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FDC boosts 2025 capex by 20% to P24 Billion

ONE FILINVEST IN ORTIGAS AVENUE — FILINVEST.COM

GOTIANUN-LED conglomerate Filinvest Development Corp. (FDC) has allocated a P24-billion capital expenditure (capex) budget for 2025 to drive growth.

The conglomerate’s 2025 capex is 20% higher than the P20 billion set aside for 2024, FDC Chief Finance Officer Ven Christian S. Guce said during a briefing last week.

“Forty-seven percent of that will go into the expansion projects of our real estate. These are projects that are already ongoing or nearing completion. Forty percent will go into expanding the different portfolios of our segments, such as hotels, investments in renewables, and investments in our core power business,” Mr. Guce said.

“Ten percent will go into digitalization, which will improve operational efficiencies across the group,” he added.

FDC President and Chief Executive Officer Rhoda A. Huang said the conglomerate is on track with its roadmap of posting an average annual profit growth of 20% over the next five years.

“In terms of a roadmap towards that (growth), when we look at the year-to-date performance, it’s currently tracking. This is going to be consumption-led growth,” Ms. Huang said.

When asked about international business ventures, Ms. Huang said the company has seen opportunities but is focusing on businesses that complement its existing portfolio.

“I have not seen anything interesting enough to bring that forward. What we are trying to focus on will be businesses that will complement existing businesses,” she said.

Mr. Guce said the company’s current portfolio is sufficient to sustain growth over the next five years.

“Just looking at our portfolio, at least for the next five years, it’s enough to sustain the level of growth we want to achieve without having to look outside,” Mr. Guce said.

Last year, FDC recorded a record-high attributable profit, up by 36% to P12.1 billion, as total revenue and other income likewise rose by 22% to a record-high of P113.4 billion.

The conglomerate has interests in the banking sector through East West Banking Corp., the real estate business through Filinvest Land, Inc. and Filinvest Alabang, Inc., and the power sector through FDC Utilities, Inc.

It is also present in the hotel sector through Filinvest Hospitality Corp., in the sugar business through Pacific Sugar Holdings Corp., and in the infrastructure sector through a 42.5% stake in Luzon International Premier Airport Development Corp., which operates Clark International Airport.

FDC shares were last traded on March 28, closing unchanged at P4.90 per share. — Revin Mikhael D. Ochave

Ayala Land, Inc. sets 2025 Annual Meeting of Stockholders virtually on April 24

 

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BSP may resume policy easing at modest pace amid uncertainties

THE BANGKO SENTRAL ng Pilipinas (BSP) could resume its monetary easing cycle this month and cut benchmark rates by at least two times this year but at a modest pace due to global and domestic uncertainties that could stoke inflation, GlobalSource Partners said.

“We believe benign inflation readings and forecasts should allow the BSP to sustain its easing cycle at least twice this year and in baby steps. Modest easing is critical when uncertainties abound, particularly regarding the prospects for growth and financial stability,” GlobalSource Partners said in a March 31 report written by country analyst Diwa C. Guinigundo and economic analyst trainee Audrey Herrera-Lim.

“With a potentially weak external payments position and the adverse exchange rate pass through, monetary policy could in fact remain generally cautious until the markers of global and domestic uncertainties relent,” it said.

BSP Governor Eli M. Remolona, Jr. last week said there is a “good chance” that the Monetary Board will cut rates by 25 basis points (bps) at their April 10 meeting, Bloomberg reported.

Mr. Remolona said the BSP remains on an easing cycle and could reduce borrowing costs by as much as 75 bps this year depending on data.

The central bank has brought down benchmark interest rates by a total of 75 bps since it began its rate-cut cycle in August last year, with its policy rate currently at 5.75%.

The Monetary Board in February unexpectedly kept rates unchanged amid uncertainties stemming from the Trump administration’s policies.

“With this information, we are convinced the BSP will resume what has now become its “calibrated rate-cutting cycle” during the next monetary policy meeting on April 10,” GlobalSource Partners said.

It expects Philippine inflation to average 1.7% to 2.1% this year, based on its own models.

“Such prognosis allows the monetary authorities ample leeway to further ease monetary policy. However, some word of caution is imperative. The previous BSP risk-adjusted forecasts are inching closer to the 4% upper end of the 2-4% inflation target. With both February and March inflation trending lower, risk-adjusted inflation forecasts that would be announced after the Board meeting on April 10, all other things being equal, could be lower than their current levels of 3.5% and 3.7% for 2025 and 2026, respectively,” it said.

The latest round of cuts in banks’ reserve requirement ratios that took effect last week, which released over P300 billion in additional liquidity, could also be inflationary, it added.

“Already, the BSP has suggested that the output gap could already be in a slight positive territory such that a rate cut if not appropriate and timely could add more price pressure.”

GlobalSource Partners added that while slowing domestic growth due to weakening business activities and global uncertainties amid the United States’ tariff policies could support sustained monetary easing, financial stability issues may lead the Philippine central bank to err on the side of caution.

The BSP in its latest Financial Stability report warned of risks stemming from global trade pressures, geopolitical tensions and domestic debt concerns.

