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First Gen scales down investment in Prime Infra hydro portfolio to P61.9B

The Upper Wawa Dam in Rizal — PRIMEINFRA.COM

FIRST GEN CORP. has scaled down its planned investment in the pumped storage hydropower portfolio of Razon-led Prime Infrastructure Capital, Inc. (Prime Infra) to P61.88 billion from the P75 billion previously announced.

Under the revised definitive agreements executed on March 6, the Lopez-led power company will now acquire a 33% equity interest in the portfolio, a reduction from the 40% stake originally disclosed in February.

This adjustment in the final investment terms followed what the company described as “following discussions and negotiations” between the participating entities.

The deal targets two massive developments certified as an “energy project of national significance”: the 1,400-megawatt Pakil Pumped Storage Hydroelectric Power Project in Laguna and the 600-megawatt Wawa Pumped Storage Hydroelectric Power Project in Rizal.

First Gen President and Chief Operating Officer Francis Giles B. Puno previously said that the 2,000-megawatt portfolio will “complement its existing assets,” which currently include the 132-megawatt Pantabangan-Masiway and 165-megawatt Casecnan hydroelectric plants.

This alliance deepens the strategic ties between the two entities, following an earlier P50-billion transaction where Prime Infra acquired a 60% stake in First Gen’s gas assets.

The total consideration of P61,875,000,000 is structured to support the long-term development of the projects, which are targeted for operations by 2030.

The payment schedule includes an initial P16.5 billion, a portion of which will be held in escrow pending corporate restructuring.

Two additional tranches backed by Standby Letters of Credit totaling P24.75 billion are due in April 2027 and April 2029.

A contingent balance of P20,625,000,000 is scheduled to be paid in portions “as and when the PHEI (Prime Hydropower Energy, Inc.) board of directors will deem it necessary for use by the projects.”

Upon completion of the transaction and a necessary corporate restructuring of Prime Hydropower Energy, Inc., First Gen will indirectly own 33% of the Pakil project and 28.71% of the Wawa project.

The companies expect to close the deal within the year, pending approval from the Philippine Competition Commission.

Until the restructuring is finalized, Prime Infrastructure will issue irrevocable proxies to First Gen subsidiary FGEN Aqua Power Holdings, Inc. for its 33% share in the relevant entities. This partnership allows First Gen to expand its 3,700-megawatt diverse energy portfolio into critical pumped storage technology. — Sheldeen Joy Talavera

Art in the Park marks 20 years

SCENES from Art in the Park 2025 — FACEBOOK.COM/ARTINTHEPARKPH

THERE will once again be a chance to see art on a nice summer day out this month at the Jaime Velasquez Park in Salcedo Village, Makati City.

For its milestone 20th edition, Art in the Park will present 55 exhibitors representing galleries, art collectives, independent art spaces, and student groups, all showcasing the diversity of Filipino art. It will run from 10 a.m. to 10 p.m. on March 15, Sunday.

In addition to entrance to the fair being free, prices for artworks are capped at P70,000, with many art lovers able to score coveted pieces for even less. “It has always been about accessibility and appreciating art in an unintimidating setting, and through the years we’ve stayed true to that,” said Art in the Park co-founder Trickie Lopa, at a Feb. 27 media roundtable in Pablo Bistro, Makati City.

This year, the outdoor fair will continue to give its share of the proceeds to the Museum Foundation of the Philippines, to support projects and initiatives that preserve and promote the nation’s cultural and historical heritage.

“I’m happy we’re still here after 20 years,” Art in the Park co-founder Lisa Periquet told BusinessWorld. “That’s the best thing about it — our longevity and how we adapted. The park has changed so many times, and we’re still here. There’s so much history now.”

FEATURED ARTISTS
Every year the fair highlights a number of artists whose works are shown in special exhibits around the park.

This year’s featured artist is Ayka Go, a Filipino contemporary visual artist known for her delicate work with paper.

Ms. Go, who is celebrated for her collages and ethereal paintings reinterpreted from three-dimensional forms, will be presenting “a world of memory and materiality.”

“I chose to do something a bit playful because it’s Art in the Park,” she said. “There are so many artists now with such diverse practices. It’s great to be a part of something that is flourishing.”

She explained that her recent works reflect how she is “finding her footing in the process of artmaking” following a personal health crisis. Visitors will be able to appreciate her intricate view of paper and the craftsmanship that goes into representing it through painting and collage.

“The thing with artmaking is that when you keep doing it, it becomes a form of therapy,” she added.

For Ms. Lopa, choosing different artists each year to focus on is a great way to see how Filipino art is evolving.

“Looking back, the artists that have shown with us since 2006 have become big names,” she said. “Art in the Park really allows us to discover an artist and appreciate their artistry.”

ANNIVERSARY MILESTONE
In honor of its 20th anniversary, the fair will offer visitors a rare opportunity to acquire works by several artists who have headlined the event in previous years.

