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Bullet Dumas prepares for comeback concert

BULLET DUMAS gives a sneak peek of his upcoming performance. — BRONTË H. LACSAMANA

Expect new songs born from pandemic, theater work

THE PAST few years since the pandemic saw indie folk artist Bullet Dumas shift focus from his own music to theater acting. From Tanghalang Ateneo’s rock opera 2Bayani in 2022 to 9 Works Theatrical’s jukebox musical Ang Huling El Bimbo in 2023, his onstage work as an actor has flourished.

This year, Mr. Dumas goes back to his roots after a long period of exploration. Nananatili — set for June 8, 7 p.m. at the Music Museum at the Greenhills Shopping Center in San Juan — consolidates the lessons learned over the past five years into an intimate solo concert.

The singer-songwriter will be performing new songs for the first time since the pandemic, all centered on themes of love, grief, and acceptance.

“I didn’t want to return nang basta-basta (just for the sake of it). I wanted to do it with new material, this being my biggest chance to do it, so since the beginning of the year I have been writing,” said Mr. Dumas at a press conference at The Astbury in Makati City on May 17.

His first solo concert, Usisa in 2018, celebrated the release of his album of the same name. From it, his songs “Tugtog,” “Put to Waste,” and “Limguhit” made waves — but the music scene has changed drastically since.

Now, younger artists have been cropping up all over the place, armed with music they developed over the pandemic. Musicians were left to work on themselves, making today’s music scene more vibrant and inspiring than ever before, according to the singer-songwriter.

“I’ve been going to a lot of gigs. The likes of Unique [Salonga], Zild, Ena Mori — ang daming magagaling ngayon (there’s lots of talent now),” Mr. Dumas said. “That’s why I couldn’t just come back without new music of my own.”

REFLECTIONS ON IMPERMANENCE
His concert repertoire will include new songs inspired by personal experiences with death in a transitory world. The show is billed as “an elegy, a eulogy, and a funeral drama all rolled into one.”

With Mr. Dumas co-producing the concert with Gabi Na Naman Productions, its vision is far different from all his previous performances as a musician.

“Ang working concept ko ay last day ng funeral kung saan lumalabas lahat ng kuwento ng patay. Mas nakikilala natin iyung patay sa tingi-tinging kuwento mula sa iba’t ibang tao (My working concept is that it’s the last day of a funeral/wake where stories about the dead come out. We learn more about the dead through the little details told by various people),” he explained.

While his music remains in the indie and folk genre, ranging from soothing to intense tunes, his time in theater has changed a few things.

“Natutunan ko iyung paggamit ng counterpoint at motif (I learned to use tools like counterpoints and motifs),” said the musician.

The songs are also mostly born from revisiting draft recordings made throughout the pandemic. In 2024, the new tracks are finally ripe and ready to be heard on stage.

“The title is Nananatili because it speaks to how the dead remain with us as we remember them,” Mr. Dumas said.

“Maangas din iyung term kasi sinasabi na nandito pa rin, kahit ano mangyari (It’s also a cool term since it conveys being here always, no matter what).”

Tickets to Nananatili ni Bullet Dumas are available via bit.ly/nananatili, and are priced from P1,800 to P4,600. — Brontë H. Lacsamana

How your credit score affects your business loan

VECTORJUICE-FREEPIK

For Filipino small and medium enterprises (SMEs), access to financing remains one of the biggest challenges when trying to grow their business. Everything costs money — from labor to day-to-day operations — and your working capital can quickly dry up with one cash flow gap or one delayed client payment. Financing sources, such as savings, credit lines, business loans or investors, can be the rescue, but each of them comes with its own set of risks and complexities before SMEs can get their funds.

One important factor that SMEs must consider when securing financing is their credit score. A credit score is a three-digit number that defines a person’s creditworthiness based on their past and ongoing financial behaviors. It is calculated using various factors, such as your credit history, total amount of credit owed, credit utilization, and the types of credit you have used. A high credit score is a sign of good financial health, unlocking easier access to financial opportunities, such as loans, credit lines, and favorable interest rates.

In other countries, such as the US, credit scores are used for almost everything involving credit — such as buying a smartphone or screening apartment renters. While the Philippines does not have a unified and widely used credit reporting system, all local credit scoring models used by banks, insurance companies, and other financial institutions are managed by a government-sanctioned credit organization called the Credit Information Corp. (CIC).

The CIC is the Philippines’ central repository of credit information. They collect and provide standardized credit information to banks and other financial institutions to assess a borrower’s potential risk. The CIC also oversees and accredits local credit bureaus, such as CIBI Information, Inc., CRIF Philippines, and TransUnion Philippines. These credit bureaus are authorized to access CIC’s credit data and provide standardized credit scores upon the request of financial institutions and individuals.

In the Philippines, credit scoring ranges from 300 to 850. A score of 650-850 is considered fair to excellent credit; a higher score suggests better financial standing and creditworthiness, which means you are likely to access credit and other financial services at favorable interest rates and terms. Anything lower than 650 is considered a poor credit score.

To know your credit score, you must obtain your credit report — a document that provides you with a detailed summary of your credit score, credit and payment history, and other important information that may influence your credit score, such as bank disputes and employment history. You can obtain your credit report in near-real time via the Lista PH app, which is partnered with the credit bureau CIBI Information, Inc. Just install the app, submit a valid ID, and pay P199 via e-wallet or debit/credit card.

So, how does your personal credit score impact future loan applications and other forms of credit? Since your credit score is a measure of your creditworthiness, a higher credit score signals to lenders that you manage debts well and have a history of paying back what you owe on time — thus making you a lower-risk borrower. Loan processing and approval becomes faster, and you are likely to obtain more favorable loan conditions, such as lower interest rates, higher borrowing limits, or longer repayment terms — especially if you also have a high annual income to match. Insurance providers rely on credit scores when setting premiums for your auto loan, home loan, or insurance; even government social services, such as SSS and Pag-IBIG, consider credit scores when approving and disbursing housing loans and salary loans.

So, what is the relationship between your personal credit score and business loan application? When you apply for a business loan, lenders assess the personal finances and credit history of its key owners and stakeholders. Credit scores reflect an individual’s ability to manage their finances, and lenders view them as an indicator of the stakeholders’ skill in handling company finances. From personal credit history, lenders also gauge if the company’s stakeholders are likely to assist in debt collection should the business default — either by liquidating business assets or using their personal assets.

Unpaid personal loans, penalties for late payments, and other markers of a negative loan history can increase your company’s risk profile — which, in turn, can lead to a higher interest rate or even a denial of your business loan application. Thus, it’s crucial for all company stakeholders to settle any personal loans on time and maintain a good credit score in order to demonstrate good financial skills and solid financial health.

So how do you build and maintain a good credit score? Aside from being responsible when it comes to your finances, be consistent in modeling good financial behavior. First, pay your bills, especially loan and credit dues, on time. If you can’t, negotiate for a loan rescheduling or loan restructuring with your lender to ease your monthly payments. You may end up with a higher final repayment for both options, but you’ll minimize the appearance of late repayments or penal-ties on your credit report.

Second, make it a habit to review your credit report regularly. If you find inaccuracies, such as incorrect account details and fraudulent activities, you can dispute these with the credit bureaus to have them corrected. Your credit score also refreshes every 30 days, so it’s a good idea to request a new report before applying for credit to gauge your likelihood of approval.

