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Approved foreign investments surge in Q2

A Philippine flag is seen along Aguinaldo Highway in Imus City, May 28, 2024. — PHILIPPINE STAR/EDD GUMBAN

By Lourdes O. Pilar, Researcher

APPROVED foreign investment pledges surged in the second quarter, driven by improved investor confidence, preliminary data from the Philippine Statistics Authority (PSA) showed on Thursday.

Foreign investment commitments jumped by 220.7% year on year to P189.5 billion in the April-to-June period, a turnaround from the revised 64% contraction in the first quarter.

It was the fastest year-on-year increase since the 4,445.6% surge seen in the first quarter of 2023.

The amount of foreign investment pledges in the second quarter was the biggest since the P394.46 billion approved in the fourth quarter of 2023.

“The quarter-on-quarter expansion of the Philippine economy was apparently taken as indication of market growth, at least in the short and medium term, prompting an increase in investment pledges and approved investments,” University of Asia and the Pacific Senior Economist Cid L. Terosa said in an e-mail interview.

The Philippine economy grew by 6.3% year on year in the second quarter, faster than the revised 5.8% in the first quarter and 4.3% in the April-to-June period in 2023.

In the second quarter, Switzerland was the top source of foreign investment pledges with P172.04 billion. This accounted for 90.8% of the total.

The PSA compiles the investment pledges from the government’s six investment promotion agencies: Board of Investments (BoI), BoI-Bangsamoro Autonomous Region in Muslim Mindanao (BoI-BARMM), Clark Development Corp. (CDC), Philippine Economic Zone Authority (PEZA), Subic Bay Metropolitan Authority (SBMA), and Zamboanga City Special Economic Zone Authority (ZCSEZA).

The BoI approved P175.08 billion in foreign investment pledges, accounting for 92.4% of this quarter’s total.

PEZA came in second with P14.03 billion in foreign investment pledges which accounted for 7.4% of the total. This was followed by SBMA with P124.09 million, BoI-BARMM with P110.06 million, CDC with P107.81 million and ZCSEZA with P49.65 million.

Negros Island Region cornered nearly half (45.6%) of the foreign investment commitments with P86.46 billion. This was followed by Calabarzon and Central Visayas with P6.93 billion and P4.35 billion, respectively.

Meanwhile, investment pledges from Filipino nationals rose annually by 103.6% to P525.51 billion in the second quarter. It accounted for 73.5% of the combined pledges worth P715.01 billion.

Foreign and local investments pledged during the second quarter are expected to generate 26,915 jobs once the projects are realized.   

Electricity, gas, steam, and air-conditioning supply industry received the largest amount of approved commitments at P172.74 billion or 91.2% of the total. This was followed by manufacturing with P12.39 billion and administrative and support service activities with P2.84 billion.

“Pledges are pledges. Until we see the approved and actual investment happening, we will have to wait-and-see. This is not to rain on the parade of the great investment pledges performance so far, particularly this [second quarter]. But reality has to set in and approved and actual investments are still the best thing,” Ruben Carlo O. Asuncion, chief economist at Union Bank of the Philippines, Inc., said in an e-mail interview.

Mr. Asuncion said the higher investment pledges are a direct result of President Ferdinand R. Marcos, Jr.’s foreign trips, where he promoted the country as an investment destination.

“Hopefully, this bump in investment pledges will be sustained,” he said.

Mr. Terosa said the weaker peso in the second quarter made investments in certain sectors in the Philippines more attractive.

For the rest of the year, he said a possible recession in some developed countries, the continued weakness of China’s economy and geopolitical tensions may affect investment flows in developing countries like the Philippines.

“I expect investments to be restrained by these conditions in the second half of the year,” Mr. Terosa said.

Foreign investment pledges, which may materialize in the future, differ from the actual foreign direct investments data tracked by the Bangko Sentral ng Pilipinas (BSP). Aside from the projects, the BSP’s monitoring includes other items such as reinvested earnings and lending to Philippine units via their debt instruments.

Filipino households’ average annual income up 15% in 2023

The average annual income of Filipino families rose by 15% to P353,230 in 2023 from P307,190 in 2021, data from the statistics agency showed. — PHILIPPINE STAR /WALTER BOLLOZOS

THE AVERAGE annual income of Filipino families increased by 15% in 2023, as wages and quality of jobs improved, the Philippine Statistics Authority (PSA) said.

Preliminary data from the PSA showed that the average annual income of Filipino households rose to P353,230 in 2023 from P307,190 in 2021.

In 2023, the average annual spending of Filipino families went up by 12.8% to P258,050 from P228,800 in 2021.

How did average income and spending of a filipino family fare between 2021 and 2023?

The increase in income was attributed to the uptick in wages, salaries and entrepreneurial activities for the period, Undersecretary and National Statistician Claire Dennis S. Mapa told a news briefing.

By region, the National Capital Region (NCR) had the highest average annual family income in 2023 at P513,520, up by 22.9% from P417,850 in 2021.