The lineup of special exhibit artists joining Ayka Go are: Bjorn Calleja, Carlo Tanseco, Demi Padua, Jomike Tejido, Marina Cruz, Anna Bautista, AR Manalo, Charlie Co, Manny Garibay, Pepe Delfin, TRNZ, Clarence Chun, Lynyrd Paras;

Yvonne Quisumbing, Zean Cabangis, Maxine Syjuco, Richard Quebral, Robert Alejandro, Rodel Tapaya, Willie De Vera, Beth Parrocha, Eugene Jarque, Lydia Velasco, Yeo Kaa, Dex Fernandez, Pete Jimenez, Jacob Lindo, Mac Valdezco;

Distort Monsters, Leeroy New, Nasser Lubay, Isaiah Cacnio, Antipas Delotavo, Jr., Henrielle Baltazar Pagkaliwangan, Joy Mallari, Mark Justiniani, Tessy Pettyjohn, Jon Pettyjohn, Joey de Castro, Kabunyan de Guia, Agnes Arellano, Daniel dela Cruz, Bea Camacho, and Ambie Abaño.

Their works will also be available in a commemorative portfolio box, which features a collection of special edition prints. In a nod to the special occasion, works showcased under the special exhibit are exempt from the event price cap.

Meanwhile, the gallery exhibitors are: Ang INK, Archivo 1984, Art Agenda, Art for Space, ART LAB: Atelier Cesare & Jean Marie Syjuco, Art Toys PH, Art Underground, Art Verité Gallery, ArtBeat Collective, Avellana Art Gallery, Boston Art Gallery, Cartellino, Cornerstone Pottery (EJ Espiritu), The Crucible Gallery, De La Salle-College of Saint Benilde, FA Collective, Fuse Projects, Galerie Anna, Galerie Artes, Galerie Stephanie, ILCP Art Space, iStorya Studios, J Studio, Jon and Tessy Pettyjohn, KASIBULAN, Komiket, Kulay Art Group, Kunstwerk Painting Works, L’arc en Ciel;

M A G, NEST Gallery, Nineveh Artspace, Obras Ongpin, Orange Project, the Pintô Art Museum and Arboretum, Qube Gallery, Resurrection Furniture, Sheerjoy Collective, Sierra Madre Gallery (Joey De Castro), Silahis Arts and Artifacts (formerly Galeria de las Islas), Space Encounters Gallery, Super Duper Gallery, The Authenticity Zero Collective, The METRO Gallery, The Mighty Bhutens, The Photography Collective, The Thursday Group, Tin-Aw Art Projects, UP Artists’ Circle, Urban Sketchers Manila, VeryGood Gallery, Village Art Gallery, Vinyl on Vinyl, and White Walls Gallery.

A diverse lineup of food and beverage concessionaires will offer visitors everything from artisan coffee and craft cocktails to choice local and other eats. Musical sets and live performances are also scheduled throughout the day.

BPI Credit Cardholders can purchase artworks through Flexiplay with flexible installment terms of up to six months at 0% interest.

Admission to the art fair is free. For more information, visit www.artinthepark.ph or @artintheparkph on Facebook and Instagram. — Brontë H. Lacsamana

Meralco taps South Korean expertise for early-stage nuclear project dev’t

(L-R) KEXIM Chairman and Chief Executive Officer (CEO) Kiyeon Hwang, Meralco Chairman and CEO Manuel V. Pangilinan, and KHNP CEO Dae Wook Chun. — MERALCO

MANILA ELECTRIC CO. (Meralco) has signed a memorandum of understanding (MoU) with Korea Hydro & Nuclear Power (KHNP) and the Export-Import Bank of Korea (KEXIM) to collaborate on the development of nuclear energy projects in the Philippines.

The partnership aims to leverage South Korean expertise to evaluate the feasibility of nuclear power through a multi-faceted approach.

Under the agreement, the three organizations will conduct joint discussions on reactor design and engineering, exchange technical and regulatory information, and work to “strengthen the Philippines’ nuclear legal and institutional frameworks.”

The scope of the MoU also covers early-stage project development, including “public acceptance initiatives, project planning, and site selection studies.”

The companies will focus on business and financial modeling, with KEXIM specifically exploring “potential financing structures and credit facilities” for Meralco’s prospective projects.

Meralco Chairman and Chief Executive Officer Manuel V. Pangilinan highlighted the strategic importance of the collaboration, saying “Partnering with KHNP and KEXIM gives us access to proven global expertise and enables us to study technology, business models, and financing options with greater depth. This MoU marks an early but consequential step in this important process.”

He also said that nuclear energy is a critical component of the company’s long-term strategy to ensure energy security.

“Nuclear energy is a way to diversify our portfolio and reinforce energy security, while offering a degree of insulation from fuel market fluctuations,” he said.

He added that Meralco’s initiative is “complementary to the Philippine government’s efforts to lay the groundwork for its nuclear power program” as the utility provider assesses how the technology can best contribute to its future operations.

