Home Blog Page 1778

Philippines’ Kanlaon volcano eruption resumes, says seismology agency

PHILSTAR FILE PHOTO/ROB ILUMBA UGBINADA

MANILA – A volcano in the central Philippines erupted on Tuesday morning, ejecting an ash-laden plume reaching around 4,000 meters (2.5 miles) high, the seismology agency said.

The Philippine Institute of Volcanology and Seismology (Phivolcs) said alert level 3 remained in effect over Mount Kanlaon, where it has been since December 2024 after an earlier explosive event.

Level 3, on a scale of 5, means there is an increased risk of lava flows and the potential for a hazardous eruption within weeks.

Mount Kanlaon, an active volcano straddling the Southeast Asian country’s central provinces of Negros Occidental and Negros Oriental, is one of two dozen active volcanoes in the Philippines.

Phivolcs director Teresito Bacolcol told DWPM radio there is a possibility the alert level could either be raised or lowered in the coming days, depending on how quickly magma rises to the surface.

A faster ascent could trigger a more intense eruption, prompting an escalation to alert level 4, while a slowdown or pause in magma movement may lead to a downgrade to alert level 2, Bacolcol said.

The Southeast Asian nation is located on the Pacific “Ring of Fire” where volcanic activity and earthquakes are common. — Reuters

Semirara Mining and Power Corp. to hold Annual Meeting of Stockholders on May 5 via remote communication

Notice of Annual Stockholders’ Meeting

Please be notified that the Annual Meeting of Stockholders of Semirara Mining and Power Corporation (the “Corporation”) will be held on May 5, 2025,1 Monday at 10:00 a.m. and will be conducted by remote communication at https://www.semirarampc.com/asm with the following agenda:

Agenda

  1. Call to Order and Proof of Notice of Meeting
  2. Certification of Quorum
  3. Chairman’s Message
  4. Approval of Minutes of Previous Stockholders’ Meeting held on May 6, 2024
  5. Presentation and Approval of President’s Report
  6. Presentation and Approval of Audited Financial Statements for 2024
  7. Ratification of the Acts of the Board of Directors and Management from the Date of the Last Annual Stockholders’ Meeting up to the Date of this Meeting
  8. Election of Directors for 2025-2026
  9. Approval of Appointment of Independent External Auditor
  10. Other Matters
  11. Adjournment

Record Date

Stockholders of record, as of March 14, 2025 will be entitled to notice of, and vote at the said annual meeting or any adjournment or postponement thereof.

Registration and Voting

Stockholders may attend the meeting remotely by registering at https://www.semirarampc.com/asm beginning April 18 until April 28, 2025. Only stockholders of record as of March 14, 2025 will be entitled to vote at the said meeting. Stockholders may vote in absentia using the online voting portal at https://www.semirarampc.com/voting, or by appointing the Chairman of the meeting as their proxy. The voting portal will be accessible beginning April 21, 2025, until 12:00 noon of May 5, 2025.

The following documents are required to be transmitted by email to corporatesecretary@semirarampc.com upon registration:

CERTIFICATED SHARES:

  1. Individual Stockholder
    1. Valid Government-Issued ID or passport
  2. Corporate Stockholder
    1. Secretary’s Certificate designating its attorney-in-fact and proxy
    2. Valid Government-Issued ID or passport of the representative

UNCERTIFICATED OR SCRIPLESS SHARES:

  1. Individual Stockholder
    1. Broker’s Certification stating the stockholder’s name and the number of shares held
    2. Valid Government-Issued ID or passport
  2. Corporate Stockholder
    1. Broker’s Certification stating the stockholder’s name and the number of shares held
    2. Secretary’s Certificate designating its attorney-in-fact and proxy
    3. Valid Government-Issued ID or passport of the representative

The requirements and procedure for electronic voting in absentia and participation by remote communication is set forth in Schedule 4 of the Definitive Information Statement published on the Company’s Website and on PSE Edge.

Stockholder Question

Questions may be sent prior to the meeting at corporatesecretary@semirarampc.com no later than April 28, 2025, which shall be limited to the items in the Agenda. Some questions may be addressed while others will be replied to via email.

Proxy

Duly accomplished proxy forms must be submitted on or before 5:00 p.m. on April 25, 2025 to the Office of the Corporate Secretary at 2nd Floor DMCI Plaza, 2281 Don Chino Roces Avenue, Makati City 1231, Philippines or by email at corporatesecretary@semirarampc.com. Validation of proxies is set on April 30, 2025, at 10:00 a.m.

 

(Sgd.) JOHN R. SADULLO 

           Corporate Secretary 

       For the Board of Directors

 

1 Should the date of the annual stockholders’ meeting (ASM) be declared a legal holiday, the ASM will be held on the next succeeding business day at 10:00 a.m. pursuant to Section 1, Article I of SMPC’s By-Laws, as amended.

 


Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

DTI mulls lower tariffs on US goods

BW FILE PHOTO

By Justine Irish D. Tabile, Reporter

THE DEPARTMENT of Trade and Industry (DTI) said on Monday that it is open to lowering tariffs on US goods in response to US President Donald J. Trump’s imposition of a 17% reciprocal tariff on Philippine goods.

“We are really going to do that… Actually, we, the economic team, are going to meet soon,” Trade Secretary Ma. Cristina A. Roque told reporters on Monday.

