Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 2

Dilaw releases album in CD format

Physical form helps build stronger connection to the art

THE physical CD edition of Filipino band Dilaw’s first full-length album, RARARA, is now available at indie vinyl record shop Backspacer Records in Pasig City.

First released digitally in September under Warner Music, the album chronicles an emotional road trip that traverses pop and rock genres. Having a CD edition in a record store makes it “something real,” said guitarist Vie Dela Rosa.

As music lovers who once dreamed of having their own physical record, the CD format release is a great way to culminate their life’s work so far, he said at the launch on Jan. 30 at Backspacer Records.

“May full commitment na bibili ka ng CD, at may player ka, tapos excited kang buksan at nandoon pa ’yong mga picture ng idol mong banda (It’s a full commitment of buying a CD, and owning a player, then the excitement of opening it and seeing the picture of the band you idolize),” he explained.

For guitarist Leon Altomonte, aside from the satisfaction and nostalgia of listening to a CD, the format helps “build a stronger connection to the art,” especially in the fast-paced digital age.

“You’re not just looking at a screen and scrolling through whatever the algorithm is recommending you. This is something you’re actively seeking out, a piece of art you actively want to engage with, and it helps you connect with the music in a different way,” he said.

Meanwhile, drummer Tobi Samson referred to the achievement as a “full-circle moment.”

“I remember my dad collected a lot of audio cassettes and whenever we played any songs, my dad would tell us stories of where he was when he bought those,” he recalled. “I still remember everything.”

A MUSICAL ROAD TRIP
The CD edition features 10 tracks and a lyric booklet detailing the artwork of their journey. Aside from being a road trip album, or a soundtrack for young Filipinos navigating uncertainty, heartbreak, and self-discovery, it is also an ode to Baguio City, the band’s hometown.

Among the fan favorites is the laidback tune “SEYP,” which then carries into a colorful track list of healing and hope alongside standouts like “RARARA.”

Mr. Samson cited “BLACK N’ WHITE” as his favorite song: “It’s so silky. It’s so smooth. I had fun with it!” he said.

For Mr. Dela Rosa, the bold opener “ALL IN” is a great motivational track. He and lead vocalist-songwriter Leonard Obrero wrote it as a conversation between a daring friend and a more cautious friend.

“When it comes to songwriting, pinipili namin ang totoong nararamdaman namin (we choose to convey what we really feel),” he explained.

WHAT’S NEXT
Mr. Altomonte cited the fans who pre-ordered the CD at the launch and would go out of their way to attend gigs as their reason for continuing.

“We have a wide mix of gigs like private events, where people hear tracks for the first time and give positive reactions. There’s bar gigs and fan-centered events, for the people we made the songs for,” he said.

The band members all agree that their chemistry and bond were built on stage, which made it interesting to “translate to the album.”

As for being a modern OPM representative of the Baguio music scene, they remained humble and told the press that it is always a privilege to play music and have fans sing along to their songs.

“The sound and vibe of Baguio is something the whole community contributes to,” Mr. Altomonte said, speaking for all five members. “We’re just happy to share a slice of the culture down here.”

Dilaw’s RARARA CD, produced in Baguio with a lyric booklet detailing the artwork of their journey, can be purchased exclusively via Backspacer Records’ official website and its physical store, located at the 2nd floor of D’Ace Plaza in Kapitolyo, Pasig City. — Brontë H. Lacsamana

BPI nets P66.6B in 2025

BPI FACEBOOK PAGE

BANK of the Philippine Islands (BPI) posted a 7.4% increase in net income to P66.6 billion last year, supported by strong revenue growth that helped offset higher operating expenses and loan-loss provisions.

“Revenue growth remained strong although income growth was partly tempered by higher provisions and operating expenses, but the bank continued to sustain a positive jaw,” the Ayala-led lender said in a statement on Monday.

BPI posted a return on equity of 14.5% and a return on assets of 2% for the year. Its financial statements were unavailable as of press time.

Revenue climbed 14.8% to P195.3 billion, driven mainly by higher net interest income, which rose 16% to P148 billion.

This was supported by an 8.5% expansion in the bank’s asset base, allowing its net interest margin to widen by 28 basis points (bps) to 4.6%.

Noninterest income increased 11% to P47.2 billion, reflecting higher fees from cards, insurance and wealth management, alongside solid trading gains.

Operating expenses went up 9.9% to P92.1 billion, largely due to higher costs linked to business volumes, manpower and technology investments. Despite this, the bank’s cost-to-income ratio improved by 209 bps to 47.2%.

Provisions more than doubled, surging 168.9% to P17.8 billion. BPI said this supported asset quality as its nonperforming loan ratio stood at 2.18%. Bad loan coverage was 122.9%.

Total loans reached P2.6 trillion at end-2025, up 14.7% year on year. Institutional loans grew 10.4%, while noninstitutional loans expanded 25.8%, led by business banking, credit cards and personal loans.

On the funding side, deposits rose 8.6% to P2.8 trillion. Current and savings account (CASA) deposits hit P1.7 trillion, translating to a CASA ratio of 60.7%. — Aaron Michael C. Sy

SM Offices’ Pasay property earns LEED Gold

SM PRIME HOLDINGS, INC.

SM OFFICES, the commercial property arm of SM Prime Holdings, Inc., has earned its sixth LEED (leadership in energy and environmental design) Gold certification with its 15-storey FiveE-com Center in Pasay City.