Third, use 30% or less of your available credit. This refers to your credit utilization ratio, which is the percentage of your total credit limit that you are using. Maintaining your credit use to 30% or less signals to lenders that you are not overly reliant on credit. Going beyond 30% or maxing out your credit card limit leads to a lower score because it suggests financial strain and a higher likelihood of missing future repayments.

While having multiple types of credit can be a good idea, applying for credit successively in a short period raises red flags and hurts your credit score. It implies that you are desperate for funds and unable to handle financial obligations responsibly. It is also ideal to settle previous debts before opening a new credit card or applying for a new loan; multiple debts signal to lenders that you are at a higher risk of missing repayments.

Having too little credit can also cause your credit score to stagnate. This is because you don’t have much credit history that can be used to assess your creditworthiness. To responsibly build your credit history, you can open an entry-level credit card with no annual fees for life, apply for a secured credit card, or request for a credit card limit increase. This reduces your credit utilization ratio and makes the amount you borrow seem smaller.

Lastly, focus on paying off any previous debts or delinquent credit accounts that are collecting interest or penalties. You can negotiate with creditors to reduce your monthly payments, or consolidate multiple debts with high interest rates into a single loan so you can pay less in penalties and interest rates.

By implementing these strategies, you can work towards building a stronger credit profile over time, enhancing your financial health and improving your ability to secure loans and credit on favorable terms.

Credit scores play an indispensable role in the financial landscape for Filipino business owners. By understanding and managing your credit score effectively, you can enhance your ability to secure business loans with favorable terms, thus supporting the growth and sustainability of your business in the competitive market.

This article reflects the personal opinion of the author and does not reflect the official stand of the Management Association of the Philippines or MAP.

 

Benedict S. Carandang is a member of the MAP ICT Committee and the vice-president for External Relations of First Circle. This article is co-written with Jess Jacutan, First Circle’s content marketing lead.

map@map.org.ph

benedict@firstcircle.ph

San Miguel nearing TPLEX Extension contract signing

SANMIGUEL.COM.PH

THE San Miguel Holdings Corp. (SMHC) may soon sign the contract for the Tarlac-Pangasinan-La Union Expressway (TPLEx) Extension, the Public-Private Partnership (PPP) Center said. 

“The TPLEx is at the most advanced stage, we just finished the challenge process. They are supposed to sign (because) it has been awarded to them. The next step is after the contract award, contract signing,” PPP Center Deputy Executive Director Jeffrey I. Manalo told reporters over the weekend. 

In November, the National Economic and Development Authority board approved the comparative challenge for the TPLEx extension project, the Department of Public Works and Highways (DPWH) said.

PPP Center said no parties have challenged the unsolicited proposal of SMHC. The company secured the original proponent status for the project in 2018. 

“Without a challenger, the project may be awarded to the original proponent as early as March 2024. Otherwise, the project is expected to be awarded by May 2024,” DPWH said. 

It added that civil works of the TPLEx extension can then proceed, which will take five years to complete. 

The TPLEx Extension project is a 59.4-kilometer four-lane toll road that starts from the last exit of TPLEx in Rosario, La Union, and terminates in San Juan, La Union.

Once completed, the TPLEx Extension project is expected to reduce travel time from Rosario to San Juan from 1.5 hours to around 40 minutes. — Ashley Erika O. Jose

Cannes Film Festival

ZOE SALDANA and Karla Sofía Gascón in Emilia Perez.

Demi Moore on full vulnerability, Selena Gomez on film focus, Kevin Costner frets about financing

CANNES, France — Movie star Demi Moore said the vulnerability required for her role in body horror film The Substance, which premiered at the Cannes Film Festival on Sunday, was both demanding and exciting.

Ms. Moore stars as Elisabeth, an ageing TV fitness instructor a la Jane Fonda who signs up for a mysterious medical regime called The Substance that promises to create the perfect version of herself — played by Margaret Qualley of Drive-Away Dolls.

The role requires Ms. Moore, 61, to be completely naked as well as transform into a deteriorating old woman through prosthetics.

“All of it at different times had moments that were challenging,” she told Reuters in an interview. “The level of vulnerability that this role called for on all the different levels — emotionally, physically — were as demanding as it was exciting because it was really pushing me to step out of my comfort zone,” said Ms. Moore.

Critics were positive on Ms. Moore’s performance, with entertainment website Variety calling it “nothing short of fearless” and The Hollywood Reporter praising how she “imbues her character with a visceral desperation.”

This year’s festival marks the first time in more than a quarter-century that Ms. Moore, who became a sex symbol through films like Striptease in the 1990s, was at the festival.

For Ms. Qualley, 29, having to portray the so-called perfect version of a woman’s body was a weird experience. “She is meant to be perfect, but she’s probably like the least beautiful character I’ve ever played because she’s heartless,” she said.

French director and writer Coralie Fargeat said that her goal was to explore women’s toxic relationships with their bodies and how they are taught that their worth is tied to their appearance. “The way I wrote the movie really sticks to what we experience as women with our bodies. So, it’s the way our body is seen, but also the way we see our own body,” she said.

SELENA GOMEZ RELIEVED FOCUS ON EMILIA PEREZ
Selena Gomez said that she was relieved focus had shifted to her role in the new Mexican cartel musical Emilia Perez rather than her personal life, the singer told Reuters on Sunday.

“It’s a relief. I’d rather somebody say I did a terrible job than talk about my personal life. So, I feel very proud,” Ms. Gomez said at the Cannes Film Festival a day after the premiere of the film, which received a standing ovation for nine minutes.

The former Disney star added that she made up just a small part of the “incredible masterpiece” that is Emilia Perez, which also stars Zoe Saldana and Karla Sofia Gascon.

The film directed by Jacques Audiard about a Mexican drug lord who transitions from male to female and starts a nonprofit dedicated to finding the bodies of disappeared people, is in the running for the festival’s top prize, the Palme d’Or.

Ms. Gomez, who also co-stars with Steve Martin and Martin Short in the Hulu streaming series Only Murders in the Building, is the most-followed woman on Instagram with 428 million followers. Such a large following puts her life under intense public scrutiny and generates headlines that speculate about her personal relationships as well as mental and physical health.

The singer who has posted candidly about having lupus and bipolar disorder told broadcaster NBC’s Today show this month that she has decided to limit comments on her account to only friends as a way to set boundaries.

COSTNER FRETS ABOUT FINANCING FILM
Kevin Costner premiered his film Horizon: An American Saga at the Cannes Film Festival on Sunday night, aiming to make it into a four-part series even though he’s not sure how he’ll finance it.

The actor took out a mortgage on 10 acres of his waterfront property in California to help fund the project, which tells of the challenges faced by settlers expanding the American West in the late 1800s. But the financing still may not be enough.

“This has been so hard. And it’s not over yet,” said Mr. Costner, who started filming on the third chapter before heading to Cannes. “I have to find the money,” he told Reuters in an interview at the festival.

The actor even likens himself to the characters his film portrays. “I’m just like the people going West,” Mr. Costner said. “I have to figure this out because there’s no one really going to help me,” he said about the challenges of making the series.

He stars in, directed, produced, and co-wrote the first film, which covers a 15-year period before and after the 1861-1865 Civil War when white settlers expanded westward in the United States, taking land from American Indians.

