FLAG CARRIER Philippine Airlines (PAL) said it is in talks with financial institutions to secure approximately $500 million in funding for the acquisition of three additional Airbus aircraft.
“These three that we ordered are just options. It is for our buffer,” PAL President and Chief Operating Officer Stanley K. Ng told BusinessWorld on Tuesday.
This additional aircraft purchase is on top of the nine A350-1000s planned by the company, Mr. Ng said, adding that, overall, PAL is now ordering 25 aircraft.
“Maybe half a billion [for these three], more or less around that. We are talking to the banks right now for the funding,” Mr. Ng said.
“For the buffer, it will be by 2025,” he said, when asked about the expected arrival of the additional three Airbus A350s.
Deliveries for the nine A350-1000s are scheduled until 2027 and will be operated on nonstop services from Manila to North America, including the East Coast and Canada.
In April, PAL said that it was targeting to purchase 13 A321 New Engine Options (NEOs).
These aircraft will start arriving next year and continue through to 2028, he said.
For 2024, the flag carrier has allocated $450 million, or more than P25 billion, to fund its capital expenditure this year, which includes fleet expansion amid growing demand.
Mr. Ng said the company is optimistic about reaching its expected rise in passenger volume of around 20% by yearend.
Last year, the airline company carried a total of 14.7 million passengers, marking a 58% increase from the 9.3 million passengers recorded in 2022.
Data provided by the company showed that it managed to mount a total of 105,294 flights last year, 35.8% higher than the 77,533 total flights in 2022.
“We have plans in the pipeline for new routes, domestically and in some regions. We are exploring it,” he said.
PAL is also set to operate nonstop Manila-Seattle flights three times a week beginning Oct. 2.
Aside from Seattle, which the company considers a promising market, the airline is also looking to explore more Asian and domestic destinations. However, some long-haul flights it plans to operate will be on hold for now until the arrival of its aircraft order.
MANILA Electric Co. (Meralco) is exploring the possibility of deploying both small modular reactors (SMRs) and conventional nuclear reactors to help meet the government’s target of generating 1,200 megawatts (MW) of nuclear energy by 2032, a company official said.
“If the government has this plan to have 1,200 megawatts of nuclear (energy) by 2032, micro-modular (reactor) is not enough. We need to look into SMR and maybe conventional nuclear,” Meralco Executive Vice-President and Chief Operating Officer Ronnie L. Aperocho said during a briefing on Monday.
Under the Clean Energy Scenario of the Department of Energy’s Philippine Energy Plan for 2030-2050, nuclear energy is projected to have an installed capacity of 1,200 MW by 2032, 2,400 MW by 2035, and 4,800 MW by 2050.
“We think that nuclear power plant is part of that infrastructure for us to really address the power problems in the country,” Mr. Aperocho said.
Meralco Chairman and Chief Executive Officer Manuel V. Pangilinan said that the deployment of SMRs and micro-modular reactor (MMRs) might be pushed back from the target.
“It turned out to be more difficult than anticipated…, so the timetable for deployment of SMR or MMR could be moved back as far as 2032, 2035,” he said.
An MMR unit or “nuclear battery” can “safely and reliably” provide up to 45 MW of high-quality heat, delivered into a centralized heat storage unit, according to Meralco.
“One or more MMR nuclear batteries combine their heat in the heat storage unit, from where electric power or superheated steam can be extracted through conventional means to meet a wide range of power requirements, from tens to hundreds of MW,” the power distributor said.
Mr. Aperocho said that the company is seeking to meet “a lot of leading players in the nuclear energy industry” in the United States, Canada, and South Korea to explore partnerships.
Meralco First Vice-President and Head of Networks Froilan J. Savet said that some company officials will travel to Ontario, Canada, to sign a memorandum of understanding (MoU) for sending scholars to study nuclear engineering.
“As part of that trip also, we are going to Illinois to sign an MoU with the University of Illinois because we’re going to send two scholars on nuclear engineering,” he said.
Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera
NEGROS Electric and Power Corp. (NEPC) has received approval from President Ferdinand R. Marcos, Jr. for its franchise to manage and operate the electricity distribution system in Central Negros, the Razon-led company announced on Tuesday.
“We now have the law. It’s time to walk the talk,” NEPC President and Chief Executive Officer Roel Z. Castro said in a statement.
Mr. Marcos signed Republic Act No. 12011 on July 26, just before it would have automatically lapsed into law.
