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Tanduay eyes wider global reach, product innovation

PHILSTAR FILE PHOTO/TANDUAY

TANDUAY DISTILLERS, Inc. said it will continue to expand its presence in international markets as it builds on recent earnings growth.

“As we build on the momentum of the previous year, we will keep strengthening Tanduay’s presence locally and globally,” LT Group President and Chief Operating Officer and Tanduay President and Chief Executive Officer Lucio C. Tan III said in a statement late Monday.

Tanduay products are currently distributed in markets including Australia, Austria, Belgium, Canada, Costa Rica, the Czech Republic, Denmark, Estonia, Germany, Hungary, India, Italy, Japan, Latvia, Lithuania, Luxembourg, Malta, China, Peru, Poland, Singapore, Slovakia, South Korea, Taiwan, Thailand, the Netherlands, the United Arab Emirates, the United States, and the United Kingdom.

“We will remain focused on product quality and innovation, while also looking for more ways for people around the world to experience the heritage and tradition behind Tanduay,” Mr. Tan added.

Lucio Tan Group, Inc. (LTG) posted P30.98 billion in consolidated attributable income in 2025, up 7% from 2024, with Tanduay Distillers as one of its key units.

Tanduay posted a net income of P3.12 billion, up 45% from P2.15 billion a year earlier, marking its sixth consecutive year of record profits.

The company reported net revenues of P34 billion in 2025, slightly higher than P33.85 billion in 2024, driven by improved pricing and operational efficiency.

Cost of sales declined to P28.12 billion from P28.92 billion, supporting a higher gross profit margin of 17% from 15% a year earlier. Operating expenses also decreased to P2.02 billion from P2.12 billion due to lower spending on advertising and promotions.

Tanduay increased its national market share to 39.5% from 34.2% in 2024, while maintaining its share in the Visayas and Mindanao at 70.4% and 82.9%, respectively.

At the local bourse, LT Group shares rose by 2.17% to P15.06 each on Tuesday. — Alexandria Grace C. Magno

BTr fully awards reissued bonds

STOCK PHOTO | Image by RJ Joquico from Unsplash

THE GOVERNMENT made a full award of the Treasury bonds (T-bonds) it offered on Tuesday as uncertainty over the Middle East conflict boosted demand for safer assets.

The Bureau of the Treasury (BTr) borrowed P30 billion as planned via the reissued 20-year bonds as total bids for the tenor reached P70.365 billion or more than double the amount on offer.

The Auction Committee fully awarded the offering as the average yield was lower than prevailing secondary market levels, the Treasury said in a statement after the auction.

This brought the outstanding volume of the series to P443.3 billion.

The reissued bonds, which have a remaining life of five years and three months, were awarded at an average rate of 6.328%. Accepted yields ranged from 6.293% to 6.349%.

To accommodate the strong demand for the bonds, the BTr on Tuesday opened its tap facility window to raise P10 billion more through the papers.

The average rate of the reissued papers rose by 20 basis points (bps) from the 6.128% fetched for the series’ last award on Aug. 13, 2024 but was still 167.2 bps below the 8% coupon for the issue.

Meanwhile, this was 16.8 bps lower than the 6.496% fetched for the same bond series and 8.6 bps below the 6.414% quoted for the five-year paper — the benchmark tenor closest to the remaining life of the issue — at the secondary market before Tuesday’s auction, based on the PHP Bloomberg Valuation Service (BVAL) Reference Rates data provided by the BTr.

The BTr fully awarded its bond offer as the average rate settled at the lower end of market expectations amid strong appetite, a trader said in a text message.

“The higher demand and lower yields are likely due to market reaction to overnight US Treasury yield movements, as tensions continue to escalate with the declaration of a US Naval blockade amid the Middle East Conflict,” the trader said.

Government-issued debt are generally considered to be safe assets as they are backed by the state.

The reissue’s average yield was lower than secondary market rates as sentiment improved after the declaration of a two-week ceasefire between the United States and Iran, causing a broad correction in asset prices despite peace talks collapsing over the weekend, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

However, he noted that the average rate was above the 5.717% fetched for the BTr’s latest five-year bond auction early in March as the war-driven oil shock continues to stoke inflation concerns, which could cause the Bangko Sentral ng Pilipinas to consider tightening its policy stance.

The US military began a blockade of Iran’s ports, angering Tehran and adding uncertainty around the crucial waterway, although hopes for dialogue to end the war provided some relief to oil markets where benchmark prices fell below $100 on Tuesday, Reuters reported.

After a breakdown of weekend talks in Islamabad between the two adversaries, a US official said there was continued engagement and forward motion on trying to get to an agreement. Pakistani Prime Minister Shehbaz Sharif also said efforts were still under way to resolve the conflict.

US President Donald J. Trump said Iran had been in touch on Monday and wanted to make a deal but that he would not sanction any agreement allowing Tehran to have a nuclear weapon.

Since the United States and Israel began the war on Feb. 28, Iran effectively shut the Strait of Hormuz to all vessels except its own, saying passage would be permitted only under Iranian control and subject to a fee. The fallout has been widespread, since nearly a fifth of the world’s oil and gas supplies flowed through the narrow waterway before the start of the conflict.

