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Total EKlipse

NORMAN P. AQUINO

By Norman P. Aquino, Special Reports Editor

RELUCTANTLY, I stepped forward. The ride attendant secured our harnesses and gave us a thumbs-up. As the countdown began, I shut my eyes, my heart hammering in my chest. The ride lurched upward, slowly at first, but with each second, we went higher. My stomach twisted as the world blurred around me. Then, the EKlipse spun. 

The massive pendulums of Enchanted Kingdom’s (EK) newest ride swung high, revolving and tilting as it threw four riders fastened back-to-back to each gondola on both ends into the air.

I could hear the grunts from my nephew and grand-nephew behind me — their screams of terror echoing through the park and later turning into laughter. The thrill of weightlessness, the rush of the wind against my face — it was terrifying and exhilarating at the same time. Below, the park lights shimmered like stars.

Riding the EKlipse felt pretty much like riding the Octopus — a popular amusement park ride known for its rotating arms and suspended seats, resembling an octopus with multiple “tentacles” that swing in various directions — in peryas during my pre-teen years.

Like the Octopus, riders experience centrifugal force and weightlessness while on the EKlipse, except that guests stay upright throughout the experience. You also won’t feel like you are falling from your seat because your body is tightly secured by padded metal bars.

But the resemblance was striking, especially at night, when two rows of round white LED bulbs covering the EKlipse “tentacles” light up, resembling octopus suckers.

It never really felt like one of the four arms I was on would hit another, but after watching the EKlipse operate while not riding it, it definitely seemed like it might as the arms passed each other in synchronized motions.

As the ride slowed and finally stopped after about two minutes — the preparations took much longer — we stumbled off, breathless.

The EKlipse, designed and manufactured by Italian company Antonio Zamperla S.p.A., targets pre-teens and teenagers, and parents too, as long as they’re bold. It’s definitely not for the faint of heart — as you enter the gate, you are warned that the EKlipse is not for people with a weak heart.

EK launched the EKlipse on March 30 as one of their inaugural gifts for their 30th anniversary this year. It’s the first of its kind in Southeast Asia, and before its installation at Enchanted Kingdom, the EKlipse was recognized by the International Association of Amusement Parks and Attractions in 2019 as one of the best rides globally.

Enchanted Kingdom is open from 11 a.m. to 8 p.m. on Wednesdays through Sundays. It is located along RSBS Boulevard (San Lorenzo Road) in Santa Rosa, Laguna.

Pangilinan says Meralco ‘looking for ways’ to lower power prices

PHILSTAR FILE PHOTO

By Ashley Erika O. Jose, Reporter

MANILA ELECTRIC Co. (Meralco) remains focused on lowering power rates and ensuring supply reliability, its chairman said on Thursday, amid continued scrutiny following the renewal of its franchise.

“We are very mindful of that. I hope we are able to bring down power prices, at least on the distribution side. We don’t make money on the generation side, but we get the brunt of the criticisms. It is in our interest to bring power rates down — we are looking for ways to do that,” Meralco Chairman and Chief Executive Officer Manuel V. Pangilinan said at the Giga Summit 2025: The Fusion of Power and Intelligence, an industry forum held on Thursday.

President Ferdinand R. Marcos, Jr. on April 11 signed into law the measure extending Meralco’s franchise for another 25 years. Its current franchise is set to expire in 2028.

With the extension, the company will have the authority to distribute power to Metro Manila, Bulacan, Cavite, Rizal, and select areas in Batangas, Laguna, Quezon, and Pampanga until 2053.

It has around eight million customers in 39 cities and 72 municipalities.

“Beyond the traditional role of business, of supplying goods and services for profit, we are stewards of the money entrusted to us; that’s the basic role of business — providing goods and services for profit,” Mr. Pangilinan said.

Mr. Pangilinan said the company is focusing on helping advance the country’s energy transition, including the Philippines’ ambition to include nuclear power in the country’s power mix.

“Let me focus on the nuclear situation, the thrust of Meralco in nuclear. We’ve had several visits abroad; we’re looking at viable modular nuclear energy, but that’s still some years away,” Mr. Pangilinan said.

Energy Secretary Raphael P.M. Lotilla has also called on Meralco to ensure that it can fulfill its franchise obligations, noting that it is also responsible for the supply through its decisions on where to procure power.

“What Meralco chooses to contract also dictates what power supplies are left for all other distribution utilities, and electric cooperatives do not have the scale to backstop the construction of a large-generation facility,” Mr. Lotilla said during the same event.

Earlier this month, the Energy Department called on Meralco and Excellent Energy Resources Inc. (EERI), the operator of the 1,275-megawatt combined-cycle natural gas plant, for alleged undelivered capacity under their power supply agreement.

“Any delays in the implementation of a power supply agreement have results, not just within the Meralco franchise area, but particularly for the rest of Luzon. And in all this, as I’ve said, the question that we need to ask is, how can Meralco be the very best that it can be? It is a challenge that I impose on you, given that your performance affects the rest of the country,” Mr. Lotilla said

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls.

Forget the film: Vatican is preparing for the real Conclave

A SCENE from the 2024 film Conclave.

VATICAN CITY — As the Vatican prepares for the secret meeting of cardinals who will pick a successor to Pope Francis, forget — to some extent — what you may have learned from Conclave, last year’s hit movie depicting high-level power games and backstabbing among the red-robed clerics.