“The content of the latest stability report has actually different implications for monetary policy. On the one hand, it calls attention to global uncertainty, which would require constant monitoring of market risks as well as cautious monetary policy,” GlobalSource Partners said.

“On the other hand, the issue of excessive household borrowing, especially unsecured consumer loans, might force the authorities to sustain easing to avoid squeezing borrowers and prevent banking stress. While the capital markets are presented as an alternative funding source, Philippine capital markets are rather shallow and may not allow this soon. At this point, capital markets could hardly serve as “spare tire” should banks decide to pull back.”

The Philippines’ weak external payments position could also put pressure on the peso, which may stoke inflation, it added.

The BSP expects the country’s balance of payments (BoP) position to swing to a deficit this year, as well as post a wider current account deficit, amid global trade volatilities.

The central bank’s latest projection shows the overall BoP will register a deficit of $4 billion this year, equivalent to -0.8% of gross domestic product (GDP).

In 2024, the BoP position stood at a surplus of $609 million, plunging by 83.4% from the $3.672-billion surplus at end-2023.

Meanwhile, the current account deficit — which covers transactions involving goods, services, and income — is expected to reach $19.8 billion this year, equivalent to -3.9% of economic output.

Latest data from the BSP showed the current account deficit widened by 41.4% to $17.5 billion last year from $12.39 billion in 2023. This marked the second-largest current account deficit on record after the $18.3-billion gap recorded in 2022.

“This would imply that a weak peso could proceed from an external deficit… Thus, it also means that the inflows from foreign investments and foreign debt would not suffice to reverse the huge current account deficit of nearly $20 billion in 2025 and over $21 billion in 2026. Unless the BSP keeps its policy rate steady, or shifts to a more cautious stance, inflation is bound to gather some pace due to exchange rate pass through,” GlobalSource Partners said. — A.M.C. Sy

PLDT eyes to finish Apricot submarine cable project by 2027

PLDTENTERPRISE.COM

PANGILINAN-LED telecommunications company PLDT Inc. said it expects to fully complete its Apricot submarine cable system by 2027.

“There are two landing stations, one in Baler and one in Digos,” PLDT First Vice-President and Head of Enterprise Product Management and Global Capacity Benedict Patrick V. Alcoseba told reporters on the sidelines of an event last week.

“It’s slated for 2027. A big part of what we need to complete is the Indonesian waters, but the Philippine waters are progressing well,” he added.

Originally scheduled for completion in 2026, the project is expected to upgrade and increase connections and capacity for stable internet, Mr. Alcoseba said.

“Apricot extends from the lower part of South Asia toward Guam. So, it increases the resiliency of the Philippines when we connect with different Southeast Asian countries. It also helps us connect to the US,” he said.

In March, the Pangilinan-led telecommunications company said it had completed the cable-laying phase of the Apricot cable system from Baler, Aurora, to Davao.

This development is expected to strengthen the country’s domestic network while positioning the Philippines as a transit hub for hyperscalers.

The 12,000-kilometer Apricot cable system will further expand PLDT’s international data capacity. It is a high-capacity fiber-optic submarine cable capable of handling more than 211 terabits per second.

The Apricot cable system provides a direct link from Singapore to Japan and is expected to offer telecommunications companies alternative routes.

This cable system is also expected to enhance and support the growing demand for connectivity within PLDT’s network in Luzon and Mindanao.

Further, the company is also targeting up to three new submarine cable projects, Mr. Alcoseba said, adding that this plan is still under exploratory discussions.

“No timeline yet for this, but definitely before the Apricot cable is up. We should be able to do the future cable, but it would depend on a number of considerations,” he said.

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

Filipino drag excellence meets the world of musical theater

THE ENSEMBLE gives a preview of Delia D.

PRIDE month is coming early for fans of both the art of drag and musical theater — the brand-new musical Delia D.: A Musical Featuring the Songs of Jonathan Manalo will combine both in a grand, bedazzling onstage showcase.

The jukebox musical from Newport World Resorts’ production arm Full House Theater Company (FHTC) will have performances at the Newport Performing Arts Theater from April 25 to June 8.

The show features a unique blend of camp, comedy, and drama, while highlighting the values of perseverance, family bonds, and the pursuit of one’s passions. The musical revolves around its titular character, Delia D., a magnetic drag performer pursuing a dream to make it big.

Songs penned and arranged by the most streamed Filipino songwriter-producer of all time, Jonathan Manalo, will fill the musical with passion and emotion.

In March, he was ranked 140th among the top music producers in the world by Los Angeles-based music credit platform Muso.AI (and is the only Filipino on the list). All the songs he has helmed in the past two decades have amassed over 8 billion streams in total.

Some of his songs in the musical are “Tara Tena” (a 2001 Himig Handog winner), “Gusto Ko Nang Bumitaw” (recorded by Sheryn Regis and reprised by Morissette), “Pagbigyang Muli” (sung by Erik Santos and Regine Velasquez), “Boom Panes” and “Rampa” (both sung by Vice Ganda), and many more.

