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Philippine companies told to realign resources amid risks

ALVARO REYES-UNSPLASH

By Revin Mikhael D. Ochave, Reporter

PHILIPPINE companies should boost resiliency and realign their resources in the face of a global trade war that puts economic growth, jobs and wages at risk, according to corporate leaders.

Filinvest Development Corp. (FDC) has been strengthening its business by investing in its systems and people to manage risks, Francis Nathaniel C. Gotianun, a director at the listed property company, told the BusinessWorld Economic Forum in Taguig City on Thursday.

“There’s always been a lot of uncertainty in business,” he said. “There are always risks. But we take the lessons over the years and we’re just enhancing them.”

Mr. Gotianun, the senior vice-president at FDC hospitality unit Filinvest Hospitality Corp., said the group has taken a prudent approach to its growth plans.

“As the environment has changed, we too have changed by making sure that each of the businesses take into account in their planning all the macroeconomic and geopolitical factors,” he said.

“We’ve always been a company that has been willing to pivot and to change,” he added.

Monica L. Trajano, Aboitiz InfraCapital Economic Estates vice-president for commercial strategy, said resiliency among companies should be built for the long term.

“Resilience goes beyond roads and buildings,” she told the forum. “It’s about building systems that last, like investing in local talent, aligning education with the needs of industries and embedding sustainability in how we grow.”

“For us, resilience does not only mean being strong relative to shocks but also looking at long-term plans. When we say that a company is resilient, adaptable and inclusive, it means that a company is able to create value outside of itself,” she added.

Ms. Trajano said the resiliency and expansion plans should be data-driven and meet customers’ evolving needs.

“It’s really being data-driven,” she said. “Expansion is… really taking a look at what the smart moves are relative to what’s happening in our environment and understanding what our core purpose is.”

“Resiliency for us means that we invest in future-proofing, investing in sustainable infrastructure and workforce readiness,” she added.

Robert Dan J. Roces, an economist at SM Investments Corp., said one way to increase the resiliency of companies is by upskilling their employees.

“Future-proofing will be very important,” he told the forum. “That doesn’t necessarily include the infrastructure, but you also need upskilling. It’s very important to upskill people with the new processes. That actually forms part of the resilience package.”

Mr. Roces said resilience also future-proofs workers especially with increased artificial intelligence (AI) adoption.

“If you’re looking at a resilient company, you’re seeing one that’s not only surviving in terms of the numbers, but you’re also seeing people who aren’t leaving,” he said. “You’re looking for more talent to come into the company.”

Joseph Nino Young, GCash senior manager and partnerships and business development head, said the e-wallet could help Filipinos secure their finances amid economic uncertainties.

“In times of economic uncertainty, what people are looking for is security,” he said at the forum. He added that financial products such as savings, investments and insurance are tools that Filipinos could use to secure their finances.

“We want to intensify our educational [campaign] in terms of teaching people how to save, how to invest and how to grow their money,” he added.

URC launches R&D center in Malaysia

URC.COM.PH

UNIVERSAL ROBINA CORP. (URC) has launched a research and development (R&D) facility under Malaysian unit URMunchy’s as the company boosts its presence in Southeast Asia.

The facility in Pasir Gudang in Johor, Malaysia features advanced product testing and development technologies, the listed food manufacturer said in an e-mail statement on Thursday.

URC President and Chief Executive Officer Irwin C. Lee said the research and development center would fast-track URMunchy’s innovation pipeline and boost snack innovation across the region.

“This center is not just a facility; it’s a strategic asset,” he added.

During the launch, URMunchy’s showcased more than 50 product samples including baked goods, snack chips, sweet baked treats and chocolate-based items.

The company also presented more than 10 packaging innovations, highlighting cost-effective, festive and sustainable formats.

URMunchy’s also showed advancements in hybrid technology that combine multi-sensory experiences with novel ingredients and processing methods, URC said.

Mr. Lee said the facility allows cross-functional teams to co-create, test and scale products more efficiently.

“The launch of the research and development center in Pasir Gudang marks a significant leap forward for URMunchy’s, ushering in a new era of innovation, collaboration and excellence,” he said.

“It reinforces URMunchy’s mission to craft delightful, high-quality snacks while continuously pushing the boundaries of product development,” he added.

URMunchy’s produces biscuit brands LEXUS and Oat Krunch, as well as URC snacks and confectionery brands Roller Coaster, Potato Chips, Cloud 9, Nips and Dynamite.

In the Philippines, URC produces brands such as Great Taste coffee, C2 Cool & Clean drink, Piattos chips, Maxx candy and Cream-O cookies.

For the first quarter, URC’s net income dropped 2% to P4.3 billion due to foreign exchange gains that boosted the year-ago earnings.

Consolidated sales rose 7% to P45.3 billion, driven by volume growth across most business segments.

