National Government fiscal performance
THE NATIONAL GOVERNMENT’S (NG) budget deficit ballooned to P171.4 billion in February despite double-digit revenue growth, the Bureau of the Treasury (BTr) reported on Wednesday. Read the full story.
The number of top-ranked restaurants in France is inching up
AS FRANCE gears up for the busy tourist season, The Michelin Guide has unveiled its 2025 restaurant rankings.
The number of three-star dining rooms — the zenith of gastronomy for Michelin — inched up to 31; last year it was 30. Two years ago, 29 restaurants held the top ranking.
One of the newly minted three stars is the eponymous Christopher Coutanceau in La Rochelle, which lost the top distinction two years ago and this year recaptured it.
“We didn’t change anything,’’ he said in an interview when asked how the establishment won back its third star, noting that it has retained signature dishes like sardine from head to tail and pithivier of scallops. “I’m a fighter like all chefs. It’s a really tough profession.’’
The other new three-star spot is another seafood specialist Le Coquillage in Saint-Meloir-des-Ondes in Brittany, headed by chef Hugo Roellinger, a former merchant marine officer, who gets inspirations from local seafood and ingredients from the garden, as well as his idyllic setting. (The dining room overlooks the water.) In contrast to Coutanceau, he said his restaurant doesn’t have a signature dish.
“My cuisine is like a music album, I like to play with different tempos,’’ he said. “One dish might emerge from what’s come before and what will come afterwards. It comes in waves.’’
The list was announced on March 31 at a live event in Metz, a city on the Moselle River in eastern France that’s famous for the kind of dishes that Michelin doesn’t tend to recognize, like quiche Lorraine and suckling pig, and desserts and brandies made with Mirabelle plums.
France is the home of the Michelin; the guide got its start here in 1900, and it’s also the place where the first stars were awarded, in 1926. Yet the company has also stirred controversy in its home country this year after unveiling in January a partnership with Bravo’s Top Chef series during which its inspectors will award a star.
The ceremony comes as the French economy has slowed and political uncertainty has increased, putting more pressure on the tourism industry to generate revenue and jobs. The country’s reputation for fine dining has long pulled in visitors. After a record number of tourists in 2024 when France hosted the summer Olympics, the first quarter of this year has started well, according to the finance ministry.
“You are doing good for the world, that is what’s important,’’ Gwendal Poullennec, international director of The Michelin Guide, said at the introduction of the event, raising the more somber theme of war raging in Europe.
This year there are nine new two-star restaurants. Among them are a pair of places in Bordeaux: Maison Nouvelle and L’Observatoire du Gabriel, and another pair in Paris, Blanc and Sushi Yoshinaga.
Michelin also revealed 57 new one-star restaurants in the country. One of them is Agape in Paris’ 17th arrondissement near the Arc de Triomphe.
Outside the French capital, new one stars included Freia in Nantes, Monique in Calvisson, and Ombellule in Lyon.
Ahead of this year’s announcement, The Michelin Guide announced bad news for some restaurants. The guide downgraded 82-year-old Georges Blanc’s establishment in Vonnas, Ain, from three stars to two. He had held the highest distinction since 1981 after his grandmother earned a first star in 1929, making the restaurant the world’s longest holder of Michelin stars.
“It was a surprise but we’re living with it,” Blanc said in a recorded message “There were likely one or two inspections and maybe they didn’t go as they should have… Maybe we’re too classic.”
The three-star takedown has happened before, including famously, in 2023, when star chef Guy Savoy dropped to two stars at his Paris restaurant.
Altogether, 23 restaurants in France were downgraded this year including 21 that lost their one-star status.
Among the special awards given out were for a category called “Passion Desserts,” designating notable work by pastry chefs. Among the 10 winners was Jorice Sardain at the Parisian restaurant Fana where he makes his version of the French classic Paris-Brest.