Mr. Manalo told the media at a March 13 press conference that he never imagined that his music would make this journey into musical theater.

“My music is in good hands,” he said. “I’m excited and super proud of the outcome, though hindi ko pa nakikita nang buo (I haven’t seen it in full) since rehearsals are ongoing. But I’ve seen bits and pieces of greatness.”

He added that Delia D. is a hybrid musical, which means it will contain a mix of existing hits and new material. There will be 40 songs from the catalog of Mr. Manalo, and six brand-new songs that he wrote specifically for the musical.

Following FHTC’s two previous productions, which were hit jukebox musicals, lead actor Phi Palmos expressed the importance of representation on such a big stage.

“It is such a big opportunity to represent my community. I am an advocate and a proud member of the LGBTQIA+ (lesbian, gay, bisexual, trans, queer, intersex, asexual plus community), and my advocacy is pushing for nuanced, sensitive, and truthful representation in media,” he said.

Mr. Palmos pointed out the title being Delia D. is a powerful message, akin to the weight of other musicals with lead characters in the title — Evita, Sweeney Todd, Annie.

“Hindi na aasamin ng isang batang bakla na maging Kim sa Miss Saigon. Aasamin na niya maging Delia D. (Little gay boys won’t have to yearn to be Kim from Miss Saigon. They will yearn to be Delia D.),” he explained.

Aside from the titular role, the musical is filled with a colorful cast of characters, from Delia’s family members and fellow drag performers to music label executives and singing show contestants.

The supporting actors are Floyd Tena, Tex Ordoñez de Leon, Omar Udin, John “Sweet” Lapus, Shaira Optimar, Joanna Yap-Co, Joshua Cabiladas, Mimi Marquez, Rapah Manalo, Miah Canton, Alfritz Blanche, Natasha Cabrera, and Chaye Mogg.

For Mr. Tena, a gay actor who has been playing straight roles all his life, Delia D. is a huge opportunity. “It’s my first time to play a fully gay character,” he said. “I always tell my director to please guide me, because I know I’m gay but I don’t know how to play a gay character — which is weird, right?”

Mr. Palmos added that the show goes beyond using representation as a buzzword. “You have to see a manifestation of that dream. For me, I aim for this to be like a Lea Salonga Miss Saigon role, where years later I will see other Delia D’s,” he shared.

“In terms of the requirements of the stage, we’re showcasing different worlds. We have the drag world, the showbiz world, the world of the family, and the world of the singing contestants,” said director Dexter Santos at the press conference.

“We want to create all of those worlds as closely to reality as possible, so that we can see the delineations, the juxtapositions. And you can expect a lot of back-to-back numbers,” he added.

The production’s creative team includes playwright Dolly Dulu, musical arranger Vince Lim, choreographer Stephen Viñas, and many more.

Menchu Lauchengco-Yulo and Michael Williams, co-artistic directors of FHTC, told the press that the musical may be a triumph for the LGBTQIA+ community, but it is still “a story for everyone.”

“Anyone can relate. A parent, a child, a friend, anyone with a dream. Everybody is represented here,” said Ms. Lauchengco-Yulo.

Delia D. will run at the Newport Performing Arts Theater from April 25 to June 8. Tickets, ranging in price from P1,000 to P3,500, are available at all TicketWorld outlets, HelixPay, and the Newport World Resorts Box Office. — Brontë H. Lacsamana

Digital transformation in Philippine agribusiness

LIONHEART FARM

(Part 1)

The Philippine agriculture sector accounts for about 10% of total GDP but employs some 22% of the Philippine labor force, already exposing the low productivity of those working in farming. It is not a surprise that some 70% of those who fall below the poverty line (16% of the total population and about 22% of total households) are in the farming, fisheries and forestry sector. If we expand the definition from just farming to the entire value chain called agribusiness (which includes post-harvest, storage, logistics, food processing and retailing), the contribution to GDP can rise to 30%. The agriculture, forestry and fishing sector has been the weakest link of the Philippine economy, often posting volume declines and hardly averaging growth of 1% per annum over a 20-year period. If we want to achieve GDP growth rate of close to 8% annually over the next 10 to 20 years to be able to attain high-income status, we must accelerate the growth of the agriculture, forestry and fishing sector to at least 3% annually, a performance already attained by our ASEAN neighbors like Thailand and Vietnam.

Increasingly, with the expiration of the Comprehensive Agrarian Reform Law (CARP), there is a trend towards the bifurcation of the farming sector into two distinct agricultural models: on one side you have the millions of small farmers with two to three hectares of land each in such crops as rice, corn, vegetables, fruits and livestock. These farmers should be the target of government assistance in the form of farm-to-market roads, irrigation systems, post-harvest facilities, agricultural extension services and access to credit. Also playing a vital role in helping small farmers earn income above subsistence is the NGO sector, which includes cooperatives, social enterprises and philanthropic organizations. It must be kept in mind that such help to small farmers is primarily meant to eradicate poverty rather than attain significant increases in productivity. Only the second emerging sector, i.e., the large commercial farms that can attain economies of scale and employ the most advanced technology in agribusiness can help the country attain 8% GDP growth that is necessary for attaining high-Income status, say 20 years from now.

