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UnionBank looks to raise at least P10B from dual-tenor bond offer

UNION BANK of the Philippines, Inc. (UnionBank) is looking to raise at least P10 billion from its dual-tenor bond offer, eyeing P5 billion from each tranche.

The listed bank on Wednesday began its public offering of 1.5-year senior fixed-rate Series H bonds due 2026 and three-year senior fixed-rate Series I bonds due 2028, it said in a disclosure to the stock exchange.

The offer is set to run until June 19, unless ended earlier by the bank. The papers are set to be issued, settled, and listed on the Philippine Dealing and Exchange Corp. on June 26.

“The bonds will be offered with a minimum aggregate principal amount of P5 billion per tranche, with an oversubscription option,” UnionBank said.

The papers will be issued out of the bank’s expanded P100-billion peso bond program approved by its board of directors on Feb. 28.

UnionBank priced the 1.5-year notes at 5.88% per annum, while the three-year bonds carry a rate of 6.02% per annum.

The papers are being sold for a minimum investment amount of P100,000 and in multiples of P50,000 thereafter.

ING Bank N.V. Manila Branch, Philippine Commercial Capital, Inc., and Standard Chartered Bank have been appointed as the joint lead arrangers and bookrunners for the transaction.

They will also act as selling agents together with UnionBank.

UnionBank last tapped the domestic bond market through an offering of 1.5-year and three-year senior bonds in December 2023 from which it raised P18.168 billion. This was higher than the initial combined issue size of at least P2 billion, or P1 billion for each tenor.

Broken down, it raised P10.34 billion via the 1.5-year senior fixed-rate Series F bonds due in 2025 with an interest rate of 6.5625% per annum and P7.8295 billion through the senior fixed-rate three-year Series G bonds due in 2026 with an annual yield of 6.68%.

UnionBank saw its attributable net income decline by 28.93% year on year to P1.4 billion in the first quarter due to one-time write-offs from a subsidiary and front-loaded non-recurring costs.

Its shares climbed by five centavos or 0.15% to close at P33.20 apiece on Wednesday. — A.M.C. Sy

SFA Semicon Philippines Corporation notifies the public and stockholders of its petition filed with the SEC


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Jollibee Foods Corporation to hold virtual Annual Stockholders’ Meeting on June 27

 


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Enterprises keen on Boomi’s AI-powered offerings

Boomi sign — BOOMI

DALLAS, Texas — Enterprises are turning to Boomi to tackle integration and data management issues, as well as automate business processes using artificial intelligence (AI).

At Boomi World, the company’s top executives announced a major push into AI development that strengthens its core business. It unveiled its Agentstudio that allows enterprises to design their own AI agents, which would help streamline business processes.

“As organizations accelerate AI adoption, the complexity of developing, auditing and managing AI agents will continue to grow, creating governance, security and integration challenges across industries,” Boomi Chief Technology Officer Ed Macosky said.

He said the priority is to provide its customers with a platform that simplifies AI agent deployment and management.

Several Boomi customers shared with BusinessWorld how the Boomi enterprise platform has helped address issues related to data management and integration, and how the company’s new agentic AI offerings will figure into their plans.

NFI INDUSTRIES
Rodney Lucas, senior director of application services at third-party logistics company NFI Industries, said they faced significant integration issues as the company’s volume grew in recent years.

“It even got to the point where our own CEO (chief executive officer) had said that our integration keeps him all that late. And that’s not a good place to be,” he said in an interview.

Started in 1932 by Israel Brown, NFI Industries is a nearly $4-billion company with 18,000 employees, 5,000 trucks and over 73 million square feet of customer warehouse space.

“Prior to moving to Boomi, we had on average 100 tickets that were created in our system regarding integration issues. On average, it was about 100 a month. There were spikes up to 400 a month at times,” Mr. Lucas said.

Since using Boomi, he noticed the tickets have dropped to about 30 a month.

“With the end-to-end monitoring that we put in place, we’re able to get ahead of the issues… Probably the biggest benefit to the company is just that nobody even sees when there’s a failure. We’re taking care of it,” Mr. Lucas said.

“And next step is we want to use AI to help out with that, figure out where the ticket is supposed to route.”

NFI also saw a reduction in integration build times to just 12-16 hours from 40 hours previously.

Mr. Lucas said he is excited about the announcements about new innovations and products at Boomi World.

