Belgian museum, US mining company at odds over colonial-era Congo archive

March 10, 2026 | 12:03 am

AfricaMuseum_-_2023-02-09_-_03 — THE Royal Museum for Central Africa in Flemish Brabant, Belgium. — JMH2O/ COMMONS.WIKIMEDIA.ORG

DAKAR — A US mining company backed by billionaires Jeff Bezos and Bill Gates is in a tangle with Belgium’s AfricaMuseum over who should digitize antique maps of what is now the Democratic Republic of Congo (DRC) in the museum’s archive.

Mining startup KoBold Metals said it had offered to support the DRC in digitizing the colonial-era archive, stored on museum shelves stretching some 500 meters and containing millions of documents that record how Congo’s mineral wealth was mapped and exploited.

“We scan, we digitize the documents, and make them accessible to the public immediately,” Benjamin Katabuka, director general for KoBold Metals in DRC, told Reuters.

“This country needs more investment in exploration, and we need the data to be available to the public to make that happen.”

The Belgian museum, backed by Belgian authorities, has refused, saying it already has a separate project with the DRC to digitize the data, backed by the European Union.

“We cannot delegate the management of collections to private companies; it would go against all scientific and institutional ethics,” museum director Bart Ouvry told Reuters.

KoBold received permits last year to search for lithium and other minerals in DRC and struck agreements with Kinshasa to digitize data, including records held in Belgium, it said.

Mr. Katabuka said the request for access to the archive was made by the DRC government. “KoBold is coming to support the project, technically and financially,” he said.

KoBold pointed to a 2022 Belgian law that created a framework for returning colonial-era collections to African states. However, archives are excluded.

Mr. Ouvry said the museum is working with Congo’s National Geological Service to digitize and share the geological archives in a project expected to take up to five years. Data would be available in both countries “in accordance with Belgian and European law,” he said.

Congo’s ministry of mines did not respond to requests for comment.

ARCHIVE INCLUDES HANDWRITTEN, FRAGILE DOCUMENTS
Located just outside Brussels in Tervuren, the museum’s extensive archive includes material that is handwritten, fragile, and still not fully inventoried, the head of the museum’s earth sciences department told Reuters.

Belgium’s King Leopold II seized Congo in 1885 for his personal enrichment — the territory was plundered and the population subjected to extreme brutality. The King ran it as his fiefdom until 1908, when it became a Belgian colony.

Mr. Ouvry said the archives are accessible; copies can be provided on request, and private companies must supply a letter of support from the DRC government to view geological maps.

A Belgian government spokesperson for foreign affairs said the geological archives are a public asset. “Belgium cannot, under any circumstances, grant exclusive access to a foreign company or private entity with which it does not have a contractual relationship,” spokesperson Florinda Baleci said.

Global competition for critical minerals is increasing and DRC is rich in deposits of lithium, copper, cobalt, and coltan. The country’s ministry of mines estimates that 90% of potential remains untapped.

KoBold is one of several US companies expanding in Congo as Washington deepens a strategic partnership with Kinshasa to secure supplies and reduce reliance on China for materials needed for batteries, electronics, and defense. — Reuters

ATRAM sustainability fund outperforms PSEi since 2021 launch

March 10, 2026 | 12:03 am

THE ATRAM Sustainable Development and Growth Fund (SDGF) has outperformed the local stock market benchmark since its inception in 2021, recording double-digit returns despite prolonged market volatility and a global downturn in sustainability-themed investments.

Since its mid-2021 launch, the SDGF has posted a 23.1% return, while the Philippine Stock Exchange index (PSEi) saw an 8.6% decline over the same period.

By the end of 2025, a year in which the PSEi dropped 7.3%, the fund delivered a steady 3.0% return, surpassing the benchmark by 10.3%.

“So, it started in 2021, and the portfolio’s performance has been very robust since the start. If I’m not mistaken, we’re up about 23.1% since the launch of the fund, versus an about 9% decline in the PSEi,” Jose Mari Lacson, ATR Asset Management, Inc. (ATRAM) head of macroeconomics and impact investing, told BusinessWorld in a phone interview on Friday last week.

The fund, the Philippines’ first domestic sustainability-themed equity fund, integrates United Nations Sustainable Development Goals (SDGs) into its selection process.