The US’ blockade has further clouded the outlook for global energy security and the supply of a vast array of goods that relies on petroleum, and has little, if any, international backing.

The BTr wants to borrow up to P248 billion from the domestic market this month, or P140 billion via Treasury bills and P108 billion through T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.61 trillion or 5.3% of gross domestic product this year. — Aaron Michael C. Sy with Reuters

Assessing the first half of the Marcos Jr. administration: Comparisons

PRESIDENTIAL COMMUNICATIONS OFFICE

(Part 4)

To assess the quality of governance in the Philippines, it would be enlightening to study the Worldwide Governance Indicators (WGI) which provides cross country comparisons.

The WGI summarizes complex governance realities into six composite dimensions: Voice and Accountability; Political Stability and Absence of Violence/Terrorism; Government Effectiveness; Regulatory Quality; Rule of Law; and Control of Corruption. These indicators are constructed from approximately 35 international data sources, including surveys of citizens and business enterprises as well as expert assessments. These then are strategically combined using unobserved components models to account for measurement error.

In terms of Voice and Accountability, as compared to other similar economies like Vietnam and Malaysia, the Philippines has experienced a steady erosion since 2014. In 2024, the third year of the Marcos Jr. administration, the Philippines’ Governance index deteriorated as compared to Malaysia. It is no consolation that the Philippines still ranks higher than Vietnam on this count since Vietnamese socialist leaders never pretend that they are building a democratic society.

As regards Political Stability, the Philippines experienced a decline in 2019 during the Duterte administration. To the credit of the Marcos Jr. administration, there was a marked improvement on this score in 2024. However, from 2014 to 2024, compared to both Malaysia and Vietnam, the Philippines had been ranked as the least politically stable. I can only surmise that this poor record is no longer due to insurgency, which has markedly declined through these years, but to the antics and poor behavior of Filipino politicians who are the greatest sources of instability and corruption.

As regards Government Effectiveness, the Philippines continues to suffer a decline which started in 2014 and remains below earlier-decade levels. Unlike Political Stability, which recovered in 2024, Administrative Effectiveness shows no comparable rebound, pointing to enduring challenges to public service and policy execution, despite legislation and pronouncements against red tape and bureaucracy. In 2024, the Philippines continues to compare poorly in Government Effectiveness with Malaysia but ranks better than Vietnam.

Regulatory Quality in the Philippines has remained broadly stable over the past decade, reflecting policy continuity across administrations. This stability, however, has not translated into Government Effectiveness, indicating persistent challenges to regulatory implementation rather than rule design. As regards cross-country comparison, the Philippines lags Malaysia in regulatory quality in 2024 but compares well with Vietnam.

Rule of Law indicators for the Philippines deteriorated markedly during the Duterte administration, reflecting the brutal campaign against drug offenders. There was a marked improvement during the Marcos Jr. administration but in 2024, the Philippines still lags behind both Malaysia and Vietnam under this category. Malaysia has sustained strong legal institutions, while Vietnam has gradually improved legal predictability under centralized governance.

As regards the Control of Corruption, the Philippines has remained persistently low over the three administrations, with no statistically meaningful improvement, despite changes in political leadership. In contrast, Malaysia and Vietnam exhibit gradual but discernible gains, reflecting stronger enforcement credibility and institutional coherence. Considering what happened in 2025 concerning the flood control scandal, the Philippines must have seen a significant decline under Control of Corruption, comparing even worse with its two ASEAN neighbors despite the fact that Malaysia and Vietnam have had similar well publicized corruption cases.

INFLATION
Of the many politico-economic pressures facing the Marcos Jr. administration today, consumers can find some relief in newfound price stability. By the end of 2025, thanks to effective monetary and fiscal management, coupled with a very pro-active program for food security, the economy was able to recover from the inflationary pressures generated by the pandemic. From a high of an annual rate of 6% in 2023, headline inflation averaged 1.7% at the end of 2025, below the 2% to 4 % target set by the Bangko Sentral ng Pilipinas (BSP). This figure is near a decade-low, second only to the 1.3% seen in 2016 at the end of the administration of Benigno Aquino III.

The inflation story is worth telling to highlight the role of effective responses of the government to the abnormal conditions that brought about high consumer prices. Just at the end of the Duterte government, the-BSP Governor Benjamin Diokno cited rising food and energy prices as the immediate causes of price hikes. On the former, the African Swine Fever (ASF) outbreak was the most salient cause of the sudden food cost rise, exposing regulatory and technological bottlenecks. As regards energy, the global reopening from a year of lockdowns served as a boon to the oil producing nations. With industries resuming activities and consumers looking for recovery from lost time, the world resumed spending with a vengeance. As a result of the very high demand, the West Texas Intermediate (WTI) crude benchmark lunged 55.4% to $75.2/barrel, pushing energy-related inflation higher.

A year later, inflation truly emerged with a vengeance, with the Russian invasion of Ukraine severely disrupting global supply chains. The first year of the Marcos Jr. administration was literally a trial by fire, as inflation accelerated to 5.8%. The same oil benchmark reached an astonishing high of $130.5/barrel in 2022, with the consequent abnormal price increases of energy, food, and transport prices (important components of the consumer price index). Making matters worse, export bans among major rice producers, the continuing spread of ASF, and successive deadly typhoons led to food inflation of 5.9%. It was a real challenge for the Marcos Jr. administration to tame this inflation caused by outside forces.