The conclave of the so-called “Princes of the Church” that will elect a new pope is expected to start some time between May 6 and May 11. It will follow Francis’ funeral on Saturday and wider consultations among cardinals, known as general congregations.

The film, which won an Oscar in March for best adapted screenplay, is a faithful representation in terms of costumes and staging, but the blatant scheming and closing plot twist — which this article will not spoil — are too much, Church experts say.

“Let’s face it: Conclave, which takes us to the heart of one of the most mysterious and secret events in the world, is a highly entertaining film, especially for an easy-going American audience,” the Italian bishops’ newspaper, Avvenire, wrote in a December review.

“But it is impossible not to smile at certain characters or situations that, especially in the eyes of Italian viewers, risk resembling involuntary parodies,” it added.

US Cardinal Sean O’Malley was scathing, saying in a February entry on his blog that the business of electing a pope is not “some sort of scene of political backroom plotting of how to get your candidate elected.”

O’Malley, a Franciscan friar who took part in the 2013 conclave that elected Francis, wrote:

“Throughout the process, we had a very acute awareness that millions of Catholics around the world were praying for us so that the Holy Spirit would guide us in our deliberations.”

FRANCIS AND HIS ‘LICENSE TO TELL’
The word “conclave” comes from the Latin cum clave (with a key), referring to the Medieval practice of locking cardinals up in a room until they make a decision on a new pope. That is still essentially how it works today.

Cardinals gathered inside the Sistine Chapel are banned from communicating with the outside world — no phones, television, or internet — and are supposed to keep quiet about the election afterwards. But details, inevitably, filter through.

Francis himself, in an interview book published last year, broke the confidentiality rule, and did admit there were some machinations.

“Cardinals swear not to reveal what happens in the conclave, but popes have a license to tell it,” he told Spanish journalist Javier Martinez-Brocal.

He said he was “used” in a failed attempt to block Benedict XVI, the 2005 frontrunner, with 40 out of 115 votes converging on him as cardinals behind the maneuver hoped this would pave the way for the emergence of another candidate.

Benedict was duly elected, Francis said, after he told one of the would-be schemers: “Don’t fool me with this candidacy, because right now I’m going to say I’m not going to accept, okay? Leave me out.”

Francis said he personally voted for Benedict because the Church needed a “transition pope” after the long papacy of John Paul II. In 2013, Francis came up as a surprise candidate, after impressing peers with a speech on the need for church reform.

This time around, there is no clear frontrunner, although British bookmakers have named Luis Antonio Tagle, a reformer from the Philippines, and Pietro Parolin, a compromise choice from Italy, as early favorites in the race.

Robert Harris, author of the book on which the film Conclave is based, told The Boston Globe this week that he had approached the conclave “purely from a secular point of view of someone who is interested in institutions, how they work, and the power plays within them.”

“These powerful figures are locked away in one of the most extraordinary artistic gems of the Renaissance. They’re not allowed to speak to the outside world and they have to stay there for days until they get a two-thirds majority, and that is just the most wonderful drama in itself,” he added.

Conclave director Edward Berger has said that while the film is set in the Vatican, it could be about the power games that take place wherever there is a top job to fill.

“And whenever that power vacuum exists, there’s going to be people striving for it. There’s going to be people fighting for it and stabbing each other in the back and trying to manipulate their way into this power,” he told Reuters in November.

Regardless of how much the book and film are fiction, interest in the story surged after Francis died on Monday.

Entertainment industry data firm Luminate reported that US streaming viewership figures for Conclave rose by 283% on Monday compared to the previous day. — Reuters

PAL, Qatar Airways partner for daily Manila-Doha flights

QATARAIRWAYS.COM

FLAG carrier Philippine Airlines (PAL) is set to launch daily nonstop flights between Manila and Doha, Qatar, under its codeshare cooperation agreement with Qatar Airways.

In a media release on Thursday, Philippine Airlines and Qatar Airways announced a strategic partnership to expand flights between Manila and Doha, with the goal of improving connectivity between the Philippines and the Middle East.

“As Philippine Airlines expands its presence across the globe, we are delighted to forge new alliances that build new connections and give our business and leisure passengers more flexibility and seamless access when flying to their desired destinations,” said PAL President and Chief Operating Officer Stanley K. Ng.

Beginning June 16, the two airlines will codeshare on the seven weekly flights operated by PAL as part of the first phase of the collaboration.

The planned flights will be operated using PAL’s long-range Airbus A330-300 aircraft in a dual-class configuration, with an exclusive Business Class cabin and 341 seats in the main Economy Class cabin.

“At Qatar Airways, we continue to explore opportunities that strengthen our connectivity around the world, and our latest partnership with Philippine Airlines is a testament to this commitment. This strategic cooperation also aims to deepen the socio-economic ties between the Qatari and Filipino communities. We are proud of the new codeshare flights and look forward to delivering increased benefits to global travelers,” Qatar Airways Chief Commercial Officer Thierry Antinori said.

The two airlines will also explore further collaborations, including a partnership to promote additional destinations across both Qatar Airways’ and PAL’s networks. The two carriers also aim to explore potential opportunities for frequent flyer cooperation. — Ashley Erika O. Jose

Indonesian singer Pamungkas and Thai duo Scrubb to share a stage in Manila

POP ARTISTS Pamungkas and Scrubb, from Jakarta, Indonesia, and Bangkok, Thailand respectively, will be coming together onstage for the first time in the concert #GNN10 Presents: Pamungkas and Scrubb Live in Manila.

