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Fuel retailers roll back gasoline, diesel prices

An attendant reaches for a pump at a gasoline station in Quezon City, April 13, 2026. — PHILIPPINE STAR/MIGUEL DE GUZMAN

By Sheldeen Joy Talavera, Reporter

SEVERAL OIL FIRMS are rolling back prices beyond the government’s initial projections, with diesel prices expected to drop by up to P23 per liter.

In separate advisories on Monday, fuel retailers announced a reduction in the prices at the pump starting April 14 (Tuesday), reflecting the sharp drop in global oil prices amid the ceasefire in the Middle East.

Shell Pilipinas Corp. is implementing the biggest rollback, with a reduction of P6.50 per liter for gasoline, P23 per liter for diesel, and P11.50 per liter for kerosene.

Unioil Petroleum Philippines, Inc. will slash gasoline and diesel prices by P4.50 per liter and P20.90 per liter, respectively.

Petron Corp. will reduce gasoline prices by P4.43 per liter, diesel by P20.89 per liter, and kerosene by P8.50 per liter.

Jetti Petroleum, Inc. said it is only reducing diesel prices by P2 per liter as it did not implement the P18.60 hike that the firm was supposed to implement last week. It will not adjust gasoline prices.

Seaoil Philippines, Inc. will cut gas prices by P4.43 per liter, diesel by P20.89 per liter, and kerosene by P8.50 per liter.

Flying V likewise will reduce gas prices by P4.50 per liter, biodiesel by P20.90 per liter, and kerosene by P8.50 per liter.

This marked the first rollback in recent months and providing a slight relief to consumers after weeks of consecutive price hikes.

Some of the announced price rollbacks are slightly higher than the Department of Energy’s earlier estimates, which projected minimum reductions of P20.89 per liter for diesel and P4.43 per liter for gasoline.

“I had a meeting with the oil companies… They have confirmed they will do the rollback as prescribed,” Energy Secretary Sharon S. Garin told DZMM radio on Monday.

However, oil prices face renewed upward pressure following US President Donald J. Trump’s announcement the US military will begin a blockade in the Strait of Hormuz after talks with Iran collapsed.

Reuters reported that the US military’s Central Command later said the blockade would only apply to ships going to or from Iran, including all Iranian ports on the Gulf and Gulf of Oman. US forces would not impede freedom of navigation for vessels transiting the Strait of Hormuz to and from non-Iranian ports and additional information would be provided, it said.

Iran’s Revolutionary Guards responded to Mr. Trump by warning that military vessels approaching the strait would be considered a ceasefire breach and dealt with harshly and decisively.

With the renewed threat to oil prices, Ms. Garin said they will monitor the five-day international trading to determine its impact and identify measures.

Jetti President Leo P. Bellas said the US blockade in the Strait of Hormuz may escalate the six-week-old conflict.

“If the US does successfully block vessels from Iranian ports, the economic pressure on Iran due to lost revenue may push the country to launch more attacks on energy infrastructures,” Mr. Bellas said in a Viber message. 

“Further attacks by Iran on export facilities that bypass the Strait of Hormuz would inflict maximum damage to the already shaky crude oil markets, and may result to further increase on prices,” he added.

SUBSIDIES
At the same time, the Federation of Philippine Industries (FPI) said the rollback in pump prices provides temporary relief for manufacturers that have been grappling with soaring costs since the Iran war started.

FPI Chairperson Elizabeth H. Lee in a statement urged the government to provide subsidies for manufacturers that have been affected by high oil prices.

“Philippine industries cannot plan around geopolitical windfalls — we need durable energy policy,” she said.

Despite the pump price rollback, Ms. Lee said pump prices are far from pre-Iran war levels.

“A P20 rollback today can be reversed by a P20 hike next week if the ceasefire collapses and the conflict escalates or persists,” she added.

Ms. Lee said the government should support local manufacturers by institutionalizing fuel subsidies for micro, small, and medium enterprises (MSMEs) and logistics players.

“Targeted, time-bound support should complement tax measures by assisting employed workers and firms in the most affected sectors, particularly MSMEs and energy-intensive industries such as manufacturing,” she said.

Ms. Lee also said there is a need to reduce the country’s reliance on imports and leverage a “buy local strategy.”

“This approach supports local enterprises, particularly MSMEs, while retaining value within the economy, sustaining employment, and strengthening our capacity to withstand global disruptions,” she said.

Ms. Lee said the conflict in the Middle East continues to affect manufacturers beyond oil prices. She cited lost or delayed export contracts, deferred capital investment, and workforce adjustments.

Meanwhile, Management Association of the Philippines President Donald Patrick L. Lim said businesses should resume continuity planning in case of another oil price spike.

“Businesses should view this as temporary and remain cautious, as the rollback only partially offsets recent increases and global oil markets remain volatile,” he said in a Viber message.

“Companies should continue planning for resilience by improving efficiency, reviewing supply chains, revisiting flexible work arrangements, and preparing contingency plans in case fuel prices rise again,” he added. — with Beatriz Marie D. Cruz and Reuters

DPWH OKs award of P7.78-B Boracay bridge to SMC unit

NEWS5

By Ashley Erika O. Jose, Reporter

THE Department of Public Works and Highways (DPWH) said it has approved the award of the P7.78-billion Boracay bridge project to San Miguel Holdings Corp. (SMHC), the infrastructure arm of San Miguel Corp. (SMC).

