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ADB ramps up support for food security to $40 billion by 2030

Asian Development Bank President (ADB) Masato Kanda (left) speaks at a press conference during the 58th ADB Annual Meeting in Milan, Italy, May 4. — LUISA MARIA JACINTA C. JOCSON

By Luisa Maria Jacinta C. Jocson, Senior Reporter

MILAN, Italy — The Asian Development Bank (ADB) is ramping up its support to enhance food security in Asia and the Pacific to $40 billion up until 2030.

“Today, I am proud to announce an additional $26 billion in support by 2030, bringing the total to $40 billion,” ADB President Masato Kanda said at a press conference on Sunday during the 58th ADB Annual Meeting.

The ADB initially committed to providing $14 billion for food security efforts from 2022 through 2025.

“This expanded support will help countries alleviate hunger, improve diets, and protect the natural environment, while providing opportunities for farmers and agribusinesses,” Mr. Kanda said.

“It will drive change across the entire food value chain, from how food is grown and processed to how it is distributed and consumed,” he added.

The funding will support a “comprehensive program spanning the entire food production process – from farming and processing to distribution and consumption.”

The move is seen to not only strengthen food systems but also create jobs, mitigate harmful environmental impacts and bolster resilience in agricultural supply chains.

“This food systems initiative is not only a response to immediate needs. It is ADB’s long-term investment in a more resilient, inclusive, and sustainable future,” Mr. Kanda said.

Broken down, the additional financing is composed of direct ADB funding for governments ($18.5 billion) and private sector investments ($7.5 billion). 

“By 2030, ADB aims for private sector investments to account for more than 27% of the total $40-billion program — underscoring the critical role of the private sector in driving food systems transformation.”

The program also seeks to “modernize agricultural value chains to improve access to affordable and healthy food for vulnerable populations,” Mr. Kanda said.

“We will also invest in soil health and biodiversity conservation. And we will support the development of digital technology and analytics to improve decision-making for farmers, agribusinesses, and policymakers.”

Under the $40-billion funding, the ADB is also setting aside $150 million for the Natural Capital Fund, which is a “blended finance vehicle.”

It will draw from the Global Environment Facility and contributions from the Global Agriculture and Food Security Program. 

“This fund will support agri-food system projects by farmers and innovators that protect, restore, and manage natural capital sustainably across ADB’s developing members.”

ADB Senior Director Qingfeng Zhang noted the vulnerability of Southeast Asia to climate change and its impact on food systems in the region.

“In Southeast Asia, we have a dedicated program focused on how we can make, on the one hand, address natural disasters and same time also build up the infrastructure for long-term food system resilience,” he told reporters on the sidelines of the press conference.

“If you look at the last 10 years, in Southeast Asia, the Philippines, Thailand, are so suffering from so many floods and droughts and also landslides and so forth.”

To date, the ADB has delivered more than $11 billion or 80% of its initial program to address the food crisis, as well as an additional $3.3 billion in investments slated for this year.

Developing Asia accounts for more than half of the undernourished population, the ADB said. About 40% of the region’s workforce are employed in jobs related to food systems.

“Unprecedented droughts, floods, extreme heat, and degraded natural resources are undermining agricultural production, while at the same time threatening food security and rural livelihoods,” Mr. Kanda said.

“Together with our partners, we are building food systems that feed people, sustain livelihoods, and protect our planet,” he added.

Student innovators from top universities win big at the Big 3 Startup Showdown

The winning student teams at the maiden Big 3 Startup Showdown with guest judges led by Maya Chief Product Officer Mitch Padua (far right)

Young entrepreneurs from the country’s top universities took the spotlight at the recently concluded Big 3 Startup Showdown, a student-led hackathon aimed at developing practical solutions to real-world problems.

The final pitch event was held at Maya’s Launchpad Building headquarters, where participants delivered one-minute presentations to a panel of industry professionals.

From the original pool of student teams, three groups emerged as winners: LittleBranch, a platform designed to help parents discover and book child-friendly activities across the Philippines; Quasar, an AI-powered loan approval platform aimed at streamlining credit processes for banks and financial institutions; and Venyu, a digital venue-booking service for sports courts across Metro Manila.

The winning teams earned a P30,000 cash prize each to support their upcoming participation in Geeks on a Beach 2025, a global beachside tech conference where game-changing ideas are pitched to global investors and thought leaders.

Industry leaders joined the judging panel, including Maya Chief Product Officer Mitch Padua, mWell CIO Albert Padin, Google Philippines Customer Engineer Loys Talip, and Gobi Core Founding Partner Carlo Delantar, offering critical feedback and real-world insights.