This showcase of Southeast Asian music will play for one night only on April 26, at 123 Block in Mandala Park, Mandaluyong City.

Pamungkas (whose full name is Rizki Rahmahadian Pamungkas) is one of the most commercially successful singer-songwriters in Indonesia. Known for his 2019 global hit single “To The Bone,” which peaked at No. 5 on Spotify Philippines’ Top 50 chart, he recently released his fifth studio album, Hardcore Romance.

Meanwhile, Scrubb reached international popularity for contributing to the official soundtrack of Thai “boy’s love” (BL) romance 2gether The Series, released in 2020. Composed of Thawatpon “Muey” Wongboonsiri and Torpong “Ball” Chantabubpha, the duo has produced six studio albums over the course of their career.

For Pamungkas, the concert will be another welcome learning experience.

“My favorite thing is learning from people. [Music] is always about connecting with people on and off the stage. My mindset is to go there and be very open, to take everything in,” he said during an online press conference on April 22.

“I can pick up something from the perspectives of Filipino audiences, from discovering a new sound in the area, from watching Scrubb or by talking to them. That’s my mindset,” he added.

The Indonesian singer-songwriter last performed in the Philippines for Gabi Na Naman (GNN) Productions’ music festival Gimme Shelter in 2022. He was well-received for his heartfelt songs, some sung in Bahasa Indonesia, but some in English which more people could understand.

Since then, there has been a new format for his band, which means fans can expect a slightly different sound in the upcoming concert, according to Pamungkas.

“It was surprising to me when my manager said that the numbers of [listeners in the] Philippines are pretty high. Why would people listen to my songs? How? I don’t know. Like a photographer capturing moments with pictures, [songwriting] is my way of capturing my checkpoints in life. I’m able to connect through that,” he explained.

The one-day event doubles as a landmark celebration of regional talent, curated by GNN Productions in honor of its 10th anniversary. In addition to the international headliners, the show’s lineup includes Filipino acts The Ridleys and Shirebound.

Scrubb was last in the Philippines in February last year, which was their first concert in the country. Aside from the wide following due to their involvement with the BL romance genre, the Thai alt-pop duo garnered new Filipino fans from an online collaboration with local pop band Ben&Ben during the pandemic.

For Pamungkas, the upcoming concert will be a great opportunity to perform with Scrubb, whom he considers “a brilliant artist.”

Tickets for #GNN10 Presents: Pamungkas and Scrubb Live in Manila concert are now available via https://scrubbpamungkas.helixpay.ph, with tickets ranging in price from P1,900 to P5,200. — Brontë H. Lacsamana

Ayala Land eyes P55-billion fundraising this year

AYALA LAND

LISTED property developer Ayala Land, Inc. (ALI) is targeting to raise P55 billion in fresh funds this year to settle debt and support its expansion.

“We have a very busy year ahead of us. This year, we intend to raise a total of P55 billion, P25 billion of which will go toward the refinancing of maturing obligations, and P30 billion will support our P95-billion capital expenditure (capex) program,” ALI Chief Finance Officer Augusto D. Bengzon said during a media briefing in Makati City on Thursday.

Mr. Bengzon said 60% of the planned P55-billion fundraising will be done through sustainability-linked financing, while 40% will be through bilateral credit facilities.

He added that roughly half of ALI’s sustainability-linked financing will be through a multilateral agency, while the other half will be via the capital market.

ALI earmarked P95 billion for capex this year as the real estate company targets launching P100 billion worth of projects.

Of the total, 37% will be for residential projects, 25% for estate development, 23% for leasing and hospitality assets, and 15% for land acquisitions and general corporate purposes.

ALI President and Chief Executive Officer Anna Ma. Margarita Bautista-Dy said in the same briefing that the property developer will be aggressive in expanding its commercial and industrial lots business this year.

“This product has traditionally been part of our menu of offerings, accounting for maybe 10% of our sales. This is an area where we believe there are opportunities because the buyers are businesses. Buyers would like to have commercial property as part of their portfolio of real estate assets,” she added.

However, Ms. Dy reiterated that ALI will continue to focus on expanding its premium residential segment.

“Our focus on the premium segment will continue, specifically the premium segment and more horizontal developments,” she said.

“The middle market continues to have some challenges, not just in terms of interest rates being stickier than we would have wanted, but also some oversupply in particular segments and geographies,” she added.

Sales from premium brands AyalaLand Premier and Alveo rose by 25% to P80.8 billion in 2024, accounting for 64% of total sales.

Ms. Dy said ALI will soon launch the Laurean luxury residential tower project. It will be located on a half-hectare property in Makati City.

“This would be more varied. It would have one-, two-, and three-bedroom units. We’re trying to attract a broader market for it,” she said.

AYALALAND LOGISTICS
Meanwhile, ALI’s industrial park and cold storage subsidiary AyalaLand Logistics Holdings Corp. (ALLHC) sees growth opportunities as manufacturers adjust their strategies in response to uncertainties surrounding new tariffs imposed by the United States government.

“The recent macroeconomic shifts offer a potential advantage for ALLHC. The enhanced attractiveness of the Philippines as an investment hub is expected to boost demand for its industrial parks, warehouses, and cold storage facilities,” ALLHC President and Chief Executive Officer Robert S. Lao said during the company’s virtual annual stockholders’ meeting on Thursday.