Mr. Lacson noted that this approach allows the fund to maintain performance during market turbulence by evaluating more than just traditional financial figures.

“We do not just measure returns but also sustainability-related data such as Greenhouse Gas (GHG) emissions and waste generation. On returns and these SDG-based metrics, the fund’s portfolio has performed better than the market and our proxy-benchmark,” he said.

The SDGF currently ranks among the top five Philippine unit investment trust funds (UITFs) and is noted as one of the best-performing funds on the GCash platform. A key driver of this performance is the fund’s active engagement with invested companies, where ATRAM provides feedback on sustainability strengths and weaknesses.

“We give them feedback on their scores so that they know that they can make changes in terms of their sustainability strategy if they need to,” he said.

The fund’s top portfolio sectors include banks, property, and consumer food.

Mr. Lacson attributed the heavy weighting in banking to regulatory shifts driven by the Bangko Sentral ng Pilipinas (BSP), which mandates that banks integrate environmental and social risks into their operations.

“So, banks actually are our top sector in the portfolio, and this is because the sustainable finance framework of the BSP has encouraged — not just encouraged — but pushed banks to disclose more and start monitoring their impacts on these SDGs,” Mr. Lacson said.

The property sector has also seen increased representation in the portfolio as companies move toward renewable energy to meet net-zero targets.

“What the property companies have done to help contribute to net zero — they’ve set some targets — is increasing their switch to renewables or renewable energy. And that’s the reason why they’ve actually increased their contribution to our portfolio, because it has started to make an impact,” he added.

As of early 2026, ATRAM Group managed approximately P498 billion in assets. Mr. Lacson said that the fund caters to a growing segment of investors looking to align personal values with financial goals.

“It’s not all about profit,” he said. “Profit plays a huge role, but to be sustainable for the long term, you have to consider the other set of data that’s coming out on sustainability. We believe investors are out there that have such values and they can align their values with how they invest through this fund.” — Alexandria Grace C. Magno

Bastardizing the Constitution

March 10, 2026 | 12:02 am

By Rico V. Domingo

YOU DO NOT NEED a lawyer to grasp the command. Article II, Section 26 of the 1987 Constitution orders the State to guarantee equal access to opportunities for public service and to prohibit political dynasties as defined by law. The framers wrote it as a duty, not a suggestion. Congress received the assignment on day one. Congress refused to finish it.

Thirty-eight years later, the damage sits in plain sight. Dynastic politics did not pause while lawmakers delayed. It expanded, adapted, and hardened into the operating system of elections. A recent report by the Philippine Center for Investigative Journalism (PCIJ) shows that at least 18 “obese dynasties” hold between five and 19 elective posts each in a single election cycle. Separate data shows that roughly eight in 10 district representatives belong to political families. These figures describe consolidation. The same surnames occupy Congress, provincial capitols, and city halls at the same time. The ballot begins to resemble inheritance rather than competition.

Then comes the twist that should alarm anyone who still takes constitutional language seriously. Congress now claims progress through a substitute anti-political dynasty bill approved at the committee level. The headline sells movement. The text sells retreat: the measure does not prohibit dynasties. It regulates them.

And once regulation enters the conversation, lax enforcement follows close behind. A regulatory bill narrows a constitutional ban into technical guardrails. It does not break dynastic control. It manages it. Relatives stay eligible in many configurations. Families can rotate posts across districts, shift to allied local positions, or time their runs to fill gaps. The structure survives because the law treats dynastic power as a fact to be administered rather than a problem to be eliminated.

At this point, a larger question arises. What carries the greater disgrace, decades of inaction or deliberate action designed to weaken the Constitution while pretending to comply with it? For 38 years, Congress ignored a direct constitutional command. Now lawmakers appear ready to replace that silence with a law crafted in ways that preserve the very dynasties the Constitution sought to dismantle. In that choice lies the deeper insult.

The backlash in the House shows lawmakers recognizing the problem themselves. Several legislators withdrew support after reviewing what they described as a weak substitute bill. Their objection rests on a simple constitutional point. Article II, Section 26 does not say “regulate.” It says “prohibit.”