“We witnessed incredible ingenuity from these top universities — ideas grounded in real-world problems and driven by purpose,” Maya’s Mr. Padua said. “That’s the magic of young innovators: they’re not just coding apps — they’re crafting solutions. At Maya, we’re proud to champion that mindset. It’s exactly how we began — by daring to reimagine the way things are done.”

The showdown was organized with the support of respected faculty from the participating schools, led by Prof. Bowei Gai (La Salle), with the support of Prof. Jose Emmanuel Reverente (University of the Philippines), and Prof. Joseph Benjamin Ilagan (Ateneo de Manila University).

“This event isn’t just about winning pitches — it’s about opening doors,” Prof. Gai said. “Ateneo, La Salle, and UP worked together on this event with the shared goal of giving students the chance to pitch to real VCs and product leaders, and learn how their ideas can translate into real-world solutions. That experience alone is game-changing.”

While the event built countless bridges of opportunity for the participants, it also created a new network among the country’s top universities.

“It’s rare — and really special — to see students from UP, La Salle, and Ateneo come together like this. Events like this allow them to go beyond the classroom and see what it really takes to compete at a high level. They get to pitch not just to mentors, but to real investors who challenge them with tough, real-world questions,” Prof. Gai added.

“That kind of experience is invaluable — it pushes them to level up, think bigger, and build ventures that not only solve real problems but are also sustainable and investor-ready,” Prof. Reverente said.

Maya is the main sponsor of the Big 3 Startup Showdown, providing the total cash prize pool awarded to the top three teams. More than just funding, Maya’s support was rooted in its mission to uplift young innovators, encourage bold thinking, and help translate fresh ideas into real-world impact.

 


SparkUp is BusinessWorld’s multimedia brand created to inform, inspire, and empower the Philippine startups; micro, small and medium enterprises (MSMEs); and future business leaders. This section will be published every other Monday. For pitches and releases about startups, e-mail to bmbeltran@bworldonline.com (cc: abconoza@bworldonline.com). Materials sent become BW property.

Spotify, The Pod Network launch state-of-the-art podcast studio to support Filipino creators

A new co-branded podcast studio launched by Spotify and The Pod Network is set to provide Filipino creators with professional-grade infrastructure previously reserved for major media houses, marking a significant step in the growing professionalization of the country’s podcasting scene.

Located in Mandaluyong City, the studio is designed to create a space for local creators to launch high-quality video and audio podcasts, in addition to its regular on-platform programming on Spotify.

The facility is equipped with three professional-grade recording studios, complete video podcast setups with multi-camera options, dedicated event and community activation areas, and integrated data and production workflows, strategically established to cater to the evolving needs of both seasoned and emerging podcasters and creators, while also offering advertisers a premium, brand-safe environment for immersive content experiences.

“This new studio isn’t just about space, but it’s also about scale,” Alan Fontanilla, CEO of The Pod Network, said. “We’re combining creative power, analytics, and distribution to give brands a high-impact way to connect with engaged audiences. With Spotify’s support, we’re creating an ecosystem where Filipino podcasters can thrive, and where advertisers can measure real return on investment.”

The new partnership paves the way for more creators in the podcast scene to reach highly engaged Filipino listeners. With over 17 million Filipinos tuning in weekly, podcasting in the Philippines has grown in popularity and shows further growth and evolution.

According to the ‘Beyond the Headphones’ study, in collaboration with socio-cultural research firm The Fourth Wall, audiences are not only growing but also shifting toward more dynamic formats, including video podcasts. The study also stated that podcasts surpassed other media platforms, such as online streaming sites, online news portals and TV, as a preferred source of information for Filipinos.

“At Spotify, we’re committed to empowering Filipino creatives and helping them thrive,” Carl Zuzarte, head of studios at Spotify Southeast Asia, said. “Our partnership with The Pod Network creates a space where creators can push creative boundaries, grow their audiences, and shape culture in the Philippines and beyond. We want creators to see Spotify as a partner in building lasting, meaningful connections with their audiences.”

With the studio launch, The Pod Network continues to lead the country’s podcasting movement, balancing entertainment, insight and community-building while reaffirming its mission to empower Filipino podcasters by providing access to world-class production capabilities and the tools to turn creative passion into sustainable content brands.

The Pod Network also announced that it is open for creator bookings, brand campaigns and collaborative projects, and invites brands, agencies and creators to shape the next wave of Filipino digital storytelling together.

 


SparkUp is BusinessWorld’s multimedia brand created to inform, inspire, and empower the Philippine startups; micro, small and medium enterprises (MSMEs); and future business leaders. This section will be published every other Monday. For pitches and releases about startups, e-mail to bmbeltran@bworldonline.com (cc: abconoza@bworldonline.com). Materials sent become BW property.