The Young Chef prize went to 30-year-old Valentina Giacobbe of Ginko in the northern city of Lille, which also obtained its first star.
This is the fourth year in a row Michelin has held its award ceremony outside Paris; in previous years, chefs celebrated at events in Tours, Strasbourg, and Cognac. — Bloomberg
China energy and infra innovations
BEIJING — The other day I rode on the world’s fastest train, and I was amazed by its speed and comfort. My hosts brought me to Hebei province by car, across many big mountains and hills, to see a big pumped hydro project, then coming back we took the train from Chengde to Beijing.
On that trip I saw many things. Nine road tunnels one way alone, the longest nearly three kilometers-long, and coming back we entered a five kilometers-long tunnel. Smooth, wide, and well-paved toll roads and provincial roads. Few flat agricultural lands that competed with industrial, commercial, and residential land, so there were many greenhouse farms to optimize land use. And from the toll roads I saw decent rural farmers houses, no barung-barung-style houses and no hand tractors, only medium-size to big tractors.
Hydro power is China’s second largest source of electricity. Last year, 1,426 terawatt-hours (TWh) were generated by hydro. In 2023, China’s power generation was twice that of the US and 18 times that of Germany. As Germany added more wind and solar power to its mix, their overall power generation declined from 633 TWh in 2010 to 514 TWh in 2023 (see Table 1).
When it comes to battery energy storage systems (BESS) in 2023, Germany had 1.7 gigawatts (GW), US had 15.8 GW, and China had 27.1 GW, which further rose to 34.7 GW in 2024.
The Fengning pumped hydro power project in Hebei province — producing 3,600 MW of electricity and owned by the State Grid Corp. of China — is the largest pumped hydro in the world and was finished only in August 2024. It involves two huge lakes and dams — I was aghast at their size and power — and 12 turbines. We went down 500 meters below the surface to see the control area.
We should pursue more investments in hydro power projects, impounded water and/or pumped storage in the Philippines because we have many floods every year. A large volume of water from our rivers just drains directly into the sea instead of being impounded and stored for electricity, drinking water, and irrigation purposes.
Finance Secretary Ralph G. Recto, in his keynote speech before over 300 global investors at the Philippine Stock Exchange’s (PSE) “InvestPH 2025” forum on March 19, said that the Philippines is “the right place and the right time to invest.” He emphasized the country’s fast growth in the last three years, and the forecast growth this year and the next.
Big investments in non-intermittent energy projects like hydro, gas, and coal would be needed precisely because of the expected high-power demand from such high economic growth projections. We should not disappoint the investors who come here with frequent yellow-red alerts in our power supply.
Big investments in large train projects like high-speed rail (HSR) are also needed. Many Asian countries are able to sustain their industrialized status partly because they have long HSR systems, led by China whose trains travel up to 350 kilometers per hour (kph, see Table 2).
China has become an industrialized and innovative country, a first world economy pretending to be third world. It is our neighbor, it is the largest source of our imports especially of the needed trucks, buses, gadgets, and appliances, among others. In 2024, our total trade (exports plus imports) with all countries was $200.6 billion, of which $42.2 billion was with China, more than the share of Japan and the US combined which is $40.7 billion.
We should trade more, learn more, cooperate more with China. In energy development especially, both in power generation and transmission. We should aspire for more tangible wealth, material prosperity, and modernity for our people.
Bienvenido S. Oplas, Jr. is the president of Bienvenido S. Oplas, Jr. Research Consultancy Services, and Minimal Government Thinkers. He is an international fellow of the Tholos Foundation.
Manulife Chinabank Life appoints new president
MANULIFE Chinabank Life Assurance Corp. (MCBL) has appointed Amy T. Gochuico as its new president and chief executive officer (CEO) effective April 1.
Ms. Gochuico has over 30 years of leadership experience across various Asian markets and organizations and specialized in bancassurance for two decades, MCBL said in a statement.
