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Nippon Steel to invest $4 billion for new US Steel mill in $14 bln package, document says

Source: https://www.ussteel.com/media/video-image-library

WASHINGTON – Nippon Steel plans to invest $14 billion in U.S. Steel’s operations including up to $4 billion in a new steel mill if the Trump administration green lights its bid for the iconic U.S. company, according to a document and three people familiar with the matter.

Under details of the plan included in the document, the company will plow $11 billion into U.S. Steel’s infrastructure through 2028. That includes $1 billion in a green field site, which is expected to grow by $3 billion over the following years and has not been previously reported. The total investment figure was previously reported by CTFN.

Shares of U.S. Steel rose closed up more than 3% after the Reuters report.

The super-charged investment pledge, up from an initial $1.4 billion, was pitched as part of a last ditch effort to win approval of the merger, which has drawn fire from both Presidents Donald Trump and Joe Biden.

The companies face a May 21 deadline for the completion of a fresh national security review of their proposed tie-up, which was blocked by Biden on national security grounds in January following a prior review. Trump would then have 15 days to decide the fate of the transaction, although the timeline could slip.

It is unclear if the billions in new investment will be enough to sway Mr. Trump, though two other sources said his administration sought the increased investment.

The new pledge should be enough to entice the Trump administration to approve the merger, said Nick Klein, a lawyer from DLA Piper.

“Increased investment to expand steel production in the United States is critical to our national security. I think the Trump administration recognizes this and will approve the deal, Klein said.

Regardless, the offer shows the lengths Nippon Steel is willing to go to secure approval, with a looming $565 million breakup fee and current steep U.S. steel tariffs of 25% to access thriving American steel markets.

U.S. Steel declined to comment. Nippon Steel, the White House and the Treasury Department, which leads the committee overseeing the national security review, did not respond to requests for comment.

Nippon Steel offered $14.9 billion for U.S. Steel in December 2023, seeking to capitalize on an expected ramp up in steel purchases, thanks to the bipartisan infrastructure law.

But the tie-up faced headwinds from the start, with both then-President Biden and Trump asserting U.S. Steel should remain American owned as they sought to woo voters in the swing state of Pennsylvania, where the company is headquartered.

Nippon Steel added investment pledges to sweeten the deal from $1.4 billion to $2.7 billion in August 2024, as well as promises to maintain U.S. Steel’s headquarters in Pennsylvania.

But Biden’s January block of the deal on national security grounds prompted lawsuits by the companies alleging the national security review they received was biased, a charge the Biden White House disputed.

The steel giants saw a new opportunity in the Trump administration, which began on January 20 and opened a fresh 45-day national security review into the proposed merger last month.

But Mr. Trump’s public comments, ranging from welcoming a simple “investment” in U.S. Steel by the Japanese firm to floating a minority stake for Nippon Steel, have done little to shore up investor confidence in an eventual greenlight.

Regardless of Mr. Trump’s final decision, some lawmakers from his party attribute Nippon Steel’s increased investment to the President.

“President Trump has not only brought life back into this partnership by giving it a second chance, but he also made it great,” said Kim Ward, a Republican Pennsylvania state senator and staunch advocate for the deal’s approval.

Nippon Steel Vice Chairman Takahiro Mori was in Washington last week to meet with U.S. officials to try to win approval of the deal, Reuters previously reported. – Reuters

Biden’s cancer diagnosis prompts new questions about his health while in White House

REUTERS

WASHINGTON – Former U.S. President Joe Biden’s cancer announcement revived questions on Monday about the extent of his health issues during his tenure, with President Donald Trump saying Mr. Biden should have been more transparent with the public.

“I’m surprised that the public wasn’t notified a long time ago, because to get to stage 9, that’s a long time,” Mr. Trump told reporters on Monday, misstating Mr. Biden’s diagnosis. Mr. Trump also voiced sympathy on Sunday in a social media post.

Mr. Biden’s office said he had been diagnosed on Friday with “aggressive” prostate cancer that had spread to his bones. Cancers that have spread, or metastasized, are considered stage 4, the most advanced.

The remarks by Mr. Trump and other Republicans captured the renewed focus on the health of the 82-year-old Democratic former president with the publication of a book that details widespread concerns about Biden’s mental acuity among aides and Democratic insiders as he pursued reelection in 2024.

Excerpts from the book have prompted new questions about whether critical information was withheld from the American public about Biden’s ability to serve in the White House. Mr. Biden’s closest aides have dismissed those concerns, saying Mr. Biden was fully capable of making important decisions.

“Why didn’t the American people have a better sense of his health picture?” Vice President JD Vance said to reporters as he wrapped up a trip to Rome. “Why didn’t the American people have more accurate information about what he was actually dealing with? This is serious stuff.”

A spokesperson for Mr. Biden did not return a request for comment. Mr. Biden has appeared on television to rebut accusations that his mental capacity had diminished during his 2021-2025 term. “There’s nothing to sustain that,” he said on ABC’s ‘The View’ on May 8.

