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Beach Boys founder Brian Wilson, 82

BEACH BOYS cofounder Brian Wilson, who created some of rock’s most enduring songs such as “Good Vibrations” and “God Only Knows” in a career that was marked by a decades-long battle between his musical genius, drug abuse and mental health issues, has died at the age of 82.

Mr. Wilson’s family announced his death in a statement on the singer’s website.

“We are at a loss for words right now,” the statement said. “We realize that we are sharing our grief with the world.”

The statement did not disclose a cause of death. Mr. Wilson had suffered from dementia and was unable to care for himself after his wife Melinda Wilson died in early 2024, prompting his family to put him under conservatorship.

Starting in 1961, the Beach Boys put out a string of sunny hits celebrating the touchstones of California youth culture — surfing, cars and romance. But what made the songs special was the ethereal harmonies that Mr. Wilson arranged and that would become the band’s lasting trademark.

Mr. Wilson formed the band with younger brothers Carl and Dennis, cousin Mike Love and friend Al Jardine in their hometown, the Los Angeles suburb of Hawthorne. They went on to have 36 Top 40 hits, with Mr. Wilson writing and composing most of the early works.

Songs such as “Little Deuce Coupe,” “Surfin’ U.S.A.,” “California Girls,” “Fun, Fun, Fun” and “Help Me, Rhonda” remain instantly recognizable and eminently danceable.

But there were plenty of bad vibrations in Mr. Wilson’s life: an abusive father, a cornucopia of drugs, a series of mental breakdowns, long periods of seclusion and depression and voices in his head that, even when he was on stage, told him he was no good.

“I’ve lived a very, very difficult, haunted life,” Mr. Wilson told The Washington Post in 2007.

In May 2024, a judge ruled the 81-year-old Mr. Wilson should be put under a conservatorship after two longtime associates had petitioned the court at his family’s request, saying he could not care for himself following the death of his wife, Melinda.

By 1966 touring had already become an ordeal for Mr. Wilson, who suffered what would be his first mental breakdown. He remained the Beach Boys’ mastermind but retreated to the studio to work, usually without his bandmates, on Pet Sounds, a symphonic reflection on the loss of innocence.

The landmark “Good Vibrations” was recorded during those sessions, though it did not make it to the album. Though Pet Sounds included hits such as “Wouldn’t It Be Nice,” “Sloop John B” and “God Only Knows,” it was not an immediate commercial success in the United States. There also was resistance to the album within the band, especially from singer Mr. Love, who wanted to stick with the proven money-making sound.

‘IT’S LIKE FALLING IN LOVE’
Pet Sounds, which was released in 1966, later would come to be recognized as Mr. Wilson’s magnum opus. Paul McCartney said it was an influence on the Beatles’ Sgt. Pepper’s Lonely Hearts Club Band. “No one’s musical education is complete until they’ve heard Pet Sounds,” Mr. McCartney said.

In 2012 Rolling Stone magazine ranked it second only to Sgt. Pepper on its list of the 500 greatest rock albums.

“Hearing Pet Sounds gave me the kind of feeling that raises the hairs on the back of your neck and you say, ‘What is that? It’s fantastic,’” George Martin, the Beatles’ legendary producer, said in the liner notes of a reissued version of the album. “It’s like falling in love.”

Released as a single that same year, “Good Vibrations” drew similar plaudits. On hearing the song, which would become the Beach Boys’ greatest hit, Art Garfunkel called his musical partner Paul Simon to say: “I think I just heard the greatest, most creative record of them all.”

Stars of the music world paid tribute to Mr. Wilson on Wednesday.

“Anyone with a musical bone in their body must be grateful for Brian Wilson’s genius magical touch!!,” Fleetwood Mac drummer Mick Fleetwood said on social media.

Nancy Sinatra, who recorded a cover of “California Girls” with Mr. Wilson in 2002, wrote on Instagram that Mr. Wilson’s “cherished music will live forever.”