“Moreover, the Philippines’ competitive advantage within ASEAN could make our sites a preferred location for manufacturers, directly benefiting ALLHC as they seek new operational sites. Through a dynamic approach, ALLHC will proactively adapt to the evolving requirements of its foreign and local clients and navigate the shifting business climate,” he added.

US President Donald J. Trump recently announced 10% blanket tariffs on all its trading partners. However, he implemented a 90-day pause on a plan to impose higher reciprocal tariffs on some countries.

The US imposed a 17% reciprocal tariff on Philippine exports, the second lowest among Southeast Asian countries after Singapore’s 10%.

Last month, ALLHC said its subsidiaries acquired 3M Pangasinan in Urdaneta City, Pangasinan, and 3M Iloilo in Santa Barbara, Iloilo, as part of growing its cold storage network.

The two properties, renamed Artico Urdaneta and Artico Iloilo, were the sixth and seventh facilities under ALLHC’s Artico cold chain brand. These additions brought 11,200 new pallet positions, putting the company’s total storage capacity at 31,500.

On Thursday, ALI shares rose by 0.41% or ten centavos to P24.70 apiece, while ALLHC stocks gained by 2.21% or three centavos to P1.39 per share. — Revin Mikhael D. Ochave

EastWest Bank bullish on sustained profit growth

PHILSTAR FILE PHOTO

EAST WEST Banking Corp. (EastWest Bank) is bullish on sustained double-digit profit growth this year, barring any external shocks amid the uncertain global economic environment caused by the policy shifts in the United States.

EastWest Bank Chief Executive Officer Jerry G. Ngo said at a media briefing following their annual stockholders’ meeting on Thursday that he remains confident that the listed lender can sustain the double-digit income growth they have seen in recent years, barring systemic and economic shocks from recent global trade developments stemming from the Trump administration’s tariff policies.

The bank saw its net income increase by 25% year on year to a record P7.608 billion in 2024. In 2023, its attributable profit also grew by an annual 32%.

“What gives us confidence … is the quality of our growth was not really reliant on any one-time gains. It’s all focused predominantly on core businesses. Over the past few years, we’ve focused on rebalancing the portfolio, embedding smarter risk controls, refining the way we serve our different customer segments, and this groundwork is now delivering consistent quality results,” Mr. Ngo said.

“I think more importantly, we’re not chasing volume for the sake of volumes. We’re building what I would like to claim to be a durable business now. The mix of our customer loan portfolio now is more resilient. Our deposit base is stable and our digital infrastructure is now built to scale. Our performance in 2024 isn’t just a rebound.”

The official said the challenge would be getting incremental volume and income moving forward to combat base effects.

“What we believe is that the operating model is now able to generate economies of scale, and I think that’s the most important thing. The infrastructures [and the] groundwork are put in place. There’s still a lot to go, but… our clients are starting to see and feel them, probably in terms of delivery channels, faster turnaround times, online capabilities, apps that are really, really responsive to their needs. So, it’s about growing with intention and also growing in the right way… I think we’re really excited about what the future holds for EastWest Bank,” Mr. Ngo said.

He added that the bank is expected to benefit from lower funding costs resulting from cuts in key interest rates as a negatively-gapped lender.

The bank is also looking to boost its digital services to expand its customer reach, he said.

“We are doing more embedded banking and more ecosystem partnerships. It should allow us to tap into a growing pool of newly-banked clients, and that allows us to help them graduate from the informal sector to the formal sector,” Mr. Ngo added.

Meanwhile, he said the bank is looking to raise at least P10 billion from the domestic bond market under a new fundraising program.

“I think we are looking at [raising] P10 billion in the initial stage, but of course the shelf will be much higher. It really depends on where the interest rates are at the moment.”

Mr. Ngo said in August last year that the bank was looking to raise up to P10 billion from bond issuances in several tranches and tenors.

On Thursday, he said the bank is setting up a new fundraising program. EastWest Bank in 2023 approved a P30-billion bond program that was set to be issued over five years.

The listed bank last tapped the domestic bond market in February 2020, raising P3.7 billion from an issuance of three-year fixed-rate bonds.

“I think it’s going to be a matter of price and liquidity… The recent reserve requirement cuts by the BSP (Bangko Sentral ng Pilipinas) are starting to kick in and will create more liquidity in the market… Hopefully that will then allow us to tap into the market and to that pool of liquidity,” Mr. Ngo said.

“As you know, our CASA (current and savings account) ratio is still fairly strong. Our funding base is stable. We are growing in line with what our asset growth is. So, I think that that can still be sustained quite well.”

The BSP in March cut the reserve requirement ratios (RRR) of universal and commercial banks and nonbank financial institutions with quasi-banking functions by 200 basis points to 5% from 7%.

It also reduced the RRR for digital banks by 150 bps to 2.5%, while the ratio for thrift lenders was lowered by 100 bps to 0%.

Rural and cooperative banks’ RRR has been at zero since October 2024.

The central bank has brought down banks’ reserve ratios to single-digit levels from the high of 20% set for big banks in 2018.

Meanwhile, the Monetary Board on April 10 resumed its rate-cutting cycle, reducing benchmark borrowing costs by 25 basis points (bps) to bring the policy rate to 5.5%.

