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PEZA’s May investment pledges hit P66 billion

LIMA Estate’s 30-hectare commercial area in Batangas. — BW FILE PHOTO

By Justine Irish D. Tabile, Reporter

THE PHILIPPINE Economic Zone Authority (PEZA) approved P66.34 billion worth of investment pledges in the first five months — 80% higher than a year earlier —  that could generate more than 29,000 more jobs and $1.092 billion in exports.

In a statement on Tuesday, the agency said the commitments are covered by 102 approved projects in January to May, compared with 95 projects a year ago.

The P66 billion in new and expansion projects spans advanced manufacturing, semiconductors, information technology and business process management, logistics and renewable energy — key industries driving the transformation of global trade networks, PEZA said.

“This consistent growth in job creation affirms investor confidence in the Philippine ecozone program, especially in strategic and emerging locations,” PEZA Director-General Tereso O. Panga said in a statement.

“Our focus remains on inclusive growth by developing economic zones (ecozones) beyond urban centers,” he added.

This year, PEZA is targeting the approval and proclamation of at least 30 ecozones, particularly in Central Luzon, Cebu and Mindanao.

Meanwhile, Mr. Panga said US reciprocal tariffs, the subject of negotiations between Philippine authorities and the US Trade Representative, are creating uncertainty among investors.

“However, at PEZA, we are promoting the China+1+1 methodology to facilitate the growing interest of China-based companies in having a presence in the Philippines,” Mr. Panga said, referring to the supply-chain strategy of some companies to diversify by setting up manufacturing and sourcing locations in two other countries aside from China.

“PEZA has received numerous inquiries lately, and we are confident that we can do a quick turnover and welcome these companies as new locators,” he added.

South Korea was the top investment source in the first five months, accounting for 16% of PEZA’s approved investments.

“This surge is largely attributed to the recently implemented South Korea-Philippine free trade agreement, which has boosted investor confidence and strengthened bilateral economic ties,” the ecozone regulator said.

The other top sources of investments were the US (4.08%), China (3.3%), Japan (2.92%) and The Netherlands (2.16%).

Mr. Panga said his team is in talks with Malaysian and Indonesian companies that have signified their intent to set up shop in the country.

“We welcome these interests as we continue to grow and strengthen inter-trade ties among our neighbors, making the ASEAN (Association of Southeast Asian Nations) region a more cohesive economic and trade area,” he said.

“With the rising interest in the Philippines and together with this massive ecozone development in Palawan, we are well on the way to meeting the set targets for 2025,” he added.

PEZA is targeting approved investments to reach at least P235 billion this year, and for exports and jobs to rise by 5%.

The ecozone development in Palawan province in western Philippines was among the big-ticket projects approved by PEZA in its board meeting last month.

Considered the first and largest of its kind, the Palawan Mega Ecozone (PMEZ) is a joint initiative between PEZA and the Bureau of Corrections. Under the plan, 28,000 hectares of the Iwahig Prison Colony will be transformed into an eco-friendly industrial estate.

“An initial 4,000 hectares has been transferred to PEZA as phase 1 for conversion into the approved PMEZ,” PEZA said.

The grant of pre-qualification for the declaration of a 4,000-hectare property in the villages of Montible and Sta. Lucia in Puerto Princesa City, Palawan had been approved for development, it said.

Apart from strengthening Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) trade, the PMEZ is also in line with President Ferdinand R. Marcos, Jr.’s call to promote stronger trade ties among ASEAN member states.

“The PMEZ is envisioned to attract environmentally responsible industries such as agro-industrial processing, renewable energy, ecotourism and marine biotechnology,” Mr. Panga said.

“This will not only preserve Palawan’s rich biodiversity but will also uplift the livelihood of local communities through jobs and infrastructure development,” he added.

PEZA seeks to complete the regulatory requirements for the PMEZ within the month before submitting it to the President for proclamation.

The ecozone is expected to create more than 480,000 jobs that could benefit the local communities and Filipino prisoners.

Centrala: The New Growth Center of Pampanga

Main Estate Signage (Artist’s Perspective)

Ayala Land’s much-awaited mixed-use estate is set to redefine Downtown Angeles City in new and exciting ways

Set to reshape the landscape of downtown Angeles, Centrala makes its debut in Pampanga. This marks the beginning of an exciting new chapter for the city. Offering boundless possibilities for growth, commerce, and modern living.

The Core of Possibilities

Designed with Ayala Land’s expertise in large-scale master planning, Centrala will transform Angeles City through this 33-hectare development and make it into a residential, business and lifestyle center.

Aerial Masterplan (Artist’s Perspective)

A Flagship Development for Angeles City

Angeles City has demonstrated continued growth over the past decades, thriving as a commercial and cultural hub. Centrala aims to help harmonize its commercial, residential, and cultural strengths by creating a more integrated and vibrant community.

The Newest Business District in Central Luzon

Centrala offers prime commercial lots within a meticulously designed community to enhance connectivity and accessibility, while promoting a vibrant urban environment. Its master plan emphasizes low-density buildings arranged around a central park and a main road, creating a campus-like atmosphere that seamlessly blends commerce and lifestyle.

Aerial Dusk Main Estate Signage (Artist’s Perspective)

Led by Ayala Land subsidiary, Alveo Land, Centrala is set to cultivate a thriving business district. It has 56 commercial lots available, averaging 770-1500 square meters and a floor area ratio of 2.4, offering businesses the flexibility to grow and thrive.

Centrala’s core value lies in its seamless integration of modern urban components — a convergence point for commercial, residential, and institutional environments. Anchored by green urban spaces, the estate will catalyze economic growth in Pampanga and offer an ideal business and living environment for investors, entrepreneurs, and residents.

