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Senate OKs Meralco franchise bill on final reading

PHILIPPINE STAR/RYAN BALDEMOR

THE SENATE on Monday approved on third and final reading a proposed measure that will extend Manila Electric Co.’s (Meralco) franchise for another 25 years.

With an 18-1-0 vote, senators approved House Bill No. 10926, which will allow the power provider to continue constructing, operating, and maintaining its electric distribution systems in areas such as Metro Manila, Bulacan, Cavite, Laguna, Batangas, and Rizal.

“We believe that we can improve Meralco’s services and provide better and more reasonable electricity prices,” Senator Emmanuel Joel J. Villanueva, who sponsored the measure, told the plenary following the approval.

“So again, we stand by our ‘yes’ vote knowing that this measure not only renews a franchise but also strengthens our country’s energy security and consumer rights.”

Under the bill, Meralco will have to allow Filipinos to hold at least 30% of its outstanding capital stock, or a higher percentage, or face franchise revocation.

It must also submit an annual report of its finances and operations to the Philippine Congress by April 30 after the measure takes effect. The report must include details on its rollout of services, audited financial statements, and plans to expand its business.

The power distributor may face a fine of P1 million for each working day of noncompliance if it fails to submit the yearly report.

Under the Electric Power Industry Reform Act (EPIRA) of 2001, power suppliers are mandated to ensure a reliable supply of electricity in a “least-cost manner” or at reasonable rates.

In his third address to Congress in July last year, President Ferdinand R. Marcos Jr. sought a review of EPIRA to address issues affecting the energy sector, particularly high energy prices.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — John Victor D. Ordoñez

Bagets musical adaptation in the works

THE POSTER of the original 1984 movie Bagets. A theater adaptation is in the works.

THE HIT 1984 comedy film Bagets will be given new life through a stage adaptation, Bagets the Musical, the show’s producers announced on Friday.

The musical centers on five friends who are coming of age, played in the original film by Aga Muhlach, William Martinez, JC Bonnin, Herbert Bautista, and Raymond Lauchengco.

Set to arrive in 2026, the theater project is produced by Viva Communications, Inc., and the Philstar Media Group through Philstar Next, its division that handles ventures beyond news publishing.

Philstar Media Group Executive Vice-President Lucien C. Dy Tioco said in a Facebook post that the agreement is for the two companies to “co-produce an adaptation of one of the iconic films that defined the ’80s generation.”

Present at the contract signing on Friday were Mr. Dy Tioco, Philstar Media Group President and Chief Executive Officer Miguel G. Belmonte, Viva Communications Chairman and Chief Executive Officer Vicente R. del Rosario, Jr., and Viva Communications President and Chief Operating Officer Vincent G. del Rosario III.

While the cast and crew behind the musical are still being organized, the producers have revealed that audiencegoers can expect it to hit the stage by the first quarter of 2026. — BHL

T-bills fetch lower rates as BSP signals more cuts

BW FILE PHOTO

THE GOVERNMENT on Monday increased the volume of Treasury bills (T-bills) it awarded for a fourth straight week as the papers fetched lower rates and strong demand after the Bangko Sentral ng Pilipinas (BSP) signaled more policy easing ahead.

The Bureau of the Treasury (BTr) raised P27.6 billion from the T-bills it auctioned off on Monday, higher than the P22-billion plan, as total bids reached P70.649 billion, more than thrice as much as the amount on offer but lower than the P91.06 billion in tenders seen on Jan. 28.

The oversubscription prompted the Treasury to double its acceptance of non-competitive bids for the three- and six-month papers to P5.6 billion each for the fourth consecutive T-bill auction.

Broken down, the Treasury borrowed P9.8 billion via the 91-day T-bills, higher than the programmed P7 billion, as tenders for the tenor reached P27.95 billion. The three-month paper was quoted at an average rate of 5.101%, down by 1.2 basis points (bps) from the 5.113% seen at the previous auction, with accepted rates ranging from 5.05% to 5.123%.

The government also made a P9.8-billion award of the 182-day securities, above the P7-billion plan, as bids stood at P22.35 billion. The average rate of the six-month T-bill stood at 5.477%, 1.1 bps lower than the 5.488% fetched previously. The tenders accepted by the BTr carried rates of 5.418% to 5.518.