“We are pleased to notify SMHC that on March 25, 2026, the DPWH approved the resolution by the Public-Private Partnership (PPP) prequalification, bids, and awards committee (PBAC) for PPP recommending the award of the contract to San Miguel Holdings Corp.,” Public Works Secretary Vivencio B. Dizon said in a notice of award dated March 30.

SMHC secured the project after no competing bids were submitted by the deadline.

The company holds original proponent status for the unsolicited project, which involves the financing, design, construction, operation, and maintenance of a 2.54-kilometer bridge system, including a 1.14-kilometer limited-access bridge linking Caticlan in Malay, Aklan, to Boracay Island.

Under project guidelines, the contract is awarded to the original proponent if no comparative proposal is found to be superior.

The bridge will include access for public transport, pedestrian lanes, bikeways, and provisions for utilities such as power, telecommunications, water supply, and sewerage, according to the PPP Center.

The DPWH said the project aims to provide all-weather access between Boracay and Caticlan, improve emergency response, address solid and liquid waste management concerns, and support the island’s tourism-driven economy.

Separately, SMC is upgrading the Godofredo P. Ramos Airport in Caticlan through its unit Trans Aire Development Holdings Corp., with Megawide Construction Corp. undertaking the design and construction of the new passenger terminal building.

Meanwhile, Mr. Dizon said SMC has committed to partially opening a section of the P58.42-billion South Luzon Expressway Toll Road 4 (SLEX TR4) by 2026.

“For San Miguel, RSA (Ramon S. Ang) has committed that they will finally open part of TR4 by the end of 2026,” Mr. Dizon told reporters on the sidelines of an event last week.

Package A of the SLEX TR4 project is scheduled for completion by December 2026, based on DPWH data. The 11.32-kilometer segment covers Sto. Tomas, Batangas, to Makban, Laguna.

The full project, which is divided into six packages, is targeted for completion by June 2029. SLEX TR4 is being implemented by SMC SLEX, Inc., formerly South Luzon Tollways Corp.

The project has an estimated cost of P58.42 billion, excluding Package F, the final segment spanning 9.96 kilometers from Tayabas to Mayao, Lucena, Quezon.

SLEX TR4 is a 66.74-kilometer, four-lane toll road from Sto. Tomas, Batangas, to Tayabas and Lucena City in Quezon province.

The project is expected to improve the movement of goods and services between Metro Manila and southern provinces by reducing travel time and easing congestion along the Pan-Philippine Highway.

“And then after (TR4) we will then move to TR5. These things will take time but with the right push, we can get things done,” Mr. Dizon said.

The SLEX TR5 project is an extension of SLEX TR4. It is a four-lane toll road spanning about 420 kilometers from the terminal point of SLEX TR4, according to the DPWH.

The project aims to link Quezon and Bicol provinces and provide access to roll-on/roll-off ports.

SLEX TR5 consists of eight segments and is being implemented by South Luzon Toll Road 5 Expressway Corp. Segment 1 is estimated to cost about P22.6 billion.

CNPF profit rises 11% to P7.1B on cost controls

CENTURYPACIFIC.COM.PH

CENTURY PACIFIC Food, Inc. (CNPF) reported an 11% increase in net income for 2025 to P7.1 billion, as tighter spending offset pressure on gross margins.

The listed food company posted a 10% rise in consolidated revenues to P83.3 billion, driven by its branded segment, which compensated for the soft performance of its export business, it said in a statement on Monday.

The branded segment — comprising marine, meat, milk, and other segments — recorded a 13% volume-led sales growth, driven by its offerings, which reach nine out of 10 households in the Philippines, the company said.

“In our effort to balance short- and long-term growth, we made strategic decisions back in 2024 to invest in our brands while holding prices even up to 2025,” said Chad Manapat, CNPF chief financial officer.

“Ultimately, this meant providing consumers with more accessible and nutritious food options, leading to double-digit volume growth in 2025.”

Meanwhile, the group’s original equipment manufacturing (OEM) white label tuna and coconut exports posted a muted 2% growth.

The segment faced headwinds from global trade uncertainty and an unfavorable commodity cycle, though a double-digit recovery in the fourth quarter of 2025 helped offset earlier declines.

Margins remained under pressure as input costs normalized from a favorable 2024 cycle, pulling gross margin down by 100 basis points to 25.1%.

However, by deliberately tightening operating expenses, the company lifted its net profit margin by 10 basis points to 8.5%.

Healthy cash flows funded P4.1 billion in capital expenditures during the year, allocated to capacity expansion and renewable energy initiatives, including solar and biomass capabilities.

The balance sheet remained strong, with a net gearing ratio of 0.13x.

Looking ahead, Mr. Manapat said 2026 is “shaping up to be a tough year.”

While the company is currently on track for the first quarter, it is navigating disruptions from the Middle East and a higher bar for the next few months.

The company plans to rely on its portfolio of “pantry essentials,” which have historically shown resilience during economic uncertainty.

To manage rising cost pressures, CNPF is maintaining a “tight leash on spending” and optimizing discretionary costs to keep products affordable.