Fortunately, there are increasing signs that large-scale commercial farming is beginning to attract private capital. This is not only true for the traditional large-scale operations like those of banana and pineapple plantations, in which the Philippines has managed to keep up with other countries in Southeast Asia and South America. Now, we are witnessing long-term capital being invested in large-scale farming operations in coconut, palm oil, bamboo and dairy. I have high hopes that, if the BBM administration has the political will to help private investors reconsolidate millions of hectares (especially in the coconut industry) into larger farms of thousands of hectares each, we will see the success story of bananas and pineapples spread to other crops like coffee, cacao, mangoes, avocado, durian, pili, cashew, etc. It will not be easy because of the remaining agrarian reform mentality of some of our leaders. I am glad, though, that the present administration is no longer obsessed with agrarian reform as were past political leaders. I am witnessing small coconut farms being reconsolidated into bigger units through cooperativism, the nucleus estate model perfected by the Malaysians in palm oil production, and the conversion of denuded forest areas into commercial coconut farms. The pioneer in combining these three modes of farm consolidation is Lionheart Farm located in Rizal, Palawan. There are efforts to replicate this model (of about 3,000 hectares of coconuts) in such other regions as Quezon province, Samar, Leyte and Northern Mindanao.

How do we attain the goal of increasing agricultural productivity so that we can start growing at higher GDP growth rates of 8% or above? One answer given by some people in business and academe is to introduce digitalization and other forms of digital transformation into the whole agribusiness sector, starting with farming. This was the topic of a forum organized by the Center for Food and Agribusiness of the University of Asia and the Pacific (UA&P) in collaboration with the Southeast Asian Center for Graduate Study and Research in Agriculture (SEARCA). As mentioned by Annette Dacul, director of the Center for Food and Agribusiness of UA&P in her introductory remarks at the forum, digitalization is one of the strategic directions being implemented by the BBM administration to reverse the unfortunate reputation of agriculture as the sick sector of the Philippine economy. The other three strategic moves are product diversification, which will address the serious problem of overconcentration of our resources on rice to the detriment of many other crops in which the Philippines can be more productive and competitive; farm consolidation as explained above; and industrialization, i.e., processing agricultural materials we produce rather than just exporting them raw whenever commercially feasible. These topics will be addressed in future fora that will be also co-sponsored by CFA and SEARCA.

The agribusiness forum on March 14 on “Digital Transformation in Philippine Food and Agribusiness: Innovation for the Future” served as a platform to bring together key stakeholders in the Philippine food and agribusiness sector to discuss digital transformation and its role in shaping the future of the industry. It could be mentioned here that food security is being given the highest priority by the BBM administration. With rapid advancements in digital and related technologies, the forum explored innovative solutions to enhance productivity, efficiency and market access across the agricultural value chain.

Specifically, the forum and similarly, the other fora planned for the future on farm consolidation, diversification, and industrialization, are aimed at the following:

• Raise awareness: Highlight the importance of digital transformation in agriculture and food systems

• Showcase innovation: Present cutting-edge technologies and practices in farming, postharvest processing, logistics and market access

• Facilitate collaboration: Provide opportunities for networking and partnerships among industry leaders, government agencies, academe and private enterprises

• Strengthen policy advocacy: Advocate for policies supporting the digitalization of the food and agribusiness sector

There were panel discussions on “Digitalization in farm production and postharvest” led by Ana Cecilia Palma, founder and managing director of Yarran Consulting, and Christian Eyde Moeller, CEO at Lionheart Farms; Gilian Santos, CEO and co-founder of Anihan Technologies, Inc.; and Julius Barcelona, CEO at Harbest Agribusiness. The second panel discussion was on “Digitalization in logistics and market access,” which was moderated by Ruel Maningas, program director of the Master in Applied Business Analytics and professor of UA&P with panelists JT Solis, CEO and co-founder of Mayani; and Marc Concio, CEO and co-founder of KITA Agritech. The third panel was on “Financing in digital agriculture” moderated by V. Bruce Tolentino, former member of the Monetary Board with panelists Clarita de la Rosa and Laurence Hidalgo, program officer at LANDBANK; Tony Isidro, CEO at Fuse, the lending arm of GCash and Honorio Flameno, director of DA-ICT Service. The fourth panel discussed “Policy and partnerships” with Roehlano Briones, senior fellow at the Philippine Institute for Development Studies (PIDS) as moderator and panelists Mercedita Sombilla, former undersecretary for policy, planning and regulations at the Department of Agriculture; and Nerita Manalili, managing director at NEXUS Agriculture.

(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

Dollar wobbles as world waits for Trump’s reciprocal tariffs

US one-hundred-dollar notes are seen in this picture illustration taken in Seoul Feb. 7, 2011. — REUTERS

SINGAPORE — The dollar wobbled on Tuesday after a bruising quarter as weary investors braced for reciprocal tariffs from US President Donald J. Trump this week, a move that is likely to exacerbate the global trade war that has evoked US recession worries.