Lastly, the Treasury raised P8 billion as planned via the 364-day debt papers as demand for the tenor totaled P20.349 billion. The average rate of the one-year debt decreased by 5.3 bps to 5.671% from 5.724% previously, with bids accepted having rates of 5.6% to 5.72%.

At the secondary market before the auction, the 91-, 182-, and 364-day T-bills were quoted at 5.2786%, 5.5219%, and 5.7118%, respectively, based on PHP Bloomberg Valuation Service Reference Rates data provided by the Treasury.

The government upsized its T-bill award as it saw strong demand, with the papers’ average rates declining week on week and settling below prevailing secondary market levels, the BTr said in a statement.

The T-bills fetched lower yields after BSP Governor Eli M. Remolona, Jr. said they could slash benchmark interest rates by 50 bps this year, with a cut on the table at the Monetary Board’s Feb. 13 policy meeting, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“Since Governor Remolona said they could cut rates by up to 50 bps, with the current policy rate at 5.75%, investors are trying to lock in short-term rates,” a trader said in a text message.

Mr. Remolona said the central bank may cut benchmark interest rates by 50 bps this year as “policy insurance” against risks, adding that the reductions could be implemented in increments of 25 bps each in the first and second semesters.

The Monetary Board has slashed borrowing costs by 75 bps since starting its easing cycle in August last year.

On Tuesday, the government will offer P30 billion in reissued seven-year Treasury bonds (T-bonds) with a remaining life of five years and five 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. — A.M.C. Sy

DoubleDragon says Hotel101 moving closer to Nasdaq listing

HOTEL101GLOBAL.COM

DOUBLEDRAGON Corp.’s (DD) subsidiary, Hotel101 Global Pte. Ltd., is nearing its $2.3-billion (P130 billion) listing on the Nasdaq Stock Exchange in the United States after meeting all requirements.

Hotel101 filed and passed its F-4 registration statement on Saturday, Feb. 1 (local time), or Friday, Jan. 31 (New York time), DD said in an e-mailed statement on Monday.

“This marks a significant step forward as it moves closer toward its upcoming $2.3-billion (P130-billion) US Nasdaq listing, following months of rigorous preparation and compliance with the US Securities and Exchange Commission (SEC) and Nasdaq’s registration and listing requirements,” DD said.

The F-4 registration statement is a filing required by the US SEC for the registration of certain securities by foreign issuers.

DD is set to be the first Filipino company to have a subsidiary listed and traded on the Nasdaq.

Hotel101 will list on the Nasdaq via a merger with JVSPAC Acquisition Corp. The two entities signed a merger agreement in April last year.

The combined entity will trade under the ticker symbol “HBNB.”

DD said it is poised to generate P51.3 billion in fresh equity capital, led by the upcoming Nasdaq listing of Hotel101, the equity follow-on, and the real estate investment trust (REIT) public listing of its subsidiary, CentralHub.

Meanwhile, DD said in a regulatory filing that it started the offer period for its bond offering worth up to P10 billion on Monday as the company grows its cash reserves.

The offer period for the seven-year peso retail bond issuance will run until Feb. 14, with the target listing on the Philippine Dealing and Exchange Corp. on Feb. 21.

DD said it received the bond offering’s order of registration and permit to sell, dated Jan. 31, from the Philippine SEC.

The bond issuance consists of a P5-billion base offer and a P5-billion oversubscription option, priced at 7.77% per annum. It is the second tranche of DD’s P30-billion shelf-registered retail bonds program, with the third and final tranche planned for issuance by next year.

The second tranche received a PRS Aaa credit rating with a stable outlook from the Philippine Rating Services Corp. (PhilRatings), which means that the offering has marginal credit risk and the rating is likely to remain unchanged in the next twelve months.

DD previously said the issuance will be its lone peso retail bond offering for 2025.

The company previously said the bond issuance will help boost cash reserves, which will subsequently improve its balance sheet.

DD tapped Land Bank of the Philippines, RCBC Capital Corp., and Unicapital, Inc. as the joint issue managers, joint lead underwriters, bookrunners, and selling agents for the issuance.

In November, DD ended the offer period for its P10-billion fixed-rate peso retail bond issuance two days earlier than planned due to high investor demand.

It was priced at 8% per annum and was the first tranche of the company’s P30-billion multi-year retail bond issuance.