“Growth, for us, is not just a financial metric. It means keeping accessible and nutritious food on the table for more Filipino families,” Mr. Manapat said, noting that the company’s operations support 33,166 jobs.

CNPF’s brands include Century Tuna, Argentina, 555, Ligo, and Birch Tree. The company is also one of the leading providers of private label tuna and coconut products for export.

CNPF shares fell by 0.62% to P32 apiece on Monday. — Alexandria Grace C. Magno

Axelum earnings grow 23% to P849.6M on higher sales

AXELUM.PH

AXELUM RESOURCES CORP. reported a 23.42% increase in net income for 2025 to P849.59 million, driven by higher sales and selling prices across its core product segments.

In a regulatory filing on Monday, the listed coconut product manufacturer said profit rose from P688.36 million in 2024.

Revenue increased 38.85% to a record P10.19 billion from P7.34 billion a year earlier, supported by higher export and local sales.

“Consolidated topline [growth] was driven by robust volume growth and higher average selling prices across core product segments,” Axelum said in a separate statement.

Export sales rose 41%, driven by new customer acquisitions and a larger order book in North America, Europe, Australia, and Asia.

Local sales increased 47%, supported by a wider distribution footprint and higher online engagement.

Axelum said its sales-related expenses fell 9.94% to P683.52 million from P758.94 million in 2024. General and administrative expenses rose 83.14% to P793.39 million from P433.22 million.

Axelum President and Chief Operating Officer Henry J. Raperoga said the company’s 2025 performance reflects its ability to operate under market pressures.

“Our record performance in 2025 underscores our ability to consistently deliver value amid industry headwinds and global uncertainties,” he said in the statement.

He added that the company is monitoring developments in the Middle East and assessing potential impacts on fuel and logistics costs.

For 2026, Axelum said it has allocated about P200 million in capital expenditures for new machinery, equipment maintenance, and automation of management systems.

The company plans to expand its consumer-branded segment through the rollout of new domestic retail offerings.

It added that it continues to develop higher-value and new products for export markets. — Vonn Andrei E. Villamiel

Bert Lozada Swim School: Alive and splashing for 70 years

IT HAS been 70 years since the Bert Lozada Swim School (BLSS) began, a staple for those looking for swimming lessons either for themselves or for their children, especially in the summer. As the Philippines’ largest and longest-running swim school, its mission has been simple — to help Filipinos overcome their fear of water.

Started in 1956 by Remberto “Tito Bert” Lozada, whose experience in international swimming competitions motivated him to use what he had learned to teach others, the school has spent the last 70 years championing water safety nationwide. It has taught over one million students in that time, and has produced seven Olympian swimmers.

Bert Lozada’s sons, Anthony and Angelo, now run the business. In a recent virtual interview with BusinessWorld, they said that passion is behind the constant improvement of their programs over the decades.

“When it started, it was a mom-and-pop thing with a few family members teaching at a couple of swimming pools. The curriculum was based on what my dad developed from his experiences coaching abroad,” Anthony Lozada, BLSS president and chief executive officer, told BusinessWorld via video call on April 10.

“At the time, there was no structure, methodology, or pedagogy on how to transfer information to children, given that it’s a free moving environment, not a classroom setting,” he added.

It was Tito Bert’s father, Capt. Catalino Lozada, who sowed the seeds for a swim school in the early 1950s. Each generation of the family got more exposure to international swimming standards, resulting in the necessary modifications and teaching aids.

The brothers underwent a certification course in Australia, where they got the information needed to equip Filipino coaches with the skills to teach basic fundamental swimming, in turn upgrading their own learn-to-swim program.

DROWN-FREE PHILIPPINES
Angelo Lozada, chief operating officer of BLSS, explained that they now boast of “a menu of services for different ability levels,” from children to adults to those with adaptive needs, all based on best practices around the world, available year-round.

“We have 130 regular teachers and coaches around the country. During the summer, where we open up more classes and get to activate working students, we have roughly more than 200 teachers and coaches,” he said.

It is unfortunate that in an archipelagic country, many Filipinos still do not know how to swim. Angelo Lozada posits that a major factor is economics — with people not having the funds to enroll in swimming classes.

“In Australia, if a kid doesn’t know how to swim by the time they’re six years old, that’s considered bad parenting. Here, we noticed a lot of kids don’t learn simply because of lack of money for lessons,” he explained. “Another thing that hinders is the knowledge to teach. That’s the reason we built the Drown-Free Philippines Foundation, to equip people on the barangay level to teach.”

INCLUSIVITY
Now, they are looking to collaborate with more swim providers, to help out more financially challenged Filipinos, especially children.

“It’s doable if we’re able to branch out,” Angelo Lozada said. “We’re already moving forward in terms of reaching different institutions and barangays. We just have to get more sponsors and raise more funds to teach even more kids for free.”

Because Bert Lozada’s dream is to have “a drown-free nation,” his sons are working to bring swimming lessons to indigents, to children from families without access to funds, and to those with physical and intellectual disabilities.

Anthony Lozada, who also handles the national team for para-athletes, told BusinessWorld that they aim to expand their adaptive swimming lessons.

“It’s about inclusivity regardless of demographic. BLSS wants to bring swimming to everyone,” he said.