Investors’ focus has been firmly on the new round of reciprocal levies that the White House is due to announce on Wednesday, with details scarce. Mr. Trump said late on Sunday that essentially all countries will be slapped with duties this week.

That has left currency markets subdued as traders stayed on the sidelines awaiting clarity on Mr. Trump’s trade policies. Mr. Trump has already imposed tariffs on aluminum, steel and autos, along with increased tariffs on all goods from China.

“The second quarter may bring with it as much uncertainty and volatility for investors as the first quarter of the year,” said Anthony Saglimbene, chief market strategist at Ameriprise Financial.

“To date, there has been very little clarity on what and who these tariffs will target out of the gate. Market volatility could escalate depending on what and who is targeted.”

The euro was 0.11% lower at $1.0805 after gaining 4.5% in the first quarter of the year, its strongest quarterly performance since October-December in 2022, thanks mainly to Germany’s fiscal overhaul, although some investors are skeptical of the bull run lasting longer.

The Japanese yen was a shade stronger at 149.815 per dollar on Tuesday. The yen rose nearly 5% against the dollar in the January-March period on growing bets that the Bank of Japan would hike interest rates again.

Data on Tuesday showed business sentiment among big Japanese manufacturers worsened in the three months to March, a sign escalating trade tensions were already taking a toll on the export-reliant economy and complicating the Bank of Japan’s next move.

US DATA ALSO AWAITED
Beyond tariffs, a string of economic reports, including jobs and payrolls data, could shed much-needed light on how the US economy is holding up under a second Trump presidency.

Federal Reserve Chair Jerome H. Powell and other central bank officials’ speeches scheduled this week also could offer clues on the path for US interest rates.

The Reserve Bank of Australia (RBA) on Tuesday held interest rates steady at 4.1% and said it was still cautious about the outlook, though it dropped an explicit reference to being cautious about cutting rates again.

The Aussie was mostly steady, up 0.1% at $0.6256 in a muted response to the policy decision. The currency had touched a four-week low of $0.6219 on Monday, though it eked out a 1% gain in the first quarter.

“The RBA’s statement suggests they’re inching towards their next cut, but in no rush to signal one ahead of the election or the quarterly inflation figures,” said Matt Simpson, senior market analyst at City Index. Australia will hold a general election on May 3.

The RBA delivered its first rate cut in over four years in February but has since adopted a cautious tone on further easing, with Governor Michele Bullock and other top policy makers downplaying the likelihood of multiple cuts.

The dollar index, which measures the US currency against six rivals, was flat at 104.23. Sterling last fetched $1.2916, while the New Zealand dollar was at $0.56755. — Reuters

Aboitiz group targets more regional airports in expansion move

PHILSTAR FILE PHOTO

ABOITIZ InfraCapital, Inc. is keen on taking over the operations and maintenance of other regional airports in the country as the infrastructure arm of the Aboitiz group is set to take over two regional airports this year.

“We are actually open to expanding our portfolio. With Cebu, Laguindingan, and Bohol, we are already building a strong network. But we are keeping an eye on other potential regional airports,” Aboitiz President and Chief Executive Officer Cosette V. Canilao said in an interview on Money Talks with Cathy Yang on One News on Tuesday.

Aboitiz InfraCapital is set to assume the operations and maintenance of Laguindingan International Airport in Misamis Oriental this month, and will take over New Bohol-Panglao International Airport by June.

Aboitiz InfraCapital’s immediate plans for the two regional airports are to enhance operational efficiency, improve commercial space, and introduce digital upgrades, Ms. Canilao said.

“We also plan to work closely with local stakeholders to ensure that the airport becomes a real driver of regional tourism and economic growth,” Ms. Canilao said.

The company, which has also taken full control of Mactan-Cebu International Airport (MCIA), plans to apply a slightly different approach at the two regional airports than it did at MCIA.

“Our approach is tailored per location. Cebu is a major international hub, while Bohol and Laguindingan are growing regional airports with strong tourism and domestic traffic,” Ms. Canilao said.

For Bohol, Aboitiz InfraCapital said it will focus on scalable infrastructure upgrades and implement sustainable initiatives, while it will prioritize capacity enhancements and connectivity for Laguindingan, especially since the airport is a key link to northern Mindanao.

“For Laguindingan, we also aim to support the revival and growth of tourism in northern Mindanao. We’re hoping to build on its already strong tourism appeal by working with local stakeholders, most especially the local government units and airlines, to open up more routes and services,” she said.

Meanwhile, Aboitiz InfraCapital expects to turn a profit on these regional airport projects within the next five to seven years, Ms. Canilao said, adding that the company sees airport projects as long-term investments.

The company won the contracts for the operations and maintenance of the P12.75-billion Laguindingan airport project and the P4.53-billion New Bohol-Panglao International Airport after no bids were received by the government during the projects’ Swiss challenge.

Aside from expanding its airport portfolio, Aboitiz InfraCapital is also keen on expanding its water and digital infrastructure assets.

“We see huge potential as well in water and digital infrastructure, and we are excited again for more public-private partnerships (PPPs),” she said, adding that the company would likely get into water infrastructure projects in areas where it has built and managed airports.