The legislation, which originated in the House of Representatives, was introduced by Representatives Joseph Stephen S. Paduano, Jose Francisco B. Benitez, Juliet Marie D. Ferrer, and Greg G. Gasataya.
The bill was approved by the House of Representatives on Feb. 21, amended by the Senate on May 20, and then returned to the House for further concurrence on May 22, before being submitted to the Office of the President.
NEPC is a joint venture between Primelectric Holdings, Inc. and Central Negros Electric Cooperative.
Its franchise covers power services to cities like Bacolod, Silay, Talisay, and Bago, as well as the municipalities of Murcia and Don Salvador Benedicto.
NEPC is a sister company of distribution utility More Electric and Power Corp. (MORE Power), which serves Iloilo City.
NEPC and MORE Power are units of Primelectric controlled by Enrique K. Razon, Jr.
NEPC said it has allocated an initial capital of P2 billion for a five-year plan “to rehabilitate and modernize the electric infrastructure, aiming to establish a robust distribution system.”
“We seek your continued support and cooperation as we commence the five-year journey of continuous rehabilitation to enhance the system and minimize instances of unscheduled power interruptions,” Mr. Castro said.
NEPC said it will apply for a certificate of public convenience and necessity from the Energy Regulatory Commission to commence commercial operations. — Sheldeen Joy Talavera
THE METRO MANILA office net take-up in the first half of 2024 has already surpassed the full-year performance of 2023, buoyed by return-to-office mandates and office expansion, according to global real estate services firm Santos Knight Frank.
The office sector net absorption of 281,000 square meters (sq.m.) in the first half of 2024 was approximately 125% higher than the full-year take-up of 125,000 sq.m. in 2023.
“Return-to-office mandates and office expansions, supported by offshoring operations, have led to a doubling of demand in the office market,” Santos Knight Frank Chairman and Chief Executive Officer Rick Santos said during a press briefing on Tuesday.
Information technology and business process management sectors and the government led the office transactions during the period.
Occupier Services & Commercial Agency Senior Director Morgan McGilvray reported that Metro Manila had an average rental rate of P1,022, a vacancy rate contracted to 18.9%, and an existing supply of 8.5 million sq.m. in the first half of 2024.
He noted that as the vacancy rate approaches 20%, rental rates tend to soften.
Makati City had the highest asking rent at P1,256, with a 20.7% vacancy rate and a supply of 1.5 million sq.m. during the first half.
Taguig followed with an asking rent of P1,250, a 14.5% vacancy rate, and a supply of 2.3 million sq.m.
“Makati still has the biggest section of prime-grade buildings, and we’re also seeing some of the higher rents for new buildings in Makati that are generally close to EDSA and along Ayala Ave,” Mr. McGilvray said.
Alabang had an average rent of P788, with a 23.8% vacancy rate and 500,000 sq.m. of supply during the period. Quezon City recorded a rent of P823, with a 27.8% vacancy rate and a supply of 1.4 million sq.m.
Ortigas had an average rent of P820, with a 22% vacancy rate and a supply of 1.6 million sq.m.
Meanwhile, the Bay Area had a rent of P972, with a 23.2% vacancy rate and a supply of 1.2 million sq.m.
“The Metro Manila office market remains tenant-favorable, with rents exhibiting marginal decline,” he said.
Mr. McGilvray said the year-to-date completion of around 127,000 sq.m. of office space brings the total Metro Manila supply to 8.5 million sq.m.
There will be 299,000 sq.m. of new office projects completed within the second half of the year, with another 360,000 sq.m. expected from 2025 to 2027.
The firm expects the Philippines to remain one of the most competitive offshoring hubs in the Asia-Pacific (APAC), driven by a young talent pool, affordable operating costs, and a robust supply of office spaces, Mr. Santos said.
In Knight Frank’s five-point comparison of APAC offshoring hubs, the Philippines stands out as the most well-rounded, topping in terms of workforce demographics and scoring well in business costs, skills, growth dynamics, and commercial real estate value.
Mr. McGilvray added that Metro Manila was the third most affordable location in Asia Pacific, with downward rental adjustments in older prime offices bringing down the average prime office occupancy cost to $27.90 per square foot per year. — Aubrey Rose A. Inosante
MANY may wonder how a Philippine Pavilion at the Gwangju Biennale in South Korea will differ from the multiple pavilions, exhibitions, retrospectives, and whatnot that have represented the Philippines at other global art events in the past.
The answer lies in the history of Gwangju.