“We’re trying to get tools in the hands of both our client services teams and our operations teams so that they can self-support. And one of the biggest things that we look at using AI for in the near term is enriching the data,” he added.

HEB CONSTRUCTION
Auckland-based HEB Construction has extended its use of the Boomi Enterprise platform “to maximize the effectiveness of an existing third-party AI-powered road monitoring tool.”

HEB uses Boomi to integrate the AI tool with its geographic information system and central and local government work and asset management platform. This allows the delivery of timely and accurate insights to its maintenance team and clients.

Mircel van der Walt, solutions and architecture manager at HEB Construction, said they have made progress in collecting data, with 25 million records now available for training their AI model.

“It’s a happy coincidence that Boomi started releasing its offerings of how AI can be delivered, maintained, monitored, governed. So that works out great. We don’t have to undo anything,” he said in an interview.

“Our future plan is to use all the new Boomi offerings around the AI space to go build an agent for this specific topic and use it as our fundamental use case to venture into the AI game.”

Mr. Van der Walt said they are planning to use the road maintenance data to build an agent that could predict where faults might exist with a certainty percentage above 80-90%.

“It would be nice to get 95% accuracy on where a pothole would be in the next week. That would be like a superpower. But if we were realistic, it would take us some time to get to that. We’ll reach it but just not tomorrow,” he said.

Having been a Boomi customer for years, Mr. Van der Walt said he is impressed with the company’s continual innovation.

Boomi is also good at listening to customer feedback and incorporating it into their offerings, he said.

“For us, it’s great being part of this family because one, we get the power of the platform and all the very smart people that build it. (Two,) Boomi is very good at listening to us as the customer,” he added.

LEXITAS
Lexitas, a leading provider of technology-enabled litigation services, had acquired around 40 companies since 2020 but soon discovered issues in data management. There were duplicated and inconsistent customer data stored in siloed systems.

Sherry Bourque, chief accounting officer at Lexitas, said they turned to Boomi Data Hub for master data management so it could “tame” all of the customer data from these acquisitions.

It created a unified “golden record” that consolidated disparate data sources. This involved applying a single identifier to a customer.

“We collapsed the number of customers because now there’s one single identifier for that. We are able to do integrations faster because of it. The books get closed faster because once you do the integration you don’t have to go to the manual system to get the sales data and book it,” she said.

This gave Lexitas a 360-degree view of customer information which could be used by the sales and marketing teams. It also gave better financial data from the acquisitions.

“(We are) closing the books faster, getting rid of the noise of all the systems,” she added.

Moving forward, Ms. Bourque said they are looking at using some of Boomi’s AI products.

“We’re going to entertain the idea of some AI and those new AI products that they’re talking about that we can use,” she said.

Lexitas and NFI were also named the winners of the 2025 Boomi Customer Innovation Awards, recognizing enterprises that use Boomi Enterprise Platform to lead digital change. — Cathy Rose A. Garcia

The rise and rise of Avocadoria: How can foodie entrepreneurs replicate their success?

AVOCADORIA.COM.PH

Among Filipino entrepreneurs, food and beverage businesses have long been a perennial favorite. Who hasn’t dreamt of owning a cafe and bakery? Or their own chain of popular food stalls? Even with the impressive growth of the F&B industry today, entrepreneurs in the food biz need to ask themselves important questions: What does it take to start a 230+ branch chain like Avocadoria? What is the recipe for success when putting up their own cafe and bakery?

I recently spoke to chef Czarina Sevilla, or Chef Cza, the entrepreneur behind Avocadoria and The Taste of Czaczacza, who is living the Pinoy entrepreneurial dream. The Mansmith Innovation awardee established Avocadoria in 2019, starting with one small, 20-square-meter branch. In just a few years, Avocadoria has spread across the country with more than 200 branches and become a lifeline for Filipino avocado farmers. At the same time, Chef Cza has pursued a dream of hers to build her own cafe and bakery, The Taste of Czaczacza, as well as an upcoming restaurant called Czarina’s.

If you’re a foodie entrepreneur, this story provides a wealth of insight and inspiration into setting up your own food business.