QBO Innovation, US Embassy partner up to empower Filipino youth towards STEM skills

QBO Innovation Hub has launched ‘Step Juan: Young Technopreneurs in Training,’ a new program aimed at introducing high school and university students to entrepreneurship and innovation.

The initiative, developed in partnership with the US Embassy in the Philippines and American Spaces Philippines, focuses on increasing access to Science, Technology, Engineering and Mathematics (STEM), and startup education among Filipino youth.

Step Juan is designed for students with limited exposure to startup ecosystems, offering beginner-friendly learning opportunities in technology, innovation, and business development. The program reflects ongoing efforts to broaden participation in the country’s growing innovation sector by supporting early-stage talent development.

The program is designed to provide high school and university students with limited exposure to startup initiatives with accessible, beginner-friendly learning opportunities in entrepreneurship, technology, and innovation.

The Philippine Institute for Development Studies (PIDS) reported little interest in STEM in young Filipinos. Recognizing the need to address this gap, the Step Juan program aims to foster interest in STEM fields and equip students with essential skills for real-world applications.

It features a curriculum designed to inspire young innovators, which includes: Innovation and Technopreneurship Fundamentals using QBO’s BASIQS program, which provides interactive talks by QBO faculty for aspiring entrepreneurs; Technopreneurship Training for Teachers; and Collaborative Learning and Co-Facilitation. These activities aim to ignite curiosity and enhance critical thinking to future-proof young technopreneurs as well as onboard professors and educators to effectively champion STEM within their schools.

Currently, the program is partnering with the University of Makati (UMak) and Maximo Estrella Senior High School for Cycle 1 to provide insights and training to its educators about startup methodologies, problem-solving, and business innovation, preparing them to champion technopreneurship in the classroom. Plans for Cycle 2 and 3 will continue throughout the year with other cities in NCR.

QBO Innovation, a leader in fostering entrepreneurship, reaffirms its commitment to nurturing young talent through Step Juan. QBO Executive Director Alwyn Rosel emphasizes the importance of collaboration between schools and industries, highlighting the program as a vital bridge.

“Step Juan envisions a future where Filipino youth are empowered to pursue STEM and technopreneurship, with educators playing a crucial role in shaping innovative thinkers. The program inspires and equips youth with STEM skills, creates a network of educator mentors, and cultivates stakeholders in the innovation landscape,” Ms. Rosel said. “Long-term, we envision Step Juan encouraging students to pursue STEM careers and providing teachers with new tools and frameworks for innovation-driven education.”

The program aligns with the US Embassy’s mandate to develop STEM-aligned skills, promote skills development, and enhance English language learning, all contributing to sustainable economic growth in the Philippines.

“The US Embassy, through the 2024 American Spaces Small Grants Program, is committed to equipping young Filipinos with 21st-century skills essential for success in an evolving digital landscape. By supporting programs that advance STEM education, innovation, entrepreneurship, and skills development, we aim to foster economic opportunity and sustainable impact,” Kevin Punzalan, specialist at the American Spaces Program, US Embassy in the Philippines, said.

“Our collaboration with QBO Innovation on the Step Juan: Young Technopreneurs in Training program reflects this commitment — providing public-school students and educators, who have little to no exposure to these opportunities, with hands-on learning experiences and the tools to continuously inspire and nurture future innovators,” he added.

 


SparkUp is BusinessWorld’s multimedia brand created to inform, inspire, and empower the Philippine startups; micro, small and medium enterprises (MSMEs); and future business leaders. This section will be published every other Monday. For pitches and releases about startups, e-mail to bmbeltran@bworldonline.com (cc: abconoza@bworldonline.com). Materials sent become BW property.

SaaScon 2025 highlights the future of AI in software services

Sprout Solutions marked its 10th anniversary on April 8 by hosting SaaScon PH 2025, the Philippines’ premier software-as-a-service (SaaS) conference, at the Marriott Grand Ballroom in Pasay City.

The event gathered over 1,000 founders, executives, technologists, and investors to explore the theme: “SaaS 2.0: Surviving and Thriving in the Age of AI.” As AI becomes a core driver of business growth and efficiency, SaaScon PH aimed to equip attendees with practical insights on adapting to this shift.

The conference delivered a full day of informative presentations, direction-setting panels, and deep-dive breakout tracks focused on the growing imperative for AI-powered transformation in business.

“The AI revolution is unfolding at a pace we’ve never seen before,” Kislay Chandra, chief operating officer at Sprout Solutions, said. “SaaScon is where we unpack how to survive and thrive in the age of AI and why it’s now aptly described as the latest industrial revolution.”