First, due credit must be given to the excellent men and women of the BSP, who have kept the central bank’s integrity and responsibly carried out its primary mandate of containing inflation. Pivoting from pandemic easing to post-pandemic tightening was not a politically popular decision, but one that had to be made, nonetheless. It was also providential that the current BSP Governor, Eli Remolona, had been dubbed as one of the world’s top central bankers for two straight years by Global Finance magazine (a reputation also enjoyed by former Governor Diokno and other Governors in the past). In fact, in general our central banking system is considered one of the best in the ASEAN region.

Second, the Marcos Jr. administration must also be commended for an effective food security program, which from the beginning was assigned the highest priority by the President himself, who assumed the role of Secretary of Agriculture for the first 14 months of his term and subsequently appointed a very competent successor in the person of Francis Tiu Laurel. Also a wise move of the Department of Agriculture was the tariff-slashing program, which brought down tariffs on our staple cereal from 35% to 15%. This move was favorably complemented by the rice producing nations like Vietnam and India increasing output to benefit from the higher prices. As expected, rice prices all but tumbled, providing downward pressure on inflation.

Another boon to lower prices was the decision of the OPEC to increase oil output to punish its errant members. This caused oil prices to tumble below $70/barrel in recent years, giving much needed breathing room to the consuming public.

We can say that a combination of effective government management of the economy and favorable geo-political conditions give Filipino consumers some breathing space in the battle against inflation. The Marcos Jr. administration now has room to focus on the other Key Result Areas (KRAs) of improving the long-term productivity of the agricultural sector, attracting higher levels of FDIs, resuming the Build, Build, Build program started during the Duterte administration, and reducing poverty incidence to a single-digit level.

 

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

bernardo.villegas@uap.asia

The Samurai Detectives: Volume 2 explores money and kinship in the Edo underworld

AT HIGH NOON on a scorching summer day, retired samurai Kohei finds the fearsome Kumagoro writhing around a field in agony. The stricken man’s name translates as “demon bear,” and he’s the proprietor of a bar of the same name. Kohei finds him next to a temple famous for a tragic legend of familial loss and despair.

This setting frames the second installment of The Samurai Detectives, written by Shōtarō Ikenami between 1972 and 1989 and newly translated by Yui Kajita. The novel is steeped in mystery, legend, and the ties and tensions of blood kin, fierce loyalty, and pride.

Returning to 18th century Edo Japan, we leave behind the complex machinations of political assassination plots of the first book. This volume explores the seedier underbelly of the city that became modern-day Tokyo, with a new cast of characters.

In addition to the “demon bear” bar owner, these include an upwardly mobile but corrupt samurai willing to hew down innocent passersby, an aged father-warrior seeking his missing son, a street-vendor looking to “muscle-up,” a beloved merchant’s daughter who keeps disappearing, and a kosamebo (“demon drizzle monk”) who visits in the rain.

In the center of all this is Kohei, the protagonist samurai-detective, and his son, the upright warrior Daijiro. They’re joined by some familiar faces from their previous adventures.

Life is looking up for the two, with a bit more money and food for Daijiro. But at heart, Kohei is still the wily old samurai whose age belies his mental and physical abilities.

There are also the familiar temptations of cosmopolitan Edo: the easy sex, the allure of money, and, underpinning it, the ever-present violence — all of which threaten to topple any one of the characters that succumb to it. Sex and love make for powerful motivators but it’s money that provides the lubricant for the inevitable violence.

FAMILY BETRAYALS AND FATHERLY CARE
Ultimately, the second Samurai Detective volume is a meditation on the ties of parent-child relationships — and what happens when they go wrong. Satelliting Kohei and Daijiro’s admirable father-son, master-pupil, warrior-comrade dynamic of respect and care are other examples that range from love to despair.

As with the last book, the tension of law verses morality forms the basis of these stories. In a city of complex fealty and interconnected relationships, it asks: what does doing the right thing mean?

Social, moral, and natural justice all play their part in this complex society — though in a pinch, the rough justice of the warrior code will do. This is clear through the number of arms, legs and noses that go flying during the many sword fights.

In this volume, Kohei and Daijiro unravel mysteries shaped by complicated family relationships. At the heart of these stories are contrasts between care, respect, love, and loyalty — and on the other side, neglect, abandonment, betrayal, and abuse.

The ensuing resolutions use revenge as their motivator. But there are underlying concerns of power, hierarchy and money that structure the intricate society of Edo.

Towards the end of the book, another tragic, unresolved character from the previous volume returns: a figure of doomed, forbidden love. While portrayed as monstrous, we come to understand that worse still was the cruelty of parental abandonment that sets the chain of events in motion. Ultimately, these are also about the abandonment of the samurai code, something that underpins all the stories in this book.

Balancing all this is the fatherly care of Kohei — not only for Daijiro, who he continues to train, but for all the characters who come his way.