In 1980, it was the site of an uprising against the military government of Chun Doo-Hwan. In suppressing the protest, over 140 civilians were killed. Further back, in 1929, the city also had a major student independence movement against Imperial Japanese cruelty.
Today, Gwangju is celebrated for its strong artistic and democratic culture and history. One of the manifestations of this is the Gwangju Biennale, which started in 1995 and has been held every two years since.
“They did it to honor the city as a site of resistance. This year, their 15th edition and, incidentally, the 75th anniversary of diplomatic relations between South Korea and the Philippines, they wanted us to participate,” Avie Felix, artist and curator of the Philippine Pavilion, said at a press conference.
It marks the first time that the Korean art fair will host a pavilion from the Philippines, which has had its fair share of uprisings.
And this is why the Filipino artists of various disciplines who are part of the delegation — Toym Leon Imao, Sari Dalena, Adjani Arumpac, Paul Eric Roca, Veejay Villafranca, Dennis Montera, Karl Castro, and Ms. Felix herself — all tackle notions of resistance and freedom.
“We are all artists that are doing art because of a deep, deep love for the country, and I think that’s really what brings us together. It’s not the practice or the aesthetics. It’s the message,” she said.
UNDERSTANDING REVOLUTIONS “Locations of Freedom,” the Philippine Pavilion at the 15th Gwangju Biennale, will present a mix of sculptural installations, paintings, moving image/video art, and photographs.
It is co-funded by the Gwangju Biennale Foundation, with support from vMeme Contemporary Art Gallery, Fundacion Sanso, Imao Studios, the University of the Philippines Film Institute, and the Philippine Embassy in South Korea.
Aside from promoting Philippine contemporary art in the global space, Ms. Felix told BusinessWorld that it is a chance to present ideas that are not normally seen in other platforms.
“I’ve experienced experimenting with curation that inserts social awareness and criticality about what’s really happening in contemporary times, and getting an unexpected response. That’s why all eight of us are excited to have a space for this,” she said.
Mr. Imao, for example, is contributing his 52-piece resin and fiberglass installation Desaparecidos in honor of disappeared citizens during the Martial Law era. He is also putting up a life-size sculptural installation called Debugging, which depicts family members removing each other’s head lice, an attempt to “weed out lies perpetuated from one generation to the next.”
Filmmakers Ms. Arumpac and Ms. Dalena will provide video installations echoing Philippine history. The former bases her work Marawi Did Not Happen on experiences of people who suffered through the Mindanao city’s siege in 2017. Meanwhile, the latter dedicates her audio-visual assemblage to strong women across time, from comfort women in the Japanese occupation to the activists during Martial Law.
“I would say that what we all have in common is our aim to amplify the voices of those overlooked in our history,” Ms. Dalena told BusinessWorld.
The paintings in the Philippine Pavilion will be by Mr. Roca, whose The Paradise of Unfulfilled Promises is a triptych depicting the country’s historical events, and by Mr. Montera, whose mural, Confronting Demarcations, is an illusionary map of lines portraying the contested West Philippine Sea.
As for the photography by Mr. Villafranca, presented in the form of a giant scroll from a high vantage point, the subject is daily Filipino life. His approach is documenting seemingly mundane scenes to create “a visual journal.”
“I’d like to bear witness to the everyday revolutions in Filipinos’ lives, stemming from various challenges in post-colonial contemporary Philippines,” he said at the launch.
For Ms. Felix, whose geometric abstractions explore imagery of chaos and balance, the Philippine Pavilion is a venue for conversations about revolutions and evolutions that the group of artists have been having for years.
“We’re very eager to respond to the space and the neighboring countries who will be there,” she said, of the exhibitions by Malaysia, Cambodia, Laos, and Indonesia that will be surrounding that of the Philippines.
“This Biennale is concerned about the revolutionary spirit, and so are we.”
A preview version of “Locations of Freedom” can be seen at the second floor of Estancia Mall’s East Wing, as part of the Ortigas Art Festival until Aug. 18. The full Philippine Pavilion will be housed at Gallery 5 of the Asia Culture Center in Gwangju, South Korea from Sept. 5 to Dec. 1. — Brontë H. Lacsamana
Modern living is all about prioritizing what matters most. Ever since the pandemic upended how people all over the world live and work, society has moved on to create better, more convenient ways for people to live their lives.