URC shares fell 3.58% or P3.10 to P83.50 each. — Revin Mikhael D. Ochave

What it takes to bring Coldplay, U2, and Olivia Rodrigo to the Philippines

RHIZA PASCUA, managing director of Live Nation Philippines

SUPPORTING good acts in trying to reach new audiences, and thinking of more ways to amplify the concertgoers’ experience, are the keys to tapping into the Philippines’ high potential for music tourism, said the executive of an international live entertainment giant.

Rhiza Pascua, managing director of Live Nation Philippines, spoke to BusinessWorld about the company’s three years of bringing live events into the country — as well as how it fares in the context of the two decades beforehand that she had worked in the concert scene.

“In 2024, there were 224 live events,” Ms. Pascua said in the Zoom interview. “The music sector had a GDP (gross domestic product) contribution of P18.1 billion in total, of which P2.5 billion came from Live Nation. That’s about 14%,” she explained.

“As long as we keep promoting good acts and giving ticket buyers good experiences, this growth will keep happening,” she added.

Ms. Pascua founded Music Management International (MMI) in 1996, a time when a lot of international artists would skip Manila while on the Asian leg of their concert tours.

Negotiating with artists, managers, and agents to put the Philippines on the global touring map eventually led to working with Live Nation to promote the Manila concerts of Madonna in 2016, Coldplay in 2017, and U2 in 2019.

“Those were the big three artists on my bucket list,” Ms. Pascua said.

In 2022, Live Nation acquired MMI, which she refers to as “a simple change of name and change of rules.” As managing director, her approach has remained fan-centered, with innovation as a motivator.

THE PURSUIT
One example of the perseverance required in the early days was Ms. Pascua’s dogged pursuit of Coldplay’s agent.

“For decades, I’d been almost begging them. I went to London four times to meet the agent and it was always hard. If you don’t have a relationship, they won’t even reply to e-mails,” she said.

It took four tries across several years for a meeting to finally be arranged with the agent, which finally happened in their office in Los Angeles, coincidentally near where Ms. Pascua lived at the time.

“We met up and became good friends, though Coldplay wasn’t touring at the time. It took seven years of friendship until it was the right time, and they finally went to Manila,” she said. “I’m unstoppable when I want things to happen.”

It was 2017 by then, and the band had started a fun, sustainable initiative — interactive wristbands that were lent to concertgoers that synced with the lights and the songs. “They had just started doing it, and we encouraged them to bring it to Manila. Audiences are supposed to put [the bracelets] back in a bucket before you leave the venue, but they were scared they wouldn’t get the bracelets back,” said Ms. Pascua.

True enough, Filipinos didn’t give them back.

The same thing happened at their latest show in 2024, but Coldplay brought it back all the same, at Live Nation’s behest, to give Filipino fans “the best experience.”

“We nurture our relationships with the artists. Most of these iconic acts grew with us,” Ms. Pascua explained. “I think we’ve worked with Maroon 5 (Adam Levine) around six times, since he was single. Now, he already has three kids!”

WHAT MAKES A GOOD CONCERT?
Live Nation Philippines has its dedicated research team, which does data analytics to determine how an act would do in the country.

“An act may not be big, but we might want to take care of an artist to see if they get bigger,” said Ms. Pascua. One example was the UK band The 1975, which MMI started introducing to the local market through mall shows back in 2014.

Upon seeing potential in their growing popularity, they brought the band back many more times, for their first arena concert in Manila in 2015 and as headliners of a music festival in 2016. Their latest show in the Philippines was in 2023.

A recent example is Filipino-British singer-songwriter Beabadoobee, who first did a one-night show in the Philippines in 2022. “She’s coming back in August this year, and she has already sold out two nights!” Ms. Pascua said.

Another rising young musician is NIKI, an Indonesian-American solo artist who sold out her Feb. 11 and 12 Manila shows within minutes. They tried to add another date, but the Mall of Asia Arena’s schedule was already filled up for the month. Graciously, NIKI decided to do the rest of her Asia tour and just come back to Manila for a March 1 show.

In terms of venues, Ms. Pascua admitted that there are upsides and downsides for each. The Philippine Arena in Bulacan, for example, may have accessibility issues, but its sheer size and ability to accommodate unique productions made it optimal for many performers, with Bono of U2 saying “This venue was made for us!”

“The capacity determines how much [money] they’re going to make. That’s why some acts don’t consider traffic, the location, the weather. As long as they know it’s the Philippine Arena, they know they’re making big bucks,” she explained. Meanwhile, mid-size acts fit perfectly in Quezon City’s Araneta Coliseum or Pasay City’s Mall of Asia Arena.

LOOKING AHEAD
Filipino-American singer Olivia Rodrigo’s 2024 concert was Live Nation Philippines’ latest attempt at disrupting the market.

It was the biggest show in her career, with 55,000 people in the audience, the prices brought down to just P1,500 per ticket thanks to the sponsor, American Express. All proceeds went to the non-profit organization Jhpiego, which provides healthcare to women in the Philippines.

For Ms. Pascua, it was “their best event of 2024.”