The 2025 theme addressed a pivotal shift: AI is no longer an optional innovation — it’s a core driver of operational efficiency, competitive advantage, and scalable growth. With emerging technologies rapidly reshaping almost every business function, SaaScon PH ’25 aimed to equip attendees with practical insights to navigate these seismic changes and harness AI’s full potential in their industries.

This year’s event also served as a milestone celebration of Sprout’s 10-year journey from local startup to SaaS market leader, championing digital transformation in the Philippines and across Southeast Asia.

 


SparkUp is BusinessWorld’s multimedia brand created to inform, inspire, and empower the Philippine startups; micro, small and medium enterprises (MSMEs); and future business leaders. This section will be published every other Monday. For pitches and releases about startups, e-mail to bmbeltran@bworldonline.com (cc: abconoza@bworldonline.com). Materials sent become BW property.

PHL industry welfare ‘central’ to US tariff negotiating stance

A worker uses a microscope at an electronics manufacturing assembly plant in Biñan, Laguna, April 20, 2016. — REUTERS

SECRETARY Frederick D. Go said the Philippine delegation to Washington pursued tariff negotiations with the US with an eye towards ensuring the welfare of Philippine industries.

Mr. Go, the Special Assistant to the President for Investment and Economic Affairs, said in a statement that last week’s talks “went very well,” adding that the Philippine delegation “made sure to put the welfare of local industries at the center of our negotiations.”

“We are hopeful that these discussions mark the beginning of a process toward arrangements from both sides that will not only strengthen US-Philippines trade ties but also help diversify our country’s export markets,” he added.

The Philippine delegation met with the US Trade Representative (USTR) on May 2 to negotiate tariff rates for Philippine goods.

US President Donald J. Trump imposed reciprocal tariffs on most trading partners, with Philippine goods assigned a 17% tariff, the second-lowest rate in Southeast Asia.

The reciprocal tariffs were subsequently put on hold until July, with Mr. Trump announcing a 90-day pause while charging most trading partners the 10% baseline rate in the interim.

“Our goal for this meeting is a partnership that benefits both sides and supports the growth of our industries at home,” Mr. Go said. 

The Philippine delegation also included Trade Secretary Ma. Cristina A. Roque and Philippine Ambassador to the US Jose Manuel D. Romualdez. 

“We were able to clearly convey to the USTR our local industries’ asks and concerns, and we are hopeful this will yield our desired results,” Ms. Roque said.

Prior to the Philippine delegation’s visit to the US, Ms. Roque had expressed the hope for zero tariffs on Philippine exports. — Justine Irish D. Tabile

US expands funding for rail pre-feasibility study

THE US Trade and Development Agency (USTDA) has increased funding for the pre-feasibility study of the Subic-Clark-Manila-Batangas (SCMB) railway to $3.8 million, according to the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA).

“The US has ramped up its support for the Philippines’ ambitious infrastructure drive, approving a major grant increase for the pre-feasibility study of the SCMB Freight Railway — a flagship project of the Luzon Economic Corridor,” OSAPIEA said in a statement over the weekend.

“The USTDA boosted its funding for the project from $2.5 million to $3.8 million, signaling a strong commitment to fast-track transformative projects that will connect key business hubs and strengthen the country’s economic position,” it added.

According to the OSAPIEA, the USTDA officially informed the Philippine government of the grant approval on April 28.

“The increase in funding follows a competitive consultant selection and negotiation process. The USTDA is set to announce the selected US consultant soon, pending final due diligence checks,” it said.

Secretary Frederick D. Go, who heads the OSAPIEA, is set to meet with the DoTr and the US Embassy this week to discuss the signing of the beneficiary agreement for the SCMB railway.

“This development is a critical step toward the realization of the Luzon Economic Corridor, which aims to connect key economic hubs — Subic Bay, Clark, Manila, and Batangas — through high-impact infrastructure projects, including the SCMB railway,” OSAPIEA said.

“The railway is expected to streamline logistics, reduce transportation costs, and generate significant employment opportunities for Filipinos,” it added.

Meanwhile, the Philippine government is also working with Swedfund on a separate grant of $1.2 million for the project.

The Luzon Economic Corridor, being undertaken via a trilateral agreement among the Philippines, the US, and Japan, is part of a broader collaboration supported by the G7 Partnership for Global Infrastructure and Investment.