Mr. Biden, the oldest person ever to serve as president, was forced to drop his reelection bid last July after a stumbling debate performance against Trump eroded his support among fellow Democrats. Mr. Biden’s vice president, Kamala Harris, launched a bid of her own but lost to Mr. Trump in the November 2024 election.

DOCTORS SURPRISED
Most prostate cancers are detected at an earlier stage.

“I would assume the former president gets a very thorough physical every year,” said Dr. Chris George, medical director of the cancer program at Northwestern Health Network. “It’s sort of hard for me to believe that he’s had a (blood test) within the past year that was normal.”

Dr. Herbert Lepor, a urologist at NYU Langone Health, said that given the available screening options, “it is a bit unusual in the modern era to detect cancers at this late stage.”

Some 70% of prostate cancer cases were diagnosed before they spread to other organs, according to the Centers for Disease Control and Prevention.

U.S. guidelines do not recommend annual blood screening for men over 70 and it is unclear whether the annual presidential exam would have included those tests.

The new book, “Original Sin,” by journalists Jake Tapper and Alex Thompson put a spotlight on Mr. Biden’s mental acuity in his final months in office.

“It was a mistake for Democrats to not listen to the voters earlier,” U.S. Senator Chris Murphy of Connecticut, a potential 2028 Democratic presidential candidate, said on NBC on Sunday.

Mr. Biden faced no serious challenge for the 2024 Democratic nomination, and party leaders repeatedly vouched for his ability to serve a second four-year term even though 74% of Americans in January 2024 thought he was too old for the job, according to Reuters/Ipsos polling.

Mr. Biden’s cancer diagnosis drew an outpouring of sympathy from supporters and rivals alike. Mr. Biden thanked the public on behalf of his wife and himself for their support in a social media post released early on Monday.

“Cancer touches us all. Like so many of you, Jill and I have learned that we are strongest in the broken places. Thank you for lifting us up with love and support,” he said. – Reuters

Britain, Canada, France threaten sanctions against Israel over Gaza

A view shows houses and buildings destroyed by Israeli strikes in Gaza City, Oct. 10, 2023. — REUTERS

LONDON – The leaders of Britain, Canada and France threatened sanctions against Israel on Monday if it does not stop a renewed military offensive in Gaza and lift aid restrictions, piling further pressure on Prime Minister Benjamin Netanyahu.

The Israeli military announced the start of a new operation on Friday, and earlier on Monday Netanyahu said Israel would take control of the whole of Gaza. International experts already have warned of looming famine.

“The Israeli Government’s denial of essential humanitarian assistance to the civilian population is unacceptable and risks breaching International Humanitarian Law,” a joint statement released by the British government said.

“We oppose any attempt to expand settlements in the West Bank … We will not hesitate to take further action, including targeted sanctions.”

In response, Mr. Netanyahu said that “the leaders in London, Ottawa and Paris are offering a huge prize for the genocidal attack on Israel on October 7 while inviting more such atrocities”.

He said Israel will defend itself by just means until total victory is achieved, reiterating Israel’s conditions to end the war which include the release of the remaining hostages and the demilitarization of the Gaza strip.

Israel has blocked the entry of medical, food and fuel supplies into Gaza since the start of March to try to pressure Hamas into freeing the hostages the Palestinian militant group took on October 7, 2023, when it attacked Israeli communities.

“We have always supported Israel’s right to defend Israelis against terrorism. But this escalation is wholly disproportionate,” the three Western leaders said in the joint statement. They said they would not stand by while Netanyahu’s government pursued “these egregious actions.”

They stated their support for efforts led by the United States, Qatar and Egypt for an immediate ceasefire in Gaza, and said they were committed to recognizing a Palestinian state as part of a two-state solution to the conflict.

Hamas welcomed the joint statement describing the stance as “an important step” in the right direction toward restoring the principles of international law.

Israel’s ground and air war has devastated Gaza, displacing nearly all its residents and killing more than 53,000 people, many of them civilians, according to Gaza health authorities.

The war began with the October 7, 2023, Hamas-led attack in which the militants killed about 1,200 people, mostly civilians, and seized 251 hostages, according to Israeli tallies. – Reuters

BoP deficit widens to $2.56B in April

A person shows US dollars at a currency exchange store in Manila, Philippines, Oct. 21, 2022. — REUTERS

By Luisa Maria Jacinta C. Jocson, Senior Reporter

THE PHILIPPINES’ balance of payments (BoP) deficit widened further in April as the government paid back its external debt, data from the Bangko Sentral ng Pilipinas (BSP) showed.   

The BSP on Monday said the BoP deficit stood at $2.56 billion in April, wider than the $639-million gap a year ago and the $1.97-billion shortfall in March.

Philippines: Balance of Payments (BoP) PositionThe BoP measures the country’s transactions with the rest of the world. A deficit indicates more funds exited the Philippines while a surplus means more money entered the country than left.

