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Clash of clans: Dynasties to slug it out in Philippine midterm elections

AN ICE CREAM VENDOR passes by a wall covered in campaign posters in Quezon City, May 4. Midterm elections are scheduled for May 12. — PHILIPPINE STAR/MIGUEL DE GUZMAN

By Kenneth Christiane L. Basilio, Reporter

ANTONIO A. ROMANO, a 49-year-old taxi driver from Quezon City, is sick and tired of the same familiar names and faces that he sees every time he votes, many of them from well-entrenched political families.

“Politicians these days have become incredibly shameless,” he told BusinessWorld. “It’s as if politics has become their business, one that they fully own.”

Philippine midterm elections this month are expected to remain a family affair, with dynastic clans and celebrities likely to dominate the contest that analysts see as a proxy war between the Marcos and Duterte families.

More than 18,000 seats nationwide are up for grabs in the midterm elections on May 12, held every three years so Filipinos can vote for 12 of 24 Senate seats, more than 300 congressmen and thousands of local officials in every province, city and town.

“Dynasties have become more aggressive in contesting seats beginning in the past decade,” Arjan P. Aguirre, who teaches political science at the Ateneo de Manila University, said in a Facebook Messenger chat, citing a “noticeable increase” in their presence at the House of Representatives, Senate and local offices.

Maria Ela L. Atienza, a political science professor at the University of the Philippines, said political families in the Philippines have existed before martial law in the early 1970s, but their numbers multiplied after the ouster of the late president Ferdinand E. Marcos, Sr. in 1986.

“Many dynasties have no more shame in running for multiple positions, with ‘fat’ dynasties increasing,” she told BusinessWorld in a Viber chat.

For years, public office in the Philippines has been treated like heirlooms, passed down by parents to their children and their grandchildren. It has also been a source of quarrels between family members who vie for the same posts.

About two-dozen political dynasties are each seeking at least five government seats across all government levels in this year’s midterm elections, according to a report by the Philippine Center for Investigative Journalism.

Political dynasties in the Philippines fall into three distinct categories, each reflecting the number of seats they take and the influence they yield, said Julio C. Teehankee, a political science professor at De La Salle University.

“Political dynasties in the Philippines can be distinguished between ‘thin’ dynasties, where only one family member occupies an elective position successively, and ‘fat’ dynasties, where many family members simultaneously occupy elective positions,” he said in a Facebook Messenger chat.

“If more than four or five family members occupy elective positions, they may already be considered ‘obese,’” he said. “Obese dynasties are dangerous to the health of democracy.”

Dynastic politicians are inherently anti-democratic because they put their personal interests before the public they’re supposed to serve, said Cleve V. Arguelles, chief executive officer and president at Philippine think tank WR Numero Research.

“They undermine democratic demands for transparency and accountability, ensuring that elections serve as coronations rather than actual competition for votes,” he said via Viber. “Political dynasties exist to monopolize power, shutting out competition and securing their rule.”

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Political clans are interested in keeping their regional strongholds to shape policymaking in ways that align with and benefit their business interests, Danilo A. Arao, convener of election watchdog Kontra Daya, said.

“Political dynasties use their power and influence to promote their business interests,” he said via Messenger chat. “They pass laws that cater to their interests… [and] they are able to get lucrative government contracts.”

Dynastic politicians also use their position to block competition and offer business and economic opportunities to their kin, Mr. Arguelles said.

More than 60 political dynasties have links to construction companies, according to a 2022 study by the Ateneo de Manila University.

“The presence of ‘fat’ dynasties and politicians’ ownership of local businesses are both directly linked to poverty incidence,” it said. “The monopolization of key industries can skew local policies and economic gains to local politicians and their clients rather than the entire province.”

Dynasties tend to flock to the construction industry because it is among the most profitable ventures in the country, said Nigel Paul C. Villarete, senior adviser on public-private partnerships at technical advisory group Libra Konsult, Inc.

“It is the main portal for infrastructure development… which makes it profitable,” he said via Viber. “While national development rests on economic and social development, both require infrastructure as the basis for their execution.”

Politicians are “naturally inclined” toward the building sector because they are responsible for drafting and executing national development plans including infrastructure projects, Mr. Villarete said.

He added that politicians use their connections to win state contracts, causing “undue disadvantage” to the government.

Political dynasties also worsen economic inequality and stifle socioeconomic progress, Jose Enrique “Sonny” A. Africa, executive director at think tank IBON Foundation, said in a Viber message.

They often craft policies that foster a “long-term, patron-client” dynamic with their constituencies by channeling state resources into short-sighted financial programs that prioritize immediate relief over sustainable development, he added.