“This milestone demonstrates that Philippines-US economic ties are stronger than ever. The increased USTDA grant for the SCMB Rail pre-feasibility study signals renewed investor confidence and will translate to more job opportunities along the corridor,” Mr. Go said. — Justine Irish D. Tabile “

Maynilad may proceed with P49-B IPO this year — chairman

MAYNILADWATER.COM.PH

By Revin Mikhael D. Ochave, Reporter

WEST ZONE water concessionaire Maynilad Water Services, Inc. may proceed with its planned P49-billion initial public offering (IPO) this year despite prevailing tariff uncertainties, according to its chairman.

“If we can (do the IPO) this year, yes, so that it will be finished and we can comply (with the law),” Maynilad Chairman Manuel V. Pangilinan told BusinessWorld on the sidelines of a media event last week.

“We have to go public by the early part of 2027. We just want to probably finish and comply with the franchise law of Maynilad. I’d like to encourage them to proceed,” he added.

This comes as e-wallet giant GCash said that the Trump administration’s tariffs have introduced significant uncertainty to its listing plans.

The US initially imposed a 17% reciprocal tariff on Philippine goods. However, these were suspended for 90 days, with most US trading partners paying 10% during the period.

Maynilad is mandated under its legislative franchise to offer at least 30% of its outstanding capital stock to the public by January 2027.

The Philippine Stock Exchange (PSE) is expecting six IPOs in 2025. However, the local bourse has seen only one IPO so far — the P732.62-million market debut of Cebu-based fuel retailer Top Line Business Development Corp. in April.

According to its latest prospectus dated March 14, Maynilad is aiming for a pricing date of June 20, with the final offer price notice to be submitted to regulators on June 24.

The IPO offer period will run from June 25 to July 2, with a listing date set for July 10.

Maynilad’s IPO will comprise up to 2.46 billion common shares to be offered at a maximum price of P20 per share.

The offer includes 1.78 billion primary common shares, an overallotment option of up to 266.31 million primary common shares, an upsize option of up to 379.29 million common shares, and 36.31 million primary common shares to be offered to Pangilinan-led, Hong Kong-based investment holding firm First Pacific Co. Ltd.

Maynilad’s IPO could be the country’s largest if the indicative terms remain unchanged, exceeding the P48.6-billion market debut of food manufacturer Monde Nissin Corp. in June 2021.

The water provider will use the IPO proceeds for its capital expenditure program covering water, wastewater, customer service, and information system projects through 2026. It may also allocate proceeds for general corporate purposes.

BPI Capital Corp., HSBC, Morgan Stanley, and UBS were appointed joint global coordinators and joint bookrunners, while BPI Capital Corp. was also named the domestic lead underwriter for the IPO.

Metro Pacific Investments Corp., which holds a majority stake in Maynilad, is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., alongside Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls.

Chinabank eyes sale of Mactan property acquired from PH Resorts

BW FILE PHOTO

SY-led China Banking Corp. (Chinabank) is planning to sell the Mactan, Cebu property it acquired from Dennis A. Uy’s PH Resort Group Holdings Inc., following interest from potential buyers.

“We have it already. We will start opening it up to people to show interest. There are a couple of interested parties,” Chinabank Chairman Hans T. Sy told reporters last week.

“It’s about 14 hectares. It is a very valuable property. We will open it up for sale,” he added.

In October 2023, Chinabank signed a sale and leaseback agreement with PH Resorts for the land for the latter’s planned Emerald Bay casino project. However, Mr. Sy said Chinabank has no plans to renew the leaseback agreement, which expired in March.

“It’s expired now. We’re not renewing anymore. We always do things with a heart. We gave them a chance,” Mr. Sy said.

Mr. Sy said this as Chelsea Logistics and Infrastructure Holdings Corp., also an Uy-led company, executed a Dacion-En-Pago transaction with Chinabank involving part of its real estate property in Brgy. Ligid-Tipas, Taguig City to divest non-productive assets and reduce debt.

Dacion-En-Pago refers to the transfer of asset ownership to settle a debt.

Chelsea Logistics said in its annual report that it signed a deed of assignment with Chinabank last year that assigned rights and ownership to a certain portion of the property to the Sy-led bank for P1.63 billion.

“The consideration was applied as full payment to the outstanding loan and unpaid interest of the group amounting to P1.013 billion and partial payments to unpaid interest on loans of Chelsea Shipping Corp. and Trans-Asia Shipping Lines Inc. with Chinabank amounting to P620 million,” Chelsea Logistics said.

In a separate regulatory filing, Chelsea Logistics said it acquired the property in 2019 for the warehousing operations of its subsidiary Worklink Services, Inc. (WSI).

Chelsea Logistics and WSI entered into a loan agreement with Chinabank to buy the property for P800 million, and to build a warehouse facility on the property for P450 million. However, Chelsea Logistics decided to stop the construction of the warehouse in 2022.