Met Park, a 36-hectare multi-use township in the heart of Bay Area in Pasay City, is poised to become a modern urban district. Developed by premier real estate developer Federal Land, Inc., Met Park encapsulates the essence of a complete and dynamic community, offering residents a seamless blend of residential, commercial, and recreational spaces within reasonable distance from each other — ensuring that people spend less time commuting, and more time doing what matters most.
Tailored Healthcare Services
Roving Med, a mobile diagnostics feature under the Wellness by Design initiative
Federal Land partnered with Manila Doctors Hospital (MDH) to introduce a comprehensive wellness program to bring healthcare services closer to its communities. The “Wellness by Design” program aims to not only meet the primary care needs of the community, but also make everyday healthcare effortlessly accessible, ensuring that well-being is always within reach.
Six Senses Residences in Met Park, Manila Bay Area
The program had its first run with residents of the Six Senses Residences, where it successfully integrated MDH’s Homecare Plus services. These services include home care visits, teleconsultations, and nursing. Additionally, the “Roving Med” mobile facility provides immediate diagnostic and laboratory services, further enhancing offsite and remote care options for the community.
Green Social Spaces
As a beacon of wellness and well-being, Met Park also aims to be a community that emphasizes the importance of sustainability in everyday life. It aligns with the government’s Green, Green, Green program, an initiative by the Metropolitan Manila Development Authority (MMDA) and the Department of Budget and Management (DBM) to transform public spaces into verdant, sustainable areas, improving public’s quality of life. Part of the Philippine Development Plan 2023-2028, this program showcases the government’s dedication to enhancing public open spaces.
Roxas Promenade Phase 1’s Light Park adjacent to Met Park
The fruition of the Roxas Promenade Park Areas 1 & 2 by MMDA complements Met Park’s social spaces, offering residents more place to relax, exercise, and connect with nature, contributing to their overall well-being. This effort, alongside the President’s Build Better More program and Federal Land’s commitment to creating dynamic communities, showcases the power of public-private partnerships in building sustainable, vibrant, and well-connected communities for Filipinos.
By supporting and collaborating with these initiatives, Met Park augments and synergizes with its surroundings. This holistic approach ensures that current and future generations can enjoy a balanced, healthy, and sustainable lifestyle within the city.
A complete and dynamic community
Met Park exemplifies modern urban living by integrating green infrastructure throughout its development. The township is home to upscale resort-style condominiums, vibrant shopping centers like Blue Bay Walk and Met Live, dynamic business hubs, diverse event venues, an elite college, and a picturesque park. This harmonious blend of amenities ensures that residents experience a balanced lifestyle, where work, leisure, and nature coexist effortlessly.
Strategically located for seamless connectivity, Met Park residents have easy access to major highways, the Ninoy Aquino International Airport, business districts, and entertainment hotspots such as SM Mall of Asia, IKEA Pasay City, PAGCOR City, and the Cultural Center of the Philippines. This prime location ensures that everything residents need is within reach, enhancing the convenience of daily living.
Move-in ready homes
From left: Federal Land, Inc. Chairman Alfred Ty, Pasay City Mayor Imelda Calixto-Rubiano, MMDA Acting Chairman Don Artes, and DBM Secretary Amenah Pangandaman pose for a photo inside a light tunnel at the light park of Roxas Boulevard Promenade.
For those looking to move in immediately, Met Park offers a range of ready-for-occupancy (RFO) properties. The Six Senses Residences, with its unique design and extensive amenities, includes a swimming pool with pool bar, dance studio, and karaoke room, to name a few. Available RFO units come in one-, two-, three-bedroom, and penthouse unit variations, sized 56 to 172 square meters (sq.m.).
The latest addition, Mi Casa, is an upmarket vertical residence that provides Hawaiian-inspired leisure living spaces with generously cut spaces in studio, one-, two-, three-bedroom, and penthouse in 32 sq.m. up to 279-sq.m. unit cuts.
Meanwhile, Palm Beach West offers a tropical condo experience through Federal Land’s smart value brand, Horizon Land, with an expansive amenity deck and comfortable living spaces in studio, one-, two-, and three-bedroom units ranging from 23.5 sq.m. to 87.5 sq.m.
Met Park is more than just a residential complex; it is a community in the process of transformation. Through partnerships with the government and initiatives like the Green, Green, Green program, Federal Land is committed to enhancing open spaces and public areas for the benefit of residents and its community.
As Met Park evolves, it aims to become a model for future urban projects, blending urban conveniences with a strong focus on environmental sustainability. Whether seeking a home or a vibrant community, Met Park is set to become the ideal choice.