DD is engaged in real estate development, including retail leasing, office leasing, hospitality, and industrial leasing.

On Monday, DD shares were unchanged at P9.70 apiece. — Revin Mikhael D. Ochave

Meteor Garden’s Barbie Hsu dies of flu

TAIPEI — Taiwanese actor Barbie Hsu, who rose to fame across Asia as the romantic lead in the 2001 television drama Meteor Garden, has died of influenza aged 48, her sister said on Monday.

Known by the nickname “Big S,” Ms. Hsu died on a family holiday in Japan, said sister Dee Hsu, in news that became the most searched item on China’s Weibo microblogging service.

“My dearest and most kindhearted sister Barbie Hsu died of influenza-induced pneumonia and unfortunately left us,” Dee, known as Little S, said in a statement.

“I was grateful to be her sister in this life and that we got to care for and spend time with each other. I will always be grateful to her and miss her!”

The sisters first found fame with their pop group S.O.S., but Ms. Hsu’s leading role in the romantic Taiwanese soap Meteor Garden cemented her popularity.

She was married to Korean rapper Koo Jun-yup “DJ Koo” for nearly three years after ending an 11-year marriage with Chinese entrepreneur Wang Xiaofei. She is survived by two children. — Reuters

BPI posts record profit

BW FILE PHOTO

BANK of the Philippine Islands’ (BPI) net profit rose by 20% year on year to a record-high P62 billion in 2024 driven by double-digit revenue growth.

This translated to a return on equity of 15.1% and return on assets of 2%, the bank said in a disclosure to the stock exchange.

For the fourth quarter alone, BPI’s net income grew by 8% year on year to P14.1 billion.

Its financial statement was unavailable as of press time.

The bank’s revenues increased by 23% to P170.1 billion last year, it said.

This came as its net interest income rose by 22.3% to P127.6 billion, driven by a 16.8% expansion in its average asset base expanded 16.8%.

Its net interest margin widened by 22 basis points (bps) to 4.31%, it added.

“Further boosting revenues was the 25.3% increase in non-interest income to P42.6 billion, driven by higher income from the credit card, wealth management and bancassurance businesses, as well as gains from securities trading,” BPI said.

Meanwhile, its operating expenses increased by 21.3% to P83.8 billion due to higher manpower, technology, and volume-related costs.

Its cost-to-income ratio went down by 71 bps to 49.3%.

BPI also set aside loan loss provisions of P6.6 billion last year, up 65% from the 2023 level.

The bank’s loans stood at P2.3 trillion at end-2024, expanding by 18.2% year on year. This total includes the loan portfolio that BPI acquired from Robinsons Bank Corp. following their merger that took effect in January 2024. Excluding the boost from Robinsons Bank, BPI’s own loans grew by 13% last year.

“Institutional loans grew 11.1%, while non-institutional loans soared 41.7%, driven by strong growth across all portfolios led by Business Banking, up 126%, Personal Loans, up 92.1%, and Microfinance, up 62.3%,” BPI said.

Its nonperforming loan (NPL) ratio stood at 2.13%, with its NPL coverage ratio at 106.2%.

On the funding side, BPI’s total deposits rose by 13.9% to P2.6 trillion, which it said was mainly driven by an increase in time deposits.

“Total funding grew 14.2% to reach P2.78 trillion, driven by a shift from time deposits to bonds issuance as a more cost-efficient funding source, leading other borrowed funds to rise 19%,” it said.

“The bank’s CASA (current account, savings account) ratio was 63.2%, with the loan-to-deposit ratio at 87.5%, while CASA versus total funding was at 59.5% and loan-to-total funding was at 82.3%.”

BPI’s assets expanded by 14.9% to P3.3 trillion at end-2024.

Total equity was at P430.5 billion. Its indicative common equity Tier 1 ratio was at 13.8% and its capital adequacy ratio of 14.5%, both above regulatory requirements.

BPI’s shares climbed by P3.80 or 3.27% to close at P120 apiece on Monday. — A.M.C. Sy

NAC reaches deal with Sumitomo Metal to sell Coral Bay stake

NICKELASIA.COM

NICKEL ASIA Corp. (NAC) has signed a deal to sell the company’s entire 15.625% stake in Coral Bay Nickel Corp. (CBNC), a nickel processing operator, to Sumitomo Metal Mining Co., Ltd. (SMM).

