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Metrobank raises P35 billion from ASEAN Sustainability Bond offering

METROBANK.COM.PH

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Natural Gas Law: untapped relief

STOCK PHOTO | Image from Freepik

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

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

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

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

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

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

Today, the law takes on an even greater significance.

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

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

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

But undeniably, more has to be done.

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

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

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

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

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

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

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

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

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

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

 

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

Arts & Culture (04/15/26)


PPO concludes 41st season

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


NCCA Gallery opens April exhibition

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


Two exhibits at Silverlens this April

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


MSO to mount Mozart, Mahler concert

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


Karylle to star in Charlie and the Chocolate Factory

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


Morissette to star in The Notebook

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

Victorias Milling income up 2.3% on lower costs

FACEBOOK.COM/VICTORIASMILLINGCOMPANY

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

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

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

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

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

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

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

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

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

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

Peso back at P59 level on Iran deal hopes

BW FILE PHOTO

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

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

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

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

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

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

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

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

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

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

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

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

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

Surging oil prices strain MSMEs, prompt price hikes and delays

PHILIPPINE STAR/MIGUEL DE GUZMAN

By Beatriz Marie D. Cruz, Senior Reporter

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

STOCK PHOTO | Image by Rawpixel.Com from Freepik

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

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

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

But the song did not end there.

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

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

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

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

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

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

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

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

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

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

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

Because perhaps many Filipinos feel the same way today.

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

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

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

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

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

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

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

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

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

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

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

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

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

 

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

Chelsea Logistics and Infrastructure Holdings Corp. to hold Annual Meeting of Stockholders on May 12 via remote communication

NOTICE OF ANNUAL STOCKHOLDERS’ MEETING

Please take notice that the Annual Meeting of Stockholders of CHELSEA LOGISTICS AND INFRASTRUCTURE HOLDINGS CORP. will be held on Tuesday, May 12, 2026 at 11 A.M., via Remote Communication https://chelsealogistics-ph.zoom.us/j/86143659565?pwd=Gahfaln9zjdUS9Ykvv7fSi8ukGFc0v.1with the following:

AGENDA

1. Call to Order

2. Certification of Notice and Determination of Quorum

3. Report of the President & CEO for the Year 2025

4. Approval of the Minutes of the Annual Stockholders’ Meeting held on April 28, 2025

5. Ratification and confirmation of all acts and resolutions of the Board and Management executed in the normal course of business covering the period February 16, 2025 until February 15, 2026

6. Election of Members of the Board of Directors

7. Appointment of External Auditor

8. Other Matters

  • Amendment of the Employee Stock Option Plan, as Amended

9. Adjournment

Only stockholders of record as of April 20, 2026 are entitled to notice of, and to vote at, this meeting.

The Annual Stockholders’ Meeting on May 12, 2026 shall be conducted via remote communication.

Stockholders who intend to participate are required to register by sending an email, together with the requirements to ASM@chelsealogistics.ph on or before May 6, 2026, 5PM (Philippine Time). Full list of requirements may be viewed on the following linkhttps://www.chelsealogistics.ph/annual-stockholders-meeting/. The registration is subject to validation, and successful registrations will receive an electronic invitation via email, along with a complete guide on how to join, participate and vote in the Meeting.

Copies of the Notice of the Meeting, Definitive Information Statement and other related documents may be found on https://www.chelsealogistics.ph/annual-stockholders-meeting/ and through the PSE Edge Portal. Proxy Forms and Special Powers of Attorney or other Authorization forms are available on the Company’s website must be submitted to the Office of the Corporate Secretary, 18th Floor, Udenna Tower, Rizal Drive corner 4th Avenue, Bonifacio Global City, Taguig City by mail or sent by email to ASM@chelsealogistics.ph. Validation of proxies and registration shall commence on April 20, 2026 until 5 p.m. of May 6, 2026. Participation in the meeting as well as voting shall be through remote communication. Detailed Procedure for voting shall be posted on the Company’s website.

Stockholders may also send your queries regarding the conduct of the Meeting to ir@chelseashipping.ph.

Taguig City, 9 April 2026.

