2GO appoints CFO Howell as chief operations officer

January 21, 2025 | 12:03 am

2GO-William Charles Howell — WILLIAM CHARLES HOWELL

SHIPPING and logistics solutions provider 2GO Group, Inc. has appointed William Charles Howell as the company’s chief operations officer, taking up a dual role in the company.

In a media release on Monday, 2GO said the appointment of Mr. Howell, who serves as the company’s chief financial officer (CFO), “aims to streamline operations, enhance strategic decision-making, and foster a more integrated approach to financial and operational management.”

Mr. Howell said the company will focus on enhancing its service deliveries to position 2GO as the top logistics company in the country.

Earlier this month, the company announced plans to enhance routes and expand key services.

The company said it aims to continue its growth trajectory this year, citing several initiatives in 2024, such as the addition of three large roll-on/roll-off passenger vessels to service both freight and travel growth in Visayas and Mindanao.

“Will’s leadership has been a guiding spirit in strengthening 2GO’s financial and operational foundation. I am excited to see how he will continue to drive the company’s ambition and purpose in his new capacity,” said 2GO President and Chief Executive Officer Frederic C. DyBuncio.

2GO offers multimodal transportation, warehousing and inventory management, distribution, special containers, project logistics, and e-commerce logistics. It also provides sea travel, freight forwarding, import and export processing, and customs brokerage services. — Ashley Erika O. Jose

RCBC set to offer sustainability notes

January 21, 2025 | 12:03 am

RIZAL COMMERCIAL Banking Corp. (RCBC) is looking to return to the offshore debt market with an offering of benchmark-sized dollar-denominated sustainability notes.

The senior unsecured notes will be issued out of RCBC’s $4-billion medium-term note (MTN) program and under its Sustainable Finance Framework, the Yuchengco-led bank said in a disclosure to the stock exchange.

The bank has prepared an offering circular dated Dec. 20 filed with the Singapore Exchange Securities Trading Ltd., it added.

“In relation to the marketing of the proposed drawdown, fixed-income investors call(s) are scheduled for Jan. 20, 2025,” RCBC said.

The bank has appointed ING Bank N.V.-Singapore Branch, Morgan Stanley & Co. International plc and SMBC Nikko Securities (Hong Kong) Ltd. as the joint bookrunners for the offering.

Allen Overy Shearman Sterling LLP was appointed as international legal counsel, while Romulo Mabanta Buenaventura Sayoc & de los Angeles is the domestic legal counsel. P&A Grant Thornton was also tapped as the auditor for the offer.

RCBC in October upsized its MTN program from $3 billion. Its last issuance under its offshore fundraising program was made in January 2024, when it raised $400 million from an offering of five-year senior unsecured sustainability notes. That issue marked RCBC’s return to the overseas debt market after over three years.

RCBC Chief Executive Officer Eugene S. Acevedo in November said the bank is looking to tap both the offshore and domestic debt markets on a regular basis as part of their new funding strategy to maintain a steady supply of papers.

The bank’s net income decreased by 37.01% to P1.77 billion in the third quarter of 2024. This brought its net profit for the first nine months of 2024 to P6.22 billion, 31.12% lower year on year.

RCBC’s shares dropped by 15 centavos or 0.62% to end at P24.05 apiece on Monday. — A.M.C. Sy

The Shrink Government trend abroad, opportunities for the Philippines

January 21, 2025 | 12:02 am

Yesterday, Donald J. Trump started his second term as the 47^th President of the USA. I have read a number of articles peddling the narrative that the US and global economy, including the Philippines, was worse off during Trump’s first term. To verify if this was true or not, I constructed this table comparing the average growth and inflation rate performance of three presidential administrations — Barak Obama’s last three years (2014-2016), Trump’s first three years (2017-2019), the COVID lockdown years (2020-2021), and Joe Biden’s last three years (2022-2024).

ECONOMIC PERFORMANCE UNDER 3 PRESIDENTS
In terms of GDP growth, the US economy performed better under Trump than under Obama or Biden. The same for its northern neighbor Canada. The two largest economies in Europe — Germany and the UK — have shown consistent declines in average growth over those three administrations.