“The BoP deficit reflected the National Government’s (NG) drawdowns on its foreign currency deposits with the BSP to meet its external debt obligations and pay for its various expenditures, and the BSP’s net foreign exchange operations,” the central bank said.

Latest data from the BSP showed the Philippines’ outstanding external debt rose by an annual 9.8% to $137.63 billion as of end-December 2024.

This brought the external debt-to-gross domestic product (GDP) ratio to 29.8% at the end of 2024 from 28.7% in the previous year.

The country’s BoP position stood at a $5.52-billion deficit in the first four months of 2025, ballooning from the $401-million gap a year ago.

“Based on preliminary data, this year-to-date BoP deficit reflected mainly the widening trade in goods deficit,” the central bank said.

The country’s trade balance in goods stood at a $4.13-billion deficit in March, 23% higher than a year ago. This brought the first-quarter trade deficit to $12.71 billion, also widening by 12.8% year on year.

“This decline was partly muted, however, by the continued net inflows from personal remittances from overseas Filipinos and foreign borrowings by the NG,” it added.

Cash remittances rose by 2.6% in March to $2.81 billion, though this was the slowest growth in nine months.

The NG’s gross borrowings declined by 7.15% to P192.45 billion in March as gross external debt fell by 31.89%.

Meanwhile, the BoP reflected a final gross international reserve (GIR) level of $105.3 billion at its end-April position, lower than $106.7 billion as of end-March.

“This latest GIR level provides a robust external liquidity buffer,” the central bank said.

The dollar reserves were enough to cover 3.7 times the country’s short-term external debt based on residual maturity.

An ample level of foreign exchange buffers safeguards an economy from market volatility and is an assurance of the country’s capability to pay debt in the event of an economic downturn.

The GIR was also equivalent to 7.3 months’ worth of imports of goods and payments of services and primary income.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the wider BoP deficit was due to the continued trade gap and repayment of foreign currency debts and other foreign obligations.

However, he also noted the decline in foreign investments amid volatilities in financial markets due to the United States’ tariff policies.

For the coming months, Mr. Ricafort said the BoP position could improve due to proceeds from the NG’s foreign-currency debt that could add to the GIR.

He also cited “continued growth in OFW remittances, BPO revenues, exports, foreign tourism receipts, and other structural US dollar inflows of the country.”

“Going forward, any improvement in BoP data and in GIR data for the coming months could still help provide greater cushion for the peso exchange,” Mr. Ricafort said.

This year, the BSP expects the country’s BoP position to end at a $4-billion deficit, equivalent to -0.8% of gross domestic product.

The BoP position stood at a surplus of $609 million in 2024, plunging by 83.4% from the $3.672-billion surplus as of end-2023.

Auto sales drop 10% in April as passenger car sales slump

Heavy traffic is seen along Commonwealth Avenue in Quezon City, March 16, 2025. — PHILIPPINE STAR/MIGUEL DE GUZMAN

By Justine Irish D. Tabile, Reporter

PHILIPPINE AUTOMOTIVE SALES slid by 10% in April, the biggest annual decline in more than three years, amid a double-digit decline in passenger car sales, an industry report showed.

A joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed new vehicle sales fell by 10% to 33,580 units in April from 37,314 units in the same month a year ago.

April saw the biggest annual decline since the 11.2% drop in January 2022. It was also the first time that sales fell since the 7.3% decline in February 2022.

Auto Sales (April 2025)

Month on month, car sales also slumped by 16.7% from 40,306 units sold in March.

“While the overall market trajectory remains positive, the recent slowdown may be attributed to seasonal factors, economic conditions, or evolving consumer demands,” said CAMPI President Rommel R. Gutierrez in a statement on Monday.

“Industry leaders continue to monitor market trends and expect further developments in the months ahead,” he added.

Data from CAMPI-TMA showed passenger car sales plunged by 35.5% in April to 6,498 from 10,069 a year prior. Passenger cars made up 19.35% of the total industry sales in April.

Month on month, sales of passenger cars slid by 23.1% from 8,449 cars sold in March.

Regina Capital Development Corp. Head of Sales Luis A. Limlingan said the slump in passenger car sales reflects “ongoing price sensitivity in the mass market.”

“The decline in April car sales was driven by fewer selling days due to holidays, high base effects from last year’s strong performance, and lingering consumer caution amid tight loan conditions,” he said in a Viber message.

On the other hand, commercial vehicle sales, which accounted for 80.65% of the total, dipped by 0.6% to 27,082 in April from 27,245 a year ago.

Month on month, commercial vehicle sales declined by 15% from 31,857 in March.

Broken down, light commercial vehicle sales rose by 3.2% year on year to 20,185, while Asian utility vehicle (AUV) sales declined by 12.1% to 5,992.

Sales of light-duty trucks and buses inched up by 1.6% to 499 in April, while sales of medium-duty trucks and buses dropped 18% to 291.

