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SM Prime reports 70% unit take-up at Hamilo Coast

SM PRIME HOLDINGS, INC.

COSTA DEL HAMILO, Inc. (CDHI), a subsidiary of listed SM Prime Holdings, Inc., has sold around 70% of units in its Hamilo Coast development in Batangas amid sustained demand from the upscale market, a company official said.

“We had experienced a 15% increase in reservation sales in peso terms as compared to prior years,” SM Prime Chief Finance Officer John Nai Peng C. Ong said at a Nov. 10 briefing.

“Now, if we look in terms of the number of units, we have already sold around 70% of our available inventory, and we are working on the remaining 30%. That’s why M Village is there to sustain that momentum.”

SM Prime invested P3 billion to develop M Village, the first residential community in Marina Estates, a beachside resort within Hamilo Coast. The first phase of the 12-hectare (ha) project offers more than 170 residential lots.

M Village units are scheduled for turnover by 2028, the company said.

SM Prime targets the upscale leisure residential market seeking an exclusive, low-density community with sustainable design.

“M Village is a unique property because it combines upscale coastal living with seamless access to both nautical adventure and nature,” Shirley C. Ong, executive vice-president and business unit head of SM Leisure Resort Residences, said in a statement.

Over 60% of the estate is allocated to open spaces and natural systems, with more than four hectares dedicated to shared amenities, including a clubhouse, bi-level pools, a rain garden, family parks, an esplanade, and a lawn for gatherings.

The company engaged Wimberly Allison Tong & Goo (WATG) Singapore as concept planner.

The firm has designed leisure properties including Regent Bali Canggu in Indonesia, Nobu Residences Los Cabos in Mexico, and several Four Seasons properties.

Joel Luna Planning & Design served as the master planner for the community.

“Their involvement positions M Village as a community built to global standards, with a premium aesthetic that aligns it with the world’s most distinctive coastal destinations,” the company said.

SM Prime reported an 8% year-on-year increase in third-quarter (Q3) net income to P12.8 billion. Its residential segment, covering core and leisure projects, contributed P32.6 billion, down 2% from P33.1 billion a year earlier.

At the local bourse on Tuesday, SM Prime shares fell 3.81% or 85 centavos, closing at P21.45 apiece. — Beatriz Marie D. Cruz

Does art have a place in business?

BLOOMBERG

Japanese ink maker sells off Monet, Renoir paintings as activists circle

FACING more pressure from activist investors to increase returns, one Japanese company has turned to its art holdings, raising more than $100 million selling paintings by the likes of Monet and Renoir.

DIC Corp., an ink and resin maker, has a well-known collection of art, and some of the works are very valuable. It sold Claude Monet’s 1907 masterpiece Nymphéas, for about $45.5 million at a Christie’s auction on Nov. 17 in New York. Christie’s estimated earlier that it could sell for $40 million to $60 million.

DIC also auctioned seven more paintings including works by Marc Chagall and Pierre-Auguste Renoir, with total sales coming to about $106 million, according to Christie’s.

The auction followed calls from activist investor Oasis Management Co. to sell off DIC’s collection, saying that paintings aren’t part of the firm’s core business and they’ve weighed on its stock performance.

Many Japanese companies have been selling physical assets on their balance sheet like real estate to generate profits to bolster their income statements. DIC’s sale of its art collection may do the same.

The moves are in line with efforts by the government and the exchange to increase stockholder value and attract global investors. Activists have joined this drive and pushed for changes in management, investment or business focus — at this year’s annual shareholder meetings, activists submitted a record number of proposals.

DIC also closed its Kawamura Memorial DIC Museum of Art in March and plans to reopen a smaller facility in Roppongi, Tokyo, around 2030 or later. It is looking to display in the new museum its seven paintings by Mark Rothko — the famed 20th century abstract artist known for works showing fuzzy and luminous rectangular color fields.

Oasis Management’s founder and chief investment officer, Seth Fischer, has opposed building a new museum featuring the Rothko paintings.

“That’s like creating the world’s most expensive meditation room,” said Mr. Fischer, whose firm is DIC’s second-largest shareholder. It’s “an inappropriate use of corporate assets.”

The Monet work is part of a series commonly called the Water Lilies that the artist worked on late in his life. Christie’s estimate for it compares with the price tag for Nymphéas, temps gris, also painted in 1907 that sold for $36.7 million in 2022, according to Cyanne Chutkow, the firm’s Deputy Chairman of Impressionist and Modern Art.

The DIC-owned painting “displays richer color, dynamic brushwork, and a luminous depiction of reflected sunlight,” she said by e-mail. “Monet’s market has shown sustained growth in recent years,” Ms. Chutkow said.

DIC, an abbreviation of the company’s previous name Dainippon Ink & Chemicals, Inc., has said it plans to sell about three-quarters of its 384-piece art collection. President Takashi Ikeda indicated at a news conference in March that the company would keep Nymphéas, along with the seven Rothko paintings.

The positive corporate image built by displaying fine art over decades in a museum “can’t be easily replaced,” he said.

LEAVING COLLECTION
Asked about the company’s decision to sell the Monet painting after all, a DIC spokesperson said that while the water lily piece is one of the representative works in the company’s collection, considering its responsibilities as both a business entity and an art holder, the firm decided to take it out of its collection.

The $106-million sale exceeded Christie’s estimates because the final price for a couple of the paintings, by Chagall and Henri Matisse, were substantially higher than the auction house expected. The total was equivalent to about 77% of DIC’s net income last year of ¥21.3 billion ($138 million).

DIC already exceeded its goal of generating about ¥10 billion in cash by the end of 2025 through the initial sale of around 20 art pieces.