Calabarzon followed in second place with P426,530 in 2023, up by 18.1% from P361,030 in 2021. This was followed by Central Luzon at P375,240 in 2023, 14.2% higher than P328,540 in 2021.

On the other hand, Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) posted the lowest average annual family income at P206,880 in 2023, followed by Zamboanga Peninsula at P257,140 and Negros Island Region at P266,290.

In terms of expenditure, NCR also had the biggest annual average family spending at P385,050 in 2023, followed by Calabarzon at P310,320 and Central Luzon at P298,700.

BARMM also had the smallest average family expenditure at P168,910, followed by Mimaropa Region at P189,770 and Eastern Visayas at P199,910.

National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan told BusinessWorld that the government is looking to improve the quality of jobs to increase Filipinos’ household incomes in the next few years,

“Quality of employment is the foremost priority of this administration because… we have historically low unemployment rate already. You can’t do any better than that now you know because that’s the kind of rate that you see in very mature economies,” he said.

In 2023, the jobless rate fell to a record low 4.3%. The underemployment rate — or the proportion of employed Filipinos looking for more work or longer working hours — declined to 12.3% in 2023 from 14.2% in 2022.

“The three-legged sources of economic growth, such as BPOs (business process outsourcing), OFW remittances, and tourism should be supplemented by growth in the manufacturing sector,” Union Bank of the Philippines, Inc., Chief Economist Ruben Carlo O. Asuncion said in a Viber message.

Mr. Asuncion also said the government must build the necessary digital infrastructure to help bolster growth.

How income inequality compared across regions in 2023

PSA data also showed the Gini coefficient, which measures income inequality, slipped to 0.3909 in 2023 from 0.4063 in 2021, PSA data showed. A Gini coefficient reading of “0” would mean perfect equality, while “1” suggests perfect inequality.

POVERTY
Data from the PSA also showed the poverty rate dropped to 15.5% in 2023 from 18.1% in 2021 amid elevated inflation.

The number of poor Filipinos declined by 12.26% to 17.54 million in 2023 from 19.99 million in 2021.

“It’s good that the income increases faster than the food inflation. But, if food inflation will be lower, of course, the reduction in poverty could be much, much bigger,” Mr. Mapa said.

Inflation averaged 6% for 2023, the highest in 14 years. It also marked the second straight year that inflation breached the BSP’s 2-4% target band.

The PSA said a family with five members needed to have at least P13,873 a month to meet their minimum basic food and nonfood needs in 2023.

Among the regions, nine had poverty thresholds higher than the national average, led by Central Luzon with P16,046, followed by NCR with P15,713, and Calabarzon with P15,457.

On the other hand, the Soccsksargen Region posted the lowest poverty threshold with P12,241.

By region, the NCR recorded the lowest poverty incidence among the population at 1.8%, while the BARMM had the highest rate at 32.4%.

Meanwhile, the national poverty incidence among families with five members improved to 10.9% in 2023 from 13.2% in 2021. This is equivalent to 2.99 million Filipino families that do not have enough income to meet their basic food and nonfood needs.

Among the regions, NCR had the lowest poverty incidence at 1.1%, while the Zamboanga Peninsula had the highest at 24.2%.

The Caraga Administrative Region showed the biggest improvement as its poverty incidence declined by 11 percentage points to 14.9% in 2023 from 25.9% in 2021.

FOOD THRESHOLD
According to the PSA, the food threshold for a family of five rose by 14.7% to P9,581 in 2023 from P8,353 in 2021, mainly due to high food inflation. This would mean the food threshold per person in a day is at P64.

Food threshold refers the minimum income an individual or a family needs to meet their basic food needs, “which satisfies the nutritional requirements for economically necessary and socially desirable physical activities.”

Mr. Mapa said the food threshold is based on a sample food bundle with three meals and snacks.

Based on the national food bundle, breakfast is composed of scrambled egg, coffee and boiled rice or rice-corn mix, while lunch is boiled monggo with malunggay and dried dilis, banana and boiled rice. Dinner is composed of fried fish or boiled pork, vegetables and boiled rice, while snacks include bread and boiled root crops.

“This is really basic,” Mr. Mapa said. “Most probably, a lot of people will not be happy about it. But that’s how the bundle was arrived at. And of course, there’s science to it.”

Mr. Mapa said the PSA is reviewing the methodology used for the food poverty threshold.

“There is a review process that we’re doing and as I said we have already initiated to the technical staff ng PSA to review our methodology, the menu,” Mr. Mapa said in mixed English and Filipino. — BMDC

A historic Olympic journey for the Philippines’ golden generation of athletes

From left: Aira Villegas, Carlos Edriel Yulo and Nesthy Petecio — Photos from Philippine Sports Commission Facebook page | Medal photos from olympics.com

Rooted in the ancient games held in Olympia, Greece, the modern Olympic Games are the world’s foremost competition with 206 teams representing sovereign states and territories from around the globe vying for the coveted gold medal in any sport. Only the best of the best athletes get to compete in the international sporting games, which is why winners of any of the 329 medal events become a great source of pride, honor, and excellence for their home country.