BSP Governor Eli M. Remolona, Jr. said they will likely continue cutting rates further this year in “baby steps” or increments of 25 bps.

There are four more Monetary Board policy meetings this year, with the next slated for June 19.

EastWest Bank’s shares declined by 12 centavos or 1.14% to close at P10.44 each on Thursday. — A.M.C. Sy

Serve: Jo-Ann’s ode to positive nationalism

Less than two years ago, we launched Serve, a book of stories of fearless college editors from 1969 to 1972, arguably the sequel to our 2012 book Not On Our Watch: Martial Law Really Happened. We Were There. Not On Our Watch sold out while the bookstores are running out of Serve — not in big quantities, but in huge demand from those who care to know what really happened to the Philippines during Martial Law, and what happened to those who kept watch during those dark days of military dictatorship.

Writing for Serve, according to fellow contributor and eminent writer Butch Dalisay, was done “…under no compulsion to conform to an ideological standard. They only had to extol the spirit of service to the people — the overarching theme of their youth and now their continuing commitment and legacy.” That is the strategic convergence of the 19 writers. But service, in the epilogue we wrote with our distinguished editor and writer par excellence Jo-Ann Q. Maglipon, cannot be a “fleeting business, to be set aside when the next riveting cause comes along.”

If indeed in the 1970s, our struggles taught us to focus and work hard, today is no different because as positive nationalists, we continue to do our share to see change in the government because there is so much space for change. We need to build our nation because the political and social fabric is rather fragile. We should reinvent ourselves, for innovation can lead to constructive fruitfulness. Positive nationalism, after all, demands a practical expression in a people’s daily lives.

This should be good news to those who want to buy a copy but have difficulty sourcing it. All 19 writers and our editor Jo-Ann reached a consensus to have a second printing. There is a huge difference, though, between the first and the forthcoming edition. The new edition’s preface will be Jo-Ann’s brilliant ode of a speech given during the launch of the first edition in September 2023. I call it an ode because of its beautifully lyrical language, capturing the deepest thoughts and sentiments behind the contributions of these wiser souls.

As Serve is indeed about positive nationalism, let me offer our readers excerpts of Jo-Ann’s lyricism:

Serve is not a vanity publication.

“Twenty of us did not gather one morning and say, Let’s get down and chronicle the memories of our storied youth. Nor did we decide that our high-flying journey into our ’70s deserved to be immortalized. And, as far as I know, none of us had stumbled upon a burning bush and come to the epiphany that we were special.

“We had always just wanted to put out books.

“We had the skill and the interest — we had been editors in college, or even earlier, in high school, or much later, at work. We had the provocation and the temperament — the country we knew was being written up in ways that made it unrecognizable to us and saying nothing did not feel right. We had the time — or, more honestly, we felt we had only so much time — and we were not going to be run out of here by default.

Serve is not a self-congratulatory book.

“It is purposeful but, we trust, not smug. Its pitch is deliberate and, we also trust, not a decibel higher than is needed to make the point. All told, we go for the unhurried tone and the decorous language, avoiding breathlessness and belligerence.

“Seriously, this is who we are.

“We say dark times when we mean murderous times. We say events that profoundly changed our lives when we mean families torn, careers derailed, self-worth shattered. We say robbed of our rights when we mean bodily, mentally debased and defiled. We say moneys squirreled away into confidential funds when we mean taxpayers duped, defrauded, double-crossed. And we say autocrat and strongman when we mean murderer and dictator.

“But we refuse to be bullied into being civilized.

“No argument, there is virtue in mastering smokescreens.

“There is even entertainment to be had in tricks, decoys, sleights of hand, and coverups. The whole thing could turn into a wily game in a kingdom where we are lowly jesters, and the jesters win!

“After all, how many times can we keep writing plunderer? How many times megalomaniac and narcissist? Killer and butcher? Sadist and sociopath? Or even the more sedate brain-addled? Ineffectual? Sick?

“These creepy types come around with an almost cursed inevitability to run the republic to the ground — how long before the plain-spoken turns to noise? Or, worse, to ambient sound? How long before the public shuts down? Still, every single time, it is our language, our choice.

“Otherwise, we can just stop all the democracy talk.

“Civilized speech, it is also said, comes with a command of both the message and the mode. Well, we are intimate with our message but we choose not to screech it.

“What’s more, we want to reach people outside our circles — they who flinch before the harsh details of our past, they who like the distance offered by concepts and contemplations, they who find refuge in intellectual fogginess, they who require space to process the ugliness on their own.

“I swear, we’re not knocking any of this. To each his own, we say, at putting the devil in its place.

Serve is not about extracting sympathy.

“As real as the violations to our bodies and spirits are, this book is not about showcasing them. We have never been about soliciting tears. Quite the opposite — we cover visible battle scars well and we are talented at keeping private pains private.

“I wager it has to do with the incessant hum to ‘Serve the People.’ It is inside, in the head, receding sometimes, losing to times, we admit that the hum, also a kind of murmur, is sacred to us.

“How then call attention to our minor moans? Is not the call to pay attention to the grand lamentations of the many? This is not to say that we are all head and no heart, that we calculate our altruism or determine our course on will alone.

“Not at all.

“We have gratitude, we have joy, we have wonder. No way we are not sentimental. No way we do not let our guard down.

Serve is not about drama.