Mr. Costner’s previous credits in Westerns include his Oscar-winning Dances With Wolves in 1990 and more recently as the star of the successful five-season TV series Yellowstone.

The 181-minute first part of Horizon: An American Saga, premiering out of competition at Cannes, will be released in North America, the United Kingdom (UK), Spain, Italy and the Netherlands on June 28, followed by part two on Aug. 16.

OSTLUND LAUNCHES DARK AIRPLANE COMEDY
Ruben Ostlund, two-time winner of the Cannes Film Festival’s top prize and last year’s jury president, returned to the festival in southern France to launch his next project on Saturday, a dark comedy about being stuck on a plane with no distractions.

The Entertainment System Is Down will star Kirsten Dunst and Daniel Bruehl as a couple whose relationship is put to the test on the 20-hour-plus plane ride from London to Sydney.

“When the iPhones and iPads are shutting out, they are doomed to deal with their own boredom,” said Mr. Ostlund. “And I’m going to look on this aspect, like taking away entertainment on a societal level, what happens then?”

Examining what happens when the rails come off of polite society has been a particular fixation of Mr. Ostlund’s films, which include Triangle of Sadness, Force Majeure, and The Square.

“I always want to work with people that, you know, push the boundaries of cinema,” Ms. Dunst said at the launch. “That’s always my dream to be a part of working with those type of filmmakers.”

For filming, which is due to begin soon, the team has bought a Boeing 747, where 99% of the film will be set, said Mr. Ostlund.

“We have an airplane, a whole airplane, to not only build a section, but that you can walk from the cockpit all the way to the back so you can do longer tracking shots and really create a feeling of being in the space,” said the Swedish director.

LANTHIMOS: WORLD IS STRANGER THAN HIS FILMS
Director Yorgos Lanthimos, who was at the Cannes Film Festival on Saturday with his second Emma Stone-billed feature in quick succession, Kinds of Kindness, said his often darkly funny films are less strange than what is going on in the world.

Mr. Lanthimos has made a name for himself with absurd black comedies such as The Lobster, where single people transform if they do not find a mate, and the Frankenstein-inspired Poor Things. His new Cannes competition entry is no exception.

Kinds of Kindness is told in three parts, with different storylines but the same actors and themes, including paranoia, power dynamics in relationships, and the threshold for violence.

“Don’t you think that something’s off with the world? Probably more so than the films that we make,” Mr. Lanthimos said at a news conference on Saturday, a day after the film’s premiere. “My work and other people’s work probably reflects the world, and you just try to find the way to do that the best way you can,” he said at the event alongside the film’s stars, including Ms. Stone as well as Jesse Plemons and Willem Dafoe.

Critics were generally favorable to the film: Variety called it a “quizzical concoction bound to baffle and delight in equal measure” while The Guardian described it as a “macabre, absurdist triptych” and gave it four out of five stars.

The film was initially inspired by Caligula, the Roman empire’s eccentric third ruler, and the idea of one man having complete control over another one, said Mr. Lanthimos. However, he could not be drawn on more detail, saying his film-making process was more instinctive than intellectual.

“And I think it’s so much more valid for people that watch the films to have their own view,” he told journalists.

Kinds of Kindness is the third time Ms. Stone and Mr. Lanthimos have teamed up after 2018’s royal drama The Favourite and Poor Things, which picked up several Oscars this year. “I’m drawn to his stories. I’m drawn to his films. I’m drawn to his way of seeing the world and the characters and the way he goes about all of it,” said Ms. Stone.

COPPOLA ON TIMELY MEGALOPOLIS
Francis Ford Coppola did not know how relevant Megalopolis, a sci-fi epic that is an allegory for the fall of the Roman Republic, would become to US politics when he first began developing the concept decades ago, the legendary auteur said at the Cannes Film Festival.

Mr. Coppola wanted to do a Roman epic set in modern America.

“But I had no idea that the politics of today would make that so relevant,” Mr. Coppola told a news conference on Friday, a day after his decades-in-the-making passion project had its world premiere. “Because what’s happening in America, in our republic and our democracy, is exactly how Rome lost their republic thousands of years ago,” said The Godfather director. “Our politics has taken us to the point where we might lose our republic.”

Artists, not politicians, are going to be the answer, he added, because they shine a light on contemporary life.

The film, which is loosely inspired by an attempted coup during the Roman Republic, follows Cesar Catilina, an architect-scientist played by Adam Driver, as he goes head-to-head with the order-loving mayor of New Rome, played by Giancarlo Esposito, in trying to turn his utopian vision into reality.

Mr. Coppola, who started developing the film’s concept in the early 1980s, said there was no word to describe the emotion he felt upon finally seeing the finished product on the big screen. However, the Oscar-winning director of Apocalypse Now, who has often re-edited his work after it has already been released, did not rule out also making changes to his latest film.

“I’ll be here in 20 years, I think,” the 85-year-old said, briefly casting his eyes to the ceiling. “If there’s a way I can make  the film a little better, I will try. But I know that I’m done with it because I’ve already started writing another film and that’s a good sign that I’m finished.” — Reuters

Destabilization plots and ICC arrest orders

STORY SET-FREEPIK

Speaking before the Army’s 4th Infantry Division at Camp Edilberto Evangelista in Cagayan de Oro City last Thursday, President Ferdinand “Bongbong” R. Marcos, Jr. vowed to quash destabilization plots. “We will not allow agents within the country to destabilize our government and create division within our nation,” said he.

The President was reacting to a claim of former senator Antonio Trillanes IV, also a former Philippine Navy officer, that high-ranking police officials were recruiting police and military officials, primarily from the Davao region, to join a plot to overthrow the Marcos administration. While the President has not received any report of a destabilization plot involving active police officials, noting the police are not engaged in politicking, he however did not rule out the possibility that retired officials could be hatching a destabilization plot.

But during the Philippine Military Academy’s graduation ceremonies in Baguio last Saturday, the President acknowledged fully the existence of destabilization moves. Addressing the Bagong Sinag Class of 2024, he said, “This is a time of birth pains — sadly, of opportunism, blatant attempts at destabilization, and last-ditch efforts to cling to the rapidly disappearing past.”

Which are the blatant attempts at destabilization? Which is the rapidly disappearing past?

It will be recalled that just a month ago, Davao del Norte Rep. Pantaleon Alvarez urged the police and military to withdraw their support from President Marcos, Jr. out of dissatisfaction with the President’s policies. “In a peaceful way, please withdraw your support from the chief executive. When you withdraw your support from him, he has no choice but to step down from his post,” Rep. Alvarez said in a mix of Pilipino and English during a rally of the Duterte die-hards in Tagum City. Former president Duterte was present at the event.

As chairman of the committee on Public Order and Dangerous Drugs, Senator Ronald “Bato” dela Rosa has conducted three hearings on the so-called Philippine Drug Enforcement Agency (PDEA) leaks. The supposed PDEA leaks stemmed from a pre-operation report in 2012 that stated that “a group of showbiz and politically affluent personalities are frequently using illegal drugs” inside a condominium in Makati City. The supposed PDEA report indicated that then-senator Bongbong Marcos and actress Maricel Soriano could be involved in illegal drugs.