Retail Aerial View (Artist’s Perspective)

Unparalleled Connectivity and Accessibility

With direct access to major highways, Centrala’s connectivity is one of its defining features. Its access points lead to MacArthur Highway and Pandan Road, enabling businesses to enjoy accessible transit to and from the estate. Centrala’s proximity to the North Luzon Expressway (NLEX) and Subic-Clark-Tarlac Expressway (SCTEX) further enhances its connectivity, making Metro Manila reachable in just 90 minutes.

Centrala Vicinity Map

In addition, Centrala is only 18 minutes away from Clark Freeport Zone and the Clark International Airport. Surrounded by various leisure, retail, and business facilities, the estate’s location offers unparalleled access to Pampanga’s growing business and tourism opportunities.

A New Mixed-Use Hub

Centrala is designed to meet the evolving needs of Central Luzon’s fast-growing market. Residents will have access to key amenities such as schools, parks, and community facilities, making it a holistic environment for businesses and families.

Streetscape (Artist’s Perspective)

The estate’s centerpiece will be its 2.5-hectare park — a green expanse that will serve as the heart of the community. Designed to host family activities, events, and gatherings, this will complement a retail center featuring a grocery store, garden-facing retail spaces, cafés, restaurants, and other conveniences. Investors can expect a range of establishments — from culinary, lifestyle and retail destinations to hotels and clinics. And to further enhance accessibility, the development will also include a transport terminal.

A Magnet for Commercial Investments

Streetscape (Artist’s Perspective)

Centrala represents Ayala Land’s commitment to sustainable urban development. With its plug-and-play infrastructure, businesses can efficiently establish operations, tapping into utilities like telco, water, and power conveniently. The estate’s efficient road systems and ample green spaces promote pedestrian movement, further enhancing the business environment. 

The commercial lots offered by Alveo Land provide an excellent opportunity for freehold ownership, making Centrala an attractive prospect for both local and multinational companies looking to expand their footprint in Pampanga and Central Luzon. With Centrala, Ayala Land aims to replicate the success of previous developments such as Nuvali, Cebu Business Park and Azuela Cove in Davao City. These estates have proven the effectiveness of its strategic approach, by creating distinct mixed-use environments that nurture both business and community. 

For more information on available commercial lots in Centrala, please visit www.alveoland.com.ph.

 


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Take a seat

La Mariposa stool by mimaaaaaaaaw

Diwa.Dezeñyo introduces its designs through artist collaboration

LONDON-BASED design agency Diwa.Dezeñyo, run by Filipinos exposed to diverse cultures and broad perspectives on human-centered design, has come home to the Philippines.

As part of their opening salvo, the agency has unveiled three functional wooden stool designs through an exhibit showcasing 16 Filipino artists’ playful influence on the stools, titled Take A Seat, on view at the Space Encounters Gallery in Ortigas.

The featured artists in the group exhibit are Joly Beart!, Valerie Teng, Remster, Carla Gamalinda, Summer De Guia, Jesse Camacho, Pat “Rabby” Aguas, Julia Borja, Jheane Borja, Joshua Barrera, mimaaaaaaaaw, Gemart Ortega, Humbly, Andre Baldovino, Demetrio Dela Cruz, and Sigwada Knicolai Mendoza.

It was in 2024 that Sigwada Knicolai Mendoza, a visual artist, touched base with her godson, F. Marco Sebastian Padayao, one of the co-founders of Diwa.Dezeñyo. Upon learning that he had started his own design agency in the UK, she came up with the idea for the exhibit.

“I invited him to launch here in the Philippines. We could collaborate on furniture art, and we eventually decided on stools since they’re compact and easier for artists to work with,” she told BusinessWorld at a preview of the stools in April.

For Mr. Padayao, who started Diwa.Dezeñyo in London with his business partner Luigi Bauzon, it became important to them to build a “Filipino culture” in their agency.

“We met in the UK, but Luigi is also a Filipino. After working on different projects together, I realized over time that our philosophies were very similar,” he said.

ART IN CONVERSATION
Mr. Padayao said that launching Diwa.Dezeñyo in the Philippines is an attempt to “return to one’s roots” through art. “At the end of the day, no matter where we were raised, we’re still Filipino,” he said.

Fifteen artworks came out of his three stool designs, randomly paired with five artists each. These are the Diwa.Casa, with curves influenced by Gaudi’s Casa Batllo in Spain; the La Mariposa, inspired by the distinct shape of a butterfly’s wings; and the Hugis ng Diwa, adopting a contemporary interpretation of a stool and challenging the perception of stability through its thin legs.

“By combining Marco’s stool design and the artwork of the visual artist, people will be able to see something different in this merging of two individuals who are collaborating,” Ms. Mendoza said, of her curation of the exhibit. “Each stool reflects two perspectives.”

In the case of Cebu-based sisters Julia and Jheane Borja, theirs is the only one reflecting three perspectives. The notable feature of their take on the curved Diwa.Casa is the illusion of little ants crawling over the wood and in between the images of bodies climbing ladders.

“It’s a comment on us collaborating, since ants are a collaborative species. It brings up the conversation of collectivism versus individualism in art,” they said. “We’re working together on this, so you don’t know who did what. In history, artisans created in guilds, but their works were unnamed. We wanted to harken back to that.”

Another Diwa.Casa stool with an interesting take is Carla Gamalinda’s, who used the wide, curved legs to tell a story.

The outer sides of the chair’s legs show a house, while the inner sides depict a pair of cats facing a person, as if in conversation. “When you ask someone to sit down, the connotation is to sit down and talk. I fully intend people to use this like that, and I wanted the art to reflect that,” Ms. Gamalinda said.

ART IN TELLING A STORY
Ms. Mendoza explained that her curation of Take A Seat reflects the “intersection of visual art and product design, both forms of storytelling.” For example, many artists who were given the La Mariposa stool to work with used it to portray original characters.