“We tell it as it is. If we must be faulted, perhaps it can be for (unconsciously) paring away too much or for (consciously) curating distracting theatrics. Some of us tend to be really spare.

Serve is not a book of unexamined lives.

“Everywhere is a thoughtfulness, a reflection, a scrutiny of the self.

Serve is not a book of certainties.

“Believe it or not, we may have begun our campus lives with a worldview egalitarian, classless, even utopian, all harking for that perfect world, but we do not stay static.

“We are searchers.

“We track the ups and downs in belief systems across continents and divides, the better to validate our old certainties or emancipate ourselves from them.

“On home soil, I suppose it counts that one government after another, eternally lacking the vocabulary, has locked down the ‘perfect world’ view as ‘communist,’ making it a word that could get us killed.

“So, we watch, we flex, we carry on.

“In our youth an ideology captures our imagination — one haunting enough to draw many of us to the underground, risk life, and bring a dictatorship down; one potent enough to send a number of us to the hills, court death, and fight for country.

“In our later years we turn to our own evolved set of beliefs — one haunting enough to make us bypass the red-baiting and the one potent enough to make us go ahead and produce obstinate and contrary books that could mark us enemies of the state.

“But, whether in the early or in the later years, we could not have done nothing.

“So, what is out there?

“It has been 51 years and running since September 1972. The millions who vote today have little instinct about the martial rule that descended then. They do not pick up on the parallelisms between Marcos Sr.’s Presidential Decrees then and the Anti-Terrorism Act now handed wholesale to Marcos Jr.

“Yet, this utterly means: The Son need never declare martial law and he will still wield the same overarching power The Father did. Little wonder Butch Dalisay writes this book’s introduction with, in his words, ‘sadness edging on sorrow.’

“So, why this book?

“To fight fantasy, forgetting, flagellation.

“To stop gaslighting activists for the resurrection of a dictator’s family.

“To rebuke calls to embrace unity and move forward by disremembering.

“To demand apology, atonement, redress.

“To remind the powers: We are here, we remember everything, and we write.”

 

Diwa C. Guinigundo is the former deputy governor for the Monetary and Economics Sector, the Bangko Sentral ng Pilipinas (BSP). He served the BSP for 41 years. In 2001-2003, he was alternate executive director at the International Monetary Fund in Washington, DC. He is the senior pastor of the Fullness of Christ International Ministries in Mandaluyong.

KMU batting for P1,200 ‘family living wage’

PHILSTAR FILE PHOTO

THE Kilusang Mayo Uno (KMU) labor union said its proposal for a P1,200 daily minimum wage is intended to give workers nationwide a family living wage in the face of rising prices.

“Every worker has the right to a living wage… It is only right that workers charge this to those who are sitting and aspiring to sit in government,” KMU Secretary General Jerome Adonis said in a statement.

KMU along with 30 other organizations have put together a “Labor Agenda” calling for wage reform, price controls, an end to contractualization, and strengthening union rights.

The groups represent workers from the agriculture, electronics, telecommunications, manufacturing, education, health, and business process outsourcing industries.

“Workers are fed up with policies that make us suffer in exchange for the profits of a few,” Mr. Adonis added.

Labor groups have called on President Ferdinand R. Marcos, Jr. to certify as urgent a bill that will impose a legislated national wage hike.

Senate Bill No. 2534, which seeks to impose a P100 national wage increase for private-sector workers, was approved on third reading last year.

The House version or House Bill No. 11376, which was approved on second reading in February, calls for a P200 daily wage increase.

KMU said Regional Wage Boards have failed to set appropriate wages and have not kept up with rising prices of goods. — Adrian H. Halili

US steelworker shortage could negate Trump tariff strategy

REUTERS

BLYTHEVILLE, Arkansas — Thomas Reisinger commutes almost an hour-and-a-half each way for a job in a cavernous steel processing plant here.

“I don’t speed,” he said dryly.

Some of his coworkers come from much farther, including one who spends workweeks living in a camper and returns home only at weekends. This corner of eastern Arkansas is dotted with RV parks that cater to such workers.

America will need many more like them to achieve President Donald Trump’s vision for a hugely expanded US factory sector.

The steel industry — hit with 25% tariffs in one of the first salvos of Mr. Trump’s trade war — is a prime example of his quest to use taxes on imports to rebuild manufacturing in the American heartland.

But foreign competition — while a drag on steel prices — isn’t the biggest challenge for steel companies around here.

It’s finding workers.

Mississippi County’s slogan is “The Land of Steel” and that’s no exaggeration. Nearly a quarter of the 20,000 jobs in the county are in sprawling mills owned by Nucor and US Steel and ancillary businesses like pipe makers and other metals processors that have flocked here to be close to them, according to Chmura Economics & Analytics, an economics analysis firm.

Clif Chitwood, president of the Mississippi County Economic Development Foundation, estimates 9% of direct jobs in the steel mills are filled by workers who come from such great distances that they live in RVs or cheap apartments during the workweek.

“Many of these guys work four-day, 12-hour shifts — then have four days off — which make it possible for some to live five or six hours away,” he said. Some even share temporary accommodation with workers on opposite shifts, he added. 

The tight labor market here reflects local and national trends.

The US stopped training hordes of factory workers decades ago; retirements and immigration crackdowns are draining the pool of labor available. Many Americans have come to see these jobs as precarious, as globalization has forced the closure of swathes of domestic manufacturing.