“It was the time to disrupt. We got a big sponsor, so we were able to afford to drop the ticket prices. It was my favorite event from last year because I love disruption,” she said.

This came exactly at a time when post-pandemic revenge spending had dipped, with “Gen Zs and millennials becoming pickier and more mindful of saving up” due to the unstable economy.

“Audiences have been more selective. They are more supportive of acts that are really good, talented, established,” Ms. Pascua explained.

The mellowing out of revenge spending also applies to the K-pop industry. According to a study that Live Nation conducted in 2024, anything Korean declined 46% beginning last year.

“We felt it because some of the K-pop acts that we worked with last year and in the past did not create the same traction,” she said.

Despite this, the live events giant will continue to bring in Korean singers, actors, and actresses for concerts and fan conventions or fancons. BTS member J-Hope, who held a two-night concert in Manila in April, promised to return. Meanwhile, P-pop act SB19 will be kicking off their world tour in June.

As a forward thinker, Ms. Pascua maintains that Live Nation Philippines will keep an eye out for “what is lacking in current trends, to help further expand the scope of the live events industry.”

“This field is dynamic and lively, but it’s always changing,” she said. — Brontë H. Lacsamana

ERC OKs NGCP’s P32-billion Luzon capex projects

THE Energy Regulatory Commission (ERC) has approved the proposed capital expenditure (capex) projects of the National Grid Corp. of the Philippines (NGCP) in Luzon worth P32 billion.

In a notice, the regulator greenlit NGCP’s planned P18.82-billion Western Luzon 500-kilovolt (kV) backbone project and the P13.2-billion Nagsaag-Santiago 500-kV transmission line project.

These projects are part of the company’s 15 proposed transmission and substation projects in its 2021 application.

The Western Luzon 500-kV backbone is meant to accommodate the entry of bulk generation in Luzon and reinforce the 500-kV transmission network in Luzon to achieve a “higher level of reliability” and ensure supply security.

Meanwhile, the Nagsaag-Santiago 500-kV transmission line project is expected to cater to the incoming capacities from hydroelectric, geothermal and solar power plants in the provinces of Ifugao, Kalinga and Apayao.

In approving the transmission line project, the ERC said it would coordinate with the Department of Energy about “the proliferation of projects in areas that have poor accessibility to transmission facilities, thus, necessitating the construction of new and extensive transmission lines with very limited capacity.”

In February, the ERC approved four capital expenditure projects totaling P5.02 billion — the Granada 230-kV substation project, Sumangga 138-kV substation project, La Carlota 138-kV substation project and Nagsaag-Tumana 69-kV transmission line.

Under the Electric Power Industry Reform Act of 2001, the grid operator must seek the approval of the ERC of any planned expansion or facility improvement, in line with its mandate to build, finance and improve the nationwide transmission system and grid.

Last year, NGCP said it was allotting more than P600 billion in spending for more than 100 transmission projects in its pipeline. These projects, which are ready for implementation, are part of the Transmission Development Plan 2024-2050. — Sheldeen Joy Talavera

Exploring roles across borders

Dolly de Leon talks about Nine Perfect Strangers and more

HULU’S Nine Perfect Strangers, an American drama series about nine people who go to a wellness resort to be healed and transformed, has released its second season on Prime Video.

Set in a secluded resort in the Austrian Alps, the show welcomes back Nicole Kidman as the mysterious wellness guru Masha Dmitrichenko. Here, she leads the transformational retreat for nine new characters, one of whom is played by Filipino actress Dolly de Leon.

Her role in the show is that of Sister Agnes, marking Ms. De Leon’s first time to delve into the psyche of a nun. BusinessWorld spoke to the actress before the Philippine premiere of the first two episodes, commemorated by a watch party at Circuit, Makati.

“I really dug deep to play Sister Agnes, and I tried to find out what makes her tick by talking to a psychiatrist friend, and also a nun friend of mine, Sister Mary John,” she said.

Ms. De Leon describes the character as “earthy, constantly searching for answers, and always wanting to help, with a very broad view of the world.”

Nine Perfect Strangers is her first foray into non-Philippine television, and her second has just been announced — she will be playing firebender mentor twins Lo and Li for season two of Netflix’s live-action show, Avatar: The Last Airbender.

“Maybe people think I’m doing great now that I’m in these two shows, but it’s not easy getting work. It’s been a struggle,” she said. “I’ve been auditioning a lot, and my team has been working hard to get me jobs.”

She said that Netflix’s Avatar show will be another milestone for her, as it will be her first time playing twins. It is more proof of her approach to “trying new things in the projects that come along.”

NO REST FOR THE WEARY
Ms. De Leon was handpicked by Nicole Kidman for Nine Perfect Strangers, which she also leads as executive producer.

“It’s really special. It’s very humbling,” Ms. De Leon said of the honor. “I’ve been fortunate that Nicole chose me to join their team, which is already quite established. I love my job and I get to work with talented actors and filmmakers.”