Mariel Cruz, who goes by the name mimaaaaaaaaw, transformed the stool’s butterfly-wing backrest into the ears of her cat character, whose humorous face occupies the seat. The chair’s legs are the cat’s legs, with the claws unpainted to showcase the original color of the wood.

Jesse Camacho also utilized the butterfly wings, but to place symbols of fish above his colorful, fairytale-inspired character Jack, depicted using a broom in the futile act of sweeping away water. The chair’s legs were painted with chains, a contrast to the character’s free-spirited appearance.

For Joshua Barrera, whose art leans more towards intricate pointillism and ornamentation, the stool became a stage for his preferred themes of fantasy and spirituality. Coated with black acrylic paint and drawn on with metallic ink, it shows the wings of an angel.

“I draw mainly from folklore and cultural heritage. I initially started with ethnic patterns, but morphed it into my own style. For this piece, I wanted to express a sense of divinity,” Mr. Barrera said.

The Hugis ng Diwa stools, despite their unique shape, were the ones that posed the greatest challenge for artists due to the limited surface area on the legs.

Patrisha Aguas took it in stride, using the stool to express her own inner frustrations through her character Rabby. She painted the seat with the rabbit figure showing an aggressive face, a contrast to its cute appearance.

“I wanted to show that, like me, just because a rabbit is cute doesn’t mean you should underestimate it,” Ms. Aguas explained. Meanwhile, the thin legs of the stool were painted with little symbols like smiley faces, hearts, and stars, giving the illusion of stickers.

Mr. Padayao told BusinessWorld that he’s optimistic the show will draw potential clients for the design agency. “We want to create that noise, that exposure for us to make a name for ourselves here, as well as give artists the opportunity to explore,” he said.

Diwa.Dezeñyo is currently setting up an office and a manufacturing site in Manila, so that their products could be produced locally, just like the stools.

Take A Seat runs from June 7 to 28 at Space Encounters Gallery, Unit 7D, Padilla Bldg., F. Ortigas, Jr. Road, in the Ortigas Center, Pasig City. — Brontë H. Lacsamana

Art collaborations for World Ocean Day

VARIOUS ARTWORKS from the Ebb & Flow event. — BRONTË H. LACSAMANA
VARIOUS ARTWORKS from the Ebb & Flow event. — BRONTË H. LACSAMANA

THE BEAUTY, resilience, and critical importance of the oceans inspired a collaborative collection between art museum Fundacion Sansó, Hoseki jewelry designers, and the natural skincare brand Pure Culture.

Titled Ebb & Flow, the collaboration invites visitors to Art Lounge Manila this June to celebrate World Ocean Day by learning about sustainable initiatives while appreciating art.

“We have this very unique intersection of different forms, all conveying that our environment, the ocean being the biggest part of the earth, is really everyone’s responsibility,” said Susanne Tiausas, managing director of Art Lounge Manila.

The event features art, jewelry, skincare, and educational dialogue. Ms. Tiausas specified Hoseki as “a bespoke jewelry designer” that goes beyond beautiful accessories.

“They use the highest quality of South Sea pearls and other indigenous wood and plant-based ivory,” she said. Their collections are available to view at the exhibit.

Noy Esmane, chief creative officer of Hoseki, told the media that the pearls they use are all sustainably and ethically sourced. “The more polluted the waters, the dirtier the pearls. Pristine waters produces pristine pearls,” he explained.

Meanwhile, the Ebb & Flow curation of art showcases “the dynamic relationship between the ocean and its environment, illustrating the natural rhythms of marine life and the human influence on these delicate systems.”

Most notable are the paintings displayed by Fundacion Sansó, which are special giclees by the late master Juvenal Sansó centered on peaceful views of seascapes.

“As a gallery, we’ve found that the ocean has been an inspiration to so many, so we chose a few representations, interpretations, and expressions by many artists,” Ms. Tiausas said.

Some notable works include metal sculptures imitating the shapes of puffer fish, and various paintings depicting how animals like turtles and camels are affected by the shifting tides.

Finally, there is skincare brand Pure Culture’s display of products, highlighting the role of the sea in nourishing humans.

“The main ingredients for their skincare is the lowly lato (seaweed),” said Ms. Tiausas. “It’s a very potent and sustainable ingredient that’s actually effective as skincare. We’re happy to present them as part of this overarching theme of marine life.”

Steph Oler, chief executive officer of Pure Culture, said that the lato-made products are ideal for use in high-humidity climates like the Philippines.

“Filipinos don’t know about microbiome skincare because it’s inaccessible and expensive. We want to change that,” she said.

Ebb & Flow, consisting of about 30 paintings and sculptures, will take place in two galleries, with Art Lounge Manila at The Podium in the Ortigas Center, hosting the project from June 5 to 15. It will then move to Art Lounge Manila in Molito, Alabang, where it will be on view from June 12 to 15.

Each opening day will feature speeches from representatives of Hoseki, Fundacion Sansó, and Pure Culture. A portion of all sales will benefit Save Philippine Seas, a non-profit organization that aims to drive collective action to support ocean conservation. — Brontë H. Lacsamana

Why an auction of Buddha relics was called off and why it matters

A screenshot from the video The Piprahwa Gems of the Historical Buddha from Sotheby’s. — YOUTUBE.COM/@SOTHEBYS

THE SLICK online catalogue entry for “Premium Lot 1, The Piprahwa Gems of the Historical Buddha” on the Sotheby’s Hong Kong website was abruptly replaced on May 7 with a single line notification: “The auction has been postponed.”

Shortly afterwards, the associated webpages went blank. The only evidence remaining on Sotheby’s Hong Kong website was an entry on the Piprahwa gems’ history and a short YouTube promotional clip for the sale (https://tinyurl.com/yprw5jrh).