She said the Philippines is “definitely” looking at reducing the tariffs on US products but noted that the economic team will discuss the extent of what the Philippines can offer.

Ms. Roque’s statement came after US and Vietnam leaders agreed to discuss a “deal to remove tariffs” after a “very productive phone call” on April 4, Reuters reported.

Ms. Roque said the Philippine government is also looking at a collective response with other Association of Southeast Asian Nations (ASEAN) member-countries to address the higher US tariffs.

Malaysia’s Prime Minister Anwar Ibrahim on Sunday called for a united ASEAN response to the US tariffs. He said Malaysia, as ASEAN chair, is ready to lead efforts to “ensure ASEAN’s collective voice is heard clearly and firmly on the international stage.”

The US slapped ASEAN countries with some of the highest tariffs, which will take effect on April 9. Cambodia is facing a 49% tariff, followed by Laos (48%), Vietnam (46%), Myanmar (44%), Thailand (36%), Indonesia (32%), Malaysia (24%), and Brunei (24%).

Compared with its regional neighbors, the Philippines’ tariffs are among the lowest, only second to Singapore, which was imposed a baseline rate of 10%.

Malacañang on Monday said the government is taking action to reverse the effects of the 17% reciprocal tariff, but declined to give details.

“I am aware that actions will be taken that will be beneficial for our country,” Palace Spokesperson Clarissa A. Castro told a news briefing.

In 2024, the Philippines imported $8.17 billion worth of commodities from the US, and exported $12.14 billion worth of goods to the US, data from the statistics agency showed. This brought the trade surplus to $3.97 billion last year.

The US is a major source of agricultural imports, representing approximately 20% of total Philippine imports.

Earlier, the DTI said it targets to engage the US in a discussion in pursuit of a mutually beneficial trade.

In particular, Ms. Roque said that she plans to facilitate enhanced market access for key US export interests, including automobiles, dairy products, frozen meat, and soybeans, within the framework of a bilateral free trade agreement.

‘CAUTIOUS’
Meanwhile, Philippine manufacturing firms are likely to be more cautious amid uncertainty arising from Mr. Trump’s tariff policies, an electronics firm executive said.

“Maybe after today, we’ll be more cautious moving forward this second and third quarter… There’s a lot of wait-and-see attitude amongst manufacturing and companies on the impact of the global tariff,” EMS Group Chairman and Chief Executive Officer Ferdinand “Perry” A. Ferrer told BusinessWorld during a phone call on April 3.

EMS Group is a complete electronic, semiconductor and medical subcontracting group that offers technology and manufacturing solutions.

Mr. Ferrer said many local firms, as well as global companies, put expansion plans on hold in anticipation of the tariff announcement.

“The ripple effect is on the supply chain, which affects the Philippines,” he said.

Mr. Ferrer said the relatively lower tariff rate on the Philippines compared with its neighboring countries puts it in a “good position” to secure future investments.

“Moving forward, we can see, we will do some campaigning in our partner countries, from Taiwan, Japan, of course the United States and some European Union countries, on how to bring in the much-needed foreign direct investments (FDIs) in services in manufacturing,” he said.

Earl Lawrence S. Qua, president of the Electronics Industry Association of the Philippines, said the government should try to work with the US to lower the tariffs.

“We need to make sure we do not escalate further and try to negotiate with the US to bring down tariffs. At the moment we need to wait and see how the tariffs will be implemented,” Mr. Qua said.

However, Leonardo A. Lanzona, who teaches economics at the Ateneo de Manila University, said that while the 17% tariff “would seem to be small,” the impact would still be greater compared with other countries since the US is the Philippines’ top export destination.

“To assume that other countries will choose to come in the Philippines because of the lower tariffs is as irrational as these tariffs imposed by Trump,” Mr. Lanzona said.

In 2024, the US was the top destination for Philippine exports, accounting for 17% of the total.

COUNCIL
Meanwhile, the Philippine Economic Zone Authority (PEZA) said that it is crucial that the Philippine government establish an Economic Security Council amid the new US tariff measures.

“The proposal to establish an Economic Security Council is crucial given the global business risks posed by US tariffs, as well as the geostrategic considerations that the Philippines must now take into account in these still uncharted waters,” said PEZA Director-General Tereso O. Panga in a Facebook post.

“In PEZA, we believe we must craft a concrete roadmap to move forward together — seizing opportunities while mitigating the impact of tariffs on global trade involving the Philippines,” he added.

The Management Association of the Philippines (MAP) earlier recommended the formation of an Economic Security Council under the Office of the President to address the impact of the US tariffs.

According to the MAP, the council should be composed of the DTI, the Department of Foreign Affairs, the National Security Council, the Department of Finance, the National Economic and Development Authority, PEZA, the Anti-Red Tape Authority, the Department of Labor and Employment, and appropriate private sector and industry representatives.

Mr. Panga said that the first step should be to secure reduced tariff lines for key economic zone (ecozone) exports to the US.