The character-driven drama follows different treatments in the world of health and wellness, from psychedelic to immersive therapy. Aside from Ms. Kidman, her co-stars are Henry Golding, Lena Olin, Annie Murphy, Christine Baranski, Lucas Englander, King Princess, Murray Bartlett, Maisie Richardson-Sellers, Mark Strong, and Aras Aydin.

Ms. De Leon added that the project ticked three boxes: “a script that I love, a creative I want to work with, and a character I want to play.”

As for the rest of her Hollywood career, she hopes to work with more of her idols, like big stars Meryl Streep, Olivia Colman, and Daniel Day-Lewis, and indie directors like Sean Baker and Cooper Raiff.

“I’m not getting any younger and I want to make the most of my time here on earth and work while I’m still healthy. For me, there’s no rest for the weary,” Ms. De Leon said.

Her first love, theater, is also something her fans can expect her to return to every now and then. “This place is special to me,” she said, referring to the Samsung Performing Arts Theater in Circuit where the interview was being held, “This is where Lea [Salonga] and I did Request sa Radyo last year. Theater will always be part of my DNA.”

Ms. De Leon also told BusinessWorld that her choice of projects, be it in the Philippines or in Hollywood, in films, TV, or theater, is no longer “under the pressure of external forces.”

“I used to be like that,” she said. “Right now, I feel like I’d be doing myself a great disservice if I stay that way. At the end of the day, I only have myself to depend on, so I do things for my own enjoyment.”

Nine Perfect Strangers Season 2 has premiered the first two of 10 episodes on Prime Video. One new episode will be released each week. — Brontë H. Lacsamana

AbaCore returns to profitability in first quarter

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ABACORE Capital Holdings, Inc. posted P107.3 million in net income in the first quarter, a turnaround from its P15.3-million net loss a year earlier, led by a gain from the disposal of investment properties.

“The results for the first quarter were primarily impacted by a gain of P140.6 million from the… disposal of investment properties,” the listed holding company said in an e-mail statement on Thursday.

Expenses rose 30.3% to P33.1 million after adjustments in government-mandated employee benefits, as well as higher office supplies and fuel consumption costs. Interest income climbed 15.6% to P20.8 million.

“AbaCore’s results for the first quarter reflect our continued success in managing our investment and land portfolio, allowing us to take advantage of prevailing market conditions to maximize our profitability,” AbaCore President Antonio Victoriano F. Gregorio III said in the statement.

Meanwhile, AbaCore said it plans to build a resort and villa complex, waterpark, snow and ice world, and marine biodiversity center at the Montemaria Shrine in Batangas.

The company is also preparing for the implementation of a coal-mining project under unit Abacus Coal Exploration Development Corp.

It will also develop the ABA Energy Hub in Batangas City and consummate existing land transactions with entities such as A Brown, Pelican Group and Eternal Gardens.

AbaCore will also boost its financial service portfolio under unit Philippine Regional Development Corp.

“We will continue to pursue this strategy over the long term, as well as… expansion plans across our various subsidiaries to increase our bottom line and continuously enhance shareholder value,” Mr. Gregorio said.

AbaCore has interests in the leasing of gaming equipment, gold and coal mining, real estate and financial services.

Its shares fell 1.64% or a centavo to 60 centavos each at the close of trading. — Revin Mikhael D. Ochave

Lilo & Stitch live-action remake brings human connection to the fore

LONDON — Lilo & Stitch is the latest Disney animation to get a live-action remake, with the medium allowing a closer look at the main characters’ relationships, its makers say.

Like its predecessor, the new movie — which is out now in Philippine theaters with the review board giving it a G rating — tells the story of a young Hawaiian girl called Lilo, played by newcomer Maia Kealoha, who befriends a fugitive alien who crash lands on Earth, and names him Stitch.

After the death of her parents, Lilo is under the care of her sister Nani, who is struggling to juggle all her responsibilities — all while new family addition Stitch wreaks havoc around them.

“It has the same heart and it has the same fun and Hawaiian rollercoaster ride of chaos that is Stitch,” actor Sydney Agudong, who plays Nani, told Reuters.

“But at the same time, I think the beautiful thing about being able to do a live-action is that you get the nuance of human connection. And I think with Maia and I’s bond… hopefully (audiences) get that true sense of family and that it doesn’t actually always have to be blood.”

Director Dean Fleischer Camp said the 2002 animation’s characters and setting allowed for scope to work in a new form.

“Unlike so many other Disney movies… it stars mostly humans, it takes place in a real contemporary setting… it just felt like something like ‘oh that will benefit and be different in a live-action setting,’” he said.

“Live-action affords you the opportunity to dig deeper on some of the human relationships and the emotions.”

Several cast members from the 2002 animation return in the new film, including Chris Sanders, who once again voices Stitch. Tia Carrere, who voiced Nani, plays a new character, Mrs. Kekoa, with co-stars Amy Hill and Jason Scott Lee also in new roles.

“I think we grew the ohana for this film,” Mr. Fleischer Camp said, referring to the Hawaiian word for family and the movie’s central theme.