Senators decried the testimony made by former PDEA agent Jonathan Morales because he couldn’t prove the authenticity of the documents he provided. Senate President Migz Zubiri said that “no pictures, no corroborating testimonies” were provided to them to support his claim that Bongbong Marcos was involved. Senator Jinggoy Estrada, who was very critical of Morales, the sole witness, said, “Allowing the dissemination of false information and fabricated narratives not only undermines the credibility of our institutions but also jeopardizes the pursuit of genuine justice and accountability.”

Morales was dismissed from the PDEA in 2013 due to dishonesty and grave misconduct. He is facing several legal proceedings due to estafa, false testimony, and complaints for implicating innocent individuals.

Still, Mr. Dela Rosa is persistent in conducting another hearing, convinced that the leaked documents were not fabricated. “I don’t have any hidden agenda here,” said he. He insists that the public hearing and investigation on the allegedly leaked documents is in aid of legislation to strengthen further government capability and protection in handling classified documents and information. He believes the leaked PDEA report pinning down Mr. Marcos as using illegal drugs is authentic. The hearings have led to the suspicion that Mr. Dela Rosa is holding them to bring down Marcos amid his falling out with former President Rodrigo Duterte.

Are destabilization moves against the Marcos administration meant to thwart the imminent International Criminal Court’s arrest orders against former president Duterte and the former commanders of his brutal War on Drugs?

Citing confidential information provided him, Mr. Trillanes expects that a warrant for the arrest of former president Duterte and others linked to the International Criminal Court (ICC) investigation will be hand-ed in by the international tribunal by June. He noted that Duterte’s daughter, Vice-President Sara Duterte-Carpio, could be included in the subsequent batches of arrest warrants.

The former senator was able to establish a relationship with the ICC by facilitating interviews with witnesses for the ICC’s probe. But he noted that some of the details he has revealed came from people privy to what the ICC is doing.

In various interviews with broadcast talk show hosts, ICC Assistant to Counsel Kristina Conti said former president Duterte and former police chiefs Ronald dela Rosa and Oscar Albayalde are “named as possible to be investigated” in the ongoing probe of the ICC. She said that she is “pretty sure Duterte will be considered as one of the most responsible and will probably be summoned or ordered arrested by the ICC.”

The ICC said Dela Rosa issued the 2016 command memorandum circular that launched “Project Double Barrel” and the national war on drugs. Albayalde continued the drug war when he assumed the post of Philippine National Police (PNP) chief in 2018.

She also said the directors of the Anti-Illegal Drugs Group and later the Drug Enforcement Group, and the PNP’s regional, provincial, and city-level directors in charge of coordinating operations on the ground may be called.

As for Sara Duterte, Ms. Conti noted that her name does not appear on the official public records of the ICC. “But it is a clear indication already that she might be included when the ICC specified that the scope of the investigation will be from November 2011 to June 2022.” Ms. Duterte served as mayor of Davao City from 2010 to 2013 and again prior to her election to higher office in 2022.

Mr. Marcos has repeatedly stated that his government will not serve any arrest warrant from the ICC against former president Duterte, maintaining that the ICC has no jurisdiction over the Philippines. But maybe Mr. Duterte believes Mr. Marcos has a hidden agenda.

When the President attended the United Nations General Assembly last year, he asked for the inclusion of the Philippines in the UN Security Council. He was asked in return to address human rights issues in the Philippines. Most probably he was told to give cooperation with the ICC, a UN body, top priority.

 

Oscar P. Lagman, Jr. is a keen observer of Philippine politics.

Entertainment News (05/21/24)

Spanish film festival to kick off with sports films

THIS year’s PELÍCULA/Pelikula Spanish Film Festival will have a sports-themed series of pre-festival movies. Coinciding with the last match of La Liga, the top division of the Spanish football league system, from May 23 to 26, four Spanish language films will be screened at Shangri-La Plaza’s Red Carpet Theater in Mandaluyong. These will be shown prior to the main festival, which will be held on the first week of October. The sporty films are: Días de futbol (2003), directed by David Serrano; La Gran Familia Española (2013), by Daniel Sánchez Arévalo; Futbolín (2013), by Juan José Campanella, and Campeonex (2023), by Javier Fesser. All the screenings are free on a first come, first served basis. All the movies are in Spanish with English subtitles. For updates, visit the social media pages of Instituto Cervantes Manila.

Biodiversity photo exhibit at Araneta City

DISCOVER what biodiversity is at Araneta City from May 20-22 at Gateway Mall 2 Quantum Skyview Activity Center. The exhibit commemorates International Day for Biodiversity 2024, with the global theme of “Be Part of the Plan.” The event, which is open to the public, is intended to spark public conversations to raise awareness, develop positive attitudes, and generate collective action for the preservation and protection of Philippine biodiversity. The highlight is a photo exhibit showcasing various Philippine flora and fauna from key biodiversity areas where the Inclusive Growth and Regenerative Ecosystems (INSPIRE) project of United States Agency for International Development (USAID) operates, distributed across three galleries designed to educate visitors on wildlife conservation in marine, coastal, and terrestrial ecosystems. The exhibit will also feature installations made of reclaimed materials and plastic discards by Leeroy New. There will be storytelling and art sessions for children; a short talk on flowers of native trees and plants combined with a floral painting session featuring the Rafflesia flower and Waling-waling orchid; a short talk on how companies can be #PartOfThePlan; musical performances; and games to test one’s knowledge of biodiversity and win prizes. The exhibit is presented by USAID’s INSPIRE and the Gerry Roxas Foundation, together with the Araneta Group and the J. Amado Araneta Foundation.

HBO concert special Gaga Chromatica Ball to premiere

THE HBO Original concert special Gaga Chromatica Ball will debut on May 26 via HBO and HBO GO. It delivers live performances of some of pop icon Lady Gaga’s biggest hits, including “Stupid Love,” “Bad Romance,” “Just Dance,” “Poker Face,” “Shallow,” “Rain on Me,” and more. Fans will be able to watch Academy Award nominee and Grammy Award winner Lady Gaga in her career-defining performance starting May 26.

Robinsons Naga reopens Tree of Life installation

UNVEILED in 2018 as the first digital installation by Fil-Am artist Jefre Figueras Manuel in the Philippines, the Tree of Life in Robinsons Naga has reopened to the public. The 15-meter fiberglass sculpture features 3D projection mapping and is inspired by the Bicolano gabi (taro) leaf used in everyday cooking in the region. “I was looking at the landscape in Naga and I saw that the taro leaf was a staple to the community,” Mr. Manuel said in a statement. Shining at 26,000 lumens, the two-story sculpture provides visual spectacles, from spinning planets and galaxies to fairytale landscapes. The 3D mapping shows happen daily from 6 to 9 p.m.

KAIA chronicles journey to stardom in music video

FIVE-MEMBER P-pop group KAIA has officially released the music video of their new single, “You Did It.” Helmed by Raymond “Pabi” Fabian and Francis “Kiko” Magundayao, the visuals mark the group’s transformation from their early years to their more confident phase. It also features the origin story of the dragonfly, a metaphorical symbol of their journey as a Filipino girl group trying to make it in the competitive music industry landscape. “You Did It” is a dance-pop track with Persian-style instrumentation and modern pop sensibilities, produced by Oh-won Lee, Michael James Down, Will Taylor, and Primoz Poglajen, with lyrics by Jonell “J.O.” Sarmiento. It is out now on all digital music platforms worldwide via Sony Music Entertainment.