“They thrive in backward political ecosystems of poverty, patronage and dynastic entitlement,” Mr. Africa said.

Ms. Atienza blames weak institutions and poor government service for the rise of political clans. “When the state is unable to provide basic services to citizens, political families find a way in providing patronage and dole-outs to poor people.”

Weak political party structures have also allowed political dynasties to “metastasize,” she pointed out.

Politicians with business links have infiltrated the Philippines’ party-list system, with about 15 groups having ties to various enterprises during this election cycle, according to a Kontra Daya report.

The party-list system was created under the 1987 Constitution to allow underrepresented sectors to participate in the lawmaking process. It was expanded in 2013 after the Supreme Court ruled that political parties could also participate in the party-list system.

Mr. Aguirre said political dynasties would continue to thrive if no action is taken against them.

“This phenomenon will continue if there are no alternatives out there who can challenge these dynasties and we don’t reform our institutions to help them resist any form of capture from powerful families,” he said.

“We can start to put an end to this dynastic prevalence in the Philippines by pushing institutional support for party development, reforming the party-list system and strengthening participative governance mechanisms at various levels of government,” he added.

The Commission on Elections (Comelec) holds the power to disqualify political dynasties even in the absence of an enabling law banning them under a 2016 youth council law, according to Michael Henry Ll. Yusingco, a constitutionalist and senior research fellow at the Ateneo Policy Center.

“The Comelec can disqualify dynastic candidates on the basis of Article II, Section 26 of the Constitution in relation to the definition of a political dynasty found in Section 10 of the Sangguniang Kabataan Reform Act,” he said.

The 1987 Constitution prohibits dynasties, but an enabling law has not been passed for 37 years.

The law cited by Mr. Yusingco bars candidates who have relatives who are incumbent officials from the national down to the village level from running in youth council elections.

The Comelec is still studying whether it could use that law to disqualify dynastic politicians, Election Chairman George Erwin M. Garcia told BusinessWorld in a Viber message.

Filipinos have the power to reject political clans even in the absence of an enabling law against them, Mr. Yusingco said.

Mr. Romano, the taxi driver, vows to do just that.

“I promise not to vote for members of any political clans on May 12,” he said. “They don’t accomplish anything for ordinary Filipinos. It’s all just self-serving.”

White smoke billows from Sistine Chapel as new pope elected

 – White smoke rose from the Sistine Chapel on Thursday and the bells of St. Peter’s rang out, signaling that cardinals have elected a new pope to succeed Pope Francis and take charge of the Roman Catholic Church.

The election came on the first full day of voting by the 133 cardinal electors, who secluded themselves behind the Vatican’s medieval walls on Wednesday afternoon.

A joyous crowd in St. Peter’s Square cheered and applauded as the first puffs of smoke emerged from a small chimney on the roof of the Sistine Chapel, where the cardinals have been holding their secret ballot.

The identity of the pope and the name he has chosen as pontiff will be announced to the world from the central balcony of St. Peter’s Basilica shortly.

The new pope will then step forward to deliver his first public address and blessing to the gathered crowds.

Pope Francis died on April 21 after ruling the 1.4-billion member Church for 12 years. During his reign he sought to open up the staid institution to the modern world, enacting a range of reforms and allowing debate on divisive issues such as women’s ordination and better inclusion of LGBT Catholics.

While no clear favorites had emerged to succeed him, Italian Cardinal Pietro Parolin, who served as the Vatican’s number two under Francis, and Filipino Cardinal Luis Antonio Tagle were considered the frontrunners.

Other “papabili” – potential papal candidates in Italian – were France’s Jean-Marc Aveline, Hungary’s Peter Erdo, American Robert Prevost, Italy’s Pierbattista Pizzaballa and Filipino Pablo Virgilio David.

The cardinals will have had to decide whether to pick someone to build on Francis’ vision of greater openness and reform, or else choose a more conservative figure.

During the conclave their only communication with the outside world was through the smoke emerging from the chimney – black for no pope yet picked, white signaling a new pontiff chosen by a majority of at least two-thirds.

The cardinals held an initial inconclusive vote on Wednesday evening and a further two followed on Thursday morning. They returned to the Sistine Chapel at 4 p.m. (1400 GMT) and at around 6:08 p.m. (1608 GMT) the white smoke emerged.

During the conclave, cardinals were sequestered from the world and sworn to secrecy, their phones and computers confiscated, while they were shuttled between the Sistine Chapel for voting and two Vatican guesthouses to sleep and dine.