“It was great because so many of the people that worked on the original were game and excited to come back… it was just great to see those people… also having a bit of a reunion themselves.” — Reuters

Higher enrollment drives earnings at STI Holdings

STI.EDU

STI EDUCATION SYSTEMS Holdings, Inc.’s net income rose 18% in the third quarter of its fiscal year to P706.6 million from a year earlier, boosted by higher student enrollment.

Revenue rose 8% to P1.51 billion, the listed school operator said in a statement on Thursday.

STI said enrollment for school year 2024-2025 rose 15% to 138,060 students from a year earlier.

Operating income increased 18% to P774.4 million on better operational performance and cost management efforts.

For the first nine months ended March, net income grew 45% to P1.62 billion from a year ago, the company said. Revenue went up 23% to P4.14 billion, while earnings before interest, taxes, depreciation and amortization rose 32.2% to P2.34 billion.

“The significant net income hike was mainly driven by higher enrollment numbers due to the strong demand for the quality education offered by subsidiaries STI Education Services Group (STI-ESG), STI West Negros University and iAcademy,” STI said.

STI-ESG offers associate and baccalaureate degrees and technical-vocational programs in information and communication technology, arts and sciences, business and management, education, engineering, hospitality management, tourism management, engineering, education, psychology and criminology.

STI West Negros offers programs and courses ranging from pre-elementary to graduate levels, while iAcademy offers programs in senior high school and college on computing, business and design.

STI shares were unchanged at P1.34 each. — Revin Mikhael D. Ochave

Stuff to Do (05/23/25)

ON May 23, the National Parks Development Committee, in collaboration with Sound Experience Manila, is bringing back the performance series Paco Park Presents with the sarswela Walang Sugat by Severino Reyes and Fulgencio Tolentino.

Watch the sarswela Walang Sugat

ON May 23, the National Parks Development Committee, in collaboration with Sound Experience Manila, is bringing back the performance series Paco Park Presents with the sarswela Walang Sugat by Severino Reyes and Fulgencio Tolentino. The special one-hour program begins at the historic Paco Park in Manila at 6 p.m. and is open and free to the public. The musical is centered on the love and sacrifice of Julia and Tenyong, the push and pull of the heart’s destiny and a daughter’s duty, and the perseverance of the Filipino spirit. It is directed by Dr. Alegria O. Ferrer, starring Daniella Silab, Diego Alcudia, Abet Guande, Vianca Yu, Archibald Dalupang, and Bettina Hernandez, with Samuel Silvestre on the keyboard. Music was arranged by Josefino Toledo.

Go to Tago Jazz’s shows

KICKING off the weekend at Tago Jazz is the CEU Jazz Ensemble, performing on May 23 at 9 p.m. They will be performing jazz standards, for a cover price of P300. On May 24, Trifecta will take over, bringing big-band funk and acid jazz to the stage. Their 9 p.m. show will have a P350 cover fee. Finally, May 25 will see the Mabuhay Swingers in the spotlight, performing jazz standards starting 9 p.m. Guests can save their seats for P300 each. Tago Jazz is at 14 Main Ave. on the Crame side in Cubao, Quezon City.

Enjoy activities with Lilo & Stitch at Ayala theaters

ASIDE from giving Filipino families a movie experience with the premiere of Lilo & Stitch in the Philippines, Ayala Malls Cinemas is offering activities to those who purchase two tickets to the movie at certain branches. The “Ohana Fun Station,” themed after the Hawaiian-set film, includes arts and crafts and activity sheets with Lilo & Stitch characters. It is available in select Ayala Malls Cinemas from May 24 to 25. The live-action reimagining of the animated movie, following the unlikely friendship between Hawaiian girl Lilo and wild alien Stitch, is out now in Philippine cinemas.

Attend Moonstar88’s 25th anniversary of ‘Torete’

FILIPINO alternative rock band Moonstar88 is celebrating the 25th anniversary of their timeless anthem “Torete” with a special performance on May 24. Set for 7 p.m. at Eton Centris Walk, Quezon City, the special one-night concert will feature a set that spans the band’s discography, from chart-topping hits to rarely performed gems. The songs will also be reimagined in collaboration with the Metro Manila Concert Orchestra. Supporting performances will lead into the show, featuring rising acts Hey June! and Better Days. Admission is free.

See Filipino 19th century clothing exhibit

AN exhibit in Intramuros is highlighting the role of clothing in expressing identity, status, and resistance during a period of change. KABIHISNAN: A Special Exhibit on Filipino Sartorial History is running from May 25 to June 8, with the goal of tracing Philippine history through the fabric of everyday life. Presented by Renacimiento Manila, Historia Viviente Manila, and the Intramuros Administration, the show features 15 faithful replicas of 19th century civilian, military, and religious clothing. It will be on view at the Centro de Turismo Mezzanine, Intramuros, Manila. Entrance fee is P150.