The three largest economies of Asia except India, China, and Korea have similar trends as the two European countries but at higher levels. Some ASEAN countries — the Philippines, Vietnam, and Thailand — experienced lower growth under Biden than under Trump.

When considering consumer prices, the US, Canada, Germany, and UK experienced inflations levels that were two to three times higher under Biden than under Trump. A similar trend can be seen for Korea and Japan, the Philippines, and Thailand (see Table 1).

So, the idea that the US and global economy including the Philippines was worse off during Trump’s first term is wrong when comparing GDP performance during the Obama and Biden administrations. But the idea is partially true when compared with the Obama administration on inflation.

‘SHRINK GOVERNMENT’ TREND: ARGENTINA, US, VIETNAM
When Argentina’s President Javier Milei took office in December 2023, he immediately reduced the number of government ministries from 19 to nine, merging and partially abolishing 10 ministries. A few months later, he further reduced it to only eight ministries. Argentina experienced a budget surplus within two months.

When Trump won the US elections last November, he announced the creation of a Department of Government Efficiency (DOGE) to be jointly led by Elon Musk and Vivek Ramaswamy*, two successful entrepreneurs. Musk, Ramaswamy, and Trump were all inspired by Milei’s huge fiscal reforms and DOGE was created with a clear mandate of reducing the bureaucracies, subsidies, regulations, and taxes that curtail business. DOGE will self-evaporate by July 2026 or just after an existence of 1.5 years, as it is not meant to be a forever bureaucracy.

Now some leaders of US states are thinking of creating their own DOGE, like the governors or legislative speakers of Iowa, New Hampshire, Louisiana, and Wisconsin, with the same goal of shrinking the bureaucracies, subsidies, and regulations.

Meanwhile, the Vietnam Communist Party announced last December that they will cut the number of government bodies from 30 to 21, in a process they labeled as “institutional revolution.” Among the plans is merging the Ministries of Finance, Planning, and Investment to form a new “super ministry” called the Ministry of Finance and National Planning. Then merging the Ministries of Transport and Construction, and Ministries of Labor, Invalids and Social Affairs with Home Affairs.

The Philippines has a National Government Rightsizing Program (NGRP) bill in Congress which aims to merge some agencies and bureaus and have a leaner national bureaucracy. Local government bureaucracies are not covered by the bill. The Department of Budget and Management is pushing this bill and its Secretary Amenah F. Pangandaman is confident that this move will help reduce the annual deficit and borrowings.

SHRINKING TAXES
President Milei announced last December that they will abolish 90% of all federal or national taxes (not revenues) and have at most only six different taxes on businesses and individuals.

US President Trump plans to further cut US corporate income taxes to 15% hopefully this year, to be implemented in 2026.

The are no similar plans to cut taxes in the Philippines but Finance Secretary Ralph G. Recto has maintained that there will be no tax hikes, and pushed only old tax measures, like a tax on digital transactions to level the playing field with physical transactions.

Recently a bill on a moratorium on sustained increases in the tobacco tax was filed in Congress. I was invited by the House Committee on Ways and Means, chaired by Joey Salceda, and the Senate Committee on Ways and Means chaired by Win Gatchalian. I have attended meetings at both the House and Senate.

The Food and Nutrition Research Institute (FNRI), an agency under the Department of Science and Technology, showed one result of their 2023 survey covering some 36,000 households, or about 150,000 individuals, nationwide. Smoking incidence among respondents who were 20 years old and above increased from 18.5% of adults in 2021 to 23.2% in 2023, a big jump of 4.7%, equivalent to 3.45 million more smokers.

The continued rise in the tobacco tax is supposed to achieve two outcomes: reduce the number of smokers and increase the value of tax revenues. From 2021 to 2023 neither happened. The reverse happened — there were more smokers, and there was a decline in tobacco tax revenues (see Table 2).

The main explanation for this is that many smokers of legal tobacco did not stop smoking or reduce their consumption but instead shifted to illegal tobacco which is dirt cheap. So, the higher tobacco tax rate benefited only smugglers, criminals, terrorist organizers in cahoots with their protectors in government, while tax collections for healthcare declined.

I argued in both the House and Senate Committee meetings that the optimal tax rate is P50/pack because it was the rate that gave the DoF P176 billion in 2021. So, if we want to collect more tobacco tax revenues, the tax rate should be rolled back to P50, not increased to P63, and certainly not P70 a pack.