KHNP, a subsidiary of Korea Electric Power Corp., is currently the largest power generation company in South Korea, while KEXIM serves as the nation’s state-owned official export credit agency.

Meralco is the country’s biggest private electric distribution utility, serving 39 cities and 72 municipalities. It also has interests in power generation through wholly owned units and equity stakes.

Its controlling shareholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

T-bill auction partially filled as yields advance

BW FILE PHOTO

By Aaron Michael C. Sy, Reporter

THE PHILIPPINE government raised just P19.2 billion from its Treasury bill (T-bill) auction on Monday, with yields climbing as investors remained cautious amid escalating Middle East tensions and rising crude oil prices.

The Bureau of the Treasury (BTr) offered P27 billion across 91-, 182- and 364-day bills but received total bids of P31.5 billion, far below last week’s P76.5 billion in tenders for the same volume.

The shortfall reflects market caution as geopolitical risks push investors toward safer assets.

The 91-day bill collected P8.15 billion, below the P9-billion target, at an average yield of 4.677%, up 36.6 basis points (bps) from last week’s auction.

The 182-day T-bill raised P6.3 billion at 4.795%, climbing 37.8 bps, while the 364-day paper raised P4.75 billion at 4.849%, up 28.5 bps. Accepted yields ranged from 4.55% to 5% across tenors.

At the secondary market before Monday’s auction, 91-, 182- and 364-day bills were quoted at 4.537%, 4.5881% and 4.6658%, according to PHP Bloomberg Valuation Service Reference Rates provided by the Treasury.

“Yields continue to rise, dissuading the market from buying,” a trader said, citing both geopolitical uncertainty and thin market liquidity.

Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said caution also reflected signals from Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr., who last week indicated the central bank could tighten policy if oil prices exceed $100 per barrel and push inflation above the 2-4% target.

The BSP cut its benchmark interest rate by 25 basis points to 4.25% in February, extending an easing cycle that began in August 2024.

Cumulative reductions have reached 225 bps. The last rate increase was in October 2023, when the policy rate was raised to 6.5%, a 17-year high.

The partial T-bill award precedes a reissued 10-year Treasury bond sale on Tuesday, with the BTr targeting P20 billion to P30 billion.

The government aims to raise P248 billion from the domestic market in March — P108 billion in bills and P140 billion in bonds — to fund this year’s P1.647-trillion deficit, equivalent to 5.3% of gross domestic product.

Market participants said demand remained weak as investors monitor both global crude oil prices and potential central bank action.

Soaring energy costs have increased expectations of inflationary pressure, prompting caution in short-term government debt purchases.

The partial auction highlights the balancing act for Philippine authorities, who continue to fund government operations while managing investor appetite amid heightened global uncertainty.

Yields across all tenors rose sharply, reflecting risk aversion and market concerns over higher borrowing costs if oil prices remain elevated.

Performers take a new stage at the Manila Improv Festival

BACK TO DELIVER more entertainment and laughter this year is Asia’s biggest festival for improvisational theater and comedy — the Manila Improv Festival (MIF).

Now that improv comedy is breaking through to the mainstream with the success of SPIT Manila and other groups’ short-form videos online, the festival aims to make improvisation more accessible to a wider, more diverse audience. For its seventh year, it will feature over 70 improv acts from all over the world, performing from March 25 to 29 at The Proscenium Theater in Rockwell, Makati.

Improvisational theater, or improv, is a form of theater where scenes and stories are created spontaneously and, on the spot, inspired by audience suggestions.

“Manila Improv Fest was initiated by SPIT in 2012 and from then on, we’ve been celebrating it every two years,” festival director Irvinne Redor said during the launch on March 4 at The Proscenium Theater.

“We’re very excited to bring it to a very nice venue here at Rockwell,” he said, noting that this will be the first time it will be home to improvisational comedy.

Mr. Redor added that the festival aims to be “a global meeting point for improvisers that also provides a platform to showcase Filipino talent in the performing arts.”

With the theme of “Rise to the Moment,” the audience can expect improv groups from the Philippines and over 20 other countries. SPIT Manila, together with dance group Galaw.Co Dance Theater, and Drum Circle PH, will open the festival at the Proscenium Main Stage, while Filipino improv groups Housekeeping Improv, Noted with Thanks, Isprikitik Improv, and Buwan ng Wika Improv will perform at The Proscenium Black Box Theater and other pocket locations.

Notable international improv groups performing at the MIF 2026 include Oshow (Japan), Landry and Summers (US), Formosa Improv Group (Taiwan), Beijing Improv (China), Improv Lore (India), The Joy Riders (Australia), Imfrog (South Korea), and Les Musicables (Singapore).

“For most improvisers, the art form is so close to their heart — almost like home,” said MIF artistic director Karl Echaluse.

“That’s why we’re so excited to host again this year’s Manila Improv Festival as we get to experience our home as well as bring together our improviser friends from all over the world and share our art here to Filipino audiences,” he explained.