Key ecozone exports to the US include EMS-SMS (electronics manufacturing services and semiconductor manufacturing services), machinery, transport equipment, automotive parts, and select agricultural products, including coconut. — with Aubrey Rose A. Insosante and J.V.D.Ordoñez

Philippine shares slump on Trump tariff turmoil

US PRESIDENT Donald J. Trump on Sunday warned foreign governments they would have to pay “a lot of money” to lift sweeping tariffs, characterizing the duties as “medicine” and delivering more pain for global financial markets on Monday, Reuters reported. — REUTERS

By Revin Mikhael D. Ochave, Reporter

THE Philippine Stock Exchange (PSE) plummeted over 4% to a 30-month low on Monday amid a global sell-off as US President Donald J. Trump doubled down on his aggressive tariff plan.

This comes as Cebu-based fuel retailer Top Line Business Development Corp. (Topline) is set to make its stock market debut on Tuesday. This is the first initial public offering (IPO) at the PSE this year.

The bellwether PSE index (PSEi) on Monday dropped by 4.29% or 261.34 points to close at 5,822.85, while the broader all shares index fell by 4.02% or 146.67 points to 3,496.77.

This was the PSEi’s lowest close in 30 months or since the 5,783.15 finish on Oct. 3, 2022. It also marked the PSEi’s return to bear market territory as it was down by 23.4% from the immediate high of 7,604.61 posted on Oct. 7 last year.

The PSEi’s 4.29% decline on Monday was also the biggest one-day drop in more than 57 months or since the 4.82% drop on June 15, 2020.

The last time that the PSEi closed at 5,800 level was more than two months ago, when it finished at 5,883.04 on Feb. 3.

DragonFi Securities, Inc. Equity Research Analyst Jarrod Leighton M. Tin said the market declined due to concerns over the US reciprocal tariffs.

“The market saw heavy selling today amid heightened concerns over tariffs and renewed trade war tensions, which could lead to a global trade slowdown and potentially tip the US into a recession,” Mr. Tin said in a Viber message.

Mr. Trump on Sunday warned foreign governments they would have to pay “a lot of money” to lift sweeping tariffs, characterizing the duties as “medicine” and delivering more pain for global financial markets on Monday, Reuters reported.

Asian equity markets sank across the board and oil prices plummeted as investors feared that the duties unveiled last week could lead to higher prices, weaker demand and potentially a global recession.

JPMorgan last week raised its odds for a US and global recession to 60%, while Goldman Sachs also increased the odds to 45% in the next 12 months.

“Adding to the pressure, foreign fund managers typically have minimal exposure to Philippine equities, so offloading a significant portion of their local holdings has little impact on their overall portfolios — making them more willing to sell aggressively in times of uncertainty,” Mr. Tin said.

All indices closed in the red, led by mining and oil which slumped by 8.75%, followed by services (-4.97%) and industrial (-4.81%).

At the same time, the peso sank by 60.9 centavos (1.06%) to close at P57.43 per dollar on Monday from its P56.821 finish on Friday. This was the biggest one-day drop since the 1.08% decline on Sept. 9, 2024.

Year to date, the peso is still up by 0.72% or 41.5 centavos from its end-2024 close of P57.845.

OVERSHADOWED BY TARIFFS
Analysts said the negative investor sentiment arising from concerns over the global economy may cloud Topline’s stock market debut on Tuesday.

Topline will be listed on main board of the PSE with the stock symbol “TOP.” The company will be a part of the industrial sector, under the electricity, energy, power, and water subsector.

“The listing comes in the midst of major volatility in the stock market, so we have to hand it to the owners for their determination to see this through,” China Bank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message.

“Unfortunately, the IPO is being overshadowed by tariffs and trade wars,” he added.

COL Financial Group, Inc. Chief Equity Strategist April Lynn C. Lee-Tan said in a Viber message that the negative investor sentiment could drag shares of Topline on its first trading day.

“At least they were able to raise some money,” she said.

Topline set its final IPO price at 31 centavos per share, lower than the maximum offer price of 38 centavos previously projected.

The company’s IPO was initially sized at P3.16 billion, but was reduced to P900 million and subsequently lowered to P732.62 million after the final offer price was set.

The IPO comprised of 2.36 billion shares, with a base offer of 2.15 billion primary common shares with an overallotment option of up to 214.84 million secondary common shares.

The PSE is targeting to have six IPOs this year. Some companies that are planning their IPOs include mobile wallet platform GCash and Pangilinan-led water provider Maynilad Water Services, Inc.

TARIFF ‘MEDICINE’
Speaking to reporters aboard Air Force One on Sunday, Mr. Trump indicated he was not concerned about losses that have wiped out trillions of dollars in value from world stock markets.

“I don’t want anything to go down. But sometimes you have to take medicine to fix something,” he said as he returned from a weekend of golf in Florida.

Mr. Trump said he had spoken to leaders from Europe and Asia over the weekend, who hope to convince him to lower tariffs as high as 50% due to take effect this week.

“They are coming to the table. They want to talk but there’s no talk unless they pay us a lot of money on a yearly basis,” Mr. Trump said.

Mr. Trump’s barrage of tariffs announced last week was met with bewildered condemnation from other leaders and triggered retaliatory levies from China, the world’s No. 2 economy.

Billionaire fund manager Bill Ackman, who endorsed Mr. Trump’s run for president, called for the tariffs to be paused to avert an “economic nuclear winter.” “The president is losing the confidence of business leaders around the globe,” he added.

Investors and political leaders have struggled to determine whether Mr. Trump’s tariffs are part of a permanent new regime or a negotiating tactic to win concessions from other countries.