Sean Ono Lennon, a musician and son of John Lennon, called Mr. Wilson “our American Mozart” and “a one-of-a-kind genius from another world.”

The Beach Boys sold more than 100 million records.

Mr. Wilson’s career would be derailed, though, as his use of LSD, cocaine and alcohol became untenable and his mental state, which would eventually be diagnosed as schizoaffective disorder with auditory hallucinations, grew shakier.

He became a recluse, lying in bed for days, abandoning hygiene, growing obese and sometimes venturing out in a bathrobe and slippers. He had a sandbox installed in his dining room and put his piano there. He also heard voices and was afraid that the lyrics of one of his songs were responsible for a series of fires in Los Angeles. 

UNORTHODOX THERAPY
Born in June 1942, Brian Wilson, whose life was the subject of the 2014 movie “Love & Mercy,” had two controlling men in his life. The first was his father, Murry Wilson, a part-time songwriter who recognized his son’s musical talent early. He became the Beach Boys’ manager and producer in their early years but also was physically and verbally abusive toward them. The band fired him in 1964.

About a decade later, as Mr. Wilson floundered, his then-wife, Marilyn, hired psychotherapist Eugene Landy to help him. Mr. Landy spent 14 months with Mr. Wilson, using unusual methods such as promising him a cheeseburger if he wrote a song, before being dismissed.

Mr. Landy was rehired in 1983 after Mr. Wilson went through another period of disturbing behavior that included overdosing, living in a city park and running up substantial debt. Mr. Landy used a 24-hour-a-day technique, which involved prescribing psychotropic drugs and padlocking the refrigerator, and eventually held sway over all aspects of Mr. Wilson’s life, including serving as producer and co-writer of his music when he made a comeback with a 1988 solo album.

Mr. Wilson’s family went to court to end his relationship with Mr. Landy in 1992. Mr. Wilson said Mr. Landy had saved his life but also would later call him manipulative. California medical regulators accused Mr. Landy, who died in 2006, of improper involvement with a patient’s affairs. He gave up his psychology license after admitting to unlawfully prescribing drugs.

Mr. Wilson’s return to music was spotty. He appeared frail, tentative and shaky and none of the post-comeback work brought anything close to the acclaim of his earlier catalog.

One of the best-received albums of his second act was the 2004 Brian Wilson Presents Smile, a revisiting of the work that had been intended as the follow-up to Pet Sounds but which was scrapped because of opposition from bandmates.

Mr. Wilson’s brothers had both died by the time of the Beach Boys’ 50th reunion tour in 2012 but he joined Mr. Love, who became the band’s controlling force, for several shows. In the end, Mr. Wilson said he felt as if he had been fired but Mr. Love denied it. Mr. Wilson last performed live in 2022.

Mr. Wilson and his first wife, Marilyn, had two daughters, Carnie and Wendy, who had hits in the 1990s as part of the group Wilson Phillips. He and his second wife Melinda, whom he met when she sold him a car, had five children. — Reuters

Cautious optimism seen after new US-China deal

PHILIPPINE STAR/WALTER BOLLOZOS

PHILIPPINE MARKETS could post some gains after the United States and China agreed to extend their tariff truce, but the optimism may be short-lived as investors remain cautious due to the ever-shifting trade dynamics between the world’s two largest economies.

“It’s (this week’s deal) a positive development, but investors will wait and see whether it holds and actually becomes a definitive agreement. A lot of the deeper and more fundamental trade issues also remain unresolved, so it’s too early to expect any material and durable change in investor sentiment,” China Bank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message.

“In the short term, a second attempt at a US-China trade truce could bring mild optimism to financial markets but unlike earlier rounds, markets may respond more cautiously this time. Markets have become more measured and wary. They have seen similar truce attempts fail before, so confidence will depend on whether structural commitments (tariff rollbacks or tech transfers) are made,” Philippine Institute for Development Studies Senior Research Fellow John Paolo R. Rivera said in a Viber message.