“Pursuant to the plan of the group to venture into the e-commerce business, the management has deemed that the use of the properties is currently undetermined,” Chelsea Logistics said.

Chinabank shares were last traded on May 2, when the company’s stock dropped by 1.21%, or P1.10, to P89.90 per share. — Revin Mikhael D. Ochave

SM Prime shares rise after Q1 results, cash dividends

SM City J Mall in Mandaue City — BW FILE PHOTO

SY-LED SM Prime Holdings, Inc. was one of the most actively traded stocks last week following the release of its first-quarter (Q1) earnings report and declaration of cash dividends.

Data from the Philippine Stock Exchange (PSE) showed that SM Prime was the eighth most traded stock during the week, with a value turnover of P1.16 billion from a total of 48.71 million shares traded from April 25 to May 2.

Financial markets were closed on May 1 in observance of Labor Day.

The property developer’s shares rose by 6.1% week on week, outperforming the 1.7% gain of the property index and the 2.3% increase of the PSE index (PSEi).

Year on year, SM Prime shares declined by 13.4%, steeper than the property sector’s 6.7% contraction and the PSEi’s 3.5% drop. Year to date, the stock price has fallen by 26.4%.

Analysts attributed SM Prime’s active trading last week to the company’s positive disclosures.

Jash Matthew M. Baylon, an analyst at First Resources Management and Securities, said in an e-mail that SM Prime’s movement was mainly driven by its first-quarter report and forward-looking guidance, which boosted investor optimism.

“SM Prime’s strong move last week is based on its first quarter of 2025 earnings report which is up by 11% to P11.7 billion fueled by its robust malls and residential business segments,” said Mr. Baylon.

Mr. Baylon also said that SM Prime announced a dividend of P0.48 per share, with a yield of 2.1%, which further supported the stock’s strong price action.

“In addition, the forward-looking guidance of the firm, based on its first-quarter performance, also added optimism among investors as the firm showed confidence and potential growth for the rest of the year,” he added.

“Two things that made SM Prime active for the week. Aside from the lowering of interest rates by the Bangko Sentral ng Pilipinas (BSP), the company reported a net income of P11.9 billion for the first three months of 2025, up 11%,” Jeff Radley C. See, head trader at Mercantile Securities Corp., said in an e-mail.

In a disclosure last week, SM Prime reported a consolidated attributable net income of P11.7 billion in the first quarter of 2025, up 11% from P10.5 billion in the same period last year. The double-digit growth was driven by steady revenue expansion, margin improvement, and disciplined cost management.

The company also posted a consolidated net income of P11.9 billion in the first quarter of 2025, up 11% from P10.7 billion in the same period last year.

Revenues likewise rose by 7% year on year to P32.8 billion from P30.7 billion, driven by higher rental income, revenue recognition from real estate sales, and other income sources.

“Our forecast for SM Prime’s full-year 2025 revenue is at P153.88 billion, up by 9.61% from last year, while the second-quarter revenue is projected at P37.28 billion, up by 9.62%,” Mr. Baylon said.

In a separate disclosure, the company’s board approved the declaration of a regular cash dividend amounting to 25%, plus an additional 5% special dividend, of the company’s 2024 net income. The total dividend amounts to P0.48 per share, with a record date of May 14 and payment date of May 28. The declared cash dividends total approximately P13.86 billion.

At its most recent Monetary Board meeting, the BSP continued its rate-cutting cycle, delivering a widely expected 25-basis-point cut. This brought the target reverse repurchase rate down to 5.5% from 5.75%.

Rates on the overnight deposit and lending facilities were also reduced to 5% and 6%, respectively.

“For next week, we expect SM Prime’s stock to trade within the range of P23–P24.50 ahead of the upcoming ex-dividend date. We consider P23 as the support level, confluencing with the 50-day EMA (exponential moving average), and P24.50 as the resistance level,” said Mr. Baylon.

Mr. See gave support levels at P24 and P23.25 per share, while resistance levels are at P25.30 and P26 per share. “The stock might revisit its support levels before trending upwards.” — Lourdes O. Pilar

Aboitiz InfraCapital’s LIMA Tower One secures 5-Star BERDE rating

ABOITIZ InfraCapital (AIC), the infrastructure arm of the Aboitiz Group, said its LIMA Tower One in Batangas has been awarded a 5-Star BERDE Certification.

“It affirms our deep and ongoing commitment to responsible development — where economic progress, environmental stewardship, and community upliftment move forward hand in hand,” said Rafael Fernandez de Mesa, president of LIMA Land, Inc. and head of Aboitiz InfraCapital Economic Estates, in a statement.