On Sunday talk shows, Mr. Trump’s top economic advisers sought to portray the tariffs as a savvy repositioning of the US in the global trade order.

Treasury Secretary Scott Bessent said more than 50 nations had started negotiations with the US since last Wednesday’s announcement. Commerce Secretary Howard Lutnick said the tariffs would remain in place “for days and weeks.”

Prime Minister Shigeru Ishiba of Japan, one of Washington’s closest allies in Asia, is also trying to cut a deal with Mr. Trump but told parliament on Monday that it may take time.

Investors are now wagering on the mounting risk of recession. They could see the US Federal Reserve cutting rates as early as next month.

White House economic adviser Kevin Hassett sought to tamp down concerns that the tariffs were part of a strategy to pressure the central bank to lower interest rates, saying there would be no “political coercion.”

Fed chief Jerome H. Powell has indicated he is in no rush to take action.

JPMorgan economists now estimate the tariffs will see full-year US gross domestic product (GDP) decline by 0.3%, down from an earlier estimate of 1.3% growth.

Meanwhile, Goldman Sachs said the tariffs could lower GDP growth in China by at least 0.7% percentage point this year. It currently anticipates China to record 4.5% growth in 2025.

US customs agents began collecting Mr. Trump’s unilateral 10% tariff on all imports from many countries on Saturday. Higher “reciprocal” tariff rates of 11% to 50% on individual countries are due to take effect on Wednesday at 12:01 a.m. EDT (4:01 a.m. GMT). — with Reuters

Southeast Asian countries may need to ramp up their US purchases

Power plug, shopping cart and miniature car are seen in front of US flag in this illustration taken Dec. 17, 2024. — REUTERS/DADO RUVIC/ILLUSTRATION

MAJOR Southeast Asian economies may need to ramp up purchases from the United States, as they seek relief from steep US tariffs, a DBS Bank report said.

In a report released on Monday, the Singapore-based bank said six Association of Southeast Asian Nations (ASEAN) member-countries are facing the steepest tariffs imposed by the US.

“The method behind the flurry of tariff measures announced by the US on April 2 is simple — the more a nation is reliant on US markets, the more tariffs they face,” DBS said.

“From there it should follow that the only way a country can see tariff relief in the future is by buying more from or selling less to the US,” it added.

ASEAN-6, which is comprised of Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam, is facing potential 27.5% increase in US tariffs on average.

“The region might seek to step up purchases from the US, for instance agricultural inputs, machinery, aircraft, energy and defense, to balance the trade gaps,” DBS said.

The US began implementing a baseline tariff of 10% on imports from most countries on April 5. A higher reciprocal tariff on individual countries will be implemented starting April 9.

The Philippines faces a 17% tariff on its exports to the US.

However, compared to its regional neighbors, the Philippines’ tariffs are among the lowest, only second to Singapore, which faces a baseline rate of 10%. Vietnam bears the steepest tariff at 46%, followed by Thailand (36%), Indonesia (32%), and Malaysia (24%).

ASEAN-6 should strike up agreements to mitigate the impacts of these tighter duties, it said.

“Regional governments are likely to initiate bilateral discussions and seek concessions with the US administration as the scale and scope of reciprocal action become clearer,” it said.

“A broad range of conciliatory options include diplomatic and other economic steps — bilateral trade agreement or critical minerals agreement,” it added.

Even prior to the tariff proposals, the Philippines has been seeking to secure a bilateral free trade agreement (FTA) with the United States. Among ASEAN-6, only Singapore has an FTA with the US.

However, DBS cited the lack of reliability of the United States when it comes to upholding agreements it makes.

“Such gestures may still fall short of providing meaningful relief. The playbook for most Asian economies ought to be to combine remaining open to the US while pushing for greater integration with the rest of the world.”

For the Philippines, DBS said electronic exports are likely to be the most impacted, as they form the bulk of the country’s exports.

In 2024, the Philippines exported $12.14 billion worth of commodities to the US. Of the total, over half or 53% or $6.43 billion were electronic products, including semiconductors.

However, the US exempted semiconductors from the new tariffs.

DBS also cited the potential impact on apparel, footwear and textile products.

“The country aims to push for higher farm exports to the US, seeking to displace countries in the region which have higher rates,” DBS added.

However, DBS said a reduction in tariffs for US goods in the absence of an FTA may be difficult.

“A unilateral reduction in tariffs to accommodate US demands (without an FTA) might be challenging given the need to level the playing field with all the countries under the most-favored nation (MFN) terms,” DBS added.

ASIA OUTLOOK
For the overall Asia region, DBS flagged the potential spillovers from these tariffs, which could weigh on growth and inflation.

“If tariffs stay the way they are for the rest of the year, core personal consumption expenditure (PCE) inflation could readily exceed 3.5%, while household income and consumption will be dented, especially for those at the low end of the income spectrum.”

It also cited the possible downside of 50-100 basis points (bps) to real GDP growth.

“There is another, more adversarial, scenario. If trade war intensifies with additional tariffs and retaliations, and financial market correction worsens, US recession risks will rise considerably.”

“This will especially be the case if the US ratchets up secondary tariffs (penalty on nations for buying goods from countries under US sanctions) and China/EU take aim at the US services exports.”