FROM ONE TO 230
So, how did Avocadoria grow from one to 230+ branches? Before Avocadoria, Chef Cza, a hotel and restaurant management graduate, worked in the industry, gaining valuable experience. Initially, she worked in Crowne Plaza where she found mentorship with the chefs there, and a vocation to become a pastry chef. Then she worked for various restaurants, rising to the position of Chef de Partie. Crucially, it was during this time that she created the menu for Avocadoria.

Fast forward to 2019. Deciding to finally establish Avocadoria, Chef Cza began her entrepreneurial work with a loan from her sister, and a 20-square-meter space borrowed from her brother.

Despite founding the company just before the COVID-19 pandemic, she sees the circumstances as an advantage for Avocadoria.

“During the COVID times, you really need to boost your immune system so that you won’t get sick,” she explained. “The number one fruit that can boost your immune system is avocado.”

As 2020 began and lockdown was imposed, many food and restaurant businesses shut down. But Avocadoria kept opening branches on the strength, at the time, of its cake business. In fact, almost two months after opening her first branch, Chef Cza turned Avocadoria into a franchising company.

Taking advice from her sister, she recalled, “[My sister] said, let’s open it as a franchise. She said, there’s nothing like this.” Without hesitation, Chef Cza agreed, despite admittedly not knowing much about franchising. In just three months, she had 111 franchisees.

“If there’s an opportunity, grab it,” she said. “Because if the opportunity comes to you, then you reject it, maybe tomorrow you won’t have that opportunity.”

To entrepreneurs looking to replicate her success, she advises two things: “Number one, your concept needs to be unique. It needs to be impossible to be replicated. And then number two, choose your franchisees. Because it’s going to be a long-term partnership.”

LEARNING FROM FAILURE
Despite the successful run Avocadoria has experienced from the pandemic years to the present, Chef Cza wasn’t always blessed with entrepreneurial success. In fact, her first business failed.

“I wanted to teach,” she said. “I wanted to have my own pastry workshop. Because when I attended workshops, I met different classmates who came from faraway places to do workshops.”

Leaving her work in the restaurant industry, she fulfilled her dream to put up the business. But ultimately the journey wasn’t successful.

“Not everything you want is for you,” she said. And yet, in that failed business venture was the seed for Avocadoria. “Everything happens for a reason,” she said. “Because if it didn’t happen, I wouldn’t be able to do Avocadoria.”

Initially, there were few who believed in Chef Cza’s business idea for Avocadoria. But she insisted on working to make the business a reality.

“If I really want it, I work hard for it,” she said. “Until I prove it’s impossible. That’s how I am. That’s the personality I have. Wala sa dictionary ko ang giving up. (Giving up is not in my dictionary.)”

The first hurdle Avocadoria needed to clear was the perception that avocados were a seasonal fruit. Chef Cza said, “We met a supplier and he said, ‘No, avocado is all year round.’ And then, from that one person, my avocado dream started.”

Today, Avocadoria’s 230+ branches have had a positive effect on not just the food industry but also for avocado farmers. “I saw that we have a lot of avocados here in the Philippines, but there’s no demand,” she said. “There are a lot of avocado farmers, avocado trees from the backyard, but it usually becomes rotten because there’s no demand.

“I can proudly share to all of you that because of Avocadoria, the demand for avocado fruit is good here in the Philippines.”

Moving from strength to strength, Chef Cza Sevilla has grown Avocadoria to near-ubiquitous status while establishing new businesses like The Taste of Czaczacza and Czarina’s. Yet somehow her inspirational story is only the beginning.

“You know what I want now?” she said. “To change the alphabet. So it will be A for Avocado.”

 

RJ Ledesma (www.rjledesma.com) is a Hall of Fame Awardee for Best Male Host at the Aliw Awards, a multi-awarded serial entrepreneur, motivational speaker, and business mentor, podcaster, an Honorary Consul, and editor-in-chief of The Business Manual. Mr. Ledesma can be found on LinkedIn, Facebook and Instagram.

The RJ Ledesma Podcast is available on Facebook, Spotify, Google and Apple Podcasts. Are there entrepreneurs you want Mr. Ledesma to interview? Let him know at ledesma.rj@gmail.com.

A Brown Company, Inc. sets 2025 Annual Stockholders’ Meeting on June 27 via remote communication

 


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DoE says AG&P ready to support offshore wind development

STOCK PHOTO | Image by Insung Yoon from Unsplash

DOWNSTREAM firm Atlantic, Gulf & Pacific Company of Manila, Inc. (AG&P) has committed to providing essential services to support the expanding offshore wind sector, the Department of Energy (DoE) said.