In a regulatory filing on Monday, NAC said that it had signed a share purchase agreement (SPA) with SMM to sell NAC’s 15.625% stake in CBNC.

“NAC has jointly signed the SPA with SMM, effective today (Feb. 3), for the sale of all of the CBNC shares in accordance with the terms and conditions of the SPA,” the company said.

“The purchase price of the CBNC shares is based on the carrying amount of the CBNC shares in NAC’s financial statements as of Sept. 30, 2024,”it added.

According to the company’s third-quarter financial statement, NAC’s net assets in CBNC amounted to P23.81 billion, while the company shares were worth P680.4 million as of Sept. 30.

Earlier, NAC disclosed that it was in talks with SMM, the majority shareholder of CBNC, to sell its stake in the processing plant operator.

CBNC operates the Coral Bay high-pressure acid leach (HPAL) processing plant in Rio Tuba, Palawan, which processes metals from lateritic nickel ore. The metals are converted into nickel and cobalt-mixed sulfide.

The processed products are shipped and refined in Japan to become components in the electronics, chemical engineering, and aerospace industries. Refined products are also used as battery components for electric vehicles.

Nickel Asia supplies the ore for processing to the Coral Bay plant from its mining operations, namely Rio Tuba in Palawan, Taganito and Tagana-an in Surigao del Norte, the Cagdianao mine in Dinagat Islands, and the Dinapigue mine in Isabela.

Nickel Asia shares rose 4.15%, or nine centavos, to close at P2.26 apiece on Monday. — Adrian H. Halili

New players eye PHL digital bank sector

BW FILE PHOTO

By Luisa Maria Jacinta C. Jocson, Reporter

TWO FOREIGN digital banking players are interested in entering the Philippine market, the Bangko Sentral ng Pilipinas (BSP) said.

“There is no official filing yet, but there are two very interested players. There’s still no formal application because they’re trying to complete the documentary requirements, but they are very much interested,” BSP Deputy Governor Chuchi G. Fonacier said over the weekend.

These potential applicants already operate digital banks in other jurisdictions but will be new players in the Philippines, she added.

The Monetary Board lifted a three-year moratorium on new digital banking licenses effective January.

The BSP is now set to allow four more digital banks to operate in the country, which would bring the total to 10. These can either be new applicants or banks that will convert their existing license to a digital one.

The central bank said applicants must “bring something new to the table” and offer innovative products to better reach underserved and untapped markets. They will also undergo a rigorous licensing process that will evaluate their value proposition, business models and resource capabilities.

There is no definite timeline as to when these potential new players will be awarded licenses as this would depend on their compliance with the central bank’s requirements, Ms. Fonacier said.

“The very requirement of the governor and the Monetary Board is that they should really have a very good value proposition. They should not have an existing business model of another player,” she said.

“We cannot say right away that the two interested (players) will be automatic because they were the first to file. We will base it on the evaluation… It’s not just submitting documentary requirements, but rather, they really need to describe their business model.”

As part of the application process, firms will need to give the BSP a walkthrough of their specific plans and business models, Ms. Fonacier added.

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

ISLAMIC DIGITAL BANKS
Meanwhile, Ms. Fonacier said two Islamic lenders are also looking to set up digital banks in the country.

“When I joined the Malaysian leg in the roadshow, one bank was asking about the possibility of becoming the first Islamic digital bank,” she said. “That was last year, so we said, the moratorium for digital banks will be lifted, so it’s very much possible.”

This Islamic bank is already present in the Philippines and is seeking to venture into digital banking as well, she added.

Another foreign Islamic bank, a “major player in Malaysia,” is also interested in setting up shop in the Philippines, Ms. Fonacier said.

“It will depend on them who will become the first Islamic digital bank.”

The BSP has been working to expand Islamic finance in the country. Ms. Fonacier said they are hoping to encourage more players in Islamic banking.

The three entities with Islamic banking operations in the country are the state-owned Al Amanah Islamic Investment Bank, Maybank Philippines, and CARD Bank, Inc., which opened an Islamic banking branch in Cotabato City last year.

“Right now, there are only three, so maybe it would be good to have up to maybe six or about seven [additional players]. With more players, there would be more competition,” the official said.