The festival will also feature over 30 improv workshops in several locations in Makati, to be facilitated by local and international improvisers spanning a wide range of improv-related topics.

For Mr. Redor, it was vital that they present the Manila Improv Festival to showcase the vibrant range of improv talent out there, especially since they were unable to hold the event last year.

“Last year, there was a boom in the theater industry and there were so many shows, so we weren’t able to secure a venue,” he shared. “We tried to make sure this would happen in the first quarter of 2026.”

This year’s Manila Improv Festival is produced by Sanghimig Performing Arts and Travel Consultancy in association with SPIT Manila. Show tickets and limited workshop passes are currently on sale at manilaimprovfestival.com/tickets. — Brontë H. Lacsamana

ACEN income plunges 60% as output fails to offset soft spot prices

BW FILE PHOTO

ACEN CORP.’S consolidated net income plunged by 60% in 2025 as lower power prices in the spot market and operational headwinds offset a double-digit increase in renewable energy output.

The Ayala-led energy company reported that its consolidated net income declined to P3.8 billion from P9.36 billion the previous year, while statutory revenues dropped 14% to P32 billion.

“Profitability was weighed down by softer spot prices in the Philippines and Australia, weaker solar irradiation in key geographies, and loss of generation from offline wind assets in Northern Luzon, most of which have since resumed operations,” the company said in a statement on Monday.

Despite the financial contraction, the firm delivered 7,009 gigawatt-hours (GWh) in attributable renewable energy output, a 24% increase driven primarily by new operating assets in Australia and Lao PDR.

International renewable output surged 34% to 5,143 GWh, whereas power production in the Philippines remained relatively flat, increasing by only 2% to 1,866 GWh following repairs to wind turbines in Ilocos Norte.

The company’s bottom line was specifically impacted by a 28% decline in spot prices to P3.6 per kilowatt-hour, which translated to a 7% drop in attributable revenues to P36 billion.

ACEN President and Chief Executive Officer Eric T. Francia said that the macro and sectoral headwinds reflect “the complexities of today’s energy landscape and the long-term energy transition.”

“Despite these headwinds, our core business and long-term outlook remain resilient. As we look ahead, we will continue to prioritize increasing our contracted capacity and accelerating investments in energy storage, while ensuring steady, continued progress on our pipeline projects,” he added.

Group Chief Finance Officer and Chief Strategy Officer Jonathan Back added that the focus for 2026 will remain on “precise execution — operational efficiency, balance sheet strength, and project delivery” to navigate market uncertainties.

In a separate move to bolster its portfolio, ACEN’s board approved additional funding of P1.35 billion for its solar project in Palauig, Zambales.

The project is slated for expansion to increase its capacity to 420 megawatts (MW), contributing to the company’s total attributable renewable energy capacity of 7.1 gigawatts.

At the local bourse on Monday, shares in the company dropped 4.31% to P2.44 apiece. — Sheldeen Joy Talavera

The Trust Economy Flywheel: A governance imperative

FREEPIK/WAYHOMESTUDIO

The boardroom case for International Women’s Day’s theme ‘Give to Gain’

If the name International Women’s Day (IWD) almost made you click away — good. You are exactly who needs to read this.

Not because of optics. And not merely because the World Economic Forum’s “Global Gender Gap Report 2025” puts the timeline to closing the gender gap at 123 years globally — longer still for South Asia — a figure that should unsettle any strategist in the room. But because the framework Josiah Go and I have been developing around the Trust Economy Flywheel reframes this conversation entirely. What presents itself as a gender issue is, at its core, a governance one.

IWD 2026’s global theme, “Give to Gain,” says it plainly. Strip away the ceremony and what remains is a compounding strategic advantage that most organizations are forfeiting right now.

TRUST ECONOMY FLYWHEEL AND COMPETENCIES
The Trust Economy Flywheel is a framework for rebuilding moral leadership and brand integrity, rooted in the Filipino cultural interplay of loob (inner integrity) and labas (outward expression). It begins where most strategies refuse to start: inside.

Loob rests on three disciplines: humility or stewardship — being self-aware that you hold trust on behalf of others, not for yourself; cultural literacy — understanding values like hiya, delicadeza, and utang na loob (shame, propriety, and debt of gratitude) — not as liabilities but as moral compasses; and empathy, not sympathy that observes, but presence that participates and listens without assumption.

Transparency is the bridge — making intentions and reasoning visible as decisions are made, building trust into systems rather than personalities. It connects inner integrity to outer credibility.

Labas is where trust becomes visible: through authenticity (coherence between message and messenger), consistency (reliability in the ordinary, not just in crisis), and accountability (the courage to repair rather than spin). Trust is proven in how we repair when we fall short.

Here is the IWD connection that rarely gets said plainly: women have been practicing this flywheel for generations — in households, communities, and organizations — often without the title or budget to match. Stewardship. Cultural navigation. Empathetic leadership. Showing up when it is not rewarded. These are not soft skills. These are the precise competencies the Trust Economy demands.