In a statement on Wednesday, the DoE said AG&P expressed interest in providing critical support services for the country’s offshore wind development, including port infrastructure, logistics, fabrication, and workforce development.

Energy Undersecretary Giovanni Carlo J. Bacordo, who oversees port development for offshore wind, assessed AG&P’s operational readiness and technical capabilities in supporting large-scale offshore wind projects.

During a visit, AG&P presented its end-to-end services, which include the provision of port infrastructure for pre-assembly, staging, and integration of offshore wind components; fabrication of foundations and floating platforms; and allocation of operational space and specialized facilities to accommodate large-scale equipment and vessels.

“The private sector plays a vital role in building the infrastructure backbone necessary for this kind of project, and AG&P’s demonstrated capabilities are instrumental in accelerating the realization of the Philippines’ renewable energy targets,” Mr. Bacordo said.

Port infrastructure is critical to offshore wind development as it serves as logistics hub throughout the life cycle of the projects.

According to the World Bank’s 2022 Offshore Wind Roadmap for the Philippines, the country’s offshore wind resources have the potential to generate over 178 gigawatts (GW).

The Philippines is now tapping into this potential as the government assists 16 offshore wind proponents estimated to deliver more than 16 GW of capacity.

The DoE is targeting the launch of the fifth round of green energy auction (GEA-5) by the third quarter this year, focusing on offshore wind.

GEA-5 is expected to facilitate market access for offshore wind developers, ensuring long-term demand for their generation capacities and keeping them on track to generate the first kilowatts by 2028. — Sheldeen Joy Talavera

Dining In/Out: Father’s Day Edition

FATHER’S DAY lands on June 15, so we suggest making reservations or preparing feasts for the occasion with these tips and treats from hotels and restaurants around the city (and even out of town).


Solaire Resort North celebration is fit for a king

SOLAIRE RESORT NORTH is pulling out all the stops this June with a Father’s Day celebration that’s all about treating Dad. Fresh International Buffet sets the stage for a lavish dining affair with a buffet featuring an array of succulent dishes and free-flowing draft beer. Finestra offers skyline views alongside the Festa del Papa special. The semi-buffet spread features seafood platters alongside premium carving and grill stations, creating a Sunday brunch experience on June 15. Guests seeking a more relaxed, yet equally indulgent Father’s Day celebration can enjoy a selection of dishes at Yakumi, Red Lantern, the Pool Café, and Lucky Noodles. Each restaurant has special set menus for Dad and the whole family. Solaire also invites families to create meaningful moments with Dad through interactive activities such as a heartfelt message wall, a DIY cap station, and a leather stamping booth at Kids Club. For active dads, there is a state-of-the-art gym with modern fitness equipment while the Outdoor Fitness Deck provides additional area for basketball and pickleball. For more details, visit the Solaire Resort North website at sn.solaireresort.com/offers/rooms-suites/celebrate-dad-weekend-room-offer, or call 8888-8888 or e-mail at sn.reservations@solaireresort.com.


Texas Roadhouse’s Texas-Sized set meals

TEXAS ROADHOUSE expands its menu to include set meals, starting at P425. These Texas-Sized sets include a starter, entrée, and drink. The starters are: Texas Chili Dip, Onion Frizzles, Cheese Quesadilla, and California Salad. Mix this up with an entrée from the following options: Pork Tenderloin, Southern Chicken Salad Sandwich, Smoked Bacon, and Crusted Mahi-Mahi. An ice-cold glass of Green Tea Lychee completes the meal. Spice things up with “Rita Margaritas” that are now available as a 2+1 promo. For more details, follow @texasroadhouseph or @thebistrogroup on Instagram.


Something crunchy at Gringo

GRINGO is serving a surprise that’s crunchy, crackly, and made to impress on Father’s Day: Crispy Pork Chicharones with Mango Salsa and Guacamole. Each bite of this pork belly delivers a snap, topped with mango salsa for a tangy punch. On the side, guacamole adds a rich, buttery contrast. Gringo has branches at Ayala Malls Feliz, Bonifacio Global City, Dela Rosa St. in Makati, Festival Mall, Greenhills, the SM Mall of Asia Arena, SM Fairview, SM Manila, SM Megamall, SM North EDSA, and SM Sucat. Provincial branches include SM Baguio, SM Dasmariñas, SM Legazpi, SM Marilao, and SM Sta. Rosa. Gringo also offers convenient party trays filled with starters, pasta, and hearty meats. Catering, bulk orders, and delivery are available through gringo.ph or via GrabFood and Foodpanda.