Just over 20% of manufacturing plants across the US that said they failed to produce at full capacity cited a shortage of labor or specific skills as the key reason, according to the Census Bureau.

Asked about a skills shortage in manufacturing, White House spokesman Kush Desai said that more than one in 10 young adults in America is not employed, in higher education, or pursuing some sort of vocational training.

“There is no shortage of untapped potential within the labor force we already have to grow our manufacturing sector,” he said.

Mississippi County — even as the steel industry blossomed — has gone through decades of economic decline, which has eroded the quality of life.

At this point, less than half of steel workers in “the land of steel” live in the county. Good wages help cover the cost of commuting or setting up a temporary home.

The paychecks are indeed good. Workers in the county’s metals-related businesses earn an average of just over $116,000 a year, far above the $69,000 average for all industries in the county, according to Chmura. Workers in the big mills can earn much more, thanks to bonuses tied to output.

But driving around the county reveals few signs of this prosperity. Mississippi County, a mostly flat expanse hugging the banks of the Mississippi River that was once dominated by cotton farms, has been losing people for decades. Its population peaked in 1940 at about 88,000 and has fallen to less than half that.

Blytheville — which shares the role of county seat with the only other town in the county of any size, Osceola — was hit especially hard in the 1990s by the closure of an air force base on the outskirts of town that once housed strategic bombers. Six thousand people departed in just two years after it closed.

Other manufacturers haven’t fared as well as steel. A looming reminder of that is a brick building on the outskirts of town, its windows boarded and its lawn overgrown, which was once a bustling shirt factory. A plaque by the front door pronounces:

“This building dedicated to the industrial prosperity of Blytheville.”

One legacy of this long economic slide is a devastated downtown, dotted with empty storefronts. The high school, which had 800 students two decades ago, is down to 460 — and the district carries the state’s lowest rating for school performance. The county’s poverty rate is 21%, well above the state’s average of 15.7%, according to the Census Bureau.

“Housing is our number one crisis,” said Melisa Logan, Blytheville’s mayor. “We’re a housing desert.”

The problem’s so bad that they’ve launched a program, funded largely by steelmakers, that offers workers 10% of the value of a new home up to $50,000 in forgivable loans if they build a house and stay in their job for four years. Most of those homes are getting built in small, outlying hamlets that are deemed to be in better school districts.

Mr. Chitwood, with the local economic development agency, said there have been 151 new homes built in the county over the past 15 months. “That’s more than the previous 20 years combined, maybe longer,” he said.

The disconnect between a thriving steel industry and a faded local economy highlights a problem that faces any region hoping to rebuild its manufacturing base.

A key challenge in luring Americans into factory work is the perception, largely accurate, that even manufacturers who invest in sparkling new operations will readily shut or curtail them when the economy turns sour.

Mr. Reisinger, the worker who commutes nearly an hour and a half, likes his job working on the machinery at Atlas Tube, a division of Chicago-based Zekelman Industries.

He’s 55 and grew up in Blytheville, moving to different cities during his career.

“I always said I’d never drive this far for a job,” he said.

But when he returned to the area in 2016, he met his now-wife, who wanted to live close to where she grew up. Then there’s the money. He earns over $30 an hour, which allows them to live well with him as primary breadwinner.

Greg Galbraith, a coworker at Atlas who commutes from his home an hour away in Tennessee, points to another problem. “This isn’t a great area,” he said. “There isn’t much to do and the crime rate is high.”

The steel industry here is non-union, which means less protection from layoffs. That’s increasingly the norm. Less than 10% of American workers are union members, according to the Labor department, down from just over 20% in 1983.

“All manufacturers are struggling with talent. That’s not unique to us,” said Katherine Miller, a spokeswoman for Nucor, the nation’s largest steelmaker, which operates three sprawling mills in the county.

Jerald Gaines, general manager of Nucor’s flat-rolled mill, said they’re able to attract workers, but it’s not quite as easy as in the past.

Leading the way through the mill, where steel is progressively rolled into thinner sheets, Mr. Gaines made his way up a series of metal stairs to one of the air-conditioned control booths high above the production floor, called a pulpit. Inside, workers keep watch through windows and on a bank of computer screens that line the walls.

One of the lures of these jobs is that entry-level workers only need a high school diploma or an equivalency diploma.

Specialized jobs, like metallurgists, require degrees or other qualifications.

One place creating more home-grown factory talent is Arkansas Northeastern College, which has a leafy campus on the outskirts of town. A quarter of the students, about 300, study fields such as welding and aircraft repair. Administrators say nearly all those students end up going into the steel plants though.

Alyssa Summerville is one of them. The 19-year-old graduates next month from a two-year program in which she worked part-time at one of US Steel’s big mills nearby.

“I always wanted to get out of Mississippi County,” she said, until she heard about the program.

She’ll be working with a team that maintains the giant cranes that move steel inside the plant. “This is something I didn’t even know I wanted to do.” — Reuters

InstaPay, PESONet transactions up 39%

FREEPIK

THE VALUE of InstaPay and PESONet transactions climbed by 38.8% year on year as of end-March, data from the Bangko Sentral ng Pilipinas (BSP) showed.

Transactions coursed through the two automated clearing houses jumped to P5.29 trillion as of end-March from P3.81 trillion in the same period a year ago, central bank data showed.

The volume of transactions done via InstaPay and PESONet also surged by 71.5% to 530.49 million as of March from 309.29 million a year prior.