Mr. Rivera said Philippine stocks could rise when the market reopens on Friday as a reaction to the latest US-China deal. Philippine financial markets were closed on June 12 (Thursday) for the Independence Day holiday.

“The PSEi (Philippine Stock Exchange index) may see short-lived gains, especially in export-related and logistics stocks, as easing trade tensions can boost global demand. However, investors are likely more skeptical now and may wait for concrete progress,” he said.

The peso could likewise strengthen “due to improved sentiment and potential dollar weakness.”

“But the peso’s trajectory will still be shaped more by local inflation and BSP (Bangko Sentral ng Pilipinas) rate expectations,” Mr. Rivera said. “GS (government securities) yields may hold steady or slightly decline if global risk sentiment improves and capital flows into emerging market bonds, but local inflation data and fiscal outlook remain the dominant drivers.”

Mr. Colet likewise said that markets are expected to pay more attention to the Philippine and US central bank’s easing paths, as both will hold policy meetings next week.

US President Donald J. Trump on Wednesday said he was very happy with a trade deal that restored a fragile truce in the US-China trade war, a day after negotiators from Washington and Beijing agreed on a framework covering tariff rates, Reuters reported.

The deal also removes Chinese export restrictions on rare earth minerals and allows Chinese students access to US universities.

Earlier, Mr. Trump used his social media platform to offer some of the first details to emerge from two days of marathon talks in London that had, in the words of US Commerce Secretary Howard Lutnick, put “meat on the bones” of an agreement reached last month in Geneva to ease bilateral retaliatory tariffs that had reached crushing triple-digit levels.

“Our deal with China is done, subject to final approval with President Xi and me,” Mr. Trump said on Truth Social. “Full magnets, and any necessary rare earths, will be supplied, up front, by China. Likewise, we will provide to China what was agreed to, including Chinese students using our colleges and universities (which has always been good with me!). We are getting a total of 55% tariffs, China is getting 10%.”

A White House official said the 55% represents the sum of a baseline 10% “reciprocal” tariff Mr. Trump has imposed on goods imported from nearly all US trading partners; 20% on all Chinese imports because of punitive measures Mr. Trump has imposed on China, Mexico and Canada, associated with his accusation that the three facilitate the flow of the opioid fentanyl into the US; and pre-existing 25% levies on imports from China that were put in place during Mr. Trump’s first term in the White House.

Still, many specifics of the deal and details on how it will be implemented remain unclear.

The dollar slid on Thursday on heightened expectations of Federal Reserve rate cuts this year and lingering uncertainty over tariff battles.

Uncertainty over what comes next for global trade, alongside scant details of a framework agreement reached between the US and China this week, dampened the overall mood in markets and gave investors more reasons to sell the dollar.

The broad fall in the greenback on Thursday pushed the euro to a seven-week high early in the session, before the common currency pared some gains to last trade at $1.1515.

Sterling rose 0.34% to $1.3583, while the yen climbed 0.4% to 143.95 per dollar.

Against a basket of currencies, the dollar fell to its weakest since April 22 at 98.284.

Also keeping pressure on the greenback was data from Wednesday which showed US consumer prices rose less than expected in May, leading traders to ramp up bets of a Fed cut as early as September.

The overall consumer price index (CPI) for last month rose by 2.4% relative to May 2024, a touch above the April year-over-year reading, while the CPI stripped of food and energy costs was up by 2.8% over the same time period. The CPI readings arrive ahead of a Fed policy meeting on June 17-18 where officials are virtually certain to keep the central bank’s interest rate target range fixed at between 4.25% and 4.5%. Fed officials have signaled they are in a wait-and-see mode right now as the chaotic nature of the Trump administration’s trade policy has made it very hard to know what lies ahead for the economy.

Meanwhile, the BSP’s policy-setting Monetary Board will hold its own policy meeting on June 19, where it is widely expected to deliver a second straight 25-basis-point (bp) rate cut as inflation continues to ease.