In April, sales of heavy-duty trucks and buses surged 134.7% to 115 units.

For the first four months of the year, vehicle sales inched up by 2.5% year on year to 150,654 units from 146,920 in the same period in 2024.

Commercial vehicle sales increased by 10.3% to 119,824, while passenger car sales dropped by 19.5% to 30,830 in the January-to-April period.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the Trump administration’s recent tariff policies may have hurt consumer confidence, affecting car sales.

“Trump’s announcement of reciprocal tariffs somewhat weighed on sentiment by consumers, businesses, and other institutions, as higher US import tariffs could slow down global trade, investments, employment, and overall economic growth worldwide,” he said in a Viber message.

“Possible slowdown in sales, incomes, employment, and other economic activities led to a more cautious attitude for some buyers of big-ticket items such as vehicles until the uncertainties settle regarding the Trump risk factor,” he added.

Mr. Ricafort said the ban on some government spending, including purchases of vehicles, ahead of the midterm election may have also affected overall industry sales.

“We expect a gradual recovery in the latter half of the year as demand picks up, inflation stabilizes, and hybrid and electric vehicle (EV) adoption grows. However, the outlook remains tempered by broader economic headwinds and cautious spending behavior,” Mr. Limlingan said.

Year to date, Toyota Motor Philippines Corp. remained the market leader with a 47.74% share as sales rose by 6.4% to 71,927 units.

Mitsubishi Motors Philippines Corp. came in second with a 7% increase in sales to 29,770 units in the January-to-April period. It accounted for 19.76% market share.

In third spot is Nissan Philippines, Inc. which saw a 12.7% drop in sales to 8,182 units in the first four months.

Rounding out the top five were Suzuki Phils., Inc., which saw a 14.5% increase in sales to 7,002 units, and Ford Motor Co. Phils., Inc. which posted a 30.6% drop in sales to 6,728 units.

The CAMPI-TMA report showed that 1,509 EVs were sold in April, bringing four-month sales to 6,820 units. This represented a 5.69% market share.

However, month-on-month EV sales dropped 20.4% from 1,895 units sold in March.

Broken down, hybrid EVs accounted for 5,744 units sold in the first four months. There were 978 battery EVs and 98 plug-in hybrid EVs sold as of end-April.

Toyota Motor sold the most hybrid EVs so far this year with 4,942, followed by Honda Cars Philippines with 442.

Nissan Philippines posted the highest sales of battery EVs with 409, followed by Tesla Motors Philippines with 396 units.

Agencies’ budget proposals reach P11 trillion for 2026

Metro Manila Development Authority employees repair chairs at a school in Mandaluyong City. — PHILIPPINE STAR/MIGUEL DE GUZMAN

GOVERNMENT AGENCIES’ budget proposals for the 2026 national budget have surged to P11 trillion, up from the P9.2 trillion in funding requests made for the 2025 budget, according to the Department of Budget and Management (DBM).

“It is not finished yet and only three bureaus were finalized. But based on the submissions, because there are a lot of them, there’s a 200-300% increase in agency submissions. So, they’re looking at approximately P11 trillion,” DBM Undersecretary Goddes Hope O. Libiran told reporters on the sidelines of the 2025 Open Government Week on Monday.

This is 20% higher than the P9.2 trillion in funding requests from government agencies last year.

“There are a lot of agencies that want to do a lot and maybe, like, for example, the Armed Forces of the Philippines raised their request for a modernization program,” she added.

The DBM’s estimate also accounted for both Tier 1 and Tier 2 proposals.

The government employs a two-tier budget process; ongoing spending is considered in Tier 1 and proposals for new and expanded spending are evaluated in Tier 2.

The P11-trillion proposals will be later reviewed under the Preliminary Executive Review Board.

Once they finalize it, they will defend it to the Executive Review Board, which includes Budget Secretary Amenah [F. Pangandaman] and the senior officials like us,” she said.

The final budget will be based on available fiscal space.

“The work of DBM is to determine which ones are really aligned with our Medium-Term Fiscal Framework to the Philippine Development Plan to the priorities of the administration and which are implementation-ready,” she said.

“If we put their proposal in the National Expenditure Program, won’t the budget be wasted? Will they be able to implement that? We’re in the process of that,” Ms. Libiran said.

In 2026, the overall National Expenditure Program will hit a record P6.793 trillion, up 7.38% from the P6.326-trillion national budget signed in 2025.

At the same event, Ms. Pangandaman expressed optimism that the Freedom of Information (FOI) bill will be passed by the incoming Congress.

“We conducted a series of roundtable discussions with the government, CSOs (civil society organizations), academic, and private sector to advance the passage of Freedom of Information bill in the 20th Congress,” she said. “With the support of President Ferdinand R. Marcos, Jr., I am confident that we will soon pass our very own FOI.”