Tatatito’s Crispy Spareribs

THIS Father’s Day, make the celebration extra special with a hearty meal. Tatatito presents its limited-time offering: Crispy Spare Ribs in Honey Garlic Patis with Pinakurat Dipping Sauce. The pork spareribs are fried, then coated in a sweet and savory honey garlic patis glaze, and served with spiced Pinakurat vinegar. Pair this dish with Tatatito’s Tuna Kinilaw with Mango Coconut Vinegar, fresh tuna cubes cured in a light, tangy mix that combines mango and the creaminess of coconut. Tatatito’s BanoffeeQ Pie puts a local twist on the classic favorite with layers of fresh bananas, smooth dulce de leche, and whipped cream on a graham crust, topped with caramelized barako-cue bits for that perfect finish. Tatatito is located at the OPL Bldg. on Dela Rosa St. corner Carlos Palanca in Makati. The restaurant is open from 7 a.m. to 10 p.m. on Mondays through Thursdays, Saturdays, and Sundays, and until 11 p.m. on Fridays. Reservations can be made online at book.bistrochat.com/tatatito or by calling 0917-862-4000 or 8809-8055.


Honeybon’s Black Forest Cake

HONEYBON launches its Black Forest Cake — a nostalgic dessert made with layers of moist chocolate cake, smooth cream, and a burst of cherries, all finished with a generous shower of chocolate shavings — just in time for Father’s Day. Honeybon is located at SM North EDSA City Center, Level 2, SM Megamall’s 3rd Floor Bldg. B, and the 2nd Level of Festival Mall. For added convenience, customers can order online for delivery at honeybon.ph. To stay updated on exclusive Father’s Day offers, follow Honeybon on Facebook and Instagram (@honeybonph).


Taco Bell’s Nacho-Ordinary Dad Pack

TACO BELL is adding fun and flavor to Father’s Day celebrations with its Nacho-Ordinary Dad Pack. It comes with three servings of Beef Burrito, three servings of Cinnamon Twists, one platter of Nachos Bell Grande, and three 12-oz servings of soda, all for P799. The Nacho Ordinary Dad Pack is available until June 30 only. Enjoy this set at the nearest Taco Bell store for dine-in and take-out orders. It can also be ordered for delivery via the 8911-1111 hotline, or through Taco Bell’s official delivery partners Grabfood, foodpanda, and Pickaroo.


‘Dad-ventures’ at Four Points by Sheraton Palawan

LOCATED on Sabang Beach in Palawan, the Four Points by Sheraton Palawan hotel in Puerto Princesa is part of the Marriott International group of hotels. A 24-hour gym and a pool with a swim-up bar are just some of the amenities. Dads can try running or biking on the nature trails around the hotel, as well as indulge in watersports activities like solo or duo kayaking, crystal kayaking, skimboarding, and snorkeling. Thrill-seeking dads can get a kick out of the 800-meter Sabang Zipline or spelunking at Ugong Rock. Foodie dads can enjoy the all-day dining and buffet restaurant, Evolution, which serves locally sourced organic produce. Dads who cook can join a sustainable farm tour and a farm-to-table meal at the Sheridan Organic Farm. Evolution and the swim-up bar also have cocktails inspired by local fruits, and a selection of local craft beers. Beer-loving dads should try the hotel’s signature Pineapple by the Sea, and the latest offering, Ayahay Beer — Suman Pandan Pale Ale, both specially created by Palaweño Brewery as part of the Four Points chain’s Best Brews program. Nature-loving dads will enjoy learning about Palawan’s ecosystem and wildlife during the Mangrove Paddleboat Tour, or take a 30-minute walk along the beach to the 50-foot-high Sabang Waterfall. Palawan’s world-famous Puerto Princesa Underground River is also just a short boat ride away. A stay until Sept. 30 includes a free stay for a third guest when booking using Flexible/Member Rates. Plus, get 35% off on shared airport transfers, complimentary access to water sports, and other perks. Book rooms directly through the hotel website (www.fourpointspalawan.com). Reservations may also be made through e-mail reservations.palawan@fourpoints.com or by calling (048) 550-9000.