The politics behind the draft deepens the distrust. The substitute version traces back to bills filed by Speaker Bojie Dy and Majority Leader Sandro Marcos. The symbolism is difficult to miss. Dy rose from the Dy political clan of Isabela, a family that has held key provincial positions across decades. Marcos belongs to the country’s most entrenched political dynasty. When dynastic leadership authors the anti-dynasty script, the public has reason to read the fine print with suspicion.

Members of the Makabayan bloc refused to participate in the exercise and withdrew support for the substitute bill. Their position rests on the same constitutional line. An enabling law that merely regulates dynasties mocks a mandate to prohibit them. Nearly four decades of congressional inaction have already violated the Constitution through neglect. Passing a diluted measure would deepen that violation by disguising noncompliance as reform. The substitute bill, they argue, carries the fingerprints of dynasties themselves, drafted in ways that protect entrenched families rather than the electorate.

The Senate debate reveals the same disease in another form. Once lawmakers choose regulation over prohibition, the fight shifts from power to definitions. And definitions breed loopholes. Senators now debate whether extramarital partners or mistresses should count in determining dynastic links. The discussion illustrates the trap. Once legislation revolves around technical classifications of family relationships, the law becomes a maze instead of a clear rule. Each refinement opens another path for evasion.

That is the core weakness of the current proposals circulating in both chambers. The drafts contain multiple gaps. Whether intentional or accidental, those gaps create room for maneuvering. Political families possess the resources, lawyers, and networks needed to navigate technical restrictions. Regulation invites circumvention.

Observers already warn about the next stage of dilution. The measure may weaken further during bicameral negotiations between the House and Senate. Others expect a familiar legislative tactic. The bill could stall indefinitely while dynastic interests protect their ground.

This outcome should surprise no one. The deeper problem lies in the institutional design created in 1987. The framers recognized the threat posed by dynastic politics and inserted a prohibition against it into the Constitution. Yet they delegated the task of defining and enforcing the prohibition to Congress itself. Lawmakers who benefit from dynastic structures, therefore, acquired the authority to regulate them.

Four decades later, the consequences stand in full view. Dynasties shape legislative priorities. They influence local economies. They control candidate selection. In many provinces, elections resemble internal family arrangements rather than democratic contests.

The lesson is straightforward. Regulation does not dismantle dynasties. Regulation accepts their permanence and rearranges technical boundaries around them. Prohibition addresses the constitutional command.

Stronger anti-dynasty proposals exist in Congress. These measures aim to implement the Constitution without dilution and to open political space for leaders outside entrenched family networks. Yet political reality keeps them stalled inside the legislative mill.

Passing a genuine Anti-Political Dynasty Law demands political courage. Corruption flourishes where political power concentrates. Dynastic concentration creates exactly that environment. Breaking the cycle requires dismantling the structure itself. Dislodging dynasties strikes at the root of the problem. Once eradicated, electoral competition expands. Oversight strengthens. Public office returns to the principle envisioned by the Constitution.

A weak law filled with exemptions would achieve the opposite. It would legitimize dynasties under a legal framework while claiming reform. Congress has already violated the Constitution through decades of delay. Passing a paper tiger that pretends to comply would go further. It would signal that even a constitutional command can be negotiated down to a loophole.

The Constitution spoke with clarity in 1987: Prohibit political dynasties. The instruction remains unfulfilled. Each attempt to dilute that mandate does not merely delay reform; it undermines it. It bastardizes the Constitution itself.

Atty. Rico V. Domingo is the founding chair of the Movement Against Disinformation or MAD, a former president of the Philippine Bar Association, and lead convenor of ULAP or the Ugnayan ng mga Lumalaban sa Airport Privatization.

Global bond sell-off deepens as oil price jump stokes stagflation fear

March 10, 2026 | 12:02 am

Euro-dollar-currency — REUTERS/DADO RUVIC/ILLUSTRATION

GLOBAL BOND MARKETS tumbled in Asian trading on Monday as an oil price shock prompted investors to price in higher inflation and a deteriorating economic growth outlook.

Yields on benchmark 10-year US Treasuries rose more than seven basis points — the most since January — with pressure rippling through other sovereign debt markets.

Australia’s policy-sensitive three-year yield climbed to its highest level since 2011, while German bund futures slid to an almost 15-year low.

