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Aragon-GoBio to succeed Gokongwei as RLC president, CEO

Robinsons Land’s Mybelle V. Aragon-GoBio

ROBINSONS Land Corp. (RLC) announced that Lance Y. Gokongwei is stepping down as its president and chief executive officer (CEO) and will be replaced by Maria Socorro Isabelle “Mybelle” V. Aragon-GoBio effective Feb. 1.

Mr. Gokongwei will remain as RLC’s chairman despite relinquishing his role as president and CEO, the property developer said in a stock exchange disclosure on Monday.

With her appointment, Ms. Aragon-GoBio is RLC’s first female president and CEO.

Mr. Gokongwei has been RLC’s president and CEO since Jan. 8 last year. He replaced Frederick D. Go, who now heads the Office of the Special Assistant to the President for Investment and Economic Affairs.

Ms. Aragon-GoBio, also elected as RLC’s director, has over 30 years of experience in the real estate industry.

She started her career with RLC in 1993 and has held leadership roles across logistics, residential and office developments, and mixed-use estates.

Prior to her appointment, Ms. Aragon-GoBio was the senior vice-president and business unit general manager of Robinsons Destination Estates and Robinsons Logistics Division.

She also currently serves as the director of Luzon International Premier Airport Development Corp. and Altus Property Ventures, Inc.

“Ms. Aragon-GoBio brings with her a wealth of experience, deep industry expertise, and a forward-thinking vision that will drive RLC into a new chapter of growth and innovation,” RLC said in a separate statement.

“Her steadfast commitment to operational excellence, customer-centricity, agile approach, and sustainable development will undoubtedly strengthen RLC’s market leadership and create long-term value for all stakeholders,” it added.

Ms. Aragon-GoBio earned her degree in Management Engineering from Ateneo de Manila University in 1993 and completed a minor in International Business at the University of Antwerp.

Meanwhile, RLC announced that Mr. Gokongwei’s sister, Robina Gokongwei-Pe, is also stepping down as director effective Feb. 1, following Ms. Aragon-GoBio’s appointment.

RLC shares were unchanged at P13.22 apiece on Monday. — Revin Mikhael D. Ochave

First Gen secures permit for LNG terminal in Batangas

BW FILE PHOTO

FGEN LNG Corp., a wholly owned subsidiary of Lopez-led First Gen Corp., said it has received a permit from the Energy department to operate and maintain its interim offshore liquefied natural gas (LNG) terminal in Batangas.

The permit allows the operation of the project for its own use and is valid for 25 years, First Gen said in a statement on Monday.

The project, in partnership with Tokyo Gas of Japan, consists of a multi-purpose jetty and an onshore gas receiving facility representing the initial phase of the FGEN LNG Terminal that was certified by the Department of Energy (DoE) as an “energy project of national significance” under Executive Order No. 30.

“We are thankful to Secretary Raphael P. M. Lotilla and the Downstream Natural Gas Review and Evaluation Committee for the support and guidance provided throughout this process, and for issuing the POM,” First Gen President and Chief Operating Officer Francis Giles B. Puno said.

“Last year, the Project has enabled the introduction of LNG to supplement Malampaya to ensure energy security, especially during the past summer,” he added.

In 2023, FGEN LNG completed the LNG terminal facility situated at the First Gen Clean Energy Complex and executed a five-year time charter party for its floating storage and regasification vessel, the BW Batangas.

First Gen utilizes LNG for its existing gas-fired power plants with a combined capacity of 2,017 megawatts, which have been supplied for many years with gas from the Malampaya field.

“In line with the thrust of the DoE’s Philippine Energy Plan 2023-2050, the Project will support the introduction of more natural gas plant generation that will serve as the bridge fuel and offer flexible power generation to support the introduction of more intermittent RE (renewable energy) in the country,” the company said.

At present, First Gen has a total of 3,668 megawatts of combined capacity coming from its portfolio of plants that run on geothermal, wind, hydro, solar energy, and natural gas. — Sheldeen Joy Talavera

MGen unit to build 600-MW gas-fired power facility in Singapore

MERALCOPOWERGEN.COM.PH

PACIFICLIGHT Power Pte. Ltd. (PLP), a subsidiary of Meralco PowerGen Corp. (MGen), is set to build a 600-megawatt (MW) gas-fired power facility in Singapore after being awarded a contract by the Energy Market Authority (EMA).

PLP has been awarded the right to build, own, and operate a hydrogen-ready combined cycle gas turbine (CCGT) facility on Jurong Island, the company said in a media release on Monday.

The project is scheduled for commercial operation in January 2029 and is poised to become Singapore’s largest of its kind.

PLP, owned by MGen and Hong Kong-based First Pacific Group, is a Singapore-based power generation and electricity retail company operating since 2014 and generating close to 10% of the country’s demand.

MGen is the power generation arm of Manila Electric Co. (Meralco).

The new plant will add to PLP’s existing 830-MW CCGT facility and 100-MW of Fast Start capacity currently under construction that is due to begin operations in the second quarter of the year, according to Meralco.

It will also be paired with a large-scale battery energy storage system — the first-ever CCGT unit integrated with the technology in Singapore.

The new plant will be capable of using at least 30% hydrogen from inception and will have the ability to burn 100% hydrogen in the future depending on market and regulatory demands.

Its greenfield site on Jurong Island is expandable to accommodate a second CCGT unit as well as “potential future integration of carbon capture, utilisation, and storage technology” for PLP’s long-term decarbonization strategies.

“PLP’s continuing strong performance in a very competitive power market has enabled us to move forward with this industry-leading project to bring additional clean power to Singapore,” said Meralco Chairman and Chief Executive Officer Manuel V. Pangilinan. “PLP’s ability to take on a meaningful project such as this cements its place among MGen’s core holdings.”

MGen President and Chief Executive Officer Emmanuel V. Rubio said that the project “exemplifies MGen’s steadfast commitment to innovation, sustainability, and excellence.”

“As we advance with this investment, we are not only addressing Singapore’s growing energy needs but also setting a new standard for integrating efficiency and environmental responsibility in power generation. Together with our partners, we are paving the way for a greener and more resilient energy future in the region,” Mr. Rubio said.

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. — Sheldeen Joy Talavera

Machiavellian leadership and the quest for political reformation: Can strong leadership save a nation in crisis?