Prior to the recently-held Olympic Games in Paris, France, the Philippines has won a total of one gold medal, five silvers, and eight bronze medals since its debut in the 1924 Paris Olympics. The previous Olympic Games in Tokyo, Japan last 2022 witnessed Hidilyn F. Diaz securing hers and the country’s lone gold medal in the women’s 55-kilogram (kg) category in weightlifting.

This year’s edition of the Olympics saw the Philippines send 22 total athletes across nine different disciplines including rowing, boxing, weightlifting, gymnastics, athletics, fencing, golf, swimming, and judo, with Tokyo 2020 silver medalists Nesthy A. Petecio and Carlo Paalam as flag bearers.

Aiming to match — or even surpass — the country’s performance in the prior games, this year’s team won two golds and two bronze medals and has landed 37th in the Olympic medal chart. With this historic Olympic run, the Philippines earned its highest Olympic ranking since the 1964 Tokyo Games, where the country finished 30th with a single silver medal.

After a somewhat disappointing performance in the 2020 Games, Filipino gymnast Carlos P. Yulo bounced back in spectacular fashion reaching the finals of three artistic gymnastic events namely: the individual all-around, floor exercise, and vault competitions.

To start his campaign for a gold medal, Mr. Yulo stumbled as he dismounted during the pommel horse portion of the individual all-around final and scored a measly 11.900. Making up for the disheartening first rotation, the Filipino gymnast followed up with a score of 13.933 in the rings, a solid 14.766 in the vault, 14.500 in the parallel bars, 13.600 in the horizontal bar, and a 14.333 in the floor exercise. Overall, Mr. Yulo overcame a slow start and finished in 12th place.

For his second finals event, the Filipino gymnast had to face Tokyo gold medalist Artem Dolgopyat of Israel and qualification stage first-placer Jake Jarman of Great Britain in the men’s floor exercise.

In a historic moment that secured the country’s second Olympic gold medal ever, Mr. Yulo stuck his three-and-a-half twist dismount, capped by his signature double fist pump towards the judges and a salute to fans in Paris. His performance gave him a score of 15.000, narrowly beating out Mr. Dolgopyat (14.966) and Mr. Jarman (14.933) who won silver and bronze, respectively.

Going for back-to-back gold medals, the Filipino gymnast headed to the vault competition brimming with confidence, as seen in his performance at the event. For his first vault, Mr. Yulo attempted and landed one of only two 6.0-difficulty valued vaults in the competition. His piked Dragulescu, two front flips with a half twist at the end of the move in a pike position, earned him a score of 15.433.

Mr. Yulo then executed a triple twist for his second vault with enough precision to give him a score of 14.800. This brought his total score to 15.116 to give him the lead in the event, which he never relinquished en route to his second gold medal in less than 24 hours and the country’s third all-time.

Meanwhile, in the boxing ring, the Philippines’ biggest boxing delegation since the 1996 Atlanta Games was out in a quest to finally capture the country’s first boxing gold medal. Alongside Ms. Petecio and Mr. Paalam were Tokyo 2020 bronze medalist Eumir DS. Marcial and two debutants, Hergy Bacyadan and Aira Villegas.

Hoping to improve upon his performance from the prior games, Mr. Marcial suffered a devastating defeat in points at the hands of Uzbekistan’s Turabek Khabibullaev in the round of 16 of the men’s 80 kg division.

Meanwhile, Mr. Paalam bid farewell to his Olympic gold medal dreams after losing in the quarterfinals to Australia’s Charlie Senior via split decision in the men’s 57 kg division. Additionally, Ms. Bacyadan failed to pull off the upset against Li Qian of China in a unanimous decision loss in the round of 16 of the women’s 75 kg.

However, not all was lost for the boxing team, as Ms. Villegas and Ms. Petecio each won their round of 16 and quarterfinal matches to advance to the semifinals of their respective divisions.

During her semifinal match at the women’s 50 kg division, Ms. Villegas settled for bronze after a spirited fight against the more experienced Buse Naz Cakiroglu of Turkiye who dominated in the ring and the scorecards winning via unanimous decision with three judges scoring the match 30-27 while the remaining two with 30-26.

In another heart-stopping match, Ms. Petecio fell short against Poland’s Julia Szeremeta, losing via a split decision in their women’s 57 kg boxing semifinal bout. Despite the upset defeat, her valiant effort earned her a well-deserved bronze medal as she became one of only four Filipinos with at least two medals in the quadrennial games.

Ernest John Obiena — Philippine Sports Commission Facebook Page

Aside from these three medalists, several Filipino athletes also came agonizingly close to securing podium finishes. World No. 2 pole vaulter Ernest John U. Obiena faulted on his third attempt to clear 5.95 meters as he lost the bronze to Greece’s Emmanouil Karalis.

Additionally, Filipino golfers Bianca Pagdanganan and Dottie Ardina showed out in their competition. Ms. Pagdanganan, in particular, ranked third after finishing the final round six-under 282 with only a few golfers remaining. This moment, however, will be short-lived as China’s Xiyu Lin birdied in her final hole to close with seven-under 281 and snatch the bronze medal. Meanwhile, Ms. Ardina carded a three-under 285 to respectably place 13th in her Olympic debut.