Many major Japanese companies from tire maker Bridgestone Corp. to beverage company Suntory Holdings Ltd. and oil refiner Idemitsu Kosan Co. have art collections and museums. But the collections tend to be in foundations that keep them out of reach of sellers.

Nana Otsuki, Senior Fellow at Pictet Japan and a member of an expert panel on national museum operations, said that storage facilities in the country’s public museums are nearing capacity.

Using digital tokens to establish ownership rights to artwork may be one way to protect private collections, Ms. Otsuki said. “Corporate support for the arts is meaningful, and leveraging private sector power is essential,” she said. — Bloomberg

Over 60% of Filipinos targeted by financial scams, report says

STOCK PHOTO | Image by Jcomp from Freepik

OVER 60% of Filipino adults experience financial scams each year, with attempts happening nearly every other day and average losses per person amounting to nearly P12,000, according to a survey.

The State of Scams in the Philippines 2025 Report, which is based on a survey conducted by the Global Anti-Scam Alliance (GASA) in collaboration with Mastercard and Whoscall, said 65% of the 1,000 respondents claimed to have been scammed from February 2024 to February 2025, with each victim experiencing an average of 2.3 scams.

Meanwhile, 77% said they encountered a scam in the period for an average of 239 scam attempts per year.

Some 31% of the respondents said they lost an average of P11,896.30 per person to scams, with a total of P280.5 billion stolen for the period.

The GASA said that e-wallets (74%) are typically used by fraudsters to receive illicit proceeds of fraudulent activities, followed by wire or bank transfers (14%).

“When nearly one in three Filipinos loses money to a scam, it’s not just a digital safety issue. It’s a household stability issue. People are cutting back on daily needs, doubting the tools they rely on, and carrying the emotional weight long after the scam is over. Solving this requires partners working together instead of fighting the problem in silos,” GASA Asia-Pacific Director Brian D. Hanley said in a statement on Tuesday.

The report showed that scams involving investments (65%), unexpected money (64%), and shopping (58%) were the most prevalent type of attacks experienced by Filipino adults.

The GASA said 85% of scam attempts in the Philippines in the period occurred on platforms that have a direct message function, with the top channels being used by scammers being text/SMS message (75%), instant messaging apps (50%), and social media (50%).

“Facebook and Telegram were identified as the top platforms where scams occur, while TikTok and Instagram were the hardest places for victims to immediately recognize fraudulent activity,” it added.

“The study also highlighted who is most vulnerable. Gen Z consumers were found to be the least confident in spotting scams, while Millennials lost the most money on average, at over P14,000 each. Seniors in the Silent Generation (76%) and residents in suburban areas (72%) reported the highest prevalence of scam exposure.”

However, even as they encountered several scams, only 73% of victims said they report these attempts, with 59% of these people saying that either no action was taken (40%) or they aren’t sure what the outcome was (19%).

“No loss of money is the main reason scam encounters don’t get reported,” the GASA said. “Being unsure whom to report scams to was the main reason for not reporting encounters.”

“Almost three quarters reported their scam to the payment service, and one tenth said their money was at least partially recovered,” it added.

Almost half of those scammed said it impacted their well-being (48%), and the majority said it made them feel stressed (88%).

While this resulted in increased vigilance for about half (57%), others had to reduce normal spending behavior (23%) or take on additional debt or loans (20%).

In a sign of improving financial literacy, the survey found that 98% of Filipinos said they take at least one step to check if an offer is real or a scam by checking a brand or seller’s social media page, reading online reviews, or confirming activity on official accounts.

“However, experts warn that these surface-level checks can only go so far, as scammers are increasingly able to clone profiles, fabricate engagement metrics, and mimic verified pages to appear credible. Hence, combatting scammers is not an issue that should fall on consumers alone, but should be supported by the ecosystem at large,” the GASA said. “This calls for an effort among banks, digital platforms, telecom operators, and regulators to improve protections for ordinary consumers.”

It said that to empower consumers, authorities should launch permanent national campaigns to raise scam awareness, establish national helplines for scam victims, and create integrated victim support systems offering financial, legal, and psychological help.

They should also take steps to create a safer digital world by building infrastructural protections with telecoms and tech providers to block scams before they reach consumers and  improving fraud traceability across borders by requiring transparency from sellers, platforms, and payment providers.

“As scams grow more sophisticated, they are no longer isolated incidents — they are a perpetual digital threat, inflicting both financial loss and social trauma. Protecting Filipinos requires systemic cooperation between industries and government to restore trust in the digital economy,” Mastercard Philippines Country Manager Jason Crasto said. — AMCS

Industrial policy for the Philippines: The chip industry is a bright spot

STOCK PHOTO | Image by Sahand Babali from Unsplash

(Part 6)

Can the Philippines still be a major exporter of manufactured exports like the East Asian tigers? With all due respect to the contrary opinion, my answer is no.

Because of the serious mistake that we made at the beginning of our efforts to industrialize in the last century, it is too late in the day for us to compete with the Asian Tigers, which now include China, in the export of such manufactured products as airplanes, steel, cement, vehicles (especially the electric varieties), computers, smartphones, air-conditioning units, home appliances, and others. By lingering too long at the stage of import substitution, we failed to develop the needed support facilities and infrastructure for manufactured products, such as low-cost energy, highly skilled factory workers, and efficient logistics, among others.

It does not mean, however, that we cannot have a thriving manufacturing sector based on selling to the very lucrative domestic market resulting from our demographic dividend.

As our per capita income transitions from high-middle income to high income ($5,000 to $15,000) in the next 20 years, together with more efficient logistics and lower energy costs, such inward-looking industries like food manufacturing, chemicals, pharmaceuticals, construction materials (steel, cement, wood), and other consumer and intermediate goods will become competitive with imports (with the help of some reasonable tariff rates to protect the domestic market from the dumping of goods). I forecast that as we reach the stage of a high-income economy, our manufacturing sector as a percentage of GDP will attain what is now the average of the developed countries in Asia today, which is 20-25%.