With this, DBS said there is a 45% probability of “below-trend growth and above-trend inflation” in Asia.

It also flagged the 35% probability to a US recession scenario, which would “drag down the outlook of Asia’s exports-dependent economies.”

“The Fed will face pressure to cut interest rates even if inflation remains well over its target. Global financial stability could also be at stake,” it added. — L.M.J.C. Jocson

Republic Glass Holdings Corp. to hold Annual Stockholders’ Meeting on April 29

 


Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

NexGen unit secures green-lane perks for P300-B Quezon wind projects

NEXGEN is focused on wind and solar power, with more than 1.5 gigawatts of projects in the pipeline. — INSUNG YOON-UNSPLASH

AIRSTREAM Renewables Corp., a subsidiary of listed NexGen Energy Corp., has secured green-lane certifications for its P300-billion wind power projects in Quezon, making them eligible for expedited permit processing.

The Board of Investments One-Stop Action Center for Strategic Investments has granted green-lane certifications to the 2,000-megawatt (MW) Real Offshore Wind Farm, the 300-MW Mauban Offshore Wind Farm, the 300-MW Silang Maragondon Wind Farm, and the 200-MW Pandan Labayat Wind Farm, the company said in a media release on Monday.

“The issuance of green-lane certifications gives opportunities for Airstream Renewable Corp. and [NexGen] to have bigger roles in promoting clean energy in the Philippines, thus addressing critical issues such as environmental sustainability, electricity prices, and energy supply sufficiency,” said Eric Peter Y. Roxas, president and chief executive officer of NexGen.

Executive Order No. 18, approved in 2023, established green lanes within government agencies to expedite the process of granting permits and licenses for strategic investments.

NexGen said its subsidiary has conducted technical, environmental, and social studies, as well as wind resource assessments for the wind projects.

“The granting of green lane certifications to Airstream Renewable Corporation’s projects is a testament to the government’s confidence that we are a proactive contributor to sustainable and inclusive national development,” Mr. Roxas said.

“With that being said, the critical task ahead of us is to ensure that these wind farms will start commercial operations soon — thus contributing to [NexGen’s] long-term financial growth and increased shareholder value,” he added.

Asked about the timeline of the projects, Mr. Roxas said that the Silang and Mauban wind power projects are slated for completion by late 2027, while the Pandan and Real wind projects are set to be finished by 2028.

“The project costs will be funded by partial debt and equity. The company has been in talks with several foreign investors who have expressed their interest in participating in these projects,” he said.

NexGen is focused on wind and solar power, with more than 1.5 gigawatts of projects in the pipeline. — Sheldeen Joy Talavera

Short films revived at intimate screening-slash-dancefloor

DJ SET by Pepi Dalmacion at the afterparty of the 1F Projects Backroom screening, with short films projected on the ceiling care of film collective Kinoise.

Film collective Kinoise teams up with performance space 1F Projects

FOUR short films and one feature film, all of various genres, will be projected onto a wall (and later, the ceiling) for a screening organized by the film collective Kinoise.

The five independent films, representing drama, Western, sci-fi, experimental, and horror genres, were screened on April 5 at 1F Projects, a space in the La Fuerza Compound in Makati City that usually hosts live music events.

Both Kinoise and 1F Projects are set on making their mark as alternative outlets for film exhibition and live performance.

“For this screening, I wanted to put together different genre films that I think mix well, like a melting pot,” said Jetri Bolintiam, a curator for Kinoise, at the sidelines of the Backroom screening.

In the lineup were the dark drama Cross My Heart and Hope to Die (2023) by Sam Manacsa, the Pinoy Western Shotgun Tuding (2014) by Shireen Seno, the sci-fi action short Spid (2019) by Alejo Barbaza and Mervine Aquino, and the experimental film Buwal na Mga Imahe (2022) by Gerard Bernardo.

Rounding out the night was Dodo Dayao’s dystopian horror film, Midnight in a Perfect World (2020), billed as a “mystery film” in promotional materials. As all five films were shown, the backroom of 1F Projects was packed, around 30 people filling the seats and even standing in the last row.

Starting 10 p.m., the chairs in the makeshift screening area were cleared to make way for a dance floor, with DJ Pepi Dalmacion performing a set. The short films that had just been screened were projected on the ceiling to add a trippy vibe to the afterparty. Film and music lovers, with bottles of beer and cups of gin and tonic in hand, mingled at the 1F Projects bar until way past midnight.

Michael Benedicto, a co-owner of the space, said that the collaboration with Kinoise helped them create another unique option in Metro Manila’s nightlife.

“To be honest, there is no sort of masterplan for this place. We’ve been around the scene as musicians and have hosted several projects,” he told BusinessWorld. “You really have to look for new things that are happening, and it leads to stuff like this.”

CONVERGENCE OF SCENES
The performance venue launched the Backroom film screenings in February, but its bread and butter are actually music events. It was founded by Mr. Benedicto with his artist-architect sister Micaela and her partner, musician Mario Consunji, back in 2023.

“This started because my sister needed an architecture office space. We thought we could take the music studio and make something else out of it, like the makeshift bar. It started on a whim, us doing shows, inviting musicians, and screening movies that we like,” he said.

The space had previously hosted the Fifth Wall dance film festival, various album launches, live gigs, DJ sets, and a mini book fair.