With heavy expectations after Ms. Diaz’s triumph in the prior games, Filipina weightlifter Eireen Q. Ando placed sixth in the women’s weightlifting 59-kg division after lifting a total of 230 kgs, just five shy of a medal finish. Fellow weightlifters Vanessa Sarno and John Ceniza bowed out early after failing to lift in the snatch portion of the women’s 71 kg and men’s 61 kg weightlifting event, respectively.

Other Filipino athletes who also competed in this year’s Olympics include: Lauren Hoffman and John Cabang Tolentino in athletics; Aleah Finnegan, Emma Malabuyo, and Levi Jung-Ruivvar in women’s artistic gymnastics; Kayla Sanchez and Jarod Hatch in swimming; Joannie Delgaco in rowing; Samantha Catantan in fencing; and Kiyomi Watanabe in judo.

As the 2024 Paris Olympics concludes and the world sets its sights for the 2028 Los Angeles Olympics in the United States, the Philippines can take immense pride in its golden generation of athletes who, for two consecutive Olympics, have showcased to the world what Filipinos can do. With two golds and two bronze medals, this year’s Olympic journey, in a precise twist of fate, has been nothing short of historic. — Jomarc Angelo M. Corpuz

PSE says up to P48.36-B fundraising set for rest of 2024

BW FILE PHOTO

THE local bourse could see up to P48.36 billion in fundraising activities for the remainder of the year, which could help boost market activity, according to the top official of the Philippine Stock Exchange (PSE).

“In terms of listing, our fund-raising pipeline at this time includes five follow-on offerings (FOOs), one stock rights offering (SRO), and one initial public offering (IPO), which will generate up to P48.36 billion in capital,” PSE President and Chief Executive Officer Ramon S. Monzon said in an e-mailed statement on Thursday.

According to the PSE, three of the five FOOs are expected to proceed in September, while the IPO, SRO, and the remaining two FOOs are tentatively scheduled for the fourth quarter.

 “We hope to see more active trading for the rest of the year on expectations of a rate cut and the record first-half earnings of banks and other listed firms,” Mr. Monzon said.

As of now, the PSE has completed three IPOs, reaching halfway to its target of six IPOs for the year. The completed IPOs include OceanaGold Philippines, Inc., Citicore Renewable Energy Corp., and NexGen Energy Corp.

For the second quarter, the PSE saw a 28% decline in its attributable net income to P155.74 million from P215.06 million last year.

Second-quarter revenue surged by 3.2% to P369.4 million compared with P357.8 million in 2023.

For the first half, the PSE saw a 4.8% drop in its attributable net income to P398.53 million from P418.7 million in 2023.

Revenue fell by 2.3% to P722.75 million due to a 10.7% drop in average trading value during the semester, which reduced income from service fees by P6.2 million and transaction fees by P9.07 million.

Listing-related revenues grew by 0.2% as listing fees surged by 0.2% to P290.98 million. Other income rose by 20% to P161.98 million due to interest income and foreign exchange translation gains.

Total expenses increased by 9.4% to P416.13 million from P380.5 million.

During the first half, the PSE saw two IPOs, three FOOs, one SRO, and three private placements.

“Persistent high interest rates and geopolitical concerns contributed to tepid trading in the first half,” Mr. Monzon said.

“PSE continues to pursue projects that will sustain the company’s growth over the years. This includes the planned acquisition of the Philippine Dealing System Holdings Corp., which we target to complete in the next few months,” he added.

On Thursday, PSE shares rose by 2.27% or P4 to P180 apiece. — Revin Mikhael D. Ochave

Supporting the making of champions

Photo from pco.gov.ph

Considering the prestige and symbolic significance of the Olympics as a global sporting event, it is no wonder that every country representative is celebrated as national heroes.

President Ferdinand R. Marcos, Jr. himself, in recognition of the role the athletes play towards nation-building, moved to give the Philippine Sports Commission (PSC) additional funding to support the preparation and participation of Filipino athletes in the 2024 Paris Olympics.

Last June, President Marcos led the send-off ceremony for the nine out of 15 Filipino athletes representing the Philippines in the Paris Olympics.

“To our athletes: You carry our hopes and dreams to Paris, you also carry with you the banner of our nation that believes in you, stands proudly beside you, and celebrates your every triumph, and is with you through any obstacle,” he said.

“All of these demonstrate this commitment that we have to the advancement of Filipino athletes by equipping them with the tools and encouragement to realize their full potential,” he added.

The additional support is on top of the administration’s ongoing investments on sports development, such as a grant of P52 million for the preparation, training, and participation of Filipino athletes in the Paris Games. According to reports, this year alone, the government has invested P1.156 billion in sports through the PSC to fund the “advancement of Filipino athletes by equipping them with the tools and encouragement to realize their full potential.”