Calle Wright presents early PHL contemporary art

THE exhibit Early Philippine Contemporary Art (1969-1985): Works and Documents from the Collection of Judy Freya Sibayan is on view at Calle Wright, starting May 25 until Aug. 31. It offers a rare look at the formative years of contemporary art in the Philippines through artist Judy Freya Sibayan’s deeply personal collection, which includes gifts from pioneering artists Roberto Chabet, Ray Albano, Johnny Manahan, and Huge Bartolome. These works, alongside Sibayan’s own, map out interconnections formed through shared exhibitions, collaborations, and discourse throughout the 1970s and mid-1980s. Ms. Sibayan will be gracing the opening with a performance titled Reframing Art at 4:30 p.m. on May 25. Calle Wright is at 1890 Vasquez St., Malate, Manila.

Visit Ali Mall’s Flores de Mayo exhibit

FLORES DE MARIA, an exhibition of various Marian images from different parts of Metro Manila, is on display at the MacArthur Activity Area of Ali Mall in Quezon City. Running until May 28 during mall hours, the exhibit aims to foster mallgoers’ appreciation for the various images related to Flores de Mayo, the Philippines’ month-long Catholic festival dedicated to the Blessed Virgin Mary.

Listen to Peej and Dhruv’s new single

FILIPINO indie folk musician Peej and Indian singer-songwriter and producer Dhruv Visvanath have come together for the release of their new single, “Pieces.” The collaboration began when the two met at a music conference in Singapore in 2024. Crafted entirely remotely, with Dhruv penning the lyrics and producing the track from New Delhi and Peej doing his part of the songwriting from Manila, “Pieces” is an eclectic pop song that aims to give an intimate sonic experience through acoustic textures. It is out now on all digital music streaming platforms.

Listen to Cambodian artist VannDa

THE final chapter of Cambodian musician VannDa’s cultural epic trilogy has been released. Titled Treyvisai III: Return to Sovannaphum, the album follows the first two installments that depict ambitions, self-doubt, and rage, and concludes the saga with healing, purpose, and pride. The centerpiece of the new release is “Golden Land,” VannDa’s most cinematic music video. Treyvisai III: Return to Sovannaphum is out now on all digital music streaming platforms.

Watch GIVĒON’s new single and music video

GRAMMY-NOMINATED GIVĒON has released his new single and video, “Rather Be.” The ballad, produced by Sevn Thomas, Maneesh, Matthew Burnett, jeff gitty, and jahaan sweet, incorporates horns, bells, and whistles. The music video portrays intimacy and dashing fashion, directed by Loris Russier. “Rather Be” is out now on all digital music streaming platforms.

Thinking and doing beyond the May 12 midterm elections

PHILIPPINE STAR/MIGUEL DE GUZMAN

This is not Monday-morning quarterbacking.

True, the May 12 midterm elections are over, but no one for sure could expect real change, even when some political dynasties were scorned, movie entertainers rejected, popular plunderers and corrupt incumbents repudiated. Well, that could amount to some reawakening. Others would prefer to call it a meritocratic renewal.

But only a couple of those in the list of progressive senatorial candidates generated by ChatGPT and by some concerned non-government organizations — Bam Aquino, Kiko Pangilinan, France Castro, Arlene Brosas, Leody de Guzman, Luke Espiritu, Teodoro Casiño, Liza Maza, Amirah Lidasan, Sonny Matula and Heidi Mendoza — made it to the winning circle. ChatGPT practically endorsed a new politics of vision and serious political platform.

Only former Senators Aquino and Pangilinan on the list managed to win, with the other 10 successful candidates endorsed by either the Marcos or Duterte camps. ChatGPT’s criteria — a clean public record, pro-people and sectoral advocacy, democratic and transparent governance, a track record of action and independence from dynasties or political machinery — were mostly set aside by many among us.

These more progressive candidates ran on the basis of political platforms that could translate into actual serious discourse in the Senate and possibly result in some change, no matter how feeble in the beginning.

Many of their opposite kind would continue to thrive in this highly dysfunctional environment. Their names will remain a fixture in future electoral exercises. Whether we would see a rerun in political governance, or more of the same soft leadership, will depend on how the people would translate their political choices into public policy. Democracy thrives in a body of laws and public policy that promotes rather than subverts public interest.

It is rarely sensible to just entrust the destiny of this Republic to the elected leaders. Mitigating our wide democratic deficit should not stop there. The people should take the additional responsibility of monitoring their performance, assessing their policies and their implementation, and demanding receipts for accountability.

The winning candidates should be constantly reminded of the people’s major concerns and needs. It is more than a compelling cause to impress upon the incoming public officials the importance of why they were elected in the first place. It’s not about giving them access to the public treasury and spending every which way. It’s not about pursuing their private business, whether as an athlete, contractor, movie star or talk show host, and attending to their constituents on the side.

Public service is a full-time job.