FREEPIK

The nation is teetering on the brink of chaos. A fragile political ecosystem is under intense strain, especially with the scrutiny surrounding the 2025 national budget, which is laden with accusations of corruption. If not addressed with urgency and precision, this may reach a point where the people’s frustration boils over into civil unrest. A country rich in natural beauty, resources, and potential, seemingly destined for prosperity, has instead fallen into a dark and disheartening state of affairs. The question arises: Where did we go wrong?

In his book Machiavelli on Modern Leadership, Michael A. Ledeen explores why Machiavelli’s timeless principles still resonate today, five centuries after they were first penned. Ledeen argues that Machiavelli’s insights into power, governance, and leadership are crucial for understanding the challenges facing modern political landscapes. One key idea from Machiavelli is that treason, deceit, and betrayal are pervasive in the world of politics. Those in power often prioritize personal satisfaction and wealth, undermining the public good. This rings true in the Philippines today, where rampant corruption among legislators has sapped the resources meant for the public, enriching politicians and their families at the expense of the nation’s most vulnerable citizens.

THE CRISIS OF CORRUPTION: A NATION IN PERIL
The current situation is a testament to the truth of Machiavelli’s statement: “All men are wicked.” In his Discourses, Machiavelli observes that people are inherently inclined to act with malignancy when opportunity arises. The unchecked greed that plagues the country’s political system has created an environment where corruption is no longer the exception, but the norm. From the allocation of pork barrel funds to the vast leakages in government procurement projects, every level of governance has been compromised by the pursuit of personal gain. Is it any wonder, then, that successive administrations have failed to reverse the nation’s economic and political decline?

This dilemma underscores a broader existential crisis facing the nation. The political leadership, having been tainted by greed and incompetence, continues to fail the people. The electorate, conditioned by a cycle of disillusionment, now accepts corruption as a facet of political life. This toxic culture perpetuates an environment where “the powerful are untouchable” and the marginalized are further pushed into despair. So, how can a nation trapped in this cycle of degradation find a way to restore hope and order?

MACHIAVELLI’S SOLUTION: THE NECESSITY OF STRONG LEADERSHIP
Machiavelli’s answer lies in what some may view as a drastic, if not unpopular, solution: temporary dictatorship. In Machiavellian terms, this is a necessary evil to restore order and put an end to the corruption that has infested the government. While the concept of dictatorship often evokes negative connotations, Machiavelli contends that when a state is in turmoil, a strong, decisive leader can wield temporary authoritarian power to root out corruption and enact necessary reforms.

The leader must be someone who is both feared and loved by the people. This paradox is essential: the leader must have the courage to punish those who threaten the public good, but at the same time, maintain a reputation for being virtuous and just. If the leader fails to strike this balance, they will lose the people’s trust and, ultimately, their support.

In the Philippine context, this principle is particularly relevant. A strong leader who is willing to confront the entrenched powers of Congress — the very institution that sustains the culture of corruption — might be the only one capable of restoring order. The leader must be willing to crack the whip, purge corrupt officials, and show that no one is above the law.

THE POWER OF PUNISHMENT A CRUCIAL TOOL FOR CHANGE
One of Machiavelli’s most important insights is the role of punishment in ensuring political stability. According to him, the dramatic punishment of malefactors — those who have betrayed the public trust — serves a dual purpose. First, it sends a clear message that no one, regardless of their power or status, is exempt from the law. Second, it creates a psychological impact on the people, reminding them that the law is a force greater than individual ambition or corruption.

In the Philippine political system, there have been instances when high-ranking officials were accused of corruption — yet instead of facing the full brunt of the law, they were often rewarded with impunity or released from prison due to political maneuvering. Machiavelli would argue that this is a fatal mistake, for it only encourages further corruption and undermines the rule of law. The cycle of impunity needs to be broken.

If the country is to recover, the judicial system must act decisively. Those who have plundered the nation’s resources should be punished, not only to serve justice but also to restore public faith in the institutions of power. Political leaders who have embezzled public funds or abused their power must be removed from office, imprisoned, and made to answer for their crimes.

RESTORING THE VITAL PILLARS OF THE STATE
For the nation to truly recover from its political and economic crisis, Machiavelli identifies three critical pillars that any well-constituted state must maintain: laws, arms, and religion.

• Laws: In the current system, laws are often delayed, selectively enforced, and manipulated by powerful individuals. The legal system must be reformed to ensure that justice is served swiftly, equitably, and without prejudice.

• Arms: The military and police forces are critical to upholding order. However, the influence of Congress over the military budget has compromised their ability to function independently. If the military and police are to serve the public interest, they must be given the autonomy and resources to act without fear of political interference.

• Religion: While not a formal arm of the state, religion plays a crucial role in shaping the character of the nation. If political leaders continue to rely on religious figures who endorse corrupt politicians, then the moral foundation of the nation will continue to erode. True leaders must prioritize public good over personal or partisan interests and work to restore the ethical values that bind the people together.

EXTRAORDINARY MEASURES FOR EXTRAORDINARY TIMES
At this juncture, the country faces a choice: will it allow the cancer of corruption to metastasize further, or will it take extraordinary measures to excise it? The time factor is critical. Every delay in addressing the rampant corruption only increases the number of casualties — both economic and moral — that the nation will suffer. It is essential that political leadership moves swiftly and decisively, with the full support of the people, especially the poor and marginalized who have borne the brunt of the mismanagement.

Furthermore, any action taken must be consistent with the constitutional process to prevent a complete collapse of the democratic system. While drastic measures may be necessary, they must be carried out within the bounds of law to avoid unintended consequences.

In sum, the Machiavellian approach to leadership, which emphasizes strong, uncompromising action, may offer a way forward. However, it is not without risk. A leader must be prepared to face personal consequences in order to act for the greater good of the nation. By making hard decisions, imposing discipline, and delivering justice, the leader can lay the groundwork for a new political order — one that prioritizes integrity, transparency, and accountability.

The time for indecision has passed. The political system must be reformed, the corrupt purged, and a new leadership model must emerge to heal the wounds of a divided, demoralized society. The question remains: Are the leaders of this nation willing to pay the price for such a transformation?

This article reflects the personal opinion of the author and does not reflect the official stand of the Management Association of the Philippines or MAP.

 

Jaime S. De Los Santos is a member of the MAP National Issues Committee. He was 42nd Commanding General of the Philippine Army; the 1st Force Commander of the UN Peacekeeping Force, East Timor; a recipient of the Distinguished Conduct Star for conspicuous heroism and gallantry in combat (the 2nd highest AFP Award); and is a Professorial Lecturer II (part-time) at UP-Diliman.

map@map.org.ph

jimmydlsantos@gmail.com

ERC to review $3-B LNG deal after PCC approval

BW FILE PHOTO

THE ENERGY Regulatory Commission (ERC) said it will review the $3-billion energy landmark deal between Manila Electric Co. (Meralco), Aboitiz Power Corp. (AboitizPower), and San Miguel Corp. (SMC) following the recent approval by the Philippine Competition Commission (PCC).