In a statement on Monday, the company said the FiveE-com Center received the LEED Operations and Maintenance Gold certification under the LEED v4.1 O+M: Existing Buildings framework.

The LEED framework evaluates energy efficiency, water conservation, indoor environmental quality, and building management practices.

The twin-tower FiveE-com Center has more than 93,000 square meters of gross leasable area, with floor plates averaging 3,500 square meters designed for flexible office layouts.

The property features biophilic design and open-air spaces, including landscaped decks, pocket gardens, select office balconies, and koi ponds.

It also utilizes automated meter reading systems to track real-time energy consumption and a building management system that adjusts cooling based on occupancy. Energy recovery ventilators replace stale air to improve indoor air quality and reduce HVAC (heating, ventilation, and air conditioning) energy demand.

The center provides electric vehicle charging stations, bicycle facilities, and covered walkways connecting to SM Mall of Asia and a nearby transport hub.

SM Prime said its OneE-com, TwoE-com, and the upcoming SixE-com Center are also pursuing LEED certifications.

FiveE-com Center adds to the developer’s existing LEED office portfolio, which includes ThreeE-com Center and FourE-com Center in Pasay City, Mega Tower in Ortigas Center, Aura Tower in Bonifacio Global City, and North Towers in Quezon City.

In the first nine months of 2025, SM Prime’s net income grew 10% to P37.2 billion, with offices and warehouse revenues contributing P4 billion.

On the local bourse on Monday, SM Prime shares fell 2.31% or 50 centavos to close at P21.10 apiece. — Beatriz Marie D. Cruz

Decentralizing without the distance in Cavite

CAVITE’S growth prospects are anchored by significant commercial developments and key infrastructure projects.

Nestled just south of Metro Manila, Cavite is rapidly emerging as a prime investment hotspot in the Philippines, fueled by ambitious public infrastructure projects and substantial commitments from leading developers.

On the public side, the province is benefiting from various infrastructure initiatives. The LRT-1 Cavite Extension will move onward to Bacoor, improving commuter access from the west of Metro Manila to Cavite. The continuing buildout of Cavite-Laguna Expressway (CALAX) will also be reinforcing Metro Cavite’s inter-province connectivity with Laguna, extending from Biñan all the way to Kawit. Most importantly, Bataan-Cavite Interlink Bridge will position Cavite as the gateway not only from National Capital Region (NCR), but also for North Luzon.

Complementing these are major private investments from top-tier developers. Ayala Land is spearheading Evo City in Kawit, featuring new office spaces for lease as of 2025 and a mall slated to open by 2026, alongside the development of Vermosa in Imus, home to the country’s largest Landers Superstore. Further south, Megaworld is expanding its luxury residential footprint with Maple Grove in General Trias, the Arden Botanical Estate spanning Trece Martires and Tanza, and its commercial legacy with Southwoods City in Carmona. Villar Land’s expansive Villar City is set to extend the horizon of commercial developments in Cavite with various districts planned in its expanse. Lastly, the redevelopment of Island Cove is also expected to reintroduce more commercial developments into the market in Kawit.

With no pipeline developments in the next two to three years, Cavite’s office occupancy is expected to mirror southern NCR districts.

With robust investments in retail landmarks and residential communities, amplified by the development of commuter and vehicle infrastructure, Cavite’s office sector is set to be rejuvenated. Fundamentally, Cavite is still a developing office market with a limited stock of office supply amounting to approximately 180 thousand square meters (sq.m.) with no new pipeline developments to reinforce this within the next two to three years. However, with pre-pandemic offices built to cater to the southern expansion of Philippine Offshore Gaming Operators (POGO’s), compared to other previous prospect POGO hubs such as the Bay Area and Alabang, Cavite was less insulated against the POGO exodus. This is because Bay Area and Alabang were less reliant on business process outsourcing’s (BPO) and POGO’s given demand from traditional logistics firms due to Bay Area’s proximity to Manila Port, as well as the government’s flight-to-quality initiative as they vacate their decades old office buildings for newer POGO-vacated buildings.

While current occupancy is estimated at 65% for Cavite, its office market recovery is set to follow after the recovery of these districts, buoyed by BPO expansions. Based on internal requirements nationwide outside of NCR in 2025, Cavite received majority of inquiries at almost ¼ of the annual total with significant inquiries from both traditional firms and the IT-BPO sector. Furthermore, recent significant take-ups have reached between 3 thousand to 4.5 thousand sq.m., with select prospects eyeing to reach 5-digits of space take-up, taking advantage of the current tenant’s market.

With more than half of office inquiries being expansion-related, cost competitiveness, proximity to Metro Manila, and access to a robust workforce are key advantages for Cavite.

With expansions becoming most prevalent in 2025 at 59% of inquiries nationwide, Metro Cavite is poised to absorb decentralization initiatives primarily from established IT-BPO companies in Metro Manila due to its adjacency. For example, the closest office development, CBC Asia Technozone, is just around a kilometer away from the border of Las Piñas.

The benefit of this short distance from NCR is most felt through cost. By migrating just one kilometer south of Las Piñas, occupiers are exposed to lower minimum wages at P550-600/day as opposed to NCR’s P695/day. This lower mandated wage floor has created a significant difference of 32.7% in average monthly wages between the two regions. At the same time, compared to NCR’s southern office districts such as Makati, Alabang, BGC, and the Bay Area, Metro Cavite’s office lease rates exhibit a clear cost advantage, a boon for cost-conscious tenants.