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THE GOVERNMENT made a full award of the reissued 20-year Treasury bonds (T-bonds) it offered on Tuesday at a lower average rate than the previous award, as the market expects the Bangko Sentral ng Pilipinas (BSP) to kick off its easing cycle by next month.
The Bureau of the Treasury (BTr) raised P30 billion as planned via the reissued 20-year bonds it auctioned off on Tuesday as total bids reached P62.603 billion, or more than double the amount on the auction block.
The bonds, which have a remaining life of three years and one month, were awarded at an average rate of 6.009%. Accepted yields ranged from 5.97% to 6.034%.
The average rate of the reissued three-year bonds dropped by 55.9 basis points (bps) from the 6.568% fetched for the series’ last award on Nov. 29, 2022, and was also 261.6 bps lower than the 8.625% coupon for the issue.
This was likewise 6.2 bps below the 6.071% quoted for the three-year bond, the tenor closest to the remaining life of the papers on offer, at the secondary market before Tuesday’s auction, based on PHP Bloomberg Valuation Service Reference Rates data provided by the BTr. However, this was 2.7 bps higher than the 5.982% seen for the same bond series at the market.
The Treasury made a full award of its T-bond offer amid strong demand and as the average rate fetched for the papers was below the prevailing secondary market benchmark, it said in a statement after the auction.
“With its decision, the committee raised the full program of P30 billion, bringing the total outstanding volume for the series to P91.1 billion,” the BTr added.
The awarded yield for the bonds was within market expectations as investors await a possible rate cut by the BSP next month, a trader said by phone.
BSP Governor Eli M. Remolona, Jr. earlier said the Monetary Board may deliver its first rate cut in over three years at its Aug. 15 review — the only policy meeting scheduled in the third quarter — as they expect inflation to continue easing this semester.
The Monetary Board could reduce borrowing costs by 25 bps in the third quarter and by another 25 bps in the fourth quarter, he said.
The BSP last month kept its policy rate at a 17-year high of 6.5% for a sixth straight meeting after raising interest rates by a cumulative 450 bps from May 2022 to October 2023 to help tame elevated inflation.
The central bank last slashed benchmark borrowing costs by 25 bps in November 2020 to bring the policy rate to a record low of 2% to boost economic activity during the height of the coronavirus pandemic.
Mr. Remolona also said the better-than-expected June inflation print gives them “a bit more scope for easing” by next month.
Headline inflation eased to 3.7% in June from 3.9% in May. This was within the BSP’s 3.4-4.2% forecast and also marked the seventh straight month that inflation settled within the central bank’s 2-4% annual target.
For the first six months, the consumer price index averaged 3.5%, slightly faster than the BSP’s 3.3% full-year forecast.
The central bank chief also said the BSP does not need to wait for the US Federal Reserve before it begins cutting rates.
T-bond yields declined ahead of the Fed’s policy meeting this week, where it is widely expected to keep rates steady but set the stage for monetary easing by September, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort added in a Viber message.
The BTr is looking to raise P220 billion from the domestic market in August, or P80 billion from Treasury bills and P140 billion via T-bonds.
The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.48 trillion or 5.6% of gross domestic product for this year. — AMCS
THE PHILIPPINES’ fifth-generation (5G) stand-alone (SA) network performance worsened in the second quarter (Q2) despite surpassing that of its select Emerging Asia-Pacific (EMAP) peers, according to Ookla.
In its report, Ookla said that the Philippines recorded a median 5G SA download speed of 375.40 megabits per second (Mbps) for Q2, leading the EMAP region for that period.
5G SA networks are a specific kind of 5G mobile network that functions without relying on 4G LTE infrastructure. These networks are designed to fully leverage the benefits of 5G technology, offering numerous advantages and enabling advanced features that earlier network generations cannot support.
For comparison, India reported a median 5G SA download speed of 298.44 Mbps, while Thailand recorded 223.61 Mbps for the same period.
However, the Philippines’ median 5G SA download speed decreased yea on year from 446.98 Mbps in Q2 2023. India and Thailand also saw declines in 5G SA speeds, with median speeds falling from 436.3 Mbps and 263.99 Mbps, respectively, in 2023.
Regarding median upload speeds, the Philippines trailed behind Thailand in the second quarter, with Thailand achieving 24.81 Mbps, while the Philippines and India recorded 22.77 Mbps and 15.96 Mbps, respectively.
Ookla reported that Globe Telecom, Inc. continues to expand its 5G outdoor coverage, reaching approximately 97.44% as of the first half of 2024.