This is to ensure that the companies are in compliance with the market share limitations, ERC Chairperson and Chief Executive Officer Monalisa C. Dimalanta said during a briefing on Monday.

“Technically, we’ll need to revisit our decision because we need to ensure that whoever the PCC has determined to be in control of two sets of assets — the two power plants and the terminal… [is compliant] with our market share limitations,” Ms. Dimalanta said.

Last month, the PCC approved the joint acquisition of two gas-fired power plants and an LNG terminal by Meralco PowerGen Corp. (MGen), Therma Natgas Power, Inc. (Therma), and San Miguel Global Power Holdings Corp. (SMGP).

MGen is the power generation arm of Meralco, while Therma is a wholly owned subsidiary of AboitizPower, through Therma Power, Inc. SMGP is the power arm of conglomerate SMC.

Under the deal, MGen and AboitizPower will jointly invest in two of SMGP’s gas-fired power plants: the 1,278-megawatt (MW) Ilijan power plant and the new 1,320-MW combined cycle power facility.

The three companies will also invest in the LNG import and regasification terminal, owned by Linseed Field Corp., in Batangas.

Following approval, the PCC has also set conditions as it identified “potential competition concerns” during its review of the mega-deal, “including risks of coordination in the national power generation market and foreclosure in power supply deals with distribution utility companies.”

Under Republic Act No. 9136 or the Electric Power Industry Reform Act (EPIRA) of 2001, no company or related group can own, operate, or control more than 30% of the installed generation capacity of a grid and 25% on a national scale.

“We have a limit under EPIRA, so we will ensure that it won’t be exceeded because there are possible scenarios where it could exceed, so we need to address that,” Ms. Dimalanta said.

The ERC has yet to receive a copy of the PCC’s decision, she said.

“We’re looking forward to receiving a copy of the decision of the PCC so that we can complete our evaluation of the PSAs (power supply agreements),” Ms. Dimalanta said.

The commission will review Meralco’s power supply deal with SMGP’s Excellent Energy Resources, Inc. and South Premiere Power Corp., as well as future biddings of the power distributor.

It will also assess the issue of the ownership of the LNG terminal.

“That’s a key infrastructure of this type of asset. Whoever controls the terminal has control over the fuel of that asset,” Ms. Dimalanta said.

Meralco’s majority owner, 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. — Sheldeen Joy Talavera

5 months’ worth of live music

SEBASTIAN-ERVI-UNSPLASH

The concerts of 2025, so far

THIS YEAR will be another strong one for music lovers, with local and international acts populating the live concert lineup. Filipinos can expect hitmakers, indie artists, rockstars, rappers, and balladeers all throughout the year.

Here is a rundown of live music to look forward to (and block off on your calendar) for the first half of 2025, so far.

JANUARY
St. Vincent’s All Born Screaming Tour
Jan. 8
Art rock artist St. Vincent will stage her debut show in the Philippines as part of a world tour titled All Born Screaming. The tour supports her latest full-length album of the same name. She will be performing at The Filinvest Tent in Alabang, Muntinlupa City.

Maki’s Maki-Concert Sa Cebu
Jan. 11
Filipino singer-songwriter Maki is bringing his Maki-Concert series to Cebu. Known for the hit song “Dilaw,” he held the first iteration in Manila back in November. The show will be held at the Waterfront Hotel & Casino in Cebu City.

Cigarettes After Sex’s X’s World Tour
Jan. 14
American indie trio Cigarettes After Sex will be performing at the SM Mall of Asia Arena on Jan. 14, their first time back in the Philippines since 2018. The concert is part of their world tour.

Odette Quesada Hits 60
Jan. 17, 18, and 24
The queen of pop and R&B in the 1980s and ’90s will be holding a “coming home” concert marking her 60th birthday at the Globe Auditorium, Maybank Performing Arts Theater, Taguig.

Phantom Siita’s Moth to a flame
Jan. 18
Retro horror-inspired J-pop group Phantom Siita, produced by Japanese singer-songwriter Ado, will perform in Manila this January. The Manila leg of their first-ever world tour will be held at the Samsung Hall at SM Aura, Taguig City.

SEVENTEEN’s RIGHT HERE WORLD TOUR
Jan. 18-19
K-pop boy group SEVENTEEN’s RIGHT HERE world tour will be making a stop in the Philippines. Their two-night concert will take place at the Philippine Arena in Bocaue, Bulacan.

Wency Cornejo, Naldy Padilla, Cooky Chua, and Lei Bautista’s Frontmen & Rock Chix
Jan. 25
Four vocalists of iconic 1990s bands will come together for a one-night-only concert titled Frontmen & Rock Chix. Wency Cornejo of After Image, Naldy Padilla of Orient Pearl, Cooky Chua of Color It Red, and Lei Bautista from Prettier Than Pink will relive their greatest hits at the Music Museum at the Greenhills Shopping Center, San Juan City.

Maroon 5’s Asia Tour 2025
Jan. 29
Renowned pop band Maroon 5 will return to the Philippines to stage a show at the SM Mall of Asia Arena in Pasay City. Their return to the country is part of their 2025 Asia tour.

AURORA’s What Happened To The Earth? Part 4
Jan. 31
Norwegian art-pop/folk singer AURORA is coming to the Philippines for the very first time, for a concert at the SM Mall of Asia Arena in Pasay City. She is known for hits like “Runaway,” “Cure For Me,” and the Frozen 2 song “Into The Unknown.”

The Music of Vehnee Saturno
Jan. 31
A slew of performers including Ice Seguerra, Joey Generoso, Jessa Zaragoza, Julie Anne San Jose, Kyla, Dingdong Avanzado, Noel Cabangon, Rita Daniela, Daryl Ong, Kris Lawrence, and Martin Nievera will honor the prolific songwriter with a concert celebrating his 40 years in the music business. Mr. Saturno is the man behind such hits as “Be My Lady” by Martin Nievera. Other memorable hits include “Sana Kahit Minsan” by Ariel Rivera and “How Could You Say You Love Me?” by Sarah Geronimo. The concert will be held at the Newport Performing Arts Theater, Pasay City.