McKinsey’s “Diversity Matters Even More” (2023) found companies in the top quartile for board-gender diversity are 27% more likely to outperform financially, and that the business case has more than doubled over the past decade. The IFC found female-led SMEs in Southeast Asia are twice as likely to adopt digital tools when given access to capital and training (IFC, 2023). The flywheel spins faster with the people who already know how to build trust from the inside out.

PINOY CULTURE AS FLYWHEEL’S MORAL ENGINE
The idea of Kapwa, formalized by psychologist Virgilio Enriquez in Sikolohiyang Pilipino (1994), describes the self as inherently shared with others. Your success and mine are the same variable. It gives the Trust Economy Flywheel its moral engine: when you lead from loob with genuine regard for the other, trust is not manufactured. It is recognized.

The haligi ng tahanan (pillar of the home) was historically a woman not because men were absent, but because women were doing the invisible architecture of community trust. Harvard sociologist Robert Putnam confirms this at scale: high social capital communities consistently outperform on economic and social metrics. Scale that to a company, or a country, and the math gets compelling fast.

GOOD INTENTIONS ARE THE FLOOR, NOT CEILING
Here is the uncomfortable truth decades of data have been quietly telling us: we have known about women’s contributions to performance, innovation, and trust-building for a very long time. The business case is not new. And yet the needle moves with frustrating slowness. Why? Because we have been relying too heavily on goodwill.

In a MAP Insights piece I published in January, I argued that inclusion stalls not because leaders do not care, but because systems are not designed to consistently translate commitment into results. Good intentions, such as mentoring, sponsoring, and modeling inclusive behavior, matter. But they are fragile, fading under economic pressure or leadership transition. A culture built on goodwill is only ever one reorganization away from regression.

Power in organizations shows up in allocation: who controls large budgets, who is placed in roles with significant operational exposure, who is trusted with turnaround assignments, and who is given room to recover when things go wrong. Representation at the top is not the same as access to where enterprise-defining decisions are made. That gap, i.e., between visible inclusion and structural power, is where the needle stops.

Good intentions opened the conversation. Governance is what closes the gap.

THE GIVE TO GAIN THESIS, PLAINLY
The UN Women’s Gender Snapshot 2025 projects that investing in women could add $4 trillion to the global economy by 2030 — and $342 trillion cumulatively by 2050. The World Bank is equally stark: closing the gender gap in labor force participation alone could deliver a 20% increase in GDP per capita on average. These are not distant projections. They are the cost of what we are forfeiting right now.

Kapwa, the Filipino understanding that your flourishing and mine are inseparable, is the moral foundation of the Trust Economy. The flywheel only reaches full velocity when those who have been practicing loob-driven leadership all along are given the platform, authority, and resources to lead at scale.

That requires a deliberate choice: give access, give credit, and embed both in governance. When diversity is designed into how decisions are made and not just who sits at the table — the loob deepens, transparency becomes structural, and labas stops being performance and starts being proof. That is when the Trust Economy Flywheel stops being a framework on a slide and becomes the engine of your organization. When the flywheel turns that way, “Give to Gain” stops being a theme and becomes a strategy you can measure.

 

Carolina “Chiqui” Escareal-Go is a member of the Management Association of the Philippines Ease of Doing Business Committee. She is the CEO of Mansmith and Fielders (www.mansmith.net). She is also a marketing anthropologist and consumer behavior strategist. She is a fellow of the Institute of Corporate Directors, and former chair of the Women’s Business Council Philippines. She will open the Mansmith Market Masters Conference on March 17 at SMX Aura Taguig City with the topic: “The Filipino Trust Economy.”

map@map.org.ph

chiqui.mansmith@gmail.com

Manulife Philippines bets on diversified investments to sustain profits

BW FILE PHOTO

MANUFACTURERS Life Insurance Co. (Phils.), Inc. (Manulife Philippines) is leaning on investment diversification to support profitability this year after a decline in premium income last year, as global market volatility intensifies amid the Middle East war.

Premiums fell 9.27% to P14.39 billion in 2025 from 2024, according to Insurance Commission data. Net income also slipped 10.32% to P1.97 billion.

“Before the recent crisis, we were trending quite well,” Manulife Philippines President and Chief Executive Officer Rahul Hora told a forum on Monday, citing a resilient Philippine economy.

He said the insurer is prioritizing profitability after restructuring its portfolio last year, exiting unprofitable products and shifting focus from group life to individual life insurance.

“We are dropping out of those lines of business because of profitability issues and there are other lines of business where we are focusing more on,” Mr. Hora said.

The insurer is also adjusting its investment strategy to mitigate risks from surging global oil prices and potential inflationary pressures that could dampen demand for life insurance.

“If there is an increase in prices, there is a possibility that it will impact [demand for life insurance],” Mr. Hora said. “Our responsibility is to make people understand how to prioritize their financial spending.”