“We continue to rehabilitate our major sports facilities, such as the Rizal Memorial Sports Complex [and] the PhilSports Complex, to give our youth a fitting stage to improve and to showcase their talents,” said President Marcos.

“And, presently, we are finishing the National Academy of Sports System in Tarlac and the Philippine Sports Training Center in Bataan to train, to hone, and to develop present and aspiring athletes for future competitions,” he stated.

Photo from pco.gov.ph

Naturally, there are also bountiful rewards for those who come home victorious. Alongside the personal prestige of their achievements, the inspiration they bring to countless of their countrymen, and the honor they bring the country on the global stage, winning athletes receive substantial incentives from both the government and private sector, equivalent to the significance of their success.

A prime example is weightlifting icon Hidilyn Diaz, who won the Philippines’ first-ever Olympic gold at the Tokyo Games in 2021. Her victory earned her over P50 million in cash incentives, along with additional rewards such as houses, condominiums, and lifetime free flights from the country’s airlines. Leading business tycoons like Ramon Ang of San Miguel and Dennis Uy, as well as various public officials, have contributed millions to her reward package.

The trend continues as Filipino athletes prepared for the Paris Olympic Games. Gymnast Carlos Yulo, who secured the country’s first double gold medals, and bronze-winning boxers Aira Villegas and Nesthy Petecio, have already been promised significant rewards.

Photo from pco.gov.ph

Under Republic Act 10699, which outlines the benefits for national athletes and coaches, Mr. Yulo is entitled to P20 million for his double-gold feat, while silver and bronze medalists receive P5 million and P2 million, respectively.

Mr. Marcos further announced during a Heroes’ Welcome at the Malacañan Palace that Mr. Yulo would receive an additional P20 million, with P2 million each for Misses Villegas and Petecio, and P1 million for each Filipino Olympian in Paris. The athletes’ coaches will also be awarded P500,000.

The House of Representatives has also pledged its support, promising Mr. Yulo P6 million for his Olympic win, along with an additional P8.010 million from contributions by House members. The bronze medalists received P4 million each, including contributions and prior rewards. Other Filipino Olympians were granted P1 million each.

Local governments and private companies have also joined in. The City of Manila will reward Mr. Yulo, a Malate native, with P2 million; while EJ Obiena, born and raised in Tondo and finishing fourth in pole vault in Paris 2024, will receive P500,000. The Philippine Olympic Committee is offering houses and lots to gold medalists; while Megaworld is gifting Yulo a fully furnished three-bedroom unit in McKinley Hill, valued at P32 million, along with a P3-million cash prize.

Further incentives for Mr. Yulo include P5 million from ArenaPlus, a house and lot in Nasugbu, Batangas worth P6 million from Century Properties Group, and P3 million from Bounty Fresh Group Holdings Inc. Philippine Airlines has awarded him 150,000 Mabuhay Miles per year for life, while Cebu Pacific is offering each Filipino Olympian 28 local and international flights for free.

Other notable rewards include a Toyota Land Cruiser Prado from Toyota Motors Philippines, lifetime free buffets from Vikings, lifetime free food and drinks from Tipsy Pig, and a range of other benefits from various companies, such as free furniture, engineering design services, and even free gastrointestinal consultations. Mr. Yulo will also receive a digital steel security vault from Honeywell Safes Philippines and Tupperware products worth P1 million. — Bjorn Biel M. Beltran

CEB pushes for more flights to Australia, India, Hong Kong

BW FILE PHOTO

CEBU PACIFIC, operated by Cebu Air, Inc. (CEB), is seeking an expansion of air service agreements between the Philippines and Australia, India, and Hong Kong amid increasing travel demand, the budget carrier’s president said.

“We have made our wish list… Korea was one of them. Hong Kong is actually another. Part of our wish list, by the way, was India. The other one where we said there is a need to increase bilateral is Australia,” Cebu Pacific President and Chief Commercial Officer Alexander G. Lao told reporters at a recent event.

This is part of the company’s expansion plans, he said.

“Currently, the seat entitlements to Australia are fully allocated among the Philippine carriers. So, if we wanted to expand to the key cities, Sydney, Melbourne, Perth, and Brisbane, we cannot. There has to be a change in bilateral,” he added.

According to the website of the Australian Embassy in the Philippines, the arrangement between Australia and the Philippines allows airlines to offer up to 4,000 seats each way, which can be increased to 6,000 per week depending on the demand between Australia’s four major destinations — Brisbane, Melbourne, Perth, and Sydney — and Manila and Clark.

Mr. Lao noted that the seat entitlement between the country and Australia is only fully used up on the Philippine side.

“Clearly, that is something we had asked the Philippine government to see if we could request air talks. In fact, requests have been made,” he said.

Mr. Lao said that even though Cebu Pacific has no immediate plans to increase its frequencies in India, the airline wants increased seat entitlements for future plans.

In July, the Department of Transportation announced that the Philippines and South Korea signed a bilateral air services agreement allowing an increase in seat entitlements for flights between the two countries.

Under the new agreement, the Philippines and South Korea will have an additional 10,000 seats per week, bringing the total to 30,000 from the existing capacity of 20,000.