FEBRUARY
TJ Monterde’s Sarili Nating Mundo at The Big Dome
Feb. 1-3
Filipino singer-songwriter TJ Monterde is continuing his concert series, Sarili Nating Mundo, which had two sold-out shows last year. This time, he will perform for three nights at the Smart Araneta Coliseum in Cubao, Quezon City.

Ice Seguerra, Nyoy Volante, Sitti, Kean Cipriano, Duncan Ramos, Princess Velasco, and Juris’ Love, Sessionistas
Feb. 8
At the Theater at Solaire in Paranaque City, Filipino music icons will be taking the stage for a pre-Valentine concert titled Love, Sessionistas. The stars are Ice Seguerra, Nyoy Volante, Sitti, Kean Cipriano, Duncan Ramos, Princess Velasco, and Juris, who will perform OPM classics and love songs.

The Brand New Heavies Live in Manila
Feb. 8
Pioneers of acid jazz, The Brand New Heavies will be holding their first Asian tour this year, with a Philippine stop at the Samsung Performing Arts Theater, Circuit, Makati. The tour features original members Andrew Lecy and Simon Bartholomew alongside vocalist Angela Ricci.

Cup of Joe’s Second Major Concert SILAKBO
Feb. 8-9
Filipino band Cup of Joe returns for another solo concert a year after their very first one. For two nights, on Feb. 8 and 9, they will celebrate their debut studio album, Silakbo, at the Smart Araneta Coliseum in Cubao, Quezon City.

Acel Bisa, Aia de Leon, Barbie Almalbis, Hannah Romawac, Kitchie Nadal, Lougee Basabas’ Tanaw: The Repeat Concert
Feb. 9
Six Filipina alt-rock icons — Acel Bisa, Aia de Leon, Barbie Almalbis, Hannah Romawac, Kitchie Nadal, and Lougee Basabas — will perform in a concert featuring a repertoire of their biggest hits from the 1990s and 2000s. Supported by the Manila String Machine, the concert will be held at the Newport Performing Arts Theater in Pasay City.

NIKI’s Buzz World Tour
Feb. 11-12
Indonesian singer-songwriter NIKI will be back in the Philippines in February. Her two-night concert, part of the world tour in support of her third album, Buzz, will take place at the SM Mall of Asia Arena in Pasay City.

The Script’s Satellites World Tour
Feb. 11-12
The two-night concert of renowned American band The Script marks their sixth time performing in the Philippines. It is part of a tour celebrating their 7th full-length album, Satellites. The concert will be held at the Smart Araneta Coliseum in Cubao, Quezon City.

Hoobastank’s Hoobastank Live in Manila 2025
Feb. 12
The Hoobastank Live in Manila 2025 concert commemorates the 20th anniversary of American alternative rock band’s Grammy-nominated album The Reason. It will also be the band’s first time to perform in Manila after 20 years. The show will be held at the New Frontier Theater in Cubao, Quezon City.

Ronan Keating in Manila and Cebu
Feb. 12-13
Irish singer-songwriter Ronan Keating, also known for being the former lead vocalist of Boyzone, will be in the Philippines to serenade audiences in February. His concert will be held at the Waterfront Cebu City Hotel in Cebu on day one, and at the Newport Performing Arts Theater in Pasay City on day two.

Regine Velasquez-Alcasid’s RESET
Feb. 14-15
Renowned Filipino pop singer Regine Velasquez-Alcasid is revisiting the songs that shaped and defined her career in her upcoming two-night concert titled RESET. She will take the stage at the Samsung Performing Arts Theater, Makati City.

Stories of the Heart with Erik, Yeng, and Christian
Feb. 14-15
Those who were once comforted by the songs of Erik Santos, Yeng Constantino, and Christian Bautista will be glad to find them performing together for two nights this February. Catch them at the Newport Performing Arts Theater in Pasay City.

BINI’s BINIverse World Tour 2025
Feb. 15
To kick off their world tour, P-pop girl group BINI will bring their energy and charm live to the Philippine Arena in Bocaue, Bulacan. This first show will be followed by stops outside of the country.

The Corrs’ From Manila With Love
Feb. 15-16
The Irish pop-rock quartet The Corrs returns to the Philippines just in time for Valentine’s celebrations. Their two-night concert will be held at the Smart Araneta Coliseum in Quezon City.

A1’s Valentine’s Tour
Feb. 15-16
British-Norwegian boy band A1 will be back in Manila to perform for two nights in time for the Valentine’s celebrations. They will be playing love songs and more at the New Frontier Theater in Cubao, Quezon City.

Jinjer’s Asian Tour 2025
Feb. 18
Ukrainian progressive metalcore band Jinjer is returning to Manila after almost seven years. They will have a concert on Feb. 18 at the SM North EDSA Skydome in Quezon City.

Jay Gates — Barry Manilow Tribute
Feb. 21
A Barry Manilow tribute performer, Jay Gates’ show will be at the Newport Performing Arts Theater, Pasay City.

DAY6’s Forever Young World Tour
Feb. 22
Korean pop-rock band DAY6 will once again visit Manila — their first time since 2019 — this time bringing their music to the Smart Araneta Coliseum in Quezon City.

Waterbomb Manila 2025
Feb. 22-23
The first Philippine edition of the South Korean music festival Waterbomb will take place at the Quirino Grandstand in Rizal Park, Manila. Set for Feb. 22 and 23, the first day will be headlined by Dynamic Duo, former IZ*ONE member Lee Chaeyeon, Skull & Haha, Sulreggae, and Reddy. On the second day, the headliners are Kang Daniel, STAYC, Viviz, DJ Roots, and Siena Girls.

wave to earth’s Play With Earth World Tour
Feb. 28
South Korean indie R&B & rock band wave to earth will be back in the Philippines following their first concert last year. Their one-night only show will be at the SM Mall of Asia Arena in Pasay City.

MARCH
ENHYPEN’s WALK THE LINE
March 1
The seven-piece K-pop boy group ENHYPEN will hold a concert this March, following their special fan meet in Manila last December. Their WALK THE LINE tour will be coming to the Philippine Arena in Bocaue, Bulacan.

keshi’s Requiem
March 4
American pop singer-songwriter keshi is returning to Manila in March to celebrate his sophomore album, Requiem. Supported by alternative R&B artist boylife, his concert will take place at the SM Mall of Asia Arena in Pasay City.

Michael Lives Forever: A Tribute to Michael Jackson
March 14 and 15
This tribute concert to arguably the greatest pop singer will be held at the Newport Performing Arts Theater, Pasay City.