The average number of ballots it has taken to be elected over the past 10 conclaves was 7.2. Francis was elected after five in 2013. – Reuters

BPI Capital recognized for sustainable and innovative finance

Lester Ong, BPI Capital President and CEO

BPI Capital Corporation has been recognized with multiple prestigious awards at The Asset Triple A Sustainable Finance Awards 2025 and the FinanceAsia Achievement Awards 2024, underscoring its leadership in sustainable and innovative financial solutions.

“We are deeply honored by these recognitions, which represent our commitment to providing long-term value and structuring landmark transactions that contribute to economic growth and sustainability,” said Lester Ong, BPI Capital President.

Sustainability & Innovation at the Forefront

The Asset Triple A Sustainable Finance Awards recognize leading corporates, institutions, and individuals who are driving significant innovation in sustainable finance. This year, BPI Capital earned multiple awards for its outstanding achievements in structuring innovative and sustainability-focused transactions, including the following:

  • Best Sustainability-Linked Financing (Philippines): Ayala Land Inc. Sustainability-Linked Bonds, supporting emissions reduction and green building certification.
  • Best Sustainability Bond–Local Currency (Philippines): BPI SEED Bonds, funding clean energy, energy efficiency, and Micro, Small, and Medium Enterprises (MSMEs).
  • Best Blue Bond (Philippines): Maynilad Blue Bonds, the first SEC-registered issuance in the country, financing sustainable water and wastewater projects.
  • Best Social Loan-Agriculture (Philippines): BPI Direct BanKo, Inc., A Savings Bank’s (BanKo) Agri-NegosyoKo Loan Program, in partnership with Agrilever, empowers small farmers with financial and technological support.
  • Best Acquisition Financing (Philippines): ISQ’s acquisition of PCSPC, expanding biofuel storage and sustainable aviation fuel facilities.
From left to right: Junie Veloso, former BPI Capital president; and Jasmine Tai, FinanceAsia associate head of Conferences and corporate treasurer

Furthermore, the FinanceAsia Awards honor leading institutions and advisors shaping Asia Pacific’s financial markets. BPI Capital achieved notable recognitions for spearheading innovative transactions in the Southeast Asia category, proving strong leadership in the capital markets:

  • Best Bond Deal in Southeast Asia & the Philippines: Maynilad’s Php15B Blue Bonds, further affirming its impact in sustainable water financing.
  • Best Project Finance Deal in the Philippines & Highly Commended in Southeast Asia: Alternergy Tanay Wind Corporation’s PHP8B Senior Secured Term Loan, supporting renewable energy.
  • Best M&A Deal in the Philippines: The BPI-Robinsons Bank merger, a landmark transaction in the Philippine banking sector, setting new benchmarks in financial advisory.

“As part of our ongoing commitment to financing sustainable initiatives, we at BPI remain dedicated to structuring transactions that not only drive long-term value but also inspire and enable more companies to adopt similar practices. Our goal is to continue leading by example, supporting businesses in achieving their sustainability objectives, and contributing to a greener, more resilient future,” said Eric Luchangco, BPI Chief Sustainability Officer and Chief Finance Officer.

These accolades establish BPI Capital’s position as a leading domestic investment house, continuously innovating to support issuers succeed in their financial and sustainability goals.

 


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Allied Care Experts (ACE) Medical Center-Palawan to hold Annual Stockholders’ Meeting on June 23 via Zoom

 


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MREIT Q1 income jumps 31%, fueled by new properties

MREIT’S PORTFOLIO includes campus-type buildings, ideal for IT-BPM companies, such as the office towers at McKinley West in Taguig City.

MREIT, INC. posted a 31% increase in first-quarter (Q1) net income to P963 million, up from P733 million in the same period last year, driven by contributions from recently acquired properties.

First-quarter revenues rose by 25% to P1.34 billion, compared with P1.08 billion in the same period in 2024, the real estate investment trust (REIT) of Megaworld Corp. said in a regulatory filing on Thursday.

For the January-to-March period, distributable income grew by 26% to P932 million from P742 million last year. The Securities and Exchange Commission’s implementing rules and regulations on REITs define distributable income as net income adjusted for unrealized gains and losses.

The growth was primarily driven by six office properties, valued at P13.15 billion, acquired in October 2024, as well as sustained rental escalations across the company’s portfolio.

The six properties include Two West Campus, Ten West Campus, and One Le Grand in McKinley West; One Fintech and Two Fintech in Iloilo Business Park; and Davao Finance Center in Davao Park District, with a total gross leasable area (GLA) of 156,631 square meters (sq.m.).

“This solid start to the year demonstrates the strength of our expanded portfolio and the continued demand for prime office spaces in our strategically located townships,” said MREIT President and Chief Executive Officer Kevin L. Tan.

“We remain focused on optimizing returns from our existing assets while exploring further acquisition opportunities that align with our growth strategy,” he added.