Ben&Ben launches new concept store

ORIGINAL Pilipino music (OPM) band Ben&Ben and Robinsons Galleria have teamed up to launch Liwanag House, the newest concept store made specifically for the band’s growing community of partners, supporters, and fans. Opened early in May, it offers special activities and personalized experiences for Ben&Ben’s fanbase, with exclusive releases and limited-edition merchandise lining its shelves. The intimate space will also host community-driven gatherings that aim to attract a diverse array of participants and projects. It is found on the third floor of Robinsons Galleria.

XG to visit Manila for world tour

GIRL group XG will have its world tour this year, with Manila being one of its stops. Kicking off in May, XG’s first world tour, The First HOWL, will see the seven-member hiphop/R&B-inspired group bring their music all over Asia. The group consists of Jurin, Chisa, Hinata, Harvey, Juria, Maya, and Cocona. Their tour’s Manila leg is promoted by AEG Presents and Ovation Productions, with tickets  (starting at P4,000) to have a fan club pre-sale on May 24, 12 p.m. The general sale will begin on May 25, 12 p.m., via TicketNet.

Zack Tabudlo releases new single

FILIPINO singer-songwriter Zack Tabudlo has released his long-awaited comeback single, “Feel This Way.” The OPM artist known for heartfelt tunes made his return with a romantic song inspired by his own love story with girlfriend Abby. The song paints a picture of affection and longing. Its accompanying music video is a collaboration with the Singapore Tourism Board for their new tourism campaign. It features Mr. Tabudlo wandering the vibrant landscapes found in SIngapore. “Feel This Way” is out now on all streaming platforms.

Disney+ to hold pop-up event at SM MOA

AT the Main Atrium of SM Mall of Asia (MOA), Filipinos will be able to get a preview of the wide variety of stories available on Disney+. The #FindYourselfHere campaign happens from May 23 to 26. It will showcase an immersive experience where shoppers can browse dramas, comedies, educational documentaries, feature films, and animation available on the platform.

Will Mikhael drops new single

THE RELEASE of Will Mikhael’s latest single, “Akong Addiction,” delves into deep infatuation or obsession with someone. The Cebuano singer-songwriter sings of being captivated with a woman’s physical appearance. The song has made it to Spotify playlists like OPM Says Chillax, Pinas Vibes, Sappy and Senti, and Relax Tayo. The trilingual (English, Filipino, and Cebuano) R&B track is out now under Universal Records Philippines. It also precedes Mr. Mikhael’s appearance on the concert stage as an opener of the Jesse Barrera + Albert Posis: Hold On Tight Tour on May 25 at The Podium Hall in Mandaluyong. “Akong Addiction” is now out on digital streaming platforms.

NIKI announces Manila leg of world tour

GLOBAL pop singer-songwriter NIKI has announced her biggest tour to date, spanning 41 markets in North America, Europe, the UK, and Asia (including Manila). Produced by Live Nation, the tour celebrates the release of her upcoming album, Buzz, on Aug. 9 via 88rising. The Manila leg will be on Feb. 11 and 12, 2025. Tickets will go on sale at a later date.

Alsons Dev eyeing to finish Narra Park Residences in Sarangani by 2027

By Aubrey Rose A. Inosante

ALABEL, Sarangani — Alsons Development and Investment Corp. (Alsons Dev) has announced its expectation to complete its 13-hectare Narra Park Residences Avia in Sarangani by 2027.

The project is situated within the 121-hectare mixed-use Avia Estate in Alabel, the capital of Sarangani. This marks Alsons Dev’s inaugural venture outside Davao City.

“When we introduced Avia Estate as our first project outside Davao City, our vision was to create a community similar to what we have done in Davao,” said Jessa Mae D. Sisi, Alsons Dev assistant general-manager for sales and marketing, during a familiarization tour in Sarangani on May 18.

Ms. Sisi added that the property represents a promise of a new community for Alabel and the broader SOCCSKSARGEN (South Cotabato, Cotabato, Sultan Kudarat, Sarangani, and General Santos) area.

According to Alsons Dev Assistant General-Manager for Business Development in Sarangani & Gensan Operations Richlie Lyndon L. Magtulis, the decision to locate in Alabel instead of General Santos was motivated by the Alcantara Group’s extensive investment in Sarangani, including the nearby Alsons Aquaculture Corp. facilities.

Alsons also considered the town’s tourism potential, as the estate is situated along the Sarangani-Davao Del Sur Coastal Road, leading to Glan municipality, renowned for its pristine shorelines facing the Celebes Sea.

Mr. Magtulis said that the estate has allocated 80 hectares for residential use and 40 hectares for commercial purposes, while hinting at another residential project in the pipeline for the estate.

Aligned with this, some amenities and features of Narra Park Residences are modeled after Alsons’ properties in Davao, such as the Northtown township.

The residences offer single-attached Bungalows with a 45.31-square-meter floor area, comprising two bedrooms, two toilets and a bath, and an allocated one-car garage. Meanwhile, the two-storey units span 63.22 square meters, with three bedrooms, two toilets and baths, a powder room, and provision for a two-car garage.

“The price of the units for Bungalow is currently at P3.6 million, and for two storeys, it’s P4.7 million, with open lots priced at P30,000,” said Senior Project Officer Sheena Mae D. Tanes, noting that 78 open lots are available for customization.

The 518 units range from 120 to 150 square meters.

Proximity to amenities includes a branch of Abba’s Orchard Montessori schools and the 1800-square-meter Alabel Public Safety and Security Complex (APSSC).

The Sarangani provincial capitol, hospital, and national high school are also nearby.

APSSC, in collaboration with Alabel’s local government unit (LGU), houses three government support facilities: a police station, fire station, and National Disaster Risk Reduction and Management Office, ensuring public safety.

It was the second integrated emergency response facility constructed and donated by Alsons Dev, following the one in Davao.

“The LGU is going to provide manpower; we donated land and buildings,” said Alsons Dev Sales Manager, ensuring that a minimum of five police personnel is on standby.

She also clarified that this incurs no expense to the LGU and only requires providing equipment and vehicles such as the firetruck.

Meanwhile, the 78 allocated open lots are expected to be occupied by “professionals, doctors, businessmen, and sole proprietorships.”

Among the available amenities are the central park, hosting community-building activities, a swimming pool, a cabana, and a multi-purpose court.

Ms. Sisi also noted that buyers of the residences are a diverse mix, including families from GenSan, overseas Filipino workers, and some from Metro Manila with family ties in Sarangani.

Gov’t fully awards T-bills as rates decline

BW FILE PHOTO

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it offered on Monday as yields dropped across all tenors on strong demand and expectations of rate cuts by the Bangko Sentral ng Pilipinas (BSP) and the US Federal Reserve later this year.

The Bureau of the Treasury (BTr) raised P15 billion as planned from the T-bills it offered on Monday as total bids reached P59.345 billion or nearly four times the amount on the auction block.

Broken down, the BTr borrowed P5 billion as programmed from the 91-day T-bills as tenders for the tenor reached P19.105 billion. The three-month paper was quoted at an average rate of 5.712%, 1.5 basis points (bps) lower than the 5.727% seen last week. Accepted rates ranged from 5.67% to 5.725%.