Treasuries later pared some losses, and the Bloomberg Dollar Spot Index trimmed gains after the Financial Times reported that Group of Seven finance ministers would discuss a possible joint release of oil reserves with the International Energy Agency.

Still, the broader bond rout reflects anxiety about the global economy after crude oil surged toward $120 a barrel, up almost 80% since the Iran war began and disrupted shipments from the Middle East.

Sustained price increases could force central banks to keep policy tight to curb inflation even as growth slows, leaving the world grappling with stagflation.

Inflation fears have led traders to scale back expectations for the Federal Reserve’s next quarter-point rate cut to September.

At the end of February, before the war erupted, traders had fully priced in a move by July. Some bond options traders are now betting the Fed may not cut rates at all this year.

“A weeklong halt in Hormuz shipping is driving a fast‑escalating energy shock, lifting oil and gas prices, boosting the US dollar and global yields and challenging 2026 consensus trades as stagflation risks rise,” Oversea-Chinese Banking Corp. strategists including Sim Moh Siong wrote in a note.

The economic toll would be significant. A 10% rise in energy costs that persists for a year would lift global inflation by about 0.4 percentage point (ppt) and shave up to 0.2 ppt off growth, according to the International Monetary Fund.

Bloomberg Intelligence says demand destruction tends to set in when crude hits $133, highlighting the risks if prices continue to climb.

SUPPLY STRAIN
Investors are bracing for a prolonged conflict, suggesting the oil spike may not be short-lived.

Iran’s selection of the late Ayatollah Ali Khamenei’s son as the next supreme leader signals continuity in Tehran’s stance and little shift in its approach to the war.

Meanwhile, output cuts in Kuwait and the United Arab Emirates highlight the growing supply strain after the closure of Hormuz.

In the US, recent data have added to concerns about a potential stagflationary mix. Employers unexpectedly cut jobs in February and the unemployment rate rose, pointing to cracks in the labor market just as price pressures intensify.

“Oil is arguably the single-most important input into global inflation,” said Tim Murray, a capital market strategist in the Multi-Asset Division at T. Rowe Price.

With most Asian economies significant net oil importers, that creates a “relative headwind for the region in a risk-off environment,” he added.

Bonds fell across Asia, with benchmark yields climbing by double-digit figures in Australia, New Zealand and South Korea. Indonesian and Japanese debt markets also slumped, with the 10-year yen government yields surging by 11.5 basis points, while European bond futures retreated.

Chinese government bonds declined as well, with 30-year bond futures posting their biggest drop of the year. The asset had initially outperformed global peers after the Iran war began, but confidence in its resilience is being eroded by fears of imported inflation as oil prices push higher. — Bloomberg News

UK should back licensing-first approach for AI training, says upper house committee

March 10, 2026 | 12:02 am

LONDON — Britain should reject any move to let artificial intelligence (A) companies freely mine copyrighted material for commercial model training and instead adopt a licensing-first regime, a committee in the upper house of parliament said on Friday.

Governments worldwide are wrestling with how copyright should apply to AI training, as developers scrape vast amounts of online material to build models and creators say they are losing control of their work.

Britain has been consulting on the issue but has yet to confirm a final approach after stepping back from an earlier preference for allowing commercial text-and-data-mining with an opt-out for creators.

Technology minister Liz Kendall said in January the government was seeking a “reset” on its AI copyright plans, calling its earlier proposal a mistake and saying the review would put “reward and control” for artists at its center.

The government is due to publish its review in March.

The House of Lords, the unelected second chamber of the UK Parliament, scrutinizes legislation and conducts inquiries that shape government policy. Its communications and digital committee warned in a 180-page report that Britain risks long-term dependence on opaque foreign AI systems.

CALL TO DROP TEXT-MINING EXCEPTION
Britain faces a choice between becoming a leader in responsibly trained, transparently developed AI models, the committee said, or sliding into “tacit acceptance of large-scale, unlicensed use” of copyrighted works by mostly US-based developers, a path it said could undermine creative livelihoods.

The upper house urged the government to formally abandon proposals for allowing commercial text-and-data mining with the opt-out.