An exceptional sector in which we can be a major exporter of manufactured goods is the chip industry. According to recent reports from the Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI), the exports of their industry may possibly hit $110 billion in five years. That is quite a figure, considering that our total merchandise exports in 2024 were just $73.21 billion. This bullish projection is based on the reality that the industry’s growth will be driven by new and emerging technologies related to what is called Industrial Revolution 4.0 (Artificial Intelligence, Robotization, Internet of Things and Data Analytics). The drivers of growth for the electronics industry will be new devices and new technologies in such sectors as automobiles, digital devices, cellphones, computers, data centers, and renewable energy.

Under the roadmap developed by SEIPI, the industry is targeting to make the Philippines a consistent and reliable global partner for packaging $70 billion worth of semiconductors, assembling $40 billion worth of electronics, and providing globally recognized integrated circuit (IC) design services five years from now. There is also a determined move of the industry to graduate from low-value to high-value chip manufacturing. None other the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA), formerly headed by Secretary Frederick Go, is proactively assisting the industry to move from traditional assembly, test, and packaging (ATP) to a more advanced stage in manufacturing in the next five years.

Again, this is where the private sector, the Government, and academe have to work together to reskill, upskill, and retool the workers in the industry through some form of enterprise-based learning.

According to OSAPIEA Undersecretary Ma. Angela E. Ignacio, there will be a five-year workforce development program for the industry to be implemented by an Advisory Council. The target is to generate 128,000 new jobs across the whole semiconductor and electronics industry. According to Ms. Ignacio, there are three technical working groups working on this. An important part of the workforce development strategy is not only to have the active participation of the enterprises in the skills development process, using the famous German dualvoc system popularized by the Dualtech Training Institute in Canlubang, Laguna. There must also be close coordination between the engineering schools and the TESDA-type training institutes so that the role of engineers and the technical workers in the industry can be clearly differentiated. Engineering graduates are usually ineffective on the shop floor. The electro-mechanical workers trained in technical schools like Don Bosco, the Meralco Technical Institute, Dualtech, and CITE in Cebu are generally more apt for factory work in the semiconductor and electronic component industry.

A niche in which the country can increase the value added to our exports of electronic components and semiconductor devices is in lab-scale wafer fab. SEIPI has long been urging the government to build a $10-million facility to increase the localization of electronic exports. Unfortunately, funding is still an obstacle. The industry has made some progress in this regard by producing some P130 million worth of localized parts. This still too puny considering what the country is importing. By just targeting producing 1% of the materials imported, there can be P15 billion worth of local production with the subsequent increase in jobs created. This is a perfect job for OSAPIEA.

The good news is that despite the very unfortunate situation involving widespread corruption among our legislators and some departments of the Executive branch, especially the Department of Public Works and Highways, foreign investors in the industry have not demonstrated a reluctance to expand or to start new operations. Given all the increased tariffs being imposed by the Trump Administration on exports to the US, the Philippines is at the low regime and may actually attract some of those who are leaving higher regime countries like China, Taiwan, and Vietnam.

Over the medium term, a geopolitical factor that may enable the Philippines to significantly increase its share of electronics and semi-conductor components to the US is the increasing worry of some American officials that their country is risking a dangerous dependence on Chinese chips. As very convincingly argued by Mike Kuiken in an article in the Financial Times, Beijing is quietly cornering the market in so-called foundational chips that power everything from cars, to medical devices, to defense systems. According to Mr. Kuiken, a visiting fellow at the Hoover Institution in the US and national security adviser in the US Senate, China already accounts for close to 40% of global chip capacity — a trajectory that points to even greater dominance by the late 2020s. Such dependence also applies to Japanese products. It is, therefore, a prudent move to try to relocate some of these China-based factories to other countries more friendly to the US-Japan alliance. The Philippines, with its unique still young and growing labor force, is obviously one of the possible relocation sites.

For this reason, there is a joint plan of the US and Japanese governments to help build what is called the Luzon Economic Corridor, an area that extends from the Batangas Bay all the way to the coasts of Bataan. If this industrial corridor is endowed with first class infrastructure and adequate energy, water, and telecom facilities, it can attract the manufacturers of higher-value electronic components and chips away from China. The close military alliance between the United States and the Philippines can be leveraged to enable our country to take a quantum jump in its exports of higher-value chips to the US.

Needless to say, another major industrial export of the Philippines will come from the mining industry. To remove the usual obsession with manufacturing of some of our policy makers, I keep on reminding them that “industry” goes beyond manufacturing and includes mining, together with construction and public utilities. That is why an industrial policy should include a strategy to develop to the fullest the mineral resources of the country, which is one of the most  mineralized in the world. We will discuss this in another article.

 

Bernardo M. Villegas has a Ph.D. in Economics from Harvard, is professor emeritus at the University of Asia and the Pacific, and a visiting professor at the IESE Business School in Barcelona, Spain. He was a member of the 1986 Constitutional Commission.

bernardo.villegas@uap.asia

Waller: December cut appropriate, but January action more uncertain

An eagle tops the US Federal Reserve building’s facade in Washington, July 31, 2013. — REUTERS/JONATHAN ERNST/FILE PHOTO

WASHINGTON — The job market is weak enough to warrant another quarter-point rate cut in December, though action beyond that depends on an upcoming flood of data delayed by the government shutdown, Fed Governor Christopher Waller said on Monday.