It’s about doing their homework, studying with their technical staff what is wrong with our economy and politics, and what needs to be done. They don’t have to reinvent the wheel; they can start with the Philippines’ long-term and medium-term development plans. Then they need to progress by assessing if we need to shift from our fundamental model of economic growth to one that favors progressive taxation, one that is more people-focused and therefore more inclusive.

The point is not so much to transform the Philippines overnight — this is impossible — but to avoid exacerbating the problems of governance and corruption, the dissipation of public money and stealing the future of the next generation. What is possible is producing incremental changes as what the May 12 elections demonstrated we are capable of. They are more realistic, they are more promising. The point is to duplicate these small victories and multiply them a hundredfold.

That should define the presidential election in 2028.

In December 2024, Pulse Asia Research showed in no uncertain terms that seven out of 10 Filipinos were concerned about inflation. Lower percentages of those surveyed chose, in decreasing order, the next key issues: increasing workers’ pay, reducing poverty, creating more jobs, fighting graft and corruption, and, finally, involuntary hunger.

Although fifth in the order of importance, the issue of governance inarguably lies at the very core of the other issues. We have seen how incompetence and corruption in many public agencies in charge of the supply side of inflation management led to pricing of rice, onions, garlic, meat products beyond the reach of ordinary Filipinos. With price levels remaining elevated, the periodic increases in the minimum wage have not improved the buying ability of ordinary households. The minimum wage in 2019 and today, although five years and P108 apart, can only buy the same little basket of goods and services.

Reducing poverty is elusive because political and social governance is bad. Viable instruments of escaping poverty through quality public education and robust public health are not priorities in the budget. Economic growth remains weak compared to what is required to regain ground lost during the pandemic, and establish greater equity and social mobility. Creating more jobs could have been easier if budget allocation has been more conscionable to improve our infrastructure and human capital. Enough of pork barrel funds, enough of unconditional cash transfers, enough of intelligence and confidential funds.

Poverty in the Philippines is quite different from that experienced in other countries. We have the richest of the rich here, but we also have a lot of the most impoverished among the poorest. Pagpag is what many among the poorest eat — they scavenge the dregs of the earth and whatever food is found from the rubbish is cleaned and warmed for their lunch or dinner.

Don’t get me wrong. This condition is not unique to the Philippine experience. The more prosperous countries in the ASEAN were once upon a time in this situation, too, even Korea in the 1950s. However, a liberal dose of good dedicated governance and strong institutions managed to bring them out of abject poverty. Their per capita GDPs have outstripped the Philippines’ which had recorded much higher levels in the 1950s and 1960s. Good governance unleashed market forces in their economies and exposed them to global competition that incentivized higher levels of productivity and economic efficiency. More of their social capital went to economic growth, rather than to non-productive consumption and theft of public money.

Job creation is faster when economic growth thrives. Implementation by competent and responsible government should work wonders in a society where good economic development plan exists with a corresponding blueprint for the labor market. No matter what some economists would say, industrial policy is critical in charting a more balanced growth in the economy, one that optimizes the use of the country’s natural and human resources with a global context and perspective.

If involuntary hunger exists here, that could only betray government incompetence and apathy. Likewise, it also speaks volumes about the private sector, including those with corporate social responsibility programs. Hunger and bad nutrition plus inferior public education are behind the country’s dismal performance in the Organization for Economic Cooperation and Development’s Program for International Students’ Assessment. We can arrest our students’ poor performance in mathematics, reading, and science as well as in critical thinking, if hunger, among others, could be minimized if not eliminated.

It might be too much to expect, but there seems to be no alternative, that our few but strategic members of Congress and the Executive recognize that there is a need to innovate policy thinking and doing beyond the May 12 midterm elections.

We don’t have to debate that the Philippines should ensure that growth is accelerated, sustained, and inclusive. This can be achieved by promoting growth outside key cities and highly urbanized areas, and expanding economic activities that contribute to the country’s long-term growth. However, a new model is required as the Philippines aims to achieve and sustain upper-income status while adapting to a rapidly changing external environment. Underpinning this new approach is the need to embrace technology-driven innovation in various sectors to give economic growth broader basis and greater momentum, while simultaneously protecting the people and the environment.

Given all these summit conferences and seminars on AI and innovations, our politicians should know by now that the use of modern technology jacks up productivity and amplifies efficiency.

Once in midstream, innovation raises the economy’s capacity to break the current mold of economic growth. It entails changing the nature and quality of growth, achieving economic dynamism through new ideas and technology. It helps eliminate the so-called productivity drag to higher growth. This requires strategic investment in human capital, as ultimately, it is people who will strategize, plan, and execute these innovations. Additionally, infrastructure is critical for innovation to drive durable economic growth.

If we have an increasing rank of enlightened legislators and executive officials, our budget can further push for innovation through better schooling and medical facilities for our young students. More social services can be launched.

Finally, innovation itself can also help streamline the bureaucracy and all administrative processes in public agencies. In fact, when repetitive processes like processing of government permits, licenses, and certificates of registrations are automated, there could be inordinate gains in efficiency and productivity as well as in reduction of errors. Most importantly, it bypasses personal interaction that could promote graft and corruption.