Fusion: The Philippine Music Festival
March 15
The 10th anniversary edition of Fusion, a Philippine music festival, will boast OPM headliners like Ben&Ben, December Avenue, Zack Tabudlo, Maki, The Itchyworms, Barbie Almalbis, and Kaia. It will take place at the CCP Open Grounds in Pasay City.

Kylie Minogue’s Tension Tour 2025
March 17
Australian pop singer Kylie Minogue is bringing her iconic tunes to fans in Manila for the first time in almost 14 years. The Grammy-winning artist’s concert, celebrating her 16th studio album Tension, is set to take place at the SM Mall of Asia Arena in Pasay City.

Wanderland Music and Arts Festival
March 22-23
Wanderland will be returning to the Filinvest City Events Grounds in Alabang. With the concept “Wanderland World,” its lineup has yet to be announced though early bird tickets are already available.

APRIL
Super Junior member Kyuhyun’s 10th Anniversary Asia Tour COLORS
April 5
Kyuhyun, a member of the K-pop boy group Super Junior, is commemorating his 10th anniversary as a solo artist. His Asia tour, named after his debut solo album COLORS, will include the Philippines, with a one-night show at the New Frontier Theater in Cubao, Quezon City.

MAY
M2M’s The Better Endings
May 1-4
The iconic pop sound of Norwegian duo M2M will fill four nights in May. The Better Endings tour marks their return after disbanding in 2002, the Manila leg of which will be held at three venues: Smart Araneta Coliseum in Quezon City on day one and two, the SMX Convention Center in Davao City on day three, and the Waterfront Hotel Cebu in Cebu City on day four.

Ado’s Hibana
May 8
Anonymous Japanese singer-songwriter Ado — she releases music and performs with her face obscured — will be in the country in May for her second world tour, Hibana. She will perform at the SM Mall of Asia Arena in Pasay City.

Playback Music Festival
May 9-10
The Playback Music Festival, known as the Philippines’ punk, rock, and emo festival, will be held over two days: at the SM Mall of Asia Arena in Pasay City on day one, and at the Waterfront Hotel in Cebu City on day two. It will feature Boys Like Girls, The Click Five, Secondhand Serenade, and other punk, rock, and emo performers.

Boyz II Men Live in Manila 2025
May 18
Iconic R&B trio Boyz II Men is returning to Manila for the first time since 2019. Their concert will be held at the Smart Araneta Coliseum in Quezon City.

— Brontë H. Lacsamana

PremiumLands to turn Asiabest into infrastructure group

LISTED holding company Asiabest Group International Inc. could become an infrastructure group if the planned backdoor listing of real estate developer PremiumLands Corp. (PLC) is realized.

Asiabest said the recent share purchase agreement signed between its major stockholder, Okada Manila operator Tiger Resort Asia Ltd. (TRAL), and PLC will allow PLC to create an “end-to-end infrastructure business group.”

On Dec. 5, TRAL sold its 66.67% stake in Asiabest to PLC for P510.40 million. The deal consisted of 200 million Asiabest shares at P2.55 apiece.

“The purpose of the transaction is for the buyer (PLC) to acquire a listed platform, Asiabest, where they can infuse and consolidate their respective assets and businesses in order to create an end-to-end infrastructure business group in the Philippines that has the whole ecosystem of the industry,” Asiabest said in a stock exchange disclosure on Monday.

Under the planned transaction, Asiabest will remain a holding company while PLC plans to infuse and consolidate its interests in the infrastructure industry.

“Asiabest will remain a holding company, but the buyer (PLC) plans to infuse and consolidate interests in related entities operating in the infrastructure industry that work together to create synergies and competitive advantages for the group,” Asiabest said.

The proposed business plan for Asiabest will include its acquisition of PLC subsidiary Kabalayan Housing Corp. as well as the initial infusion of several land assets across different provinces into Kabalayan for mass housing projects.

The business plan also includes a move to consolidate the interests of construction company Industry Holdings and Development Corp. (IHDC) in Concrete Stone Corp., Industry Movers Corp., and a minority interest in EEI Corp. with Asiabest.

PLC is part of and represents a consortium that includes IHDC.

The projected timetable for the acquisition of Kabalayan and the land asset infusion is on or before the third quarter of this year, while the consolidation of IHDC’s interests and subsidiaries will be on or before the second quarter of 2026.

Trading of Asiabest shares has been suspended by the Philippine Stock Exchange since Dec. 16 after the market operator said the deal involving PLC was deemed to be covered by the rules on backdoor listing as it results in a change of control.

TRAL acquired its stake in Asiabest in February 2019 as part of the company’s plan to publicly list the Okada Manila integrated resort. — Revin Mikhael D. Ochave

Tesla and Waymo should learn from 2024’s air crashes

FREEPIK

IF YOU YEARN for a future where you can travel from place to place in safety and comfort, some of the major transport events of 2024 might feel like a setback. Don’t give up hope.

The crash of Jeju Air Co. flight 2216 on Dec. 29, killing all but two of the 181 on board, and the death of 38 four days earlier when Azerbaijan Airlines flight 8243 was apparently being erroneously targeted by Russian anti-aircraft weapons, helped give the year the worst death toll in commercial aviation since 2018.

It was a similar situation on the ground. For a decade, autonomous driving has promised to bring aviation’s normally enviable safety record to the world’s roads. Last year it seemed to hit a roadblock — or at least halted in front of a harmless plastic bag and caused a traffic jam, as one confused Chinese robotaxi did earlier this year.

Apple, Inc. in February junked its 10-year, secretive plan to build a self-driving electric car. In May, Hyundai Motor Co. and parts-maker Aptiv Plc halted their multi-billion Motional joint venture. Last month, General Motors Co. pulled the plug on its Cruise self-driving car project, having spent about $9 billion since acquiring the business in 2016. Elon Musk, to be sure, unveiled a promised Tesla, Inc. robotaxi — but, given his record, it’s anyone’s guess when, or if, that project will make it to the roads.

The shine is coming off autonomous vehicles in the public mind, too. These days, they appear less the subject of Jetsons-style futuristic daydreams, and more the subject of mockery and even hate — whether they’re endlessly circling roundabouts, crashing with delivery robots, or being disabled by activists. Some 672 vehicles operated by Alphabet, Inc.-owned Waymo vehicles were recalled in May for a software update after one of them hit a wooden pole in Phoenix.

Believe it or not, there’s a lot in common between these sets of incidents in the air and on the ground — and learning the lessons of that can result in outcomes that are positive both for aircraft, and driverless cars, and the passengers who rely on them.