Office tenants are also strategically tapping into Cavite’s talent pool to pursue “reverse migration” as a significant portion of Metro Manila’s workforce commutes from Cavite. By total population, key cities such as Bacoor (661 thousand) and Dasmariñas (744 thousand) surpass Muntinlupa (552.2 thousand), Taguig (309.7 thousand), and Pasay (453 thousand). Outside of Metro Manila in Luzon, Cavite also features the second largest density of higher education institutions (82), primarily concentrated in Dasmariñas, Silang, and Bacoor. With overall population in Cavite growing by 1.51% annually from 2020-2024, only second to Rizal by province in Luzon, more residents from outside of Cavite are expected to gravitate towards the continuously developing township developments scattered across the province, collectively expanding and sustaining its talent pool.

Although Cavite’s office market remains in a gradual recovery phase, the convergence of prominent commercial investments, major connectivity projects, and a strengthening demand profile is steadily improving the province’s prospects.

 

Jet Yu is the founder and chief executive officer of PRIME Philippines, a commercial real estate advisory firm.

SC justices themselves violated the Rule of Law

BW FILE PHOTO

On Jan. 28, in a unanimous vote of all participating associate justices, the Supreme Court (SC) affirmed with finality its July 25, 2025, decision, which declared the articles of impeachment against Vice-President Sara Duterte unconstitutional. “The Resolution is immediately executory …No further pleadings will be allowed,” SC spokesperson Camille Sue Mae Ting told reporters in a press conference.

The Court clarified in a press release that the initial three impeachment complaints filed against Duterte turned on the constitutional clock, even though they were not placed in the order of business within the required 10 session days.

Under article XI, section 3(5) of the 1987 Constitution, the one-year bar rule disallows any impeachment proceedings against the same official for more than once in a year.

The Court interpreted “session days” in its plain and ordinary sense to mean any calendar day in which the House of Representatives holds a session, rather than strictly legislative session days.

Citing the landmark Gutierrez v. House of Representatives case, the Court detailed that an impeachment is deemed initiated when a verified complaint is referred to the Committee on Justice. It also pointed out that the initiation must occur within the term of Congress to be valid.

As in 2025, Associate Justices Alfredo Benjamin Caguioa and Maria Filomena Singh were on leave. As in last year, Senior Associate Justice Marvic Leonen penned the SC decision.

The Supreme Court decision drew mixed reactions from lawmakers, legal experts, and other stakeholders.

Here is the statement of the defense team of VP Sara: “We welcome the Supreme Court’s ruling. This unanimous Decision has once again upheld the rule of law and reinforced the constitutional limits against abuse of the impeachment process. We remain prepared to address the allegations at the proper time and before the appropriate forum.”

House of Representative spokesperson Princess Abante said: “We respect the Supreme Court. But our constitutional duty to uphold truth and accountability does not end here.

“The impeachment process is not just a legal mechanism — it is a vital democratic safeguard. Under Article XI, Section 3 of the Constitution, the exclusive power to initiate impeachment rests solely with the House of Representatives. This was firmly established in the case of Francisco v. House of Representatives and has long stood as settled doctrine.

“To allow judicial interference in the initiation of this process risks undermining the very principle of checks and balances. Impeachment is a political act rooted in the people’s will — no legal technicality should silence it.”

Akbayan Rep. Chel Diokno, former dean of De La Salle University School of Law, said: “In this decision, the people lost. Accountability lost. Impeachment is about accountability. The process followed the Constitution: the complaint was verified, endorsed by more than one-third of the House, only one case confronts VP Sara. There was no violation of due process — only a demand to present the truth to the Filipino people.

“Together with the people, we will not waver in our call for those accountable to be held so. We will continue to work with civil society and reform-minded leaders to defend our democracy and ensure that truth and justice prevail.”

Mamamayang Liberal Rep. Leila de Lima, former Secretary of Justice, stated: “The Supreme Court’s decision today declaring the impeachment complaint against Vice-President Sara Duterte unconstitutional is not only unprecedented; it is procedurally questionable.

“This was a decision rendered without hearing the other side. The House of Representatives, the principal respondent in the case, was not given the opportunity to file a formal Comment as required by Rule 65, Section 6 of the Rules of Court. No such order was issued by the Court.

“Instead of directing the House to file a comment, the Court issued a written interrogatory — a rare, if not irregular, move. Somehow, the Supreme Court treated the House’s compliance with this interrogatory as if it were a formal responsive pleading. It was not.

“How was a final decision released without a formal reply from the respondent? A decision without due process is a decision left in the air. The decision is basically an ex-parte decision, a very prohibited action among judges when the rules require the parties to be given the opportunity to be heard first.

“I respect the Supreme Court. But in a case of this magnitude -— transcendental constitutional importance — we must demand clarity, not shortcuts. The public deserves an explanation.”

Senate Impeachment Court spokesperson Regie Tongol told reporters: “We acknowledge the Supreme Court’s decision. The Senate, sitting as an Impeachment Court, has always acted in deference to the Constitution and the rule of law. As a co-equal branch of government, we are duty-bound to respect the finality of rulings issued by the High Court.

The Senate remains committed to upholding constitutional order, ensuring due process, and protecting the integrity of our democratic institutions.”

Senator Panfilo Lacson quipped, “The Supreme Court is the final arbiter of the law. They are not called ‘The gods of Padre Faura’ for nothing.”

Lawyer Rene Sarmiento, a framer of the 1987 Constitution, expressed concerns over “judicial overreach” rather than just “judicial activism,” and the weakening of the impeachment process.