Sotheby’s had first announced its intention to auction the relics on Feb. 6 this year. Discovered in northern India in 1898 and thought to date to the 3rd century BC, it was estimated they would fetch up to HK$100 million (£9.7 million). The collection was consigned by Chris Peppé on behalf of his family, who had inherited the relics from his great grandfather, William Caxton Peppé — a 19th century British colonial landowner who owned an estate in India.

Reaction was muted at first, but as a scholar who researches the early history and archaeology of Buddhism and issues surrounding loot and restitution, I was gravely concerned by this proposed sale. Fortunately, I was not alone, and thanks to detailed research of SOAS colleagues such as Conan Cheong, Ashley Thompson, and Thai academic Pipad Krajaejun, as well as protests from Buddhist devotees worldwide, a groundswell of disapproval began to grow.

A letter sent to Sotheby’s by the British Maha Bodhi Society, and shared with me, states: “Millions around the world, whether Buddhist or not, have religious and ethical concerns and believe that the sale of sacred items is morally wrong and offensive … Members of the Buddhist sangha [monkhood], as well as lay followers from all traditions, are appalled that the gems offered in devotional acts by the Buddha’s own clan, have been separated from his corporeal remains and are now being sold to the highest bidder.”

This disapproval turned into a tidal wave on May 5, two days before the planned auction, with the intervention of the Indian government – which is now threatening legal action against both Sotheby’s and the Peppé family, demanding that the relics be repatriated to India.

In terms of his rights and those of his relatives to sell the relics, Chris Peppé previously had told the Guardian newspaper: “Legally, the ownership is unchallenged.”

Sotheby’s confirmed to me that it and the Indian government are “currently in discussions regarding the Piprahwa Gems of the Historical Buddha, and are pleased to be working together to find the best possible outcome for all parties.”

HOW WE GOT HERE
To understand how we reached this impasse, we must cast our eyes back to 19th century British colonial India, then forward again to 2018-2023 and a number of high-profile exhibitions at some of the world’s most prestigious museums.

In 1898, the family’s great grandfather, William Caxton Peppé, excavated a Buddhist reliquary monument (known as a stupa) on his estate in Piprahwa, northern India. He uncovered what is now considered by scholars to be the most significant cache of Buddhist relics found in India.

The discovery included five reliquary urns containing gems, ash and bone fragments. An inscription on one suggested the remains could be those of the historical Buddha, who is thought to have been cremated around 200 years prior to their burial.

The Indian Treasure Trove Act of 1878 allowed Peppé to keep a portion referred to as “duplicates” (an art-history term used to justify the dividing up of similar material from a hoard or archaeological site that is very much frowned upon today). The British authorities gifted the bones and ash to King Chulalongkorn of Siam, who enshrined them in Bangkok and distributed portions to other Buddhist nations.

The majority of the 1,800 gems, meanwhile, had been deposited in the Indian Museum in Kolkata. It is a longstanding issue, however, that the bulk of this collection remains locked away in the museum safe, off limits to Buddhists, the wider public and scholars alike. Perhaps the publicity surrounding the Peppé portion of the reliquary contents might prompt that museum to review this policy after 120 years.

About 10 years ago, armed with his inherited share of the relics, Chris Peppé began reaching out to museums worldwide, proposing to loan them. This, he recently stated, was to make them accessible to Buddhist devotees and the general public alike. Five museums took him up on the offer and, starting in 2018, duly curated high-profile exhibitions around them or incorporated them into larger shows.

Chief among these was the 2023 blockbuster Tree And Serpent: Early Buddhist Art of India at the Metropolitan Museum of Art New York, where Peppé took part in the exhibition symposium, delivering a lecture on the relics.

Objects with a history of celebrated exhibitions tend to reach higher prices at auction. Whether the Peppé family intentionally built up the Piprahwa exhibition history with the aim of eventually auctioning the relics is unclear. I contacted Chris Peppé directly and posed this question to him, but he declined to comment.

Tellingly, the Sotheby’s website included a scholarly article from 2023 in Orientations Magazine by John Guy, curator of the Tree and Serpent exhibition. But it was dated to February 2025, which perhaps inadvertently made it appear to have been written as an endorsement of the sale. In fact, the paper had been published to coincide with the exhibition. I contacted Guy about this, and he responded by saying: “I regard the linking of my publication to the Sotheby’s sale as highly inappropriate and this was done without my knowledge or consent. The Met’s lawyers demanded that it be removed immediately, which was done, along with a written apology from Sotheby’s.”

When I spoke to Nancy Wong at Sotheby’s, she confirmed this, saying: “We apologized and immediately removed the relevant reference from our website.”

Given the events of the past few weeks, the Peppé family now find themselves in a bind. With the Indian government engaged, it may not be long before Sotheby’s drops them and the relics altogether. Despite their cultured facades and high-society veneers, auction houses are businesses, designed to make a profit – and any potential buyers may have been thoroughly scared off by recent events.

It is hard, however, for me to have much sympathy for the family who could have prevented this whole affair by donating the relics to a Buddhist community or museum in the first place.

 

Stephen A Murphy is a Pratapaditya Pal senior lecturer in Curating and Museology of Asian Art at SOAS, University of London. Prior to this he was a senior curator at the Asian Civilizations Museum, Singapore, from July 2014-October 2020 where an exhibition displaying the The Piprahwa Gems of the Historical Buddha took place in November 2022-March 2023.

Hotel101 cleared for Nasdaq debut this month

HOTEL101/BW FILE PHOTO

By Revin Mikhael D. Ochave, Reporter

HOTEL101 Global Holdings Corp., a subsidiary of listed investment holding company DoubleDragon Corp., has secured approval from the US Securities and Exchange Commission (SEC) for its planned listing on the Nasdaq Stock Exchange this month.

The SEC approved Hotel101 Global Holdings’ registration statement on Form F-4 on June 2, DoubleDragon said in a regulatory filing to the Philippine Stock Exchange (PSE) on Tuesday.