It said similar opt-out systems in the European Union had “failed to support a strong licensing market” and were built on technical tools that were unreliable, patchy and burdensome for individuals. — Reuters

PHirst Park Homes targets 10 new projects this year

March 10, 2026 | 12:02 am

PHIRST PARK HOMES, INC. (PPHI), the first-home brand of Century Properties Group, Inc. (CPG), plans to launch 10 projects across the country this year following several project rollouts in 2025.

“We’re looking at 10 projects this year that will be across the country,” Arnel Eusebio, vice-president for the Project Management Division at PPHI, said at a briefing on Saturday.

He said the company will continue to prioritize affordable housing developments.

PPHI President and Chief Executive Officer Ricky M. Celis said the company is in talks for additional projects in Luzon and Mindanao, with one or two expected to help meet its 10-project target.

PPHI recently entered Mindanao with the launch of PHirst Park Homes GenSan on Feb. 21, marking its expansion as a nationwide first-home developer.

On Saturday, the PHirst brand held the unveiling of PHirst Impressions Gen Tri, further expanding the group’s presence in General Trias.

The 23.8-hectare development in Barangay Biclatan in General Trias, valued at P6.6 billion, will include more than 1,500 homes.

PHirst Impressions Gen Tri will offer Calista End and Calista Mid townhouses with floor areas of 40 square meters (sq.m.), similar to previous developments, but with larger lot sizes. Calista End units will be built on 90-sq.m. lots, up from 60.5 sq.m., while Calista Mid units will use 60-sq.m. lots, up from 44 sq.m.

“While offering larger lots, units remain competitively priced starting at P3.8M for Calista End and P2.9M for Calista Mid,” the company said.

The project will also introduce Dua single-attached homes alongside the expandable Calista models, which allow additional rooms or parking spaces on the larger lots.

Community amenities will include a clubhouse, basketball court, and swimming pool, as well as features such as an outdoor cinema, Cube Climber, Animal Maze, Paw Park, foot reflexology area, and jogging trail.

The development is expected to be completed within five to six years.

PHirst Impressions Gen Tri follows the earlier launch of PHirst Park Homes Gen Tri in June 2021, which the company said continues to show steady construction progress and sustained buyer interest. The project is currently 57% complete and has 707 homeowners.

PHirst accounted for P8.4 billion, or 69%, of Century Properties’ total revenues in the first nine months of 2025.

The brand currently has 33 active projects nationwide, including developments in Cavite, Laguna, Batangas, Quezon Province, Bulacan, Pampanga, Bataan, Nueva Ecija, Bacolod City, and South Cotabato.

CPG leadership expects the company’s growth momentum to continue into 2026.

“We’re hopeful that 2026 will continue to show the sustained growth that the company has been performing in the past couple of years,” Marco R. Antonio, president and chief executive officer of Century Properties, told BusinessWorld on the sidelines of a recent event.

He said geopolitical tensions in the Middle East and their potential effect on oil markets could cause short-term purchase delays among overseas Filipino workers (OFWs).

Historically, CPG’s sales have been evenly split between domestic buyers and OFWs worldwide.

Still, Mr. Antonio expressed optimism about the resilience of the local property market, citing recent interest rate cuts.

“Hopefully, the geopolitical issue or crisis is resolved in the next coming weeks. But regardless, I think, overall, the country, after the whole flood control, is improving. We had interest rate cuts, which are, of course, good for real estate,” he said.

The company is also using strategic procurement to manage economic uncertainty, noting that it has secured key construction materials for the year to help manage potential cost pressures.

“Inflation was actually under control. [Though] we don’t know how long this will last. I think we will rebound and recover from it. The Philippines has been quite resilient,” Mr. Antonio said.

While PHirst drives most of CPG’s revenues, the company continues to develop projects in the higher-end residential segment through its subsidiary Century Limitless.

In February, the unit launched Cerulean Residences, a 25-hectare house-and-lot development in General Trias, Cavite, targeting the premium residential market.

At the local bourse on Monday, shares of Century Properties Group, Inc. fell by 5.63% to close at P0.67 apiece. — Alexandria Grace C. Magno

Converge eyes 8-10% revenue growth this year on network expansion

March 10, 2026 | 12:02 am

CONVERGE ICT Solutions, Inc. is targeting a revenue growth of 8% to 10% this year, driven by a strategic network expansion into underserved markets in the Visayas and Mindanao.