The same comments were made when the Court ruled the impeachment of VP Sara unconstitutional last year.

A framer of the 1987 Constitution Christian Monsod said the Court not only misapplied the one-year bar rule but also imposed retroactively new requirements that were never part of past impeachment complaints, such as requiring a plenary hearing before referral to the House of Representatives Committee on Justice. “It violates due process,” Monsod said. “You cannot comply with a rule that didn’t exist at the time of the act. That’s basic.”

Another framer of the same Constitution, Adolf Azcuna, a retired associate member of the Supreme Court as well, said the Court made a crucial but unsupported presumption in ruling that the House acted in bad faith. “They cannot say that because they have no evidence. There can be none, because there was no hearing in order to find bad faith … because bad faith is not presumed.” He reiterated his appeal to the Court to call for oral arguments.

In a statement written by Philippine Constitution Association chair, retired Supreme Court Chief Justice Reynato Puno, “Decisions of the Supreme Court that rearrange the particles of the principle of separation of power, redefine the limits of power of government or change the calculus of the balance of power between and among the three branches of our government demand their strictest scrutiny for the slightest of error can bring about a tyrannicide that will incinerate our Constitution.”

In a televised interview, Puno noted that the seven conditions set by the Court in initiating an impeachment complaint are not included in the 1987 Constitution. He also noted that “the right of the House to promulgate its own rules is very clearly stated in the Constitution.”

That is why I find Justice Leonen being the author of the Court’s decision inconsistent with his previous stand. In 2015 the Court ruled that the fragile state of Senator Juan Ponce Enrile’s health was a compelling reason for his admission to bail. Several justices dissented, saying the decision was contrary to the rule of law. Associate Justice Leonen, then the most junior member of the Court, vented in his dissenting opinion that the granting of bail to Senator Enrile for humanitarian reason “will usher in an era of truly selective justice not based on clear legal provisions.”

It appears from the reactions of many legal luminaries that the associate justices of the Court were the ones who violated the Rule of Law. The 1987 Constitution, specifically Article XI, Sections 2 and 3, provide the exclusive process for removing high-ranking officials like the President, Vice-President, and Supreme Court Justices for culpable violation of the Constitution.

The rule of law is a foundational principle where all people, institutions, and the government itself are accountable to publicly promulgated, equally enforced, and independently adjudicated laws. It ensures that no one is above the law, fostering accountability, just laws, open government, and impartial justice.

Christian Monsod, citing a 2023 Cambridge study, commented last year that justices appointed by President Rodrigo Duterte had voted in favor of government positions 94% of the time. “There is growing concern that our institutions are being weakened,” he said. Of the 13 SC associate justices who voted that the impeachment of VP Duterte was unconstitutional, 11 were appointed to the SC by President Duterte, the father of VP Sara.

As regards Senator Lacson’s remark about “the gods of Padre Faura,” it has been said that when the gods fall, they crash and shatter or sink deeply into green muck. As I enumerated in past columns, the gods of Padre Faura have crashed and sunk more deeply into muck through the years.

Rene Sarmiento said that although the House of Representatives must honor the finality of the decision, the ruling has effectively changed the landscape for how accountability is enforced against top government officials. He noted that “overwhelming public pressure” might prompt the Supreme Court to eventually overturn its own ruling.

This is where the Catholic Bishops Conference of the Philippines (CBCP) can play a vital role – galvanize public pressure. All bishops are well versed with Canon Law, the internal legal system used by the Catholic Church to govern its organization, clergy, and members.

Canon Law is often referred to as the first “modern” Western legal system and had deeply influenced the development of the secular Rule of Law. The bishops can tell their flock, who compose 83% of the entire Philippine population, that the justices of the Supreme Court were the ones who violated the Rule of Law by violating with their partial ruling Article XI of the Constitution, which was ratified by the Filipino people.

The bishops can urge the people to denounce the justices of the Supreme Court for not upholding the Constitution and bearing true faith and allegiance to it.

 

Oscar P. Lagman, Jr. has been a keen observer of Philippine politics since the late 1950s.

Peso weakens as market waits for inflation data

BW FILE PHOTO

THE PESO edged lower against the dollar on Monday as cautious trading prevailed ahead of the release of domestic inflation data and key US economic indicators.

It closed at P58.899 a dollar, weakening by 3.9 centavos from Friday’s P58.86 finish, according to Bankers Association of the Philippines data posted on its website.

The peso opened at P58.90 and moved within a narrow range, trading as strong as P58.86 and as weak as P58.915 during the day. Trading activity thinned, with dollar turnover falling to $773 million from $1.267 billion in the previous session.

“The dollar-peso closed a tad higher but traded mostly sideways within a narrow range as players stayed on the sidelines awaiting key US job data and local inflation,” a trader said by telephone.

Market participants are focused on January inflation figures due on Feb. 5. A BusinessWorld survey of 18 economists yielded a median forecast of 1.8%, within the Bangko Sentral ng Pilipinas’ (BSP) 1.4% to 2.2% projection. Inflation would be unchanged from December and slower than the 2.9% recorded a year earlier.

January could mark the 11th straight month that inflation stayed below the BSP’s 2% to 4% target, supporting expectations that price pressures remain manageable despite peso volatility and higher global energy prices.

The peso also tracked a modest rebound in the dollar after US President Donald J. Trump named Kevin Warsh as the next chairman of the US Federal Reserve. The announcement prompted some repositioning in global currency markets.