*Fox News said yesterday that Ramaswamy is expected to pursue the governorship of Ohio instead of taking up the reins of DOGE.

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

minimalgovernment@gmail.com

British actor Joan Plowright, 95

January 21, 2025 | 12:02 am

LONDON — British actress Joan Plowright, winner of two Golden Globe Awards and a Tony Award, has died aged 95, her family said on Friday.

Plowright made her on-screen debut in 1956’s Moby Dick before gaining wider recognition in the 1960 film adaptation of The Entertainer alongside Laurence Olivier, whom she later married.

During her long stage and screen career, Plowright also received nominations for an Academy Award, an Emmy, and two BAFTA Awards.

Other films in which she starred include Enchanted April, Tea with Mussolini, 101 Dalmatians, and Drowning by Numbers.

She retired from acting in 2014.

Plowright passed away peacefully on Jan. 16 surrounded by her family, according to a family statement reported by the BBC and other British media outlets.

“She enjoyed a long and illustrious career across theater, film and TV over seven decades until blindness made her retire,” the statement said.

“We are so proud of all Joan did and who she was as a loving and deeply inclusive human being.”

In a 2018 BBC documentary, Plowright recalled playing the character Beatie Bryant in the 1959 theater production Roots and the rare thrill in that era of being a female lead.

“Beatie is the center of attention, the center of the story instead of being on the side, the decoration bit, the support,” Plowright said. “The female is absolutely at the center of it and it’s that feeling of elation, exhilaration when you know you’re in charge.” — Reuters

Alternergy advancing capital-raising program with new advisors

January 21, 2025 | 12:02 am

wind power-solar energy — PHILSTAR FILE PHOTO

LISTED renewable energy firm Alternergy Holdings Corp. has tapped two financial advisors for its next capital-raising initiative, aiming to support the rollout of its 500-megawatt (MW) capacity target.

Alternergy has appointed AlphaPrimus Advisors and Astris Finance to advise on various options for the company’s capital-raising framework, the company said in a media release on Monday.

“We are advancing to the next phase of our capital-raising program. We are excited to partner and work closely with AlphaPrimus and Astris Finance, who have a strong track record of successfully closing M&A (mergers and acquisitions) deals both locally and internationally,” said Gerry P. Magbanua, president of Alternergy.

AlphaPrimus is an M&A and debt advisor in the Philippines, with the team having already advised on close to 80 transactions worth more than $37 billion, inclusive of previous assignments.

Astris Finance, on the other hand, is a global transaction advisory firm focused on “providing a full suite of investment banking services in connection with energy transition projects,” with $60 billion worth of transactions completed worldwide.

Alternergy is planning a new capital-raising initiative following the P20-billion funding it raised “in just 15 months since its public listing in March 2023.”

Mr. Magbanua said last year that the company planned to allocate P15 billion to fund the capital requirements of its projects, which have a combined capacity of at least 190 megawatts (MW).

The company aims to develop up to 500 MW of additional wind, solar, and run-of-river hydro projects by 2026. At the local bourse on Monday, shares in the company declined by 0.84% to close at P1.18 apiece. — Sheldeen Joy Talavera

DBP charter changes to support capital position

January 21, 2025 | 12:02 am

PROPOSED CHANGES to the charter of the Development Bank of the Philippines (DBP) that would allow for public ownership could help support the state-run lender’s capital restoration following its contribution to the country’s sovereign wealth fund and boost its credit profile, debt watcher Fitch Ratings said.

“The proposed amendments to Development Bank of the Philippines’ charter, which will allow the state to sell part of its stake in the bank, are unlikely to have any impact on the bank’s sovereign support-driven Issuer Default Ratings (IDR),” Fitch said in a commentary on Monday.

“However, a stake sale that significantly improves DBP’s capital position may be positive for the bank’s standalone credit profile, as it can restore underlying capital buffers that were eroded when DBP injected capital into Maharlika Investment Fund in late 2023,” it said.

Fitch in March affirmed DBP’s long-term foreign- and local-currency IDRs at “BBB” with a “stable” outlook, matching its assessment of the Philippines.