The government likewise made a full P5-billion award of the 182-day securities, with bids reaching P19.36 billion. The average rate for the six-month T-bill stood at 5.864%, down by 2.9 bps from the 5.893% fetched last week, with accepted rates at 5.843% to 5.875%.

Lastly, the Treasury also raised the planned P5 billion via the 364-day debt papers as demand for the tenor totaled P20.88 billion. The average rate of the one-year debt dropped by 3 bps to 6.007% from the 6.037% quoted last week. Accepted yields were from 6% to 6.013%.

At the secondary market before the auction, the 91-, 182-, and 364-day T-bills were quoted at 5.7991%, 5.9006%, and 6.0242%, respectively, based on PHP Bloomberg Valuation Service Reference Rates data provided by the Treasury.

The BTr made a full award of its offer as the average T-bill yields were “all lower than previous auction and secondary market benchmark rates,” it said in a statement on Monday.

T-bill rates eased as market expectations of a Fed rate cut were boosted by better inflation data recently, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Data last week showed US consumer prices for April rose less than expected, leading to markets pricing in 50 bps of easing, or at least two rate cuts this year, but various Fed officials have sounded words of caution about when rates may fall, Reuters reported.

That has prompted traders to trim the amount of easing expected this year to about 46 bps, with only a rate cut in November fully priced in.

The spotlight will now be on the upcoming personal consumption expenditures price index report — the Fed’s preferred gauge of inflation — due on May 31.

Markets will also focus on minutes of the Fed’s last meeting due on Wednesday. Flash purchasing manager indices for euro zone, Germany, the UK and the US are also due this week, along with a roster full of Fed speakers.

While the Fed will have been heartened by the April CPI (consumer price index) report, the US central bank will require a little more convincing that inflation is headed back to its target of 2% sustainably before it will consider easing policy, ANZ analysts said.

The Fed this month kept its target rate at the 5.25%-5.5% range for a sixth straight meeting after hiking benchmark rates by 525 bps from March 2022 to July 2023.

“The awarded T-bill rates were lower after BSP Governor Eli M. Remolona, Jr. hinted at a potentially earlier BSP policy rate cut in August,” a trader said in an e-mail.

The Monetary Board on Thursday kept benchmark rates steady for a fifth straight meeting but signaled a “less hawkish” tone amid slowing inflation.

The BSP left its target reverse repurchase rate unchanged at a 17-year high of 6.5%, as expected by 17 out of 19 analysts in a BusinessWorld poll. Interest rates on the overnight deposit and lending facilities were likewise kept at 6% and 7%, respectively.

Mr. Remolona said after the meeting that they are now “somewhat less hawkish than before” and could begin easing their policy stance by the third or fourth quarter of this year, adding they expect one or two 25-bp rate cuts within the second semester.

He said BSP may start easing ahead of the Fed, which he expects to begin cutting rates by September.

The Monetary Board’s only meeting for the third quarter is scheduled for Aug. 15. Meanwhile, in the fourth quarter, it will hold reviews on Oct. 17 and Dec. 19.

The BSP raised borrowing costs by a cumulative 450 bps from May 2022 to October 2023.

On Tuesday, the BTr will offer P30 billion in fresh 20-year Treasury bonds (T-bonds).

The Treasury wants to raise P210 billion from the domestic market this month, or P60 billion from T-bills and P150 billion via T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.48 trillion or 5.6% of gross domestic product for this year. — A.M.C. Sy with Reuters

Real property valuation reform bill seen to enhance transparency

JC GELLIDON-UNSPLASH

AFTER the Tax Reform for Acceleration and Inclusion (TRAIN) Law and Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act comes Real Property Valuation and Assessment Reform Act (RPVARA) which forms “Package 3” of the Department of Finance’s (DoF) “Comprehensive Tax Reform Program,” (CTRP). The measure has been approved by both chambers of Congress and is awaiting President Marcos’ signature.

RPVARA is envisioned to promote the development of “a just, equitable, and efficient real property valuation system.” According to the Finance department, this reform measure will help improve tax collections without increasing tax rates while broadening the tax base used for property and related taxes. Among the measure’s key provisions is the development of a comprehensive and up-to-date electronic database of all real property transactions, the law will address the current opacity of the real estate market.

The DoF’s Bureau of Local Government Finance (BLGF) stated the following issues the RPVARA intends to address:

• Multiple, overlapping valuations resulting in wide disparities in values from various valuing agencies.

• Outdated valuations used for governmental purposes, especially for national (BIR’s Zonal Value and local taxation (Schedule of Market Value)

• Outdated valuations result in costs, foregone revenues: relatively disproportionately higher valuation when government pays compared to when it collects taxes.

• No single agency responsible for ensuring that property valuations are compliant with international valuation standards.

• Absence of a comprehensive real property electronic database to support regular property valuations

• Impacts of the possible increase and expected regular updating of the “single valuation base”

• Developers – Higher acquisition costs and annual taxes on land banking activities

• Property Owners – Higher real property taxes if the local government decides not to manage the assessment levels

• Investors – Investors will be affected from acquisition, operations to disposal with the higher transaction costs and updated real property taxes

During consultations in 2021, BLGF found out that nearly 40% of schedule of zonal values (BIR) and 60% of schedule of market values (LGU) are outdated with 46/120 revenue district offices (RDO) and 137/227 Local Government Units (LGUs) not revising their values in the last three years.

Due to the wide gap between the actual transaction price the zonal value of the BIR and the assessed value of the LGU, the practice of declaring a lower transaction price, closer to zonal value, has not been an uncommon practice in the Philippines.

PRIORITY BILL
A priority legislation of President Ferdinand R. Marcos, Jr., senators unanimously approved Senate Bill No. 2386 or the RPVARA, sponsored by Senator Gatchalian.

Once signed into law, this would address the government’s outdated valuations and would unify the varied valuation systems and methodologies of different agencies conducting or requiring valuations such as Bureau of Internal Revenue (BIR), LGU through its Assessor’s Office, Department of Environment and Natural Resources (DENR) and government financial institutions.

This measure will try to address several issues, but here are the top provisions that will have the most impact:

• Unify Government Valuation – all government values for taxation will be through the LGU’s schedule of market values (SMV). The BIR’s zonal value will be retired once, the new SMV is fully implemented within two years.

• The SMV will then be updated every 3 years. With the regular updating of values, transaction costs will be higher. For real property taxes, the LGU has the prerogative to lower the tax rate and assessment level to minimize impact to their constituents.

• Transparency of Transactions – the registry of deeds is tasked to share all registered transactions. Furthermore, BIR, notaries public, officials issuing building permits, and the geodetic engineers conducting surveys within a locality should also share relevant real property transactions data regularly. The measure includes creation of Real Property Information System which will maintain an up-to-date electronic database of the sale, exchange, lease, mortgage, donation, transfer, and all other real property transactions and declaration in the country.

The new and updated values will take effect within two years after the law’s enactment and will be updated every 3 years.

While there may be early jitters with the proposed law, in the long run, RPVARA will have a positive impact on the real estate industry. Once enacted into law, this will ensure consistency in government valuation across the country, increase transparency in how property values are determined with the implementation of the national transaction registry, and promote efficiency with the streamlining of the valuation process as well as equity by ensuring fair property taxation.

The law will also elevate overall market confidence that is essential for a healthy real estate market which encourages investment and economic growth.