Philippine headline inflation eased to an over five-year low of 1.3% in May to bring the five-month average to 1.9%, a tad below the BSP’s 2-4% annual target band. The central bank expects inflation to average 2.3% this year.

Last month, BSP Governor Eli M. Remolona, Jr. said they could deliver two more rate cuts this year in “baby steps” or increments of 25 bps, with the next reduction on the table at the June 19 meeting.

In April, the Monetary Board resumed its rate-cutting cycle with a 25-bp reduction after a surprise pause in its February review, bringing the policy rate to 5.5%. The central bank has now slashed benchmark rates by 100 bps since it began easing in August last year. — Aaron Michael C. Sy with Reuters

Crypto regulation may be SEC chief’s biggest legacy

STOCK PHOTO | Image from Freepik

The Philippines stands at a financial crossroads. With about 52% of Filipinos owning some form of cryptocurrency, the country ranks second in the world in digital asset adoption. From Bitcoin to NFTs, crypto has become more than a buzzword; it is becoming a household term, especially among young Filipinos, freelancers, OFWs and play-to-earn gamers. Yet for all its promise, this Wild West of finance continues to operate in a regulatory gray zone.

Enter Francis Edralin Lim, newly appointed Securities and Exchange Commission (SEC) chairman whose arrival comes at a critical time in the country’s financial history. As a veteran in both legal and capital market reform, Lim is uniquely positioned to lead the charge in bringing order to the crypto frontier, while pushing the Philippines further along the path of financial innovation and inclusion.

A REFORMER AT THE HELM
Lim is no stranger to reform. As former president and CEO of the Philippine Stock Exchange (PSE) from 2004 to 2010, he led the PSE through a historic demutualization and public listing process. He introduced reforms that increased market transparency, strengthened investor confidence and modernized exchange operations — all while positioning the PSE as a credible capital-raising venue in Southeast Asia.

Beyond the PSE, Lim has served as a long-time managing partner at ACCRALAW, one of the most respected law firms in the country. He has been a counsel to multinational corporations, advised the government on corporate governance and taught law and financial regulation at the Ateneo de Manila University. His deep understanding of the legal, operational and ethical dimensions of capital markets sets him apart in a regulatory environment often bogged down by either excessive conservatism or a lack of technological fluency.

What makes Lim’s appointment even more promising is his open-mindedness. Unlike regulators stuck in the old paradigms of financial gatekeeping, Lim’s record suggests a technocratic but forward-looking approach. He has supported new capital instruments, advocated for better access to public markets and now steps into office at a time when cryptocurrencies and digital assets can no longer be ignored.

WHY CRYPTO NEEDS HIS REFORM AGENDA
Crypto in the Philippines has exploded, fueled by OFW remittances, financial exclusion and youth-driven play-to-earn economies. But this growth is mostly taking place in regulatory shadows. Unregistered platforms abound. Scams have cost Filipino investors millions. And regulatory bodies have only recently started imposing clearer frameworks, including the SEC’s newly issued memorandum requiring crypto asset service providers to register, maintain P100 million in paid-up capital (excluding crypto) and submit full business model disclosures.

Lim now has a roadmap and a mandate. His challenge is to accelerate and institutionalize these efforts.

FOUR PRIORITIES FOR LIM
• Harmonize regulations across agencies

Crypto is touched by multiple regulators: the SEC for investment contracts and trading platforms, the Bangko Sentral ng Pilipinas (BSP) for virtual asset service providers and even the Anti-Money Laundering Council (AMLC) for risk monitoring. Lim must lead the charge in developing a unified national framework. A joint task force or inter-agency council on digital assets, similar to what Singapore or Japan has done, could streamline compliance and avoid regulatory arbitrage.