“With the roadshows we conducted in Indonesia and Malaysia, we were able to entice a major player in Islamic banking to put up shop or to be present in the Philippine market.”

She added that the central bank is also in support of another Sukuk bond issuance, preferably peso-denominated.

“The Bureau of the Treasury is also mulling another Sukuk sovereign issuance, or it could be a peso Sukuk — that’s what the Governor is saying. We already did a dollar Sukuk. It would be nice to do a peso Sukuk. Those are the major (milestones) we are expecting.”

In December 2023, the Philippine government issued its first-ever Islamic bonds, raising $1 billion from the sale of 5.5-year dollar-denominated Sukuk bonds.

Sukuk or Islamic bonds are certificates that represent a proportional undivided ownership right in tangible assets, or a pool of tangible assets. These assets could be in a specific project or investment activity that is Shari’ah-compliant.

Entertainment News (02/04/25)

Spotify brings Taylor Swift experience to Asia

SPOTIFY is bringing an immersive exhibition, This Is Taylor Swift: A Spotify Playlist Experience, to Jakarta, Manila and Seoul. Bringing Spotify’s “This Is Taylor Swift” playlist to life, every element of the experience has been created to reflect the evolution of the singer’s artistry. There will be a gallery chronicling a journey through her 11 musical eras; a space where Swift’s iconic lyrics come to life; and an exclusive Spotify “This Is Taylor Swift” limited-edition keychain designed for fans to easily access Taylor’s discography on Spotify after the event. This Is Taylor Swift: A Spotify Playlist Experience will be in Manila on Feb. 21-23. For updates, look for @spotifyph on social media.

Sarah Geronimo to headline Enigma Music City

ASIA’S Popstar Royalty, Sarah Geronimo, is set to headline Enigma Music City on Feb. 8, 1 p.m. onwards, at Bridgetowne Open Grounds in Pasig City. The music festival hopes to provide an immersive experience, blending music, art, and interactive storytelling. Ms. Geronimo will be performing a new setlist. The festival lineup also includes James Reid, Barbie Almalbis, Adie, Arthur Nery, Drag Race PH S3 Queens, The Juans, Rob Deniel, Janine Tenoso, Paul Pablo, Ace Banzuelo, Over October, Loki, Alamat, and Kaia. Tickets are available in four tiers: VIP (P3,980), Platinum (P2,550), Gold (P1,620), and City (P640). To purchase tickets, visit enigmacityph.com.

Bacolod joins PHL film industry roadmap

BACOLOD CITY government officials and Negrense filmmakers recently met with the Film Development Council of the Philippines and global creative industries research organization Olsberg•SPI to discuss the development of a strategic roadmap for the future of the country’s film industry. The consultative meeting focused on the Bacolod filmmaking industry, the city’s pitch to become a UNESCO Creative City of Film, the recently concluded Bacolod Film Festival, and proposals for a filmmaking workshop or bootcamp.

Netflix announces 3 local titles for 2025

THIS year, Netflix is bringing in a fresh wave of original Filipino content. First off is the Maris Racal and Anthony Jennings starrer Sosyal Climbers, where the two controversial celebrities play hustlers Jessa and Ray. The trailer is now available online. Coming later this year are One Hit Wonder, a music-centered romance starring Sue Ramirez and Khalil Ramos, and the comedy Kontrabida Academy with Eugene Domingo and Barbie Forteza.

CreaZion Studios unveils Everything About My Wife

TO KICK off love month, CreaZion Studios has released the official poster and cast photos for the upcoming romance film Everything About My Wife. The film, a collaboration with GMA Pictures, highlights Dennis Trillo, Jennylyn Mercado, and Sam Milby in a love triangle set in a fine dining restaurant setting. The film is directed by award-winning filmmaker Real Florido and written by Rona Co.

Disney announces Jonas Brothers Christmas movie

DISNEY Branded Television has announced the development of the Jonas Brothers Christmas Movie, a holiday comedy from 20th Television that is slated to premiere during the 2025 holiday season on Disney+. In the movie, the Jonas brothers — Kevin, Joe, and Nick — face a series of escalating obstacles as they struggle to make it from London to New York in time to spend Christmas with their families. The Jonas Brothers also serve as producers. Isaac Aptaker and Elizabeth Berger will write and produce while Jessica Yu will direct, with original songs by Justin Tranter.