The listed fiber internet provider reported a net income of P11.86 billion for 2025, representing a 9.7% increase from the P10.81 billion posted the previous year.

Total revenues for the period rose by 10.24% to P44.77 billion, up from P40.61 billion in 2024, bolstered primarily by its residential business, it said in a disclosure on Monday.

Residential business accounted for P37.33 billion of the total revenue, while the enterprise segment contributed P7.45 billion.

The company noted that small and medium-sized enterprises (SMEs) and wholesale subsegments also saw strong results due to an expanding customer base.

The company attributed its 2025 results to its “disciplined approach in deploying capital to expand its fiber network and improve its overall services.”

It also noted that these results “underscore the resilience of the company’s core operations and reinforce commitment to delivering consistent, long-term value.”

Converge has set a capital expenditure (capex) guidance of P18 billion to P23 billion. This follows a 2025 period where the company utilized P17.7 billion in cash capex, despite an original budget of P25 billion.

The 2026 budget is primarily earmarked for a network expansion program aiming to install 900,000 new ports in the Visayas and Mindanao regions, alongside investments in network reliability.

Converge Chief Operating Officer Benjamin B. Azada said that the company is looking beyond pure speed metrics, despite recording an average speed of 193.61 megabits per second in Metro Manila.

“Beyond these metrics of upload and download speeds, we are actively improving our network for increased reliability and consistency in performance, at the same time as we work on enhancing connectivity in select parts of the country,” he said.

The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 10% to P27 billion in 2025, maintaining a margin of 60.4%.

However, Converge expects EBITDA margins to settle slightly lower at 58-59% in 2026 as it increases spending on marketing, loyalty programs, and maintenance and repair.

Converge shares fell by 62 centavos or 4.49% on Monday, closing at P13.20 apiece. — Ashley Erika O. Jose

The good fight against political dynasties

March 10, 2026 | 12:01 am

The 20^th Congress of the Philippines currently has within its sights the potential structural change to turn the political tide.

The current debates on the Anti-Dynasty Bill (simultaneously taking place in both upper and lower houses) have ventilated a healthy round of discourse both in legislative circles, civil society, and the public at large.

The consolidated Senate bill features many “safeguards” that can potentially limit political dynasties and protect the country from the ill effects of dynastic politics. These include the addressing of overlapping constituencies through restrictions at the national and local levels of government, inclusion of the party-list system in the list of covered positions, and a ban on succession of incumbents by relatives.

The glaring difference with the stand of anti-dynasty advocates is the consanguinity and affinity clause for both versions of the bill, with bills limiting it to the 2^nd degree of consanguinity and affinity. Anti-dynasty advocates strongly recommend banning relatives up to the 4^th degree of consanguinity and affinity to ensure that no excessive consolidation of power by one family takes place.

The house bill (authored by Representative Sandro Marcos and Speaker Boyet Dy) subscribes to the idea of anti-dynastic politics, but this version falls short of what can actually prevent political dynasties from enduring. The Anti-Dynasty Network (ADN) points out the following shortcomings of the Marcos-Dy version: lack of prohibition on succession, weak restrictions on overlapping constituencies, and the absence of the party-list as a position under the guardianship of the law. The bill also features a “within the same district” prohibition in the context of legislative posts, which is frankly not possible anyway under a single member district system.

The bill likewise supports the same consanguinity and affinity clause as the Senate version.

As both bills head towards the bicameral conference, it becomes apparent which anti-dynasty version is more effective in stunting the growth of dynasties and thus more ably carries the weight of the common good. While it seems that it will be an uphill battle for an outright prohibition, the hope remains that the essential elements of an effective anti-dynasty law will remain in the final version, if the more effective version prevails. In the current political climate, this hope remains dim and unencouraging, which means that the role that a concerned citizenry can potentially play increases.

The making of good laws is our responsibility as citizens as well because we hold the right to choose our lawmakers.

Finally, in a month dedicated to women, it seems apt that an anti-dynasty law that ends the concentration of power in a system that has traditionally favored the patriarchy should succeed. The long-term gains in the quality of leadership and democracy in our country certainly outweigh the short-sighted interests of those who stand to gain from a weak law being basement bargained and passed.