The DBM and the Presidential Communications Office are set to incorporate the results from the discussions to strengthen the draft FOI bill. The draft bill will be presented to the Legislative-Executive Development Advisory Council meeting on May 26. — Aubrey Rose A. Inosante

PHL seen as a ‘friendshoring’ destination for United States

Semiconductor chips are seen on a printed circuit board in this illustration picture taken Feb. 17, 2023. — REUTERS

THE PHILIPPINES is poised to attract more foreign direct investments (FDI) as it is seen as an emerging “friendshoring” destination for the US and as secondary hub for China-based companies, HSBC Global Research said.

“Though currently paused, we think low reciprocal tariffs from the US and amicable Philippine-US relations offer global investors a potential opportunity to diversify,” it said in a report.

“We think the Philippines may be a budding friendshoring destination for the US as well as a destination for the China+1+1 strategy for investors elsewhere. Time to turn the tides,” it added.

US President Donald J. Trump announced higher reciprocal tariffs on most of the country’s trading partners last month, with the Philippines facing a 17% rate, the second-lowest tariff in Southeast Asia.

The reciprocal tariffs have been paused for 90 days until July as countries negotiate lower rates with the US.

If the Philippines secures a lower reciprocal tariff from the US, HSBC said exports to the US would likely rise over time.

“We think there is scope to accommodate more, though the US is already the second-largest trading partner and export market of electronics for the country.”

In 2024, the US was the country’s top export market, receiving $12.12 billion worth of Philippine goods.

The Philippines’ top exports to the US are semiconductors, electronic integrated circuits, and insulated wire and other insulated electric conductors.

“In terms of trade, the Philippines has the potential to increase its market share in the US. As of now, it is behind its peers, but the current situation poses an opportunity, particularly if the ‘China+1+1’ strategy takes off.”

The China+1+1 strategy refers to China-based companies diversifying their production operations to include two additional countries.

HSBC said the country is in a “unique position” to maximize opportunities.

“For one, it is a low-risk option for diversification as it may have the most amicable relationship with the US among ASEAN (Association of Southeast Asian Nations) countries.”

Changing global supply chains also opens up doors to the potential for nearshoring and reshoring, HSBC said.

“Amidst this, we believe the Philippines is poised to present itself as a friendshoring destination for the US.”

“Potentially lower tariffs, an attractive demographic, ready infrastructure for the industry, and a friendlier relationship with the US should give all the right signals to global investors.”

The boost from investment will help the country “anchor its position in the global tech supply chain, while gradually shifting to more high-valued exports.”

“It would also nudge the government to ramp up infrastructure development and may even have a crowding-in effect on both public and private investment,” it added.

However, it noted the complicated and interlinked nature of global tech supply chains.

“The 90-day tariff pause will end soon, but the outcome of it remains uncertain. There is also a risk of higher tariffs on semiconductor imports to the US.”

“This has the potential to hit the entire tech supply chain of the region hard. The archipelago is not fully shielded from the broader cascading effect of tariffs. However, we see opportunities and think all eyes will be on how the Philippines can maximize them,” it added.

HSBC had noted the Philippines is a critical part of the region’s tech supply chain with its expertise in assembly, testing and packaging of semiconductor chips, but has failed to compete with its neighbors.

“The production of semiconductors requires a highly skilled workforce, especially to move up the value chain,” it added.

The report also cited challenges preventing electronics production from flourishing in the Philippines, such as the previous policy focus of the government on services instead of manufacturing; lack of a highly skilled workforce; high electricity costs; and regulatory bottlenecks, among others.

However, it noted that the Philippines has been making “good progress” in deploying structural reforms to support the semiconductor industry to address ease of doing business and attract foreign investments, among others. — Luisa Maria Jacinta C. Jocson

SM makes wildlife conservation efforts easier

BRONTË H. LACSAMANA

Proceeds from endangered species merch to go to DENR, NGOs

THOSE who want to donate to foundations dedicated to endangered Philippine species which face mounting threats to their survival, now have a more convenient way to do so. SM has unveiled a merchandise line that aims to save six species from extinction: the Philippine eagle, the Philippine cockatoo, the pawikan (sea turtle), the dugong, the tamaraw (a dwarf buffalo), and the pangolin.

The merchandise was launched at SM Mall of Asia on May 16. The stars of the launch were the toys and keychains from Toy Kingdom embodying the cuddly and lovable nature of each of the six endangered species. There were also chic shirt designs from Kultura and a children’s apparel line from SM Fashion.

This initiative is a result of SM’s partnership with the Department of Environment and Natural Resources (DENR) under the “Save from Extinction” campaign, first launched in October last year. Through cute and stylish merchandise, SM hopes to reach “young animal enthusiasts, eco-conscious advocates, and Filipino families,” according to Hanna Carinna Sy, assistant vice-president for marketing at SM Supermalls.

Proceeds from every purchase in this collection will directly support the conservation programs of the DENR and its partner nongovernmental organizations (NGOs).