The dollar index, which measures the greenback against a basket of major currencies, edged higher on Monday as investors assessed the potential policy implications of the Fed leadership change and awaited fresh labor market data from the US.

For Tuesday, the trader said the peso is likely to trade at P58.80 to P59 against the dollar.

Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., shared a similar outlook, citing continued range-bound trading ahead of inflation data.  — Aaron Michael C. Sy

ICTSI: Manzanillo terminal surpasses 12M TEUs, supporting Asian import flows

ICTSI

RAZON-LED International Container Terminal Services, Inc. (ICTSI) said its business unit at the Port of Manzanillo, Mexico, has handled a cumulative volume of more than 12 million twenty-foot equivalent units (TEUs) since the start of operations, reflecting the terminal’s growing role in facilitating Asian imports to the country.

“The dynamism of trade with Asia has been fundamental to the development of the terminal. Over the past four years, imports from the region — particularly from China — have grown by more than 70%, driven by Manzanillo being the first port of call and its proximity to the country’s main production centers,” Contecon Manzanillo S.A. (CMSA) Chief Executive Officer José Antonio Contreras said in a media release on Monday.

CMSA, ICTSI’s business unit operating at Manzanillo, said that in 2025, the terminal posted growth of 10.5% in import volumes and 12.5% in export volumes.

Since 2023, CMSA has invested over $300 million for its Phase 3A and 3B expansions to increase yard and berth capacity while adding specialized equipment.

ICTSI said the company has invested a total of $900 million to date, helping enhance the terminal’s overall capacity.

“Reaching the 12-million TEU mark confirms that we are moving in the right direction at a critical moment as our expansion project enters its final stage. This milestone prepares us to operate with a capacity exceeding 2 million TEUs annually, reinforcing our commitment to efficiency, growth and the development of trade in Mexico,” Mr. Contreras said.

ICTSI said that after completing the Phase 3 expansion, CMSA has continued to bolster its infrastructure and operational capabilities.

The terminal now operates 1.3 kilometers of berths, with quay cranes reaching up to 60 meters and hybrid rubber-tired gantry cranes.

This has enabled the terminal to service vessels of up to 400 meters long and 24,000 TEU capacity.

“Guided by a long-term vision, Contecon Manzanillo will continue to invest in infrastructure, technology and talent to support its operations and contribute to the competitiveness of Mexican foreign trade at a port that handles nearly 70% of Asian imports entering the country through the Pacific,” it added.

At the local bourse on Monday, ICTSI shares gained P13, or 2.02%, to close at P655 apiece. — Ashley Erika O. Jose

Trump plans to close Kennedy Center for two years for reconstruction work

US PRESIDENT Donald J. Trump said on Sunday he planned to close the John F. Kennedy Memorial Center for the Performing Arts for two years for reconstruction starting in July.

The national arts and entertainment center in Washington has been marked by turmoil in recent months following Mr. Trump’s appointment of himself as chairman, his push to change the organization’s focus, plans for reconstruction, and the board’s addition of his name to the institution.

Under Mr. Trump’s plan, the center would close on July 4, the 250th anniversary of the signing of the Declaration of Independence.

“I have determined that the fastest way to bring The Trump Kennedy Center to the highest level of Success, Beauty, and Grandeur, is to cease Entertainment Operations for an approximately two year period of time, with a scheduled Grand Reopening that will rival and surpass anything that has taken place with respect to such a Facility before,” Mr. Trump wrote on the social media platform Truth Social.

The center did not immediately respond to a Reuters request for comment.

Mr. Trump wrote the closure is subject to approval by the board. He added, without citing details, that financing for the building project is complete. The Kennedy Center rebuilding plans follow a series of measures by Mr. Trump to reshape US historical and cultural institutions, and another construction project on the president’s initiative: the bulldozing of the East Wing of the White House in order to build a large ballroom.

He has said private fundraising will pay for the $300-million East Wing ballroom, with many of the donations coming from wealthy individuals and large companies.

The Washington Post reported on Saturday that he wants to build a 250-foot (76-meter) tall monument called the Independence Arch.

Mr. Trump named himself chairman of the Kennedy Center and filled its board with his allies last year. The board in December voted to rename the institution as the Donald J. Trump and the John F. Kennedy Memorial Center for the Performing Arts, or Trump Kennedy Center.

Many groups and artists subsequently withdrew from scheduled performances, citing the Republican leader’s takeover.

American composer Philip Glass pulled the world premiere of his symphony Lincoln, and the Washington National Opera said earlier this month it planned to leave its home of 50 years. Producers of the hugely popular musical Hamilton canceled a planned 2026 engagement, and the Martha Graham Dance Company has canceled its next scheduled appearance at the Kennedy Center.

Democrats, noting the center’s name was established by Congress, have said Mr. Trump’s rebranding has no force of law. John F. Kennedy’s family denounced the renaming move as undermining the slain president’s legacy.

The Kennedy Center historically has hosted over 2,000 events per year, including the Kennedy Center Honors, usually held every December.

The center’s schedule currently lists some shows for July, August, and September, including performances of the musicals Moulin Rouge, Mrs. Doubtfire, and The Outsiders.

Representatives of those shows did not immediately respond to requests for comment. — Reuters

Damosa Land targets full sell-out of Samal condotel units this year

DAMOSA LAND, INC.

By Almira Louise S. Martinez, Reporter

DAVAO-BASED property developer Damosa Land, Inc. (DLI) said it is targeting a full sell-out of units in its newly launched condominium-hotel project TRYP by Wyndham Samal this year, citing growing interest in beachfront and resort-style properties in the region.