From the continuing concern for Mifuyu, the warrior-daughter of the most powerful lord in Edo, to the disappeared son of his own son’s former teacher, Kohei feels the pull of a collective responsibility to the younger ones. Even the lower-status merchant daughters and unagi eel sellers on the street are not below his level of concern.

They fuel an inquisitiveness that leads Kohei to undignified actions, such as hiding in toilets to overhear plots of intrigue — and ultimately investigate.

As a sequel, The Samurai Detectives: The Killer on the Streets does more than paint an ongoing series of mysteries in Edo Japan. It highlights the necessity of respect, love, and care in the creation of a stable society.

 

Hui-Ying Kerr is a Senior Lecturer in Fashion Communication and Promotion at Nottingham Trent University. She previously received funding from the AHRC for her PhD in History of Design (2010-2013), on the 1980s Japanese Bubble Economy.

Alliance Select posts $1.8-M loss as costs offset revenue growth

ALLIANCESELECTFOODS.COM

ALLIANCE Select Foods International, Inc. (ASFII) reported a net loss for 2025 as higher costs and weaker margins offset revenue growth.

In a regulatory filing on Tuesday, the listed seafood company posted a net loss after tax of $1.8 million for 2025, compared with a $3 million loss in 2024.

Gross profit declined to $5.9 million from $8.04 million a year earlier, as higher raw material, labor, and overhead costs, a weaker product mix, and increased interest expenses weighed on margins.

ASFII said interest costs peaked in the fourth quarter, contributing to margin pressure.

Consolidated net revenues rose 7.9% to $78.1 million from $72.5 million in 2024, marking a third straight year of growth.

Export sales increased as the company expanded into new markets and introduced new products, although gains were partly offset by a decline in co-packing and lower frozen loin volumes amid stronger competition from China and Ecuador.

“ASFII was significantly affected by a less favorable portfolio mix and operational headwinds. We are actively addressing these issues to improve performance and restore profitability. The outlook for 2026 is challenged by increased cost of fish and transport, paired with uneven demand,” ASFII President and Chief Executive Officer Jeoffrey P. Yulo said.

The company said other segments posted stronger results, driven mainly by canned and pouch products, while its local business also recorded growth.

Alliance Select Foods is a listed seafood company engaged in tuna processing and supplies more than 20 countries.

ASFII shares fell by 1.22% to P0.405 apiece on Tuesday. — Alexandria Grace C. Magno

Metrobank raises P35 billion from ASEAN Sustainability Bond offering

METROBANK.COM.PH

METROPOLITAN Bank & Trust Co. (Metrobank) has raised P35 billion from the sale of sustainability debt, marking its largest peso issuance to date as it saw strong demand.

It listed the 1.5-year Series F ASEAN Sustainability Bonds on the Philippine Dealing and Exchange Corp. on Tuesday, it said in a disclosure to the stock exchange.

Metrobank said the bonds drew strong demand from both institutional and retail investors, with orders reaching seven times its initial P5-billion target.

This prompted the bank to close the public offer period early on March 23 versus the original March 30 schedule.

“We are encouraged by the strong response to this issuance, which reflects the trust our clients and partners continue to place in Metrobank. It also highlights the growing demand for investments that deliver not only financial returns, but also meaningful and lasting impact,” Metrobank Treasury Group Head John Christopher C. Lu said.

“Proceeds from the issuance will be used to diversify Metrobank’s funding sources and support its lending activities. In line with the bank’s Sustainable Finance Framework, the funds will be allocated to finance or refinance eligible green and social assets, supporting projects that contribute to environmental sustainability and inclusive growth,” the bank said.

The bonds are priced at 5.4727% per annum. Metrobank sold the securities at a minimum investment of P500,000 and additional increments of P100,000 thereafter. They were issued out of the bank’s P200-billion bond and commercial paper program approved in December 2021.

Metrobank tapped First Metro Investment Corp., ING Bank N.V. Manila Branch, and Standard Chartered Bank as joint lead managers and bookrunners for the issuance.

These three institutions and Metrobank also served as selling agents, while ING Bank was also the sustainability coordinator. 

“As market conditions continue to evolve, Metrobank underscores the importance of taking a disciplined and forward-looking approach to financial decisions. By enabling investments that support both stability and long-term growth, the bank continues to guide its clients in navigating uncertainty through actions that promote resilience and readiness for opportunities,” it said.

The bank last tapped the domestic bond market in October 2022, raising P23.7 billion from 1.5-year notes at a 5% coupon. The final issue size was more than double the initial P10-billion plan amid strong demand, likewise prompting an early close of the offer period.

Proceeds from that issuance were used mainly for general capital requirements, including refinancing maturing obligations.

Metrobank reported a record net income of P49.7 billion in 2025, supported by steady loan growth and strong trading gains.

Its shares gained 20 centavos or 0.3% to close at P67.50 each on Tuesday. — Aaron Michael C. Sy

Natural Gas Law: untapped relief

STOCK PHOTO | Image from Freepik

On Jan. 8, 2025, President Ferdinand Marcos, Jr. signed into law Republic Act (RA) 12120 establishing the Philippine Downstream National Gas Industry and creating a legal and regulatory framework to govern it.