Prior to being tapped to head MCBL, she was the chief bancassurance officer of Manulife Indonesia since 2021.
She succeeds Neil Bowyer, who was president and CEO of the life insurer since 2022.
“We’re excited to welcome Amy back to the Philippines as part of Manulife’s executive committee. During her time at Manulife Indonesia, she ensured sustainable and consistent growth for the company’s bancassurance business to meet its long-term commitments,” The Manufacturers Life Insurance Co. (Phils.), Inc. (Manulife Philippines) President and CEO Rahul Hora said.
“As MCBL President and CEO, she will lead overall partnership management, deliver growth, develop our distribution team and bench strength, manage key business risks, and ensure quality outcomes that can help Manulife become the number one choice for our customers,” Mr. Hora said.
MCBL was incorporated in 2007 as a joint venture between Manulife Philippines and listed China Banking Corp. (Chinabank). The two companies last month renewed their bancassurance partnership for another 15 years.
MCBL booked a premium income of P10.35 billion in 2024, latest data from the Insurance Commission showed. Its net income stood at P1.39 billion last year.
Meanwhile, Manulife Philippines’ premium income stood at P15.83 billion last year, while its net income was at P2.78 billion. — A.M.C. Sy
Flexible terms key to boosting RFO condo demand, says Colliers
CONDOMINIUM developers in Metro Manila should highlight their extended and flexible payment terms to boost demand for ready-for-occupancy (RFO) units, according to property consultancy firm Colliers Philippines.
According to Colliers’ Manila Survey Flash Report, which included a survey of about 300 property stakeholders nationwide, 69% of respondents would likely buy a condo in Metro Manila if offered extended and flexible payment terms.
“Developers should continue highlighting their attractive and flexible terms to further stimulate demand in the residential market, which has also seen a more pronounced shift to suburbia (or the development of projects outside Metro Manila),” Colliers said in the report.
As of the end of 2024, the Metro Manila condo market had a total of 74,400 unsold units, with about 26,300 classified as RFO projects. Colliers earlier said it may take over eight years to sell out the existing inventory.
Other promotions that would encourage buyers to purchase a condo include no spot downpayment (12%), early move-ins (8%), free furniture or appliances (7%), and no reservation fees (4%), Colliers said.
To attract buyers, several developers offered up to 30% discounts on the total contract prices for spot cash payment, compared to 10% before the pandemic. Some have offered 5% to no downpayment and extended their payment terms for as long as 48 months.
According to the survey, Pasig City (24%) is still the most preferred location for condo investments outside the more established business hubs like the Makati central business district (CBD), Fort Bonifacio, and Ortigas Center.
Likewise, Makati Fringe (22%), Quezon City (19%), Alabang (19%), Bay Area (13%), and Manila (3%) were also preferred submarkets for investors.
However, only 24% of those surveyed said their next residential development would be a condo unit in any major CBD.
In contrast, nearly 70% prefer to invest in a house-and-lot or lot-only unit, eyeing regional locations like Cavite, Laguna, Batangas, Pampanga, Bulacan, and Tarlac.
Colliers conducted both onsite and offline surveys with about 300 end-users, property equity analysts, and investors nationwide. The survey was conducted during the first week of February.
‘STABLE’ LUXURY SEGMENT
Meanwhile, the capital region’s luxury and upscale segment remains stable, accounting for 41% of Metro Manila’s condominium launches in 2024, Colliers said.
In particular, the Manila Bay Area is expected to be a premier lifestyle destination amid rising demand from expat Filipinos and investors across the Asia Pacific, according to UK-based real estate consultancy firm Knight Frank.
“Luxury residential properties in and around Manila Bay have enjoyed a surge in popularity, resulting in significant appreciation in valuations driven by high pre-selling prices,” Christine Li, head of research, Asia Pacific at Knight Frank, said in its latest “The Wealth Report.”
The Bay Area, which includes the cities of Manila, Parañaque, and Pasay, is home to many casinos, hotels, and retail establishments.