The company plans to launch policies and funds emphasizing long-term savings and diversified investments.

Mr. Hora stressed the importance of avoiding concentration in any single geography or asset class, given the unpredictability of economic conditions.

“We are in an environment where surprises are always around the corner,” he said. Predicting which region or asset class will deliver strong returns is increasingly becoming difficult, he added.

Diversification helps ensure customers are not overly exposed to any single risk, Mr. Hora said. — AMCS

Entertainment News (03/10/26)

Spotify awards Filipino podcasts

PODCASTING in the Philippines is entering a new phase defined by sustained audience growth, fan communities, and creator-owned brands built for the long term. This year, The KoolPals and Dear MOR received Spotify’s Creator Milestone Award, a global recognition program honoring their journey and performance. Evaluated quarterly, the global award recognizes the shows that build consistent, returning audiences over time. Other podcasts recognized by the program include Diary of a CEO with Steven Bartlett and Critical Role.

Sponge Cola, Gigi De Lana collaborate on single

OPM BAND Sponge Cola and artist Gigi De Lana have released their first collaborative single, “Naghihilom.” Alongside the track is an official music video. It is about healing and the quiet, complicated aftermath of heartbreak. The track is anchored by Sponge Cola’s signature alternative rock sensibility, unfolding through textured instrumentation and a slow-burning arrangement, with Gigi De Lana’s restrained yet deeply felt vocal performance. It is out now on all digital music streaming platforms.

IKEA Philippines donates soft toy sales

BABY Panchi or Punch, a macaque living in Japan’s Ichikawa Zoo, captured the world’s hearts after being rejected by his mother at birth and forming an emotional bond with an orangutan soft toy, IKEA’s Djungelskog. To pay homage to this, IKEA Philippines has launched Project Panchi Akap Pabalik, where up to P1 million from soft toy sales this April and May will be donated to support key social and environmental causes. For every soft toy purchased during the campaign period, P50 will go toward IKEA’s initiatives in partnership with the Better World organization.

The Ransom Collective drops first release in 4 years

OPM band The Ransom Collective has returned with a new single, “Tongue Tied,” their first official release after a four-year hiatus. The bossa nova-infused indie pop track aims to be “a gentle reopening of a well-worn photo album: familiar, warm, and unexpectedly alive.” According to the band, the song draws inspiration from the simple but profound feeling of becoming “tongue-tied” in the presence of someone new. It is out now on all digital music streaming platforms.

Radha performs live at Quezon Club

THIS March, the Quezon Club at Solaire Resort North is bringing 1990s Original Pilipino Music icon Radha Cuadrado back into the spotlight. Known as the powerhouse vocalist of the R&B and hip‑hop group Kulay, Radha will be performing nostalgic favorites such as “Burn,” “Vibestation,” and “Chapter What?!”. The shows, set for March 18, 20, 25, and 27, will run from 7:45 to 8:45 p.m. Tables can be reserved at quezonclub.com, or via 8888-8888 and snrestaurantevents@solaireresort.com.

James Reid releases music video about traffic

FILIPINO celebrity James Reid has dropped a new music video for his latest single, “Traffic,” released under Careless Philippines and Sony Music Entertainment. Caught in the gridlock of Metro Manila, the video finds Reid driving around, visibly stressed and tired, yet holding on to the thought that the moment, like traffic itself, will soon pass. The music video was helmed by Jonathan Tal Placido of Philippine-based production house Toothless, with creative direction by Issa Pressman. It marks the singer’s first official 2026 single.

Visa, RCBC offer ticket presale for Laufey concert

VISA and RCBC are bringing two-time Grammy-winning artist Laufey closer to her fans in the Philippines through an exclusive concert ticket presale for RCBC Visa credit cardholders for her upcoming A Matter of Time Tour. RCBC Visa credit cardholders can access selected ticketing platforms until March 10, 10 a.m. Laufey will perform in Manila for two nights on May 26 to 27 as part of her Asia Pacific tour, where Visa serves as the Official Payment Partner.

Shakira, Beéle collaborate on new single

GRAMMY award-winning artist Shakira and rising Colombian star Beéle have released their new track “ALGO TÚ.” Produced by A.C., Flambo, Shakira, and Beéle, the track is out now via Sony Music Latin/5020 Records. Their range of styles blend on the track, delivering a Latin and Afro-fusion song with a nod to autochthonous instruments such as the Colombian gaita (pan flute), evoking the city of Barranquilla where both Shakira and Beéle were born. It is out now on all digital music streaming platforms.

Anko reveals Easter event lineup

AUSTRALIAN home and lifestyle brand Anko is hosting free in-store activities and dropping an affordable Easter collection. Every weekend from 2 to 5 p.m., Anko Club parents can treat their kids to Easter coloring sessions across all Anko stores. Little artists who post their work on social media will receive an exclusive Easter goodie bag. Digital copies of the coloring sheets are also available for free download from Anko’s website. Anko will also have a face painting activity at the Glorietta Activity Center on April 4 and 5.