The law encourages the exploration and use of indigenous natural gas to help achieve energy security for the Philippines. It promotes the entry of investors into an environment of competition, transparency, and fair trade.

It promotes the industry as a “safe, efficient, and cost-effective source of energy and an indispensable contributor to energy security.”

The law mandates that all industry facilities undergo an evaluation process for possible entitlement to incentives. These are incentives provided by the National Internal Revenue Code of 1997, as amended by the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.

Specifically, under the law, the sale and purchase of indigenous natural gas, aggregated gas, and power generated by facilities using indigenous natural gas and aggregated gas are exempt from value-added tax.

Last year, upon its passage, RA 12120 was already a crucial piece of legislation. At that time, it was deemed a priority measure because of our country’s drive to address climate change by reducing carbon emissions and promoting renewable energy (RE). Under the Philippine Energy Plan, the Philippines aims to have RE comprise 35% of the power generation mix by 2030, 50% by 2040, and more than 50% by 2050.

Today, the law takes on an even greater significance.

The war in the Middle East, the initial shock in oil prices, the failed peace talks, and the anticipated prolonged resolution have exerted pressure on Filipino households. The effects of the war are not only being felt by motorists who line up at gas stations. Rather, they are felt by everyone. Indeed, with the rise in transport costs come the corresponding effects on food prices and other basic goods.

At the same time, electricity rates are also moving upward. Distribution utilities have announced power rate adjustments this April, adding to the financial strain on households and businesses already managing higher day-to-day expenses.

It is imperative for the government to explore all opportunities that would soften the impact of these global events on the ordinary Filipino. To be fair, the Marcos Jr. administration has responded with urgency. For example, an Executive Order declaring a state of National Energy Emergency has been released, with the consequent mandate to the Energy department and related agencies to strengthen fuel resilience. We have also obtained fuel from other countries.

But undeniably, more has to be done.

Measures do not have to be new. We would also benefit much from using existing policies intended to cushion the impact of the crisis.

And RA 12120 — promoting the development of indigenous natural gas resources while ensuring that consumers benefit from more stable and potentially lower energy costs — is an example of an existing policy.

A key provision of the law is the exemption from value-added tax (VAT) on the purchase and sale of indigenous natural gas, as well as on electricity generated from such resources. By design, this measure is intended to translate into lower generation costs, which can help moderate electricity rates for consumers.

The law also makes clear that the exemption applies across various modes of transactions, including bilateral supply agreements and organized markets such as the wholesale electricity spot market (WESM).

In this context, the VAT exemption on indigenous natural gas serves as a practical and targeted measure to help cushion consumers from external shocks. Ensuring its consistent and timely application can contribute to easing the incremental burden on electricity users. The timely and effective implementation of its VAT exemption provision can help ensure that the intended benefits of the law are felt more directly by consumers.

The Implementing Rules and Regulations (IRR), issued through Department of Energy Circular No. DC2025-04-0005, have been in effect since April 2025. With the policy framework already established, there is now an opportunity to further advance its implementation so that its benefits can be more fully realized at the consumer level.

We should not remain in the realm of policy. What must be done now is for the Department of Energy, in coordination with other relevant institutions and industry stakeholders, to provide further clarity on implementation timelines and processes. Strengthening alignment across the sector will be key to ensuring that the policy is applied in a consistent and predictable manner.

Filipino consumers have already absorbed a series of cost increases driven by global developments. As such, the timely execution of existing consumer-oriented policies remains essential. Measures that are already grounded in law, such as those provided under Republic Act No. 12120, can play an important role in helping manage these pressures.

During a crisis, equally important as the ability to come up with innovative solutions is the facility to tap existing mechanisms and use them to address the issue at hand. In this case, the legal and policy foundations for natural gas are in place. We need only to ensure its effective implementation so that the intended benefits of these reforms are felt where they matter most.

In the end, we have to make sure we do not lose sight of who and what are truly important: Filipino households and businesses navigating an increasingly challenging economic and energy environment.

 

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

Arts & Culture (04/15/26)

PPO concludes 41st season

THE Philippine Philharmonic Orchestra (PPO) is staging a grand finale for its 41st season, titled Concert VIII: Coda, on April 17, 7:20 p.m., at the Metropolitan Theater in Manila. Under the baton of music director and principal conductor Grzegorz Nowak, the concert season finale will feature Czech composer Antonín Dvořák’s Carnival Overture, Op. 92; French musical prodigy Camille Saint-Saëns’ Introduction and Rondo Capriccioso, Romantic era Russian composer Peter Ilich Tchaikovsky’s Romeo & Juliet, and Russian composer Igor Stravinsky’s Firebird: Suite (1919). It will also have the world premiere of PPO composer Jeffrey Ching’s Paganini and the Time Machine as well as his Fiesta Contrapuntística. Acclaimed Filipino violinist Diomedes Saraza, Jr. will be the guest soloist. PPO concert tickets are priced from P1,500 to P3,000, available at TicketWorld, with discounts for senior citizens, PWD, government and military personnel, and athletes. PPO season subscribers get an exclusive 20% discount.