Since the last Fed meeting, “most of the private sector and anecdotal data that we’ve gotten is that nothing has really changed. The labor market is soft. It’s continuing to weaken,” with inflation expected to ease, Mr. Waller said on Fox Business’ Mornings with Maria.

While that makes a December cut appropriate, “January could be a little trickier, because we’re going to get a flood of data that’s released. If it is kind of consistent with what we’ve seen, then you can make the case for January. But if it suddenly shows a rebound in inflation or jobs or the economy’s taking off, then it might give concern” about more cuts, Mr. Waller said.

Fed officials are divided over whether to cut rates again at the December meeting, though recent comments from top policymakers — including New York Fed President John Williams on Friday — have shifted market expectations strongly in favor of another quarter-point reduction at their Dec. 9-10 meeting. According to CME Group’s FedWatch tool, the futures-market-implied probability of a quarter point reduction to a range of 3.5% to 3.75% is now about 83%, roughly double what it had been a week ago.

The Fed will remain information-constrained at that session, with government statistical agencies still digging through the backlog of work from the 43-day shutdown that ended Nov. 14. The Bureau of Labor Statistics already has said it will not release a jobs or consumer inflation report for October, while the reports for November will not become public until after the Fed meets.

In the absence of those keystone data releases, officials are relying more heavily on information from private providers and on their own contacts in businesses and households around the country. Much of that information is compiled into a compendium known as the Beige Book that is released two weeks prior to each Fed meeting, with the next version due out on Wednesday.

“The labor market is still weak and… we’re getting no evidence telling me it’s rebounding,” Mr. Waller said. He downplayed the recently released September jobs report, showing the economy added a more-than-expected 119,000 jobs that month, as likely to be revised lower. The September report also showed the unemployment rate rose to 4.4% from 4.3% the month before.

One other policymaker joined Waller in voicing that concern on Monday. San Francisco Fed President Mary Daly, who had been on the fence over whether to support a third consecutive rate cut next month, told the Wall Street Journal she now backs a reduction.

“On the labor market, I don’t feel as confident we can get ahead of it,” she said in an interview Monday. “It’s vulnerable enough now that the risk is it’ll have a nonlinear change.”

Daly, who does not have a vote on policy this year but like all Fed policymakers has a voice at the debate during meetings, now views an inflation surge as a lower risk.

By the time of the next meeting on Jan. 27-28, however, Mr. Waller, Ms. Daly and their colleagues should be able to better gauge which of two views of the economy are starting to materialize — the one where inflation stays persistent with a risk of moving higher, a possibility that has led several regional reserve bank presidents to oppose further rate cuts, or the one where job growth remains weak and the unemployment rate increases, the outcome Mr. Waller finds most concerning.

Fed officials at the upcoming meeting will issue new economic projections that could reset expectations for any rate reductions next year. Policymakers were divided on the outlook in September, with the median official seeing only one further rate hike in 2026. Investors currently anticipate two to three cuts next year, according to data from the CME Group’s FedWatch.

By the next meeting, the Fed should have in hand official estimates for jobs, the unemployment rate, and inflation through December.

“You may see a more of a meeting-by-meeting approach once you get to January,” Waller said. “But I still don’t think the labor market is going to turn around in the next six to eight weeks.” — Reuters

DragonFi launches PHL’s first fully digital PERA service

DRAGONFI SECURITIES, INC.

DRAGONFI SECURITIES, Inc. has launched PERA+, the country’s first fully digital personal equity and retirement account (PERA) platform, offering an online facility for Filipinos to open and manage retirement accounts.

“PERA+ modernizes the way Filipinos prepare for retirement. We’ve made the process digital, simple, and accessible, empowering more Filipinos to take control of their financial future, starting today,” DragonFi Co-Founder and Chief Executive Officer Jon Carlo C. Lim said in a statement on Tuesday.

The platform allows paperless account setup and management, removing the need for branch visits. It provides PERA investment options, including stocks and funds, along with tax incentives such as a 5% tax credit on contributions, tax-free investment growth, and the absence of estate tax on inherited assets.

PERA is a voluntary retirement savings program that supplements benefits from the Social Security System, Government Service Insurance System, and employer-provided plans.

In September 2023, the Securities and Exchange Commission (SEC) issued Memorandum Circular No. 14, expanding eligible PERA administrators to include securities brokers, investment houses, and fund managers.

DragonFi became the first PERA administrator accredited under this framework in January.

To boost adoption, the company launched a P10-million Matching Grant Program that provides a P5,000 matching contribution for new users who deposit at least P5,000 from Nov. 25 to Dec. 19.

“Financial inclusion starts with access. With our P10-million PERA Matching Grant Program, we’re helping Filipinos kickstart their retirement savings and build real wealth,” DragonFi Co-Founder and DoubleDragon Corp. (DD) Chairman Edgar “Injap” J. Sia II said.

DragonFi earlier said it secured the P10-million grant fund following its accreditation as the first PERA administrator. The grant, provided by Mr. Sia, is intended to encourage wider PERA participation.

The company said the initiative aligns with its goal to support long-term savings through digital platforms and data-driven tools.

Launched in May 2023, DragonFi is the stock brokerage arm of DoubleDragon Corp., an investment holding and real estate company. — Alexandria Grace C. Magno

In remembrance of Oryang’s heroism

How to revive a forgotten legacy

By Brontë H. Lacsamana, Reporter

Theater Review
Gregoria Lakambini: A Pinay Pop Musical
Presented by Tanghalang Pilipino

THIS YEAR marks the 150th year of Gregoria de Jesus’ birth, and there have been multiple takes in different art forms telling her story as the Mother of the Philippine Revolution. One of these is Tanghalang Pilipino’s newest production, Gregoria Lakambini: A Pinay Pop Musical, the most youth-oriented retelling of Oryang’s life so far, with its use of pop music and contemporary language.