Lags returns with new single

AFTER taking a year-long hiatus from releasing music, singer-songwriter Lags has marked his return with the new single “Pansamantala.” Currently managed by GLXY Talent Management and signed under Universal Records, he expresses the painful reality of loving someone who ultimately chooses their past over the present in an acoustic ballad. It is out now on all digital music streaming platforms.

A1 announces return to Manila in October

BRITISH-Norwegian pop band A1 is set to perform for their Filipino fans once again, in Cebu on Oct. 16 at the Waterfront Cebu City Hotel & Casino, and in Manila on Oct. 17 at the New Frontier Theater in Quezon City. Following their successful Valentine’s tour in the same cities in February 2025, the group, consisting of Paul Marazzi, Christian Ingebrigtsen, Mark Read, and Ben Adams, will return to deliver the soulful harmonies of “Like a Rose,” “Everytime,” and “Heaven by Your Side.” With more than five visits to the Philippines under their belt, A1 has evolved from international idols into honorary locals. Tickets for both shows officially go on sale on March 13, 12 p.m., via SM Tickets & TicketNet.

Harry Styles releases new album

THE fourth studio album of British pop star Harry Styles, KISS ALL THE TIME. DISCO, OCCASIONALLY. is out now on all digital music streaming platforms. It marks his first music release since 2022’s record breaking album, Harry’s House, which was named Album of the Year at the 2023 Grammy Awards. The new 12-track album was written by Mr. Styles and executive produced by Kid Harpoon via Erskine/Columbia Records.

AC Logistics, GMI open Davao cold storage facility

ACLOGISTICS.COM.PH

AC LOGISTICS Holdings Corp. and Glacier Megafridge, Inc. (GMI) have opened a new cold storage facility in Panabo City, Davao del Norte, as part of a strategic push to expand their logistics footprint in Mindanao.

The facility, which is located within the Anflo Industrial Estate, is managed by GMAC Logitech Refrigeration Corp. (GMAC), a joint venture between the two companies, AC Logistics said in a statement on Monday.

With a capacity of 11,798 pallet positions, the property is considered among the largest and most advanced cold storage facilities in the region.

The venture aims to modernize logistics operations for a wide range of industries, including food processing, agriculture, aquaculture, retail, and manufacturing.

The companies said that the facility is designed to serve “micro, small, medium, and large enterprises” to “broaden cold chain capacity, extend network coverage and enhance service delivery nationwide.”

AC Logistics President and Chief Executive Officer (CEO) Erry Hardianto highlighted the facility’s role in addressing systemic agricultural issues.

“Post harvest loss continues to be a pressing supply chain challenge in the Philippines,” he said.

“Through our cold storage technology and end-to-end logistics solutions, we are helping minimize spoilage and preserve the value of what our farmers and producers work so hard to harvest.”

For his part, GMI CEO Arturo C. Yan noted that the facility would “help position the Philippines as a regional trade hub.”

GMI, which was founded in 2005, utilizes Japanese refrigeration technology across its 12 facilities nationwide, maintaining a total capacity of 75,000 pallet positions. 

The expansion follows AC Logistics’ acquisition of an 84% stake in GMI, which was announced in January.

AC Logistics is a subsidiary of the Ayala group, a conglomerate with interests in banking, telecommunications, real estate, and renewable energy.

On Monday, shares in Ayala Corp. fell by 6.88% or P37, closing at P501 apiece. — Beatriz Marie D. Cruz

Lesson of the Iran war: There is no substitute for fossil fuels

The continued bombing of Iran by the US and Israel has adversely affected oil and gas prices. There is no problem when it comes to the oil and gas supply; the problem is in their delivery and export from the Middle East to Asia, Europe, and the rest of the world.

It is often argued by the climate establishment that the world’s oil, gas, and coal prices should become more expensive via the imposition of carbon, excise, and other related taxes since then people and countries will be forced to use more solar, wind, and other sources of renewable power.

Now that hydrocarbon prices are high, businesses and energy companies are supposed to run towards more investments in and use of more solar and wind power, but this is not happening. Companies instead turn to coal to keep the lights and air conditioning on.

From Feb. 27, or day before the bombing of Iran, to March 6 or after seven days of war, crude oil (WTI, Brent, Dubai, Urals) prices have gone up from 16% to 54%. Natural gas prices have a wider range of increases, with US natural gas increasing by 12% while Europe’s TTF gas increased by 67%.

Meanwhile, solar-wind energy indices declined by 3-4% — they did not increase as expected. Even the nuclear index declined by 11%. It was the price of coal that experienced an increase of 16% (see Table 1).

Which shows an inconvenient truth for the climate establishment — the substitute for fossil fuels/hydrocarbons are also fossil fuels/hydrocarbons. If not hydrocarbons from the Middle East, then hydrocarbons from Russia, Australia, or Indonesia, etc. It is delusional to think that solar/wind can substitute for fossil fuels.