NCCA Gallery opens April exhibition

AT THE National Commission for Culture and the Arts (NCCA) Gallery, abstract ideas take tangible form in In-Sight, an exhibition by the SeekArt Collective running from April 13 to 30 in Intramuros, Manila. It showcases how artists transform observation and reflection into compelling “visual field notes” that invite viewers to see, think, and rethink the world. The participating artists are John Merick Eupalao, Flaviano Lucas, Jr., John Michael P. Oarga, Eleanore Fern B. Pagaduan, Susanne Therese D. Tolentino, and Jared Yokte.

Two exhibits at Silverlens this April

AT Silverlens Manila, a group exhibition and a solo exhibition are ongoing. The former, Play, features the works of Jennifer K Wofford, Jake Verzosa, and Aze Ong, which investigates the transformation of space into place, centrally evoked in the ubiquitous site and spatiality of the basketball court. Meanwhile, Is Jumalon’s Topography of Seeing presents a new series of works where the artist paints an interface and an inheritance. Both exhibits run until May 16.

MSO to mount Mozart, Mahler concert

LED by Venezuelan conductor Joshua Dos Santos, the Manila Symphony Orchestra (MSO) will continue its Centennial Season with a program centered on the works of Mozart and Mahler. The evening opens with Wolfgang Amadeus Mozart’s Sinfonia concertante in E-flat, K. 364 for violin and viola, a work celebrated for its technical precision. The piece features rising Filipino artists Emanuel John Villarin (violin) and Christian Wrona (viola). The program culminates in Gustav Mahler’s Symphony No. 1, a work that demands expressive depth, where the MSO will be joined by selected members of the UST Symphony Orchestra in a side-by-side performance. Tickets, priced from P1,500 to P5,000, are available at TicketWorld, with a 20% off special early bird offer valid until May 1 with the code MOZARTMAHLEREB20.

Karylle to star in Charlie and the Chocolate Factory

THE international tour of Broadway musical Charlie and the Chocolate Factory is coming to Manila this July. For its Manila stop, Filipino multi-awarded performer Karylle will star as the loving and resilient Mrs. Bucket. Following a sold-out run at Shanghai Culture Square in November, the musical will go to The Theater at Solaire. It is based on Roald Dahl’s globally beloved novel and runs from July 8 to 26.

Morissette to star in The Notebook

THEATRE GROUP ASIA (TGA) has announced the casting of singer Morissette as Middle Allie in its upcoming production of The Notebook: The Musical, opening in September at the Samsung Performing Arts Theater. The production will serve as the musical’s international premiere, opening TGA’s 2026-27 season. The Notebook: The Musical is a stage adaptation of Nicholas Sparks’ novel, featuring music and lyrics by Ingrid Michaelson and a Tony-nominated book by Bekah Brunstetter.

Victorias Milling income up 2.3% on lower costs

FACEBOOK.COM/VICTORIASMILLINGCOMPANY

VICTORIAS MILLING CO., INC. (VMC) reported a 2.33% increase in attributable net income to P511.46 million for the three months ended February, as lower costs of sales and services offset a decline in revenue.

In a regulatory filing on Tuesday, the listed sugar miller said net income rose from P499.82 million a year earlier.

Total revenue declined 20.13% to P3.38 billion from P4.23 billion in the same period last year.

Revenue from sales fell 9.61% to P3.15 billion from P3.48 billion, while revenue from services dropped 69.08% to P231.28 million from P748.07 million.

Other income, which includes storage and handling fees, interest income, and investments, declined 29.45% to P49.76 million from P70.53 million.

VMC’s cost of sales and services decreased 25.4% to P2.71 billion from P3.63 billion in the same period last year.

Operating expenses declined 8.28% to P165.44 million from P180.38 million a year earlier.

Finance costs also fell 11.78% to P8.08 million from P9.16 million.

For the six months ended February, attributable net income reached P673.75 million, down 22.61% from P870.57 million in the same period last year, driven by a dip in revenue due to “continuing industry challenges and evolving market conditions.”

At the local bourse, VMC shares last traded at P1.94 each on April 13. — Vonn Andrei E. Villamiel

Peso back at P59 level on Iran deal hopes

BW FILE PHOTO

THE PESO rose against the dollar on Tuesday, returning to the P59 level on market optimism over a potential resolution to the Middle East war even as weekend peace talks ended without a deal.

The local unit appreciated by 26.5 centavos to close at P59.87 against the greenback from its P60.135 finish on Monday, data from the Bankers Association of the Philippines showed.

The currency opened Tuesday’s session sharply stronger at P59.888 per dollar. It traded at the P59 level the entire day, logging an intraday best of P59.74 and reaching a low of just P59.93 against the greenback.

Dollars traded climbed to $2.007 billion from $1.89 billion on Friday.

“The dollar-peso returned to the P59 level amid improved risk sentiment due to optimism on US-Iran talks,” a trader said by phone.

Lower global crude oil prices also supported the local unit, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

For Wednesday, the first trader sees the peso ranging from P59.50 to P60 per dollar, while Mr. Ricafort expects it to move between P59.75 and P60.

The safe-haven dollar inched lower toward a seventh straight daily decline on Tuesday as investors hoped for a diplomatic breakthrough in the Middle East even as the US military began a blockade of Iran’s ports, Reuters reported.