• Foster innovation via regulatory sandboxes

Lim’s record shows he understands how to build the financial infrastructure while encouraging innovation. He, therefore, should expand the SEC’s “StratBox” initiative to support crypto startups and blockchain applications in areas like carbon credits, smart contracts and decentralized finance. These sandboxes can serve as test beds for responsible innovation.

• Invest in public education and investor protection

Only 46% of Filipinos understand how crypto works. The SEC should launch aggressive public education campaigns, partnering with schools, banks, fintech platforms and even influencers. Chairman Lim can champion a crypto literacy program similar to what he did for capital markets when he modernized the PSE’s investor education efforts.

• Crack down on scams, while encouraging good actors

Lim should enhance the SEC’s digital intelligence capabilities by investing in tech that can track illegal trading, identify pump-and-dump schemes and shut down unregistered platforms. But equally important, the agency must create incentives for legitimate crypto asset service providers to enter the Philippine market with confidence and clarity.

DIGITAL FUTURE WITH GUARDRAILS
Francis Lim brings to the SEC a rare mix of reformist zeal, legal rigor and industry credibility. In a time when financial innovation is often met with bureaucratic resistance, his leadership offers the best chance for the Philippines to craft a balanced crypto policy — one that protects investors without stifling innovation.

Filipinos have already embraced the future of finance. Now it’s time for the system to catch up.

With Lim at the helm, the Philippines has a chance to become not just a crypto-heavy country but a crypto-smart one. And that could be his most lasting legacy.

 

Ron F. Jabal, APR, is the CEO of PAGEONE Group and founder of Advocacy Partners Asia. You may correspond through ron.jabal@pageone.ph or rfjabal@gmail.com

SPC Power eyes acquisitions, solar projects to reach 500-MW goal

STOCK PHOTO | Image by Michael Wilson from Unsplash

CEBU-BASED energy firm SPC Power Corp. is seeking to acquire and develop new projects as it aims to deliver 500 megawatts (MW) of new capacity by 2029, its chairman said.

“The company remains committed to optimizing existing assets and actively pursuing potential acquisitions and new projects for long-term growth,” SPC Power Chairman Alfredo L. Henares said during the company’s annual stockholders’ meeting on Wednesday.

Among the projects in the company’s pipeline is a proposed 48-MW solar farm in Iloilo, which has secured authorization from the Department of Energy to proceed with development.

“Beyond this, SPC is pursuing other solar power projects in various locations across the country,” Mr. Henares said.

To support the grid amid the growing integration of renewables, the company is also advancing the development of battery energy storage system (BESS) projects, he said.

“Overall, SPC is reaffirming its target of an additional 500 MW of capacity by 2029,” he said.

For the three months ended March, the company’s attributable net income more than doubled to P234.69 million, driven primarily by cost-saving initiatives in major operating expenses.

Consolidated revenues declined by 34.7% year on year to P372.7 million due to the expiration of its ancillary services procurement agreement, which resulted in lower energy dispatch.

SPC is primarily engaged in the development, rehabilitation, and operation of power generation plants, electricity distribution systems, and related facilities. It is also authorized to sell, broker, market, or aggregate electricity to end-users.

The company’s subsidiaries include SPC Island Power Corp., Cebu Naga Power Corp., SPC Malaya Power Corp., Bohol Light Company, Inc., SPC Light Company, Inc., and SPC Electronic Company, Inc. — Sheldeen Joy Talavera

Shakey’s Pizza Asia Ventures, Inc. amends Notice of 2025 Annual Stockholders’ Meeting to July 3

 Amended Notice of Annual Stockholders’ Meeting

Notice is hereby given that the Annual Stockholders Meeting will be held on Thursday, July 3, 2025 at 8:30 in the morning.