Hotel101 Global Holdings, which will list on Nasdaq under the ticker symbol “HBNB,” was formed after the merger of Singapore-based Hotel101 Global Pte. Ltd. and JVSPAC Acquisition Corp. in April last year.

The merger values the combined entity’s equity at $2.3 billion (P130 billion), with shares priced at $10 each.

“The closing of the business combination is expected to occur as soon as possible, subject to regulatory and shareholder approvals and other customary closing conditions,” Hotel101 said.

Hotel101 Chief Executive Officer Hannah Yulo-Luccini described the listing as a “significant step” toward the company’s goal of becoming the world’s first global one-room hotel chain.

“As we expand into key markets, including Japan and the US, we are taking a pivotal step through this listing that will help scale our model globally and redefine the global hospitality experience,” she said.

Hotel101 is poised to become the first Filipino-owned company to be listed and traded on Nasdaq.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that the timing is favorable following the normalization and growth of international travel and tourism after the COVID-19 pandemic.

“There was also the proposition of investment and the rental/hotel income at the same time. This will also create a strong international business and brand in wealthy and high-potential countries with possible additional growth in the coming years,” he added.

Last week, Hotel101 announced plans to expand into Saudi Arabia with projects to develop up to 10,000 rooms valued at P137.5 billion ($2.5 billion).

The company signed a joint venture agreement with Saudi-based investment firm Horizon Group, committing to roll out a standardized hotel offering averaging 500 rooms.

Initial project locations include Medina, Riyadh, Jeddah, Abha, and Alula.

DoubleDragon shares rose 8.86%, or 90 centavos, to P11.06 per share on Tuesday.

Arts & Culture (06/04/25)


CCP presents crime fiction workshop

THE Cultural Center of the Philippines (CCP), in collaboration with Penguin Random House US, is hosting an author event with Filipino writer F.H. Batacan on June 24. With the goal of inspiring aspiring writers to explore the potential of crime fiction as a genre, the seminar-workshop is free to everyone who will submit their crime story pitch until June 10. Submissions can be sent via this link: https://forms.gle/BmgcezLS14Fh6bt29. Ms. Batacan, known for her crime novel Smaller and Smaller Circles, will discuss her techniques and strategies in creating suspenseful stories that resonate with diverse readers. She will also provide feedback on the submitted crime story pitches from the participants.


Benilde holds Philippine art history evidence lecture

THE free public lecture “Echoes and Impressions” will study how different sources of information and evidence provide diverse interpretations on the history of Philippine art. Facilitated by visual artist, writer, and cultural heritage worker Carla Gamalinda, with presentations by Purita Kalaw-Ledesma Center Director Mayumi Hirano, the lecture will look into how news clippings and various ephemera on arts and culture can reveal varied approaches to uncovering stories within the history of Philippine art. It is free and open to the public on June 11, 2 to 3:30 p.m., at the 8th Floor Learning Commons of the Benilde Design + Arts Campus in Malate, Manila. Those interested may register through bit.ly/CCA_EchoesandImpressions.


BP performs at the Philippine Pavilion

FROM now until June 15, visitors to the Philippine Pavilion at Expo 2025 in Osaka, Japan can witness the rare performances of Ballet Philippines’ (BP) dancers on the pavilion’s exterior, transforming architecture into a living stage. Nestled behind the intricate woven panels of the pavilion façade, the dancers’ stage is part of the pavilion’s multisensory storytelling. There will be a limited number of surprise showings until mid-June.


Nilad Community, Met Theater hold Dia de Manila 2025

A SERIES of events under the banner of “Dia de Manila 2025” will be celebrating the history and heritage of Manila, in commemoration of Manila Day. It will include heritage talks, activities, Manila tours, and a special pop-up market, all taking place within the Metropolitan Theater in Ermita, Manila on June 22. Check the Nilad Community social media pages for more details and announcements about Dia de Manila 2025.


I/LAND by FotomotoPH goes to BenCab Museum

FROM June 7 to July 27, the I/LAND photography exhibit will be on view at the BenCab Museum in Baguio. The collection of photographs celebrates, mourns, connects, dismantles, aggregates, and disaggregates the contradictions that constitute archipelagic life, across land and water, flora and fauna. It previously ran at Makati’s Ayala Museum over the duration of the 2025 Art Fair Philippines. The BenCab Museum is located on Asin Road, Baguio City.


Mike Gonzales’ 1st solo show at Avellana Art Gallery

VISUAL artist Mike Gonzales, a 2004 Metrobank Art and Design Excellence (MADE) awardee for the Water Media Category, will hold a solo exhibition at Avellana Art Gallery. The show will affirm his belief in nature as a well-spring of life’s deepest truths, through paintings that utilize acrylics, textured canvases, and glazing techniques. Titled Garden Variety, the exhibit opens on June 12 at Avellana Art Gallery, F.B. Harrison St., Pasay City.


GMG Productions announces cast of Burn the Floor

THE full cast of Burn the Floor: Ballroom Reinvented, a global dance phenomenon, has been revealed. The show will be staged at The Theatre at Solaire from July 10 to 15. It stars Filipino singer Dion Holganza from Cebu City. Also in the cast are Erika Attisano, Tyler Azzopardi, Ellie Beacock, Lily Cornish, Dylon Daniels, Marcella Daniels, Andrea De Angelis, Marco De Angelis, Alberto Faccio, Jorja Freeman, Igor Gutan, Sophie Holloway, Flaminia Iannone, Ivan Khlebutin, Leonardo Lini, Martin Ruvira, Mark Stefanoff, Jamie Valiente, Gustavo Viglio, and Nicole Wirt. Burn The Floor is presented in Manila by GMG Productions on behalf of Dance Partner Productions. Tickets are available via TicketWorld.