The dollar index, which measures the dollar against a basket of six currencies, was last down 0.09% at 98.25, trading around its weakest since March 2, the first trading day after the US-Israeli war with Iran began.  

Negotiating teams from the US and Iran could return to Islamabad later this week, five sources said on Tuesday, after the highest-level talks between the two countries in decades ended at the weekend without a breakthrough.

US President Donald J. Trump said Iran had been in touch on Monday and wanted to make a deal but that he would not sanction any agreement allowing Tehran to have a nuclear weapon.

The US military’s blockade of Iran’s ports angered Tehran and added to uncertainty about whether the Strait of Hormuz could be reopened.

The closure of the narrow strait, used for shipping much of the world’s oil and gas, has propelled dollar-denominated oil prices higher, which has underpinned dollar moves. — Aaron Michael C. Sy with Reuters

Surging oil prices strain MSMEs, prompt price hikes and delays

PHILIPPINE STAR/MIGUEL DE GUZMAN

By Beatriz Marie D. Cruz, Senior Reporter

MICRO, small and medium enterprises (MSMEs) are raising prices and delaying shipments as higher oil prices driven by Middle East tensions push up logistics and production costs, industry players said.

“We’re not going to make money because our logistics cost is 10% of the price,” Brian Enriquez, owner of Basket Trend Home Products, Inc., told BusinessWorld on the sidelines of a Trade department food fair last week.

Mr. Enriquez, who sells handwoven baskets from Rizal, said export costs have surged, forcing the company to pause shipments to the US.

“The cost to send a container to the US also increased by almost 300%,” he said, adding that buyers are holding off orders while waiting for freight rates to ease.

Small food producers are also adjusting prices to keep pace with rising input costs.

“The cost of all our raw materials has increased,” said Salve San Juan, founder of Bicol-based Golden Mama, known for bottled laing, Bicol express and other regional products.

Ms. San Juan said packaging costs, particularly for glass bottles, have risen alongside fuel prices, forcing the company to increase retail prices. Bottled products now sell for about P180 from P165, while resellers have begun placing smaller orders.

“We cannot keep our prices steady,” she said.

Logistics costs have also climbed for Davao-based Bec and Geri’s, Inc., which produces plant-based coffee products.

“Especially for the logistics side of shipping our products from Davao to anywhere in the Philippines, there was really an increase in costs,” said Martin Evangelista, the company’s sales director.

The company raised the price of its purple corn coffee to P350 from P295 to offset higher delivery expenses.

“Because of this crisis, we really have to increase our price to support our expenses for logistics,” he said.

The Philippines’ reliance on air and sea transport exposes small businesses to fuel-driven cost swings, with shipping and airfare adjustments adding to the burden.

The Maritime Industry Authority said ship cargo rates might increase by as much as 30%, while the Civil Aeronautics Board raised the passenger fuel surcharge to Level 8 this month, allowing airlines to impose higher fees on domestic flights.

These increases feed into the cost structure of MSMEs, which typically operate on thin margins and have limited capacity to absorb shocks.

Diana R. Rueda, an economics professor at the University of Asia and the Pacific, said rising oil prices affect both production and distribution costs, putting pressure on smaller firms.

MSMEs, which account for about 99% of businesses in the Philippines and contribute roughly 40% of gross domestic product, are particularly vulnerable to external shocks.

Still, Ms. Rueda said shifting consumer behavior during periods of high fuel costs could benefit certain segments.

“Sari-sari (mom-and-pop) stores, neighborhood groceries and home-based food businesses are also well-positioned to thrive as consumers prioritize convenience and reduce long-distance travel,” she said in a Viber message.

She added that repair and maintenance services such as motorcycle servicing and clothing alterations might see stronger demand as households and businesses look for ways to cut costs.

MSME TRAVEL DISCOUNTS
Meanwhile, sea travel operator 2GO Group, Inc. has partnered with the Department of Trade and Industry to offer discounted fares and logistics support to MSMEs participating in government-backed trade fairs.

“This collaboration allows both established and aspiring MSMEs to tap into our sea travel network,” 2GO Travel Business Unit head Francis John Chua said in a statement on Tuesday. “This actually means that starting and growing your own business has never been easier.”

Under a memorandum of agreement, the partnership aims to help small businesses expand their market reach by lowering travel costs and improving access to transport and cargo services, 2GO said.

The company said it would provide special discounted rates for MSMEs attending official trade fairs, along with exclusive cargo services to support product distribution across regions.

Trade Undersecretary Blesila A. Lantayona said the partnership would strengthen the visibility of Filipino products nationwide.

“This initiative strengthens the presence of Filipino products beyond their home regions and enables MSMEs to reach more consumers nationwide, with sea travel supporting their growth and mobility,” she said.

Under the deal, 2GO will also expand its One Town, One Product Nooks — dedicated spaces for local goods aboard passenger vessels — across its fleet.

The expansion is expected to provide MSMEs with more channels to promote and sell their products directly to travelers.

2GO said the partnership aligns with efforts to support MSME development by improving access to markets and logistics infrastructure, which remain key challenges for small enterprises operating in an archipelagic country.