MREIT’s GLA currently stands at 482,000 sq.m., up by 48% following the completion of the third wave of asset acquisitions last year.

The company’s portfolio consists of 24 prime office properties across five Megaworld townships: Eastwood City, McKinley Hill, McKinley West, Iloilo Business Park, and Davao Park District.

The company also said it is on track to expand its portfolio to 600,000 sq.m. by year-end and aims to increase its GLA by 100,000 sq.m. annually to achieve its target of 1 million sq.m. by 2030.

Following its first-quarter performance, MREIT declared cash dividends of P0.25047 per share, payable on June 6 to stockholders of record as of May 23.

This dividend reflects an annualized yield of 7.4%, based on the last closing price of P13.58 per share as of May 7.

MREIT shares closed unchanged at P13.58 per share on Thursday. — Revin Mikhael D. Ochave

ACEN posts P1.95-billion income for first quarter

ACENRENEWABLES.COM

ACEN Corp. saw a 28.3% drop in its first-quarter (Q1) attributable net income to P1.95 billion, mainly due to weaker power generation and lower spot market prices, the Ayala-led energy company said on Thursday.

“ACEN’s first-quarter results reflect some of the challenges of scaling renewables. The company is strengthening its balance sheet with the planned equity infusion to ensure that we remain strong amidst these challenges, and sustain our growth initiatives in line with the global energy transition,” ACEN President and Chief Executive Officer Eric T. Francia said in a regulatory filing.

ACEN’s gross revenue for the period decreased by 21.12% to P7.77 billion, down from P9.85 billion in the first quarter of 2024.

Revenues from the sale of electricity, which accounted for 97.2% of total revenues, fell by 22.7% to P7.55 billion from P9.77 billion in the same period in 2024.

The company attributed the decline in renewable energy generation in the Philippines to the impact of a typhoon in November 2024, which affected the operations of its 160-megawatt (MW) Pagudpud wind farm and 70-MW Capa wind power plant.

ACEN also reported a decrease in solar power generation during the period.

Despite the decline in Philippine renewable generation, ACEN achieved a total attributable renewable output of 1,680 gigawatt-hours (GWh) for the first quarter.

ACEN’s international portfolio, meanwhile, generated 1,191 GWh of renewable energy, marking a 13% increase year-on-year, driven by the full contributions from power plants that began operations in 2024.

As of the end of the first quarter, approximately 3.6 GW of ACEN’s 7 GW renewable portfolio was operational, with 2.6 GW of assets under construction globally and 823 MW in committed capacity.

“Our teams are working intensively to move past the headwinds we experienced in the first quarter. We will continue to expand ACEN’s operating capacity, bringing our sizable pipeline to bear, while taking a more measured approach amid today’s external uncertainties,” said ACEN Chief Finance Officer Jonathan P. Back.

ACEN, the listed energy platform of the Ayala group, holds a total of 7 GW in attributable renewable energy capacity across operational, under-construction, and committed projects. The company’s portfolio spans the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the United States. ACEN is targeting an expansion of its attributable renewable energy capacity to 20 GW by 2030.

In a separate development, ACEN signed a memorandum of agreement with Ayala Corp. and ST Telemedia Global Data Centres (Philippines) to explore opportunities in the growing data center sector in the Philippines.

STT GDC Philippines is a joint venture between Globe Telecom, Inc., Ayala Corp., and ST Telemedia Global Data Centres (STT GDC)

Under the partnership, ACEN will explore initiatives to provide renewable energy solutions to meet the rising demand for data centers in the country.

At the stock exchange on Thursday, shares of ACEN fell by 1.87% to P2.63 per share. — Ashley Erika O. Jose

Villar-led Vista Land’s 2024 profit climbs 11% to P9.36B

Allegria, General Trias, Cavite — VISTAESTATES.VISTALAND.COM.PH

VILLAR-LED property developer Vista Land & Lifescapes, Inc. reported an 11% increase in core net income to P9.36 billion in 2024 from P8.45 billion in 2023, driven by higher revenues from real estate sales.

In a regulatory filing, the Villar-led property developer said total consolidated revenues rose by 5% to P36.96 billion from P35.16 billion the previous year.

Real estate sales revenue increased by 9% to P16.63 billion, attributed to a higher overall completion rate of sold inventories across some business units, and the recognition of a significant financing component.

Rental income grew by 4% to P16.61 billion due to higher rental rates.

Meanwhile, revenue from parking, hotel, mall administrative and processing fees, and other income declined by 20% to P1.69 billion, following lower forfeitures.

Interest income rose by 12% to P2.03 billion amid higher returns from investments.

Operating expenses fell by 8% to P10.69 billion, mainly due to reduced provisions for impairment losses and lower repairs and maintenance costs.