That’s because the long-term trend in aviation safety is still astonishingly good, something that 2024’s freak accidents can’t really change. When thousands of people die every year in air crashes — the normal course of things until about two decades ago — an accident involving one 180-seat single-aisle jet doesn’t move the needle all that much. When the number is in the low hundreds or even tens (roughly the situation we’ve been in over the past decade, depending on how you measure it) a one-time event can change perceptions drastically.

There were more air crashes worldwide in 1927 — when Charles Lindbergh made the first non-stop transatlantic flight — than in 2023, when more than 111,400 planes flew between Western Europe and North America during the summer months.

The secret of this success is the paranoid safety culture within aviation. Certifying a new plane can take the best part of a decade. Once flying, it’s monitored obsessively by maintenance engineers, with the smallest defect leading to fleet-wide groundings and checks. Crashes, when they happen, are pored over for years for clues about what went wrong, and how to avert similar catastrophes in future.

The best players remaining in the robotaxi space seem to have learned that lesson. By recalling the software on those 672 Waymo vehicles rather than just crossing fingers and hoping for the best, the company was treating its fleet in the same perfectionist way that airlines and aircraft manufacturers treat theirs.

By tying up with Waymo after winding back its Motional venture, Hyundai was learning another lesson from aviation: Safety will advance faster if you can share a vast database of information with potential competitors, rather than treat such data as proprietary and attempt to forge your own path. Tesla’s tie-up with Baidu, Inc. in China could follow a similar model, given the Chinese company’s existing Apollo robotaxi business.

There’s no guarantee the industry as a whole will continue to learn that lesson. In particular, it’s impossible to miss the fact that the most influential person on US robotaxi policy in the next four years may well be Musk, whose insouciant attitude to safety has been under increasing federal scrutiny over the past year.

Still, following aviation’s cautious path is the best hope that autonomous driving can finally become a reality outside of the handful of cities where it’s being trialed. Silicon Valley likes to move fast and break things — but when the things that could be broken are human bodies, you need to move at a more sedate pace.

BLOOMBERG OPINION

T-bill yields go down on rate cut expectations

STOCK PHOTO | Image by RJ Joquico from Unsplash

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it offered on Monday as rates dropped across the board, backed by strong market appetite for debt papers and expectations of further policy easing by the Bangko Sentral ng Pilipinas (BSP).

The Bureau of the Treasury (BTr) raised P22 billion as planned from the T-bills it auctioned off on Monday as total bids reached P70.975 billion, more than three times as much as the amount on offer. This was also higher than P46.74 billion in tenders seen on Dec. 16 for a P15-billion offer.

Broken down, the Treasury borrowed the programmed P7 billion from the 92-day T-bills as tenders for the tenor reached P25.015 billion. The three-month paper was quoted at an average rate of 5.782%, down by 3.6 basis points (bps) from the 5.818% seen at the previous auction, with accepted bid yields ranging from 5.75% to 5.8%. The maturity date of the three-month tenor was adjusted due to a holiday.

The government likewise made a full P7-billion award of the 182-day securities, with bids reaching P23.85 billion. The average rate of the six-month T-bill stood at 5.911%, declining by 6.4 bps from the 5.975% fetched previously, with the BTr accepting tenders with rates ranging from 5.898% to 5.925%.

Lastly, the Treasury raised P8 billion as planned via the 364-day debt papers as demand for the tenor totaled P22.11 billion. The average rate of the one-year debt decreased by 4.6 bps to 5.931% from the 5.977% quoted at the last auction, with the bids accepted carrying rates of 5.9% to 6%.

At the secondary market before the auction, the 91-, 182-, and 364-day T-bills were quoted at 5.8286%, 5.9730%, and 6.0491%, respectively, based on PHP Bloomberg Valuation Service (BVAL) Reference Rates data provided by the Treasury.

The BTr said it made a full award of the T-bills as the offer was thrice oversubscribed, “reflecting healthy demand despite the higher volume offered.”

“This is a really strong auction. Investors are probably still ‘hungry’ given the lack of issuances during the latter part of 2024. It also shows strong appetite for shorter duration as yields are attractive, especially if against the overnight benchmark,” the first trader said in a text message.

“The lower T-bill rates today moved along from dovish hints by BSP Governor Eli M. Remolona, Jr. that the central bank could consider reducing policy rates in its first meeting this year in February. The strong demand likely reflected surplus liquidity from the holiday season,” the second trader said in an e-mail.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort likewise said in a Viber message that expectations of more BSP rate cuts this year caused T-bill yields to decline.

“Treasury bill average auction yields mostly corrected slightly lower, similar to the slight weekly decline in the comparable short-term PHP BVAL yields recently,” Mr. Ricafort said. “This is the first Treasury bill auction for 2025. Treasury bill yields somewhat normalized, being slightly lower versus the comparable short-term PHP BVAL yields since late 2024 and near the latest BSP policy rate of 5.75%.”

The Monetary Board has slashed benchmark borrowing costs by a total of 75 bps since it began its easing cycle in August, bringing its policy rate to 5.75%.

Last month, Mr. Remolona said that while the BSP remains in an easing cycle, 100 bps worth of cuts this year may be “too much” amid inflation concerns. He added that they will continue to bring down benchmark interest rates in “baby steps.”

The BSP chief added that the central bank is “neither more dovish nor less dovish” and is open to delivering another cut in their first policy meeting for this year, which is scheduled on Feb. 20.

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

The BTr plans to raise P213 billion from the domestic market this month, or P88 billion via T-bills and P125 billion through T-bonds.

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

Golden Globes: Shogun, Hacks win top TV honors, The Brutalist, Emilia Pérez win top film honors

HFPA/ GOLDENGLOBES.COM

BEVERLY HILLS, California — The Brutalist, the story of a Holocaust survivor who chases the American dream, and musical thriller Emilia Pérez took home the first major movie honors of Hollywood’s awards season at the Golden Globes on Sunday. Meanwhile, Shogun, FX’s historical epic set in imperial Japan, claimed the prestigious best drama television series trophy, and Hacks, known for its complex female stand-up comedian, claimed the best comedy win.

The Brutalist was named best movie drama and star Adrien Brody won best film actor. Emilia Pérez claimed best movie musical or comedy.

At the red-carpet ceremony in Beverly Hills, Demi Moore won best actress in a musical or comedy film for her leading role in The Substance, the story of a fading actress seeking a fountain of youth.