Mr. Benedicto explained that, while film screenings are free, an entrance fee for the afterparties and music performances is needed to keep the place running. The minibar, while quaint, charges a fair amount for various alcoholic drinks to last the night.

The son of music producer Toti Dalmacion, DJ Pepi Dalmacion, who provided the beats and rhythms of the night, is a product of the 1F Projects trio’s network as musicians.

“While we do have our own scene, we’re definitely meeting new people, like Madge [Reyes] for Fifth Wall, and the Kinoise kids for this film screening. We just want to keep going and see where it leads,” Mr. Benedicto said.

Backroom screenings will be taking a break after the recent one, with 1F Projects going back to music events for a bit. Next up for them is a live show with three bands, scheduled for the end of April.

For Cross My Heart director Sam Manacsa and Spid co-director Mervine Aquino, who were in attendance to see how their short films fit into the night’s events, small screenings like this help keep alternative cinema alive.

“If nobody screens them, people won’t remember or learn about it. There are so many short films that kind of die out like that,” said Mr. Aquino. “Especially ones that aren’t aligned with the tastes of festival fare in QCinema and Cinemalaya, so they’re rarely programmed.”

Ms. Manacsa added that independent short films can have “an extended life” if they’re shared with many people. “It’s a way to address the issue of people just not knowing where to watch them,” she said.

One of her next undertakings is to screen student thesis films that haven’t been exhibited in any venue since completion.

WOMEN’S FILMS
Though Mr. Bolintiam said that he programmed Kinoise x Backroom to showcase a blend of genres, BusinessWorld found that the four short films also worked as a belated Women’s Month experience.

Cross My Heart and Hope to Die centers on Mila (played by Jorrybell Agoto), an overworked and underpaid employee whose anonymous love interest is a source of comfort amid unfair working conditions. Shotgun Tuding, playfully described as a “pancit western,” is the 1940s-set tale of Tuding (Chantel Garcia), who travels to a distant town to find the man that got her sister pregnant. Then, there’s Spid, a more low-definition joint which has its female assassin lead (Genevieve Reyes) fight against the ills of a sense-impaired society.

Without spoiling anything, all three tell stories of female characters who are boxed in by the toxic masculine-led structures around them. Both Tuding and the female assassin are even singled out by male characters in their respective films, for being able to dispense violence “despite being women.” Then there’s Mila, an employee who witnesses violence and undergoes a journey that pushes her to the brink of her frustration. Her fate diverges from expectation to collide with a man (in a way that mirrors Tuding’s defiance against men).

The fourth film, Buwal na Mga Imahe (Dead Images), doesn’t fit into this women-centered interpretation of the lineup easily, due to its experimental nature. But its barrage of images explores rotting distortions in modern Philippine culture, akin to the violence of rape, the trigger warning for the overwhelming clash of visuals and sound quite apt as it brings a myriad of societal issues to the forefront.

Finally, there was Midnight in a Perfect World. Though studio-produced and garnering multiple Gawad Urian awards back in 2021, the film doesn’t have a rating from the Movie and Television Review and Classification Board (MTRCB). The Backroom x Kinoise screening hence billed it as a “mystery Dodo Dayao film,” one of the many techniques used by indie curators to get unrated films to the public.

Its representation of the drug war, with stars Jasmine Curtis-Smith and Glaiza de Castro at its center, is as frenetic and horrific as Spid’s. Both films have singular ways of depicting women who must navigate the disorienting darkness of a monstrous systemic death machine.

“I think [the women-centric themes] subconsciously seeped into the rationale of the whole thing,” Mr. Bolintiam said, when asked about our interpretation of the night’s lineup of films. Notably, prior to Backroom, Kinoise and fellow film collective Timog Pelikula led a screening and talk with women filmmakers at the end of March in Las Piñas City.

He concluded that these events represent a “grassroots approach to spreading the love for cinema.” He said, “Our goal is really to see a crowd of people. Some were standing at the back earlier, which was great. We’re just happy to do this.”

What’s next for Kinoise? Mr. Bolintiam revealed that there may be a screening of basketball-related films, given that many filmmakers — and Filipinos in general — love the sport.

For more information on Kinoise or 1F Projects, visit their Facebook and Instagram pages. 1F Projects is located on the second floor of the La Fuerza Compound along Chino Roces Ave. in Makati City. — Brontë H. Lacsamana

Hollywood eyes summer with anticipation, 50 years after Jaws

LAS VEGAS — A half-century ago, in June 1975, Jaws swam into theaters, gave audiences a good scare and rewrote movie history.

The shark thriller became the first summer blockbuster with a playbook that Hollywood studios still follow today.

Jaws was heavily marketed, creating buzz that positioned the movie as a must-see event. It became a runaway hit that changed the career of its young director, 26-year-old Steven Spielberg, and shifted the scheduling of movies.

“Before Jaws, there wasn’t really a well-defined summer movie season,” said Paul Dergarabedian, senior movie analyst at Comscore.

“You could have big movies coming out at any time of the year, but there was never a season that encapsulated what young people wanted to do in the summer, which was go to the movie theater,” he added. “It really changed everything.”

Star Wars took the same path in the summer of 1977, hitting screens over the US Memorial Day weekend. Mr. Spielberg debuted his first Indiana Jones movie in June of 1981.