Benilde Open Design + Art 2025 calls for entries

THIS year, the De La Salle-College of Saint Benilde is inviting designers, artists, engineers, architects, technologists, storytellers, and radical dreamers from all over the country to join the second edition of the Benilde Open Design and Art. The theme for 2025 is “Extension of Nature,” and challenges creatives to imagine a world where art and technology work in harmony with the environment — not against it. Selected participants will each receive up to P300,000 in production grants to bring their concepts to life. Up to 10 projects will be awarded, with final proposals reviewed by a jury of creatives from both local and international communities. Submissions are open until July 30. Full guidelines, eligibility requirements, and proposal forms are available at https://benildeopen.com/.

GCash parent OKs stock split ahead of IPO

BW FILE PHOTO

By Ashley Erika O. Jose, Reporter

GLOBE Fintech Innovations, Inc. (Mynt), operator of GCash, has approved a stock split to increase the number of its common shares ahead of its planned initial public offering (IPO).

“The board of directors and shareholders of Globe Fintech Innovations, Inc. in their special board meeting and annual stockholders’ meeting held today, approved the proposed stock split reducing the par value of the company’s common shares,” Ayala Corp. said in a regulatory filing on Tuesday.

In separate disclosures, Globe Telecom, Inc. and Ayala Corp. said Mynt’s board of directors approved the amendment of its articles of incorporation to reduce the par value of the company’s common shares from P1 each to three centavos per share. This will increase the number of authorized common shares to 71.66 billion from 2.15 billion.

The company’s authorized capital stock will remain at P2.15 billion, the disclosures said.

Ayala-led Globe owns a 36% interest in Mynt, which owns G-Xchange, Inc., the operator of GCash.

“We will make the pertinent disclosure once the company has obtained the approval of the Securities and Exchange Commission (SEC),” Globe said.

“Ayala Corp.’s announcement regarding the stock split of Mynt signifies a strategic move to enhance the company’s appeal in the upcoming IPO,” Globalinks Securities and Stocks, Inc. Head of Sales Trading Toby Allan C. Arce said in a Viber message.

By reducing the par value of its common shares while maintaining the same authorized capital stock, the company is providing greater flexibility for fundraising, Mr. Arce said.

“This maneuver is aimed at improving share liquidity and providing greater flexibility for fundraising, which aligns with the goals of a public offering,” he added.

The stock split could also positively impact GCash’s IPO by making shares more affordable to a broader range of investors, Mr. Arce said.

“The move also signals to potential investors that Mynt is preparing to scale its operations and capitalize on its dominant position in the e-wallet market,” he added.

In April, Globe said the much-anticipated IPO of GCash would likely proceed later this year or next year amid market uncertainties.

Earlier, the SEC announced it would allow a lower public float for large IPOs. Under this relief, companies planning to list on the Philippine Stock Exchange with an IPO exceeding P5 billion may seek approval to offer less than the required 20% public float.

However, the SEC clarified that it remains firm on the 20% minimum float requirement, noting that companies availing of this exemptive relief can initially offer 15%, provided they commit to a follow-on offering or private placements within the next three years.

At the stock exchange on Tuesday, shares in Ayala gained P11, or 1.93%, to close at P581 each, while shares in Globe closed unchanged at P1,800 per share.

Beneficial Life Insurance Company, Inc. to hold Annual Stockholders’ Meeting on June 30 via remote communication

NOTICE AND AGENDA OF 2025 ANNUAL STOCKHOLDERS’ MEETING

NOTICE IS HEREBY GIVEN that the Annual Stockholders’ Meeting (“ASM”) of BENEFICIAL LIFE INSURANCE COMPANY, INC. (the “Company”) will be held through remote communication via https://www.benlife.com.ph/benlife-2025-ASM/ on June 30, 2025, Monday, at 3 o’ clock in the afternoon with the following:

A G E N D A1

1. Call to Order

2. Certification of Notice of Meeting and Quorum

3. Approval of the Minutes of the Previous ASM Held on 28 June 2024

4. Presentation of Annual Report and Approval of the Audited Financial Statements (“AFS”)

5. Ratification and Confirmation of all Acts and Resolutions of the Board of Directors and its Committees, Officers and Management Since the 2024 ASM

6. Election of Members of the Board (including the Independent Directors)

7. Election of External Auditor

8. Consideration of Such Other Matters as May Properly Come Before the Meeting

9. Adjournment

Only stockholders of record at the close of business hours on June 02, 2025 are entitled to notice of, and vote at, this ASM.

In view of current circumstances and pursuant to and in accordance with the Company’s Amended By-Laws, the Board of Directors during its Regular Meeting held on April 10, 2025, resolved and has unanimously approved, to conduct the 2025 Annual Stockholders’ Meeting in a fully virtual format, thus, stockholders may only attend the ASM by remote communication, by voting in absentia, or by appointing a proxy.

Stockholders intending to participate in the meeting by remote communication must register at https://form.jotform.com/benlifemis.com.ph/2025-ASM-registration on or before 12 o’clock in the afternoon of 30 June 2025. Stockholders may vote by remote communication, or in absentia subject to validation procedures. The procedures for participation in the meeting through remote communication and for casting of votes in absentia are explained in the Information Statement2.

Stockholders who intend to vote by proxy shall submit the duly accomplished proxy to the Office of the Corporate Secretary, 7th/F Beneficial Life Building, 166 Salcedo Street, Legaspi Village, Makati City or via email to corpsec@benlife.com.ph not later than 5:00 P.M. of June 24, 2025. Validation of proxies shall be held on June 26, 2025 at 10:00 a.m. WE ARE NOT SOLICITING PROXIES.

All email communications should be sent to corpsec@benlife.com.ph on or before the designated deadlines.

Given this 30th day of May 2025.