UnionDigital to be ‘more disciplined’ in lending

UNIONDIGITAL Bank, Inc., the digital bank unit of Union Bank of the Philippines, Inc., may disburse less loans this year to keep its nonperforming loan (NPL) ratio low.

“The disbursements are going to be significantly lower this year versus last year because last year, the loan book grew, but the NPLs also grew. So, we learned from that. We are going to be more disciplined,” UnionDigital Bank President and Chief Executive Officer Danilo “Bong” J. Mojica II told reporters on Wednesday.

“The criteria that we use to lend are significantly more disciplined. We’re using more alternative data because at the bottom of the pyramid, not all of them have a credit card or loan data, so we have to use alternative data like telephone data,” he said.

At end-2024, UnionDigital Bank’s net NPL ratio was at 12.12%, latest Bangko Sentral ng Pilipinas (BSP) data showed. Its net loans were at P5.92 billion.

“Sometimes when you rush your growth, you become careless, and I think some of the challenges that we had were from growing too fast. The board and the management, we have actually decided to be more purposive. It is better to be small and profitable than to be big with major NPLs,” Mr. Mojica added.

UnionDigital Bank currently has just over one million users, with 453,000 of these customers availing of loans, he said.

On Wednesday, the digital bank announced a rebrand as they target to make their services more accessible to first-time users, especially those from underserved or unbanked sectors like sari-sari store owners, ride-sharing drivers, daily wage earners, and informal workers.

It launched a campaign that includes a financial literacy program, which will be done through partnerships with communities.

UnionDigital Bank will also launch new products including a basic savings account with no minimum balance and maintenance fees, a time deposit product with a minimum amount of P1,000, payroll loans, cash loans, and a Visa-powered virtual debit card.

“Additional features in development include early wage access, which will enable workers to tap into their salary ahead of payday, and microinsurance offerings to help users stay protected from unexpected life events,” it said.

UnionDigital Bank is one of the six BSP-licensed digital banks in the country. It secured its license in July 2021 and began operations in July 2022.

Its total assets stood at P19.45 billion as of end-2024, latest BSP data showed. 

In 2023, the digital bank booked a net profit of P155.31 million, a turnaround from the P447.14-million net loss posted in 2022, according to its annual report for that year. — Aaron Michael C. Sy

Fixing EDSA

PHILIPPINE STAR/MIGUEL DE GUZMAN

Infrastructure intended to mobilize the nation instead regularly paralyzes it — and not just occasionally. That is EDSA, which unfortunately tarnishes the legacy of Malabon-born Epifanio de los Santos y Cristobal. Don Panyong, as he was known, was a distinguished historian, journalist, lawyer, civil servant, member of the Malolos Congress, and governor of Nueva Ecija from 1902 to 1906.

During the American colonial period, he served as a district attorney in Nueva Ecija, and later as fiscal for Bulacan and Bataan. In 1918, the colonial government appointed him assistant technical director of the Philippine Census, and in 1925, he became Director of the Philippine Library and Museum — a position he held until his death in 1928.

In the 1930s, under the American-era Metropolitan Thoroughfare Plan, the colonial government conceived a bypass route to connect Manila’s outskirts without passing through its urban core. It envisioned a circumferential road that would encircle the capital rather than dissect it.

But road construction was halted by World War II and resumed only in the late 1940s. By 1949, what was then called Highway 54 fully opened, running from the cities of Caloocan to Pasay. In 1959, through a resolution by the Philippine Historical Committee, Highway 54 became Epifanio de los Santos Avenue — now commonly known as EDSA.

Today, EDSA is over 75 years old. Though it remains a vital transportation artery, it has become a severely congested route that induces daily “heart attacks” on the metropolis. Decades of temporary fixes — flyovers, number-coding schemes, and assorted traffic experiments — have turned it into a chaotic combination of concrete, steel, and confusion.

Earlier this year, the government announced plans to rehabilitate EDSA at an initial cost of P8.7 billion. The scope includes concrete replacement, drainage, and sidewalk improvements, and rehabilitation of the Guadalupe Bridge crossing the Pasig River. The initial phase was set to cover southbound lanes from Guadalupe in Makati to Pasay City.