“Just for this month, I mentioned we have about 30% that’s already sold, that’s already beyond our expectation, and that’s even before doing the main project launch,” DLI President Ricardo F. Lagdameo told BusinessWorld last week.

“It’s very encouraging that we will be able to hit our 100% target this year,” he added.

Located in Samal, Davao del Norte, the project aims to offer an international hotel-style living experience in one of Mindanao’s emerging tourist destinations. It will be the second TRYP by Wyndham hotel in the Philippines.

The four-star condotel development will have 100 rooms, interactive social spaces, meeting facilities, a 250-seat ballroom, fitness amenities, an infinity-edge pool overlooking the Davao Gulf, and direct access to Azalea Beach.

The property is about 15 minutes from Davao City by private boat and 40 to 60 minutes via barge terminals.

Once completed, the Samal Island–Davao City Connector (SIDC) bridge is expected to reduce travel time from Francisco Bangoy International Airport to the island to about 25 minutes.

“When the experts talked about the trend of people wanting beachfront properties or island destination second homes, we really saw that,” Mr. Lagdameo said, citing strong demand in DLI’s separate Samal condominium project, Bridgeport Park, where about 90% of units have been sold.

Units at TRYP by Wyndham Samal will be included in DLI’s rental pool program, which the company said has been approved by the Securities and Exchange Commission. Under the program, unit owners may receive 40% of net room revenue, subject to hotel performance.

Unit prices start at P9.5 million. The company projects a potential 6% annual yield at 60% occupancy, along with 3% to 6% year-on-year capital appreciation.

“If you compare that with other investments like bonds, REITs (Real Estate Investment Trust), it’s a bit higher actually,” Mr. Lagdameo said.

“If we look at the occupancy rates here in the region, especially in the city hotels, the average for 2025 was closer to 70%.”

“We’re hoping that if our assumptions really play out and are correct, then we can give a very good return even at a modest occupancy of 60%,” he added.

The Samal condotel project is scheduled for completion in the fourth quarter of 2028 and is expected to open in the first quarter of 2029.

DLI expects most buyers to come from Davao and other parts of Mindanao.

“About 60 to 70% will come from Davao and the greater Davao region, and then we have about 20% that are OFWs (Overseas Filipino Workers),” Mr. Lagdameo said.

“Investors from other Mindanao cities like to invest back here into Davao, maybe because there’s a lot more choices, and price appreciation has been very good,” he added.

The company is also studying the possibility of developing similar projects in other cities in Mindanao.

“If this becomes very successful, and I have a good feeling about it, maybe we can replicate it in other cities in Mindanao,” Mr. Lagdameo said.

“We like Cagayan de Oro, that could be one location. For us, it’s one of the, the very fast-growing, up-and-coming cities as well here in Mindanao,” he added. “We have General Santos projects, I mean, that could be one location, since we already do have a hotel there.”

Damosa Land is the property development arm of the Anflocor Group of Companies, with projects in residential, township, mixed-use, office, commercial, and industrial developments.

On growth in 2025, the CPBRD study, and the RPA UPSE-PDE lecture

Today I will discuss three related topics, so we go straight to the numbers.

Last week the Philippine Statistics Authority (PSA) released the country’s GDP performance in the fourth quarter (Q4) and that of the full year 2025. It was a disappointing 3% in Q4 and thus, the full year growth was only 4.4% — the lowest since 2012, excluding the -9.5% contraction during the lockdown of 2020.

I checked the Q4 2025 data of our Asian neighbors. It turns out that our GDP was actually high compared to other East Asian nations except for Malaysia, Singapore, and Indonesia. It was also higher than all major economies of Europe and America except Ireland (see Table 1).

The UK has released no Q4 2025 data yet, but its GDP growth in recent years was low — 0.4% in 2023, 1.1% in 2024, and 1.5% in Q1-Q3 2025. These numbers are bordering on degrowth and deindustrialization like those of Austria, France, Germany, Italy, etc.
Thus, our 4.4% growth last year is still modest growth and hence, not a justification for economic pessimism. Our recent growth above 5% was pulled down by the continuing infrastructure corruption scandal that blew up last July. The growth slowdown is a necessary correction mechanism so that corruption and overspending can be checked. The detractors who dismiss the Philippines as “unworthy” of investments are using emotion and not reason in their arguments.

THE CPBRD STUDY
The Congressional Planning and Budget Research Department (CPBRD), the economic think tank of the House of Representatives, produced a beautiful research report, “The Limits of Expansionary Government Spending: An Initial Exploration of the Fiscal Multiplier in the Philippines,” written by David Joseph Emmanuel Barua Yap, Jr., Rutcher M. Lacaza, Jhoanne E. Aquino, and Edrei Y. Udaundo. The 30-page Discussion Paper No. 3 was published in January, just days before the PSA released the Q4 GDP data.

The paper examines fiscal multipliers — pesos of GDP generated or contracted per peso of expenditure. They used the Vector Autoregression (VAR) model estimated through quarterly data from 2010 to 2025, and focused on government expenditures, household consumption, gross capital formation or investments, and GDP.

Their research showed that every P1 of government expenditure generated only P0.15 of GDP in Q0, then reduced the GDP by P0.42 in Q1, and then a P1.70 reduction in GDP for the year, suggesting crowding-out effects.

For every P1 of household expenditure, the GDP increased by P1.44. And for every P1 in investment or gross capital formation, the GDP increases by P0.64. The CPBRD also correctly predicted that Q4 growth would be 3%. Their prediction of 2026 GDP growth is 4.62% in Q1 and 4.14% for the full year (see Table 2).