MAKING GREAT SWIMMERS
BLSS also offers their services to educational institutions, to take over the swimming portions of Physical Education (PE) programs. Those with a fear of water can be more adequately handled by a full-time swim teacher compared to a more general PE teacher, according to the brothers.

It’s also a way to spot talent that can be recruited into more advanced modules, or even a varsity program.

“We’re talking about those who are really comfortable in the water, which you can tell because they move differently. We get to identify usually one or two of those in every 40 students,” said Angelo Lozada.

Once those are spotted, they are encouraged to join intramurals, after which they are brought into a highly competitive program. “A lot of swimmers discovered in our classes now in the national team used to be scared of the water. But with proper guidance and a lesson plan, we were able to tap those hidden talents in them,” he added.

“The motto of our grandfather was: ‘Great swimmers are made, not born.’”

THE FUTURE OF BLSS
Modules used by BLSS now are on par with those of other countries. The brothers likened it to how Jollibee took the fastfood concept from abroad and modified it to the Filipino context — and they continue to improve on it to this day.

“Our students don’t only learn the water safety skill of swimming, but we also impart to them the values of being an athlete and a positive contributor to Philippine society. Many coaches that we recruited are also doing well in jobs abroad,” said Anthony Lozada. “BLSS is a swim school that imparts not just knowledge of how to swim, but also values and the importance of family bonding.”

Right now, they are working on an app which aims to professionalize everything from enrollment to alumni matters. “We want to remind alumni to continue learning to swim, and offer them refresher courses,” said Angelo Lozada.

The brothers assured that “the passion of Tito Bert is alive” through them.

“We have our dad to thank. He really loved teaching,” Anthony Lozada said. “We weren’t able to figure it out before because we were looking at it as a job, but now that we’re in the driver’s seat, the rewards, the fulfillment, are unmatched.”

To inquire about the BLSS Summer Swim Program or their other programs, contact the Bert Lozada Swim School through their social media pages, send an e-mail to blss.inquiry@gmail.com, or call 0917-700-7946. The school has over 40 venues nationwide. — Brontë H. Lacsamana

Metro Retail profit up 12% as sales reach P41.56B

METRORETAIL.COM.PH

LISTED RETAILER Metro Retail Stores Group, Inc. (MRSGI) reported a 12% increase in net income to P682.64 million in 2025.

“2025 was a year of disciplined execution and measurable impact for MRSGI,” Metro Retail President and Chief Operating Officer Joselito G. Orense said in a statement on Monday.

“By strategically expanding our network into high-growth regions and introducing innovative store formats, we strengthened our market presence, delivered higher sales and margins, and improved cash earnings. These results reflect the dedication of our teams nationwide and our commitment to serving customers with modern retail experiences while driving sustainable, long-term growth,” he added.

Total sales rose 4.9% to P41.56 billion from P39.62 billion in 2024.

Same-store sales inched up 0.6%, despite minor disruptions during the year.

Blended gross margin increased to 21.8% from 21.4% in 2024, supported by higher margins in the food retail segment.

This offset a 9.3% increase in operating expenses driven by new store openings, higher utility and personnel costs, and calamity-related losses. The company also implemented cost-control measures, including the installation of solar photovoltaic (PV) systems in up to 19 stores.

MRSGI’s earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 12.4% to P2.63 billion a year earlier.

In 2025, the company opened 10 new stores across Luzon and the Visayas, including additional small-format Metro Value Marts and a Metro Supermarket and Department Store in Bais, Negros Oriental.

It also introduced Metro Corner lifestyle stores, including a site at Mandani Bay, marking its entry into the premium urban segment.

Metro Retail operates 81 branches across Luzon and the Visayas under formats such as Metro Supermarket, Metro Department Store, Super Metro Hypermarket, Metro Value Mart, and Metro Home Improvement and Lifestyle.

At the local bourse on Monday, shares in Metro Retail Stores Group, Inc. (MRSGI) fell by 0.89% or one centavo to close at P1.11 apiece. — Alexandria Grace C. Magno

All the President’s Men at 50: One of the finest films about investigative journalism ever made

DUSTIN HOFFMAN and Robert Redford in a scene from the 1976 film All the President’s Men.

NIGHTTIME. A dim and dingy car park. Woefully inadequate fluorescent lights flicker and buzz overhead. Two men stand in half-shadow. One is barely visible, his face almost entirely swallowed by darkness. His voice is low and gravelly:

“The list is longer than anyone can imagine. It involves the entire US intelligence community. FBI, CIA, Justice. It’s incredible. The cover-up had little to do with Watergate. It was mainly to protect the covert operations. It leads everywhere. Get out your notebook. There’s more.”

The other man is lost for words. He just stands there, mouth slightly open and eyes wide, trying to make sense of what he’s hearing. The exchange ends with a warning: his life, along with that of his colleague, is in grave and immediate danger.

This is a pivotal moment in Alan J. Pakula’s All the President’s Men, which has just turned 50. The film was based on the 1974 book by journalists Bob Woodward and Carl Bernstein, who investigated the Watergate scandal for the Washington Post.

The man doing the talking in the scene I’ve been describing is Mark Felt (Hal Holbrook), then associate director of the FBI, better known as “Deep Throat.” His interlocutor, temporarily stunned into silence, is Woodward (Robert Redford).