RPVARA AND A REBOUNDING PROPERTY MARKET
As Colliers Philippines previously highlighted, the property market is starting to rebound. Property values will most likely follow the trajectory of the sustained and projected growth of the Philippine economy.  Once enacted, the measure would ensure that the government’s new unified schedule of market values will be updated to be more reflective of the market.

While less residential projects were launched in Metro Manila for the entire 2023 and Q1 2024, we emphasize that developers have tweaked their expansion strategies and are now looking at major urban areas outside the confines of Metro Manila, Cebu, and Davao. Over the past two years, significant residential launches and completion in thriving business hubs such as Iloilo, Bacolod, Cagayan de Oro, Pampanga, Bulacan, and Tarlac, were also tracked.

While the enactment of the bill will likely raise the acquisition and disposal costs and real property taxes of all property players across the spectrum, from developers to investors and end-users, the implementation of the measure is expected to infuse much needed transparency to the current opacity of the Philippine real estate market and provide developers with a solid benchmark as they initiate their land banking efforts post-pandemic.

As the real estate market awaits with cautious optimism the president’s signature to finally enact the bill, the game-changing details will be in the law’s yet-to-be-proposed implementing rules and regulations (IRR) which all property players need to prudently scrutinize.

 

Paul Vincent Ramirez is senior director and head of Valuation Services at Colliers Philippines.

PHL deficit across 7 administrations

Last week, the Development Budget Coordination Committee (DBCC) launched a legacy book, 50 Years in Harmony: A Historical Review of the Development Budget Coordination Committee commemorating the 50th anniversary of DBCC, which spanned from 1970 to 2020. It was held at the Department of Budget and Management (DBM) offices.

I downloaded the online copy — 321 pages — and among the contributors are DBM Undersecretary and Chief Economist Joselito R. Basilio, former DBM Ministers Jaime Laya and Alberto Romulo, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan, former Finance Secretary Benjamin Diokno, Supreme Court Chief Justice Alexander Gesmundo, Bangko Sentral Governor Eli Remolona, and DBM Secretary Amenah Pangandaman.

Among the chapters that caught my attention was that by Mr. Diokno, “The Lifeblood of the Nation: Tax Structure, Policy and Performance in the Past 50 Years.” I like it because he summarized the fiscal performance by administration, from the old Marcos to Mr. Duterte. I include data from his two tables with this column, plus I added data from the year 2023 under President Ferdinand “Bongbong” Marcos, Jr.

Among the interesting pieces of data gleaned from these tables are the following.

One, the Ramos administration had the highest revenues/GDP ratio at 16.4%, followed by Duterte at 15.7%.

Two, when it comes to disbursements and spending, the Duterte administration had the highest at 21% of GDP followed by Estrada at 17.6%. The current Marcos Jr. administration’s is actually the highest at 22% but this covers only one year and may decline in succeeding years.

Three, when it comes to the budget deficit, again Mr. Duterte had the deepest at -5.4% followed by Estrada at -3.5%. The current BBM administration actually had a deeper deficit in 2023 at -6.2%.

I also computed the average GDP growth by administration. The Benigno Aquino, Jr. administration had the fastest growth at 6.2%. One may infer that the optimal ratio would be revenues/GDP at 14-14.5%, disbursements at 15-16% of GDP, and a budget deficit at -1.5% of GDP, as conducive to faster economic growth (see Table 1).

 

Controlling spending, the deficit, and borrowings while inducing more economic growth and higher revenues are the important hallmarks of fiscal discipline and responsibility. Low borrowings lead to low interest rates and low interest payment, freeing up more public resources to fund more soft and hard infrastructure. The household and corporate sectors also benefit from low interest rates that will encourage more savings and investments.

DBM Secretary Pangandaman mentioned in her chapter in the book that “In his 2022 SONA, PBBM [President Ferdinand “Bongbong” Marcos, Jr.] cited the National Government Rightsizing Program (NGRP) as a priority legislation… to streamline the operations of different agencies of the Executive branch, rightsize their organizational structure and workforce complement, improve interoperability in government agencies, and eliminate functions, programs, and projects that are already redundant, overlapping, or no longer necessary.”

I like this. It is consistent with the pursuit of fiscal discipline and responsibility.

Meanwhile, the current DBCC is focused on attaining GDP growth targets of 6-7% in 2024, 6.5 to 7.5% in 2025, then 6.5 to 8% in 2026-2028. The deficit level remains deep at -6.2% last year, with targets of -5.6% this year, -5.2% next year, -4.7%, -4.1%, and -3.7% in 2026, 2027, and 2028 respectively.

The biggest threat to controlling the deficit and borrowings is the continuing noise about war preparations vs China over rocks that are 700-800 kms away from the shores of Metro Manila. I think we should put more trust in the Department of Foreign Affairs in resolving maritime use over disputed territories with China, Vietnam, other Asian claimants. Spending P2 trillion for the Armed Forces’ procurement alone (of submarines, battleships, and missiles) when we do not even have the funds to build more flyovers in many traffic-choke cities and municipalities in the country, is a very wasteful, and is irrational use of borrowed money.

GOLD RESERVES
Meanwhile, as the US Dollar as reserve currency is being weaponized against countries and economies that do not obey the political and military agenda of the US, more countries are slowly building up their gold reserves instead. Member countries of BRICS (Brazil, Russia, India, China, South Africa) and some aspiring members like those from the Middle East and Africa are showing slow but consistent building of their gold reserves.

The G7 member-countries except Canada have high but static levels of gold reserves: the US has 8,130 tons; Germany 3,350 tons; Italy 2,450 tons; France 2,440 tons; the UK 310 tons; Japan 765 in 2019, to 846 in 2021-2024; and Canada, none.

Thailand and Singapore are also taking this path while the Philippines reduced then recently started building up its gold reserves (see Table 2).

Last Friday saw gold prices reaching a new all-time high of $2,400+ per ounce. This is an indicator that demand is rising faster than supply, and the trend will continue so long as the US Dollar continues to be a weaponized currency to prop up its political agenda instead of promoting more trade and commerce in the world.

 

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.

minimalgovernment@gmail.com

Insurers book higher premium income

BW FILE PHOTO

THE INSURANCE INDUSTRY saw its premium income rise by 10.86% in the first quarter, driven mainly by the life sector, data from the regulator showed.

The industry booked combined premiums of P108.529 billion in the January-to-March period, higher than P97.901 billion in the same period last year, according to data posted on the Insurance Commission’s (IC) website on Monday.

The reports were based on submissions made by 129 out of 132 licensed life and nonlife insurers and mutual benefit associations (MBAs).

As a result, the insurance sector’s combined net income surged by 44.98% to P14.29 billion in the first quarter from P9.86 billion a year prior.

The industry’s assets grew by 7.09% to P2.38 trillion from P2.22 trillion, with total invested assets rising by 10.87% to P2.12 trillion.

Meanwhile, its total net worth declined by 2.95% year on year to P457.85 billion from P471.77 billion.

Their combined paid-up capital and guaranty fund grew by 5.77% to P86.18 billion last quarter from the revised P81.38 billion in the same period in 2023.

Total liabilities rose by 9.8% to P1.92 trillion from P1.75 trillion.

Benefits paid out by the industry increased by 12.06% year on year to P39.25 billion in the first quarter from P35.03 billion.