The agenda for the said meeting shall be as follows:

  1. Call to Order
  2. Secretary’s Proof of Due Notice of the Meeting and Determination of Quorum
  3. Approval of the Minutes of the Stockholders’ Meeting held on June 20, 2024
  4. Management’s Report
  5. Ratification of Acts of the Board of Directors and Management During the Previous Year
  6. Election of Directors (including Independent Directors)
  7. Appointment of External Auditor
  8. Other Matters
  9. Adjournment

The meeting shall be presided by the Chairman of the Board and held at the principal office of the Corporation located at  WOW Center 15KM East Service Road corner Marian Road 2, Brgy. San Martin de Porres, Paranaque City. Copies of this Amended Notice shall be published in two (2) newspapers of general circulation on June 12 and June 13, 2025.

A brief explanation of the agenda item which requires stockholders’ approval is provided above. The Information Statement, Management Report, SEC Form 17A are uploaded to the Corporation’s website https://www.shakeysgroup.ph/ and PSE EDGE.

The record date for the determination of the shareholders entitled to vote at said meeting is on May 9, 2025.

Stockholders may attend the meeting and vote via remote communication only.

Stockholders pre-registration is open until June 3, 2025, please use the registration link below:

https://www.shakeysgroup.ph/ir/register

Upon registration, Stockholders shall be asked to provide the information and upload the documents listed below (the file size should be no larger than 5MB):

A. For individual Stockholders:

  1. Email address
  2. First and Last Name
  3. Address
  4. Mobile Number
  5. Current photograph of the Stockholder, with the face fully visible
  6. Stock Certificate Number and number of shares held by the stockholder
  7.  Valid government-issued ID
  8. Stockholders with joint accounts: A scanned copy of an authorization
    letter signed by all Stockholders, identifying who among them is authorized
    to cast the vote for the account

B. For corporate/organizational Stockholders:

  1. Email address
  2. Name of stockholder
  3. Address
  4. Mobile Number
  5. Phone Number
  6. Stock certificate number and number of shares held by the stockholder
  7. Current photograph of the individual authorized to cast the vote for the account (the “Authorized Voter”)
  8. Valid government-issued ID of the Authorized Voter
  9. A scanned copy of the Secretary’s Certificate or other valid authorization in favor of the Authorized Voter

Stockholders who will join by proxy shall download, fill out and sign the proxy found in https://www.shakeysgroup.ph/ir/register. Deadline to submit proxy forms is on June 17, 2025.

All registrations shall be validated by the Corporate Secretary in coordination with the Stock Agent. Successful registrants will receive an electronic invitation via email with a complete guide on how to join the meeting and how to cast votes.

Only stockholders of record as of the close of business on May 9, 2025 are entitled to notice and to vote at the meeting.

 

Sgd.
MARIA ROSARIO L. YBANEZ
Corporate Secretary

 


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Stuff to Do (06/13/25)


One Stop Record Fair at TriNoma

THIS Father’s Day, the One Stop Record Fair happening at Ayala Malls TriNoma Activity Center from June 14 to 15 will bring a vast collection of rare, vintage and new vinyl records. Last March, Ayala Malls TriNoma housed the “One Stop Record Fair: Vinyl in Motion” for two days. Due to public demand, it will return for a Father’s Day edition, with over 20 vinyl vendors as well as stalls selling CDs, cassette tapes, band shirts and other vintage items like coins and bills.


FundLife hosts 116-km community run

FUNDLIFE, a Tacloban-based non-profit organization committed to protecting and empowering marginalized children, is launching “Move for Play: Infinity Run,” the Philippines’ first-ever 116-km split-stage community run, taking place from June 14 to 15. It spans Clark to Makati, covering a distance equivalent to nearly three full marathons, taking a small group of ultra-runners across rural landscapes and dense urban corridors. To participate in the Infinity Run at Ayala Triangle and stay informed on event updates, visit FundLife’s official social media channels.


GH Mall offers free gift, national artist exhibit

FROM June 12 to July 31, GH Mall will give away free GH tote bags and fans to those who present a P3,000 receipt at the concierge to claim it. The South Wing Atrium will also be the venue of the free Bantayog ng Sining: National Artists Exhibit from June 5 to 30, featuring the country’s top artists.