However, it downgraded the bank’s Viability Rating (VR) to “bb-” from “bb” following its capital contribution to the Maharlika Investment Corp. (MIC), as this would have “reduced its common equity Tier 1 (CET1) ratio by 4pp (percentage points) and resulted in a breach of the local capital requirement if not for regulatory forbearance.”

The Senate in September approved on final reading a bill that seeks to amend the DBP’s charter.

Under Senate Bill No. 2804 or “The New Development Bank of the Philippines Act,” which will repeal Executive Order No. 81 issued in 1986 or DBP’s current charter, the state-run bank’s capital will be hiked to P300 billion from P35 billion — part of which can be raised via public listing — to help finance its priority sectors.

The bill said that the National Government will own 70% of the DBP’s capital stock at all times, with P32 billion or 10.67% being fully subscribed to and paid for by the state.

Under the measure, the DBP will also be allowed to engage in financial leasing in connection with government projects. The amendments will likewise streamline the bank’s bond issuance process.

Fitch said that while the proposed new DBP charter allows for its public listing, which would dilute the government’s ownership, it ensures that the state will still retain majority control of the lender.

“We believe DBP continues to play a strategic role in advancing the state’s policy agenda that the government is likely to retain, notwithstanding the possibility of lower public ownership. DBP’s policy role underpins its sovereign support-driven IDR of ‘BBB’/Stable, which is equalized with the Philippines’ sovereign rating,” it said.

“However, capital injection via a potential stake sale that enhances DBP’s capital position materially could lead to an upgrade in the bank’s Viability Rating, which reflects its standalone credit strength,” Fitch added.

The debt watcher said the bank’s capitalization has improved, with its parent-level CET1 ratio at 13.8% as of end-September 2024, up from 13% at end-2023, factoring in regulatory relief.

“We expect the bank’s capital buffers to continue to rise steadily as profitability improves, helped by lower credit costs amid a robust economic environment,” Fitch said.

“We have not factored in any potential stake sale in our base-case projections, given the significant uncertainty surrounding the timeline and execution of any sale, but more concrete plans could buoy the VR if and when they are announced. Beyond enhancements in its capitalization, DBP’s VR could also be upgraded should we see improvement in its asset quality and profitability.”

DBP and Land Bank of the Philippines (LANDBANK) earlier sought regulatory relief from the central bank following their contributions to the MIC. DBP and LANDBANK were mandated to contribute P25 billion and P50 billion, respectively, as initial seed capital for the MIC, which were remitted in September 2023.

DBP booked a net profit of P4.68 billion at end-September 2024, down by 8.95% year on year. — Luisa Maria Jacinta C. Jocson

ALI’s Vermosa holds ‘Open Streets’ weekend until Feb.

January 21, 2025 | 12:01 am

AYALA Land, Inc. (ALI) is closing portions of its Vermosa estate in Cavite every weekend beginning Jan. 18 to promote car-free and pedestrian-friendly activities.

The “Open Streets” program will close sections of Vermosa Boulevard, Champions Loop, and Olympic Drive every weekend until Feb. 23 to give way for physical activities such as cycling, running, and community assemblies.

“This initiative embodies Vermosa estate and Ayala Land’s commitment to promoting an active lifestyle and strengthening community bonds,” May P. Rodriguez, vice-president and senior project development head of ALI’s Estates Group, said in a statement.

The initiative was inspired by “Car-Free” Sundays on Ayala Avenue, launched by Ayala Land and Make It Makati in 2023.

The program not only encourages physical activity but also allows families to enjoy quality time and neighbors to connect with each other, Ms. Rodriguez added.

It will also feature various community-building activities, such as roller skating, painting, pocket fitness classes, group classes, and food and retail booths.

These will be held around the estate’s nature-inspired spaces, including the Vermosa Greenway and landscape parks.

“Vermosa Open Streets is more than just a weekend activity; it’s a testament to Ayala Land’s vision of creating communities that are forward-thinking, sustainable, and environmentally conscious,” said Christine C. Roa, corporate and estates marketing and communications group head at Ayala Land.

The initiative is expected to attract visitors from nearby towns, ALI said.

Key facilities such as Cavite Red Cross, Bureau of Fire Protection, Philippine National Police, and the Imus Government Center are also located within the estate.