The price of Metro Manila’s luxury residences increased by 17.9% in 2024, ranking second in Knight Frank’s latest Prime International Residential Index (PIRI). The PIRI monitors the movement of luxury residential prices across 100 city and second home markets.
According to the property consultant, Metro Manila’s luxury property prices are rising as the country’s economy continues to expand.
“Local wealth creation has spurred the rapid expansion of investable luxury residential developments, particularly in the city’s core business districts, attracting foreign investors from within Asia-Pacific,” Ms. Li said. — Beatriz Marie D. Cruz
15 Richest Filipinos in Forbes’ 2025 World’s Billionaires List
TYCOON and former Senate President Manuel B. Villar, Jr. is the richest Filipino, according to Forbes’ latest World’s Billionaires List. Read the full story.
Qualcomm considers buying UK semiconductor firm Alphawave
US CHIPMAKER Qualcomm is considering making an offer to acquire Alphawave IP Group, it said on Tuesday, sending shares of the British semiconductor company surging more than 52%.
Alphawave designs and licenses semiconductor technology for data centers, networking, and storage.
Its “SerDes” (serializer/deserializer) technology determines how fast information can be processed by chips — crucial for AI development — and serves as the foundation for Broadcom and Marvell Technology’s multibillion-dollar bespoke chip businesses.
Alphawave’s shares soared by more than half to a high of 142.9 pence, valuing it at 708.2 million pounds ($913.1 million), according to LSEG data. As of Monday’s close, the stock had slumped more than 70% from its all-time peak in August 2021.
Qualcomm did not respond to a Reuters request for further details of a potential deal, while Alphawave did not comment.
Under UK takeover rules, the US company now has until April 29 to make a firm offer or walk away.
Qualcomm’s expression of interest came after Reuters exclusively reported earlier in the day that SoftBank-owned chip tech provider Arm had recently sought to buy Alphawave before deciding against a takeover.
Arm was looking to secure crucial technology for building its own artificial-intelligence processors, Reuters reported, citing three sources familiar with the matter. Arm and Alphawave both declined to comment.
Media reports last year said Qualcomm had also discussed a potential deal to buy some or all of US rival Intel. — Reuters
Catholic shrine in Lourdes covers artwork by priest accused of abuse
VATICAN CITY — The sanctuary of Lourdes, one of the world’s most popular Catholic pilgrimage sites, began on Monday to cover up a series of mosaics made by a prominent priest with ties to the Vatican who has been accused of sexual abuse.
The artwork is by Rev. Marko Rupnik, an internationally known artist, who has been accused by about 25 people, mostly former Catholic nuns, of various types of abuse.
Mr. Rupnik, who was expelled from the Catholic Jesuit order in 2023 but remains a priest, is not known to have commented publicly on the accusations. The Vatican in 2023 reopened an investigation into his conduct, which is ongoing.
Mosaics by Mr. Rupnik adorn the facade of the Rosary Basilica in Lourdes, near the France-Spain border, where some five million Catholics and other faithful visit each year to experience spring water that is said to have healing properties.
Workers placed large coverings over many of the images on Monday, Lourdes Bishop Jean-Marc Micas said in a statement.
“A new symbolic step needed to be taken to facilitate entry into the basilica for all the people who today cannot cross its threshold,” said the bishop, in an apparent reference to clergy abuse victims.
Mr. Micas had previously declined to cover the images but ordered in July 2024 that they no longer be illuminated at night.
Laura Sgro, a lawyer representing five of Mr. Rupnik’s alleged victims, welcomed the covering of the images.
“Every believer, and not just every victim of abuse, must have an open heart when praying, and this cannot happen if they have to kneel before a work of art that was likely the place where abuse was experienced,” Ms. Sgro said in a statement.
Mr. Rupnik’s artwork is thought to adorn some 200 churches and chapels around the world, and is also known to adorn at least one chapel at the Vatican.