A masterpiece of political cinema, All The President’s Men remains one of the finest films about investigative journalism ever made.

Steeped in a fog of paranoia and distrust — an atmosphere shaped in no small part by cinematographer Gordon Willis’ matchless treatment of light and shade — it is as relevant now as it was on first release.

UNCOVERING THE WATERGATE SCANDAL
“At its simplest,” journalist Garrett M. Graff writes about the scandal, “Watergate is the story of two separate criminal conspiracies: the Nixon world’s ‘dirty tricks’ that led to the burglary on June 17, 1972, and the subsequent wider cover-up. The first conspiracy was deliberate, a sloppy and shambolic but nonetheless developed plan to subvert the 1972 election; the second was reactive, almost instinctive — it seems to have happened simply because no one said no.”

What started out as an ostensibly ordinary break-in at the Democratic National Committee headquarters in Washington, DC during the US presidential election cycle soon revealed a broader pattern of political espionage, illegal surveillance, campaign sabotage and the systematic misuse of state power. Much of it targeted perceived political enemies.

As the indefatigable Woodward and Bernstein pursued the story, it became clear the burglary was part of a much larger operation — one that reached all the way into the heart of the White House.

Their probing would ultimately lead to the disgrace and resignation of Richard Nixon, who faced near-certain impeachment.

Redford was the driving force behind All the President’s Men.

He became interested in the Watergate story while working on The Candidate, a 1972 satire about the backstage machinations underpinning an idealistic Senate campaign that, in an instance of uncanny timing, overlapped with the unfolding scandal.

Redford followed Woodward and Bernstein’s investigation as it panned out in real time. In 1972, he reached out to Woodward directly, hoping to better understand both the facts of the case and the methods of the reporting.

Convinced that the story demanded a restrained, quasi-documentary approach, Redford initially envisioned a black-and-white film shot in a pared-back style, with an emphasis on process rather than star power.

Warner Bros., with whom he had a production deal, thought otherwise. Having already agreed to finance the film, the studio insisted that Redford take a leading role — and marketed the as yet-unmade project as “the most devastating detective story” of the century.

There were early discussions about casting Al Pacino as Bernstein, fresh from the success of The Godfather (1972), but the part ultimately went to Dustin Hoffman. Pakula then signed on to direct, bringing with him a conceptual and tonal sensibility ideally suited to the material.

A quandary remained: how do you build suspense out of a story whose outcome is already common knowledge? Film scholars Robert B. Ray and Christian Keathley suggest the filmmaking team’s response to that challenge is “the key” which unlocks the movie.

At one point, during his first meeting with Deep Throat, Woodward admits: “The story is dry. All we’ve got are pieces. We can’t seem to figure out what the puzzle is supposed to look like.”

We share the confusion of the reporters as they struggle to get to the bottom of things. What might, in the wrong hands, have been a disastrous mistake turned out to be a masterstroke.

The result is an endlessly watchable and quotable (“Follow the money”) film that generates narrative and dramatic tension through the sheer difficulty of knowing anything at all.

In age beset by disinformation, brazen political deceit, strategic obfuscation, and collapsing trust in public institutions, that lesson feels less historically distant than it does disturbingly prescient. — The Conversation via Reuters Connect

 

Alexander Howard is a Senior Lecturer for the Discipline of English and Writing at the University of Sydney.

IDC earnings fall 27% as costs offset revenue growth

Moena Mountain Estate, a mixed-use development in Bukidnon is one of IDC’s projects — PHILSTAR FILE PHOTO

LISTED real estate developer Italpinas Development Corp. (IDC) and its subsidiaries reported a 27.4% decline in net income to P250.9 million for 2025, as higher financing costs and lower gains from investment property appraisals offset higher revenue.

In a statement on Monday, IDC said its sales reached P784.7 million in 2025, up 29.9% from P604.2 million in 2024, driven by sales from ongoing projects, including Primavera City – Città Bella in Cagayan de Oro and Miramonti in Sto. Tomas, Batangas.

“From inception, IDC has focused on being an early mover in emerging locations, foreseeing the current shift in real estate focus from Metro Manila to provinces, and this has paid off with the significant generated sales from these flagship projects during the year,” the company said.

In 2025, IDC subsidiaries IDC Homes and IDC Prime recognized revenue from their projects, Verona Green Residences and Primavera City – Città Grande, respectively.

Despite higher revenue and margins, net income declined due to higher interest costs and lower gains from investment property appraisals compared with those recorded in 2024.

“Positive performance was also noted in the group’s financial position, reflecting a significant improvement in its liquidity position compared to 2024. Total assets increased to P4.5 billion from P4.3 billion in 2024 or 3.5%. Coupled with this was an overall decrease in the total liabilities to P2.5 billion from P2.6 billion in 2024 or 3.6%,” IDC said.

Basic earnings per share from continuing operations declined to P0.35 from P0.54 in 2024. The current ratio rose to 1.74 from 1.51 in 2024, indicating improved short-term liquidity.

For 2026, IDC said it expects continued growth as it expands into new locations nationwide, including Palawan, Boracay, Bataan, and Bukidnon, where it plans to launch eco-friendly developments.