Now, Hollywood packs many of its most ambitious movies into theaters from the first weekend in May through Labor Day in September.

That season accounts for roughly 40% of the annual box office returns in the United States and Canada. In 2024, domestic theaters generated $3.7 billion in ticket sales during that time.

“The summer is what we look forward to in the movie business,” said Doreen Sayegh, owner and operator of the five-screen Cranford Theater in New Jersey. “It’s when some of the hottest movies, the biggest blockbusters come out, and kids are home from school so we see a lot of families.”

Hollywood is counting on this summer to reverse a downward trend. Tickets sales in the United States and Canada are running 11% behind the same point last year, according to Comscore data, and remain below pre-pandemic levels. Cinemas face competition from at-home streaming services such as Netflix.

BIG SUMMER BETS
This week, movie studios previewed their biggest summer bets at CinemaCon, an annual gathering of theater owners in Las Vegas. Producer Jerry Bruckheimer reminded the crowd that Top Gun: Maverick brought in $1.5 billion worldwide in 2022.

“We’re here to tell you that we’re ready to do it again,” Mr. Bruckheimer said, with Warner Bros. action movie F1 starring Brad Pitt as a Formula 1 driver. “We believe this is going to be the cinematic event of the summer.”

F1, scheduled for June, is among the few big-budget original movies in a slate of sequels, reboots and franchises.

Walt Disney’s Marvel Studios previewed Thunderbolts, the story of an irreverent team of superheroes starring Florence Pugh, David Harbour and Julia Louis-Dreyfus. Thunderbolts will kick off the summer movie season in May, and Marvel will follow-up with The Fantastic Four: First Steps in July.

Warner Bros. touted its new Superman directed by Guardians of the Galaxy filmmaker James Gunn. Actor David Corenswet will don the famous red cape for the first time, part of the studio’s latest attempt to reinvigorate the DC Comics movies.

Comcast’s Universal Pictures promoted a new dinosaur movie, Jurassic World: Rebirth, starring Scarlett Johansson and Jonathan Bailey.

One of cinema’s biggest champions, Tom Cruise, teased Mission: Impossible — The Final Reckoning, the film that may be his last in the action franchise.

FAMILY FILMS AND ACTION
Ms. Sayegh said she was optimistic about upcoming family movies including a new Smurfs, a live-action remake of How to Train Your Dragon and The SpongeBob Movie: Search for SquarePants. Family films have been some of the top performers at cineplexes in recent years.

She also was impressed by the trailer for Mission: Impossible. This summer, “there’s a lot at once, a lot of adrenaline. I’m pretty excited over the slate I’ve seen.”

Other cinema operators welcomed the full schedule after disruptions from the pandemic and the 2023 Hollywood strikes, though some complained that studios should space the movies out more. F1, for example, comes out just five days before Jurassic World.

As people weigh their summer entertainment options, Republican US President Donald Trump’s tariffs have sparked fears of a global economic downturn. Any economic uncertainty from federal policies could create a challenge for the movie business, said Michael O’Leary, president and CEO of trade organization Cinema United.

“We’re an industry which thrives on people having discretionary income,” O’Leary said. “When there is uncertainty in the economic markets, for any reason, people tend to not use that discretionary income as much as they otherwise would.”

When Hollywood starts to compile this summer’s receipts, a familiar star will return to the big screen. Universal plans to re-release Jaws in theaters in late August to celebrate its 50th anniversary. — Reuters

CEU, PTFC join PSE’s Shari’ah-compliant securities

CORPORATE.PSE.COM.PH

THE Philippine Stock Exchange, Inc. (PSE) has included Centro Escolar University (CEU), an educational institution, and PTFC Redevelopment Corp., a warehouse leasing company, in its list of Shari’ah-compliant securities.

The updated list, issued on April 4, also saw the removal of Figaro Coffee Group, Inc., a food and beverage company, and Nickel Asia Corp., a mining firm.

The revisions were made following the quarterly screening for the period ending March 25, 2025.

The number of compliant companies remained at 53.

The PSE issued the prior list of Shari’ah-compliant securities on January 8, which covered the review period ending December 25, 2024.

Shari’ah is the moral and religious code of Islam that includes rules, regulations, teachings, and values governing the lives of Muslims.

“Shari’ah-compliant investment instruments create a mechanism for listed companies to gain access to potential funding from Islamic investors, including those in countries in the Middle East and other countries with high Muslim populations such as Malaysia and Indonesia,” the PSE said.

Done by Islamic finance information provider IdealRatings, Inc., the quarterly review looks at the compliance of the companies’ business activities and financial ratios to Shari’ah standards.

IdealRatings inspects listed companies in accordance with Shari’ah standards under the Accounting and Auditing Organization for Islamic Financial Institutions.

Under the business screening, the income of companies derived from activities such as adult entertainment, alcohol, cinema, defense & weapons, financial services, gambling, gold and silver hedging, interest-bearing investments, music, pork, and tobacco must be less than 5%.

In terms of financial ratio screening, a company’s cash or interest-bearing deposits or investments should not exceed 30% of its market capitalization, while its interest-bearing debt should not go beyond 30% of its market capitalization. — Revin Mikhael D. Ochave

SMIC unit starts geothermal exploration in Albay

PHILIPPINE GEOTHERMAL PRODUCTION COMPANY, INC.