It is not only a gift to women — our mothers, our sisters, our daughters, our friends — but also a promise to future generations of leaders who can be shaped by the needs and common interests of the country rather than the directives and incentives that come from being a member of a political dynasty.

Dr. Maria Elissa J. Lao is an associate professor at the Department of Political Science and director of the University Gender and Development Office of the Ateneo de Manila University.

EastWest rolls out auto loan refinancing program

March 10, 2026 | 12:01 am

EAST WEST Banking Corp. has launched a refinancing solution for auto loans that lets borrowers access cash while keeping their vehicles as collateral.

The program, called EastWest AutoCash, allows borrowers to tap as much as 70% of their car’s appraised value, with repayment terms of up to 48 months.

For loans with a 50% loan-to-value ratio, the bank offers a promotional interest rate of 0.68% a month, below the standard 0.88% rate for refinancing.

“EastWest AutoCash gives customers a smart way to access funds using an asset they already own — without disrupting their daily mobility,” EastWest Chief Executive Officer Jerry G. Ngo said in a statement on Monday. “It’s about helping our clients move forward financially while continuing to move forward in life.”

The product is available to both existing and new customers, particularly car owners seeking liquidity for business, education, medical expenses, emergencies or personal needs.

Eligible vehicles must be registered under the borrower’s name and no older than 10 years.

If the car is still under a previous loan, the refinancing amount must exceed the remaining balance, with proceeds released net of the outstanding loan.

Applicants must submit photos of the vehicle (interior, exterior, odometer), latest official receipts and certificates of registration, two government-issued IDs, proof of residence, tax identification number and proof of income

Acceptable income documentation varies: three months’ pay slips for employed applicants, a business permit for self-employed borrowers or three months of remittance records for those relying on remittance income.

Applications remain subject to the bank’s standard credit evaluation.

EastWest Bank has been expanding consumer-focused lending products as it seeks to diversify its portfolio. Last year, the lender reported a net income of P9.1 billion, up 21% from 2024, driven by strong core revenue and fee income growth.

Shares of EastWest Bank closed at P12.92 on Monday, down 1.37% or 18 centavos from Friday’s finish. — Aaron Michael C. Sy

National Symphony Orchestra executive director steps down, exiting Kennedy Center

March 10, 2026 | 12:01 am

Trump_Kennedy_Center_sign_02 — COMMONS.WIKIMEDIA.ORG

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WASHINGTON — National Symphony Orchestra Executive Director Jean Davidson announced on Friday that she was stepping down from the ensemble that primarily performs at the John F. Kennedy Center for the Performing Arts in Washington.

“It’s no secret that this has been a really hard year,” Davidson told the New York Times, while noting that she started looking for a new opportunity several months ago.

She will head the Wallis Annenberg Center for the Performing Arts in California.

The National Symphony Orchestra did not immediately respond to a request for comment.

Davidson’s departure follows months of turmoil at the Kennedy Center, a national cultural center in the US capital that was named after former President John F. Kennedy months after his assassination. President Donald Trump has appointed himself as chairman, pushed to change the organization’s focus and named a board that voted last year to add his name to the institution. Last month, Trump announced that the Kennedy Center would close for two years, for reconstruction work.

US Representative Joyce Beatty, a Democrat and ex-officio Kennedy Center board member, last year filed a court challenge over the name change. On Friday, she amended that lawsuit to also ask the court to halt moves to “shutter and gut” the facility.

Roma Daravi, vice-president of public relations for the center, said in a statement to Reuters: “We’re confident the court will uphold the board’s decision on the name change and the desperately needed renovations which will continue as scheduled.”

Beatty said in her lawsuit that board members appointed by Trump, a Republican, also had unlawfully stripped voting rights from her and other ex-officio board members who serve under an act of Congress. Ex-officio members come from both political parties.

In response to a request for comment on board members’ voting rights, Daravi’s office referred Reuters to comments made by Daravi to the Washington Post, saying that ex-officio members have never voted.

“The bylaws were revised to reflect this longstanding precedent and everyone received the technical changes both before the meeting and after revisions,” Daravi wrote in an e-mail to the Post, which reported on the bylaw changes late last year.