“These animals are part of our natural heritage, and their future as well as their hope depends on what we do today,” Ms. Sy said. She added that Banco De Oro (BDO) Unibank, Inc., will also accept donations through their ATMs, physical branches, and online app.

The wildlife conservation groups that will receive proceeds from the merchandise sales and the BDO donations are Forest Foundation Philippines, the Katala Foundation, the Philippine Eagle Foundation, the World Wildlife Fund for Nature-Philippines, the D’Aboville Foundation, and the Zoological Society of London. These NGOs have committed to safeguarding the six chosen animals as part of the multisectoral effort.

“In 2024, with the support of enlightened legislators, the DENR was granted species-specific resources to protect and conserve five species. We have added to that the 6th, the pangolin. These six are what we deemed most threatened, or most in need to galvanize support,” said DENR Secretary Maria Antonia Yulo-Loyzaga at the launch.

The goal of the “Save the Extinction” campaign is to raise P100 million while also shining a spotlight on the chosen species and the critical threats to their survival.

“Biodiversity loss is no longer a future risk. It is a current crisis. We are losing forests, wetlands, coral reefs, and other critical habitats faster than we can restore them and that they can regenerate on their own. Our species are really pushed to the brink by illegal hunting, wildlife trafficking, pollution, and the growing impacts of climate change,” Ms. Yulo-Loyzaga explained.

She added that, despite some progress, the complex risks involved require “teamwork across sectors and at all levels of our society.”

Forest Foundation Philippines’ Executive Director Jose Andres Canivel also spoke about the exact initiatives that the proceeds and donations will fund.

“We want to do population studies and habitat assessments. These inform species-specific conservation plans and protected area plans,” he said.

Because each species has its own set of challenges, the various conservation groups must protect and monitor both the species and their habitats. Mr. Canivel cited the tamaraws in Mindoro, which used to be 10,000 in number but have dwindled to only 600, while there are only under 400 pairs of Philippine eagles left across the archipelago.

“Those are species where we know the approximate numbers, but for the rest, how can you count them? Those dugongs and pawikans? What we need is to monitor where they are, where they go, where they feed, where they lay their eggs,” he explained.

Funds will also go to the detection of possible additional habitats, be they small coves or patches of forest. “For those that can be reintroduced, we can do so. For those who need active support in breeding, that’s also an option,” Mr. Canivel said.

Finally, there is the need for education and incentive planning for forest-dependent communities and coastal-dependent communities, for them to be active partners in the campaign.

Ms. Yulo-Loyzaga said that “Save the Extinction” is an effort that embraces “a more inclusive approach that makes it possible for everyone to take part in meaningful action,” with the help of a corporate giant like SM.

“These six animals are not just wildlife icons. They are keystone species that play essential roles in the balance of our ecosystems, so that others including human beings may thrive,” she said.

The Philippine eagle, Philippine cockatoo, pawikan, dugong, tamaraw, and pangolin merchandise are available in Kultura, Toy Kingdom, and SM Fashion branches in the following malls: SM Podium, SM Mall of Asia, SM Aura, SM North EDSA, and SM Makati.

For more information, visit www.smsupermalls.com/save-from-extinction. — Brontë H. Lacsamana

Foreign indie pop albums for the summer

By Brontë H. Lacsamana, Reporter

AS WE NEAR the halfway point of the year, with occasional rain and thunderstorms gradually encroaching upon the summer heatwave, interesting music steadily comes out of the woodwork. April and May have been strong months for new releases in the realm of indie pop.

Here is a quick rundown of some albums you can check out that dropped in April and May 2025.

FACE DOWN IN THE GARDEN — TENNIS
Tennis is an American indie pop band based in Colorado, USA. Made up of husband-and-wife duo Alaina Moore and Patrick Riley, they’ve been creating comforting dream pop tracks since 2010.

To the dismay of fans, the band announced an indefinite hiatus that will take effect after their 7th album release and farewell tour this year. The album, titled Face Down in the Garden, came out on April 25.

The nine tracks in this solid record range from lusciously produced, emotional midtempo tracks to pleasant lo-fi bops, all coming together in a wistful, dreamlike goodbye. It’s a captivating experience overall, evoking sensibilities akin to Beach House and Cocteau Twins.

Songs to enjoy are “Weight of Desire,” with Moore’s signature dreamy vocals taking on a catchy chorus; “At the Wedding,” a rhythm-driven indie pop anthem that showcases the best of Tennis’ vivid storytelling; and “Sister,” a heartfelt tune supported by a rich yet easygoing sonic atmosphere.

SONOR — ENJI
A fascinating new album that probably nobody knows about that’s worth a listen is Sonor, made by Mongolian singer-songwriter Enji (real name: Enkhjargal Erkhembayar).

Born in Ulaanbaatar and trained in Mongolian folk song traditions, she studied jazz in Munich, Germany, and has been based there since 2015. Her fourth album further hones her unique blend of the traditional elongated singing style from her home country with lively jazz rhythms, a cool progression of her singular music career.