 

HENEDINA V. SAN JUAN
Corporate Secretary

 


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Hollywood stars sign open letter opposing Paramount-Warner Bros. deal

NATHAN DEFIESTA-UNSPLASH

OVER 1,000 filmmakers, actors, and industry professionals signed an open letter opposing Warner Bros. Discovery’s proposed $110-billion merger with Paramount Skydance, warning it would reduce competition and deepen consolidation in the US media sector.

Actors including Jane Fonda, Joaquin Phoenix, and Mark Ruffalo were among the signatories to the letter, which said the merger would result in fewer opportunities for creators, pressure on jobs across the production ecosystem, higher costs, and less choice for audiences.

Paramount and Warner Bros. did not immediately respond to requests for comment.

The letter, released on Monday, stated that prior waves of consolidation have already put the industry under pressure, reducing the number of films produced and released and narrowing the range of stories that receive financing and distribution.

The proposed Paramount-Warner Bros. combines Hollywood’s largest studios and content libraries while uniting streaming platforms Paramount+ and HBO Max.

The companies are planning to fold their streaming services into a single platform.

“The letter helps to galvanize opponents of the deal and bring them together under a common cause,” Emarketer senior analyst Ross Benes said. “But it is unlikely that the letter itself contributes to the deal being squashed.”

Regulators in the US and Europe are expected to scrutinize the deal, weighing its impact on consumers and the creative community. California Attorney General Rob Bonta has said the state is probing the transaction and will be “vigorous” in its review. — Reuters

Greenfield Deluxe developing Nava residential project in Muntinlupa

The Nava project — GREENFIELD DEVELOPMENT CORP.

GREENFIELD Development Corp. said its premium residential arm Greenfield Deluxe is developing Nava, a horizontal residential project in Barangay Cupang, Muntinlupa City.

The 5.8-hectare development will have 145 residential lots ranging from 192 to 290 square meters (sq.m.), priced at P129,000 to P147,000 per sq.m., according to information on the project’s website.

Architecture firm Leandro V. Locsin Partners designed the model homes, clubhouse, and master plan.

“Through Nava, we want to create a community where families can reset, recharge, and grow with intention. Wellness belongs in the spaces we come home to every day — in neighborhoods that nurture, in environments that inspire balance, and in communities built to stand the test of time,” said Duane A.X. Santos, president of Greenfield Development Corp., in a press release e-mailed to reporters on Monday.

The project is in the Alabang area of Muntinlupa City and is near Filinvest City. It is accessible via the Sucat, Zapote, and Filinvest exits and is close to commercial centers such as Alabang Town Center and Festival Mall, as well as schools and hospitals, according to the project website.

Amenities include a clubhouse, swimming pools, gym, and function spaces.

Nava will be located beside Hillsborough Alabang, a 20-hectare joint venture involving Fil-Estate Land, Inc., now part of Megaworld subsidiary Global-Estate Resorts, Inc., according to the company’s press release.

Greenfield Development Corp., established in 1961, is a property developer with projects such as Greenfield City in Laguna and Ayala Greenfield Estates, a joint venture with Ayala Land, Inc. — Juliana Chloe A. Gonzales

Moody’s affirms Philippine banks’ ratings

MOODY’S RATINGS has affirmed the long- and short-term ratings of three Philippine banks, it said late on Monday.

The debt watcher affirmed the “Baa2/P-2” long and short-term issuer and deposit ratings of China Banking Corp., (Chinabank), Philippine National Bank (PNB), and Security Bank Corp.

It also kept its “stable” ratings outlooks for Chinabank and PNB and revised that for Security Bank to “stable” from “negative.”

“We revised the outlook on Security Bank’s deposit, issuer and senior unsecured ratings to stable from negative, as the negative pressure on the bank’s capitalization has abated amid much slower credit growth,” the credit rater said.

Moody’s Ratings sees the lender’s capitalization, measured by common equity as a percentage of risk-weighted assets, to improve over the next 12 to 18 months following its purchase of a 25% stake in Home Credit Philippines and amid expectations of moderate loan growth.