The report’s implications? If we want higher growth, we should cut government spending and borrowings, cut taxes to promote more household spending, and promote more investment and businesses. This was sensible research with sensible proposals.

The CPBRD used to be called the Congressional Planning and Budget Office (CPBO). I worked there as a junior economist from 1991-1999 before I joined the private consulting Think Tank, Inc. of former Congressman Gary Teves in 2000, before he became Finance Secretary.

THE 4TH RPA ANNUAL LECTURE
The 4th Ruperto P. Alonzo (RPA) memorial lecture will be held this coming Friday, Feb. 6, at 3 p.m., at the UP School of Economics in Diliman, Quezon City. It is sponsored by the UPSE Program in Development Economics (PDE) Alumni Association and the Philippine Center for Economic Development (PCED).

The main speaker is the acting secretary of the Department of Budget and Management, Rolando U. Toledo, who is a PDE alumnus from batch 29. The most recent Budget and Management Secretary, Amenah F. Pangandaman, is a PDE alumna from batch 33. The theme of the lecture is “Protecting Fiscal Integrity: Fighting Corruption in Public Finance.”

The two discussants after Mr. Toledo’s presentation will be Dr. Cielo Magno, UPSE faculty member and former Finance undersecretary, and Dr. Romulo Emmanuel “Jun” Miral, Jr., Deputy Secretary General of the House of Representatives and head of the CPBRD. The moderator will be Dr. JC Punongbayan, also a UPSE faculty member.

Prof. Ruping Alonzo was a beloved faculty member of UPSE for 45 years (1968-2013), the Director of PDE for many years, occasional drinking buddy of our PDE batch 33, and my wedding godfather. His wife, Zorayda Amelia “Mel” Alonzo who was former President and CEO of Pag-Ibig Fund, will give the closing remarks after the lecture.

The lecture is free, open to the public. So come dear readers, and catch these three brilliant officials discuss public finance intelligently and quantitatively.

 

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

IC eyes higher penetration with takaful, microinsurance push

PHILSTAR FILE PHOTO

THE INSURANCE COMMISSION (IC) is stepping up efforts to raise insurance penetration in the Philippines by approving more Islamic insurance (takaful) products and promoting microinsurance to reach underserved sectors.

Insurance Commissioner Reynaldo A. Regalado said penetration, measured as premiums relative to economic output, rose to 1.78% in 2025 from 1.67% a year earlier, but a “big gap” remains.

“We’ve been targeting this for decades — surpassing the 2% [penetration rate],” he told reporters on Friday. “There’s still a big gap that we should be addressing.”

The regulator has approved six takaful products from four insurers — Etiqa Life & General Assurance Philippines, Pru Life Insurance Corp. of UK Philippines, Stronghold Insurance and CARD Mutual Benefit Association, which will offer a micro-takaful product.

Takaful is a Shari’ah-compliant insurance model in which members contribute to a shared pool to cover losses collectively, avoiding interest, gambling and excessive uncertainty.

Operators manage the funds, charging fees for sales, underwriting and claim administration. The IC issued takaful licenses to Pru Life UK and Etiqa in 2024.

Mr. Regalado said the IC is also encouraging the industry to offer more microinsurance products, particularly through cooperatives and mutual benefit associations, since life insurers often avoid microinsurance due to small margins. Microinsurance is very effective for financial inclusion, he pointed out.

To expand its reach, the IC is strengthening regional offices in Cebu and Davao and will open a Baguio office on March 2.

Meanwhile, the regulator is reviewing insurance policies frozen by the Anti-Money Laundering Council (AMLC) over links to the flood control scandal. AMLC last week froze 10 more policies, adding to 394 accounts worth P490 million already frozen.

The IC is also set to implement three circulars this year: adjustments to compulsory motor vehicle liability insurance premiums, final coverage rates for electric and hybrid vehicles and premium and benefit rates for passenger personal accident insurance for motorcycle taxis.

Mr. Regalado said the motor vehicle premium revisions aim to update rates set in 2006, increase third-party liability to P400,000 and expand benefits per incident. Premium rates for motorcycle taxis are awaiting approval from the Land Transportation Franchising and Regulatory Board. Coverage for electric and hybrid vehicles is still under review amid rising battery costs. — Aaron Michael C. Sy

Entertainment News (02/03/26)

Filipino debut film Filipiñana wins at Sundance

FILMMAKER Rafael Manuel’s debut film Filipiñana recently won the World Cinema Dramatic Special Jury Award for Creative Vision at the 2026 Sundance Film Festival. Screened at the festival in Utah, United States, from Jan. 22 to Feb. 1, the film was lauded for its creative achievement. It follows a young Isabel (played by Jorrybell Agoto), who works as a tee-girl at an elite local country club. When she draws closer to the president, Dr. Palanca (played by Terry Guzman), she uncovers the violent and exploitative underbelly underneath the club’s luxurious front.

EuroXtreme Circus goes to Central Luzon

THE live spectacle EuroXtreme Circus can now be seen at Robinsons Starmills, Pampanga, in Central Luzon. Ongoing until Feb. 22, the Philippine leg of the traveling circus’ tour offers a fast-paced two-hour show featuring comedic clown performances, visually stunning acts, and adrenaline-charged stunts. Signature attractions include the Wheel of Suspense, where performers test balance and bravery at extreme heights; the Globe of Terror, featuring motorcycle riders racing at full speed inside a steel sphere; the Flying Trapeze, a showcase of aerial artistry; and high-energy FMX stunts with gravity-defying motorcycle tricks. The international touring production is presented by Art Box Entertainment. Tickets, ranging from P650 to P3,200, are available online via artboxentertainment.com.