Even if people use fully electric vehicles like those of BYD or Tesla, they still using oil-based products in the car paint, the dashboard, ceiling and interiors, the leather seats, the electrical wiring insulation, the synthetic rubber tires, polymers and carbon fiber, etc., even the road asphalt! These are among the thousands of oil byproducts.

We should expand exploration and development for our domestic oil and gas supply. We should have more offshore oil-gas development instead of irrational and expensive offshore wind.

I checked the movement of crude oil trade in 2024, and it showed the following:

1. The largest exporters of crude oil are Saudi Arabia, Russia, Canada, the US, the United Arab Emirates, and Iraq. Iran has no official record because of the long-standing sanctions against it, but it kept exporting crude via illicit trade.

2. The largest importers of crude oil are China, Europe, the US, India, Japan, and other Asia-Pacific nations (Taiwan, Korea, Australia, etc.).

3. The US is the largest producer of crude oil, but its oil is mostly what is called light/sweet. They still need to import heavy/sour oil for their refinery production.

4. China’s main source of crude imports is Russia, followed by Saudi Arabia, Iraq, the UAE and other nations from the Middle East (see Table 2).

So, it seems that the biggest loser in the continuing war, aside from Iran, is China since 57% of its total crude oil imports in 2024 came from the Middle East, and now the delivery is choked. The US, especially under Trump, has an implicit goal of disallowing China from becoming at par with it in the level of industrialization and political-economic influence on global affairs.

PEPIF 2026
The Philippine Electric Power Industry Forum (PEPIF) 2026 will be held on March 12 at John Hay Convention Center in Baguio City. This is a big annual conference organized by the Independent Electricity Market Operator of the Philippines (IEMOP).

Keynote and plenary speeches will be held in the morning, then a panel discussion is scheduled for the afternoon which is focused on the theme, “The Energy Trilemma in the Philippines: Pathways to Security, Sustainability and Equity.” The panel speakers will be Energy Undersecretary Mylene Capongcol, Energy Director Luningning Baltazar, Energy Regulatory Commission Director Sharon Montaner, Philippines Independent Power Producers Association Chairman Roman Miguel de Jesus, Ateneo Economics Professor Fernando Aldaba, and the National Grid Corp. of the Philippines’ Redi Allan Remoroza.

I will be moderating this panel of articulate speakers, industry players, and regulators. I hope to bring out the best ideas from each of them.

 

Bienvenido S. Oplas, Jr. is the president of Bienvenido S. Oplas, Jr. Research Consultancy Services, and Minimal Government Thinkers. He is an internationa fellow of the Tholos Foundation.

minimalgovernment@gmail.com

PHL bank bonds may underperform

FREEPIK

CREDITSIGHTS kept its “market underperform” recommendation on most Philippine bank dollar bonds, citing weaker growth expectations after last year’s flood control graft scandal and continued asset-quality pressures.

The research firm kept underperform ratings on BDO Unibank, Inc. (BDO) and Bank of the Philippine Islands (BPI) from a relative value standpoint. It also assigned underperformance to Security Bank Corp., Rizal Commercial Banking Corp. (RCBC) and Philippine National Bank (PNB) due to a combination of weaker fundamentals and tight relative-value spreads. Metropolitan Bank & Trust Co. retains a market perform rating, CreditSights said in a report dated March 9.

CreditSights expects BDO, BPI and Metrobank dollar bonds to trade largely flat against the State Bank of India’s dollar issuance, citing India’s stronger economic momentum and healthier asset quality.

The report also notes that Philippine banks’ loan profitability might face less pressure from policy rate cuts this year.

Security Bank’s dollar bonds are expected to trade at a 20-30 basis points discount relative to BDO, reflecting thinner capital and higher credit costs from its rapid retail growth.

RCBC’s dollar bonds are expected to face a similar spread, as aggressive expansion into higher-yielding but riskier retail and small and medium enterprise segments has weighed on profitability.

CreditSights highlighted RCBC as having the weakest earnings performance among its covered banks.

“Management said risk-weighted asset growth will be more targeted and recalibrated going forward to keep the common equity Tier 1 ratio above 13% (at 13.6% as of the fourth quarter of 2025), but we see some execution risk as aggressive lending at RCBC has typically outpaced internal capital accumulation, leading to a decline in capital ratios over time,” it said.

PNB’s dollar bonds are expected to trade flat to Security Bank’s, maintaining underperformance due to tight spreads across the Philippine bank dollar senior debt complex.

While the bank improved profitability and asset quality last year, its retail expansion introduces potential asset quality risks.

CreditSights said it continues to favor the large first-tier Philippine banks from a credit perspective but remains cautious on second-tier lenders.

Risks arise from rapid growth in higher-risk lending, thin reserve coverage (72-86%) and capital buffers that are strained by brisk risk-weighted asset expansion outpacing internal capital accumulation, it added. — AMCS

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