Shares in Italpinas Development Corp. fell by 1.25% or one centavo to close at P0.79 on Monday. — Alexandria Grace C. Magno

Maximizing the Philippines’ ASEAN Chairship 2026: Private sector policy priorities

PHILIPPINE STAR/RYAN BALDEMOR

In 2025, the Management Association of the Philippines (MAP), through its Trade, Investments and Tourism Committee, undertook the task of gathering inputs from its various sectoral and industry committees to recommend policy priorities to the government. The goal is to maximize the opportunities presented by the Philippines’ ASEAN Chairship in 2026. This is a significant moment that comes to each member state only once every decade because they represent periods when a country’s influence extends beyond the usual rhythms of diplomacy — when attention converges, conversations are shaped, and priorities can be set.

These moments are what we may call strategic windows — described in this case as those rare opportunities when countries can convert diplomatic visibility into lasting economic and institutional advantage. The ASEAN Chairship is one of the clearest examples of such a window. Too often, chairing the regional event is seen as largely ceremonial — a year of hosting meetings and summits — but when approached with intent, the Chairship delivers the dual value of advancing national priorities while strengthening regional cooperation.

The Philippines opened that window in 2026, but like all windows, it will not remain open indefinitely. Three out of the 12 months have already passed quickly; and the question before us is simple: how do we ensure that this moment translates into tangible economic gains for the Philippines, and meaningful progress for ASEAN?

There are strong examples of how this was done within the region. Several ASEAN member-states used their chairship turns not only to host meetings, but to advance strategic economic priorities aligned with their national strengths. For instance:

• Singapore (2018) advanced the digital economy agenda and supported the development of the ASEAN Smart Cities Network;

• Indonesia (2023) emphasized ASEAN as an epicentrum of growth, highlighting digital transformation and sustainable development; and,

• Vietnam (2020) during the pandemic, strengthened regional coordination on resilience and supply chain continuity.

The lesson is clear: Successful Chairs anchor their agenda on areas where they are ready to lead. They recognize that hosting ASEAN requires significant national resources, institutional focus, and public investment. In today’s environment where citizens are increasingly attentive to how resources are used, outcomes count and impact matters.

The Philippines must approach its 2026 Chairship with the same level of strategic clarity — focusing on sectors where it is already competitive and capable of delivering results. If done well, we can transform a year of meetings into a decade of economic opportunity. Rather than proposing long-gestation initiatives, the focus should be on areas where the Philippines already has strengths — sectors that can be scaled at the ASEAN level and where early, tangible gains can be achieved. Only then can we have a conversion of the cost into investment and real return on investment (ROI).

From the MAP consultations, one central question emerged: What policy directions should the Philippine private sector champion to ensure that ASEAN 2026 delivers tangible gains for business, communities, and regional integration? The answer lies in building on what the country already has. The Philippines is well-positioned in several key areas:

• A young and skilled workforce;

• A fast-growing digital economy;

• Global strength in creative services;

• Leadership in renewable energy transition; and

• Strategic location in regional logistics and supply chains.

From these advantages, six priority sectors emerged, clustered into three strategic pillars:

• Strengthening ASEAN’s productive economy

• Accelerating ASEAN’s Digital and Creative Economy

• Building an Inclusive ASEAN Economy

STRENGTHENING ASEAN’S PRODUCTIVE ECONOMY
ASEAN must continue strengthening the foundations of its productive economy, particularly in food systems, connectivity, and energy resilience.

• Agriculture transformation. Food security remains a critical regional concern. The Philippines has growing experience in climate-resilient agriculture and agri-technology, which can support regional collaboration on food systems innovation.

• Transport and infrastructure connectivity. With established experience in public-private partnerships, the Philippines can contribute to regional efforts in logistics integration and supply chain connectivity.

• Energy transition. With increasing investments in renewable energy, the Philippines is well-positioned to support ASEAN’s push toward energy security and sustainability.

ACCELERATING ASEAN’S DIGITAL AND CREATIVE ECONOMY
The next phase of ASEAN growth will be driven by digital and creative industries. Two sectors stand out.

• Digital economy and technology. The Philippines’ strong digital workforce and IT-BPM sector position it well to support deeper regional collaboration in digital services and innovation.

• Trade and the creative industries. Filipino creativity is globally recognized, especially its capabilities in design, animation, and content creation. They all contribute to positioning ASEAN as a global creative hub.

BUILDING AN INCLUSIVE ASEAN ECONOMY
• Diversity, Equity, and Inclusion (DEI) in growth. The Philippines has long demonstrated strong participation of women in the workforce and leadership roles. Promoting inclusive growth — particularly for MSMEs, women, and the youth — can expand economic participation and strengthen ASEAN’s long-term competitiveness.

FROM POLICY TO ACTION
To help maximize the 2026 ASEAN Chairship, the private sector proposes the following priority areas for regional collaboration:

• Strengthening regional cooperation on digital services and talent mobility;

• Advancing an ASEAN platform for the creative economy;

• Deepening collaboration on renewable energy and energy transition;

• Enhancing regional coordination on food security and agricultural innovation;

• Promoting logistics and infrastructure connectivity initiatives; and,

• Encouraging inclusive workforce participation across ASEAN economies.