The certification sets a new benchmark for sustainable office developments in Batangas and across key regional growth centers, the company said.

The BERDE Green Building Rating System, developed by the Philippine Green Building Council (PHILGBC), assesses, measures, monitors, and certifies the country’s green building projects above and beyond national and local standards.

A 5-Star BERDE Certification is the highest rating granted by PHILGBC, indicating that a project meets the highest standards of sustainability and performance.

LIMA Tower One is the first premium office building in Batangas, designed to address the growing demand for high-quality workspaces in provincial locations amid the shift to a work-from-home setup.

The 11-story tower provides flexible, high-performance spaces designed to meet global standards and is expected to house IT-BPM (information technology-business process management) and knowledge-based industries.

The development has already secured significant tenants, including global IT-BPM firm Conduent, which has leased three floors for its inaugural provincial office.

LIMA Tower One serves as the centerpiece of LIMA Estate’s Biz Hub, a 30-hectare master-planned business district within the estate.

The Biz Hub’s 40-hectare expansion, scheduled for completion by 2027, will include commercial, retail, residential, and mixed-use spaces. 

LIMA Estate, spanning 1,000 hectares, is one of four key developments under Aboitiz InfraCapital Economic Estates, the Philippines’ only industrial estate developer with all operating estates holding a BERDE Certification.

Aboitiz InfraCapital Economic Estates’ portfolio also includes the 384-hectare TARI Estate in Tarlac City, the 63-hectare Mactan Economic Zone 2 Estate in Lapu-Lapu City, Cebu, and the 540-hectare West Cebu Estate in Balamban, Cebu. — Beatriz Marie D. Cruz

Trump’s first 100 days spark global messaging battle

RAWPIXELS

By Peter Apps

WASHINGTON — As the Trump administration marked 100 days in office on April 30, China’s state broadcaster described what it called “100 days of chaos” and said the government in Beijing was providing “stability to a changing and turbulent world.”

Throughout the rollercoaster of the first weeks in office of the administration, state-backed Chinese channels and social media feeds have increasingly pushed the narrative that the US under Donald Trump is abandoning its allies, with a particular focus on Taiwan and US Asian partners.

It is a narrative the Pentagon has sometimes attempted to push back against. “America First does not mean America alone,” Defense Secretary Pete Hegseth said in a speech at the US Army War College earlier.

More broadly, however, the administration’s rhetoric has often been aggressively triumphalist.

In Beijing, the US Embassy described the opening of the new administration as “100 years of victory” on its social media channels, particularly infuriating Chinese officials.

While some in the US military and State Department clearly retain some concerns about alienating too many US allies, many of Trump’s supporters argue that his actions — including his trade war and associated rhetoric, treatment of Ukraine, and demand that US allies do more in their own defense — represent exactly what he said he would do when he was elected.

On other areas, there can be little clarity.

When Trump’s new chairman of the Joint Chiefs of Staff, US Air Force General Dan Caine, was asked at his Senate confirmation hearing whether Washington would continue to provide NATO’s top military officer — regarded as a key indicator of US commitment to Europe — he simply said he did not yet know what the president would order.

When it comes to defense and national security, the new administration has explicitly placed much greater priority on securing the US border in the short term and delivering longer term protection against foreign ballistic missiles through what Trump has termed the “Golden Dome” defense shield.

That alone has unsettled US allies, who worry that future US administrations may turn inwards even more.

Already, there are signs both Moscow and Beijing see that as an opportunity — although they are approaching it in different ways. While China has touted the notion that it will fill the gap left by US disengagement abroad, Russian media outlets have often simply looked to feed the chaos and division.

This has included refocusing the attention of Russian channel RT — previously known as “Russia Today” — on Arabic Middle East audiences after it was shut down in most European nations. That has allowed RT to fan anti-Western feelings already fueled by US support for Israel over the Gaza war.

Such sentiment has risen across the wider Global South, particularly in Islamic nations such as Malaysia and Indonesia.

Having largely gutted what had been US government-backed media platforms like Radio Free Europe and Radio Free Asia targeting foreign audiences, the current administration appears largely uninterested in public opinion across many such regions.

But while the Trump administration is sticking firmly to its messaging that Europe must do more to defend its own continent, the last few weeks have seen a concerted outreach by Washington to its important allies in Asia, many of whom have become more nervous about their security since Trump returned to power.

AWKWARD ALLIANCE MESSAGING
The outreach included a visit to Japan and South Korea by new Navy Secretary John Whelan. During his trip, Whelan began negotiations on using Japanese and South Korean shipyards not just to maintain and fix US military vessels, but also to construct civilian shipping that could be used by the US military and allies in the event of a major conflict such as one sparked by a Chinese invasion of Taiwan.