As of end-2024, the company’s total assets rose by 11% to P380.51 billion, while total liabilities increased by 16% to P243.22 billion, following higher accounts and other payables, and the recognition of deferred tax liabilities.

The value of real estate inventories fell by 9% to P58.16 billion due to project launches in the previous year and the reversal of capitalized interest.

Earlier this week, Vista Land’s offshore subsidiary, VLL International, Inc. (VLLI), secured a $150-million syndicated term loan facility from Sumitomo Mitsui Banking Corp., with an interest rate of 6.40509% per annum.

Proceeds from the facility will be used to finance, refinance, or reimburse working capital and general corporate purposes of the Vista Land Group.

VLLI’s obligations under the loan are guaranteed by Vista Land and its subsidiaries, including Brittany Corp., Crown Asia Properties, Inc., Camella Homes, Inc., Communities Philippines, Inc., Vistamalls, Inc., and Vista Residences, Inc.

Vista Land shares declined by 1.83% or three centavos to close at P1.61 apiece on Thursday. — Revin Mikhael D. Ochave

Aussiewood to Mel Gibson: Save us from Trump’s movie tariffs

COMMONS.WIKIMEDIA.ORG

SYDNEY/GOLD COAST, Australia — Australia’s film industry wants actor Mel Gibson to do what he does in his action-hero movies and save the day, by convincing US President Donald J. Trump to drop his film tariffs which could devastate its A$1 billion ($650 million) Hollywood business.

This as the UK says discussions are underway with US officials, and one of the world’s biggest movie-making centers, Bollywood, frets over the news.

Australian industry leaders said the tariffs would cause a large number of job losses in the local film production sector, drive up ticket prices, and called for US-born Mr. Gibson, who launched his career in Australia, to use his role as a Trump adviser to urge the president to reconsider.

In January, Mr. Trump hired Mr. Gibson as a “special ambassador” to Hollywood although he didn’t elaborate on his role.

“Hopefully Mel Gibson, as one of Trump’s advisers in this space, is telling the President that this is a dumb idea,” Kate Carnell, chair of industry body Screen Producers Australia, said in an interview.

Mr. Gibson plans to shoot a movie in Italy this year, according to industry media, which could be impacted by the US tariffs.

“For Mel Gibson to make his movie in Italy and then to have a 100% tariff for it to be shown in America is just nonsensical,” said Ms. Carnell.

Mr. Trump on Sunday announced a 100% tariff on movies produced outside the US, saying the American movie industry was dying a “very fast death” due to the incentives that other countries were offering to lure filmmakers.

Mr. Trump’s latest tariff announcement bewildered studio executives who for decades have overseen productions across several continents and could not understand how it would work. It also sent shockwaves through film industries abroad where Hollywood shoots movies for cheaper production costs.

AUSTRALIAN FILM INDUSTRY AT RISK
Since the first Star Wars prequels and Matrix sequels were shot in Sydney in the early 2000s with the Australian dollar near a record-low against the US dollar, Australia’s film industry has become enmeshed with Hollywood.

International spending on film and television productions in Australia was about half the industry’s total A$1.7 billion expenditure in 2024, says Screen Australia, a government body, which noted the overall figure fell 29% since the prior year partly due to a Hollywood writers’ strike.

“One hundred percent tariffs would be devastating for the Australian film industry… we’re talking about a lot of jobs (lost), hard to put a number on them,” Ms. Carnell said, adding Australia’s US film business was worth around A$1 billion. “People are saying, ‘how could they do this? It’s so stupid.’”

Ms. Carnell said if Hollywood studios spent more shooting all movies in the US, “their costs would go up, and so the costs to consumers, to people who see movies, would go up as well.”

Kate Marks, chief executive officer (CEO) of Ausfilm, which connects international studios with Australia, said the US had a “long and mutually beneficial history” of collaborating on films with Australia.

“We are closely monitoring the situation and awaiting further details and will continue to work with our industry and government partners,” she said.

In the state of Queensland, home to Village Roadshow Studios where Marvel’s Thor: Ragnarok and Warner Bros’ Aquaman were shot, the state’s screen agency said the industry was “globally connected” and involved collaboration with national and international partners.

“The proposed US film tariff has caused widespread global uncertainty and we’re closely monitoring this evolving situation,” CEO Jacqui Feeney said.

A government spokesperson for the state of Victoria, where Docklands Studios Melbourne is based, said the state would always back local screen and production workers.

“Victoria’s world-class crews, state-of-the-art studios and award-winning digital and post-production capabilities means Victoria is a destination of choice for global productions,” the spokesperson said.