Broken down, the value of transactions done through PESONet stood at P3 trillion at end-March, 32.4% higher than P2.27 trillion the previous year.

The total volume of PESONet transactions also rose by 19.6% year on year to 28.2 million in the period from 23.6 million as of March 2024.

Meanwhile, the total value of InstaPay transactions increased by 48.3% year on year to P2.29 trillion at end-March from P1.54 trillion.

The volume of transactions that went through the payment gateway likewise surged by 75.8% to 502.3 million from 285.7 million in the comparable year-ago period.

PESONet and InstaPay are automated clearing houses that were launched in December 2015 under the central bank’s National Retail Payment System framework.

PESONet caters to high-value transactions and may be considered as an electronic alternative to paper-based checks.

Meanwhile, InstaPay is a real-time, low-value electronic fund transfer facility for transactions up to P50,000 and is mostly used for remittances and e-commerce.

“The continued strong growth in InstaPay and PESONet transactions could reflect the continued strong growth in the country’s online business transactions that require safe, reliable, and credible digital payment systems, especially for large peso amounts,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

“More people may have found more value and convenience in using InstaPay and PESONet as  alternatives to using checks and other over-the-counter banking transactions,” he said. “This may also reflect the increased use of e-wallets by Filipinos that are also interconnected with the banking system, electronically through InstaPay and PESONet.”

Latest central bank data showed digital payments made up 52.8% of the volume of retail transactions in 2023, higher than the 42.1% share in 2022.

In terms of value, 55.3% of retail transactions in 2023 were done online, higher than the 40.1% the year prior.

The central bank earlier said the increase in digital payments was driven by wider use of online transaction channels, especially e-wallets, among individuals and businesses, with the coronavirus pandemic accelerating the shift.

The BSP wants online payments to make up 60-70% of the country’s total retail transaction volume by 2028.

“The relatively faster growth in InstaPay and PESONet transactions could also reflect increased financial literacy of Filipinos that also facilitated more investments and capital market transactions locally and also with the rest of the world,” Mr. Ricafort added.

The share of Filipinos with bank accounts reached 65% of the adult population in 2022, the BSP said. — Luisa Maria Jacinta C. Jocson

Ridiculous yet fun sequel to The Accountant

The Accountant 2

By Brontë H. Lacsamana, Reporter

Movie Review
The Accountant 2
Directed by Gavin O’Connor

THE RETURN of Ben Affleck’s math savant/lethal killer Christian Wolff, whose autism only enhances his skills as an accountant for the criminal underworld, makes the blockbuster scene this year all the more goofy yet exciting. Director Gavin O’Connor uses The Accountant 2 to build on the cult favorite action-flick original that came out in 2016 but not in the ways you’d expect.

It starts out with a thrilling sequence where an old acquaintance of Wolff’s from the first film is murdered. As his paths intertwine with a mysterious assassin (played with enigmatic intensity by Daniella Pineda) Wolff is compelled to solve the puzzle alongside Treasury agent Marybeth Medina (Cynthia Addai-Robinson), who is reluctant to resort to her autistic ally’s extreme methods in finding out the truth.

Though appearing drastically older than his first outing as Wolff in the first film nine years ago, Mr. Affleck retains with great consistency the mannerisms and way of speaking of his unique character. The strengths of his role are highlighted most when he is opposite the next most memorable character of the film — his estranged younger brother Brax (played by the charismatic Jon Bernthal).

The Accountant 2 kicks into endearingly odd and hilarious gear when the two deadly killers come together, joining forces to fight a well-hidden conspiracy head on, all while smoothing out their own brotherly conflicts. Mr. Bernthal’s introductory scene in the film, where he is shown on the phone for a good few minutes in an attempt to speed up the adoption of a puppy, is an excellent way to show how Brax has quite a few screws loose, setting up the chaotic sibling relationship that lies ahead. Another scene where Wolff first reaches out while Brax is reveling in the aftermath of a hit also stands out.

There’s probably only one scene where Wolff actually displays his accounting skills, unlike in the first film where he is shown actually cooking the books. It is somewhat made up for by the existence of the Harbor Neuroscience Academy, a place where many kids like Wolff showcase their savantism (and, more or less, weaponize their autism) through next-level hacking skills. Again, ridiculous, but it plays into the main plot in an exciting way that keeps viewers entertained. It’s only one of the many ways this sequel is much bigger and more ludicrous than the original, all anchored on the silly yet astounding chemistry between Mr. Affleck and Mr. Bernthal.

In fact, action movie fans might be disappointed. Save for some brutal displays of violence, there is actually less action to be found here than in the first film. It’s really the suspenseful editing, with on-screen kills that can be quite shocking to watch, and the heartfelt performances of the two leads, that set The Accountant 2 apart.

One wouldn’t expect a film like this to be centered on buddy-cop style brotherly love, but they knock it out of the park, all while the chaos of the elaborate (and at times utterly preposterous) plot unfolds around them. It’s the moments of either funny or heartbreaking conversations between the two that truly make this whole outing memorable, be it on lawn chairs atop a parking lot of camper vans or getting into a bar fight while trying to impress a girl. You can even argue that there’s a whole other campy film going on when it’s just the two of them.

Suffice it to say, The Accountant 2 is a ridiculous sequel yet admittedly a very fun experience.

MTRCB Rating: R-13