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Bessent says China tariffs are not sustainable as US signals willingness to de-escalate

REUTERS

 – U.S. Treasury Secretary Scott Bessent said on Wednesday that high tariffs between the United States and China are not sustainable, as President Donald Trump’s administration signaled openness to de-escalating a trade war between the world’s two largest economies that has raised fears of recession.

U.S. stocks rallied on hopes that the two countries might lower the steep trade barriers they have erected over the past month, though there was no sign that negotiations might start anytime soon.

Mr. Bessent said the tariffs – 145% on Chinese products and 125% on U.S. products – would have to come down before trade talks can proceed, but said Mr. Trump would not make that move unilaterally.

“Neither side believes that these are sustainable levels. As I said yesterday, this is the equivalent of an embargo and a break between the two countries in trade does not suit anyone’s interest,” Mr. Bessent told reporters.

The White House is open to discussing a significant rate cut on Chinese imports in order to advance negotiations with Beijing but will not do so alone, according to a person familiar with the conversations. That person would not say how low the White House might be willing to go, but the Wall Street Journal reported the figure could be as low as 50%.

A White House spokesperson dismissed any reports as “pure speculation,” and said news on tariffs would come from Trump himself.

“We are going to have a fair deal with China,” Mr. Trump told reporters, but did not outline any specifics.

The tariff levels outlined in the Journal report would likely still be high enough to deter a significant chunk of trade between the world’s two largest economies. German shipper Hapag-Lloyd said Wednesday that 30% of its U.S.-bound shipments from China have been canceled.

Separate talks between the two countries over tackling the fentanyl epidemic have not yielded results so far, sources say.

The apparent U.S. softening on China tariffs was a welcome sign for markets battered by Trump’s erratic trade policies. The benchmark S&P 500 finished the day 1.67% higher at 5,375.86, but is still more than 12% below its February record close.

“It’s about all of the political and policy uncertainty and what it could mean for the economy in the near term,” said Jim Baird of Plante Moran Financial Advisors.

 

SEEKING CLARITY

Mr. Bessent said the third quarter of this year is a “reasonable estimate” for achieving clarity on the ultimate level of Trump’s tariffs.

In addition to the steep tariffs on China, Mr. Trump has also imposed a blanket 10% tariff on all other U.S. imports and higher duties on steel, aluminum and autos. He has suspended targeted tariffs on dozens of other countries until July 9 and floated additional industry-specific levies on pharmaceuticals and semiconductors. That has roiled financial markets and raised fears of recession.

On Wednesday, the Trump administration said in a Federal Register post that it had launched a probe into whether imports of medium- and heavy-duty trucks and parts for them pose a national security risk, a precursor to imposing tariffs on them.

At the same time, Mr. Trump is planning to spare carmakers from some tariffs, The Financial Times reported, citing two people with knowledge of the matter. The move would exempt car parts from the tariffs Trump is imposing on China over fentanyl and also from tariffs on steel and aluminum, the report said.

The European Union, which Trump has threatened with 20% tariffs, would respond with countertariffs if it cannot reach a deal with the United States before the July 9 deadline, economy minister Valdis Dombrovskis said on Wednesday. He said the 27-member trade bloc has offered to buy more liquefied natural gas from the United States and reduce tariffs on certain goods.

Other countries are looking to negotiate as well. Vietnam’s trade minister spoke to U.S. Trade Representative Jamieson Greer on Wednesday, state media reported.

Twelve states, including New York, Arizona and Illinois, filed suit against the Trump administration on Wednesday in the U.S. Court of International Trade claiming that tariffs established through the International Emergency Economic Powers Act are illegal. The states joined California, which filed a separate suit against the government last week, in challenging the tariffs.

The International Monetary Fund said Wednesday the tariffs will slow growth and push debt higher across the globe. S&P Global found that U.S. business activity slowed to a 16-month low in April while prices charged for goods and services soared.

The Federal Reserve said it found economic activity in the United States to be steady over the past month, despite “pervasive” uncertainty around trade. The central bank’s survey found a drop in international visitors in some areas, and the outlook in several of the Fed’s 12 regional districts “worsened considerably.”

A Reuters/Ipsos poll found Americans souring on Trump’s economic performance. Just 37% of respondents approve of his handling of the economy, down from 42% when he took office in January. – Reuters

PHL eyes beneficial tariff deal with US

Philippine Star/ EDD GUMBAN

By Justine Irish D. Tabile, Reporter

THE Philippine government said that it is confident that it will be able to secure a “mutually advantageous” arrangement with the US ahead of trade talks with US counterparts next month.

“We are confident that, through our strong economic and diplomatic ties, we can find arrangements that are mutually advantageous,” said Special Assistant to the President for Investment and Economic Affairs of the Philippines Frederick D. Go in a statement on Wednesday.

Mr. Go issued the statement following the consultations his office conducted with the Department of Trade and Industry (DTI) and key export leaders.

Mr. Go will lead a delegation to Washington to discuss the tariffs on Philippine goods with the US Trade Representative.

Presidential Communications Undersecretary and Palace Press Officer Claire A. Castro on Monday said that the meeting will take place in the first week of May.

Earlier this month, US President Donald J. Trump introduced 10% blanket tariffs on all its trading partners but paused a plan to impose higher reciprocal tariffs on some countries for 90 days.

Philippine exports to the US face a 17% tariff, the second lowest among Association of Southeast Asian Nations member countries after Singapore’s baseline rate of 10%.

According to the DTI, the consultations with export leaders were meant to “gather insights and formulate strategic measures to strengthen bilateral trade with the US amidst the recently imposed US reciprocal tariffs.”

The DTI said the exporters gave their insights on the current market dynamics in the US.

“They elucidated the strategic opportunities and challenges that the current situation presents… The discussions focused on how the government and the private sector can work together in highlighting the Philippines as a reliable and trusted trading partner amidst uncertainties in international trade,” it added.

The DTI expressed confidence that the Philippine government can work with the US in identifying opportunities that will benefit their respective economies.

“The consultative process has enhanced mutual understanding and alignment on shared goals,” Trade Secretary Ma. Cristina A. Roque said.

According to the Trade chief, the consultations “aim to ensure that views and interests of various sectors are taken into consideration as the government works to secure the best possible outcomes for the Philippines in our trade relations with the US.”

In a previous statement, Ms. Roque said that the Philippines aims to engage the US to facilitate enhanced market access for Washington’s key export interests, such as automobiles, dairy products, frozen meat, and soybeans.

PROBLEMS AT THE PORTS

Meanwhile, United Portusers Confederation of the Philippines, Inc. President Nelson M. Mendoza said that the US tariffs are a pressing concern for the shipping industry.

“Right now, even the exporters are not in a better position because a lot of their orders, although they were not canceled, were on hold,” Mr. Mendoza told reporters on Wednesday.

“Those orders are being held because of the tariff. Now, because of the 90-day pause, those will probably be initially moved. But after 90 days, we do not know what will happen,” he added.

Mr. Mendoza said the export orders for 2025 were placed in 2024 when rates and costs were lower.

At the same time, he said that the imports will also be affected, as goods coming from the US will be more expensive.

“As the shipping lines said, the route of their vessels will be irregular for probably a moment. For me, I can say for four years at least, as Trump will be there for four years,” he said.

“We are just hoping that the negotiations between the US and other countries will pave the way to at least neutralize it (the situation) a bit,” he added.

However, Mr. Mendoza said that the new tariff measure could also present opportunities, such as Chinese companies increasing their production in the Philippines.

“They might export from the Philippines with a lesser tariff compared to China. They may not necessarily relocate here, but they might increase their production,” he said.

“But the important thing is that we improve our ease of doing business so a lot of them will transfer to us. Because right now we are not competitive in terms of putting up business compared to other Asian countries,” he added.

Philippine economic growth could slow to 5% this year — ANZ

A MAN buys toys at a stall along Commonwealth Avenue in Quezon City.

PHILIPPINE economic growth is expected to slow to 5% this year due to the fallout from the Trump administration’s trade policy and weak private spending, ANZ Research said.

In its latest Asia Insight report, ANZ cut its gross domestic product (GDP) forecast for the Philippines to 5% this year from 5.7% previously. It also lowered its 2026 GDP projection to 5.5% from 6% previously.

Both forecasts would fall short of the 6-8% growth target set by the Development Budget Coordination Committee from this year to the next.

“Our new forecasts incorporate our expectations of direct and indirect impact of tariffs, bilateral trade agreements between the US and individual economies, revised growth estimates for mainland China and the US and potential policy response,” ANZ Chief Economist for Southeast Asia and India Sanjay Mathur said.

The downward revisions constitute a “durable shock to regional growth as US tariffs imply a long-term reduction in global trade,” he added.

President Donald J. Trump slapped reciprocal tariffs on most of its trading partners earlier this month but suspended these higher tariffs for 90 days. Only the baseline 10% tariff remains in effect.

The Philippines was hit with a 17% reciprocal tariff, though this was the second lowest in Southeast Asia, just after Singapore.

“It is likely that some Asian economies will negotiate down or even do away with the April 2 reciprocal tariffs owing to the potential damage to US growth,” Mr. Mathur said. “Even so, the uncertainty around US trade policies will constrain business activity, including hiring and investment.”

ANZ slashed its growth projection for Asia, excluding China and India, to 2.9% this year from 3.4% previously. It also trimmed its 2026 forecast to 3.3% from 3.5% previously.

ANZ also downgraded its GDP projections for all countries it covers, namely India, Indonesia, Malaysia, Singapore, Taiwan, Thailand, South Korea and Vietnam.

Among these economies, Singapore and Vietnam are seen to be the most impacted by the tariff turmoil. Malaysia, South Korea, Thailand and Taiwan were also noted to have “significant exposure to global trade.”

On the other hand, ANZ said the Philippines is less exposed to global trade, along with India and Indonesia.

“The reduction in India and Indonesia’s growth is moderate. It is comparatively higher for the Philippines owing to the lack of any improvement in private capital spending and the fact that a little over 41% of inward remittances are from the US,” Mr. Mathur said.

However, the three countries are “vulnerable to slower growth in the US,” he added.

Last year, the US was the top destination for Philippine exports, accounting for 17% of the total.

“Separately, it is unlikely that Asian exporters can substantially frontload exports during the 90-day pause on reciprocal tariffs. US imports had already run up substantially ahead of the April 2 tariff announcements corroborating with a rise in inventories.”

“We also think that an indiscriminate rise in exports to the US will weaken bilateral trade negotiations,” he added.

Meanwhile, ANZ also lowered its headline inflation forecasts for the Philippines.

It now expects inflation to settle at 2.9% this year, lower than its previous projection of 3.4%. For 2026, inflation is expected to average 3.2%, slightly lower than its previous forecast of 3.5%

“Our revised forecasts also reflect lower inflation in most economies. This reflects intertwined developments including slowing growth that corresponds to negative output gaps, lower commodity prices, particularly crude oil, and the potential rise in imports from mainland China,” Mr. Mathur said.

Headline inflation averaged 2.2% in the first quarter, well within the central bank’s 2-4% target range.

Accounting for risks, the Bangko Sentral ng Pilipinas (BSP) sees inflation averaging 2.3% in 2025 and 3.3% in 2026.

Mr. Mathur said it will also be easier to deliver on monetary policy.

“Apart from the evolving growth-inflation dynamics, the recent weakening of the US dollar supports rate cuts that are relatively independent of US monetary policy.”

The Monetary Board resumed its easing cycle earlier this month, delivering a 25-basis-point rate cut. This brought the benchmark to 5.5%.

BSP Governor Eli M. Remolona, Jr. has signaled there is room for further rate cuts this year but in “baby steps.” — Luisa Maria Jacinta C. Jocson

Lower US tariff rate can create niche export openings for Philippines

Workers are seen inside the Mega manufacturing plant in Sto. Tomas, Batangas, March 1, 2023. — PHILIPPINE STAR/KRIZ JOHN ROSALES

THE PHILIPPINES is among the least exposed to US tariff policies in Southeast Asia and stands to benefit from shifting trade directions, the Philippine Institute for Development Studies (PIDS) said in a discussion paper.

“For smaller economies like the Philippines, the new tariff regime presents both a strategic opportunity and a formidable challenge,” according to the paper authored by PIDS Emeritus Research Fellow Rafaelita M. Aldaba.

“The relatively lower tariff rate creates openings for niche export expansion, particularly in sectors with tight price margins and high tariff sensitivity such as garments and footwear.”

US President Donald J. Trump slapped the Philippines with a 17% tariff, the lowest among Association of Southeast Asian Nations-5 (ASEAN-5) countries. Vietnam faced the highest tariff rate at 46%, followed by Thailand (36%), Indonesia (32%) and Malaysia (24%).

However, Ms. Aldaba, a former undersecretary at the Department of Trade and Industry, said that capitalizing on the window of opportunity is “far from automatic.”

“The Philippines’ ability to convert this relative advantage into tangible economic gains will hinge on how swiftly it can mobilize responses in logistics, investment facilitation, and targeted export promotion.”

PIDS used a tariff exposure composite index (TECI) to measure the “relative vulnerability of the country’s exports to the new tariff regime.”

Under the TECI index, the Philippines and Indonesia logged the same score of 2.2, which indicates a moderate risk.

Vietnam registered the highest exposure (3.4), followed by Thailand (3.0). Malaysia scored a 2.8, which indicates a moderate exposure.

Data from PIDS also showed that based on the relative exposure of ASEAN-5 economies to the US market, the Philippines has the smallest export footprint. Its share of exports is just 5% of the region’s total.

However, it also noted that the Philippines’ exports to the United States accounts for about 20% of its total exports.

The country’s top exports are electronics, particularly related to semiconductors, as well as coconut oil and printing machines.

“Its limited product diversification and small volume make it more vulnerable to sector-specific shocks but also signals potential for targeted upgrading,” Ms. Aldaba said.

Ms. Aldaba said the Philippines benefits from the lowest reciprocal tariff among ASEAN-5 due to the structure of its exports.

“Electronics — including semiconductors — account for over 50% of the country’s total exports, and many of these products are included in the US exemption list. This strongly cushions the Philippines from broader tariff disruptions, helping to temper its actual trade vulnerability,” she added.

However, she said the country is still not completely unaffected by these tariffs and faces some form of exposure.

“Non-exempted exports — such as coconut oil, insulated wires, containers, and select low-tech manufacturing goods — are more vulnerable to cost increases and competition, especially from trade diversion out of China or higher-tariff ASEAN partners.”

“Despite this, the Philippines is strategically positioned to benefit. Its unique combination of low tariff rate, strong exemption for high-value exports, and moderate strategic exposure creates an advantageous platform for trade redirection, particularly for thin-margin, cost-sensitive goods.”

To maximize these benefits, PIDS said the country must “bolster its industrial base, improve logistics and Customs efficiency, and actively promote itself as a stable and efficient export hub amid shifting global supply chains.”

The Philippines is also “well-positioned to capture relocation and supply-chain shifts,” particularly in electronics goods.

“However, to realize this opportunity, the Philippines — and similar ASEAN peers — must address structural gaps,” Ms. Aldaba said.

These include ramping up infrastructure development to address gaps and alignment of the labor market to upskill workers to meet the needs of complex manufacturing.

“To overcome these barriers and unlock its full export potential, the Philippines must urgently implement a coordinated set of strategic trade and industrial interventions to safeguard critical sectors while acceler-ating industrial upgrading,” she added.

Ms. Aldaba also called for the need for industrial upgrading and resilience building, and trade defense and monitoring mechanisms.

“Without swift and proactive policy implementation, the Philippines risks being merely a passive beneficiary rather than a strategic player in ongoing global trade realignments,” she said.

“Conversely, by adopting targeted policy and institutional measures — grounded in digital readiness, sectoral upgrading, and strategic positioning — the Philippines can establish itself as a credible alternative hub for digital-ly-enhanced, service-integrated, and geopolitically trusted exports.” — Luisa Maria Jacinta C. Jocson

Franchise Asia Philippines set to equip businesses anew for success

Franchise Asia Philippines 2025, touted as Asia’s biggest franchise show and the country’s most awaited business opportunities event organized by the Philippine Franchise Association (PFA), is set to bring together aspiring entrepreneurs, seasoned franchisors, investors, and industry experts in one powerful convergence of opportunities and insights.

In celebration of PFA’s 30th anniversary, this year’s theme, “Building Success Together,” perfectly captures the essence of the franchising industry — an ecosystem built on collaboration and shared growth.

“It reflects the spirit of Bayanihan, where franchisors, franchisees, government agencies, suppliers, and service providers come together to support and uplift one another,” said PFA Director for Homegrown Franchises, Franchise Asia Philippines Expo Chair, and Potato Corner Chief Operating Officer Joey Alvero.

“In today’s dynamic and competitive landscape, success is no longer a solo journey,” he added, “but a collective achievement powered by trust, innovation, and unity.”

Due to insistent public demand, Franchise Asia Philippines returns this year as a week-long event, featuring the Certified Franchise Executive (CFE) program, an international conference, a one-stop-shop expo, and a host of business and franchise seminars.

Certified Franchise Executive Program

Franchise Asia Philippines 2025 kicked off earlier this week, April 22-23, with the prestigious CFE Program, held at the Asian Institute of Management (AIM) Conference Center in Makati City.

Aiming to enhance the expertise and credibility of franchise professionals in the global franchising industry, the CFE Program provides participants with in-depth knowledge of franchise management, expansion strategies, legal frameworks, and emerging industry trends. It also offers unparalleled networking opportunities with industry leaders, paving the way for business growth and global competitiveness.

Dr. Ben Litalien, a Georgetown University professor and a distinguished expert in global franchising, facilitated the event. He has over two decades of experience in the franchise community, with expertise in strategic planning, organizational development, and franchise system growth. Furthermore, he has developed and expanded multiple franchise concepts. He is also the founder and principal of Franchise Well, LLC, a consulting practice specializing in franchising.

Conferred by the US-based International Franchise Association (IFA), the CFE Program is an internationally recognized certification and is the gold standard in franchise management education. It is considered a mini master’s in franchising designed to equip professionals with advanced knowledge and skills.

“Thousands of franchise executives worldwide have accelerated their careers and business success after earning their CFE certification,” said PFA Vice-Chairman and Francorp Vice-Chairman Ma. Alegria “Bing” Sibal-Limjoco, who is the first Filipina to get the said certification.

Franchise Asia Philippines Conference

The Franchise Asia Philippines Conference is taking place today, April 24 at Function Room 5 of the SMX Convention Center, featuring renowned industry experts, thought leaders, successful franchisors, and businessmen sharing insights on current market trends, business strategies, and growth opportunities.

The Franchise Asia Philippines Conference specially curated the session “Consumer Outlook: Understanding Your Future Consumer,” which the PFA promises to be an enriching experience for its delegates, providing them with in-depth knowledge in navigating the shifting behavior of consumers and scaling their business game plans to remain competitive in the market.

The session will feature some of the industry’s icons, Dr. Dae Lee, founder of The Fourthwall; and Joaquin San Agustin, executive vice-president for marketing at SM Supermalls. They will cover essential key points, including emerging consumer trends in the Philippines and ASEAN markets; how shifting consumer behaviors are impacting the food, retail, and service sectors; strategies for staying relevant and engaged with evolving consumer demands; and anticipating the needs of tomorrow’s consumers, namely Gen Z and Gen Alpha.

“This event gathers experts and franchise practitioners from here and abroad to share global best practices and discuss what’s in store for franchising in the country and across the globe,” said PFA President and JFC Philippines Chief Executive Officer Joseph C. Tanbuntiong. “It is also an excellent venue to meet and network with top industry names. So, if you want to stay ahead in franchising, this is the must-attend event of the year!”

“This topic empowers businessmen to not only keep pace with these changes but also to stay ahead of it,” PFA Chairman and Francorp CEO Sam Christopher Lim remarked. “By anticipating needs and driving innovations, it enables us to lead with purpose and create lasting values for our business, built to stand the test of time.”

The conference will also give attendees the chance to listen, share, and learn from their colleagues in franchising during the Business Solution Roundtable session.

The conference is expected to equip attendees with forward-thinking insights and strategic approaches to stay connected with the changing needs of consumers and ensure that their businesses stay relevant and competitive in a fast-changing world.

Franchise Asia Philippines Expo

The main highlight of the week-long Franchise Asia Philippines is the Franchise Asia Philippines Expo, set to take place at the SMX Convention Center Manila this April 25-27.

The expo brings together hundreds of exhibitors in an expansive franchise trade show featuring business opportunities across various industries. From globally recognized names to exciting emerging concepts, the expo spans multiple industries — from food and beverage, retail, education, health and wellness, to logistics, and beyond. The said event will also showcase country pavilions from Korea, Malaysia, Singapore, Thailand and Taiwan.

Whether one is looking for food and beverage, retail, or service-based franchises, this event is the place to be for seasoned entrepreneurs who want to expand or diversify their investment portfolio and for aspiring business owners who want to be their own boss.

Franchise and Business Seminars

Concurrent with the expo, the Franchise and Business seminars at the Meeting Rooms of SMX Convention Center will be highlighted by seminars on “How to Invest on the Right Franchise” and “How to Franchise Your Business.” On top of these, there will be seminars on branding, digital marketing, finance, HR, operational excellence, marketing, supply chain, sustainability, and expansion tactics to equip attendees with the knowledge needed for success.

“Every topic is thoughtfully curated to address the most pressing challenges and emerging opportunities in the franchising industry. All the speakers are industry trailblazers and thought leaders, chosen for their expertise and insights that will empower attendees to drive growth, innovation, and long-term success,” said PFA Director for CSR & Inclusive Business, Franchise Asia Philippines 2025 Overall Chair, and Bo’s Coffee Founder and Chief Executive Officer Steve D. Benitez.

Entrance to the Franchise Asia Expo is free for those who register online. For complete event details and registration information, visit www.franchiseasiaph.com/expo.

D&L Industries, Inc. to hold Annual Stockholders’ Meeting virtually on June 2

 


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Cebuano breadwinner wins brand new car in Smart’s Holideals promo

When 29-year-old Jimboy Nuiñez of Lapu-Lapu City, Cebu, signed up for Smart’s Holideals last December, he was simply hoping to win a new smartphone.

So imagine his disbelief when, out of the millions who joined the promo, he ended up winning the much-coveted grand prize: a brand-new Toyota Land Cruiser ZX.

“I signed up for the promo right after getting a new Smart eSIM. I didn’t even realize the grand prize was a car,” recalled Jimboy, who has been a loyal Smart subscriber since 2017.

“When I received the call informing me of my prize, I initially thought it was a scam. It took a while for the news to sink in, and I’m so glad I answered that call!,” he added.

Jimboy, who took on the responsibility of providing for the family as the eldest of five siblings, described the experience as ‘life-changing.’

“I’m incredibly grateful to Smart. And I’m excited for my family’s adventures with this car,” he said.

Amazing experiences for Smart subscribers

Aside from Jimboy, thousands of Smart subscribers also won special prizes in the promo, which was Smart’s big way of giving back to subscribers and rewarding them with amazing experiences.

From November to January, lucky customers won daily data freebies and snagged weekly raffle prizes such as 5G smartphones like iPhone 15 Pro Max, Samsung Galaxy S24, and ZTE Blade A75 5G phone, and vouchers from Viu and Foodpanda.

“At Smart, we strive to go beyond providing exceptional network experiences. We are committed to giving back to our loyal subscribers with meaningful rewards and experiences. This promo reflects our dedication to putting our customers first,” said Alexis B. Winters, AVP and Head of Smart Customer Development Group VisMin.

Smart’s dedication to delivering amazing experiences underscores the PLDT Group’s commitment to empowering Filipinos with the best mobile network and customer service, enabling them to live fuller lives.

Mobile users can look forward to more amazing experiences from Smart. To stay updated on the latest exciting and exclusive promos, simply download the Smart App on Google Play Store and Apple App Store and follow Smart’s official accounts on Facebook, X, and Instagram.

 


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ACEN plans up to P30-B stock rights offer by September

Arayat-Mexico Solar Farm, Pampanga — acenrenewables.com

AYALA-LED energy company ACEN Corp. said it plans to raise up to P30 billion through a stock rights offering (SRO) to pay off debt and fund its renewable energy (RE) projects.

The indicative price of the SRO is a minimum of P2.30 per share, ACEN said in a regulatory filing on Wednesday. The planned issuance secured board approval on the same day.

“The expectation is we would like to get it done by September,” ACEN Chief Financial Officer and Chief Strategy Officer Jonathan Back said during a media briefing in Makati City.

“It is to support the continued expansion of our renewable projects. And then, for flexibility, we also put down some use of proceeds, which is potentially also to pay down debt,” ACEN President and Chief Executive Officer Eric T. Francia said separately.

The primary common shares for the SRO will come from ACEN’s current unissued common shares and an increase in authorized capital stock. ACEN secured stockholders’ approval on Wednesday to increase its authorized capital stock by P10 billion to P58.4 billion.

“The increase in authorized capital stock was to allow fresh equity raising, an SRO of up to P30 billion,” Mr. Francia said.

The energy company said its principal shareholders, AC Energy and Infrastructure Corp. and Arran Investment Pte Ltd., have both indicated support for the SRO and plan to subscribe to their pro-rata shares, subject to the final terms of the issuance.

ACEN Chairman Cezar P. Consing said during the company’s annual stockholders’ meeting that there is momentum in key markets such as the Philippines, Australia, and India.

“We have 1.2 gigawatts of renewable energy projects with signed agreements expected to reach financial close within the next 12 to 18 months,” Mr. Consing said.

“While the global renewable energy sector has faced headwinds, including the prospect of elevated interest rates and shifting energy policies — particularly in the United States — we believe the sector’s long-term fundamentals remain intact,” he added.

For 2024, ACEN Corp. posted a 27% growth in attributable net income to P9.36 billion, as revenue increased by 2.2% to P37.3 billion, led by higher generation output.

Meanwhile, ENEX Energy Corp. Chairman Gerardo C. Ablaza, Jr. said in a separate annual stockholders’ meeting that the company’s planned 1,100-megawatt combined-cycle gas turbine project in Batangas is awaiting the launch of a competitive selection process.

The project is being undertaken by Batangas Clean Energy Inc., a joint venture between ENEX and Gen X Energy LLC.

“The project is awaiting the launch of a competitive selection process in order to secure a long-term offtake agreement — a key step toward construction and development,” he said.

ENEX is a unit of ACEN that explores for crude oil and natural gas.

On Wednesday, ACEN shares fell by 7.86% or 22 centavos to P2.58 apiece, while ENEX shares improved by 2.63% or 10 centavos to P3.90 each. — Revin Mikhael D. Ochave

PLDT launches Sta. Rosa data center, finalizes 12th site in Cavite

PRESIDENT FERDINAND R. MARCOS JR. and PLDT Chairman Manuel V. Pangilinan lead the inauguration of VITRO Sta. Rosa (VSR), the country’s first hyperscale data center built specifically for artificial intelligence (AI) workloads. Joining them at the ceremonies are Victor S. Genuino, ePLDT & VITRO Inc. president; Secretary Cristina Roque of the Department of Trade and Industry, Secretary Henry Rhoel Aguda of the Department of Information and Communications Technology, and City of Sta. Rosa Mayor Arlene Arcillas.

PANGILINAN-LED PLDT Inc. said it is moving closer to building its next and largest data center following the inauguration of its 11th facility in Sta. Rosa, Laguna on Wednesday.

“We do intend to expand our data center capacity to up to 500 megawatts (MW). We have to be at least equal to the capacity of Malaysia… You have our pledge to make the Philippines a data center hub,” PLDT Chairman Ma-nuel V. Pangilinan said during the inauguration of the VITRO Sta. Rosa (VSR) data center on Wednesday.

VITRO Sta. Rosa is said to be the country’s largest data center campus, situated on a five-hectare lot in Sta. Rosa, Laguna. The facility has a capacity of up to 50 MW. In total, ePLDT’s VITRO data centers have an aggregate capaci-ty of nearly 100 MW.

VITRO, Inc., the data center arm of the PLDT group and a subsidiary of ePLDT Inc., now operates 11 data centers across the Philippines — including in Makati, Taguig, Pasig, Parañaque, Subic, Clark, Cebu, and Davao — with a combined capacity of nearly 100 megawatts, supporting enterprise and hyperscale demand as the company eyes further expansion.

ePLDT President and Chief Executive Officer Victor S. Genuino said the company has finalized the site for its 12th data center.

“Metro Pacific Investments Corp. (MPIC) has a lot in General Trias, that is 20 hectares. So, we could use at least up to 10 hectares of that [for our next data centers],” Mr. Pangilinan said.

The company’s next data center will be built in General Trias, Cavite, and will have a capacity of up to 100 MW — double that of VITRO Sta. Rosa.

Construction is scheduled to begin in 2026 and is expected to be completed by 2028, Mr. Genuino said, adding that the facility’s capacity will be scaled up in phases, starting at 20 MW.

ePLDT’s VITRO Sta. Rosa is designed for energy efficiency and incorporates the latest innovations in cooling and power redundancy. It also features high network reliability, with at least three fiber routes from PLDT and other telecommunications providers.

PLDT’s Laguna data center is equipped with NVIDIA-powered GPU servers, enabling it to support artificial intelligence (AI) capabilities.

“As AI adoption accelerates globally, VSR strengthens the Philippines’ bid to become a regional hub for digital innovation. It supports the country’s ambitions to attract global investment, foster local tech development, and drive economic growth,” PLDT said.

MPIC is one of the three key Philippine units of Hong Kong-based First Pacific Co. Ltd., alongside Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., holds a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose

PAL eyes wider international footprint under new president

Richard Nuttall

PHILIPPINE AIRLINES (PAL), operated by PAL Holdings, Inc., has appointed British aviation executive Richard Nuttall as its new president, a move aimed at accelerating the airline’s international expansion and driving “sustainable growth.”

“Appointing Richard Nuttall to Philippine Airlines is an important part of our medium-term and long-term strategy of building a robust management team and growing our business internationally,” said PAL Holdings President and Chief Operating Officer Lucio C. Tan III.

“As president, he will play an active role in bringing a global dimension to the Heart of the Filipino, and I look forward to working closely with him in the days and months ahead,” he added.

Mr. Nuttall’s appointment will take effect on May 29, the airline said in a statement on Wednesday.

“I am confident that he will create and develop sustainable growth for PAL,” PAL Chairman and Chief Executive Officer Lucio C. Tan said.

“Stabilizing and enhancing the company’s financial performance is paramount. PAL recently emerged from financial struggles, and Mr. Nuttall will need to ensure sustainable profitability,” said Globalinks Securities and Stocks, Inc. Head of Sales Trading Toby Allan C. Arce in a Viber message.

Mr. Nuttall previously served as the chief executive officer of SriLankan Airlines, where he oversaw the carrier’s return to operational profitability.

He also served as an executive board member of the SkyTeam Alliance, working on the reform of the Alliance’s governance to advance airline collaboration.

“Having a new airline president with much experience in establishing international airline destinations should be a boost for PAL. I think our local airlines have more or less provided most of the needed local connectivity. It is time they ven-ture to establish more international destinations for our people to travel to,” said Nigel Paul C. Villarete, senior advisor at technical advisory group Libra Konsult, Inc., via Viber.

Currently, PAL operates a global network of nonstop flights out of hubs in Manila, Cebu, Clark, and Davao to 31 destinations in the Philippines and 37 destinations across Asia, North America, Australia, and the Middle East.

PAL said the company’s current president and chief operating officer (COO), Stanley K. Ng, will assume a new role as vice-president of PAL Holdings, Inc. and a member of the company’s board of directors.

PAL said Mr. Ng’s appointment at its parent company is expected to provide the flag carrier with strategic direction and vision in bringing the airline to a new level of service and profitability.

Further, PAL said its general counsel, Carlos Luis L. Fernandez, will also take on a new role as executive vice-president and chief operating officer effective May 29.

For 2024, PAL Holdings recorded a total comprehensive net income of P10.01 billion, falling by 51% from P20.48 billion in 2023 due to lower revenues for the period. It logged a revenue of P178.01 billion, marking a decrease of 0.62% from P179.12 billion in 2023.

The flag carrier said the decline was due to a decrease in the load factor, which fell to 79.1% last year from 80.8% in 2023, contributing to lower revenues for the period. — Ashley Erika O. Jose

IMI stockholders OK expansion into warehouse, logistics services

GLOBAL-IMI.COM

AYALA-LED chip manufacturer Integrated Micro-Electronics, Inc. (IMI) has secured stockholders’ approval for its planned expansion into warehouse and logistics support services.

The company’s stockholders approved the amendment to the second article of its articles of incorporation during a stockholders’ meeting on April 22, IMI said in a regulatory filing on Wednesday.

“This allows the company to provide additional services such as warehousing and logistics support services, particularly importation, procurement, storage, deposit, and inventory management of goods for subsequent sale, transfer, or disposition to clients, interested establishments, agencies, and/or export enterprises,” IMI said.

IMI has business interests in the production of electronics for the automotive, industrial, power electronics, communications, and medical segments.

“(This is) to consider the additional activities for potential future transactions beyond purely manufacturing and to accommodate requests from customers,” IMI said.

For 2024, IMI reduced its attributable net loss by 53% to $49.79 million from $105.63 million in 2023 following restructuring efforts.

Revenue declined by 17.2% to $1.1 billion as its wholly owned subsidiaries continued to be affected by prolonged recovery challenges in the automotive and industrial markets.

The company previously announced the closure and rationalization of its facilities in California, Malaysia, Singapore, Japan, and Chengdu, China to optimize its global footprint.

IMI shares fell by 6.03% or 14 centavos to P2.18 per share on Wednesday. — Revin Mikhael D. Ochave

Lecheng Sarap

A degustation by the Lechon Diva

WE NORMALLY wouldn’t use a swear word (albeit a mild one) to title a story, but what can we say? We’re using the Lechon Diva’s (Dedet de la Fuente) own words, and we’re at a loss for any others.

JOSEPH L. GARCIA

During the last days of March, Ms. De la Fuente invited a small group from the media (and a few personal friends) for her seventh degustation — her previous ones had similarly sweetly vulgar names: Hayop sa Sarap, for exam-ple; but also quite dignified dinners dedicated to her daughters with Dinner at Tiffany’s, and the Richman’s Dinner for TV host Adam Richman, who paid her a visit.

While having a comical name, last March’s dinner at her Magallanes Village home was serious. Ringing a bell, she commanded attention: “I believe in my heart that Filipino cuisine is our living history. From the resilience of the Katipuneros to the wisdom of our lolas (grandmothers), we have always been very smart in transforming the simplest events.”

On paper, she sounds astounding: the woman took cooking classes with top local chefs Sylvia Reynoso Gala and Reggie Aspiras, and ended up serving her lechon – whole roast pig –to the likes of the late Anthony Bourdain and Martha Stewart. At home, well: when asked about her age, she quipped: “What’s your waistline? That’s my age.” Answered with a lie in the 20s, she gave us a high-five.

We’re glad to know that skill — nay, gifts — can come with a good time. While the names of her dishes were playful, there was serious thought behind each one of them: for example, she thought of cooking them in different vessels. Pots and pans, of course, but also fruit and bamboo.

The table was laden with pig ornaments: now her lucky animal, we guess. Think straw pigs, a pig pitcher, and a sterling silver pig.

OF PINOY SPAGHETTI AND LAING

The meal started out with a platter of appetizers. There was fried chicken skin slathered with Filipino-style spaghetti sauce (the way her daughter eats it at a certain fast food chain; clever, intimate, and had nostalgia in a bite). This was followed by laing (taro leaves cooked in coconut milk) deep-fried like okoy (shrimp patties), and dipped in vinegar from her native Bulacan — this was smart; the last time we had laing, we placed an amount that could fit on our pinky on a spoon and ate it just to please our host; this laing, I could eat every day. This round ended with a Bulaga Ball (named by her daughter): a bread shell wrapped around the bulaga (surprise) ingredient, a balut salpicao. It had a heavy, intense flavor, especially combined with the Mr. Thomas butter (Mang Tomas liver sauce in a bottle, made into a compound butter — our host was a hoot and a half). The heft of the dish also made it strangely com-forting, like a hug from a long-lost aunt.

She didn’t play for the next round: she called this dish, served in a shell, on a plate laden with glass pearls South Sea Pearls. Tapioca pearls, usually reserved for desserts, were slathered in a creamy seafood sauce, topped off with a single scallop. She joked that we should toss our pearl necklace right in the dish, but we were too busy chewing. The sweetish scallop cuts through the richness of the seafood sauce (akin to a palabok, a shrimp sauce used for noodles). The seafood palabok sauce itself had a strong oceanic flavor, unlocking memories of the sea I didn’t know I even had. The dish was clever in reminding one of the native palabok, but presenting it in a way that felt differ-ent and novel.

A Bone Marrow Bite was served next, with pickled onion and fried banana blossom: these gave the rich bone marrow (spread as a mayonnaise) some zing; the same liveliness could be tasted with the Sigarilyas at Ano Pa (winged beans and what else), with dilis (crispy anchovy), cucumber, and pandan gata. This was also sprinkled with native herb Peperomia pellucida (pansit-pansitan), which gave it a nice peppery kick; we like that this salad had a wholly Filipino feel.

She then brought out a bamboo tube, filled with our soup. Taking after the binakol (chicken cooked in coconut water), she cooked clams in coconut water with lemongrass. The sweetish broth also had that uniquely Filipino fla-vor. Despite the sweetness, the broth was clean and sharp as clear glass, so much so that we diners became meditatively silent while sipping the broth. Ms. De la Fuente noticed this and said, “Ang tahimik niyo ha (you’re all so qui-et)!”

She called her next dish Sipit Sarap, but sometimes calls it the Carb Gulong-Gulong (rolling in Filipino; she says that’s so because you’ll be rolling with delight after). This is her interpretation of Crab Alavar from Mindanao, which kept the guests quiet again: that’s two appreciative silences so far.

An Inasal (grilled chicken course) wasn’t quite as expected: she took cues from pineapple fried rice in Asian restaurants and cooked the rice inside a whole pomelo fruit. It came with a ritual: she filled up our bowls with the rice, then placed a pinch of crunchy garlic and annatto-colored chicken fat. This was utterly complex despite being just a rice dish, and it seems no one else can do it like her, so this one will just be a pleasant memory.

She followed this up with another chicken dish, one she called Rebels’ Chicken. This was a Katipunero recipe, when the Filipinos rebelling against Spanish rule went to the mountains to hide from their enemies. The chicken was cooked inside a banana trunk, but we doubt the Katipuneros had her style: the chicken was wrapped and stuffed with herbs like galangal and served with a sauce of muscovado syrup and patis (fish sauce). Despite its rustic origins, this chicken tasted elegant; just like the Hiplog (Hipon and Itlog; shrimp and egg, like a Salted Egg Shrimp) that followed it.

THE LECHON

She wouldn’t be the Lechon Diva without a lechon. A long table was set up in front of ours, and we couldn’t shake off the image of an altar, our host serving as High Priestess of Pork. The lechon was laid out in front of her, which she cut. The lechon was stuffed with Binagoongan (pork cooked in shrimp paste) rice, each element guiding each other. The whole roast pig got the saltiness of its stuffing, the stuffing got the pig’s juic-es. Known in the city and in elegant circles for her truffle rice-stuffed lechon, this Binagoongan version used the recipe from the very first lechon she made.

There was another silence while the guests nibbled. There were only a few noises made after: to ask for seconds (and thirds) and a rude burp (sorry) from this reporter, when Ms. De la Fuente asked if we had a good time. The burp was enough of an answer, and she was pleased. We had called a dinner earlier this year as the best we’ve had, but this degustation blows it out of the water.

Ms. De la Fuente told us in an interview how she started with lechon: she cooked all her life, but really wanted to learn how to make lechon. “I never planned to make it a business. I have friends, and I just loved having them over, because I’m an only child.”

Ms. Aspiras held lechon classes back then, but circumstances always delayed Ms. De la Fuente’s enrollment. Finally, Ms. Aspiras gave in: “Ang kulit mo daw eh (you were so persistent),” Ms. De la Fuente remembers her saying. She stuffed her lechon with rice in case she failed: that way, she’d still have something to eat. But it didn’t fail, and after getting local fame at Our Awesome Planet’s Ultimate Taste Test, and then getting “Tastiest Dish in Asia” from the Chowzter website in London, everybody wanted a piece of her.

She remembers an uncle who used to tease her about her weight: “Napabayaan ka na naman sa kusina (you were left alone in the kitchen again).” Years later, after all the praise and fame, she saw that uncle again. She told him, “Kita niyo? Iyong napabayaan sa kusina, sikat na ngayon (See? I was left alone in the kitchen, and now I’m famous).”

On a serious note, she said, “Never hold back. Opportunities come once in a lifetime. If you let it pass, it’s gone forever.”

She talked about her training: she’s made a name for herself despite not going to some stuffy school. “Not being taught by say, a French school — it has its gifts too. It makes the flavors that we home cooks make, different. It’s like we cook from the heart.”

Even her love of lechon comes from this heart: “Lechon is the food that is always happy — you only have it when it’s a celebration.”

The Lechon Diva can be contacted at @lechon_diva on Instagram for catering, private dining, lechon, or this degustation. — Joseph L. Garcia