Vermosa boasts proximity to major roadways and establishments such as Ayala Malls Vermosa and the De La Salle Santiago Zobel Vermosa Campus. The property covers the cities of Imus and Dasmariñas in Cavite. — Beatriz Marie D. Cruz

The world is getting used to Trump

January 21, 2025 | 12:01 am

WHEN Donald Trump first won the presidency, the world had a bit of a freak-out. The French ambassador to the US melted down on social media. Germany’s Angela Merkel fretted that Washington was abandoning the international system it had built. The global elites of Davos lauded China’s Xi Jinping when he promised, risibly, to be the defender of an open, cooperative world.

Now, Trump is back, and he certainly hasn’t mellowed. Yet this time, much of the world is more calmly, even optimistically, awaiting his second term. That moderated reaction speaks volumes about how the world’s expectations of America have changed over the past eight years — and how the world itself has gotten more Trumpy.

For insight, consult new polling by the European Council on Foreign Relations. Most European populations still dislike Trump. Still, Trump has encountered little of the overt hand-wringing or resistance diplomacy that characterized his first time around. Rather, European leaders — including French president Emmanuel Macron and NATO Secretary General Mark Rutte — have rushed to engage with Trump even before his inauguration. And if most European elites seem resigned to Trump redux, other parts of the world are downright welcoming.

Publics in key states — including India, Saudi Arabia, China, Russia, Brazil, Turkey and Indonesia — think Trump will be more good than bad for their countries. On balance, the world expects he will help rather than hurt the chances for peace in Ukraine and the Middle East. Even Ukrainians themselves are more bullish than bearish. What exactly is going on?

Trump’s critics would argue that Russia and China like the incoming president because he’ll take a wrecking ball to the US-led order, while America’s closest allies in continental Europe, the United Kingdom, and South Korea fear him for that same reason. That’s true, to an extent. Whatever losses China suffers in a Trump 2.0 trade war, it could recoup — and then some — from the damage he might do to the US alliances that have long constrained Beijing.

Yet that’s just one of several dynamics at work.

In some ways, foreign leaders are more restrained because they’ve seen what works and what doesn’t. Allied leaders who clashed openly with Trump after 2017 rarely benefited: Merkel nearly saw one-third of the US troop contingent removed from Germany. Allies that fared better, such as Japan and Poland, typically flattered Trump and touted their ability to support his political and geopolitical agenda. That’s a commentary on Trump’s almost juvenile tendency to personalize key relationships. Yet it’s a reality US partners can’t ignore.

There’s also global frustration with the world Joe Biden left behind. If Ukrainians are Trump-curious, that’s because Biden saved their country from losing its war of survival quickly in 2022 — only to put it on the road to losing that war slowly in the years thereafter. The Saudis hope Trump can finally end a grinding, regionally consuming war in Gaza: The nascent ceasefire he helped broker can only encourage that belief. More broadly, Biden’s foreign policy was cool and mostly competent, yet the world is still more violent, more chaotic than it was four years ago. So just as voters punished incumbents nearly everywhere in 2024, the world seems to be looking for change in Washington, too.

The change that’s coming, moreover, won’t be such a surprise this time. In 2016, so many leaders found it hard to believe that America, long the protector of the liberal order, had elected a president who openly loathed that project. Now, presumably, they see Trump’s return as part of a larger shift in which the US takes less responsibility for global order and becomes more nakedly transactional in its dealings with the world. Whatever the consequences of that shift — and they may not be pretty — it’s counterproductive to act as though Trump represents an aberration anymore.

Most fundamentally, the world is less horrified by Trump because it has become more like him. The ideas that Trump rode to power — hostility to migration and globalization, an emphasis on national identity and sovereignty — now animate political debates and political disrupters across multiple continents. Populists and strongmen are enjoying a global moment: Trump has counterparts in India’s Narendra Modi, Saudi Arabia’s Mohammad bin Salman, Russia’s Vladimir Putin, China’s Xi Jinping, Italy’s Georgia Meloni, and Hungary’s Viktor Orban. There is a generalized sense, moreover, that entrenched establishments have failed their citizens — which is why countries throughout the democratic world are experiencing such pronounced political weakness and upheaval.