The musical takes us through the key points of her evolution: having to drop out of school to let her brothers continue their education, meeting Andres Bonifacio, becoming the “power couple” of the revolution as the Supremo and the Lakambini, the death of Bonifacio, and her remarriage and subsequent home life with composer Julio Nakpil.

With a book by Nicanor Tiongson and Eljay Castro Deldoc, it’s unsurprising that the musical is able to capture the fiery energy and vital ideas that make Gregoria de Jesus a fascinating figure. You can tell there was extensive research done across all the milestones of the woman’s life, only shifted in tone so that Gen Z girls can understand it.

Because it has such a clear target audience, anyone who falls beyond it must meet the material where it’s at to fully appreciate what it’s trying to do. This is one of those instances where watching with a teenage daughter or niece could come in handy — does the play succeed at speaking to Filipino girls who have a lot to learn from the Lakambini’s courage, wit, and resilience? Far be it for us older folks to judge.

The music alone makes me inclined to say yes! The songs, composed by Nica Del Rosario and Matthew Chang and arranged by Flip Music Productions, are lively, melodic, and representative of the pop sensibilities we hear from hits today. Ranging from girl group anthems and emotional ballads to energetic rap and dance tunes, the various tracks allow lead actress Marynor Madamesila and her fellow cast members to shine. Delphine Buencamino’s direction and choreography allow the material and its cast to bring the vibrant story to life.

Marco Viaña’s costumes deserve their own shoutout. Blending Filipiniana silhouettes, steampunk leather and fishnets, and streetwear accents to let the six ladies transform into a spunky, makeshift girl group of their own was a great choice. The visuals go well with Mark Lorenz’s set design, which is both functional and reflective of Filipino aesthetics.

As for Ms. Madamesila, who has been doing splendidly in many productions lately (Walang Aray, Side Show), she comes into her own as Gregoria de Jesus in this musical. Her vocals are strong and steady, her emotions clear and complex, and her stage presence always the most compelling. The ensemble of Anya Evangelista, Heart Puyong, Sofia Sacaguing, Sarah Monay, Ynna Rafa, and Murline Uddin hold their own as well, but doubling as comedic modern-day storytellers and dramatic figures in Oryang’s life wears down their effectivity somewhat.

Particularly, Ms. Evangelista’s turn as Andres Bonifacio is promising, the nuances as she assumes the Supremo’s voice and stance evident but not showcased enough. Well-written and injected with contemporary flair as it may be, the book doesn’t really do much with the intriguing queerness of having an all-woman cast play different levels of masculinity and femininity. Perhaps some of that is there, but the cast doesn’t get to play around with it much.

Despite all these elements that, on paper, make this a unique experience, quite a bit of it is reminiscent of Hamilton, in the bursts of historical facts crammed into lyrics and the tracks that spell out Oryang’s name and list down her pieces of advice. Even the choice of an all-female cast feels like a similar gimmick as having people of color play the founding fathers — a reinterpretation that looks revolutionary but doesn’t fully contend with the nuances of a reframed history.

Another form of art that revived Oryang’s forgotten legacy for her 150th year is the film Lakambini, Gregoria de Jesus, which came out just over a week prior to the musical’s opening night. There, the “docufiction” views her spirit as a disembodied voice that has finally been given shape amid malevolent forces, from the corrupt Cavite faction that snuffed out Bonifacio in 1897, to the industry knuckleheads who said no to the 2015 iteration of the film because of a lack of combat.

This musical, while intended for younger audiences, does have similar sensibilities. Sure, the ensemble speaking to Gen Z girls with relatable voices have distracting, shrill reactions to harrowing parts of the Lakambini’s story. They are even shown to squabble amongst themselves as they try to process the more unbelievable parts of her life. But most of all, they grow to appreciate the domestic and revolutionary aspects of their beloved heroine as one and the same, perhaps two sides of a coin.

With an approach that may come across as juvenile to many, Tanghalang Pilipino proves that bold strokes might just be what we need to effectively remember forms of heroism that have fallen under the radar. Gregoria Lakambini: A Pinay Pop Musical is one way of reviving a forgotten legacy, and it might just be the one that reaches the young women and girls who need to hear it the most.

Gregoria Lakambini: A Pinay Pop Musical runs until Dec. 14 at the Tanghalang Ignacio Gimenez, Cultural Center of the Philippines Complex, Pasay City. It is recommended for audiences 12 years old and above. Tickets, with prices ranging from P1,954.80 to P2,172, are available via TicketWorld. For more details, visit Tanghalang Pilipino’s social media pages.

Corruption as a moral and economic bane

STOCK PHOTO | Image by Creativeart from Freepik

A study by S&P Global forecasts that the Philippines will be a trillion-dollar economy by 2033. The ASEAN+3 Regional Economic Outlook 2025 released in October is equally optimistic, projecting 5.6% growth this year and 5.5% next year. Strong domestic consumption and a stable labor market remain the main drivers.

But are these developments felt by the ordinary Filipino? Do communities share the optimism behind these reports?

Unfortunately not.

At the micro level, Filipinos feel that their lives have not improved. Hunger persists, many still rate themselves poor, and they continue to demand higher wages, stable jobs, and real opportunities. Their most urgent concerns remain economic.

Public frustration intensified in recent months as the flood control scandal dominated the national conversation. Congressional hearings exposed how corruption runs through various levels of government. In the September 2025 Pulse Asia survey, fighting graft surged and is now a close second to concerns about the economy.

Some 97% of Filipinos believe corruption is widespread, while 85% say it worsened over the past three months. Nearly nine in 10 think there is collusion among executive officials, legislators, and contractors in flood control projects.