The company provides a range of services including sea travel, freight forwarding, warehousing, distribution and e-commerce logistics.

Earlier this month, 2GO partnered with the Philippine Coast Guard to provide travel discounts to retired personnel and their families, while supporting logistics requirements such as the transport of humanitarian and relief goods.

The company said it continues to explore partnerships that enhance mobility and logistics support for both public and private sector stakeholders. — with Ashley Erika O. Jose

The beat is not enough: Why the future of music is human plus AI

STOCK PHOTO | Image by Rawpixel.Com from Freepik

For the past few weeks, one song has been impossible to ignore. “Hawak Mo Ang Beat” has become a phenomenon. It is everywhere: on TikTok, in dance challenges, in schools, in malls, and all over social media. But as the song became more popular, another conversation emerged. Was it created using artificial intelligence (AI)?

Its composer has denied it, but perhaps that is no longer the point. The bigger issue is that we are now entering a world where people can no longer easily tell whether a song was made by a person, a machine, or both. The question is no longer whether AI can create music. We already know it can. The more important question is whether it should.

I have been thinking about this because I recently went through the same process myself. This Saturday, during the ASEAN Round Festival, we will launch a new song called “Sulong,” to be performed by three P-pop groups. I wrote the initial concept and composition with the help of AI. I used Suno to generate possible arrangements and beats. It allowed me to move faster, explore different directions, and imagine possibilities that I may not have immediately considered on my own.

But the song did not end there.

After the initial composition, I asked a professional lyricist to refine the lyrics. We adjusted the words, the phrasing, the rhythm, and, more importantly, the emotion. Then real singers recorded it. Real producers mixed it. Real musicians interpreted it. The result, at least to me, is not an AI song. It is a human song that used AI as a tool.

That, I believe, is where we should draw the line.

There is a world of difference between asking AI to create everything and using AI the way we use any other technology.

When Photoshop came out, people said photography was dead. When synthesizers arrived, many said they would destroy music. When Auto-Tune became popular, critics said there would no longer be real singers. Yet today, all of these are simply part of the creative process.

No one says a photographer is fake because he edits a photo. No one says a music producer is cheating because he uses a synthesizer. AI, to me, is simply the next tool.

But what made “Sulong” different is that the song was never just about music.

When I began writing it, I wrote it with two P-pop groups in mind. These are groups that are talented, hardworking, and deserving, yet for many years they have often been overlooked and neglected. In the entertainment industry, attention usually goes to those who are already popular. The rest are expected to quietly wait in the background and hope that one day they will finally be noticed.

These groups know what that feels like. They know what it means to work hard and still be ignored, to give everything and still be underestimated, to keep moving even when people have already counted them out.

That is why “Sulong” became more than just another song. It became their story.

It is a song about bouncing back. About refusing to surrender. About choosing to rise after being ignored. About deciding that disappointments do not define the future. The title itself says it all. Sulong. Move forward. Push on.

When I listened to the final version, I realized that the song was no longer just for those groups. It had become a song for the Philippines.

Because perhaps many Filipinos feel the same way today.

We live in a difficult time. Prices are rising. Oil prices are climbing. Businesses are worried. Families are struggling. Many people feel left behind, unheard, and uncertain about the future. There is a growing sense of frustration and fatigue.

And yet, despite all of that, Filipinos always find a way to continue.

We have always been a people of resilience. We rise after every typhoon. We rebuild after every crisis. We survive every disappointment. The Philippines itself has often been underestimated. We are told we are not ready, not good enough, not competitive enough. Yet somehow, again and again, we prove people wrong.

That is why “Sulong” resonated with me so deeply. It is not only a song about neglected artists trying to make a comeback. It is also a song about a country that continues to fight despite every challenge.

And that is something no AI could ever truly create on its own.

AI can generate a beat. It can suggest lyrics. It can imitate a melody. But it cannot understand what it feels like to be ignored. It cannot understand what it feels like to struggle, to fail, to keep going, and eventually to rise. Only people know that. Only real artists know that.

That is why I understand why many people are uncomfortable with AI-generated music. There are legitimate concerns. If AI is used to copy an artist’s voice, imitate a style, or recreate someone else’s work without permission, then that is wrong. That is not innovation. That is theft.

Artists deserve to own their voice, their music, and their identity. We need rules, ethics, and transparency. If a song uses AI, then people should know. If an artist’s likeness or voice is used, then there should be consent.

But we should also not reject AI completely. If we do, we may miss the opportunity to use it in the right way.

The best use of AI is not to replace human creativity. The best use of AI is to help human creativity become even better.

That is what happened with “Sulong.” AI helped me create a first draft. But human beings gave it its soul. A lyricist refined the story. Singers gave it emotion. Producers gave it life.

Perhaps that is also the future of music. Not human versus AI, but human plus AI.

Technology may help create the beat. But only people can give it a soul.

 

Dr. Donald Patrick Lim is the founding president of the Global AI Council Philippines and the Blockchain Council of the Philippines, and the founding chair of the Cybersecurity Council, whose mission is to advocate the right use of emerging technologies to propel business organizations forward. He is currently the president and COO of DITO CME Holdings Corp.

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