You’re Cordially Invited streaming on Prime Video

PRIME VIDEO has just released the wedding comedy, You’re Cordially Invited, now streaming in the Philippines. It is directed by Nicholas “Nick” Stoller and features an all-star cast including Will Ferrell, Reese Witherspoon, Geraldine Viswanathan, and Meredith Hagner. Set in a remote island resort, the story follows the chaos of a double-booked wedding.

Mickey 17 to premiere in Philippines in March

FROM the Oscar-winning Parasite director Bong Joon-ho comes the sci-fi dark comedy epic Mickey 17, starring Robert Pattinson. It is set to hit Philippine cinemas on March 5. The film stars Mr. Pattinson as Mickey, a disposable employee whose body is regenerated upon death to continuously fulfill his tasks in a space expedition. The cast also includes Naomi Ackie, Steven Yeun, Toni Collette, and Mark Ruffalo.

Netflix’s next K-drama When Life Gives You Tangerines

ON March 7, Netflix will be releasing a South Korean romance slice-of-life K-drama titled When Life Gives You Tangerines. It stars singer-songwriter and actress Lee Ji-eun as “the remarkable rebel” Ae-sun and award-winning actor Park Bo-gum as “the unyielding iron” Gwan-sik, whose love story develops through four seasons on Jeju Island. The series is created by director Kim Won-suk and screenwriter Lim Sang-choon.

Jolianne drops coming-of-age debut EP

CEBUANA singer-songwriter Jolianne has released her debut EP, Plain Girl, via Sony Music Entertainment and Careless Music. Featuring songs written between the ages of 16 and 20, the record captures a transformative period in her life, as she navigates the complexities of teenhood and embraces self-discovery. The R&B-infused pop EP Plain Girl is now on all digital music streaming platforms.

Number_i celebrates 1st anniversary with new single

J-POP group Number_i, composed of Hirano Sho, Jinjuji Yuta, and Kishi Yuta, has released a new single titled “GOD_i.” The track showcases a fresh sonic direction for the group, blending a melancholic top line with an upbeat chorus. It follows their debut appearance at the 75th NHK Kohaku Uta Gassen in December, and arrived in time to commemorate their first anniversary as a group on Jan. 1. It can be streamed on digital music platforms worldwide.

Imago releases new single under Sony

FILIPINO alt-rock band Imago has officially signed with Sony Music Entertainment and released a new song under the label, titled “Gulong-Gulo.” The track is a sonic exploration of love’s complexities. The song is out now on all music streaming platforms.

Sasha Alex Sloan contributes to Arcane’s soundtrack

RIOT GAMES and Virgin Music Group have revealed a new version of a song from the animated series Arcane called “What Have They Done to Us,” featuring the vocals of Sasha Alex Sloan. This new take on the standout track from Arcane League of Legends: Season 2 is composed by Mako and Grey. The single will be featured on a deluxe extended edition of the season 2 soundtrack, which will be released in spring 2025 and will include several additional remixes and features.

Taguig integrated terminal to start operations by 2028

THE TAGUIG CITY Integrated Terminal Exchange (TCITx) is expected to be fully operational by the first quarter of 2028, according to the Transportation department.

“This project will be instrumental in decongesting major thoroughfares and offering a smoother journey for the riding public. We eagerly anticipate its completion and operational launch in the first quarter of 2028,” Transportation Secretary Jaime J. Bautista said during the TCITx’s groundbreaking ceremony on Monday. 

Located at Ayala Land, Inc.’s (ALI) Arca South mixed-use development, TCITx will span 5.57 hectares and will cater to up to 160,000 passengers and 5,200 vehicles daily.

TCITx’s project cost, as approved by the National Economic and Development Authority (NEDA) Board, is P4 billion.

The project will be directly integrated with the North-South Commuter Railway (NSCR) and the Metro Manila Subway Project. It will also have connections to provincial and city buses, as well as other public utility vehicles.

Construction of the project will begin in the first quarter of 2025 and is slated for completion by 2027. Project testing and commissioning will commence by the first quarter of 2027.

TCITx is expected to benefit commuters from Metro Manila, Laguna, Cavite, and Batangas. It is designed to function similarly to the Parañaque Integrated Terminal Exchange.

“One can come from Laguna via bus and transfer to the subway to go to Quezon City or take the NSCR and head straight to Pampanga,” ALI President Anna Ma. Margarita B. Dy said during her speech at the groundbreaking ceremony.