Earlier, Cebu Pacific said it would capitalize on the increased weekly seat capacity between the country and South Korea.

“One of the ways we can actually increase our presence in Korea is by upgrading aircraft, whether it’s [Airbus] 321 to 330; that is one way. We are looking at some destinations in Korea, but it is at the feasibility study stage,” Mr. Lao said.

“I think the expansion of bilateral agreements is important. It gives airlines the opportunity to expand; without that, we would not have been able to. So, clearly, it is a really good deal between the Philippines and Korea,” he added.

Cebu Pacific also said it is launching flights to Hong Kong from Davao while also reviving its direct flights from Iloilo to Singapore, the company said in a separate media release.

The airline said it will begin operating flights between Davao and Hong Kong on Oct. 27, four times a week — every Monday, Wednesday, Friday, and Sunday. 

It will also operate flights to Singapore from Iloilo starting Nov. 25, three times a week — every Monday, Wednesday, and Friday. — Ashley Erika O. Jose

Globe secures P22 billion in loans from major banks

AYALA-LED Globe Telecom, Inc. said it has secured a total of P22 billion in loan agreements from China Banking Corp. (Chinabank), Land Bank of the Philippines (LANDBANK), and Metropolitan Bank & Trust Co. (Metrobank).

“The loans (will) be used to finance the company’s capital expenditures (capex), debt refinancing, and/or general corporate requirements,” Globe said in a regulatory filing on Thursday.

The company signed term loan facilities with Chinabank, LANDBANK, and Metrobank for P10 billion, P5 billion, and P7 billion, respectively. 

For the first semester, Globe allocated P28.3 billion for capex, primarily for data infrastructure to support the company’s strategy of enhancing network coverage.

Globe said it aims to provide customers with continuous access to essential digital services and entertainment, regardless of the time or location.

For 2024, Globe has allocated $1 billion for capex, which is less than the $1.3 billion allocated in 2023.

“Globe continues to spearhead efforts to bridge the digital divide by bringing connectivity to remote areas across the country… By helping improve the country’s digital infrastructure, Globe connects remote communities, enabling residents to access vital online services, educational resources, and economic opportunities,” it said.

For the second quarter, Globe reported an attributable net income of P7.74 billion, climbing by 9.5% from the same period last year.

Its revenues reached P44.32 billion, lower by 0.38% compared with P44.49 billion a year ago, the company’s financial report showed.

At the stock exchange, shares in the company shed P58 or 2.48% to end at P2,280 per share. — Ashley Erika O. Jose

Committing to education for all

Documentary on John Gokongwei, Jr.’s advocacy for learning just the first of a 3-part tribute to the late tycoon

WHEN the Gokongwei family decided to honor their patriarch in a three-part multimedia tribute, they knew they had to start by focusing on what fueled John Gokongwei, Jr.’s philanthropic side.

As a teenager during the Second World War, he supported his family, which had lost their fortune, by peddling items along the streets of Cebu on his bicycle.

The documentary A Boy, a Bicycle, and a Legacy: Remembering John Gokongwei Jr. traces his dedication to help Filipinos further their education through the Gokongwei Brothers Foundation (GBF) to the man’s humble beginnings.

The film is available to watch on YouTube.

Business journalist Lala Rimando produced the documentary, the first of three tributes lined up.

The other two are a book and a podcast, both of which will center on Mr. Gokongwei’s colorful, business-savvy journey to the top.

For Troy Bernardo, who directed the film, there was not much drama behind its making. The Gokongwei family and scholarship program recipients were all happy to talk about “Mr. John,” as he was affectionately called.

Mr. Gokongwei passed away in 2019 at the age of 93.

“The material on him that is already out there is usually technical, all business. For this documentary, we wanted to focus on the heart,” said the director at the documentary’s Aug. 15 premiere in the recently opened Opus Mall in Bridgetowne, Quezon City.

The GBF’s Iskolar ni Juan tech-voc program is a fully subsidized Science, Technology, Engineering, and Mathematics (STEM) scholarship done in partnership with Universal Robina Corp. It provides industry-standard training, work immersion, and eventual job opportunities to underprivileged high school graduates.

Interviews with family members and proponents of this program, plus snippets from a 2011 interview with Mr. Gokongwei himself, paint a picture of the conglomerate’s thrust towards nation-building.

Ms. Rimando said that the documentary was chosen to represent this side of Mr. Gokongwei because it would have “the widest reach.”

“Meanwhile, book readers are very few. It’s a very niche market, so we’re making that for students, businessmen, and people who want to learn from the man through a more detailed account of his work,” she explained. “The podcast will do that as well, but it will be more emotional and motivational.”

Both the book and the podcast are scheduled for release next year.

Lisa Gokongwei-Cheng, the general manager of GBF and Mr. Gokongwei’s third child, told the press: “Most know about Mr. John’s business legacy, but few knew how important the foundation and its purpose were to him. I think we were very lucky to have grown up and lived with him.”