A warning: Those looking forward to a Trump presidency may come to regret it, if he governs by abandoning Ukraine, tearing up a global trading system that benefits so many countries, and stoking rather than suppressing the geopolitical chaos. For the moment, however, the international response to this transition shows we’re already living in Trump’s world.

BLOOMBERG OPINION

Hal Brands is a senior fellow at the American Enterprise Institute, the co-author of Danger Zone: The Coming Conflict with China, and a member of the US-China Economic and Security Review Commission. He is a senior adviser to Macro Advisory Partners.

Citicore eyes higher capex to support projects

January 21, 2025 | 12:01 am

RENEWABLE ENERGY developer Citicore Renewable Energy Corp. (CREC) is expecting a higher capital expenditure (capex) budget for this year as it works towards its five-gigawatt (GW) project roadmap, its president said.

“Most likely higher,” CREC President and Chief Executive Officer Oliver Y. Tan told reporters last week when asked about this year’s capex.

For 2024, CREC allotted a capex of around P35 billion, primarily for renewable energy projects.

Mr. Tan said the company is working on the first GW worth of energy projects targeted to come online this year, which are mostly under the government’s second green energy auction held in 2023.

“We have four solar projects in Tuy, Batangas, one in Arayat, two in Pangasinan, and two in Pagbilao that will come online within the year,” Mr. Tan said.

The company is targeting to energize projects with a capacity of 200 megawatts (MW) by April and 800 MW by August, he said.

With the development, CREC sees ending the year with almost 1.2 GW of capacity, contributing to its goal of reaching 5 GW of capacity by 2028.

“We’re rolling out the second GW pipeline this year,” Mr. Tan said.

Meanwhile, CREC said in a regulatory filing on Monday that the company and Indonesian state-owned PT Pertamina Power Indonesia (Pertamina NRE) are targeting to implement their P6.7-billion investment deal by the first quarter of 2025.

“The subscription is targeted to be implemented by the 1st quarter of 2025,” CREC said.

Earlier this year, CREC announced that its board of directors approved Pertamina NRE’s subscription to a 20% interest or 2.23 billion common shares of CREC, at P3 per share, raising an estimated value of P6.7 billion.

The partnership marks Pertamina NRE’s first investment in the Philippines, according to CREC.

Proceeds from the deal will contribute to the development of CREC’s pipeline of renewable energy projects nationwide in line with its energy goal.

CREC, directly and through its subsidiaries and joint ventures, manages a diversified portfolio of renewable energy generation projects, power project development operations, and retail electricity supply services.

At present, the company has a combined gross installed capacity of 285 MW from its solar facilities in the Philippines.

On Monday, shares in the company fell 2% to close at P3.43 apiece. — Sheldeen Joy Talavera

Pru Life UK partners with Al-Amanah to promote Islamic finance

January 21, 2025 | 12:01 am

PRU LIFE Insurance Corp. of UK Philippines (Pru Life UK) has partnered with Al-Amanah Islamic Investment Bank of the Philippines (AAIIBP) to promote Islamic finance.

The partnership aims to “promote Islamic finance and takaful through financial education and capacity-building initiatives and help expand reach of financial inclusion to more Filipino communities, primarily in the Bangsamoro Autonomous Region in Muslim Mindanao,” Pru Life UK said in a statement on Monday.

“This collaboration between Pru Life UK and AAIIBP is a promising step towards a more inclusive and financially resilient Philippines,” it said.

The life insurer last year secured its takaful window operator license from the Insurance Commission (IC). It previously said it aims to launch its first takaful insurance product within this quarter.

Takaful is a type of Islamic insurance where members contribute a certain sum of money to a common pool. Takaful insurance needs to be compliant with Shari’ah law, which prohibits riba (interest), al-maisir (gambling), and al-gharar (uncertainty) principles.

“Pru Life UK’s Takaful journey is driven by our commitment to social inclusion, aiming to provide financial protection to more Filipino families. We are excited to collaborate with AAIIBP on financial education and capacity-building to help address the need to fill in the gap in financial education especially for Muslim communities,” Pru Life UK Chief Legal, Government Relations and Sustainability Paul Mandal said.