In the first track, “Hungun,” gentle instrumentation drives forward Enji’s warm voice, backed by beautiful saxophone notes. “Ulbar,” a fast favorite off the album, has her inject soft and lilting vocals into a tapestry of calming guitar and piano. “Ergelt” is a stunning duet, of a melancholy melody and a sick double bass performance.

The album is a collection of music birthed on the precipice between two distinct cultures. The track “Eejiinhee Hairaar” encapsulates it perfectly — it is a popular Mongolian folk song from the 1980s, vibrantly covered by Enji atop a fun, jazzy bassline. It drives home how Sonor is one of the most wonderful new releases this year so far.

THE SCHOLARS — CAR SEAT HEADREST
American indie rock band Car Seat Headrest has been delivering amazingly angsty and energetic garage rock since 2010. Their fifth album, The Scholars, continues to serve the emotional bite that the four-piece band, led by Will Toledo, is known for.

This time, it’s done with ambition, the over-the-top concept album channelling quirky characters and extended narratives that play out across the tracks (some of which reach up to eight, 10, even 11 minutes!).

“Devereaux,” one of the shorter ones, is a banger of a track. It features cathartic vocals, powerful drums, and a crisp guitar riff that feels so distinctly Car Seat Headrest. A track that provides an awesome sonic experience is “The Catastrophe (Good Luck With That, Man),” a frenzied rock tune evoking a wild, cross-country drive.

An honorable mention goes to “Gethsemane,” clocking in at nearly 11 minutes, an almost Bowie-style dance rock epic filled with engaging angsty vocals and lyrics imbued with religious themes.

EQUUS CABALLUS — Men I Trust
Canadian indie pop band Men I Trust dropped the second installation of its two-part album early in May. The first, Equus Aquinus, came out in March, laying the groundwork for the three-piece band’s signature smooth and moody atmosphere.

Equus Caballus builds on this, with groovier and grungier tracks pumping up the tempo a bit, like “To Ease You,” which boasts a keyboard hook reminiscent of a lot of new wave music. Vocalist Emmanuelle Proulx has honed her dreamy vocals well, accentuating the deep synths and guitars that populate each track.

“Husk,” a single from 2024, is given new life in the album, feeling right at home with the other synth-pop-style tunes. Another standout is “Carried Away,” its production having the most depth as it pairs the chime-like guitars and steady beats with Proulx’s wispy voice.

Men I Trust, for many, is too mellow and comfortable in their dream-pop genre sensibilities to be memorable, but Equus Caballus shows how electronic, synth-pop influences can easily refresh their style.

Cannes Film Festival: HK cinema seeks resurgence with fresh faces

CANNES, France — Hong Kong’s (HK) once world-famous movie industry wants to bring back the heydays of the 1970s to the 1990s by investing in a new generation of directors, the chairman of the city’s film development council told Reuters at the Cannes Film Festival.

“We should not forget our identity. How the people all over the world would look at us when they recognize a Hong Kong movie,” said Wilfred Wong, chairman of the council that is mainly responsible for government funding of the industry.

Hong Kong cinema exploded in the 1970s with Bruce Lee’ s martial arts films. Following his death, that mantle was taken up by Jackie Chan.

The industry expanded into other genres and became the darling of international film festivals with titles such as In the Mood for Love, Infernal Affairs, and Kung Fu Hustle. Stars like Andy Lau, Michelle Yeoh, and Maggie Cheung, and directors such as John Woo and Johnnie To, were frequently seen walking on the festival’s red carpet.

Hong Kong’s star started to fade in the 1990s when the former British colony was handed over to China, due to a variety of factors, including overproduction, the Asian financial crisis, and talent leaving for Hollywood.

With a view to the shrinking industry, investors were unwilling to take a risk on young talent and would only approve productions with well-known stars and directors. Hong Kong’s Film Development Council is now looking to address that by financially supporting new directors’ first film initiative. The council has in recent years groomed 32 new directors, said Wong.

One of those new talents, director and actor Juno Mak, wrote and directed the Cannes out-of-competition film Sons of the Neon Nights, starring veteran actor Tony Leung Ka-fai.

“It’s kind of happiness, joy, enjoyable and satisfaction. So we can again show to all the audience and all the people in the world what Hong Kong productions are going on now,” Mr. Leung Ka-fai said.

The 67-year-old actor told Reuters that Hong Kong’s film industry was in need of new blood. “We need new generations of directors, new generations of actors and actresses, new generations of script writers, new generations of every part that makes this dream,” he said. — Reuters

DoubleDragon climbs to P1.25B on strong Hotel101 unit sales

HOTEL101GLOBAL.COM

LISTED property developer DoubleDragon Corp. posted a first-quarter attributable net income of P1.25 billion, more than four times last year’s P269.5 million, propelled mainly by a surge in Hotel101 unit sales, particularly from its overseas projects.