“What we want to do is not only build or develop the airports but also the supporting infrastructure around our airport assets,” she added. — Ashley Erika O. Jose

Art exhibit for dogs

MY LOVE by Kharmela Baldemor, acacia wood

DOGS have been preserved in art in illustrations dating back to the Bronze Age, cementing the animal’s status as man’s favorite companion. Some of the world’s most famous paintings just aren’t complete without dogs — think Jan van Eyck’s The Arnolfini Wedding, with a pooch just by the female figure’s skirt; and who can forget Dogs Playing Poker? More poignantly, there’s a statue of Hachiko in Japan, a memorial for the loyal Akita who waited for his master Hidesaburo Ueno at the train station long after Mr. Ueno’s death.

From March 30 to April 6, Hound Haven Philippines, Inc. is holding Pawcasso: Art for Dogs, a benefit art exhibit for its eighth anniversary. Hound Haven is the first and only non-profit organization and animal shelter in the Philippines dedicated to the rehabilitation and rehoming of retired military working dogs (MWDs) and contract working dogs (CWDs). The exhibit is currently open to the public at the Gimenez Gallery, University of the Philippines (UP) Diliman.

The exhibit is in collaboration with members and friends of the Paete Artists Guild — the small town in Laguna is known for its thriving art scene, especially with regard to its woodcarving expertise (the town’s name is said to come from the Filipino word for chisel: paet). The town has produced some names known to the nation and the world: painter Manuel Baldemor, sculptor Mariano Madriñan (famous for a religious statue of the Mater Dolorosa exhibited at the International Exposition held in Amsterdam in 1882), and his grandson, fellow sculptor Froilan T. Madriñan, one of the founders of the UP Artists Circle Fraternity of the UP College of Fine Arts.

Pawcasso has 25 participating artists, with familiar names in Laguna and the Philippine art scene: there are works by Felix Baldemor with recall to the traditional religious figures that come out of Paete, but decidedly more modern ones like Fhiex Orozco’s The Hero Dog Kabang (the dog who rescued two children from a vehicular crash, damaging her nose and jaw in the process), made out of spoons. Kharmela Baldemor, of the same family, made a series of wood sculptures about the womb, but also an especially charming one resembling a traditional Madonna and Child — except in this one, Our Lady is more modern and is locked in an embrace with a dog. The art available isn’t exclusively centered around dogs: Christine Cagandahan (another old Paete last name) did a series of flowers in epoxy steel and canvas, while Menchie Vitente made an abstract of a rainbow dripping down a canvas to end in a wave of gold leaf.

“It’s something we’ve never done before,” said Maxin Arcebal Isidro, chief executive officer and co-founder of Hound Haven. “One of my co-founders (Corporate Secretary Jerome Arcebal) is an art collector.” Mr. Arcebal’s connection to the Paete Artists Guild through Love Bagacina and Otep Bañez became a call for artworks. “These artists were aware about Hound Haven. He knew that they were dog lovers,” she said. While some of the artists already had dog-themed and dog-related art in stock, some of them made new pieces for Pawcasso.

HOUND HELP
While 60% of the sales go to the artists, 40% of the sales go towards Hound Haven’s programs. “40% will help us with our K-9 rehabilitation programs. When the K-9’s are turned over to Hound Haven, some of them are very old. They have medical conditions; they have health challenges. Some even have PTSD (post-traumatic stress disorder).” Recently, the Commission on Audit came out with a circular that required K-9 units in government service to be retired at eight years old, and to be adopted out, either by their handlers or by private organizations, individuals, and families following a list of guidelines — the idea for which came from Hound Haven’s partnership with the Philippine Army K-9 Battalion, according to Ms. Arcebal Isidro. “The goal is to eventually match them with families in forever homes: just to give them a new kind of life — this time as members of a family,” she said.

Ms. Arcebal Isidro told us success stories of former Hound Haven residents: there’s Tootsie, an ex-explosive detection dog, who was introduced to them as possibly aggressive and unpredictable. “When we started working with him, he just turned out to be such a big baby,” she said. Tootsie came to be adopted by a family who had just lost their own dog: “They fell in love with Tootsie, and they made it work.” She pointed out that Tootsie was very happy — he attended Pawcasso’s opening with his new family. Then there’s Fyt, a sweetheart from the very beginning, who was introduced to UP Vice Chancellor for Community Affairs Jerwin Agpaoa. Fyt passed away a few years ago, but not before becoming a pioneer member of UP Diliman’s Emotional Support Animal program.

“Art evokes emotions and feelings,” said Ms. Arcebal Isidro, relating art to the dogs they care for. “To be able to feel like that, you have to love something enough — even when that something won’t give you anything monetary, or anything tangible in return.”

“When you love dogs, it’s knowing that their presence is enough. I think it takes a certain kind of person to love a dog — and also a certain kind of person to create art, out of all those feelings that you get from loving beyond language.” Or in this case: “Beyond species.”