The IC said insurance density, or the amount of premium per capita or average spending of each individual on insurance, rose by 10.66% to P965.56 in the first quarter from P872.56.

Meanwhile, insurance penetration, or premium volume as a share of gross domestic product or the sector’s contribution to the economy, inched up to 1.78% from 1.75%.

LIFE INSURERS
Broken down, the life insurance sector’s total premium income rose by 12.04% year on year to P87.66 billion in the first quarter from P78.24 billion, data based on submissions from 33 out of 34 licensed companies showed.

The growth was driven mainly by variable life premiums, which grew by 6.8% to P55.06 billion. Traditional life premiums also rose by 22.17% to P32.6 billion.

New business annual premium equivalent went up by 7.99% to P16.71 billion.

The life insurance sector’s consolidated net income surged by 48.52% to P9.65 billion in the first quarter from P6.495 billion a year prior.

Total assets went up by 8.91% to P1.86 trillion as of March, while liabilities rose by 12.07% to P1.6 trillion.

Invested assets increased by 10.15% to P1.8 trillion from P1.64 trillion.

Meanwhile, the sector’s total net worth went down by 7.01% to P263.67 billion from P283.55 billion.

Total paid-up capital, which includes licensed servicing companies, grew by 11.16% to P34.905 billion.

Benefit payouts rose by 20.18% year on year to P31.21 billion last quarter.

NONLIFE INSURERS, MBA
On the other hand, total net premiums written by nonlife insurance companies rose by 6.98% to P16.99 billion in the first quarter from P15.88 billion in the same period last year, based on data submitted by 55 out of 57 licensed firms.

The motor sector was the biggest contributor in terms of line of business with P7.17 billion in net premiums written in the period, rising by 10.87% year on year. Fire followed with P3.12 billion, up by 9.13% from a year prior.

Meanwhile, total premiums earned dropped by 1.34% to P15.78 billion from P15.99 billion, while gross premiums written climbed by 7.76% to P28.2 billion.

The nonlife insurance sector’s combined net profit declined by 4.08% year on year to P6.23 billion from P6.55 billion.

Its total assets dropped by 2.48% to P363.89 billion at end-March and total liabilities decreased by 3.57% to P232.31 billion.

Nonlife insurers’ overall net worth slipped by 0.5% to P131.58 billion.

Meanwhile, the sector’s total paid-up capital grew 2.42% year on year to P50.03 billion from P48.85 billion.

Total invested assets increased by 18.49% to P178.46 billion, while losses incurred by the sector declined by 4.83% to P6.23 billion.

Lastly, MBAs recorded total contributions or premiums worth P3.88 billion at end-March, up by 2.62% year on year, based on submissions from all 41 licensed companies, IC data showed.

The sector’s total assets grew by 10.53% to P152.58 billion, with invested assets rising by 11.12% to P139.27 billion.

Total fund balance climbed by 11.82% to P62.596 billion. MBAs’ combined guaranty fund likewise inched up by 0.83% to P1.24 billion.

The sector recorded an aggregate net surplus of P2.12 billion, surging by 189.8% from the year-ago level.

Meanwhile, the sector’s benefit payments and expenses declined by 27.99% to P1.81 billion.

HEALTH MAINTENANCE ORGANIZATIONS
Meanwhile, the health maintenance organization (HMO) industry turned a profit in the first quarter on the back of higher revenues, even amid a rise in benefit payouts, separate IC data released on Monday showed.

“Despite the big increase in the payout of healthcare benefits, which is considered as expenses in the accounting records of HMOs, HMOs returned to profitability in the first quarter due to higher revenues,” the IC said in a statement on Monday.

The sector booked a net income of P6.8 million in the January-to-March period versus the P319-million net loss incurred in the same period last year, based on data from the interim financial statements submitted by all 24 licensed HMOs to the IC. This was also better than the P2.12-billion net loss recorded by the sector in 2023.

Total revenues grew by 20.09% year on year to P18.68 billion in the first quarter from P15.55 billion.

The IC said this was driven by a 17.44% increase in membership fee collections to P17.77 billion.

Meanwhile, healthcare benefits and claims paid out by HMOs rose by 17.3% to P15.05 billion at end-March from P12.83 billion a year prior.

The HMO industry saw its total assets rise by 10.07% to P71.31 billion at end-March from P64.79 billion a year prior, with total invested assets increasing by 4.47% to P18.49 billion.

Total liabilities likewise grew by 16.11% year on year to P61.49 billion.

Meanwhile, the sector’s total equity decreased by 16.96% to P9.82 billion as of March.

Its total capital stock grew by 43.9% year on year to P8.14 billion from P5.66 billion. — A.M.C. Sy

Phinma Properties to launch luxury development reflecting traditional Filipino heritage

PHINMA PROPERTIES said it will launch on June 1 its Likha Residences Davao, a luxury townhouse project that will showcase traditional Filipino heritage.

The townhouse project is being developed on a 1.7-hectare property along Hizon Road in Doña Asuncion, Barangay Pampanga, and it will be the first of its kind to feature elevators in some of its units, said Alicia de la Peña-Villanueva, sales and marketing head of Likha Residences Davao, during P.E.P Talks at SM Lanang Premier last week.

She said the project will comprise 94 townhomes with modern architecture showcasing traditional Filipino heritage, designed by the Mañosa and Co. architectural firm, which was founded by the late Francisco “Bobby” Mañosa, a Philippine National Artist for Architecture and Allied Arts.

The townhouses will be made from indigenous materials with traditional Filipino motifs.

“The reason why we decided to partner with them for the design is because we as a company value our Filipino identity. We want to create a development that essentially will be the next modern heritage house in Davao. We want to be able to champion Filipino architecture, and climate-conscious features and we wanted to craft something very meticulous and something that will last for generations to come here in Davao,” Ms. Villanueva said.

Likha Residences Davao is an exclusive, low-density community with each townhome standing three floors high. The ground floor has a foyer, one bedroom with a toilet and bath, a private garden, staff quarters, an outdoor utility and drying yard, and a carport with a two-car capacity.

The second floor includes the living room, dining room, kitchen, powder room, and balcony. The master bedroom with a toilet and bath and the second bedroom with a toilet and bath are located on the third floor.

“You have the option of getting an elevator for your townhouse especially if you have a relative who needs an elevator,” Ms. Villanueva said.

According to Ms. Villanueva, the project is masterplanned to ensure that occupants can get maximum airflow and sunlight in the house without getting too much heat.

“All of the units will have the same architectural design but in terms of the layout, it depends on the module that you will choose,” Ms. Villanueva said.

The amenities include a clubhouse, a multifunction hall, pool, and a property management office.

Ms. Villanueva said the company is targeting businessmen and families who want just the right size for their homes as their market.

“Lanang area is an upcoming premier address and we are targeting families who want the right size of their home, essentially you don’t want to maintain such a big house anymore. Also businessmen, and families who want to have an investment for their kids,” she said.

Phinma is eyeing to turn over approximately 55 units in 2027.

The whole project is expected to be completed in 2030.

The Launch will be highlighted with a series of events that showcase the intersection of art lifestyle and modern living by collaborating with Emilia’s jewelry for the event “Art You Can Wear.”

“Likha means to create and that is why we want these art series. It is essentially a different way of creating a lot of different things that represent you, represent the Filipino culture,” Ms. Villanueva said. — Maya M. Padillo

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