UK IN TALKS WITH US OFFICIALS
Britain is in “active discussions” with top US officials over the 100% tariff, as it aims to protect one of its biggest creative industries.

“We are already in active discussions with the top of the US administration on this subject. We are working hard to establish what might be proposed, if anything, and to make sure our world-beating creative industries are protected,” creative industries minister Chris Bryant told parliament on Wednesday.

Mr. Bryant noted that Mr. Trump had not given any details about his proposal, adding that it was not clear how tariffs could be applied to the film industry, with productions often created and developed across different locations and countries.

Britain has a leading film and TV production industry, centered on studios located close to London.

Production spending on films in Britain in 2024 totaled $5.91 billion, according to ProdPro, compared with $14.54 billion in the United States.

INDIA’S FILMMAKERS ALARMED
Meanwhile, India’s film industry, which earns roughly 40% of its overseas revenue from the United States, sounded the alarm this week about higher costs.

Filmmakers, producers, and distributors in one of the world’s largest film industries by output struggled to weigh the likely impact of such a tariff as Mr. Trump provided scant details, stirring more questions than answers.

“The real question is how the term ‘foreign produced’ will be defined, and until that’s clear, it’s hard to say anything,” said filmmaker Anubhav Sinha, known for his Netflix streaming series, IC 814: The Kandahar Hijack.

“It’s not yet clear whether services like post-production will be affected.”

India’s film industry employs 272,000 people, with overseas box office takings of about 20 billion rupees ($237 million) in fiscal 2024, or a tenth of total earnings, Deloitte and studio grouping the Motion Picture Association said in a report.

Key Hollywood films with India scenes are Oscar-winners such as the rags-to-riches tale Slumdog Millionaire, and the Osama bin Laden manhunt thriller, Zero Dark Thirty, along with rom-com Eat, Pray Love, and Batman outing The Dark Knight Rises.

In the absence of details on the planned levy, film producers worry it could double the cost of exporting their films to the United States, where people of Indian descent are estimated to number 5.2 million.

“The United States is one of the most important overseas markets for Indian cinema, largely due to the substantial diaspora,” said producer Madhu Bhojwani, responsible for hits such as Airlift, on workers evacuated from Kuwait during the Gulf War.

“Any increase in ticket prices resulting from these tariffs would directly affect audience turnout, compounding the challenges posed by evolving consumer behavior and broader industry headwinds.”

The cost-effective South Asian nation has also grown in stature as Hollywood’s preferred hub for on-ground production and post-production services, especially in visual effects, since it offers a skilled talent pool.

“Almost 10 to 15 (foreign) movies are shot in India every year, and our movie industry will be impacted very badly,” said film trade analyst Komal Nahta.

LIKELY HIT TO REVENUE
Prominent Indian actor and producer Prakash Raj called Mr. Trump’s move “tariff terrorism.”

If the tariff covers post-production services, the consequences will be bigger, added Bhojwani, the co-founder of Emmay Entertainment and Motion Pictures. “We can expect a potential decline in outsourced work from US studios to Indian vendors, which could have notable implications for the Indian media services sector,” she said.

“If revenue from the US drops, it could affect budget planning and profitability for Indian production houses,” said Pradeep Dwivedi, chief executive of Eros International Media. “Big-budget films counting on overseas revenue could be restructured or scaled back.”

The move will also hurt smaller releases in the United States.

“Even a 30% drop in revenue for such mid-scale movies would be a significant dent,” said Raj Kandukuri, producer of a well-regarded film, Pelli Choopulu, in India’s southern language of Telugu. “There are a sizeable number of students in the United States who watch movies, they will not spend high on ticket prices.”

The planned levy might also drive a broader shift to digital platforms.

“US distributors might be less inclined to pick up Indian titles due to the increased cost,” Mr. Dwivedi said. “This could result in fewer screens, smaller releases, and a shift toward digital platforms instead of theatrical. The tariff would likely accelerate a move toward direct-to-digital releases on platforms like ErosNow, Netflix, Amazon Prime, and Hulu.” Reuters

Nickel Asia Q1 profit jumps to P501.03M on higher ore prices, CBNC stake sale

NICKELASIA.COM

NICKEL ASIA Corp. (NAC) reported a 148% increase in its first-quarter (Q1) net income to P501.03 million, driven by stronger ore prices and a one-time gain from the sale of its stake in Coral Bay Nickel Corp. (CBNC).

In a disclosure on Thursday, NAC said the earnings boost included an P800-million gain from the sale of its 15.625% equity interest in CBNC to Sumitomo Metal Mining Co. Ltd. (SMM) in February. SMM previously held the remaining 84.375% stake in the Palawan-based hydrometallurgical processing plant.