The documentary can be viewed for free on YouTube at https://tinyurl.com/49z5jbdr. — Brontë H. Lacsamana

Up next: The Philippines’ para-athletes competing in Paris

Philippine delegates to Paris 2024 Paralympics — Philippine Sports Commission Facebook Page

The Philippines have been gaining back-to-back historic wins in the sport scene. Following yet another amazing run at the 2024 Paris Olympics, the Philippines is gearing up at the next big sport event, the 2024 Paris Paralympics.

This year, at least 4,000 para-athletes are set to hit the stage at Paralympic Games from Aug. 28 to Sept. 8, also in Paris, France. With sights set of making Paralympic history, six Filipino para-athletes are representing the country in archery, athletics, swimming, and taekwondo on the global stage.

First on the list is Jerrold Pete Mangliwan, a 44-year-old wheelchair racer pro who have bagged gold and bronze medals. Living with paraplegia, he became a well-known racer in a sport that highlights power and speed, and he has been an active participant of the sport for 18 years.

Born from the province of Kalinga, Mr. Mangliwan’s para-athletic journey began when he moved to Manila. In 2009, he first started wheelchair basketball but later switched gears to para-athletics. He then eventually became one of the top wheelchair racers, eventually competing for his country in the Paralympics.

He has competed in the 2016 Rio and 2020 Tokyo Paralympics and won six golds medals and a silver medal at the ASEAN Para Games. He also scored a gold and silver in the 400-meter (m) and 100-m T52 races at the 2022 Asian Para Games in China, earning him a ticket to the 2024 Paralympics.

Making her Paralympic debut, talented para-athlete Cendy Asusano is representing the Philippines for the javelin throw event. Recently, she earned gold medals in the 2023 ASEAN Para Games in Cambodia, dominating women’s javelin throw events and winning bronze from the discus throw event. In addition, she came in 4th place in the Women’s Javelin Throw F54 at the World Para Athletics Championships last May in Japan.

In archery, Augustina Bantiloc, a para-athlete from Tanduan, Kalinga, has made her mark in the world of archery. At 56 years old, she’s sitting at the 25th spot for the Compound Women Open Category for archery. She currently earned a bronze medal at the Asian Continental Qualification Tournament in 2023, securing her spot at the 2024 Paralympics, making her the first Filipino para-archer who has qualified for the Paralympic Games at 55 years old.

Another name in the spotlight is Ernie Gawilan, a famous and highly-esteemed para swimmer. Born on the province of Bukidnon, Mr. Gawilan had to deal with physical challenges due to his underdeveloped legs and arms. Although his early life was marked by difficulties, it turned out to be a blessing in disguise as it led him to discover his talent for swimming.

His swimming journey started at the Our Lady of Victory Training Center, and then he joined a local swimming team with people with disabilities. This led to his first competition at the 2008 Philippine Olympic Festival in Cagayan De Oro, where he ranks second place. Following this, he carved out a name for himself as a swimmer and soon became a Paralympic gold medalist. He made history by being the first Filipino to win a gold medal at the 2018 Asian Para Games, dominating the men’s 200-meter individual medley; and he also competed in the Rio 2016 and Tokyo 2020 Paralympic Games.

Angel Otom, another talented swimmer, is also set to make waves in the global sport scene. The quadruple gold medalist showed her skills through the 50-m backstroke (3rd place), and the 50-m butterfly (6th place) at the worlds. At just 21 years old, she has already bagged four gold medals at the 2023 ASEAN Para Games, and this year marks her first appearance at the Paralympic Games.

Also representing the Philippines in the taekwondo scene, para-athlete Allain Ganapin made history as the first Filipino to qualify for taekwondo at the Tokyo 2020 Paralympics.

Mr. Ganapin is a 26-year-old Filipino para-athlete born with an amputated arm, and hails from the city of Marikina. In his early years, he first started with basketball then shifted to taekwondo as a taekwondo coach saw his skills and potential.

He’s now the third Filipino to qualify for Asian Para Games; and as he becomes a top qualifier at the Asian Qualification Tournament in China, he is gearing up for a comeback at the 2024 Paralympics Games. — Angela Kiara S. Brillantes

PetroEnergy Q2 income climbs 27% on higher revenues

YUCHENGCO-LED PetroEnergy Resources Corp. saw its second-quarter (Q2) attributable net income climb by 27.86% to P134.2 million, driven by higher revenues.

Revenues increased by 9.9% to P789.16 million from P668.93 million, the company said in a stock exchange disclosure on Wednesday.

Broken down, electricity sales rose by 29.38% to P624.27 million; oil revenues declined by 24.41% to P139.74 million; and other revenues increased by 16.52% to P25.15 million.

Meanwhile, cost of sales climbed by 13.24% to P414.6 million from P366.14 million a year ago.

In the six months to June, PERC’s attributable net income rose by 15.19% to P319.73 million from P277.57 million the previous year.

The company’s revenues jumped by 33.76% to P1.73 billion, primarily due to the consolidation of its unit PetroWind Energy, Inc.’s financials into PetroEnergy’s.