A Social Weather Stations survey conducted the following month mirrors these sentiments. Eighty three percent say corruption is most rampant at the national level, while 73% in Mega Manila perceive it among high-ranking officials, including cabinet members. Majorities in Metro Manila believe corruption has grown more widespread, and 60% say the government’s anti-corruption efforts are ineffective.

Substandard and ghost projects remain a major pain point. Seventy six percent believe poorly built or unfinished projects stem from corruption. Seventy one percent in Mega Manila think public movements like the Trillion Peso March can pressure the government to act. Transparency measures also enjoy support: 63% want Statements of Assets, Liabilities, and Net Worth or SALNs made accessible, while 59% want the Freedom of Information Act passed.

These are no longer just sentiments shouted in protest. These are empirical data that show Filipinos are no longer willing to treat corruption as normal. Corruption has drained public funds, weakened public trust, and pushed investors away. It has also widened the gap between macro level optimism and micro level hardship, where households feel only rising costs and limited opportunities. This dissonance fuels dissatisfaction and heightens the demand for accountability.

This long-running problem needs a long-term solution anchored on inclusive governance. This was the focus of the Stratbase Institute’s Pilipinas Conference held last week. Key officials involved in the government’s anti-corruption push, particularly Public Works Secretary Vince Dizon and Ombudsman Jesus Crispin Remulla, joined other government agencies, the private sector, and the diplomatic community in identifying reforms.

They discussed stronger transparency in infrastructure projects and emphasized that a healthy business environment requires accountable governance. Mr. Remulla captured it well: “Economic security begins with honest, transparent, and accountable governance.” The message resonated because public tolerance for excuses has run out.

Last week also brought fresh appointments: former Finance Secretary Ralph Recto as Executive Secretary and Frederick Go as Finance Secretary. These choices strengthen the administration’s economic team and signal a push toward a more stable policy environment.

Mr. Recto’s performance at the Department of Finance (DoF) demonstrated his ability to push reforms that matter to investors. His work on the CREATE More Act aimed to simplify incentives, encourage investment, and improve ease of doing business. His move to the Office of the Executive Secretary places an experienced economic manager at the center of government operations, helping ensure steadier, more predictable leadership. With Mr. Recto steering the daily machinery of government, there is a stronger chance of coherence and discipline across agencies, something businesses and citizens have long demanded.

Finance Secretary Go, meanwhile, acted swiftly in response to concerns about abusive tax enforcement. One of his first orders was the immediate and temporary suspension of all Bureau of Internal Revenue (BIR) field audits and related operations. This decisive move responds to what many businesses have long complained about: certain audit practices have enabled harassment, created uncertainty, and provided openings for corruption. By halting these activities pending review, Mr. Go signaled that reform at the DoF will be proactive and responsive. His early actions set a tone that the department intends to clear bottlenecks and create conditions where businesses can operate without fear of arbitrary intervention.

Together, these appointments suggest an economic team aware of what is at stake: investor trust, regulatory predictability, and a credible commitment to reform. More importantly, they reflect an understanding that good economic outcomes cannot be separated from good governance.

Still, the solution to corruption and its damaging economic effects ultimately requires cooperation across sectors. Citizens must remain informed and vocal. Institutions must enforce accountability. Government must fix the loopholes that allow corruption to thrive and act swiftly against those who abuse public office.

Today, more than ever, we need leaders who can restore confidence by showing consistency, fairness, and a clear commitment to public service. Integrity must guide decisions, and inclusive governance must shape how institutions respond to people’s concerns. These values are the foundation for rebuilding trust, strengthening our democracy, and giving the Philippines a real chance to translate economic potential into progress that every Filipino can finally feel.

 

Victor Andres “Dindo” C. Manhit is the president of the Stratbase ADR Institute.

Peso weakens further to track yen’s drop

PHILIPPINE STAR/WALTER BOLLOZOS

THE PESO dropped further against the dollar on Tuesday to follow the yen’s decline as markets expect the Japanese government to support its falling currency.

The local unit closed at P58.91 per dollar, weakening by four centavos from its P58.87 finish on Monday, Bankers Association of the Philippines data showed.

The peso opened the session lower at P58.93 against the greenback. Its intraday best was at P58.84, while its worst showing was at P58.935 versus the dollar. Dollars traded inched up to $1.169 billion on Tuesday from $1.167 billion on Monday.

The peso dropped “with the US dollar/Japanese yen still among 10-month highs recently at ¥156 levels after the latest stimulus plan as the new prime minister is expected to adopt pro-growth policies,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“The dollar-peso closed a tad higher, trading at a narrow range amid lack of market movers,” a trader said in a phone interview.

For Wednesday, the trader sees the peso moving between P58.80 and P59.10 per dollar, while Mr. Ricafort expects it to range from P58.80 to P59.05.

The Japanese yen remained on intervention watch on Tuesday, Reuters reported.

Despite the greenback’s slight weakness this week, the Japanese yen has been on the defensive, trading at ¥156.70 per dollar, not far from the 10-month low of ¥157.90 that it touched last week.

Traders have been waiting for signs of government intervention to support the Japanese currency, which has weakened by nearly ¥10 since the start of October after fiscal dove Sanae Takaichi took over as Japan’s prime minister.

Verbal jawboning from government officials has failed to stem yen weakness. Market analysts believe an official intervention, similar to moves last year and in 2022, could be on the cards. — A.M.C. Sy with Reuters

Ayala Corp. wins innovative treasury award for sustainability-focused financing

Ayala Corp. Manager and Head of Treasury Solutions and Support Angelo Luis Cabanes; Associate Director and Head of Financial Risk Management and Origination and Liquidity, Investment Management, Origination, and Sustainable Finance Theodore Ivan R. Paris; Executive Director and Treasurer Estelito C. Biacora; Senior Manager for Liquidity, Investment Management, Origination, and Sustainable Finance Jhoanna C. Leoncio; Manager for Financial Risk Management and Origination Christopher Henry A. Taguba; Chief Financial Officer Albert M. de Larrazabal; and Associate Director and Head of Corporate Finance and Business Development Jose Rodrigo C. Abrillo. — AYALA CORP.