Prime Video brings new and returning series, films

THIS February, many movies and series are back on the Prime Video streaming platform. One is the epic conclusion of Season 2 of the acclaimed series Fallout, which is based on the iconic video game of the same name. It follows survivors navigating a post‑apocalyptic world. Another newly dropped show is Relationship Goals, a romantic comedy starring Kelly Rowland and Method Man, centered on former lovers competing for the top job in morning television.

Clara Benin releases new single

AFTER staging a two-night concert honoring the 10th anniversary of her records, Human Eyes and Riverchild, Clara Benin is kicking off 2026 with a new single. Titled “muscle memory,” it dwells on quiet moments and restraint, dealing with the lingering presence of lost love. She will also release a new song, “the one to blame,” next month in anticipation of her upcoming EP, slated for release later this year. To mark the live debut of the new song, Ms. Benin will perform the song at the Valentine’s Day show at Eastwood City on Feb. 14. In the meantime, “muscle memory” is out now on all digital music platforms worldwide via Sony Music Entertainment.

Korean action-comedy The Informant now in cinemas

SQUID GAME breakout star Heo Sung-Tae is in a new action-comedy that has arrived in Philippine cinemas. The Korean film The Informant is a buddy cop romp screening exclusively at Ayala Malls Cinemas, and it has Mr. Heo play a detective entangled in a chaotic, larger‑than‑life conspiracy filled with high‑speed chases, slapstick comedy, and outrageous twists. It is presented exclusively through A-Reel Asia, Ayala Malls Cinemas’ showcase celebrating some of the best of Asian cinema.

SB19 releases concert album

P-POP group SB19 has released Simula At Wakas: Kickoff Concert Album, a live recording of tracks from their two-day concert at the Philippine Arena in Bulacan on May 31 and June 1 last year. Mixed and mastered by Radkidz, with live arrangements by Jem Florendo, the 19-track album features songs from the albums Simula At Wakas (2025), Pagtatag! (2023), and Pagsibol (2021), alongside the concert version of the fan-favorite single “Moonlight.” In addition to the album release, SB19 announced the official conclusion of their world tour with the Wakas At Simula: The Trilogy Concert Finale, on April 18 at the SMDC Festival Grounds. Tickets are anticipated to go on sale sometime this month.

Cinema One spotlights Donny Pangilinan films

NEW GEN actor Donny Pangilinan is leading Cinema One’s Blockbuster Sundays this month with the airing of some of his notable films, in time for the season of love. Airing every Sunday at 7 p.m., the next one on the lineup is An Inconvenient Love, where he plays a boutique plant owner and social activist alongside his love team partner Belle Mariano. It airs on Cinema One on Feb. 8. Coming after that on Feb. 15 and 22 is He’s Into Her: The Moviecut, a film version of a popular series again starring the DonBelle love team. In it, Mr. Pangilinan is a basketball captain to Ms. Mariano’s leading lady character. The first part airs on Feb. 15 and the second part airs on Feb. 22.

Singer dwta produces anti-Valentine’s show

SINGER-SONGWRITER dwta will be headlining her self-produced music gig, Where Do Broken Hearts Go? Sa Gig ni dwta, on Feb. 13 at 123 Block in Mandaluyong City. Billed as an anti-Valentine’s show, it features a special extended set from the Bicol-born artist, whose body of work has redefined romantic and anti-romantic storytelling. The evening will also feature guest performers, including shirebound, Janine Teñoso, Jan Roberts, Kenaniah, and LEYO. The latest release of dwta, a cover of “Ang Pag-ibig Kong Ito,” originally performed by Lea Navarro and written by Carlos Agawa and Ernie Dela Pena, is also available on digital music streaming platforms.

Wuthering Heights hits cinemas for Valentine’s

THE forbidden romance film Wuthering Heights, directed by Emerald Fennell and starring Margot Robbie and Jacob Elordi, is opening in cinemas on Feb. 11, just in time for Valentine’s Day. It is meant to be “a bold and original imagining of one of the greatest love stories of all time,” based on the novel of the same name by Emily Brontë. It centers on themes of forbidden passion, lust, love, and madness, described as an homage to how it felt like reading the novel as a teenage girl, rather than a loyal adaptation of the original material.

Manila to host ASEAN-Korea music festival in April

A TWO-DAY free concert will be the centerpiece of the regional music calendar this year, organized by the National Commission for Culture and the Arts (NCCA) and KBS WORLD TV. Titled the 2026 ROUND Festival, the musical exchange is set to take place on April 18 and 19 at the Araneta Coliseum in Quezon City. It will be hosted by Korean singer-songwriter 10CM and will showcase a roster of international talent. Representing the Philippines on the main stage are Ben&Ben, TJ Monterde, Cup of Joe, and HORI7ON. Meanwhile, artists from other countries are MeloMance from Korea, Syafiq Abdilah from Brunei, G-Devith from Cambodia, Pamungkas from Indonesia, JoJo Miracle from Lao PDR, Mimifly from Malaysia, Velocity from Myanmar, Regina Song from Singapore, Tilly Birds from Thailand, and Chillies from Vietnam. Ticket reservation will open soon.

123...13,891Page 2 of 13,891
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube