The Christmas season is a time of increased consumer spending in the Philippines, and businesses are following suit with the festive spirit with initiatives to attract more customers and more purchases. This trend is especially true for the automotive industry, where strategic marketing and sales efforts can benefit from the holiday season.
The initial surge in automotive purchases during the holiday season is frequently attributed to the financial capacity of Filipinos. With Christmas bonuses being distributed, a significant number of individuals enjoy an increase in their disposable income, making it an ideal opportunity to invest in a new vehicle.
Despite the economic challenges the country faces, such as interest rate hikes and slow economic growth, the demand for vehicles has increased remarkably.
According to a report published by the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association (TMA), the Philippine new vehicle market rebounded strongly every December of the year.
In 2021, December recorded the highest number of sales since the COVID-19 pandemic started. A total of 27,846 units were sold, slightly increasing the 27,596 units sold in December 2020. The slight increase in the numbers indicated a slow but stable economic recovery and a resurgence in consumer confidence within the market.
Similarly, December recorded the highest monthly performance in 2022, with a total of 37,259 units sold, rising to 33.8% year-on-year. These figures include 28,645 sales of commercial vehicles and 8,614 sales of passenger vehicles.
As the industry navigates through the first seven months of 2023, the upward trajectory in vehicle sales continues, maintaining a double-digit growth rate. Vehicle sales have experienced a 31.1% surge when compared to the same period last year. The sustained increase indicates a growing resilience in the market and a positive response from consumers.
Looking ahead to December 2023, industry experts are anticipating another strong performance that builds on the success of previous years. The positive trend in the first seven months of the year is expected to continue, leading to a strong finish this year.
All these figures indicate that the Philippine automotive industry is continuously growing, with Christmas sales increasing year-on-year.
Strategic timing
Car manufacturers often release new models during the Christmas season to take advantage of increased consumer spending.
In addition, automakers often launch special editions of their popular car models during “-ber months.” These limited-edition vehicles are created to commemorate the holiday season and create a sense of exclusivity. Often, these vehicles feature unique design elements, upgraded features, and even performance enhancements.
Automakers also showcase these special models to attract the attention of consumers, giving them a glimpse of what’s to come in terms of innovation and design in the new year.
The launch of these new cars not only boosts sales but also creates excitement for the upcoming year. The timing enables them to grab the attention of potential buyers looking for a special gift or considering a big purchase as the year approaches.
On the other hand, dealerships strategically sell off their current inventory to make space for the upcoming models slated for the following year. This practice not only helps dealerships keep an updated lineup but also enables them to offer attractive deals to clear out existing stock.
Dealerships often try to attract customers by offering discounts, rebates, and special financing rates. Manufacturers also work with dealerships to provide factory incentives, resulting in additional savings for consumers.
The mutually beneficial arrangement of the strategy helps dealerships clear inventory while also allowing customers to purchase a new vehicle at a significantly reduced cost.
Several dealerships host year-end clearance events and special promotions to increase the excitement. These events attract potential buyers with promises of exclusive discounts and additional perks.
Limited-time offers and bundled packages, such as free maintenance plans or extended warranties, make the deal more enticing for consumers who are considering a purchase.
Exclusive discounts and promotions
The holiday brings more than just gifts and feasts as several dealerships strategically offer special discounts to attract potential buyers.
Car sellers in the Philippines are leveraging the festive spirit to create a sense of urgency and excitement. For instance, car manufacturers take advantage of the opportunity to offer discounts and incentives.
Dealerships provide Christmas coupons and other holiday-themed promotions to make the car-buying experience more appealing to customers. Some may offer free accessories, discounted packages, and aftermarket support to sweeten the deal.
In addition, showrooms undergo festive transformations during the Christmas season, with Christmas trees, twinkling lights, and bows adorning the featured car models. Test drives may also come complete with complimentary seasonal refreshments and sometimes even a surprise gift for those who make a purchase.
Automotive companies are also extending their holiday-themed campaigns to social media, online advertising, and even virtual showrooms. Interactive online experiences, virtual test drives, and personalized holiday messages from dealerships contribute to a comprehensive and engaging online presence.
Family-centric holiday
Filipinos are known for their strong family-centric culture, and this is especially evident during the Christmas season. Since extended families frequently live in various parts of the city or even across islands, the challenge of gathering together becomes a logistical obstacle. Hence, family transportation is considered important by many.
In a study published in Applied Energy journal in 2020, private vehicles were responsible for 71.3% of vehicle trips in Metro Manila, highlighting the significance of personal transportation for families in urban settings.
Understanding the importance of Christmas and family-centric activities for Filipinos, automotive dealerships focus on providing vehicles that cater to the needs of families, such as spacious and comfortable cars, vehicles with advanced safety features, and those suitable for long drives and family outings.
Family-friendly deals are common, such as discounts on larger vehicles or bundled accessories that cater to the needs of those with children. The idea is to position the purchase of a new vehicle as a family-oriented decision, aligning with the values of the season.
Family transportation goes beyond just logistics as it symbolizes the dedication to keeping strong family bonds and the realization that the true essence of Christmas lies in the company of loved ones. — Mhicole A. Moral
It is the season to rev up the holiday spirit once more, especially for the driver or motoring enthusiast in your family or among your peers. From all-new tech-savvy gadgets to cozy comforts, there’s a sleigh full of presents one can choose from to make any car enthusiast’s heart race.
Instead of opting for generic presents, consider personalized items, tech gadgets, or even subscription services that cater to their love for all things automotive. Whether it’s for a classic car collector or a modern-day driver, there’s a perfect gift waiting to rev up their holiday spirit. We have prepared some suggestions below.
For the practical, reliable designated driver
This one’s for that friend in the group that is the designated driver every outing, or the often-unsung hero of every family trip. This holiday season offers a chance to show your appreciation for all the times that they came in clutch with their dependability. And what better way to do that than by giving them something practical and has an everyday use?
Practicality can be found in a range of useful car accessories. Consider items such as high-quality car covers, precision tire pressure gauges, or innovative storage solutions that cater to their on-the-go lifestyle.
From trunk organizers to versatile car chargers, these accessories not only enhance the driving experience but also add a touch of convenience to their daily routines.
For those who appreciate the finer details, or simply those drivers who value comfort and quality of life, why not splurge on some luxury car care products and detailing kits for some elegant and thoughtful gifts?
Anyone who takes good care of their cars would delight at some premium microfiber towels, top-tier detailing sprays, or professional-grade car wax. These gifts not only showcase your thoughtful consideration but also help them maintain their beloved vehicles in pristine condition.
For the highly personalized custom car enthusiast
For many people, their cars are an extension of themselves. They load it up with stickers to show their personality, pillows and adornments from the shows and movies they love, and even get custom decals to show off their passions even while on the road.
For such people, nothing captures the essence of thoughtful gift-giving quite like personalized items. How about considering custom license plate frames, engraved keychains, or bespoke car mats that proudly display their unique style and personality? If both of you are fans of movies, shows, or games, you can get them figures or merchandise that would be a joy to look at while stuck in traffic.
For the tech-savvy motorhead
There are also many people today who view cars as the pinnacle of human technology, with good reason. Cars have exemplified many of humanity’s biggest breakthroughs. Just take a look at the latest concept cars making headlines: self-driving vehicles powered by artificial intelligence, running on renewable electricity, and equipped with smart technology connected to the Internet of Things.
If you know someone like this, you probably don’t need to get them any of that as a Christmas gift, nor do they expect you to. Consider instead gifting them clever and innovative gadgets that enhance their driving experience and make them feel as if they are on the cutting edge of tech.
How about upgrading their vehicles with a high-quality dash cam, wireless charging pads, or a Bluetooth stereo? Even advanced GPS navigation systems and smart car adapters that provide real-time diagnostics are out there for those willing to shell out the cash.
For the careful chauffeur or the haste driver
On the road, safety should always come first. But for better or worse, some people value it more than others. These gift ideas are suited to both types of people.
Consider safety and emergency preparedness essentials that provide peace of mind on the road. These can be anything from premium roadside assistance kits to advanced emergency car escape tools. How about investing in high-quality vehicle emergency kits, compact first aid supplies, or multi-functional survival gear? Tire pumps, car jacks, or even car maintenance tools would be great to ensure peace of mind every trip, for you and for them.
Gift-giving does not have to break the bank, nonetheless. There are many budget-friendly options such as car-themed apparel, novelty car air fresheners, or DIY car care recipe books that offer creative and affordable ways to enhance the driving experience of those you care about.
Maybe look into affordable car accessories, such as stylish key fobs, decorative car decals, or practical car organization solutions that add a touch of personality to your loved ones’ vehicle without exceeding your budget. — Bjorn Biel M. Beltran
BusinessWorld, The Freeman hold forum tackling ‘smart’ potentials of cities across country
By Chelsey Keith P. Ignacio, Special Features and Content Senior Writer
As urban spaces and population expand, there is a rising need for solutions to address existing challenges with urbanization and to prevent more issues to come along the establishment of cities. And nowadays, advancements in technology are being utilized or integrated into developing existing and upcoming cities to address such issues and transform these urban areas into smart cities.
But smart city development would also stipulate for comprehensive planning to ensure that its innovative solutions do address the issues and enable better urban life. From minding the city’s energy source, sustainability of homes, to inclusivity in transport, drafting “A Blueprint for Philippine Smart Cities” was discussed by experts and leaders from relevant industries during the business forum organized by BusinessWorld and The Freeman last Nov. 10 at Belmont Hotel Mactan in Cebu.
BusinessWorld and The Freeman President and CEO Miguel G. Belmonte
“We all know how a lack of comprehensive urban planning can negatively affect our lives and the environment we live in. In drafting a blueprint for smart cities in the Philippines…we hope to explore opportunities, innovations, and developments that will positively impact our lives and the world we live in,” BusinessWorld and The Freeman President and Chief Executive Officer (CEO) Miguel G. Belmonte said in his welcome remarks.
Opportunities are seen to be found in smart cities, particularly in benefiting people’s lives and the economy.
“When we talk about technologies, we actually have a lot,” Department of Human Settlements and Urban Development (DHSUD) Secretary Jose Rizalino L. Acuzar said. “When brought together, there is a potential of making life more comfortable than ever and sustainable for future generations.”
“For me, that’s the essence of developing smart cities, to bring forward the vision of improving quality of life,” he continued with his keynote on “The Prospect of Smart Cities: From A Real Estate Perspective.”
However, citing The Economist Impact’s Digital Cities Index, Mr. Acuzar pointed out that the Philippines, as a developing country, is lagging behind. Manila placed last in the index, scoring 39.1, which is below the global average of 63.3 and Asia-Pacific’s average score of 59.4. The index looked at 30 cities across the world.
Mr. Acuzar nonetheless shared initiatives planned to develop more homes under the Pambansang Pabahay Para sa Pilipino program, which he said was not only building houses but also targeting township development encompassing amenities, services for housing communities, livelihood, and digital connectivity. It also seeks to develop megacities that will generate opportunities for economic growth.
From L-R: PhilSTAR Media Group Executive Vice-President Lucien C. Dy Tioco, Department of Human Settlements and Urban Development Secretary Jose Rizalino L. Acuzar, PhilSTAR Media Group President and CEO Miguel G. Belmonte, and Belmont Hotel Mactan General Manager Johnson del Valle — Photo by Matthew Ortoño
Among the other prospect developments he mentioned was the transit-oriented North-South Development Project. Yet, he noted the need for investment and an active policy environment from both government and business sides.
“We are literally drawing smart cities on a laid canvass. With holistic point of view, we are taking one step at a time, but also minding all angles to connect the dots toward our vision of genuine urban development,” Mr. Acuzar said.
Meanwhile, aside from improving quality of life, smart cities are also seen to support economic competitiveness.
“Technology is transforming the way our cities work in Southeast Asia. This presents a unique opportunity for countries like us to embrace smart city solutions that can boost economic competitiveness and improve our overall quality of life,” Cyel Auza, vice-president for Cebu Operations at Aboitiz InfraCapital Economic Estates, said in her keynote on “Economic Opportunities from Smart Cities.”
From L-R: PhilSTAR Media Group President and CEO Miguel G. Belmonte, Aboitiz InfraCapital Economic Estates Vice-President for Cebu Operations Cyel Auza, PhilSTAR Media Group Executive Vice-President Lucien C. Dy Tioco, and Belmont Hotel Mactan General Manager Johnson del Valle — Photo by Matthew Ortoño
Ms. Auza perceived the capabilities of technologies in smart city solutions to forecast and address risks and uncertainties caused by climate change and cyber threats. Developing smart cities also involves infrastructure and services in the urban space to deal with environmental and social issues.
“The ultimate goal is to find a balance between economic growth, protecting the environment, and enhancing the well-being of our citizens, ensuring a prosperous and harmonious future for our communities,” she said.
As cities seek to become smart, the development would not only hinge on the local government. Kellie Ko, president of the Mandaue Chamber of Commerce and Industry, further underscored the importance of collaborating with the government in developing smart cities during the forum’s first panel discussion themed “The Circuitry of Cities: Innovations powering smart city development”.
“It’s a two-way thing now. A city has to do their part,” Mr. Ko said.
“We don’t wait for the city government to make our city smart. We have to work with with the government to achieve it,” he added.
Mr. Ko also highlighted the value of pursuing smart city development moving forward in terms of competitiveness and livability.
“From the general public and economic perspective, the strive toward smart and resilient cities is really worthwhile. It’s a necessity [that] if we do not do it, we will be uncompetitive and cities will be unlivable. So definitely, that is the future we should strive for,” he said.
Core components
When talking about smart cities, it does not solely revolve around being innovative. Sustainability also makes certain to be embedded in various areas, among which is in property developments in the city.
Colliers International Director and Head of Office Services – Landlord Representation Maricris Sarino-Joson
In the real estate sector, Maricris Sarino-Joson, director and head of Office Services – Landlord Representation at Colliers International, gave several recommendations to incorporate diversity, equity, and inclusion (DEI) and environmental, social, and governance (ESG) standards.
“These are very important components if you’re building a community,” she said.
Ms. Sarino-Joson presented property market updates centered on the office sector in starting off the forum’s first panel discussion.
For DEI, some of Ms. Sarino-Joson’s recommendations included, among others, collaborating with locally-based suppliers to reduce carbon footprint; supporting local communities; acknowledging the impact of establishments or institutions on the lower-income group, indigenous people, and people of color; and making adjustments contingent to how these groups are affected.
Meanwhile, some recommended pursuits for ESG involved bringing in sustainable alternatives for a company’s resources, investing in sustainable and higher quality materials; and having green lease in companies, among others.
Broadly looking into masterplanned communities, Joey Bondoc, head of Research Team – Manila at Colliers International, also mentioned that developers should integrate green sustainable features in these projects. At the same time, they should consider leveraging technology advancements, such as the Internet of Things.
“Overall, Internet of Things and other advanced advancements in technology, it’s really important that you integrate these features into the new property department,” Mr. Bondoc said.
“Internet of Things will really play a role in advancing the technologies and the features of these masterplanned communities,” he added.
Powering the city
Panel Discussion 1 (from L-R): Greg Rubio of The Freeman (moderator), Arlene Sy Soriano of First Gen Corp., Kellie Ko of Mandaue Chamber of Commerce and Industry, Anton Perdices of Aboitiz Power Corp., and Joey Bondoc of Colliers International — Photo by Matthew Ortoño
As urban areas are transformed to function with digital technologies, energy is a necessity to power these smart cities.
“Cities are not only centers of culture, education, and economic activity, but also centers for energy,” Anton Perdices, chief operating officer at Aboitiz Power Corp. Distribution Group, said during the first panel discussion.
“In fact, cities account as much as 80% of world global energy consumption. This underscores the critical importance of energy security and maintaining residents’ quality of life and attracting investments — both key elements in fostering smart city growth,” he continued.
Mr. Perdices also considered that energy democratization and electrification of the economy would be vital for cities’ future, especially with the anticipated rise of electric vehicles, smarter city grids, digital substations, digitalization through smart meters, and net metering.
“To make these aspirations a reality, a well-planned transition in the city’s energy system is essential. This transition demands cross-border collaboration and learning from successful cities that have walked this path before,” he said.
As smart cities ensure the availability of their energy sources, considering renewables would also further sustainability.
“One way to support or help achieve the smart city goal to reduce carbon emissions, the people of the smart cities or the businesses can choose clean and renewable energy resources,” said Arlene Sy Soriano, assistant vice-president of First Gen Corp.
Ms. Soriano mentioned the Retail Competition and Open Access (RCOA) and Green Energy Option Program (GEOP), which enable qualified end-users to select an electricity supplier according to their preference.
“Again, if they want to help push decarbonization within the cities, hopefully, they can also choose clean and renewable energy sources. So aggregation, for example, include condominium buildings, business districts, malls, multi-purpose business complex, as well as economic zones,” she said.
And in furthering the power sector, working with the government is crucial as well.
“It is essential to emphasize the importance of active participation and collaboration between distribution units, governments, and the private sector in realizing the vision of smart cities. Each and every one of us can’t do it alone; we really need to work together,” said AboitizPower’s Mr. Perdices, who also highlighted that individuals in the city have to do their part as well.
Building smart homes
Panel Discussion 2 (from L-R): Jester delos Santos of News5 (moderator), Rosemarie B. Ong of Wilcon Depot, Inc., Stephen Rhey Ralota of Palafox Architecture Group, Inc., and Jennifer H. Latoga of AAC Lightweight Block Corp. — Photo by Matthew Ortoño
Smart cities also serve ashome to citizens. And their housing could also keep pace with the innovative and sustainable developments in their cities, from the construction materials, design, and things that make up the homes in a city.
“Having sustainable material and design is very much part of a smart city,” said Jennifer H. Latoga, general manager at AAC Lightweight Block Corp., during the panel discussion on “Home in the Smart City: Building Sustainable and Green Communities.”
Smart homes, for Ms. Latoga, start with green materials.
Environmental consciousness among consumers has also risen during the pandemic, thus considering the environmental impact of products they purchase for their homes, according to Rosemarie B. Ong, senior executive vice-president and chief operating officer of Wilcon Depot, Inc.
“We believe that technology and automation hold a significant role in improving the lives of everyone. And we believe also that having sustainable products available can help improve the quality of life,” said Ms. Ong.
Accessibility is also important for smart homes, for Ms. Ong. As such homes are all about controlling and powered by the Internet.
And with smart and sustainable objects being placed in their houses, smart homes are supposed to improve the lives of people residing there. “Having a smart home is not just to live there, but you have to enjoy [living there] as well,” Ms. Ong said.
Some of the benefits she also saw for residents in smart homes include enhancing their convenience, energy efficiency, and security.
“Let’s all be smart in our choices and practices so that we can create smart communities and smart homes,” Ms. Ong reminded.
Focusing on home design, Stephen Rhey Ralota, director and project manager at the Cebu Office of Palafox Architecture Group, Inc. addressed the issue of merely copying designs from the Internet or magazines without considering the climate of the area.
“Sometimes, they just tend to copy and then the topography of the property is not applicable. So that’s where the connection comes in,” he added.
Smart cities, as further elaborated by Mr. Ralota, are “meant to permit citizens who make important choices to their environment in order to make everyday life more efficient and less stressful.” He presented the components of smart cities, which involve smart governance, economy, living, people, mobility, environment, and connectivity.
While Mr. Ralota acknowledged the “smart move” of Cebu with the bus rapid transit system, he looked to the digitalization of traffic management in the place.
Mobility in smart city
Panel Discussion 3 (from L-R): Jester delos Santos of News5 (moderator), Benedict L. Camara of the National Bicycle Organization, Neil Stephen Lopez of Electric Vehicles Association of the Philippines, and Ma. Cristina Fe N. Arevalo of Toyota Mobility Solutions Philippnes, Inc. — Photo by Matthew Ortoño
In supporting citizens to move around smart cities, mobility would also need to be sustainable and inclusive.
One of the ways to make transport sustainable is electrification. “We believe electrification is the future of transportation,” said Neil Stephen Lopez, assistant executive director at the Electric Vehicles Association of the Philippines, in the panel discussion on “Advancing Smart and Inclusive Mobility in the City.”
At the same time, Mr. Lopez noted the importance of transport accessibility in underserved areas.
“If we will be developing smart cities, one of the opportunities is to improve the accessibility of transport to underserved areas,” he said.
“Mobility is not a luxury; it’s a basic need. With the advent of technology, I hope we get to improve accessibility, make transportation affordable, make electric vehicles cheaper, and give good quality public transportation,” he added.
Meanwhile, Benedict L. Camara, director and founder of the National Bicycle Organization, further promoted active mobility, particularly the use of bicycles as transport.
“[I’m] hoping the government will make more policies to promote or support [active mobility], he said. “It starts with a simple policy. It doesn’t have to be big, but from there it can branch out.”
Mr. Camara further promoted active mobility by recommending businesses set up private bike shares and bike parking.
Ride sharing is also highlighted by Ma. Cristina Fe N. Arevalo, CEO of Toyota Mobility Solutions Philippines, Inc.
“[A] ride doesn’t have to be exclusive, it can be shared. But we have to address the safety and security issues,” she said. “And that will, I think, contribute to having a smart city and achieve more carbon neutrality and a sustainable society.”
The forum, jointly held by BusinessWorld and The Freeman, took place at Belmont Hotel Mactan in Cebu last Nov. 10. — Photo by Matthew Ortoño
“A Blueprint for Philippine Smart Cities” was presented by BusinessWorld Publishing Corp. and The Freeman, in partnership with AboitizPower and Wilcon Depot; with the support of GCash, Energy Development Corp., Aboitiz InfraCapital Economic Estates, CCLEX Corp., and Primeworld Land Holdings, Inc.; and was sponsored by AppleOne Properties, Inc.; Meralco PowerGen Corp., Global Business Power Corp., Primary Homes Inc., Sto. Niño Mactan College School of Law, SM Supermalls, and Visayan Electric Company; with media partner The Philippine STAR.
Holiday spending may drive prices higher in the remaining weeks of 2023. — PHILIPPINE STAR/EDD GUMBAN
By Keisha B. Ta-asan, Reporter
THE BANGKO SENTRAL ng Pilipinas (BSP) left policy rates unchanged on Thursday as inflation eased in October, but reiterated it was prepared to resume tightening if needed.
At its policy meeting on Thursday, the Monetary Board kept its benchmark interest rate steady at 6.5% as expected by 15 of 18 analysts in a BusinessWorld poll last week.
Interest rates on the overnight deposit and lending facilities were also maintained at 6% and 7%, respectively.
This was the first Monetary Board meeting after a 25-basis-point (bp) off-cycle rate hike on Oct. 26, which brought the policy rate to the highest since mid-2007.
Since it began its aggressive monetary tightening cycle in May 2022, the BSP has raised borrowing costs by a total of 450 bps.
BSP Deputy Governor Francisco G. Dakila, Jr. said keeping rates steady would allow previous tightening to continue to work their way through the economy.
“The Monetary Board continues to deem it necessary to keep monetary policy settings sufficiently tight until a sustained downtrend in inflation becomes fully evident and inflation expectations are firmly anchored,” he said at a press briefing on Thursday. “Guided by incoming data, the BSP remains prepared to resume monetary policy tightening as necessary to steer inflation towards a target-consistent path, in line with its price stability mandate.”
Mr. Dakila said the latest projections show the inflation outlook has moderated over the policy horizon.
Headline inflation slowed to 4.9% in October from 6.1% in September and 7.7% in October 2022. This was the slowest pace in three months. Still, inflation breached the 2-4% target for the 19th straight month in October. For the 10-month period, inflation averaged 6.4%.
BSP Governor Eli M. Remolona, Jr. said the Philippines is not “out of the woods” yet despite the slowdown in October inflation.
“We’re not out of the woods but we’re within striking distance of our 2-4% target range. For 2024, I think we will, for most of the year, be between 2-4%. But maybe around April to July, (inflation) will approach the (2-4%) ceiling and maybe even exceed the ceiling,” Mr. Remolona said during the Philippine economic briefing in San Francisco, California on Wednesday ahead of the policy meeting in Manila.
“But for most of the year, inflation should be between 2-4%,” he added.
The BSP lowered its risk-adjusted inflation forecast for 2023 to 6.1% (from 6.2% in October), to 4.4% (from 4.7%) for 2024, and to 3.4% (from 3.5%) for 2025.
On the other hand, the BSP’s baseline inflation forecast stood at 6% in 2023 and at 3.7% in 2024, higher than the 5.8% and 3.5% previously given in September, respectively. But the BSP trimmed its 2025 inflation forecast to 3.2% from 3.4%.
Despite the policy pause and slowing inflation, the balance of risks to the inflation outlook are still leaning significantly towards the upside, BSP Department of Economic Research Officer-in-Charge Dennis D. Lapid said.
“Key upside risks are associated with the potential impact of higher transport charges, electricity rates, and international oil prices, as well as of higher-than-expected minimum wage adjustments in areas outside the National Capital Region,” he said.
But the impact of a slower-than-expected global economy and government interventions to mitigate the effects of the El Niño weather phenomenon could prompt the BSP to reduce its inflation forecasts.
However, Mr. Dakila noted the rebound in gross domestic product (GDP) expansion in the third quarter shows the economy’s medium-term growth prospects remain intact, even as pent-up demand wanes.
Philippine GDP expanded by 5.9% in the July-to-September period, faster than the 4.3% growth in the second quarter but slower than the 7.7% expansion in the same quarter in 2022.
For the first nine months of the year, economic growth averaged 5.5%, still below the government’s 6-7% full-year target.
“The BSP will also continue to assess how firms and households are responding to tighter monetary policy conditions, especially as credit growth continues to moderate,” Mr. Dakila said.
NO CUTS YET Meanwhile, HSBC ASEAN economist Aris Dacanay said with the peso still below the P57-a-dollar level and a slower-than-expected October inflation, there was no urgent need for the BSP to hike following the off-cycle move last month.
After the BSP’s policy decision, the peso closed at P55.79 on Thursday, strengthening by 3.5 centavos from its P55.825 finish on Wednesday. Year to date, it depreciated by 3.5 centavos or 0.06% from its P55.755 close on Dec. 29, 2022.
“The off-cycle move was for the central bank to give itself legroom in case the Fed hiked in November, which it did not. Global rice and oil prices are also off their peaks (albeit still elevated), which also gives the BSP some room to breathe,” he said in a note.
Mr. Dacanay said the BSP may keep the key policy rate at 6.5% at its last meeting next month, but noted the Philippines is still sensitive to inflation shocks.
“We continue to believe that rate cuts are off the table until the third quarter of 2024, when inflation is credibly well within the BSP’s 2-4% target band and when the Fed begins cutting rates,” he said.
Mr. Dacanay said headline inflation may pick up in the first quarter of next year before returning to the 2-4% target in the third quarter of 2024.
“This expected inflation flare up should keep the BSP on its toes and prevent the BSP from cutting rates before the second half of 2024 unless authorities extend Executive Order 10,” he said, referring to the order reducing import duties on pork, rice and corn.
“With the current account in the Philippines still wider than pre-pandemic levels, we expect the BSP to follow the easing cycle of the Fed to help support the peso and prevent ‘imported inflation’ from complicating the outlook,” he added.
In a Viber message, China Banking Corp. Chief Economist Domini S. Velasquez said policy rates may have already reached its peak as the inflation outlook improves.
“However, we still maintain our view that the BSP might hold its target policy rate at 6.5% until the fourth quarter next year given that inflation will likely print above the target until the second half of the year,” she said.
Meanwhile, Pantheon Macroeconomics Chief Emerging Asia Economist Miguel Chanco said inflation may still return to the 2-4% target before the end of the year, which would close the door to further rate increases.
“We continue to believe that average inflation will drop sharply next year to 2.8%, from an estimated 6% this year, thanks primarily to a sustained moderation in food inflation,” he said.
This would give the Monetary Board “the space to unwind one of Asia’s most aggressive tightening cycles; our current base case is for 100 bps worth of cuts in 2024,” Mr. Chanco added.
The BSP’s last policy meeting for the year is scheduled for Dec. 14.
President Ferdinand R. Marcos, Jr. delivers a speech at the Asia-Pacific Economic Cooperation (APEC) CEO Summit at the George Moscone convention center in San Francisco, California, Wednesday. — PPA POOL/MARIANNE BERMUDEZ
By Kyle Aristophere T. Atienza, Reporter
PRESIDENT Ferdinand R. Marcos, Jr. on Wednesday said the Philippines is eyeing to finance 80 potential infrastructure projects through the country’s first sovereign wealth fund.
“Currently, we have identified about 80 potential infrastructure projects that are financeable through the fund, the Maharlika Investment Fund (MIF),” he said in a speech at a Philippine economic briefing in San Francisco that was attended by executives from top US-based companies.
“These projects offer high rates of return and significant socioeconomic impact.”
Mr. Marcos did not mention the target projects for the Maharlika fund, but noted the government has prioritized 197 projects as part of the infrastructure push.
“We are prioritizing the implementation of 197 infrastructure flagship projects worth around $155 billion with a sharp focus on upgrading physical and digital connectivity, water, agriculture, health, transport, and energy.”
The government is targeting to spend 5-6% of the country’s gross domestic product (GDP) for infrastructure until 2028.
Mr. Marcos said the MIF, which he wants to be fully operational before the end of the year, is key to the future of the government’s infrastructure program as it could serve as an additional source and mode of financing.
Mr. Marcos flew to San Francisco, California on Tuesday night for the annual Asia-Pacific Economic Cooperation (APEC) Leaders’ Summit, which ends on Friday.
The Philippine leader said the country seeks to increase its participation in the US semiconductor value chain.
“You can depend on partners in the Philippines,” he said at a roundtable meeting with the Semiconductor Industry Association in California. “We are ready to work with you.”
The White House said a partnership in the semiconductor industry was tackled during Mr. Marcos’ meeting with US Vice-President Kamala Harris.
The partnership with the Philippines seeks “to grow and diversify the global semiconductor ecosystem under the International Technology Security and Innovation (ITSI) Fund, created by the CHIPS Act of 2022,” a readout from the White House said.
Mr. Marcos said the Philippines is ready to absorb and support the additional corresponding capacity for assembly, packaging, and test that will be required by the US’ plan to boost front-end wafer capacity for advanced technologies and products.
Mr. Marcos also proposed the establishment of a lab-scale wafer fabrication facility in the Philippines that can support a science and technology center proposed by the Semiconductor and Electronics Industries of the Philippines Foundation, Inc.
“Another viable alternative is to have a Philippine-based US Semicon company build a proof-of-concept wafer fab near their facility with the participation of promising candidates such as Texas Instruments and Analog Devices,” he added.
Semiconductors accounted for the highest share of the Philippines’ electronic product exports in 2022, accounting for about 47.4% of the country’s total export basket.
Meanwhile, the Philippines and the US signed various deals on the sidelines of the APEC Summit, including a pre-feasibility study on the potential of the Philippine nuclear energy and a proposed cancer hospital.
Mr. Marcos said US-based Ultra Safe Nuclear Corp. and Manila Electric Co. (Meralco) signed a memorandum of agreement for pre-feasibility study on the potential use of micro-modular reactors in the Philippines.
He said an agreement between Ayala Healthcare Holdings, Inc. (AC Health) and US-based Varian Medical Systems for the establishment of the Philippines’ first cancer hospital “reflects the Philippines’ growing potential as a leading healthcare destination in Asia.”
The Philippines’ Lloyd Laboratories, Inc. and US-based Difgen Pharmaceuticals LLC, meanwhile, signed a deal for a collaboration on the filing of abbreviated new drug applications and the marketing of jointly developed pharmaceutical products within the US.
An investment of up to $20 million will also be undertaken by Lloyd Laboratories for the establishment and operation of the first US Food and Drug Administration-approved manufacturing facility in the Philippines.
Orbits Corp. and American company Astranis Space Technologies Corp. also signed a deal for the deployment of the first two internet satellites dedicated to the Philippines. It’s expected to generate $400 million worth of investment over the next eight years.
THE BUREAU of the Treasury seeks to raise P10 billion from the Philippines’ maiden offering of peso-denominated tokenized Treasury bonds (TTBs).
In a notice on Thursday, the BTr said it will offer the bonds to qualified institutional buyerson Nov. 20 (Monday) and will be issued on Nov. 22.
The TTBs are one-year fixed-rate government securities that pay semi-annual coupons and will be issued in the form of digital tokens.
“The country’s first-ever TTBs will be made available to eligible investors in minimum denominations of P10 million and in increments of P1 million thereafter, similar to conventional government securities offers,” the Treasury said.
The digital tokens will be maintained in the BTr’s Distributed Ledger Technology (DLT) Registry. The BTr will have a dual registry structure, with the DLT Registry running in parallel with the National Registry of Scripless Securities (NRoSS). The NRoSS will serve as the primary registry.
“As part of the National Government’s Government Securities (GS) Digitalization Roadmap, the maiden issuance of TTBs aims to provide the proof of concept for the wider use of DLT in the government bond market,” the Treasury said.
It noted the TTB offering would jumpstart government’s efforts to democratize investment through digital technology by reducing settlement risk and friction costs and leading to “a financially inclusive local bond market.”
“This will level up the government securities infrastructure to become more digital and further develop the capital markets with the latest technology using the distributed ledger technology as a new/alternative registry for government securities,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
Mr. Ricafort said this would give the investing public more alternatives to GS investments, while also adapting the latest technology in investment infrastructure.
Bank of the Philippine Islands Lead Economist Emilio S. Neri, Jr. said in a Viber message said the market could be highly receptive to an “innovative” offering such as the TTBs.
The bookbuilding exercise for TTBs will start at 9 a.m. on Nov. 20. Bids should be submitted no later than 12:30 p.m., while the notice of award will be released not later than 2 p.m. on the same day.
The issue managers are Land Bank of the Philippines and Development Bank of the Philippines.
In September, the BTr Deputy Treasurer Erwin D. Sta. Ana said they were conducting an internal study on the tokenized bonds with inputs from government financial institutions to potentially implement tokenization for retail bonds and attract more digital investors.
“We’d like to roll it out first to the institutional investors and then later on, to harness what this technology offers, which is to further enable fractional shares in terms of onboarding more digital investors,” he said. — Aaron Michael C. Sy
Park-goers watch as colorful lights illuminate the Ayala Triangle Gardens in Makati City, Nov. 15, 2023. — PHILIPPINE STAR/MIGUEL DE GUZMAN
PHILIPPINE President Ferdinand R. Marcos, Jr. struck an optimistic note about the prospects of his nation’s economy, voicing confidence that the country was on track to grow close to its target this year.
“We are confident that the country will post a full-year economic growth that is close to the 6%-7% target for 2023,” Mr. Marcos said on Wednesday at a briefing on the Philippine economy in San Francisco.
The Philippine economy is on track to post Southeast Asia’s quickest expansion this year after growing 5.9% in the third quarter. However, softer consumer spending and a decline in investment amid high interest rates and weaker global expansion have spurred doubts that robust growth would last.
“Inflation is slowly coming down,” Mr. Marcos said. “We are committed to arresting inflation and maintaining overall price stability through supply-side interventions and demand-side management measures,” he added.
Philippine inflation came in sharply slower than anticipated in October, giving policy makers reason to pause their most aggressive monetary tightening in two decades.
The recent inflation numbers are “good news,” Bangko Sentral ng Pilipinas Governor Eli M. Remolona, Jr. told reporters after Mr. Marcos spoke.
The Philippine central bank has said that monetary policy will remain tighter for longer until inflationary expectations are back on target. The economic impact of the country’s policy rate adjustments, which started in the second quarter of last year, is projected to peak in the second half of 2024.
‘DOABLE’ TARGET At the same time, National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan expressed optimism the Philippines can achieve its 6.5-8% medium-term GDP growth target as the government ramps up infrastructure spending and inflation continues to ease.
“Next year, medium term, we are targeting 6.5-8% [GDP growth] up to 2028, and I think with the target to move inflation to the 2-4% range… I think the 6.5-8 % growth for the medium term is very much within the possibilities,” he said during the Philippine economic briefing.
For this year, Mr. Balisacan said the 6-7% GDP growth target can still be achieved after the better-than-expected third-quarter print.
“For us to achieve the lower end of the target range of 6%, we need to grow in the fourth quarter by at least 7.2 %. Now is that doable? I think yes. It’s still doable. There’s still much space for the acceleration of government spending which hounded the performance in the first half of the year, there’s still much space there,” the NEDA chief said.
Mr. Balisacan said he expects inflation to continue moderating, which will lift consumer spending.
“With nearly two-thirds of the economy dependent on domestic consumption, we can imagine the impact of inflation on the economy,” he said.
The government will also be ramping up major infrastructure programs, which will boost GDP growth by one percentage point in 2024, Mr. Balisacan said.
The government aims to spend 5-6% of GDP for infrastructure until 2028.
NEDA also has 197 infrastructure flagship projects worth P8.71 trillion under the “Build, Better, More” program.
These projects are in physical and digital connectivity, water resources, agriculture, health, and power and energy. — BloombergwithA.M.C.Sy
THIS YEAR, Pepe Diokno’s Gomburza, an entry to the Metro Manila Film Festival (MMFF), is hoping to reignite a sense of national justice in the hearts of Filipinos.
The film, set in 1872, is centered on the martyrdom of three Catholic priests — Mariano Gomez, Jose Burgos, and Jacinto Zamora — and their fateful fight for equality, truth, and independence. Their deaths were a catalyst for the Philippine revolution for independence from Spain.
Showing in dramatic detail how the Filipino nation was born through their sacrifice makes it a landmark film, said MQuest Ventures’ president Jane J. Basas, who produced Gomburza.
The significance of the three priests’ role in sparking the revolution is often overlooked, she told the media during a press conference on Nov. 13 in Mandaluyong City. “In fact, Jose Rizal dedicated El Filibusterismo to them,” she pointed out.
MQuest Ventures approached Jesuit Communications (JesCom) so that the two companies could co-produce the epic. Both say that they fully intend for the film’s shelf life to extend beyond the MMFF to become part of classroom curricula.
Mr. Diokno, its director, added: “We did a test screening with students, and not only did they understand the film, but they also appreciated it.”
“JesCom had been working on the project for many, many years before I came in, and I was so honored that they asked me to pitch and eventually chose me to direct,” he said.
Actors Dante Rivero, Cedrick Juan, and Enchong Dee play Gomez, Burgos, and Zamora, respectively. The plot revolves around the secularization movement they were in, started by Padre Pedro Peláez (played by Piolo Pascual).
Advocating for the Filipinization of the Church in the 1860s also inspired the educated middle class. This included Jose Rizal’s brother and Burgos’ student, Paciano Mercado (played by Elijah Canlas), who would eventually witness the three priests’ public execution and be greatly affected by it.
The three leads, aware of the impact on the youth that the film can make, were motivated to do their part in “telling a truthful story based on deep historical research,” said Mr. Rivero at the press conference.
For Mr. Juan, being authentic to the role was important. “Padre Burgos was an educator, so I wanted to understand my Spanish lines before saying them, rather than just memorizing,” he said in a mix of Filipino and English.
The cast and crew admitted that they didn’t always know a lot about Gomburza — which further drove them to do the project.
“In our textbooks, there’s not much beyond their martyrdom. But if you enter the National Museum, in the center is a painting of the three priests,” said Mr. Diokno. “It’s because the seed of national consciousness grew from them.”
Aside from the lead actors, the powerhouse cast includes Ketchup Eusebio, Epy Quizon, Jaime Fabregas, Tommy Alejandrino, Paolo O’Hara, Sue Prado, Carlitos Siguion-Reyna, Sheenly Gener, Elora Españo, Gerry Kaimo, and more. The film was shot by multi-awarded cinematographer Carlo C. Mendoza.
Gomburza opens on Dec. 25 as an official entry to the 49th MMFF. — Brontë H. Lacsamana
LOS ANGELES — While Hollywood celebrates the end of strikes bywriters and actors, the multibillion-dollar economic toll on everyone from crew members to caterers will take months to tally.
Striking writers and actors slashed spending, burned through savings and piled up debt to survive. Dry cleaners and other service industries laid off staff, while prop houses sold inventory or shuttered.
Preliminary estimates place the economic cost at more than $6 billion in lost wages and business impacts across California and other production-heavy states such as Georgia and New Mexico, as most scripted film and television production ground to a halt.
Sets for movies and TV shows are lighting up again as studios rush to resume filming. Still, Hollywood is unlikely to return to the frenzied production pace of the streaming wars, when studios competed for subscribers and cachet. Studios facing higher labor costs, falling television ad revenue, and an increasingly skeptical Wall Street are reducing the number of TV shows, cutting jobs and moving some production to cheaper locations overseas.
Total economic damage from the strike, including business failures, will take time to tabulate as experts sort through data.
The human toll will be harder to quantify beyond the painful personal accounts of people like Celia Finkelstein, an actress and member of the Writers Guild of America (WGA). She and her production-coordinator husband went without work for six months.
“There was no income in our household,” Ms. Finkelstein told Reuters. “We were grateful to have WGA loans and savings to lean on, but it was a very tough summer.”
WGA members went on strike in May, followed in July by SAG-AFTRA performers’ union members.
Screenwriters returned to work in September after winning pay increases, curbs on artificial intelligence use and benefits such as residuals that reward writers for popular streaming shows. Hollywood actors won similar gains in a tentative agreement reached with the studios on Nov. 8.
STRUGGLING TO EARN ENOUGH The strike dealt a final blow to some careers. Aspiring actress Serena Kashmir quit the business after working in Hollywood for more than 11 years.
“I was working five ‘survival jobs’ and was still living with my mother,” Ms. Kashmir said. “I have a decent resume, footage, connections, and a degree in acting, but it didn’t add up.”
Ms. Kashmir concluded “full-time acting” was not a reality, so she moved to Colorado to make her living in another field.
SAG-AFTRA President Fran Drescher has said the new contract has “historic” gains that would help preserve acting as a profession. But if talent flight persists, it can have long-term implications for Hollywood, which has long relied on a steady influx of workers attracted to the glamorous industry, said Kevin Klowden, chief global strategist for the Milken Institute think tank.
“If people can’t afford to stick around, then the pool of people trying to get in diminishes, and it’s a real concern,” Mr. Klowden said.
Long-established businesses, like Faux Library Studio Props in North Hollywood, a warehouse brimming with hollowed Styrofoam books, desks and office decor, barely hung on.
Owner Marc Meyer, Jr. laid off all but one employee and relied on his landlord’s generosity — and a GoFundMe campaign started by two friends — to remain afloat. He avoided the fate of Sony Pictures Entertainment’s prop warehouse, which closed and auctioned off everything from surf boards to fake skulls.
“I’ve seen executive desks go for $5,” Mr. Meyer said. “It just breaks my heart.”
‘A BIG SLOWDOWN’ Even before the strikes, production had already started to decline or move abroad in response to declining television advertising revenue, a diminished movie box office, and investor pressure to turn streaming businesses profitable.
The companies began laying off thousands of workers and reducing content spending by billions. Disney, for example, told investors on a recent earnings call it expected content spending in fiscal 2024 to total $25 billion, down $2 billion from the prior year.
Global spending on programming effectively flatlined in 2023, according to analytics firm Ampere Analysis.
“That’s a very different trend to what’s been happening over the prior 10 years,” said Ampere executive director Guy Bisson, noting worldwide content spending rose 31% from 2015 to 2019. “Relatively speaking, there is a big slowdown.”
Moody’s Investors Service estimates the new labor agreements will cost studios an additional $450 million to $600 million a year collectively. Analyst Neil Begley predicts companies will try to absorb costs by hiring fewer A-list actors, doing less on-location filming, or reducing spending on special effects and post-production.
Companies may seek out more tax breaks and financing subsidies to offset expenses. Moody’s predicts studios will film more productions outside the US, where costs are lower, and emulate the Netflix model, greenlighting stories with global appeal.
Ampere data shows that 69% of Netflix’s upcoming new original shows are being produced outside the US, as it fuels the global growth of its platform with local content.
One talent agent predicted the number of scripted series could drop from “Peak TV” levels of 599 in 2022 to 350 or fewer next year, which will ripple through cast and crew.
“So they won wonderful things,” said the agent, who requested anonymity. “But I do think the new costs that every movie and show will incur, because of what they were able to get, you’re going to see the other side. You’re going to see less production within a year or two, for sure.” — Reuters
Audiences in Makati, Cebu, and Davao encouraged to dress up like royalty for Disney Princess – The Concert
FOR THE FIRST time in forever, the music of Disney’s princesses will go beyond being the soundtrack to many Filipinos’ lives and come to life on stage in Disney Princess – The Concert.
“We’ve got five powerhouse voices, our four princesses and our prince, and they’re going to get out there and sing all the Disney princess songs you love,” music director Benjamin Rauhala told BusinessWorld at a recent press conference about the show, which is currently touring Asia.
“We also try to make a couple of tweaks to the script every day about the local place, try to get a couple of local references in to make sure the audience knows that we see you and appreciate you,” he said.
“I think the challenge is making sure I identify what things are iconic about these songs, what details you want to really sustain throughout, and which are the parts everyone brings their own personality to,” he added.
Presented by Disney Concerts and Wilbros Live, the quartet of Broadway and television stars will not be portraying specific characters, but they will be celebrating the music from every Disney princess.
The concert will feature larger-than-life animation and theatrical effects, to “immerse the audience in pure Disney magic,” while the stars sing songs and share funny and heartfelt behind-the-scenes stories from their time on the stage and screen.
Audience members (whether they are children or children-at-heart) are invited to dress up in royal attire and sing along — basically to be “part of that world.”
Anneliese Van Der Pol, who sings Belle and Elsa songs, said that the biggest challenge for the performers is that they have to sound as clean and perfect as a record
“It’s hard when you add choreography to it, but that’s the challenge. We’re constantly on our toes,” she said.
For Aisha Jackson, who sings Tiana and Anna songs, their lighthearted tales about previously portraying princesses on stage or on screen will complement the powerful message these characters can impart.
“All the princesses remind us to go full force after dreams, that sometimes we might fall but we got to get back up and lead with kindness and love,” she explained. “We all need those reminders through our life.”
When it comes to any surprises for Philippine audiences, Krysta Rodriguez, who sings Moana, Mulan, and Jasmine songs, teased that something magical may happen in the concert.
“There’s a little magic at the end if everyone sings loud enough,” she said with a wink.
Disney Princess – The Concert has performances on Nov. 18 and 19 at the Samsung Performing Arts Theater at Circuit Makati, on Nov. 22 at the Waterfront Hotel Cebu City, and on Nov. 21 at the SMX Convention Center Davao.
Tickets are available via TicketWorld.com.ph and TicketWorld outlets for the Manila show, and SMTickets.com and SMTickets outlets for the Cebu and Davao performances. — Brontë H. Lacsamana
MERALCO and Ultra Safe Nuclear Corp. cooperative agreement. From left: Pilipinas Global Network President and CEO Ernesto D. Sta. Maria, Jr.; Meralco PowerGen-Global Business Power EVP and COO Dominador M. Camu, Jr.; USNC EVP for Global Strategy Roland Backhaus; Meralco EVP and COO Ronnie L. Aperocho; Philippine President Ferdinand Marcos, Jr.; USNC CEO and Founder Dr. Francesco Venneri; USNC Senior Advisor Amb. John A. Bohn; Vesticom, Inc. CEO Ramon Jose A. Cruz.
POWER DISTRIBUTOR Manila Electric Co. (Meralco) has signed a deal with US-based company Ultra Safe Nuclear Corp. (USNC) to study the potential deployment of one or more micro-modular reactors (MMR) systems in the Philippines.
“USNC is changing the nuclear safety and energy security conversations in the Philippines with these Micro-Modular Reactors,” Meralco Chairman and Chief Executive Officer (CEO) Manuel V. Pangilinan said in a media release on Thursday.
The cooperative agreement was signed on Nov. 15 on the sidelines of the 30th Asia-Pacific Economic Cooperation Leaders’ Summit in the US.
“This agreement moves us forward with a partner who understands these important issues alongside the essential nature of the cost and reliability of the electricity supply,” Mr. Pangilinan added.
Meralco Executive Vice-President (EVP) and Chief Operating Officer (COO) Ronnie L. Aperocho, who represented Mr. Pangilinan, and USNC Founder and Chief Executive Francesco Venneri signed the agreement to study the MMR systems, which are described as fourth-generation and gas-cooled.
Under the deal, USNC will conduct a pre-feasibility study that will run for four months to familiarize Meralco with MMR systems and how to effectively be utilized in the country.
The distribution utility will then have the option to conduct a more detailed feasibility study with a focus on the adoption and deployment of MMR energy systems.
According to Meralco, the study will help them “in critical decisions and potential future activities on project-specific studies and project development plans at identified sites.”
The study will assess financial, technical, safety, siting requirements, and commercial viability, among other topics.
As described by Meralco, USNC’s MMR energy system features the high temperature helium-cooled micro reactor or “nuclear battery” that can safely and reliably provide up to 45 megawatts thermal of high-quality heat, delivered into a centralized heat storage unit.
One or more MMR nuclear batteries combine their heat in the heat storage unit from where electric power or superheated steam can be extracted through conventional means to meet a wide range of power requirements, from tens to hundreds of megawatts.
Mr. Venneri said USNC’s MMR nuclear batteries “can play a major role” in advancing the energy security and sustainability roadmap for the Philippines.
“The plans that will quickly follow this study place Meralco well on the way toward creating a reliable, low-carbon, equitable and secure future for Filipinos,” Mr. Venneri said.
USNC has active micro reactor deployment projects in Canada at the Canadian Nuclear Laboratories in Chalk River, in the US at the University of Illinois Urbana-Champaign, and in the UK through the Advanced Modular Reactor program, among other projects in Asia, the US, Canada, and Europe.
Meralco said the nuclear initiative is part of its long-term sustainability strategy that seeks to accelerate its shift to green energy as it assesses and adopts clean technologies such as MMR energy systems.
In September, Meralco announced the launching of its two-year graduate program, which is scheduled to run from 2025 to 2027. The program seeks to develop professionals who will help advance the integration of nuclear power in the country’s energy portfolio.
On Thursday, shares of the company rose by nine centavos or 2.5% to close at P369 apiece.
Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera
FOR ManiPopCon 2023, a slew of TV and voice stars are joining Netflix’s One Piece actor Mackenyu, including Emily Swallow, who plays The Armorer in The Mandalorian; Diana Lee Inosanto, a martial artist who was Magistrate Morgan Elsbeth in the Disney+ series Ashoka; and Mela Lee, acclaimed for her voice acting in Mortal Kombat 11, Fate/Stay Night, and more. Fans of Star Wars, martial arts, animé, gaming, and pop culture will have the chance to connect with these guests at ManiPopCon 2023, to be held at the Ayala Malls Manila Bay in Paranaque from Nov. 17 to 19. For more information on ticket availability and event details, visit www.ticketmelon.com/manipopcon/manipopcon-2023.
Araneta City lights giant traditional belen
THE ICONIC BELEN, or nativity scene, in Araneta City, Cubao, Quezon City will be lit up on Nov. 17 at 5 p.m. Located at the center aisle of Gen. MacArthur Ave. between Farmers Market and Farmers Garden, the traditional lighting of the giant belen has been held every holiday season since 1991. This year, it will be led by Araneta City executives and Quezon City government officials. The belen lighting follows the Christmas tree lighting held earlier in the week at Gateway Mall 2.
Jeepney Jazz session 3 focuses on urban folk
GROOVY singing and mesmerizing gongs will be the focus of the third Jeepney Jazz session at the Ayala Museum in Makati on Nov. 17, 6:30 p.m. Vocalist Abby Clutario and guitarist-composer Johnny Alegre will lead HUMANFOLK, a pioneer in the contemporary Philippine and world music scene, in a show of kulintang music and OPM classics. Under the banner of indigenous and urban folk, HUMANFOLK mark the convergence of the musical styles of jazz, rock, and electronica blended with the local sounds of indigenous percussion. Those with tickets to the session will enjoy an open bar and pica-pica. Tickets are available at bit.ly/fhl-jeepneyjazz-s3 for P1,400.
Intramuros Evenings make a comeback
THIS year, the Intramuros Administration is reviving an old program from the 1990s called Intramuros Evenings, which will kick off with the re-staging of the Cultural Center of the Philippines’ Out-Of-The-Box (OTB) Series concert Isang Gabi ng Sarsuwela on Nov. 18, 6 p.m., at the Baluarte de San Diego in Intramuros, Manila. The concert will feature performers from classical and musical theater, including Nenen Espina, Franco Laurel, Ayen Munji Laurel, Reuben Laurente, Lorenz Martinez, Shiela Valderrama Martinez, Jonathan Tadioan, and Karylle Tatlonghari. While the concert itself is free, entrance to the Baluarte de San Diego is priced at P75, discounted to P50 for students, senior citizens, and PWDs.
‘Incredible India’ pavilion at the International Bazaar
AN “Incredible India” pavilion is a feature at the International Bazaar 2023on Nov. 19, 9 a.m. to 7 p.m., at the Philippine International Convention Center Forum 2 and 3 in Pasay City. Organized by the Embassy of India and the Bharati Indian Expat Women’s Association, the “Incredible India” pavilion will have six merchandise booths with Indian products and three food booths. On view will be mehendi art, Indian mirror work, Indian handloom textiles and clothing, fine jewelry, accessories, and folk art. Visitors can also purchase Indian spices and millets in celebration of the International Year of Millets 2023, along with a selection of Ayurvedic products. The International Bazaar is organized by the International Bazaar Foundation, Inc. in cooperation with the Department of Foreign Affairs, the Diplomatic and Consular Corps of the Philippines, and Spouses of the Heads of Mission. Entrance fee is P150.