President Ferdinand “Bongbong” Marcos, Jr., however, put the rehabilitation plan on hold, citing the need for better preparation to prevent major disruptions and gridlock over the next two years. His decision received both praise and criticism, though it appears politically calculated.

If memory serves, the previous administration conceptualized the EDSA rehabilitation project. It carried over into the current administration, and was originally scheduled to begin in March 2025. Authorities postponed it several times — from March to April, then to May, and eventually to June — after the national and local elections.

Earlier this year, the President could have ordered thorough preparations immediately upon the project’s announcement. Instead, he waited until June 1, just two weeks before the planned start, to postpone the rehabilitation — a decision appearing populist in nature.

The decision came shortly after elections in which his senatorial slate performed poorly. Presidential advisers might believe that initiating EDSA’s rehabilitation now could harm the administration politically. Given the election outcome and the subsequent Cabinet overhaul, timing may indeed be critical.

Nevertheless, starting EDSA’s rehabilitation within the year is not entirely off the table. The President ordered a postponement — not outright cancellation — to explore new technologies and methodologies to minimize public inconvenience. Engaging experts and involving the public in the planning process can build a supportive coalition.

Perhaps the President is simply buying time to better market the initiative. Structurally, EDSA is reportedly failing and urgently needs comprehensive physical rehabilitation rather than mere cosmetic improvements. At over 75 years old, EDSA requires extensive repairs. In my view, it is wiser to start sooner rather than later.

One significant debate involves the government’s insistence on full concrete repaving rather than simpler asphalt overlays. While I defer to construction experts on technical matters, concrete pavements inevitably have a lifespan. Possibly, EDSA’s pavement lifespan has reached its endpoint.

Another debate addresses whether drainage improvements can be effectively made without repaving. Again, while this is a technical matter best left to experts, it is clear that correcting slopes, grades, and sunken areas could prove challenging without substantial repaving. Asphalt overlays alone likely cannot adequately correct road geometry and drainage issues.

Regarding the Guadalupe Bridge rehabilitation, online sources indicate that authorities demolished and replaced the northbound span between 2019 and 2020, creating a wider, earthquake-resilient structure. However, the southbound span underwent only retrofitting — not replacement — due to traffic management constraints. Thus, rehabilitation work on the southbound span has already been significantly delayed.

The political reality of infrastructure projects is that large-scale, disruptive initiatives rarely occur mid-term unless political gains clearly outweigh potential public backlash. The same applies to contentious tax policies or burdensome legislation. Politically, these initiatives are highly sensitive.

The current administration faces a crucial period regarding both political continuity beyond 2028 and its historical legacy. Numerous significant infrastructure projects inherited from previous administrations remain incomplete and require years to finish. Given existing public dissatisfaction over inflation and transportation issues, initiating EDSA rehabilitation now may erode rather than bolster political capital.

Starting EDSA’s rehabilitation immediately would likely cause at least two years of intensified traffic congestion, frustration among business owners, and persistent social media complaints from the public. The project’s benefits may only become evident after 2028, jeopardizing the administration’s political continuity and legacy.

Practical alternatives include scheduling roadwork exclusively at night or on weekends, adding more trains and buses, incentivizing businesses along EDSA to adopt flexible hours and work-from-home arrangements, and offering toll-free access to portions of the Skyway and NLEX Connector.

In this context, EDSA’s rehabilitation need not face indefinite delays. However, the government must demonstrate its capability to manage such an extensive project with minimal public inconvenience. Segmenting the project into phases or prioritizing essential repairs first is another viable approach.

Alternatively, the administration could prepare thoroughly now and hand off implementation to the succeeding government, ensuring buy-in and setting a clear blueprint in advance. This approach could help mitigate adverse political impacts, preserving political continuity and legacy.

Delaying the project clearly comes at significant costs. We have already endured considerable economic losses from traffic congestion and inefficient transportation. The government should soon make the difficult decision when to get EDSA fixed, even if this means sacrificing short-term political comfort to prevent greater long-term public suffering.

 

Marvin Tort is a former managing editor of BusinessWorld, and a former chairman of the Philippine Press Council

matort@yahoo.com

CIC seeks growth beyond seasonal cycles

CONCEPCION.PH

LISTED consumer lifestyle and enterprise solutions provider Concepcion Industrial Corp. (CIC) is aiming to reduce its dependence on seasonal demand and sustain market growth by expanding its business-to-business (B2B) segment.