“Countries in EMAP have experienced a more substantial decline in 5G SA network performance compared to Q2 2023,” Ookla said.
“The fast coverage expansion and continued adoption have likely increased the load on 5G SA infrastructure, putting pressure on the operators to scale up network capacity in the future to at least maintain a similar performance level,” Ookla said.
Ookla anticipates continued growth in the adoption of 5G SA across Southeast Asia, India, and the US, driven by the demand for more reliable connectivity. — Ashley Erika O. Jose
Illustrative perspective of Hann Reserve at New Clark City, Tarlac.
250-key InterContinental Clark to open in 2031
Clark Freeport Zone, Pampanga, PHILIPPINES — 30 July 2024: IHG Hotels & Resorts (IHG), one of the world’s leading hospitality companies, announces the return of InterContinental Hotels & Resorts — the world’s first and largest international luxury hotel brand — to the Philippines in a franchise agreement with Hann Philippines Inc., an emerging leader in the local luxury integrated resort (IR) sector with its Hann Resorts brand.
InterContinental Clark will sit at the heart of the 450-hectare Hann Reserve luxury estate in New Clark City. The development will feature three 18-hole championship golf courses designed by Nicklaus Design, KJ Choi, and Sir Nick Faldo, along with the country’s only PGA-affiliated player development facilities. Hann Reserve will also include exclusive ultra-luxury residences, lifestyle commercial centers, gaming, international school, and a 10-hectare public park.
Construction will start on the 250-key property in 2027, ahead of it welcoming guests, including IHG One Rewards members, in 2031.
Chris Anklin, Senior Director, Development, IHG Hotels & Resorts said: “With its bustling megacities, natural wonders and warm and friendly hospitality, the Philippines is a beautiful country where IHG has a rich history of delivering great stays for guests in Manila, Cebu and Makati.
“The country has an ambition to become a regional tourism behemoth with rapid infrastructure development to promote ease of travel and strong growth potential. Hann Reserve represents one of the new waves of development growth in the market, which IHG is supporting. We are confident that InterContinental Clark will enhance its attractive mix of leisure, lifestyle and business offerings and we look forward to working alongside our partners to bring more of our much-loved brands to new and exciting locations across the country.”
Photo shows (from left) IHG Senior Director for Development–Southeast Asia and Korea (SEAK) Chris Anklin, IHG Managing Director for SEAK Vivek Bhalla, Hann Philippines Chairman and CEO Dae Sik Han, and IHG Vice President for Development–SEAK Patrick Finn.
Dae Sik Han, Chairman and Chief Executive Officer, Hann Philippines Inc. said: “We are delighted to partner with IHG to turn our vision for Hann Reserve into reality and return the InterContinental brand with its over 75 years of heritage back to the Philippines. I have always enjoyed my stays at InterContinental hotels, especially appreciating their unmatched heritage and history in luxury travel.
“The InterContinental brand will bring a fresh take on luxury at Hann Reserve, an ultraluxe mountain resort getaway, and I’m confident it will elevate New Clark City as a world-class leisure destination. We hope this is the first of many collaborations through which we leverage IHG’s world-class Luxury & Lifestyle portfolio and introduce new tourism concepts and stay experiences for all travellers together.”
InterContinental Clark will be a 15-minute drive from Clark International Airport and a two-hour drive from Manila. Facilities are set to include two restaurants and two bars, meeting spaces for 600 people, the brand’s signature Club InterContinental Lounge, a Health Club and Spa, swimming pool, Kids Club and a retail outlet.
The InterContinental brand, which has been pioneering luxury travel experiences for more than 75 years, is undergoing a transformative end-to-end evolution, reimagining the luxury travel experience for the modern luxury traveller. InterContinental Clark will join more than 200 InterContinental Hotels & Resorts properties globally, each of which celebrates bold exploration, travel and cultural discovery.
As of March 2024, IHG has five open hotels in the Philippines — four of which are part of the Holiday Inn brand family — and will introduce new brands in its pipeline including InterContinental Hotels & Resorts and Six Senses.
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FOR personal finance content creator He Ruiming, easing people into the world of money was something he never expected to do for a living.
He was 29 when he and his co-founder Wei Choon Goh started the webcomic The Woke Salaryman in 2019, putting their visual marketing skills to good use. Through short narratives and tidbits of money-related advice taking the form of monochromatic comics, the two combine principles of economics, sociology, and psychology to build financial know-how.