Meanwhile, it expects PNB’s capitalization to decrease modestly over the next 12 to 18 months as loan growth exceeds internal capital generation, while Chinabank’s capital will remain stable.

Meanwhile, Moody’s Ratings expects Chinabank and Security Bank’s asset quality to weaken until 2027, due to continued loan seasoning pressures, the residual impact of the flood control probe, and higher cost of living, which could weigh on the repayment capacity of retail borrowers.

For its part, the debt watcher said PNB’s asset quality could face risks in the event of a prolonged Middle East conflict due to its exposure to sectors heavily affected by the crisis.

In terms of profitability, Moody’s Ratings sees PNB’s return on assets remaining broadly stable this year as its margins will be supported by effecting funding cost management and retail loan growth despite an expected modest increase in credit costs.

Security Bank and Chinabank’s own return on assets, meanwhile, are expected to moderate over the next 12 to 18 months on modest loan growth and elevated credit costs.

Chinabank’s net interest margins are expected to expand over the next 12 to 18 months, supported by faster consumer loan growth and project financing, but this may be offset by higher credit costs and weakening asset quality.

On the funding side, Moody’s Ratings said Security Bank’s deposit growth will remain stable supported by the bank’s extensive usage of structured deposits which are more rate sensitive.

The credit watcher noted that both Security Bank and PNB have strong liquidity, with Security Bank having enough to meet its short-term funding gap and PNB having the highest current and savings account ratio at 75% as of 2025 in the industry.

However, it said Chinabank’s modest funding and liquidity constrain its credit profile. — A.M.C. Sy

BSP, SEC discuss possible transfer of online lender oversight

UNSPLASH

THE BANGKO Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC) are in talks on regulating online lending platforms, including a possible transfer of oversight to the central bank.

The discussions include how oversight of online lending platforms (OLPs) could be shared or shifted, as the BSP also supervises credit-granting companies under its mandate, BSP General Counsel Roberto L. Figueroa told reporters on the sidelines of an event on Tuesday.

“Both parties are talking to each other and see how we can move forward on this. Because you’ve heard the Commissioner himself saying, they have no problem giving these entities to us. I think as far as the BSP is concerned, we’re not against that move. It’s just that we want to be sure that we’re ready when we take over,” he said.

SEC Commissioner Rogelio V. Quevedo said in a speech on Tuesday that the regulator has submitted a position paper proposing to transfer oversight of OLPs to the BSP, citing challenges in addressing fraud in the sector.

“Financing and lending companies are one of the serious headaches of the SEC. So, we are trying to establish a secure, interoperable, and trustworthy credit ecosystem. I have always maintained that since this is heavy, it should properly belong to the BSP. But the law leaves it with a joint regulatory ecosystem of the SEC and the BSP,” he said.

Mr. Quevedo said the SEC submitted the position paper this year, although the BSP and legislators have indicated a preference for a joint regulatory approach.

“SEC’s expertise is financial regulation like insider trading. We supervise the PSE. Particularly, securities trading. Aside from this, we are regulating companies with P1-million capitalization. We have to dedicate about 80 people for this. But it is not enough. Because there are almost 6,000 [OLPs]. If we lift the moratorium, it will be 10,000.”

Mr. Figueroa said the BSP and the SEC still need to determine whether any transfer of oversight would require legislation or could be implemented through regulatory issuances.

“But we are okay with either route. The BSP is willing because we do recognize the importance of these lending and financing companies and their potential impact on the economy,” he said.

Separately, Mr. Quevedo said the SEC is considering stricter governance rules following complaints from foreign fund managers related to potential exposure to flood control projects.

“Under the regulatory power of the SEC, we are contemplating on a definition of corporations vested with public interest. Because now, the listed companies are being monitored so we will come up with a definition,” he said.

“We will require them to have independent directors of corporations vested with public interest. Because now, it’s just a requirement of independent directors. But now 20% of the board must be independent directors of listed companies. And that is probably one of the reasons why they are being delisted. So, we are proposing that corporations vested with public interest must also have independent directors. Maybe at least 10% because in listed companies, 20%. But there must be at least one independent director of corporations vested with public interest.” — Aaron Michael C. Sy

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