AYALA CORP. has been recognized with the Most Innovative Treasury Award at the 2025 Corporate Treasurer Awards for financing deals that support both sustainability and business growth initiatives.

These include a $200-million yen-denominated term loan arranged with Mizuho Bank, Ltd. and Sumitomo Mitsui Banking Corp. (SMBC), as well as a $100-million blended finance deal with the Asian Development Bank (ADB) and the Canadian Climate and Nature Fund for the Private Sector in Asia (CANPA).

“At Ayala, we continue to improve the way we do business. These innovative financing deals drive our business forward sustainably so we can deliver greater value to our customers and shareholders,” Ayala Corp. Executive Director and Treasurer Estelito C. Biacora said in a statement.

The $200-million yen-denominated loan, signed on March 19, marked Ayala’s first foray into the Japanese debt market and forms part of the company’s strategy to diversify capital sources at competitive rates to support expansion.

Mizuho Bank and SMBC were appointed as mandated lead arrangers and bookrunners.

The company recently received an “A-” credit rating from the Japan Credit Rating Agency, Ltd., which analysts said enhances its access to Japanese debt markets and strengthens investor confidence.

In March, the company also secured a $100-million blended finance facility with ADB and CANPA, intended to fund projects with a dual focus on growth and sustainability.

Ayala’s award comes as the conglomerate reported a significant jump in profitability. For the third quarter, Ayala booked a 96.16% increase in attributable net income to P22.91 billion from P11.68 billion a year earlier.

At the local bourse on Tuesday, shares in the company fell by P5.40, or 1.2%, to close at P443.20 apiece. — Ashley Erika O. Jose

Arts & Culture (11/26/25)

Solidaridad sold to Congressman Leviste

THE 60-year-old Solidaridad Bookshop, founded by the late National Artist for Literature F. Sionil José, has been sold to Batangas Rep. Leandro Legarda Leviste, who is also the founder of Solar Philippines and son of Senator Loren Legarda. This was announced on the bookshop’s Facebook page. In a statement, Mr. Leviste said, “We thank the José family for entrusting us with Solidaridad. We hope they can remain involved and help ensure that the Bookshop’s operations stay true to its history and the legacy of F. Sionil José.” Solidaridad was established in June 1965 by F. Sionil José and his wife, Teresita J. José, who both dreamed that Filipinos read more often. It was named after La Solidaridad, the bi-weekly Spanish era newspaper published by the Propaganda Movement, which was led by Filipino intellectuals in Europe such as Jose P. Rizal and Marcelo H. del Pilar. Antonio J. José, the second-generation owner, took over the reins from his parents, who both passed in 2022, about 12 years ago after living overseas. Mr. José was the only sibling who returned to the Philippines to manage Solidaridad and care for his parents. The rest are overseas. No one in his family — including his nephews, nieces, and daughters — is interested in continuing the business, he told BusinessWorld in an interview last September. “I’m not getting any younger,” he said. “It was a very hard and sad decision for us to sell it.”

Tukod Foundation auctions Mañosa sculptures

THE Tukod Foundation, the nonprofit foundation of National Artist for Architecture Francisco “Bobby” Mañosa, has officially launched its inaugural annual fundraiser called “Tanaw.” The silent auction features archival Bobi Toys sculptures, and a supper club in collaboration with TOYO, focusing on funding the foundation’s vision for Bayay Halian — a climate-resilient school, creative space, and community kitchen on Halian Island. The project is dedicated to regenerating island traditions and providing culture-based climate education for young people in Siargao, a region ravaged by Typhoon Odette in 2021. The auction — which will have rare, large-scale sculptures from Mañosa’s personal archives — will be hosted online by Leon Gallery. The silent auction is open to the public until Dec. 13, with bidding conducted through https://leon-gallery.com/auctions.

UP Manila Chorale to perform at The M

TO FILL the galleries with the spirit of Christmas, the UP Manila Chorale is transforming the Metropolitan Museum of Manila into a concert hall. They will be performing holiday carols, led by music director John Steven Verrosa, with tickets to the museum allowing visitors access to the current exhibitions and the chorale’s concert. Titled Deck the Halls, the show takes place on Dec. 6 from 4 to 5 p.m. Tickets cost P550, and are available via The M’s website.

The Pen mounts 40th Christmas concert

THE 40th Christmas season at The Peninsula Manila is bringing together the Manila Symphony Orchestra under the baton of Jonathan Velasco, mezzo sopranos Cris Villonco and Yanah Laurel, and the 50-voice Ateneo Chamber Singers. The program of the Christmas Concert at The Pen will weave together carols, film and Disney favorites, light opera, and holiday pieces, like the “Hallelujah Chorus” from Handel’s Messiah. The concert takes place on Dec. 7, from 5 to 7 p.m. at The Lobby. Table reservations for a set deluxe festive merienda menu cost P20,000 (Upper Lobby) and P30,000 (Main Lobby) for four, and P75,000 for 10. For inquiries, call 8887-2888, extension 7410, e-mail diningpmn@peninsula.com, or visit the website peninsula.com.

