targets.

Stability and security are as important as availability. Access to reliable, affordable, and sustainable energy sources is critical for powering industries, driving economic growth, and ensuring the well-being of Filipinos. Any severe disruption to the energy supply can undermine economic productivity, competitiveness, and stability — directly affecting our security and economic prospects. A robust, self-reliant energy sector strengthens the Philippines’ ability to withstand external shocks or foreign pressure.

The Stratbase ADR Institute this week conducted a forum that sought to explore ways by which public-private partnerships can help boost the LNG sector. The gathering brought together representatives of the government and the private sector to talk about ways to collaborate more closely toward this aim.

In a message, Senator Sherwin Gatchalian of the Senate Committee on Energy, said that the Philippine Downstream Natural Gas Industry Development Act is crucial for filling policy gaps and strengthening the natural gas sector by allowing private sector participation across the entire value chain.

Energy Secretary Raphael Lotilla said that his department is formulating a Natural Gas Development Plan to provide investors guidance and policy, the legal requirements, and incentives in putting up LNG facilities and other infrastructure requirements, including our future development plans and programs.

He called on stakeholders and partners in the private sector to assist the government in creating a resilient, self-reliant, and sustainable energy future for the Philippines.

Meanwhile, CitizenWatch Philippines co-convenor Christopher Belmonte said that the day’s discussions should be a continuing collaboration. We must continue to work together, leveraging LNG to bridge our current energy needs while paving the way for a sustainable and cost-effective future.

“Our goal is clear: to provide every Filipino with reliable, affordable energy that supports both economic growth and environmental sustainability,” he said.

The successful integration of LNG into the energy mix is a critical step toward achieving the long-term vision of a sustainable and resilient energy system. As a transitional fuel, LNG supports the shift from traditional fossil fuels to renewable energy sources, aligning with global trends towards decarbonization and sustainability. This transition positions the Philippines as a proactive player in the global energy landscape, demonstrating a commitment to environmental stewardship and energy innovation.

By adopting LNG, the Philippines not only addresses immediate energy needs but also builds a foundation for a future powered increasingly by clean and renewable energy sources, ensuring energy security and sustainability for generations to come.

Let us continue these LNG conversations as we strive to secure both our environmental and our economic future.

 

Victor Andres “Dindo” C. Manhit is the president of the Stratbase ADR Institute.

InstaPay, PESONet transactions climb

THE VALUE of transactions done via InstaPay and PESONet jumped by 37.3% year on year as of end-April, data from the Bangko Sentral ng Pilipinas (BSP) showed.

Transactions coursed through the two automated clearing houses rose to P5.22 trillion from P3.8 trillion in the same period a year ago.

The combined volume of transactions done via InstaPay and PESONet also surged by 69.7% year on year to 420.4 million at end-April from 247.8 million.

Broken down, the value of PESONet transactions rose by 32.5% to P3.12 trillion as of end-April from P2.36 trillion in the same year-ago period.

The volume of transactions that went through the payment gateway also went up by 8.4% to 31.9 million from 29.4 million.

Meanwhile, the value of transactions done through InstaPay jumped by 45.2% to P2.1 trillion as of April from P1.45 trillion a year prior.

The volume of InstaPay transactions stood at 388.5 million in the period, growing by 77.9% from 218.3 million the previous year.

PESONet and InstaPay are automated clearing houses launched in December 2015 under the central bank’s National Retail Payment System framework.

PESONet caters to high-value transactions and may be considered as an electronic alternative to paper-based checks, while InstaPay is a real-time, low-value electronic fund transfer facility for transactions up to P50,000 and is mostly used for remittances and e-commerce.

The central bank wanted 50% of the total volume and value of retail transactions done online by the end of 2023. It has said it was confident this goal was met amid the increase in the use of e-wallets and online fund transfers.

In 2022, the share of online payments in the total volume of retail transactions rose to 42.1% from 30.3% a year earlier.

The BSP is now working on its Digital Payments Transformation Roadmap for 2024-2026. — LMJCJ

Wu-Tang Clan’s ‘very special’ album played at Australian museum

PLEASR.MIRROR.XYZ

SYDNEY — US hip-hop group Wu-Tang Clan’s one-of-a-kind album Once Upon a Time in Shaolin began playing at an Australian museum on Saturday, organizers said, with fans in attendance describing the music as “very special” and “amazing.”

All timeslots for the twice-a-day sessions at Tasmania’s Museum of Old and New Art are sold out, with about 5,000 people on a waiting list. The museum is showcasing the single-print album from June 15 to 24.

“They’re small sessions, they’re about 30 people,” said a museum spokesperson, who confirmed the start of the first listening session on Saturday afternoon.

The album, which has just one physical copy in the world, has a storied history, having been bought by the convicted pharmaceutical executive Martin Shkreli in 2015 for $2 million.

Mr. Shkreli gave it up as part of a $7.4-million forfeiture order after his 2017 conviction for defrauding hedge fund investors and scheming to defraud investors in a drugmaker.

It is now owned by non-fungible token collectors PleasrDAO who purchased the album for $4 million from the US government. PleasrDao is also suing Shkreli for making copies of the album and releasing the music to the public.

Music fan Cameron McBryde, who had traveled from Queensland capital Brisbane, described hearing the album as “very special.”

“I don’t know another song or album anywhere else in the world that holds that same value that this one does like that,” McBryde told the Australian Broadcasting Corp.

Another attendee, Hayden Kovacic, from Hobart, said it was “amazing” to be one of so few to get to listen to the album.

“It was actually hectic,” Mr. Kovacic told the ABC. “The production was off it’s head.”

The album consists of 31 new tracks recorded and produced by the New York-based group over six years from 2007 “in the original Wu-Tang style of the ‘90s,” according to the album’s official website. — Reuters