FOR THE BOARD OF DIRECTORS:

(Original signed)
MA. SIGRID R. PINLAC
Corporate Secretary

 

1 See https://www.benlife.com.ph/investor-relations-2/ for the explanation/rationale for each item in the Agenda; and Proxy template
2 See https://www.benlife.com.ph/disclosures/ for the Information Statement

 


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Reissued bonds fetch lower rates as market expects more BSP cuts

BW FILE PHOTO

THE GOVERNMENT made a full award of the reissued Treasury bonds (T-bonds) it offered on Tuesday at a lower average yield amid strong demand and as expectations of easing inflation bolstered bets of another rate cut by the Bangko Sentral ng Pilipinas (BSP) as early as this month.

The Bureau of the Treasury (BTr) raised P30 billion as planned via the reissued seven-year bonds it offered on Tuesday as total bids reached P59.869 billion or nearly twice as much as the amount placed on the auction block.

This brought the total outstanding volume for the bond series so far to P321.7 billion, the Treasury said in a statement.

Following the strong demand for Tuesday’s offer, the BTr opened its tap facility window to raise P5 billion more through the papers.

The bonds, which have a remaining life of five years and one month, were awarded at an average rate of 5.887%. Accepted bid yields ranged from 5.8% to 5.899%.

The average rate for the reissued papers was down by 5.6 basis points (bps) from the 5.943% fetched for the series’ last award on April 29 and was 48.8 bps lower than the 6.375% coupon for the issue.

It was likewise 1.1 bps below the 5.898% quoted for the five-year bond but 2.9 bps higher than the 5.858% seen for the same bond series at the secondary market before Tuesday’s auction, based on PHP Bloomberg Valuation Service Reference Rates data provided by the BTr.

The Treasury fully awarded its T-bond offer as the issue’s average rate was lower than the yield fetched for the previous reissuance and in line with prevailing secondary market rates on expectations that Philippine headline inflation eased further in May, which would give the BSP room to cut benchmark rates further, Rizal Commercial Baking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“The T-bond auction yield was also slightly lower on relatively higher total bids compared to previous Treasury bond offerings in recent weeks,” Mr. Ricafort said.

“As mentioned, the BTr will take advantage if there is a hint of strong demand,” the first trader said in a text message.

A BusinessWorld poll of 17 analysts yielded a median estimate of 1.3% for the May consumer price index (CPI), slower than the 1.4% in April and 3.9% in the same month a year ago. This is within the BSP’s 0.9%-1.7% forecast for the month.

If realized, this would be the lowest CPI in more than five years or since the 1.2% in November 2019.

The Philippine Statistics Authority is scheduled to release May inflation data on Thursday (June 5).

Analysts have said that cooling inflation bolsters the case for further policy easing by the central bank, with another rate cut likely at the Monetary Board’s June 19 meeting.

The Monetary Board in April reduced the target reverse repurchase rate by 25 bps to 5.5%, bringing total cuts thus far to 100 bps since it began its easing cycle in August last year.

BSP Governor Eli M. Remolona, Jr. last month said that they could deliver two more rate cuts this year amid easing inflation, still in “baby steps” or increments of 25 bps.

After June, the Monetary Board’s remaining meetings will be in August, October, and December.

Meanwhile, the second trader flagged that despite the oversubscription for Tuesday’s offer, the non-competitive bids fetched for the papers were relatively lower compared to those seen for recent issuances with longer tenors.

“The awarded yield also landed at the higher end of the range. At this point, the market appears to be seeking fresh catalysts, with the anticipated policy rate cut seemingly already priced into investment assets, while bank funding costs remain elevated,” the second trader said.

The BTr is looking to raise P230 billion from the domestic market this month, or P100 billion via Treasury bills and P130 billion through T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.54 trillion or 5.3% of gross domestic product this year. — Aaron Michael C. Sy

Hong Kong activist challenges China’s Tiananmen taboo from exile in Taiwan

TAIPEI — Fu Tong and his wife Elaine To were among the first demonstrators in Hong Kong to be charged with rioting in 2020 after pro-democracy and anti-China protests started in 2019 in the former British colony.

After leaving for Taiwan, Mr. Fu continued his activism and is now preparing to mark this year’s anniversary of Beijing’s bloody June 4, 1989, crackdown on protesters in and around Tiananmen Square.

Mr. Fu has co-hosted a Hong Kong human rights exhibition in Taipei, showcasing artwork from the protest movement, and leads guided tours of the displays.

“When Hong Kong can no longer hold the June 4 vigils, and can no longer even mention it, Taiwan’s existence becomes very important,” Mr. Fu, 43, told Reuters in Taipei.

“It’s one of the very few places in Asia, where people can openly commemorate the accident on June 4, discuss it, and even condemn the Chinese Communist Party. The existence of such a space is already hugely significant,” he said.

Taiwan is the only part of the Chinese-speaking world where June 4 can be remembered openly, though Chinese communities in the United States, Britain, Australia, and other Western countries will also mark it.

In Hong Kong, a national security law has outlawed such events, which previously drew tens of thousands of people.

Mr. Fu says he remains committed to advocating for Hong Kong issues and the values of freedom.

“I really feel like I’ve been chosen to be in this era. If I don’t step up to do things that seem foolish and unrewarding, then who will? As long as I can, I’m willing to keep going,” he said.

Before dawn on June 4, 1989, Chinese tanks rolled into Tiananmen Square, crushing weeks of pro-democracy demonstrations by students and workers.

China has never provided a full death toll, but rights groups and witnesses say the figure could run into thousands. Public discussion of what happened is taboo in China, which blamed the protests on counterrevolutionaries seeking to overthrow the ruling Communist Party. — Reuters

Responsible leadership in the age of AI

STOCK PHOTO | Image from Freepik

(Part 1)

Call it serendipity or Divine Providence. During the week of May 5 to 11, I accompanied a group of top Philippine business people to take a short upskilling course at one of the top business schools in the world, the IESE Business School in Barcelona, Spain.