The company saw its gross revenue for the January-to-March period more than double to P4.45 billion from P2.05 billion in the same period last year, it said in a disclosure to the stock exchange on Monday.

DoubleDragon said its revenue growth for the period was mainly driven by an increase in Hotel101 unit sales boosted by its Hotel101 overseas projects.

Hotel101 is the flagship brand of Hotel of Asia, Inc., DoubleDragon’s hospitality arm.

Broken down by revenue source, gains from fair value of investment properties logged a total of P1.93 billion; rent income at P964.04 million; real estate sales at P417.35 million; and hotel revenues at P221.23 million.

DoubleDragon’s gross expenses for the first quarter grew 30.43% to P1.8 billion from P1.38 billion in the same period last year.

The property developer said it had surpassed 1.4 million square meters of gross floor area (GFA) of completed recurring-revenue asset portfolio from its hard assets in the country.

DoubleDragon has set its ambition to expand its Hotel101 Global portfolio, which aims to include up to 50,000 rooms in the Philippines and one million rooms across 100 countries.

At the local bourse on Monday, shares in the company closed two centavos, or 0.2% higher, at P10.10 apiece. — Ashley Erika O. Jose

T-bill rates mixed as more BSP cuts loom

BW FILE PHOTO

THE GOVERNMENT made a full award of the Treasury bills it auctioned off on Monday at mixed rates amid expectations of further policy easing by the Bangko Sentral ng Pilipinas (BSP) this year.

The Bureau of the Treasury (BTr) raised P25 billion as planned from the T-bills it auctioned off on Monday as total bids reached P78.388 billion, more than thrice the amount on offer and also higher than the P70.345 billion in tenders recorded on May 13.

Broken down, the Treasury borrowed the programmed P8 billion via the 91-day T-bills on Monday as tenders for the tenor reached P24.1 billion. The three-month paper was quoted at an average rate of 5.515%, 3.1 basis points (bps) lower than the 5.546% seen in the previous auction. Tenders accepted by the BTr carried yields of 5.505% to 5.522%.

The government likewise made a full P8-billion award of the 182-day securities it auctioned off as bids for the paper amounted to P34.328 billion. The average rate of the six-month T-bill was at 5.612%, 3.8 bps below the 5.65% fetched last week, with accepted rates ranging from 5.599% to 5.622%.

Lastly, the Treasury raised P9 billion as planned via the 364-day debt papers as demand for the tenor totaled P19.96 billion. The average rate of the one-year T-bill rose by 4.7 bps to 5.702% from 5.655% previously, with the bids awarded having yields of 5.65% to 5.712%.

At the secondary market before Monday’s auction, the 91-, 182-, and 364-day T-bills were quoted at 5.5126%, 5.6257%, and 5.6996%, respectively, based on the PHP Bloomberg Valuation Service Reference Rates data provided by the Treasury.

The government fully awarded its offering of short-term papers as yields were mostly steady, the first trader said in a text message.

“Only the one-year T-bill’s yield was higher. It looks like investors would rather place their funds in longer tenors to lock in rates rather than the one-year paper,” the trader said.

A second trader said in a phone interview that the T-bill yield movements were mixed as the market is “undecided,” with the one-year debt fetching a higher average rate and lower demand because of the BSP’s dovish outlook.

Still, overall demand was strong, which the second trader said was likely because of the downgrade in the United States’ credit rating.

“There is a chance that foreign investments picked up in the Philippines and other countries,” the trader added.

BSP Governor Eli M. Remolona, Jr. said earlier this month that they are open to cutting rates by a further 75 bps this year amid cooling inflation.

The central bank resumed its easing cycle in April with a 25-bp rate cut, bringing the policy rate to 5.5%. It has now slashed benchmark borrowing costs by a cumulative 100 bps since August last year.

The Monetary Board’s next meeting is scheduled for June 19. Analysts have said that easing inflation and weak economic growth could pave the way for another 25-bp reduction at next month’s review.

Meanwhile, Moody’s downgraded the US sovereign credit rating on Friday due to concerns about the nation’s growing $36-trillion debt pile, in a move that could complicate President Donald J. Trump’s efforts to cut taxes and send ripples through global markets, Reuters reported.

Moody’s first gave the United States its pristine “Aaa” rating in 1919 and is the last of the three major credit agencies to downgrade it.

Friday’s cut by one notch to “Aa1” follows a change in 2023 in the agency’s outlook on the sovereign due to wider fiscal deficits and higher interest payments.

“Successive US administrations and Congress have failed to agree on measures to reverse the trend of large annual fiscal deficits and growing interest costs,” Moody’s said on Friday, as it changed its outlook on the US to “stable” from “negative.”

On Tuesday, the government will offer P30 billion in reissued 10-year Treasury bonds (T-bonds) with a remaining life of nine years and 11 months.

The Treasury is looking to raise P260 billion from the domestic market this month, or P100 billion via T-bills and P160 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 with Reuters

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