These are not entirely new initiatives, but areas where existing ASEAN cooperation can be strengthened, and where the Philippines can contribute more actively. Policy alone will not be enough, however. Regional initiatives succeed only when execution follows diplomacy. The private sector plays a critical role in this process by:

• Providing industry expertise;

• Supporting regional partnerships;

• Mobilizing business networks; and,

• Translating policy frameworks into real economic activity.

In this context, the support of ASEAN-BAC Philippines and the MAP-proposed ASEAN Management Association Network (AMAN) could help bridge policy direction and implementation.

REALIZING THE RETURN ON INVESTMENT
Hosting ASEAN requires significant public investment, but the return can be substantial if outcomes are strategic. Potential benefits include:

• Increased foreign investment;

• Expansion of regional markets for Philippine services;

• Strengthened regional leadership position;

• Growth of priority industries; and,

• New ASEAN economic platforms led by the Philippines.

The goal is clear: we can convert diplomatic hosting into national economic advantage. The ASEAN is one of the most dynamic regions in the world — with about 700 million people and a combined economy of about $4 trillion. The Philippines assumed the Chairship at a time of profound global shifts and regional transformations.

Ultimately, the question is not simply how well we host ASEAN, but how boldly we use this moment to position the Philippines as a leader in the region’s next chapter of growth. If we align policy, enterprise, and execution, the 2026 Chairmanship will not only be remembered as a successful diplomatic year — but as the moment the Philippines stepped forward to lead.

 

Alma Rita R. Jimenez is a member of the International Relations Committee of the Management Association of the Philippines or MAP. She is also the chair of the MAP CEO Conference Committee and co-vice-chair  of the MAP Trade, Investments, and Tourism Committee. She is president and CEO of Health Solutions Corp. and former undersecretary of the Department of Tourism.

alma.almadrj@gmail.com

map@map.org.ph

Paddington musical triumphs at London’s theatrical Olivier Awards

LONDON — Paddington Bear was the big winner at the Olivier Awards in London on Sunday, with a stage adaptation of the beloved children’s books picking up seven prizes at Britain’s top theater honors.

Paddington The Musical, based on author Michael Bond’s books and the 2014 film adaptation, brings to life the marmalade-sandwich-loving bear, a refugee from Peru who is named after the London train station where he is found. The show, with music and lyrics by musician Tom Fletcher, won prizes including best new musical, best director, and best actor in a musical for the duo who portray the title character together.

“With everything that is happening in this world there will be further displaced people, please be welcoming, accepting and helpful to those people and treat them as you would if you were Paddington himself,” James Hameed, who voices Paddington off-stage in the show while co-winner Arti Shah plays the bear on stage, said in their joint acceptance speech.

“Paddington reminds us to be welcoming, inquisitive, and most importantly kind.”

It had led nominations alongside Into the Woods, a production of Stephen Sondheim’s musical featuring Brothers Grimm characters that won best musical revival, with 11 nods each.

Punch, based on a real-life story of one man’s fatal punch, won best new play.

Snow White star Rachel Zegler won best actress in a musical for her portrayal of Argentine first lady Eva Peron in Evita, which saw her performing the show’s big number “Don’t Cry For Me Argentina” live from a balcony outside the theater.

“Thank you so much to the city of London for making me feel so welcome here. I never could have imagined it,” Ms. Zegler said.

“It was the honor of a lifetime singing to the people of Argyll Street eight times a week. I can’t believe I got so lucky.”

Gone Girl star Rosamund Pike won best actress for legal drama Inter Alia, while Jack Holden beat the likes of Loki actor Tom Hiddleston, and Breaking Bad star Bryan Cranston to win best actor for true-crime thriller play Kenrex.

A new production of Arthur Miller’s All My Sons won best revival and best supporting actor for Paapa Essiedu, who plays Professor Snape in the upcoming Harry Potter television series.

Named after actor Laurence Olivier and first handed out in 1976, the awards are Britain’s most prestigious theatrical honors.

As well as celebrating their 50th anniversary, the awards marked other major theater milestones: 40 years of Phantom of the Opera and 20 years of Wicked, with special performances for both.

Sunday’s ceremony at the Royal Albert Hall also saw veteran stage actor Elaine Paige receive a special award in recognition of her “defining contribution to musical theater.” — Reuters

Treasury bills fetch lower rates, mixed demand

BW FILE PHOTO

TREASURY BILLS (T-bills) offered on Monday fetched lower yields as the market corrected following a decline in global oil prices last week amid a temporary ceasefire between the United States and Iran, although demand was largely skewed towards shorter tenors as uncertainty remains high.

The Bureau of the Treasury (BTr) raised P32.06 billion via the T-bills it auctioned off, above its P30-billion program as total tenders reached P99.425 billion or more than thrice the amount on offer. This was also higher than the P50.203 billion in demand recorded on April 6.

The government fully awarded the 91-day and 182-day papers, with strong demand and lower yields prompting the Auction Committee to double its acceptance of noncompetitive bids for both tenors to P7.2 billion, it said in a statement. Meanwhile, it partially awarded the one-year T-bill to cap its average rate.