“As the country’s first Islamic bank, AAIIBP is committed to advancing financial inclusion through Shariah-compliant solutions. The partnership with Pru Life UK on financial education and capacity building is a significant milestone in our efforts to uplift Muslim communities and empower them to become key contributors to the nation’s progress. We are eager to witness the positive impact this collaboration will bring,” AAIIBP Chairman and Chief Executive Officer Amilbahar Amilasan, Jr. said.

Pru Life UK booked a premium income of P46.19 billion and a net income of P4.36 billion in 2023, IC data showed.

Meanwhile, AIIBP posted a net loss of P81.44 million in 2023, narrowing from the P86.448-billion loss in 2022, its financial statement showed. — AMCS

Entertainment News (01/21/25)

January 21, 2025 | 12:01 am

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Renée Zellweger returns for Bridget Jones 4

ROMANTIC comedy franchise Bridget Jones Diary is back with another heartfelt chapter, Bridget Jones: Mad About the Boy. Renée Zellweger reprises her role as the titular lead who tries to rekindle the spark in her life after the death of her husband Mark Darcy, played by Colin Firth. Now a single mother to two children, her loved ones encourage her to pursue a new path into life and love, often with hilarious results. The film opens in Philippine cinemas on Feb. 12.

Sunshine official entry to Berlin Film Fest

Sunshine, the latest film by Antoinette Jadaone starring Maris Racal, has been chosen as an Official Selection at this year’s Berlin International Film Festival under the Generation 14plus Program. The 75^th edition of the festival takes place from Feb. 13 to 23.

Ronan Keating headlines Valentine’s concert

THIS February, the Irish singer-songwriter and global heartthrob Ronan Keating will make hearts swoon with a special Valentine’s concert at the Newport Performing Arts Theater. He will serenade fans in the one-night only concert on Feb. 13, 8 p.m. Prices range from P4,000 to P20,000.

Surge Fitness + Lifestyle offers wellness packages

AT premium club Surge Fitness + Lifestyle, clients are invited to refocus and welcome the new year with revitalized fitness objectives. Themed “RESET,” the club is offering wellness packages this January. These include Surge JR for kids, yoga and mindfulness sessions, nutrition plans, recovery rooms, and even a golf simulator, pickleball court, basketball court, bowling lanes, and billiards for leisure and sport enthusiasts. Exclusive member events are Cheatday Friday, Family Sunday, and the newly launched Sports Saturday (happening every 2^nd and 4^th Saturday of the month) where the club community comes together for fun, food, and inspiration. For more updates and news, follow Surge Fitness + Lifestyle’s social media pages.

Stories of the Heart for Valentine’s Day

THIS Valentine’s season, Newport World Resorts is staging Stories of the Heart, a concert that brings together three original Pilipino music (OPM) icons: Erik Santos, Christian Bautista, and Yeng Constantino performing a romantic soundtrack to life. For the first time, these three will join forces to headline the two-night show on Feb. 14 and 15, 8 p.m., at the Newport Performing Arts Theater. Ticket prices range from P2,300 to P9,500.

Marvel, Disney bring Daredevil: Born Again

COMIC book characters Matt Murdock and Wilson Fisk will face off once again in Marvel Television’s all-new series, Daredevil: Born Again. In it, Charlie Cox reprises his role as Matt Murdock, a blind lawyer with heightened abilities, as he fights for justice through his law firm, while Vincent D’Onofrio plays former mob boss Wilson Fisk who pursues his own political endeavors in New York. When their past identities begin to emerge, both men find themselves on an inevitable collision course. It premieres on Disney+ on March 5.

Kaloy Tingcungco releases debut single

GMA Sparkle artist Kaloy Tingcungco has released his first single, “Infatuation,” a song that explores the complexities of emotions and relationships. The debut single was a collaboration with GMA Playlist, which helped Tingcungco bring this passion project to life.

K-pop concert in Manila

The K-pop concert IAM K-POP will be bringing some of Filipinos’ favorite South Korean artists to the Smart Araneta Coliseum in Quezon City on March 29. Among the K-pop acts that have been revealed to be part of the concert thus far are boy groups RIIZE and HORI7ON and pop stars IRENE and Seulgi from Red Velvet. More details will be announced soon.

How PSEi member stocks performed — January 20, 2025

January 21, 2025 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Monday, January 20, 2025.