Trump has made it clear he will not be repeating predecessor Joe Biden’s assertions that the US would definitely back Taiwan if the island were attacked, reverting to the long-running US position of “strategic ambiguity.” Those in Taiwan, however, appear to have taken some heart from a leaked Pentagon report which stated that deterring a Chinese invasion was now the top US priority globally — and have also been encouraged by the appointment of the pro-Taiwan David Perdue as ambassador to Beijing.

In Poland — which in Trump’s 2017-21 term prided itself on keeping relations relatively good — influential centrist newspaper Rzeczpospolita noted that Trump had indeed kept his pledge to swiftly bring down US migration numbers. But it said he had also “upended the world order” and “sided with Putin.”

Other Polish media outlets struck a similar tone, some describing US efforts to make Ukraine sign a critical minerals deal as “neocolonial” and damaging to wider US alliances.

Ukraine finally signed that deal on Wednesday, giving the US preferential access to new Ukrainian minerals deals and providing for it to fund investment in Ukraine’s reconstruction.

Whether the damage from Trump’s heavy-handed dealings with allies can be undone remains another question.

This week saw Liberal leader Mark Carney win Canada’s general election, heavily swayed by anti-Trump sentiment generated by the president’s talk of making Canada another US state, which wiped out the Conservatives’ big lead in the polls.

In Australia, Labor Prime Minister Anthony Albanese has also received an unexpected poll boost ahead of elections this weekend as popular Australian dislike of Trump undermined his more conservative rival.

To what extent those developments will worry the current White House team remains unclear.

As Albanese stressed last month in a podcast interview, Australia “made its decision a long time ago” which side it was on when it came to the US and China.

The same is true of many other US allies, not least Britain, Japan, South Korea and others outside the European Union.

Within mainland Europe, the schism with Washington looks more permanent. But in the short term at least, Europe’s failure to be able to generate even a small force of perhaps 25,000 troops to secure post-war Ukraine acts as a reminder that the continent remains far from ready to defend itself.

In the Baltic states, where media and pundits are now voicing more concern over the potential for a future Russian invasion than at any point since independence from Moscow in 1991, Trump’s first 100 days were described as “destructive” on many levels.

UKRAINE, BALTIC WORRIES
Those dynamics may continue to get messier.

In some of those nations now most dependent on the US for support, anti-Trump comments have become increasingly widespread — with pro-Kremlin media already working hard to turn this into broader anti-US sentiment.

According to BBC Monitoring, that included amplifying stories of a handful of Ukrainian coffee shops renaming “americano” coffee as “europeano” or “ukrainiano.”

In parallel, Ukraine’s state-run TV broadcast “marathon” that has combined the output of all new stations since Vladimir Putin’s full-scale invasion of Ukraine in 2022 has acquired its own periodic anti-American tone.

“This America is broken, give us another one,” said one character on a satirical news show, while other voices within Ukraine have warned that turning against the US would simply make it easier for Russia to overrun the country.

Some of those around Ukrainian President Volodymyr Zelensky, and perhaps even the man seen as his primary political rival, former military chief and now ambassador to London Valeriy Zaluzhnyi, appear to have permanently lost patience with Trump.

At the start of March, Zaluzhnyi told a public event at Chatham House in London that the new US administration was “destroying” the world order.

With his own eye on re-election, Zelensky himself must walk an awkward path between not looking weak to his own voters while not wrecking what is left of US-Ukrainian relations.

Some of Zelensky’s own supporters have suggested Ukraine should even consider cutting off diplomatic relations with the United States — although most, more mainstream voices fear that could prove disastrous.

For more cautious voices, the Zelensky-Trump meeting and photo opportunity at Pope Francis’ April 26 funeral in Rome – and the tougher approach to Russia the US has taken in communications since then — have offered only limited relief.

“Trump is not known for his consistency of statements,” Latvian pundit Bens Latkovskis warned in a local newspaper, saying the idea that the US was “a reliable guardian and defender is illusory at best.”

In some quarters, that is already fuelling a narrative of outright despair, or at the very least betrayal.

In 2004, then-Latvian President Vaira Vike-Freiberga described her small nation’s NATO entry as the only guarantee Baltic citizens had they would not one day wake up to a Russian knock on the door or deportation to Siberia.

Two decades later, she called the most recent US-led, top-level peace talks with Ukraine “grotesque and a mockery of diplomacy.”

“We have to live for three and a half years under this (Trump) regime,” she told Latvian television. “I do not know how the world is going to survive this.”

REUTERS

The opinions expressed here are those of the author, a columnist for Reuters.