Vatican officials have largely declined to comment on the allegations, citing the ongoing investigation into Mr. Rupnik.
Cardinal Victor Fernandez, the Catholic Church’s chief doctrine official, told reporters earlier this month that he was starting to contact lawyers who could serve as judges in a likely Church trial against Mr. Rupnik.
Last week, the Jesuit order began reaching out to some of Mr. Rupnik’s alleged victims to start a process of offering reparations on a case-by-case basis.
Ms. Sgro called the letters a “clear, strong and concrete gesture” and “an important step forward.” — Reuters
Chats and spats
CHAT GROUPS online are formed to keep abreast of what’s going on that is of common interest. These may be extended families, classmates in high school, a civic club, or associates at work. News of relevance to the group is shared. Sayings too are routinely posted, (Failures are lessons to be learned in life’s journey.) along with comic sketches, or videos like the arrest of a high-profile individual. (Don’t touch him.)
What about opinions on politics and religion? Is this also part of chatty exchanges? Can such fraught positions descend into name-calling (You have the brain of a tsetse fly.) and hasty exits from a chat group?
The easy rhythm of a simple chat is evident in a person-to-person setting. The body language is relaxed. There is no interruption of the person who is speaking. An attentive demeanor is evident, the body even leans forward to catch each word. A conversation tends to be quiet, occasionally punctuated with laughter and a slapping of the thighs, his or hers.
Debates are spats often unresolved as neither side is willing to wave the white flag — you’re right. (What was I thinking?) Verbal clashes attempt to score points off the adversary, challenge an opinion expressed as fake news, positions badly thought through and full of logical holes, all meriting derision if not outright contempt. (Take a cold shower.)
Spats start by taking a position, say — was the detention of a person at the airport an arrest or a kidnapping? (No ransom note?) Two sides argue, give their researched information supporting one position or the other, and post biased opinions to make their case. Noisy dissent and interruptions are routine. Agreeing with the other side, rather than reducing his words to absurdity and eroding their relevance, is seldom an option.
Getting entangled in a debate can lead to distress, even a headache. Exiting a chat group does not entail any slamming doors, just a small note — Mr. X has left the group. Don’t expect him to come back anytime soon.
Conversation, while referring to speech, really entails listening. A view is expressed and allowed to develop. The other person adds to the appreciation of the topic, giving a different perspective or providing a new insight. There is head-nodding — Hey, I never thought of it that way. Conversation allows some disagreement, even as it respects a different point of view and continues to be civil.
It is hard to like an opinionated person. Still, this predictability (say, a rabid dislike of the sitting president of another country) allows conversation to be distracted, and flow to other streams like the effect of art auctions on the rise of the contemporary artists.
Much harder is a discourse with an argumentative verbal bully. There is no subject to hide behind as each topic is challenged with a contrary point of view. It is even possible that the view being expressed is the one previously held but just because the same opinion is now being embraced by the other, an opposite view is immediately taken. If you’re white, then I’m black.
Chats and spats use different kinds of thinking.
Daniel Kahneman in his new book, Thinking, Fast and Slow, describes fast thinking as “system one” which is basically intuitive and requiring no analysis, like when you find a woman attractive without knowing the details of why. (Is it her tattoo?) Googling a map or figuring out the subway system of Paris on your first visit is “system two” thinking, rational, logical, and requiring methodical analysis.
Conversation which is intuitive and flowing clashes with the pugnacious tenacity of debate which thinks up of arguments and logical thrusts. Words and arguments need to have a logical direction, even if misguided.
Is a chat group worth joining when it descends into name-calling and personal insults? (I know you’re a stooge for fake news.) Efforts by third parties to distract the pugilists with photos of women volleyball players in beach attire don’t always work.
It’s possible to restore levity and camaraderie in the chats with birthday greetings to designated celebrants… as well as condolences for the family of a recently departed.