The only risk to this first best scenario is that it would threaten the status quo which has benefitted political and economic vested interests, the culture of impunity and patronage, and the scourge of poverty and social inequity.

 

Diwa C. Guinigundo is the former deputy governor for the Monetary and Economics Sector, the Bangko Sentral ng Pilipinas (BSP). He served the BSP for 41 years. In 2001-2003, he was alternate executive director at the International Monetary Fund in Washington, DC. He is the senior pastor of the Fullness of Christ International Ministries in Mandaluyong.

RCBC plans to issue peso bonds

BW FILE PHOTO

RIZAL COMMERCIAL Banking Corp. (RCBC) is looking to offer peso-denominated bonds, including sustainability-themed issuances, under its updated fundraising program.

The bank plans to issue fixed-rate peso bonds under its P200-billion bond and commercial paper program, it said in a disclosure to the stock exchange.

In 2022, RCBC doubled the size of its bond program from the original P100 billion approved by its board in 2019.

“The funds to be raised from any offer will be used to, among others, support asset growth, refinance maturing liabilities and other general funding purposes, and even include the financing or refinancing of new or existing sustainable projects as defined under, and consistent with the bank’s Sustainable Finance Framework,” the bank said.

“Under the program, the bank may, from time to time, offer, issue and sell the remaining balance of unissued unsecured and unsubordinated peso-denominated bonds in such form, amount, tenor, number of tranches, at such interest rate, and under such other terms and conditions as the bank may subsequently determine or approve,” it added.

RCBC said the terms and the timetable of each bond tranche will be announced accordingly and will depend on market conditions and management approval.

The bank has raised P86.8 billion out of its P200-billion bond and commercial paper program.

It last issued peso bonds in February 2022, raising P14.75 billion from the sale of 2.25-year ASEAN sustainability bonds.

RCBC President and Chief Executive Officer (CEO) Eugene S. Acevedo said in November that the bank wants to tap both the onshore and offshore debt markets on a regular basis  regularly starting this year as part of their new funding strategy to establish a constant presence in the capital markets.

Mr. Acevedo is set to retire within this year. RCBC Deputy CEO Reginaldo Anthony B. Cariaso, who was appointed to his post effective Jan. 1, is set to succeed him.

RCBC’s attributable net income rose by 10.26% year on year to P2.43 billion in the first quarter, driven by consumer loan growth.

Its shares closed at P25.95 apiece on Thursday, rising by 10 centavos or 0.39% from the previous day. — Aaron Michael C. Sy

AIC eyes at least four major locators at West Cebu Estate

By Beatriz Marie D. Cruz, Reporter

ABOITIZ INFRACAPITAL, Inc. (AIC) expects at least four key locators at its West Cebu Estate in Central Visayas, which is seen to support the province’s growing shipbuilding industry. 

“Right now, we’re looking at about four or five [locators], with maybe a couple more coming in,” Monica L. Trajano, vice-president for Business Development of Economic Estates, said on the sidelines of the BusinessWorld Economic Forum in Taguig City on Thursday.

“We’re also seeing other industries that are not necessarily complementary to the shipbuilding industry,” she added.

Majority of the target locators at the 540-hectare West Cebu Estate in Balamban, Cebu are homegrown firms concentrated on shipbuilding.

“Balamban is a strategic location to access more of Central Visayas,” Ms. Trajano said. “So it’s still, at the core, on shipbuilding. Whether it’s new vessels or maintenance, repair and overhaul.”

The West Cebu Estate, which is registered with the Philippine Economic Zone Authority (PEZA), had 17 locator companies from medium to heavy industries, covering over 14,908 jobs, as of December.

Aboitiz Land, Inc. Chief Executive Officer Rafael Fernandez de Mesa earlier said about 20 hectares were left in their 40-hectare expansion plan for the estate.

“It’s pretty much site-graded already and is ready to receive [investors],” Ms. Trajano said. “It’s in varied stages of PEZA proclamation but for the most part, the goal is to be able to get everything PEZA proclaimed.”

For the 200-hectare TARI Estate, the company’s mixed-use estate in Tarlac City, as many as 10 companies have shown interest in expanding, she said. “There’s good interest in TARI — seven to 10 [locators] in terms of interest.”

TARI Estate is the Aboitiz Group’s fourth economic estate. The construction of its first two phases is slated for completion by mid-2026. Once operational, TARI Estate is expected to generate about 60,000 jobs.

“[This] puts us basically on target for things, because it was a 24-month development timeline,” Ms. Trajano said.

Meanwhile, business process outsourcing company Conduent, Inc. has opened its Batangas office at LIMA Tower One, a premium office building inside AIC’s LIMA Estate.

The 9,000-square-meter, three-story facility will house Conduent’s rapidly growing workforce, supporting operations in finance, healthcare services and procurement. It is expected to generate 1,500 jobs this year.

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