Broken down, the Treasury raised P16.8 billion via the 91-day T-bills, well above the P12 billion it placed on the auction block, as demand for the tenor reached P50.825 billion. The three-month paper fetched an average rate of 4.75%, falling by 23.5 basis points (bps) from 4.985% last week. Bids accepted had yields ranging from 4.7% to 4.798%.

The government also borrowed P10.71 billion via the 182-day debt, higher than the P9-billion offering as tenders reached P34.715 billion. The average rate of the six-month T-bill was at 4.882%, declining by 19.8 bps from 5.08% previously. Tenders awarded carried rates from 4.81% to 4.995%.

Meanwhile, the BTr sold only P4.55 billion in 364-day securities, below the P9 billion on offer, even as bids totaled P13.885 billion. The one-year paper fetched an average yield of 5.168%, down by 3.6 bps from 5.204% last week. Accepted bids had rates from 5.138% to 5.19%.

At the secondary market before Monday’s auction, the 91-, 182-, and 364-day T-bills were quoted at 4.7599%, 4.9141%, and 5.1591%, respectively, based on PHP Bloomberg Valuation Service Reference Rates data provided by the Treasury.

T-bill yields corrected lower to mirror the week-on-week decline in comparable secondary market rates as the US-Iran truce caused global oil prices to go down, leading to lower domestic pump prices that eased inflation concerns slightly, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“T-bill average auction yields also declined after relatively large total bids versus previous weeks especially since the war in the Middle East started,” he said.

“There was high demand for shorter tenors again, similar to last week. Also, yields moved lower despite the upward movement of oil prices and US Treasury yields,” a trader said in a text message.

Demand for risk assets rebounded following the US-Iran ceasefire deal announced last week, although sentiment soured anew on Monday as talks between the warring countries ended with no agreement over the weekend.

Oil prices surged on Monday as the US moved to impose a blockade on Iranian shipping after the collapse of weekend peace talks, Reuters reported.

The US move, aimed at putting pressure on Tehran, leaves a fragile ceasefire hanging in the balance and no end in sight to the choke on Middle East energy exports — though the mood on trading floors leaned toward hoping for a resolution.

Brent crude futures were up 7.3% at $102 a barrel — a gain of more than 40% since the war shut navigation of the Strait of Hormuz.

US Treasuries and bonds around Asia traded lower, with Japan’s benchmark 10-year yield hitting a 29-year high of 2.49%, though moves were relatively modest and took most assets to roughly where they sat before last week’s ceasefire.

The Wall Street Journal reported that Mr. Trump and his advisers were weighing limited strikes on Iran, though there were no immediate reports of attacks in the Asia day.

Mr. Trump said on Sunday that the price of oil and gasoline ​may remain high into the midterm elections in the US in November, a rare acknowledgement of the potential political fallout from the war.

With inflation fears reviving, investors are now bracing for central banks, such as the European Central Bank and Bank of England, tilting towards raising rates in a sharp reversal from pre-war bets on rate cuts or a prolonged pause.

On Tuesday, the BTr is targeting to raise P20 billion to P30 billion from reissued 20-year Treasury bonds (T-bonds) with a remaining life of five years and three months.

The Treasury wants to borrow up to P248 billion from the domestic market this month, or P140 billion via T-bills and P108 billion through T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.61 trillion or 5.3% of gross domestic product this year. — A.M.C. Sy with Reuters

Metro Manila condo demand up 19% in Q1, seen as seasonal rebound — LPC

A VIEW of buildings in Makati City. — PHILIPPINE STAR/MICHAEL VARCAS

DEMAND for Metro Manila condominiums increased 19% year on year in the first quarter (Q1), driven by end-user purchases and developer incentives, though Leechiu Property Consultants (LPC) said the uptick reflects a seasonal rebound rather than a full market recovery.

Total condominium take-up reached 7,732 units in the January-to-March period, recovering from a “sharp slowdown” in the previous quarter, LPC said in its first-quarter residential market report released last week.

Despite the improvement, LPC said the market remains vulnerable to external shocks and structural constraints.

“A more decisive recovery is unlikely until external risks moderate and rental yields begin to normalize relative to capital values,” it said.

Investor activity remained subdued, with rental yields at 3.8% for primary units and 4.6% for secondary units, levels the firm said are insufficient to offset high acquisition costs.

“Speculative investor interest remained muted due to subdued rental yields as rental rates normalize and capital values of primary units remain elevated,” it said.

The market also faces elevated inventory, with unsold condominium stock equivalent to about 31 months, though this was partly eased by slower project launches and improved absorption.

“Tempered project launches and incremental gains in absorption provided temporary relief to inventory pressure,” LPC said.

Demand was more resilient in the mid-market segment, while higher-end buyers continued to adopt a wait-and-see approach.

LPC said global risks, including geopolitical tensions in the Middle East, could drive inflation and interest rates higher and dampen remittance flows from overseas Filipino workers.

“Given heightened global and geopolitical risks, market participants should maintain a cautious stance — closely assessing supply-chain impacts, preserving liquidity, and deferring aggressive expansion until conditions stabilize,” said Roy Golez, LPC director for research, consultancy, and valuation.

Residential activity is also gradually shifting to provincial areas supported by infrastructure development, where flexible payment terms and improved accessibility are helping sustain demand and price growth, the firm said. — Alexandria Grace C. Magno

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