Other activities at Pawcasso include discounted pet portrait sessions with Paws&Click (@pawsandclickstudio) on April 5 (register at https://tinyurl.com/HHPawsandClick), and a meet-and-greet with some of Hound Haven’s adoptable retired K-9s, brought by pet transport provider Joyful Pet Transport (@joyfulpettransport). Dog-related treats and merchandise are also available from YPF Grooming Studio(@ypfgroomingstudio), Happy Life Organics (@happylifeorganics), Pet Lovers Centre (@petloverscentreph), Biyaya Animal Care (@biyayaanimalcare), Little Lion Treats (@littleliontreats), and Twin Lakes Hotel Tagaytay (@twinlakeshotel). Learn more about Hound Haven through Facebook (fb.com/houndhavenph), Instagram (@houndhavenph), and on www.houndhavenph.org. — Joseph L. Garcia

Voters want candidates who will ensure food security

PANGASINAN CORPORATE FARMING PROGRAM — PANGASINAN.GOV.PH

Filipino voters are often underestimated. There’s a persistent stereotype that they’re easily swayed by charm or quick fixes. But recent surveys tell a more grounded story — one that points to a growing demand for real solutions to everyday challenges, especially when it comes to food and livelihood.

Recent surveys, however, reveal that the preferences of Filipino voters are more intimately linked to issues of the gut, not only for a single day’s meal but for the foreseeable future in their families’ lives.

A Pulse Asia survey conducted in February 2025 revealed that 53% of Filipinos believe that the government should focus on making basic commodities more affordable, while 51% seek expanded employment and livelihood programs to cope with the rising cost of living.

Regional and socioeconomic variations in the survey data further validate this. For instance, 63% of respondents in Mindanao and 59% of those from Class E prioritize access to affordable basic goods, highlighting the disproportionate impact on poorer and rural communities. Moreover, 74% of Filipinos have already reduced consumption of meat, and 35% have cut back on rice. Inflation is eroding dietary quality and nutritional intake.

Food inflation is therefore now a matter of survival. And when people cannot afford the prices of basic food items, food insecurity sets in. According to the Food and Agriculture Organization’s (FAO) 2024 report, 6.8 million Filipinos experienced severe food insecurity from 2021 to 2023, while 51 million were moderately food insecure during the same period. Food insecurity aggravates social inequality, poverty, malnutrition and public discontent.

Food insecurity does not develop overnight. Decades of inconsistent policies, poor infrastructure and failure in the proper implementation of programs have weakened the country’s local agricultural sector that greatly impacted our local food systems.

This is not something that we should wait years to respond to. Pulse Asia survey data from February 2025 reveal that 37% of Filipinos believe that the Department of Agriculture (DA) should prioritize bridging farmers to major distribution channels to eliminate costly middlemen. This reflects growing public recognition that weak market linkages are a core barrier to agricultural profitability and food affordability.

Notably, support for this measure is strongest in Mindanao (41%) and NCR (40%), areas that represent both key production and consumption centers. Meanwhile, 30% advocate for land consolidation to promote more efficient, corporate-style farming, and 26% support a review of subsidy and loan distribution — highlighting demand for systemic reform in agricultural financing. These preferences indicate a shift in public awareness toward structural and supply chain-focused solutions, emphasizing the need for an integrated approach that improves logistics, market access and productivity across the agricultural sector.

The threats of climate change and natural disasters further endanger our food supply chain and agricultural productivity.

The issue of food security takes on an even more urgent hue as we approach the May elections. A Social Weather Stations (SWS) survey in February 2025 highlights the urgency of this issue as 90% of voters support candidates who prioritize the development of the agriculture sector and ensure food security.

Agro-industry should be prioritized because it encourages resilience amid global supply chain disruptions, and promotes inclusive and sustainable economic growth. Self-sufficiency at all costs is not sustainable and inefficient. A modern food security strategy must focus on crop diversification, farm clustering and mechanization, and public-private partnerships in post-harvest facilities, logistics, storage and research and development.

Ensuring food security requires bold, systemic reforms beyond short-term subsidies. A forward-looking agricultural agenda must prioritize infrastructure, technology and data-driven policies to enhance productivity and resilience. This demands strong leadership committed to transforming the Department of Agriculture, shifting from a welfare mindset to a focus on efficiency and innovation.

As the May elections draw closer, the stakes are becoming clearer. These midterm elections are no longer about personalities or political affiliations. They are about real solutions to the rising cost of food and the long-term well-being of Filipino families. Voters are no longer swayed by vague promises; they are demanding clear, actionable and sustainable security agendas from the candidates who want to lead them.

Food is no longer just an economic or social issue; it’s a full-blown national concern. Inflation has pushed basic goods out of reach for many Filipinos, turning daily meals into a struggle. This can’t be treated as a token issue. Candidates must go beyond band-aid solutions and show how they’ll tackle food insecurity at its roots. Because food security isn’t just about today’s grocery bill; it’s about shaping a future where agriculture is strong, farmers are valued, and no family goes hungry. In this election, voters will decide whether the next leaders will confront this crisis head-on or let it keep getting worse. As voters, we have the power and responsibility to choose the right leaders who will have the integrity and capacity to lead us out of this food crisis.