“This is the kind of transportation infrastructure that truly propels productivity and growth, not just for Taguig, not just for the southern provinces of Manila, but for the country as a whole,”she added. 

TCITx is a private-public partnership project awarded to ALI in 2015, with a 35-year concession period. It was originally set to be operational by 2020 but encountered several right-of-way issues.

Some of the developments within the 74-hectare Arca South include the Healthway Cancer Care Hospital, a Landers Superstore, Arca South Pitch, and residential developments from Ayala Land brands.

It will also feature the Ayala Malls Arca South, which is set to open its first phase in December this year. 

Arca South is also connected to the Southeast Metro Manila Expressway (C6 Expressway) project. ALI is the real estate subsidiary of the listed conglomerate Ayala Corp.

On Monday, ALI shares rose by 7.62%, or P1.70, to close at P24 apiece. — Revin Mikhael D. Ochave

A night of music and escape with Aurora

MICHELLE ANNE P. SOLIMAN

By Michelle Anne P. Soliman

Concert Review
Aurora: What Happened to the Earth? Part 4
Jan. 31, 2025
New Frontier Theater, Araneta City, Cubao, Quezon City

IT TOOK half an hour after the performance-fantasy-storytelling project by Yaelokre and Filipino-Japanese singer Ena Mori before Norwegian singer Aurora (real name: Aurora Aksnes) entered the stage. The audience — her fanbase call themselves Warriors and Weirdos — cheered when the lights dimmed and a video on screen showed the singer facing the camera saying, “It’s so quiet. Hello?” The haunting introduction of “Churchyard” (2019) began in the background as Ms. Aksnes entered the stage barefoot, looking like a forest fairy in a light-colored gown.

After two opening songs, the 28-year-old singer greeted the crowd, “It’s about time that time here. You have no idea how excited I am to be here finally.” She then quickly responded to the screams by casually imitating the crowd’s excitement. “Everyone that we have met — what kindhearted people you are. I don’t know how to explain it. It’s something in people’s eyes and hearts here that is just incredible. I have felt so good since the very second I came to your country,” she said.

She said that she will proceed with a song, of course, asking the crowd how to say “of course” in Filipino. She made three attempts to say “siyempre” and got it right the third time.

As a surprise for the evening, she performed “Infections of a Different Kind” (2018), which she introduced as a song she “wrote from a dream” at age 18. This song is a personal favorite because it showcases the singer’s wide vocal range. The intense red stage lights shifted to blue for a calmer atmosphere. The crowd fell quiet as she sang and hit the notes flawlessly, similar to the studio version.

After the first ballad of the night, came an ethereally subdued version of “The River” (2019), accompanied only by Zen-like background music on a loop which highlighted the blend of the melody with the harmonies of the backing vocals.

Things then shifted to an upbeat mood with “A Soul with No King” (2024) and “All is Soft Inside” (2018). This was followed by a mysterious rendition of the 2016 single “Runaway” — a track that recently garnered 1 billion streams on Spotify. It was probably the most popular song of the night as the crowd sang along from beginning to end.

In her second chat, Ms. Aksnes asked the audience how to say “salamat” and “mahal kita.” The crowd had fun teaching her the words by the syllable which she repeated until she said (and proudly screamed them out) correctly. “Thank you for teaching me. It’s a very beautiful language. I only know three things, but I want to learn more, I promise next time when I come back,” she said enthusiastically.

To introduce the love song, “Exist for Love” (2020), she told the crowd, “You are worthy of love… You should be free in the love you have in you, because it is so important.” The stage lights transitioned to a deep blue accompanied with visuals of what looked like stars or fireflies, creating a relaxed atmosphere. The crowd grew quiet as they waved their light sticks and white roses.

The standout performance of the evening was “The Seed” (2019), an anthem for Mother Earth. The blue stage lights remained, and graphics of dried trees flashed on screen. Once again, the crowd began to sing along, but Ms. Aksnes’ words and upper-range vocalizations (that have similar qualities to traditional Scandinavian herd calling kulning) stood out and sounded clear. It was hauntingly beautiful to watch.

When the introduction to the next song began, it took me a while to realize it was “Starvation” — a track from her latest album, What Happened to the Heart? (2024). The bass dropped midway, intense red stage lights were joined by blinking strobe lights, and the concert turned into a rave party.