THE PHILIPPINE Geothermal Production Co., Inc. (PGPC), a subsidiary of SM Investments Corp. (SMIC), has started exploring new renewable geothermal energy sources in Albay, the company announced on Monday.

The company has commenced operations of its drilling rig as it develops a geothermal steam field at Mt. Malinao, which could generate up to 49 megawatts (MW) of electricity, the company said in a media release.

Mt. Malinao is among the new concession areas being developed by PGPC in various locations across Luzon.

Overall, these new concession sites have the potential to provide up to 300 MW of renewable energy to the Luzon grid.

Last year, PGPC announced it had started the exploration and development of new geothermal energy sources in various parts of Luzon, including the provinces of Kalinga, Benguet, Cagayan, Quezon, Camarines Norte, and Camarines Sur.

In 2023, SMIC said that PGPC was expanding its renewable energy capacity to 600 MW through new exploration projects.

PGPC, which pioneered Southeast Asia’s first commercial geothermal power project in 1971, currently operates the Tiwi field in Albay and the Makiling-Banahaw (Mak-Ban) steam field spanning Laguna and Batangas.

These facilities have been supplying renewable geothermal energy to client power plants since 1979.

The Philippines is the third-largest geothermal producer, after Indonesia and the US.

As of July 2024, the Department of Energy is monitoring 35 geothermal service contracts, 20 of which are in the pre-development stage, and 15 in the development or commercial stage. — Sheldeen Joy Talavera

T-bill yields end mixed as market eyes BSP cut

BW FILE PHOTO

THE GOVERNMENT partially awarded the Treasury bills (T-bills) it offered on Monday as yield movements were mixed, with demand shifting to the higher-yielding longer tenors on expectations of further monetary easing by the Bangko Sentral ng Pilipinas (BSP).

The Bureau of the Treasury (BTr) raised P24.46 billion from the T-bills it auctioned off on Monday, below the P25-billion plan, even as total bids reached P63.33 billion or more than twice the amount on offer. This was also higher than the P45.667 billion in tenders recorded on March 31.

Broken down, the Treasury borrowed just P7.46 billion via the 90-day T-bills, lower than the P8-billion program, even as tenders for the tenor reached P12.96 billion. The three-month paper was quoted at an average rate of 5.393%, rising by 8.6 basis points (bps) from the 5.307% seen at the previous auction. Tenders accepted by the BTr carried yields of 5.325% to 5.449%.

The BTr partially awarded the three-month paper to cap the rise in its average yield, rejecting bids with rates higher than those quoted for the longer tenors auctioned off on Monday, it said in a statement.

Meanwhile, the government made a full P8-billion award of the 181-day securities as bids for the paper amounted to P19.03 billion. The average rate of the six-month T-bill was at 5.645%, 0.8 bp lower than the 5.646% fetched last week, with accepted rates ranging from 5.545% to 5.747%.

Lastly, the Treasury raised P9 billion as planned via the 363-day debt papers as demand for the tenor totaled P31.34 billion. The average rate of the one-year debt went down by 2.2 bps to 5.726% from 5.748% previously, with bids accepted having yields of 5.71% to 5.745%.

The T-bill tenors were adjusted as the issue date was pushed back by a day due to a holiday.

At the secondary market before Monday’s auction, the 91-, 182-, and 364-day T-bills were quoted at 5.3454%, 5.6819%, and 5.7735%, respectively, based on PHP Bloomberg Valuation Service (BVAL) Reference Rates data provided by the Treasury.

The government partially awarded its offer as three-month tenor’s average yield rose, a trader said in a text message.

“There is not much demand for the short end at the current levels as the market is anticipating rate cuts from the BSP. Investors are looking to lock in yields from longer tenors given this view,” the trader said.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that the six-month and one-year T-bills fetched slightly lower average yields as the market expects the BSP to resume its easing cycle this week and possibly implement more rate cuts within the year.

He added that the average T-bill yields fetched on Monday were mostly lower than comparable BVAL rates as well as the BSP’s current policy rate of 5.75%.

The BSP is expected to resume its easing cycle at its meeting on Thursday as easing inflation and a possible economic slowdown due to the United States’ trade policies give it ample room to cut borrowing rates further to support growth.

A BusinessWorld poll showed that all 17 analysts surveyed expect the Monetary Board to reduce its target reverse repurchase rate by 25 bps to 5.5% this week.

This would mark its first easing move since December as the BSP unexpectedly kept benchmark interest rates steady in February in a “prudent” move to assess the potential impact of the Trump administration’s evolving policies on the Philippine economy.

The Monetary Board has brought down borrowing costs by a cumulative 75 bps since it began its rate-cut cycle in August last year.

US President Donald J. Trump last week announced sweeping tariffs on America’s trading partners, imposing a 17% reciprocal tariff on all Philippine goods exported to the US, which will take effect on April 9.

While this was higher than the 10% baseline tariff imposed on most countries, this levy was the second lowest in Southeast Asia after Singapore (10%).

On Tuesday, the BTr will offer P35 billion in reissued 20-year Treasury bonds (T-bonds) with a remaining life of six years and three months.

The Treasury is looking to raise P245 billion from the domestic market this month or P125 billion via T-bills and P120 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 this year. — A.M.C. Sy

ADVERTISEMENT
ADVERTISEMENT