CIC Chief Executive Officer Isaias Ariel P. Fermin said during a media briefing on Tuesday in Laguna that strengthening the B2B side of the business would reduce dependence on weather-sensitive segments such as household air conditioners.

“We want to de-seasonalize the business because there’s a lot of dependency (on the weather) and it doesn’t have to happen that way,” he said.

“One of the things that we’ve done was to rebuild the B2B part of the business. The more that we go into B2B, the better it is for us,” he added.

CIC supplies and manufactures air conditioners, air conditioning systems, refrigerators, freezers, elevators, escalators, and SharkNinja home appliances.

“We are operating in a flourishing environment. Everyone knows that we are a consumer country. That is something that goes for us,” Mr. Fermin said.

He added that CIC is benefiting from ongoing mall and retail store renovations.

“There are more stores that are being refurbished because during the pandemic, not a lot of these stores and malls were remodeled. A lot of remodeling is happening, and we’re participating in those as well,” he said.

CIC Chairman and President Raul Joseph A. Concepcion said at the same briefing that the company also expects to benefit from growth in the hospitality and infrastructure sectors.

“Hotels are growing. Tourism is growing. Infrastructure is growing. The beauty is we’re, in one case, a much more diversified company, where we’re not so dependent on the weather. We have basically expanded our total markets, and we participate in a growing market,” he said.

Mr. Concepcion said CIC holds a typical market share of 25% to 30%. Its brand portfolio includes Carrier, Condura, Midea, Kelvinator, SharkNinja, and Toshiba.

“We are strong in aircons and refrigerators, but in things like small appliances, we’re only beginning. Our goal is to increase that market share,” he said.

For the first quarter, CIC recorded a 55% year-on-year increase in consolidated net income to P287.4 million, driven by higher sales.

Consolidated net sales for the period rose by 27% to P4.8 billion. Including contributions from associate Concepcion Midea, Inc., total sales grew by 30% to P6.5 billion.

CIC shares climbed by 0.93% or 14 centavos to P15.14 apiece on Wednesday. — Revin Mikhael D. Ochave

Samsung unveils new AI-powered TVs

SAMSUNG PHILIPPINES
SAMSUNG PHILIPPINES

SAMSUNG Electronics Co. has launched in the Philippines its latest lineup of artificial intelligence (AI)-powered television models that allow users to personalize and enhance their viewing experience.

Prices for the Neo QLED Vision AI TV start at P64,999, while those for the Samsung OLED Vision AI TV and the Neo QLED 8K Vision AI TV start at P89,999 and P264,999, respectively.

The new smart TV models are now powered by Samsung Vision AI, providing AI-powered features that can cater to various lifestyles and needs.

“With Vision AI, Samsung is taking things to a whole other level,” said Samsung Philippines Head of AV Business Chris B. Almazan said in a statement.

“As we start this new chapter for Samsung TVs, we are excited for you to witness the power of you and AI and how these screens connect entertainment, personalization and lifestyle solutions that adapt to you, enhancing everyday experiences.”

The TVs also feature AI Picture and Sound that aim to give users an immersive viewing experience, while Universal Gesture allows them to easily control the TV without a remote.

The flagship Neo QLED 8K is powered by the new NQ8 AI Gen3 Processor, Samsung’s most advanced yet.

Users can view content in 8K resolution while maintaining sharp and smooth picture quality. The anti-glare technology also helps minimize reflections in bright environments.

The Samsung Real QLED TVs feature real quantum dot technology for better color accuracy, brightness, and viewing angles.

Meanwhile, Samsung OLED TV promises smoother and faster gameplay with a 165-hertz (Hz) refresh rate. The Motion Xcelerator 165Hz ensures crisp visuals at fast speed and a smooth motion performance for VRR (variable refresh rate) games.

Lastly, The Frame model has an expanded Art Store featuring over 3,000 artworks from leading museums and galleries.

“With Samsung technology, our customers can have intelligent, personalized experiences that have a tangible, positive impact in their everyday lives,” said Yna Quimson, Samsung Philippines Head of Corporate Marketing.

Customers who will pre-order on the Samsung website until June 30 can get up to P65,000 off and enjoy sound device freebies. — B.M.D. Cruz