Dozens of artists have canceled performances at the center since Trump returned to the White House last year. While an array of reasons have been given for the cancellations, some artists have cited opposition to aspects of Trump’s agenda. Among the many events it has historically hosted are the Kennedy Center Honors, usually held every December. — Reuters

Infra milestones to drive PHL real estate growth in 2026

March 10, 2026 | 12:01 am

THE CAVITE-LAGUNA EXPRESSWAY (CALAX) — MPTC.COM.PH

THE PHILIPPINE real estate market could see continued expansion in 2026 as major infrastructure projects near completion, improving connectivity and opening new locations for development.

According to JLL Philippines, a real estate advisory and professional services firm, the completion of key transport links is expected to influence investment and development opportunities in emerging areas.

“Our outlook for 2026 reflects cautious optimism as we anticipate steady market ascent while navigating supply absorption dynamics, infrastructure project timelines, monetary policy impacts, and tourism recovery,” Janlo de los Reyes, head of research and strategic consulting at JLL Philippines, said in a report.

Several transport projects scheduled for completion are expected to improve access to areas surrounding Metro Manila. These include the Cavite-Laguna Expressway (CALAX), the C5 South Link Expressway, and the NLEX-SLEX Connector Road. MPCALA Holdings, Inc., a unit of Metro Pacific Tollways Corp. (MPTC), has tapped CM Pancho Construction, Inc. (CMPCI) and listed builder EEI Corp. to complete remaining works for CALAX.

Improved connectivity from these projects is expected to support real estate activity and help unlock development opportunities in provinces adjacent to Metro Manila, JLL Philippines said.

Mr. De los Reyes said Metro Manila’s development pipeline through 2030 indicates continued market confidence, with new supply planned across the office, retail, residential, hotel, and logistics sectors in several surrounding provinces.

The projected expansion in 2026 follows stronger activity across several property segments in 2025.

In the office sector, gross leasing volume rose by 71.5% year on year, reflecting increased tenant activity.

“The office market showed sustained positive leasing activity in the fourth quarter of last year. If you look at the full year number, it’s close to around one million square meters (sq.m.) of office transactions. This marks the highest volume since 2022, maintaining the upward trajectory of leasing demand over the same time period,” Mr. De los Reyes said.

The logistics and industrial segment may benefit most directly from improved infrastructure. In 2025, warehouse inventory expanded by 34.2% in speculative stock as developers positioned projects in logistics hubs.

Strong demand has kept vacancy rates below 4% in specific locations, namely Cebu, Metro Manila, Pampanga, Batangas, and Laguna.

Improved connectivity may also influence the retail and residential sectors. Retail activity rebounded in late 2025, with new store openings increasing by 34%.

The residential market also remained supported by remittances from overseas Filipino workers (OFWs), which rose by 3.3% and continued to support demand for midscale and luxury condominium units.

As major transport links approach completion, property activity may gradually expand beyond Metro Manila’s traditional core areas, potentially supporting broader regional development in the coming years.

MPTC is the tollway arm of Metro Pacific Investments Corp. (MPIC), one of three main Philippine units of Hong Kong-based First Pacific Co. Ltd., alongside Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., holds a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — A.G.C. Magno

FEU to acquire majority stake in Bataan college

March 10, 2026 | 12:01 am

LISTED educational institution Far Eastern University, Inc. (FEU) has entered into a memorandum of agreement with Bataan Peninsula Educational Institution, Inc. (BPEII) to purchase 76.92% of the land where BPEII operates for P50 million.

In a regulatory filing on Monday, FEU said the agreement also includes its subscription to 39,500 shares in BPEII for P106 million.

“FEU and the other landowners will subsequently transfer the land in exchange for additional shares in BPEII,” the company said.

The deal, involving BPEII — which operates as University of Nueva Caceres-Bataan — is pending fulfillment of closing conditions.

After the transaction, FEU is set to hold a 60.34% equity stake in BPEII.

FEU currently holds a 51% stake in Edustria, Inc., a senior high school in Batangas co-developed with the Technological Institute of the Philippines, Inc., which owns 49%.

The company also has interests in other educational institutions, including a 40% stake in JPMC College of Health Sciences in Brunei Darussalam, 34% of Good Samaritan Colleges, Inc. in Cabanatuan City, Nueva Ecija, and 50% of Higher Academia, Inc. in San Fernando, Pampanga. — Alexandria Grace C. Magno