Group show about time at MO_Space

AT THE Main Gallery and Gallery 2 of MO_Space is a group exhibition titled When Time Becomes Space, which opened over the weekend. The show aims to reflect how time shapes human lives and experiences. Here, the 14 artists that try to directly confront time using space are Buen Calubayan, Datu Arellano, Dina Gadia, Gerardo Tan, Henrielle Baltazar Pagkaliwangan, Jemima Yabes, Liling Liu, Lou Lim, Maria Cruz, Nilo Ilarde, Oca Villamiel, Pam Yan Santos, Poklong Anading, and Tony Godfrey. When Time Becomes Space is open for public viewing at MO_Space, Bonifacio Global City, Taguig, until Dec. 31.

The Mind Museum offers all-day passes

THIS holiday season, The Mind Museum is inviting families to visit its interactive exhibits, immersive galleries, and programs using holiday promos. These include a set of four all-day passes for P2,300. All-day pass gift certificates also cost P600 each. The promos are available until Jan. 11, 2026. The gift certificates are open-dated, which means the all-day passes can be used any time the museum is open. Full details are available via www.themindmuseum.org.

Coffee Artists PH exhibit at Summit Hotel GH

PRESENTED by Robinsons Land’s ARTablado and Summit Hotel Greenhills is the exhibit Brewing Joy – A Holiday Coffee Art Exhibit, featuring the works of Coffee Artists PH (CAPH). Held at the hotel’s Red Gallery the exhibit highlights the artistic versatility of coffee and reinforces the idea that innovative art can emerge from accessible everyday materials. There are 37 participating artists showing over 60 art pieces created in 2025. All proceeds from a special auction will be donated to Summit Hotel Greenhills’ partner beneficiaries, Anawim Lay Missions, an organization dedicated to providing a loving home for the elderly; and Bahay Aruga, a halfway house for children with cancer. The show runs until Feb. 1, 2026, at the Summit Hotel Greenhills, 13 Annapolis St., Greenhills, San Juan.

Ang INK celebrates Robert Alejandro’s legacy

FOR its 2025 annual exhibit, children’s illustrators group Ang Ilustrador Ng Kabataan (Ang INK) has partnered with All Together in Dignity (ATD) Fourth World – Philippines and Museo Pambata to pay tribute to the late award-winning graphic artist, illustrator, painter, and crafter Robert A. Alejandro. The exhibit, titled Guhit, Bulilit, Guhit! Ang Buhay na Pag-ibig ni Kuya Robert is a celebration of the artist’s enduring legacy in the communities that he loved: children and art. Alongside the exhibit of 61 new works by Ang INK members, Mr. Alejandro’s photos, videos, and artworks from ATD archives will also be on display, interspersed with short stories from the community on how he touched their lives. It runs until Feb. 7, 2026, at the Balay Yatu Mini Galleries at the Museo Pambata, Roxas Boulevard cor. South Drive, Manila.

British Council reveals UK-PHL artistic collabs

THE British Council has announced the recipients of grants through the 2025 Connections Through Culture (CTC) Program, which supports a new wave of artistic collaborations between the United Kingdom and international partners. This year, 127 projects have been awarded grants globally, with nine from the Philippines. They are: Mark Salvatus for the Studio Voltaire Residency, ELEPHANT for the INFERNO Summit, Mt. Cloud Bookshop with UK’s Young Identity, Alain Zedrick Camiling with Dr. Aleksandr Brkic for a knowledge exchange in arts management, Roselle Pineda with UK’s Spark Opera for a queer program, Laurice Jamero of The Manila Research Observatory with Christopher Chadwick of Hatch for Island Voices, Jett Ilagan with UK’s Sonica Glasgow for sonic_imprints, Art Relief Mobile Kitchen with UK’s Rhine Bernardino for the Floating Art Lab, and the Council for Climate and Conflict Action Asia with UK’s Francesca Humi for Unpacking Resilience.

Pickup Coffee eyes 20 stores a month in aggressive rollout

PICKUP COFFEE

By Beatriz Marie D. Cruz, Reporter

PICKUP COFFEE, a fast-growing local coffee chain backed by a grab-and-go model, is planning one of the most aggressive expansions in the country’s food-and-beverage sector, with a target of opening about 20 outlets a month over the next two to three years.

“We want to open at least 20 stores per month for the next 24 to 36 months,” Pickup Coffee President and Chief Executive Officer Francis E. Flores told BusinessWorld on the sidelines of an event last week.

The company has 420 stores nationwide as of August but sees large untapped markets in Northern Luzon, the Visayas and Mindanao. Most branches are clustered in central business districts, leaving opportunities in malls, hospitals, airports and dense transport hubs, Mr. Flores said.

Launched in 2022, Pickup Coffee brands itself as a tech-enabled coffee startup offering premium-style drinks at lower price points.

Its green kiosks and carts serve espresso-based drinks, milk-based beverages, matcha, teas, cold brew, frappes, yogurt drinks and pastries. The company’s strongest customer base comes from business process outsourcing workers seeking affordable coffee during late-night and early-morning shifts.

Beyond its compact kiosks, Pickup Coffee plans to expand its full café format, Pickup Prime. Two branches are open — one at Ayala Malls Vertis North in Quezon City and another at SM Seaside City Cebu — with a third scheduled to open in Bonifacio Global City by mid-2026.

The company also operates about 50 stores in Mexico, part of its push to grow beyond the Philippine market.

Pickup Coffee forecasts sustained demand as the Philippines remains one of Southeast Asia’s largest coffee-consuming markets.

“Young people are always on the move and have more active lifestyles. We see out-of-home coffee consumption continuing to grow,” Mr. Flores said.

He added that the country’s startup landscape is likely to expand as more Filipinos, especially younger workers, show increased interest in entrepreneurship.

“In previous generations, the goal was to climb the corporate ladder,” he said. “Many Gen Zs now want to build their own businesses. When you talk to graduating students, a lot of them prefer to work for a startup.”

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