Now in their mid-thirties, with The Woke Salaryman page garnering over 500,000 followers on Facebook and nearly 480,000 on Instagram, the two have released a book compiling the best and most insightful of their comics.
Woke Salaryman: Crash Course on Capitalism & Money is essentially Personal Finance 101 for the youth, and it is now available outside of Mr. He and Mr. Wei’s home country of Singapore.
“Six months into it, we realized there’s a global reach. People were taking the comics and translating it into their native language, be it Vietnamese or Filipino. I thought, ‘wow, there’s universal appeal’,” Mr. He told BusinessWorld in an interview on July 28 following the book’s launch in Manila.
“It goes to show that what Singaporeans face is not a country-specific problem. It’s a big city problem, and there are many young people living in big cities around Southeast Asia that struggle with expensive rent and burnout and the like,” he said.
A BETTER RELATIONSHIP WITH MONEY The Woke Salaryman comics tackle a wide range of topics, from the historical reality behind the privilege of work-life balance to the practical ways young people can deal with their parents’ growing health problems.
It was the latter that kickstarted personal finance as a lifelong passion for Mr. He — his mother suffered a stroke in 2014 and lost much of the money she earned over the years in the medical aftermath.
“I wanted to pursue this thing called FIRE, meaning ‘Financially Independent, Retire Early.’ I basically practiced the lifestyle for like seven years, so along the way, I learned personal finance,” he said.
He and Mr. Wei bonded over the desire to have a better relationship with money, and The Woke Salaryman was born.
BEYOND THE TRENDS The book has sold 10,000 copies so far since its launch in Singapore in May. Its ongoing book tour in Malaysia, Indonesia, Thailand, and the Philippines has brought a wide variety of fans out from the woodwork.
“Our core audience was Singaporeans ages 25 to 35. Now it’s obviously beyond that,” said Mr. He. “It’s not about whether you’re Millennial or Gen Z. It calls to people of whatever age that they start to care about money.”
He added that reaching a large following was definitely not a product of following online trends. While The Woke Salaryman makes money through brand sponsorships, the two founders still carefully choose what to make.
“I think people have this weird expectation that social media pages must echo their every opinion. But if we were forced to echo popular opinions then we wouldn’t enjoy what we’re doing, and we wouldn’t be making anything of importance.”
Today, the webcomics — and now the book — are a source of comfort and advice for disillusioned youth who feel that the odds are stacked against their favor and somehow want to turn the tide.
Woke Salaryman: Crash Course on Capitalism & Money is available in the Philippines through Fully Booked. — Brontë H. Lacsamana
One Meralco Foundation’s Household Electrification Program has benefited 255 residents of Doña Remedios Trinidad (DRT), Bulacan. Seen in photo are the beneficiaries together with the volunteers from Meralco’s Sta. Maria Business Center and Plaridel Sector, and the local government of Doña Remedios Trinidad.
One Meralco Foundation (OMF), the corporate social responsibility arm of Manuel V. Pangilinan-led Manila Electric Company (Meralco), has energized 255 homes in several barangays in Doña Remedios Trinidad, Bulacan, allowing low-income families to have access to stable electricity service.
Through OMF’s flagship initiative Household Electrification Program, Meralco’s Sta. Maria Business Center and Plaridel Sector partnered with the Municipality of Doña Remedios Trinidad to provide assistance and install individual service entrances for residents of Barangays Pulong Sampaloc, Camachile, and Camachin — enabling them to have their own electricity connection and minimize the risk of fire hazards due to illegal connections and use of candles for lighting at night.
Doña Remedios Trinidad Mayor Ronaldo T. Flores lauds the program that brought stable electricity access to low-income households across seven barangays in the municipality.
OMF and its partners recently held a community launch at the Doña Remedios Trinidad Municipal Hall led by Doña Remedios Trinidad Mayor Ronaldo T. Flores.
“Our residents greatly benefitted from this program, allowing their homes to have its own electric meter. One Meralco Foundation, Meralco, and its contractors’ efforts to ensure access to reliable electricity will improve their daily living conditions,” Mayor Flores said.
The program allowed the residents to better manage their consumption and budget for electricity bills now that they have their own electric service.
With own access to electricity, it is now more convenient for Ana Marie Galvez to use her nebulizer at home.
“For 15 years, we relied on our neighbor for electricity access. The arrangement was to split the bill equally among three households regardless of power consumption. To limit this, we only use one electric fan and essential lights. Now, we can conveniently use more appliances at home including a nebulizer which helps me with my asthma,” resident Ana Marie Galvez shared.