“I’m just in shock right now,” Ms. Moore, known for movies such as St. Elmo’s Fire and Ghost, said as she held her trophy on stage. “I’ve been doing this a long time, over 45 years. This is the first time I’ve ever won anything as an actor.”

Sebastian Stan was named best actor in a film musical or comedy for A Different Man, a movie about a man with facial disfigurement. “Our ignorance and discomfort around disability and disfigurement has to end now,” Mr. Stan said. “We have to normalize it and continue to expose ourselves to it and our children.”

Zoe Saldana appeared overwhelmed when she was named best supporting film actress for playing a lawyer who helps a Mexican drug lord start a new life and transition to a woman in musical thriller Emilia Pérez. “My heart is full of gratitude to the Golden Globes for celebrating our film,” Ms. Saldana said on stage as she wept through her speech and thanked her co-stars and director.

Kieran Culkin was named best supporting film actor for A Real Pain, a dramedy about cousins who travel to Poland to explore their family’s roots.

TELEVISION WINNERS
A tale of political machinations, Shogun, also won best female and male acting awards for first-time winners Anna Sawai and Hiroyuki Sanada.

“Thank you for everyone that has been in my life. All of you have brought me here,” Mr. Sanada said following his win. “For the young actors and creators in the world, believe in yourself and never give up,” he added.

The series won four awards in total, including the best supporting male actor for first-time Globe winner Tadanobu Asano who plays Kashigi Yabushige, the Lord of Izu.

Shogun follows the character Lord Yoshii Toranaga, played by Mr. Sanada, as he discovers secrets that can help him destroy his enemies.

Hacks took home two awards, including best female actor in a comedy for Jean Smart who plays stand-up comedian Deborah Vance in the Max series. “I never thought I’d be so happy to be called a hack,” she said during her acceptance speech.

Other noteworthy winners included Baby Reindeer from Netflix for best limited series or anthology.

“People were crying out for something that kind of spoke to the kind of painful inconsistencies of being human,” Richard Gadd, who plays stalker victim Donny Dunn, said while accepting the award.

Jessica Gunning won best female supporting actor for her role in Baby Reindeer as stalker Martha Scott.

Colin Farrell also took home the award for best male actor in a limited series or anthology for his role as villain Oswald Cobb in Max’s The Penguin.

At the start of the show, first-time host Nikki Glaser welcomed the celebrity crowd to “Ozempic’s biggest night” and teased Timothée Chalamet, Harrison Ford, Selena Gomez and other power players in the audience. “You could do anything, except tell the country who to vote for,” Ms. Glaser said, referring to widespread Hollywood support for the losing candidate in the recent US presidential election.

On the red carpet ahead of the show, celebrities dazzled in black, gold, and silver gowns with an occasional red or periwinkle in the mix. Wicked star Ariana Grande wore a yellow Givenchy gown with a beaded bodice that she said was a tribute to the yellow brick road leading to Oz in the movie musical. “It’s so exciting to be here because I’m such a fan of every single person I bump into,” Ms. Grande said.

In 2023, Eldridge Industries purchased the Golden Globe assets with Dick Clark Productions (DCP), and the Hollywood Foreign Press Association — which was criticized for a lack of diversity and ethical lapses in its stewardship of the awards — was shut down as a consequence.

Under the new ownership, the organization has expanded to 334 entertainment journalists from 85 countries, compared with roughly 9,000 voters who select the Academy Awards. The Globes voting body has been expanded in recent years and organizers instituted reforms after being criticized for ethical lapses and a lack of diversity.

Winning a Globe can shine a spotlight on movies and performances in the run-up to the Academy Awards in March. — Reuters

And the winner is…

BEVERLY HILLS, California — The following is the full list of winners for film and television at the 82nd Golden Globe awards on Sunday.

FILM
Best Drama — The Brutalist

Best Comedy or Musical — Emilia Pérez

Best Male Actor, Drama — Adrien Brody, The Brutalist

Best Female Actor, Drama — Fernanda Torres, I’m Still Here

Best Male Actor, Comedy or Musical — Sebastian Stan, A Different Man

Best Female Actor, Comedy or Musical — Demi Moore, The Substance

Best Male Supporting Actor — Kieran Culkin, A Real Pain

Best Female Supporting Actor — Zoe Saldaña, Emilia Pérez

Best Director — Brady Corbet, The Brutalist

Best Animated Film — Flow

Best Non-English Language Film — Emilia Pérez

Best Screenplay — Peter Straughan, Conclave

Best Original Score — Trent Reznor and Atticus Ross, Challengers

Best Original Song — “El Mal,” Emilia Pérez

Cinematic and Box Office Achievement — Wicked

TELEVISION
Best Drama Series — Shōgun

Best Comedy/Musical Series — Hacks

Best Male Actor, Drama — Hiroyuki Sanada, Shōgun

Best Female Actor, Drama — Anna Sawai, Shōgun

Best Male Supporting Actor — Tadanobu Asano, Shōgun

Best Female Supporting Actor — Jessica Gunning, Baby Reindeer

Best Male Actor, Comedy/Musical — Jeremy Allen White, The Bear

Best Female Actor, Comedy/Musical — Jean Smart, Hacks

Best Limited Series, Anthology Series or Motion Picture Made for Television — Baby Reindeer

Best Performance by a Male Actor, Limited Series, Anthology Series or Motion Picture Made for Television — Colin Farrell, The Penguin

Best Performance by a Female Actor, Limited Series, Anthology Series or Motion Picture Made for Television — Jodie Foster, True Detective: Night Country

Best Performance in Stand-up Comedy on Television — Ali Wong, Single Lady

— Reuters

Ninja Van, URC sign B2B logistics partnership

LOGISTICS provider Ninja Van Philippines and food and beverage manufacturer Universal Robina Corp. (URC) have partnered to improve the latter’s product restocking and distribution in key regions.

The trial phase of the partnership will see Ninja Van utilizing its Ninja Restock business-to-business (B2B) logistics service to pick up, sort, and distribute various URC products to retail points in South Luzon.

Ninja Restock uses Ninja Van’s e-commerce express logistics network, which allows URC to serve big-box retailers such as malls, as well as small-door formats like convenience stores and local grocery stores.

“Current models of distribution are beset with a lot of inefficiencies and are unable to serve ever-smaller retail doors like convenience stores, drugstores, and local groceries,” Ninja Van Philippines Country Head Jose Alvin Perez said in an e-mailed statement on Monday.