Tony Samson is chairman and CEO of TOUCH xda
Bayad inks strategic deal with Dragonpay
BILLS PAYMENT platform CIS Bayad Center, Inc. (Bayad) has partnered with payment gateway Dragonpay Corp. for easier cash-ins and disbursements.
Under the strategic partnership, Bayad customers of accredited Dragonpay merchants can cash in their payments at over 600 Bayad Center and Bayad Partner branches nationwide. Dragonpay merchants can also disburse their income funds at these branches.
“We have seen remarkable strides in the adoption of e-commerce in the Philippines as several financial institutions work together to boost the country’s payment gateway landscape. We partnered with Dragonpay, sharing our mission of empowering both consumers and businesses through convenient, secured, and seamless payment and remittance transactions,” Bayad President and Chief Executive Officer Lawrence Y. Ferrer said in a statement.
“At Dragonpay, we believe in empowering businesses of all sizes by providing them with accessible and reliable payment solutions. Our partnership with Bayad aligns with our mission to drive financial inclusion in the Philippines by offering more convenient cash-in and disbursement options nationwide. Together, we are creating opportunities for merchants and consumers alike, fostering growth in the e-commerce space and contributing to a more inclusive economy,” Dragonpay CEO and Founder Robertson Chiang said.
Bayad is a subsidiary of Manila Electric Co. (Meralco) and a member of the MVP group of companies.
Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — A.M.C. Sy
Ayala Land secures SEC approval for merger with 29 subsidiaries
LISTED property developer Ayala Land, Inc. (ALI) has secured approval from the Securities and Exchange Commission (SEC) to absorb 29 corporations as part of its internal restructuring efforts.
The real estate company received the SEC’s approval of the articles and plan of merger on March 31, which subsequently took effect on April 1, ALI said in a regulatory filing on Wednesday.
“The merger is an internal restructuring to simplify the ownership structure and is expected to result in operational synergies, efficient funds management, and simplified reporting to government agencies,” ALI said.
The companies absorbed by ALI were Ayala Hotels, Inc., Buendia Landholdings, Inc., HLC Development Corp., Crimson Field Enterprises, Inc., Red Creek Properties, Inc., Prima Gaedi Development Corp., ALI Triangle Hotel Ventures, Inc., Arcasouth Hotel Ventures, Inc., and Seda College, Inc.
Also included were Asiatown Hotel Ventures, Inc., North Ventures Commercial Corp., Westview Commercial Ventures Corp., Circuit Makati Hotels Ventures, Inc., Primavera Towncentre, Inc., Hillsford Property Corp., Sunnyfield E-Office Corp., Southportal Properties, Inc., Regent Horizons Conservation Co., Inc., Amorsedia Development Corp., and Five Star Cinema, Inc.
The real estate developer also absorbed ALO Prime Realty Corp., Enjay Hotels, Inc., One Makati Hotel Ventures, Inc., Integrated Eco-Resort Inc., Ecoholdings Company, Inc., Whiteknight Holdings Inc., AyalaLand Medical Facilities Leasing, Inc., Altaraza Prime Realty Corp., and Cebu Leisure Company, Inc.
ALI secured board approval for the merger in March 2024, with a plan to absorb 34 subsidiaries that are wholly owned directly by the real estate developer or through AyalaLand Estates, Inc. and AyalaLand Hotels and Resorts Corp.
For 2024, ALI recorded a 15% increase to P28.2 billion as revenue surged by 21% to an all-time high of P180.7 billion due to higher residential and estate lot bookings.
The company aims to launch P100 billion worth of property development projects this year, supported by a P95-billion capital expenditure budget.
ALI shares rose by 3.91% or 90 centavos to P23.90 per share on Wednesday. — Revin Mikhael D. Ochave
How PSEi member stocks performed — April 2, 2025
Here’s a quick glance at how PSEi stocks fared on Wednesday, April 2, 2025.