Stable electricity access allowed Leah Laron to expand the family’s sari-sari store business now that she can also sell ice and frozen products.
The electrification program also helped improve the lives of residents, like that of Leah Laron, who shared: “We bought a new freezer so we could also sell ice and other frozen products in our sari-sari store. With internet access, my children can now research online for their homework and we can easily communicate with our loved ones.”
OMF’s community electrification program paves the way for basic services to be available to more underserved Filipinos, said Meralco Chief Corporate Social Responsibility Officer and OMF President Jeffrey O. Tarayao.
“Bringing electricity to homes is at the heart of One Meralco Foundation’s mission. We empower not just the family by illuminating their homes, but we also unlock a world of possibilities for the community by enabling and enhancing productivity through new businesses which they can start, expand and evolve. Through this, we contribute positively not just to the community but to our country’s growth and development,” he said.
OMF has already energized more than 2,600 homes in other barangays in Doña Remedios Trinidad since 2015. In fact, seven out of eight barangays in the municipality are beneficiaries of the Household Electrification Program. The effective partnership with the local government was also recognized at the 2023 Meralco Luminaries, which honors outstanding customer-partners in nation-building efforts.
Meralco and OMF are one with the government in its pursuit of 100% electrification. Aside from its Household Electrification Program, it also powers remote, off-grid public schools and helps communities become more productive by energizing livelihood facilities, rural health centers and water access facilities, and drive sustainable development opportunities to underserved communities in the country.
Life-saving medical services within reach in mountain communities
In many rural communities in the Philippines, rural health centers are the go-to institution for basic medical needs and emergency medical services. However, some of them do not realize their full potential because there was no electricity to power simple medical equipment that may save lives. One Meralco Foundation helps address this challenge by energizing rural health centers — enabling the delivery of improved medical services in the community.
With the newly energized barangay health station, Janna Dalde can now keep her sons’ vaccines up to date and have access to nebulizer services.
Janna Dalde soothes her crying two-month-old, John Anthony, after he received his second shot of vaccine inside the Barangay Laiban Health Station in Tanay, Rizal. The 19-year-old mother carried him across three rivers for vaccine shots that would protect him from diphtheria, tetanus, and pertussis or whooping cough.
Janna’s eldest son is also a frequent visitor to the barangay health station. The toddler has asthma, and she brings him in for puffs using the health station’s nebulizer.
“We don’t have to cross 11 rivers and travel to town for more than an hour for John Anthony’s vaccines and for Arjohn’s nebulizer needs because we have our rural health station here in the barangay,” Janna shared.
Prior to electrification, health services that need electricity like nebulizers for patients with asthma and refrigerators for vaccine storage were only an impossible dream for the community consisting of more than 3,500 residents, including members of the Dumagat Remontado tribe.
For almost two years, Nurse Zander Noche had to meticulously ferry vaccines three times a week to the health station because there was no cold storage available. A shift in temperature can spoil the vaccine and a wrong move atop his motorcycle can break the vials. Worse, he must cross rocky terrains and eight flowing rivers to reach the health station.
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THE CENTRAL BANK’S coin deposit machines (CoDMs) have collected currency valued at P831.77 million as of July 15.
This was 6.1% higher than the P783.63 million worth of coins collected as of June 23, the Bangko Sentral ng Pilipinas (BSP) said in a social media post.
A total of 223.02 million pieces of coins were deposited in the machines, up by 5.4% from 211.69 million a month prior.
The BSP said there were 202,110 transactions made through the machines as of July 15.
The central bank and its retail partners launched the deposit machines in June 2023 to help promote efficient coin recirculation in the country.
The initiative aims to address the artificial coin shortage in the financial system and help ensure that only fit and legal tender currency is available for public use.
All denominations of the BSP Coin Series and New Generation Currency Coins Series are accepted by the CoDMs. Unfit and demonetized coins, foreign currency, and foreign objects are rejected by the machines.
The value of coins deposited in CoDMs may be credited to an individual’s e-wallet account or converted into shopping vouchers.
Earlier this year, BSP Deputy Governor Bernadette Romulo-Puyat said the central bank wants to roll out another 25 deposit machines this year.
There are currently 25 deposit machines available in the Greater Manila Area. They are found in select retail establishments of the SM Store, Robinsons Supermarket and Festival Mall. — Luisa Maria Jacinta C. Jocson