This was part of the Executive Education course at the University of Asia and the Pacific called the Strategic Business Executive Program that upgrades the economic literacy of top executives of both private and public institutions. With the ongoing thrust in the business world of upskilling, reskilling, and retooling the work force, the very first example has to be set by the CEOs and top executives themselves. Among other knowledge and skills, they need an appreciation of how Artificial Intelligence (AI) can enhance their ability to lead.

I often remind top executives that even those who obtained their MBAs or other advanced degrees from the best business schools five or more years ago are already obsolete today in their knowledge of the tools and technologies of what is called the Industrial Revolution 4.0 which encompasses AI, Robotization, the Internet of Things and Data Analytics, among others.

We were fortunate to learn of the IESE Custom Program for top executives that is considered the best in the world. IESE professors conduct specialized programs on specific topics that address the upskilling needs of management personnel of corporations all over the world. Those interested in this very valuable training program can contact Dominique Hudson, Program Manager of the IESE Custom Program at DHudson@iese.edu.

Little did we anticipate that in the very same week during which some of the top professors of the IESE Business School would be helping us attain a minimum understanding of AI and its responsible use in business, the whole world would be waiting with bated breath the election of a new Pope during the Conclave that was held after the death of Pope Francis the week before.

Even less did we expect that a little known Cardinal by the name of Robert Francis Prevost, whose chances of being elected Pope was rated by the pollsters at 1%, would be elected Pope. And that he would choose as his papal name Leo XIV because, following the example of Pope Leo XIII, he would give the highest priority to proclaiming to the world the social doctrine of the Church concerning AI and all matters related to the Industrial Revolution 4.0 in the same manner that Pope Leo XIII wrote the first social encyclical, Rerum Novarum, that delved deep into the ethical issues involved in the First Industrial Revolution (1790 to 1830), especially about the obligations of employers to their workers.

The workshop participants from the Philippines spent one whole day under the supervision of Professor Oscar Gonzalez-Peralta of IESE who wrote the case used for the workshop. As in all case discussions inspired by the Harvard Business School methodology, we were reminded that cases are designed to promote class discussion rather than to illustrate effective or ineffective management of a given situation. Before the actual case discussion, the participants were asked to read some materials defining some key concepts. First, AI was defined as a machine’s ability to perform the cognitive functions we associate with human minds, such as perceiving, reasoning, learning, interacting with the environment, problem-solving, and even exercising creativity (McKinsey and Company, 2024).

At the present state of technology, AI capabilities are as follows: perception, including audio, visual, textual, and tactile (e.g., face recognition); decision making (e.g., medical diagnosis); prediction (weather forecasting); automatic knowledge extraction and pattern recognition from data; interactive communication (e.g., chatbots, virtual personal assistants); logical reasoning (e.g., theorizing from premises); and creativity (e.g., text, images, sounds).

These capabilities can be deployed through the use of a long list of AI technologies such as chatbots (natural language processing); LLM or large language models (ChatGPT, Copilot, Gemini): text-based knowledge generation; virtual personal assistant; image and video classification; object detection and localization; language understanding; sound detection and recognition; sentiment analysis; language translation; face detection; person identification; LLM image and video generation; speech to text; emotion recognition, physical devices (IoT or the Internet of Things); recommendation; targeting; autonomous vehicles; and virtual reality and optical character, handwriting recognition.

There is no question that all these capabilities enabled by AI technologies can do much good to enable human beings to be more productive in their work, home, and leisure.

In the case chosen for the workshop to probe into the ethical principles that come into play in the use of AI, the industry involved was the healthcare sector, and in particular residential care homes. In the demographic transition that occurred over the last 20 years, especially in Western Europe and East Asia (Japan, South Korea, Taiwan, Hong Kong, and Singapore), the rapid ageing of the population and the need for ever increasing care for the aged made residential care homes more profitable for healthcare entrepreneurs. The Philippine workforce has especially benefited from this ever-increasing need for caregivers, nurses, physical therapists, and other healthcare professionals. A significant portion of the Overseas Filipino Workers (OFWs) work in this industry. It may take time before this industry becomes a major component of the healthcare sector of the Philippines itself because of the cultural preference of Filipinos to minister to the needs of their ageing relatives in their respective homes. The increasing participation of our OFWs in residential care homes all over the world, however, makes it necessary for us to understand the ethical principles at play in the application of AI to the important humanitarian work of taking care of the ageing population in residential care homes.

The case discussed by our business delegation was about a family enterprise called “Old Tree: Residential Care Homes,” written by IESE Senior Lecturer Oscar Gonzalez-Peralta. The residential long-term care industry has experienced rapid growth over the last three decades as a consequence of the increased demand for long-term services and support (LTSS). Especially in countries like Japan, South Korea, Taiwan, and Singapore, the population of older adults has grown, and life expectancies have increased for people with disabilities and chronic conditions. Care work, however, must increasingly turn to technologies that can be provided by AI to lighten the burden on the human workers.

As described in the case, care work can be incredibly taxing, both mentally and physically. In addition to monitoring health, planning care, administering treatments, dressing, preparing meals, and helping users with small tasks, care workers perform many other functions that can be physically demanding. LTSS care workers are expected to use their own bodies to move patients many times a day — including in and out of bed, to and from the bathroom, and in and out of bathing chairs. As a result of the high physical demands of this work, the caregivers experience significantly higher rates of on-the-job injuries.

It is very understandable that those who own and manage residential care homes are among those who are most eager to use AI to improve their margins and offer a differentiated value proposition, given the evolution of society and the sector. If one considers the vast potentials of the technological offerings of IR 4.0 (AI, Robotization, IoT, and data analytics), it is understandable that a sector like the residential care homes industry would want to waste no time in adopting the use of robots, AI, and data analytics in serving their clients and patients.

(To be continued.)

 

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

bernardo.villegas@uap.asia