“Ninja Restock is an innovation that aims to help fast-moving consumer goods (FMCG) companies and other big brands stay agile with the evolving nature of retail distribution,” he added.

Meanwhile, Ninja Van launched a new scan-to-print virtual fulfillment technology that reduces human error in sorting.

With the technology, each product case or box received is automatically routed to the planned restock destination.

It also provides the shipper with real-time visibility on the status of the different product stock-keeping units (SKUs) for distribution.

Ninja Van said the newly launched technology is still in its trial stages and further tweaks are expected.

“Upon pickup from the shipper with case or box-level information of different SKUs, our system automatically assigns each box or case a unique tracking ID containing the designated store,” Mr. Perez said.

“We developed this because we saw how difficult it was for many FMCGs to load and sort many different SKUs together to their desired destinations – and we always want to solve problems together with our partners,” he added. — Revin Mikhael D. Ochave

My fiscal wish list

“Leftists propose ‘redistribution of wealth’ because of their inability to create it.

“My dream is that when I finish my public service, Argentina is the freest country in the world.”

— Argentina President Javier Milei

The massive fiscal reforms in Argentina are good templates for countries suffering from sustained high budget deficits annually leading to high borrowing, high interest rates, and high interest payments. I went to Buenos Aires in December to attend the Tholos Forum 2024 along with fellow leaders of free market think tanks and country taxpayers’ associations.

Here are the key fiscal reforms enacted in Argentina.

1. President Javier Milei reduced the number of ministries from 19 to eight. Under former President Alberto Fernandez (President from December 2019 to December 2023), there were 21 ministries, later reduced to 19. Milei initially cut the 19 to nine plus the Chief of Cabinet. He later further cut it to only eight ministries plus Chief of Cabinet. The remaining eight ministries are: Economy; Foreign Affairs International Trade and Worship; Defense; Security; Health; Justice; Human Capital; and, Deregulation and State Transformation.

2. Milei and Minister of Deregulation Sturzenegger announced on Jan. 1 that new state employees can be hired only if three existing employees are fired within the same department for each new employee that is hired.

3. Milei announced on Dec. 11 that he will abolish 90% of taxes, not revenues, and keep only at most six taxes. My friends at the Argentine Asociacion de Contribuyentes (AAC, Argentina Taxpayers Association) said that since 2019 they had been proposing this abolition of 90% of taxes that contribute little to actual revenue collections. AAC is close to President Milei, and the latter has acted on the AAC proposal.

As of 2019, the Philippines has 13 types of business taxes while Argentina has nine. But there are many local taxes — provincial, city/municipal, barangay/village taxes — on top of national taxes and they can distort the overall tax and business environment.

Inspired by the fantastic fiscal reforms in Argentina, here is my 10-item fiscal wish list for 2025-2026.

1. That revenues reach P4.9 trillion in 2025 and P5.4 trillion in 2026. The Development Budget Coordination Committee’s (DBCC) medium-term revenue targets as of Dec. 2, 2024 were P4.6 trillion in 2025 and P5.1 trillion in 2026. The reason for my hopefulness is that there were significant increases in recent revenues — P3.55 trillion in 2022, P3.82 trillion in 2023, P4.1 trillion in January-November 2024, and likely to reach P4.4 trillion for the full year of 2024, or a P600 billion increase from 2023-2024. And I am only projecting an increase of P500 billion/year in 2025 and 2026.

2. That non-tax revenues, in particular, reach P650 billion in 2025 and P700 billion in 2026. Non-tax revenues were only P324 billion in 2022, P394 billion in 2023, P555 billion in January-November 2024, and likely at P607 billion for full year 2024. Finance Secretary Ralph G. Recto is largely responsible for this big increase because he increased the mandatory remittance share of government-owned and -controlled corporations (GOCCs) from 50% to 75% of their earnings.

3. That disbursements be controlled to only P6.2 trillion in 2025 and P6.4 trillion in 2026. The DBCC disbursement targets are P6.2 trillion in 2025 and P6.5 trillion in 2026. Actual disbursements were P5.16 trillion in 2022, P5.34 trillion in 2023, P5.28 trillion in January-November 2024, and will likely be P6 trillion in full year 2024. Budget Secretary Amenah F. Pangandaman will be more inspired to push the National Government Rightsizing Program (NGRP) bill to institutionalize spending control and, by extension, deficit control.

4. That the budget deficit be no more than P1.3 trillion in 2025 and not more than P1 trillion in 2026. The DBCC target deficits are P1.54 trillion in 2025 and P1.48 trillion in 2026. The actual deficit was P1.61 trillion in 2022, P1.51 trillion in 2023, P1.18 trillion in January-November 2024, and will likely be P1.58 trillion in full year 2024.

5. That financing or borrowings decline to P1.3 trillion in 2025 and P1 trillion in 2026. Financing was P1.97 trillion in 2022, P2.07 trillion in 2023, P1.24 trillion in January-November 2024, and will likely be P1.4 trillion in full year 2024. In the absence of any crisis — economic or virus — the government should focus on reducing the debt stock and hence, reducing interest rates and interest payments.

6. That interest rates for government 10-year bonds decline from around 6% in 2024, to 4.5% in 2025 and 4% in 2026. As public borrowings decline, the “crowding out” effect of government competing with private borrowings will simmer and so interest rates will go down.

7. That interest payment declines to P600 billion in 2025 and P500 billion in 2026. Interest payments were P503 billion in 2022, P628 billion in 2023, P705 billion in January-November 2024, and are likely to reach P760 billion in full year 2024. Reduced borrowing and reduced interest rates will contribute to this scenario.

8. That the inflation rate stabilizes at 2.5% to 3% in 2025 and be below 2.5% in 2026. The inflation rate was 5.8% in 2022, 6% in 2023, and 3.2% in January-November 2024.

9. That the overall GDP growth be 6.5% in 2025 and 2026. It was 7.6% in 2022, then lowered to 5.5% in 2023 and 5.8% in Q1-Q3 of 2024. Lower inflation and interest rates will improve consumer and investor confidence in the country, pulling up household consumption (about 73% of GDP) and capital formation or investment (about 25% of GDP) and hence, overall GDP.

10. That the endless, no time-table subsidies decline significantly. The government should focus on the rule of law, the public should focus more on personal and parental responsibility in running their own lives.

 

Bienvenido S. Oplas, Jr. is the president of Bienvenido S. Oplas, Jr. Research Consultancy Services, and Minimal Government Thinkers. He is an international fellow of  the Tholos Foundation.

minimalgovernment@gmail.com

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