Revenues from saprolite and limonite ore sales rose by 16% to P2.36 billion from P2.03 billion in the same period last year, lifted by higher prices.

The company’s weighted average sales price for nickel ore increased by 18% to $16.40 per wet metric ton (WMT) from $13.84 per WMT a year earlier. It also realized an average foreign exchange rate of P57.85 per US dollar, up from P56.13 last year.

Average export prices for saprolite ore, totaling 0.66 million WMT, surged by 43% year on year to $36.60 per WMT from $25.57 per WMT.

“Moreover, the company delivered 1.82 million WMT of limonite ore to the CBNC and Taganito HPAL plants, the price of which is linked to the London Metal Exchange,” NAC said.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) fell to P969.63 million from P1.05 billion.

NAC also said that ore deliveries from the Taganito mine were affected by plant maintenance at the Taganito HPAL Nickel Corp.(THPAL) facility in March. THPAL is a CBNC subsidiary that processes limonite ore into mixed nickel-cobalt sulfide.

The company recognized P91.91 million in losses from its equity share in the THPAL project, narrowing the loss by 53% from P193.9 million in the same period last year following the divestment from CBNC.

EQUITY INFUSION
NAC has also approved a P2.53-billion equity infusion into its renewable energy subsidiary Emerging Power, Inc. (EPI), the company said in a separate disclosure on Thursday.

The investment, approved during the board meeting held on May 8, consists of a subscription to 1,333,684,211 EPI common shares at P1.90 per share. The transaction will be executed upon approval of the increase in EPI’s authorized capital stock.

The latest move follows NAC’s disclosure on Feb. 27 regarding its plan to inject additional capital into EPI, which develops and operates renewable energy projects.

NAC has been diversifying into clean energy as part of its long-term strategy to reduce dependence on mining revenues. — Kyle Aristophere T. Atienza

Catch them while they are young

Minsan Fest to bring live OPM to students, young fans

ORIGINAL PILIPINO MUSIC (OPM) acts The Itchyworms, Mayonnaise, TONEEJAY, SUD, Ebe Dancel, The Ridleys, Zild, Autotelic, Reese Lansangan, Clara Benin, Minaw, and thesunmanager are the 12 headliners gracing the inaugural Minsan Fest stage this May.

Independent events production company Minsan Studio told BusinessWorld in a Zoom interview that the festival is “a culmination of many pay-what-you-can shows and gigs over the past few years,” which targeted the younger crowd.

“We decided to scale up, so that’s why the venue is the Quezon Memorial Circle,” said Minsan Studio head Jason Conanan. “Most elder millennials have the buying power to go to a concert, but they’re not the ones actively posting or talking about the bands. It’s the youth, it’s the kids. This is our way of giving back.”

The summer outdoor festival is scheduled for May 17 from 3 p.m. onwards at the Quezon Memorial Circle in Quezon City. It aims to provide “an affordable and inclusive live music experience, designed specifically to be accessible for students and young fans.”

Tickets to the festival come in the form of the minsan pass, an eco-friendly scannable pass that can be either a lanyard or a bag tag, priced at P349 for attendees aged 24 and below and P699 for those aged 25 and above.

Mr. Conanan explained this pricing: “Once these young ones enter the workforce, they’ll continue to support their favorites throughout their careers. This event that allows them to experience a festival of this scale without having to ask their parents for extra money.”

The minsan pass will also serve as a digital contact card that will not only grant entry to the Minsan Fest, but also provide early access to information about the production outfit’s future events, ranging from gigs and podcasts to music training workshops.

Another thing that sets Minsan Fest apart from other music festivals is its egalitarian approach to artist billing. All 12 of the headliners are equals, “recognizing each artist’s unique fanbase and presence.”

Mr. Conanan, who has worked as a sound engineer and editor for various musicians, said that Minsan Studio’s gigs come from the income of their adjacent events production and documentation company, Livecatch.

“Using the resources from that, we buy our own cameras and lights. Then we’re able to do music-related projects like gigs,” he explained. “We can produce them at a low price point because we own a lot of the equipment, and every time we make money, we reinvest.

“We’re on track to make a Minsan Fest feasible, to repeat it year after year,” he added.

Their line of work in documentation also guarantees that performances are recorded in high quality, to be used as a valuable marketing tool for bands to expand their reach.

The Quezon City local government is a partner organizer of Minsan Fest, hence the venue and the eco-friendly passes. Festivalgoers can also expect to find food and beverage vendors at the Circle.

As a music fan himself, Mr. Conanan said that the long-term vision for Minsan Studio is to “start a movement of experience-building centered on the youth.”