After Ms. Aksnes exited the stage, the crowd naturally cheered for more. I was thinking (and hoping) that my other favorite song — the women empowerment anthem, “Queendom” (2018) — would be part of the encore.

The energy in the theater continued when she re-entered the stage singing “Cure for Me” (2021), a dance track about self-love and acceptance. The energy was on a new level when she waved the Pride flag and moved around with improvised movements.

Near the concert’s final moments, the singer began accepting gifts from those in the front row, including a rays of sunlight headdress. Without hesitation, she put it on as she sang “Some Type of Skin” (2024).

The show ended quietly with Ms. Aksnes alone onstage playing the keyboard on the final song about recovering from pain, “Invisible Wounds” (2024).

I never expected that a Norwegian artist with a niche fanbase like her’s (I have never heard her songs on Philippine radio), would schedule a stop in Manila for the Asian leg of her tour. It ticked off an item on my bucket list to see her perform live.

Before the encore, Ms. Aksnes thanked the crowd for a sold-out show, and said that is a possible reason “to have her back.” I am keeping my fingers crossed that she returns. Hopefully, she performs “Queendom” then.

Listen to Aurora on Spotify, Apple Music, Deezer, or visit https://www.aurora-music.com/.

 

Michelle Anne P. Soliman was a BusinessWorld reporter covering the lifestyle beat from 2017 to 2023.

UnionBank net income climbs by 31% in 2024

PHILIPPINE STAR/KRIZ JOHN ROSALES

UNION BANK of the Philippines, Inc. (UnionBank) saw its net income rise by 30.69% year on year in 2024 on the back of the strength of its consumer business, improved margins, and higher revenues.

The Aboitiz-led bank’s net income stood at P12.03 billion last year, up from P9.205 billion in 2023, it said in a disclosure to the stock exchange on Monday.

Its financial statement was unavailable as of press time.

“After completing the migration of Citi-branded consumer accounts early last year, we continue to invest heavily to ensure that we elevate customer experiences. We are committed to deliver differentiated product offerings and experiences to our now 17 million customers across all of their preferred customer touchpoints. I am confident that our renewed focus on customer-centered innovation will allow us to deliver greater value this year and in the years to come,” UnionBank President and Chief Executive Officer Ana Maria Aboitiz-Delgado said.

The bank’s net interest income rose by 11.64% to P58.028 billion last year from P51.976 billion in 2023. Its interest earnings increased by 6.59% to P83.74 billion, while interest expense dropped by 3.29% to P25.71 billion.

Net interest margin was at 6%, up by 49 basis points year on year, UnionBank said, noting this is “among the highest in the industry.”

The lender’s other income grew by 14.46% year on year to P21.521 billion from P18.802 billion.

“[The] bank’s fee income as a proportion of its assets is nearly double the Philippine banking industry’s average, fueled by increasing customer transactions such as bills payments and funds transfers, as well as interchange and other card-related fees,” UnionBank said.

This brought its net revenues to P79.5 billion, up by 12.4% year on year.

“Our retail-focused strategy allowed us to book record-high top-line revenues. We should see the continued improvements in our net income moving forward, as we realize the synergies brought about by our integrated consumer operations,” UnionBank Chief Financial Officer Manuel R. Lozano said.

“Consumer loans now account for 61% of the total loan portfolio, nearly three times higher than the industry average. This is diversified across credit cards, mortgage loans, personal/salary loans, and vehicle loans” the bank added.

It said its retail customer base is now at 17 million.

Meanwhile, the bank’s operating expenses inched down by 1.39% to P44.262 billion from P44.888 billion.

It set aside P19.6 billion in provisions for credit losses last year, up from P14.04 billion in 2023. 

Based on its statements of condition, UnionBank’s net loans and receivables inched down by 0.67% to P522.64 billion in 2024 from P526.15 billion a year prior.

Deposit liabilities also declined to P676.32 billion from P712.57 billion.

UnionBank’s assets stood at P1.145 trillion at end-2024.

Its capital funds increased by 11.64% to P196.07 billion from P175.63 billion.

UnionBank’s shares rose by 70 centavos or 2.03% to end at P35.15 each on Monday. — Aaron Michael C. Sy

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