PetroEnergy acquired a 20% stake held by EEI Power Corp. in PetroWind in 2023. It also acquired EEI Power’s 44% equity in PetroSolar Corp. and 7.5% equity in PetroGreen Energy Corp., making the latter a 75%-owned subsidiary of PERC, with the 25% balance held by Kyuden International Corp.

Electricity sales increased by 43.29% to P1.41 billion due to the consolidation of PetroWind.

Oil revenues went down by 1.42% to P279.54 million, mainly due to the higher average crude oil price of $83.62 per barrel compared with $79.70 per barrel.

Other revenues rose by 21.28% to P44.6 million.

From January to June, cost of sales increased by 37.21% to P838.68 million from P611.22 million previously.

At the local bourse on Thursday, shares in the company went up by 0.26% to close at P3.93 each. — Sheldeen Joy Talavera

Back-to-basics space slasher

By Brontë H. Lacsamana, Reporter

Movie Review
Alien: Romulus
Directed by Fede Alvarez
MTRCB Rating: R-13

THE film Alien has spawned a lot of sequels over the decades. To meet the expectations of fans now used to bigger and better blockbusters paying homage to classics, director Fede Alvarez decided not to feed any ambitious concepts in order to deliver a solid space horror akin to the 1979 original.

Using tension to build atmosphere has always been the key to a good horror movie, and Alien: Romulus is proof of that.

The 2024 follow-up to the many Alien movies before it has big shoes to fill. It takes us to an abandoned, supposedly decommissioned space station. Here, young scavengers take it over to escape the harsh working conditions on a planet without sunlight.

All the tension occurs with the audience having full knowledge that the oblivious characters are about to encounter the most terrifying life form in the universe.

What’s satisfying about the horror employed in the film is that it doesn’t always resort to cheap jump scares and loud noises. The scuttling or splashing of the alien life forms around the characters keeps them — and us— unable to ever relax. The camera doesn’t quite center on the dangers in the eerie space station but captures them just on the edges of the frame. There is an impending sense of doom enhanced by the tense sound design.

Those who love Sigourney Weaver’s Ellen Ripley will find Cailee Spaeny’s Rain Carradine a serviceable female lead. With soft features and a kind voice, she at first doesn’t appear to have the grit it takes to survive a xenomorph, but having her loved ones in danger draws it out of her throughout the film.

Central to the plot is her relationship with Andy, the android-protector she grew up with and calls her brother, played by David Jonsson. He’s a stand-out here, going from childlike and dysfunctional to a conflicted robot caught in between two directives (protecting his “sister” vs. the interests of the company).

The rest of the team of scavengers are characterized pretty thinly compared to these two, the other memorable beings in the film obviously the aliens themselves. Practical effects are combined with visual effects — instead of the pure slop of computer-generated imagery that people have become sick of — to excellent effect. The xenomorphs are convincingly creepy.

It’s a fun, relentlessly thrilling ride for horror fans who miss the simplicity of the Alien franchise in its humble beginnings. A scary creature is loose on the ship, gradually killing everyone on board — it’s as straightforward as that.

Set between Alien (1979) and Aliens (1986), the lore that superfans can pick up on is only secondary to the slasher success, with casual viewers unaware of the little tie-ins able to enjoy the movie on its own. Almost identical elements, scenes, and shots are obviously nods to what has come before but letting all of that go and just enjoying the show is a great way to watch this.

Lower sales lead to 38% drop in AllHome’s Q2 income

VILLAR-LED home retail chain AllHome Corp. recorded a 38% decline in its net income for the second quarter, falling to P142.08 million from P229.85 million in 2023 due to lower sales.

Second-quarter sales fell by 8.3% to P2.86 billion from P3.12 billion a year ago, AllHome said in a stock exchange disclosure on Thursday.

For the first half, AllHome saw a 36% decline in net income to P282.43 million from P422.13 million in 2023.

The company said there was softer demand for hard categories such as hardware, tiles, sanitary wares, and construction materials.

On the other hand, the company saw stable performance across its soft categories such as furniture, appliances, homewares, and linens.

“Notable in AllHome’s performance is the stable contribution from its core categories — furniture and appliances, allowing us to deliver sustained value for our stakeholders,” AllHome President and Chief Executive Officer Benjamarie Therese N. Serrano said.

“We will continue to lean into the implementation of efficiency initiatives in service of our bottom line. We fully intend to run a tight ship in AllHome in service of delivering better value for our stakeholders,” she added.

Revenue during the first six months dropped by 6.9% to P5.62 billion compared with P6.04 billion the previous year.

Meanwhile, AllHome Chief Operating Officer Frances Rosalie T. Coloma said the company saw an 11% sales uptick for cooling appliances.

“These continue to offset a slower-than-expected completion of most construction activities of the AllHome market base, a factor in the lower turnover of units for the half, affecting AllHome’s offering of finishing materials, tiles, and sanitary wares,” Ms. Coloma said.

On Thursday, AllHome shares were unchanged at 68 centavos per share. — Revin Mikhael D. Ochave