“I think the future is bright. There are different festivals out there, but I know and understand the market that I want to give back to. It’s the kid who can’t afford a P3,000 or P5,000 music festival,” he said.

“We can give them an affordable lifelong experience and build up the local music fanbase. Hopefully more people will catch on.”

Tickets to Minsan Fest are available via minsan.studio/festival. — Brontë H. Lacsamana

IMTAP & PSMEX 2025 kick off with a grand opening ceremony at World Trade Center Manila

The 2nd International Machinery, Tools & Accessories Philippines (IMTAP 2025) and 3rd Philippine Subcon & Manufacturers Exhibition (PSMEX 2025) officially opened on May 8, 2025, with a well-attended and high-energy ceremony at the Lobby of Hall A, World Trade Center Metro Manila.

The event welcomed hundreds of industry leaders, government officials, exhibitors, and professionals from the manufacturing and subcontracting sectors.The program commenced at 10:00 a.m. with the Invocation, Colors performed by the University of Perpetual Help System-DALTA, followed by the National Anthem.

Hermie O. Flores, president of the Aerospace Industries Association of the Philippines (AIAP); and Angelica Andrea P. Barrios, marketing director of MAI Events Management, delivered the welcome remarks, acknowledging sponsors, partners, and special guests.

Keynote messages were delivered by:

  • Engr. Robert O. Dizon, executive director of the Metals Industry Research and Development Center (DoST-MIRDC), for IMTAP 2025
  • Tereso O. Panga, director-general of the Philippine Economic Zone Authority (PEZA), for PSMEX 2025

Dennis Y. Chan, chairman of AIAP, delivered the official Exhibit Opening Message, followed by the Ribbon-Cutting Ceremony at 11:00 a.m., signaling the official launch of the exhibitions.

Attendees then participated in a photo session and exhibition tour which showcased the latest in tools, machinery, subcontracting services, and advanced manufacturing technology.

The ceremony was hosted by DJ Samantha of 96.3 Easy Rock, who brought energy and warmth to the proceedings.

Visitors are welcome to attend IMTAP & PSMEX 2025 free of charge. The event also features a series of technical seminars led by industry experts, offering valuable insights on the latest trends in manufacturing, automation, innovation, and supply chain development. These sessions are open to all attendees and present a great opportunity to learn, connect, and grow within the industry.

With the successful launch of IMTAP and PSMEX 2025, the event continues through May 10, offering a premier platform for networking, business development, and knowledge-sharing among global and local industry players.

 


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OceanaGold PHL Q1 profit falls 36% on lower gold sales

The Didipio Mine, located in the host community of Barangay Didipio, Nueva Vizcaya, operates in approximately 334 hectares of land, representing 34% of its partial declaration of mining feasibility (PDMF) area. — DIDIPIOMINE.COM.PH

LISTED OceanaGold Philippines, Inc. (OGP) saw its net income for the first three months drop by 36% to $7.4 million, as revenue decreased primarily due to lower gold sales.

The company’s revenue fell by 14% to $79.3 million from $92.1 million a year earlier.

“For the first quarter, the company sold 17,800 ounces (oz) of gold, with an average price received of $2,858 per ounce, compared to 31,800 ounces of gold, with an average price received of $2,136 per ounce for the prior corresponding quarter,” the company said in its first-quarter (Q1) financial report released on Thursday.

OGP’s gold production fell to 20,600 ounces during the period, from 26,300 ounces in the same period in 2024.

Its copper production, on the other hand, rose by 13% to 3,400 metric tons from 3,000 metric tons.

“During the first quarter, we safely produced gold and copper in line with our guidance,” said Joan Adaci-Cattiling, president of OceanaGold Philippines.

“We expect to increase our mining rates in the coming quarters and remain focused on safely and responsibly delivering on our guidance for the year, capitalizing on record-high metal prices and continuing to generate strong returns for our shareholders.”

Gold has been hitting record-high prices in the global market amid strong demand from central banks, a weaker dollar, and geopolitical uncertainties.

A Reuters report on Wednesday said the price of spot gold rose 2.4% to $3,413.29 per ounce, its highest since April 22, “when it hit a record high of $3,500.05/oz.”

OGP and the Philippine central bank recently renewed for another three years their gold-buying agreement first executed in May 2022. 

Under the agreement running until March 2028, OGP is required to offer for purchase no less than 25% of its annual gold doré production — an alloy or solid mixture of gold and other metals such as silver — to the Bangko Sentral ng Pilipinas.

In 2024, OGP sold a total of 6,628 ounces of gold doré    or 29% of its gold doré output — to the central bank.

The company operates the 7,750-hectare mine straddling the northern Philippine provinces of Nueva Vizcaya and Quirino. — Kyle Aristophere T. Atienza