 

Victor Andres “Dindo” C. Manhit is the president of the Stratbase ADR Institute.

US Fed officials cautious on rates amid tariff-related inflation risks

Flags fly over the US Federal Reserve building in Washington, US, May 26, 2017. — REUTERS

NEW YORK — New York Federal Reserve President John Williams said on Monday that monetary policy is “well positioned” for what the economy might do this year, as he acknowledged there are risks that inflation could once again heat up.

“Monetary policy is moderately restrictive,” Mr. Williams said in an interview with Yahoo Finance, with the current setting of interest rates “putting some downward pressure on inflation.”

Williams added that while he cannot predict when the US central bank might change the current level of interest rates, keeping it in place “for some time” will allow officials to study incoming data and decide what they need to do next.

Richmond Fed President Thomas Barkin, speaking separately in an interview with CNBC, said the timing of any rate cuts will depend on what happens with inflation. He noted that while he is nervous that the Trump administration’s tariffs will push up prices, he is also worried the levies could hurt the job market.

“Call me nervous on both,” Mr. Barkin said, adding that “there’s a lot of uncertainty right now, and I think that makes the case for wait and see how this plays out.”

The two central bankers weighed in at a time of high economic uncertainty as President Donald Trump continues to press forward with disruptive shifts in trade policy while at the same time downsizing the federal government, complicating any effort to gain clarity about the outlook for the economy.

That uncertainty proved to be a defining characteristic of the Fed’s rate-setting meeting earlier this month, where policy makers held the central bank’s benchmark overnight interest rate steady in the 4.25%-4.50% range, while maintaining hopes they’ll be able to cut rates later this year.

RECESSION RISKS
The Fed’s outlook has been complicated by the fact that Trump’s tariffs, which could be significantly expanded on Wednesday, are almost certain to drive up inflation in the near term, with big questions about how long those gains might last.

At the same time, uncertainty is complicating businesses’ efforts to plan and invest and is rapidly and dramatically souring consumers’ attitudes.

All of this is leading to rising worries about an economic downturn. On Sunday, Goldman Sachs forecasters said they will raise their recession probability to 35% from 20%, noting “the sharp recent deterioration in household and business confidence, and statements from White House officials indicating greater willingness to tolerate near-term economic weakness in pursuit of their policies.”

The shift in the outlook has been driving financial markets to price in more Fed interest rate cuts as traders and investors reckon the central bank will have to take action to buoy the economy.

Williams said that while he was not going to try to put odds on the prospect of a recession, where the economy now stands is “very solid” with “good growth up to this point,” with a still healthy labor market.

Williams also said, “I can assure Americans that we will not allow high inflation to take root like we saw in the 70s and 80s” and that current economic conditions do not merit being called stagflationary, which is a time of weak growth and high inflation.

The New York Fed leader also said he needs to have more information before he can say definitely what tariffs will do to price pressures. He said his forecast is “that inflation will be relatively stable” this year, while adding there are “upside risks” for price pressures.

Williams also said that as he sees it, longer-run inflation expectations have remained stable and the Fed will make sure it stays that way.

Speaking at a Reuters NEXT Newsmaker event, International Monetary Fund Managing Director Kristalina Georgieva backed up Williams’ outlook and said the process of slowing inflation will continue, albeit at a reduced pace this year.

She also said that “when we look at inflation expectations, they’re a little higher, but not dramatically changing the disinflation trajectory between now and 2026.” — Reuters

Ionics EMS plans to break ground on new facilities in Batangas

IONICS-EMS.COM

IONICS EMS, Inc. said it plans to start construction of two general-purpose facilities at the Light Industry and Science Park (LISP) IV as part of its preparations for potential expansion.

“These are for general purposes and are slated for potential future expansion,” Earl Lawrence S. Qua, vice-president for business development at Ionics EMS, told reporters on Friday last week.

“It is on a four-hectare parcel of land… It can be used as a warehouse; it can also be converted into a plant,” he added.

Mr. Qua said that it is still early to comment on the company’s prospects for potential expansion but noted that the new facilities can be used for internal purposes or leased to another party.

“Well, by June, we will break ground for the two facilities… I think it will take maybe about a year,” he said, referring to the completion of the new facilities.

Late last year, listed company Ionics, Inc. announced its board’s approval for the construction of a standard factory building located at Ionics Properties, Inc.’s property at LISP IV in Malvar, Batangas.

According to a disclosure to the stock exchange, the project is estimated to cost $6.8 million, which will be partly financed through a bank loan.

Ionics EMS is also planning to install solar panels on the roofs of its Plants 2, 5, and 6 for an estimated cost of $1.13 million, which is expected to result in savings on power requirements.

Ionics EMS produces printed circuit boards and finished electronic products and exports 99.5% of its production.

This year, Mr. Qua said the company sees opportunities in the manufacture of telecommunications products and security products for networks and data centers.

“We have been growing… in the past three years. This year I think we have announced a 10% growth,” he said.

He added that the 10% growth is a realistic target while considering the new US tariffs expected to be imposed on all semiconductor imports. — Justine Irish DP. Tabile

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