UP Symphony Orchestra concert performs for UP founding week

THE University of the Philippines (UP) is set to celebrate its 117th founding anniversary with a free concert of the UP Symphony Orchestra on June 18. The concert, titled Alay sa Pamantasan ng Sambayanan, will be held at 6 p.m. at the UP Theater in UP Diliman. Among the concert’s highlights is a performance of Pyotr Ilyich Tchaikovsky’s iconic 1812 Overture, famously featured in the 2005 film V for Vendetta. This year’s theme, “Ani at Alay: Paglilingkod at Pasidungog sa Bayan,” reflects the narrative cycle of learning, service offering, and nation building.”

BSP may require big banks to adopt more sophisticated anti-fraud systems

BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas (BSP) is considering requiring different authentication measures for banks, depending on the volume of transactions they process, as bigger lenders face higher risks than smaller ones.

More sophisticated fraud management systems (FMS) would also require higher investments, which could burden smaller banks, officials said.

BSP Technology Risk and Innovation Supervision Department Deputy Director Maricris A. Salud told reporters on the sidelines of a media briefing on Wednesday that they may require more stringent authentication measures for banks that process larger transactions, which is a practice in other countries.

They are studying the matter as smaller banks have said that they may be unable to immediately implement the FMS requirement under the Anti-Financial Account Scamming Act (AFASA), Ms. Salud said. 

The AFASA was signed into law by President Ferdinand R. Marcos, Jr. in July 2024 and aims to help prevent and penalize digital financial cybercrime.

“We’re giving them some leeway to incorporate these new controls… But depending on the nature of their clients, if they’re really very sophisticated and they see that they can transition into these new forms of technology, then they should already have invested in those types of authentication,” Ms. Salud said.

“Some digital banks are already using like this type of advanced authentication… It’s a balance of what their business needs are and also the security.”

Based on the regulator’s gap assessment, while bigger banks said they are on track to have their FMS ready within a year, other lenders said they would need to re-engineer some of their systems or processes to be able to comply, she said.

“The cost of the FMS varies depending on the sophistication, features and functionalities available. The sophisticated FMS deployed by the bigger banks normally range from P30-P50 million. In some cases, pricing can involve one-time cost and/or recurring costs or base fee plus a fixed fee per transaction,” Ms. Salud said.

“These are very expensive. But, you know, that’s the price of going into these payment systems, these new technologies. If you offer a product, there has to be safety measures to ensure that the user will be safe… It’s part of doing business,” BSP Deputy Governor Elmore O. Capule said at the same briefing. “And because of competition, I think they will be able to manage the cost. They know this. When we started with digital banking, what we encountered first were viruses… Now, it’s just one step in the evolution.”

Mr. Capule said banks that cannot comply with the FMS requirement will face sanctions and penalties.

“If somebody gets defrauded and their system is not ready, … they can be the ones civilly liable. So, instead of going after the scammer, the institution will have to pay because they failed. That’s what’s in the law. If you fail to comply with the fraud management system, then you can be held civilly liable for the damages caused to the victim. The principle is, had that system been in place,… you would not have been defrauded,” he said. 

The BSP this month released three circulars that contain the implementing rules of the AFASA. Banks have been given six months to update their own frameworks to take the AFASA’s implementing rules into account and one year or until June 25, 2026 to adopt FMS and new security measures for consumers as alternatives or to supplement one-time passwords.

Prohibited acts or offenses under the AFASA include money mule activities and social engineering schemes, which could be considered economic sabotage if it involves three or more people as perpetrators or victims, mass mailers, or human trafficking, as well as opening a financial account under a fictitious name or using the identity or identification documents of another person. — A.M.C. Sy

Breathless and the cult of speed

STOCK PHOTO | Image by johnstocker from Freepik

Why are people always in a hurry? Time flies literally.

It is almost June 21, the summer solstice in the Northern Hemisphere.  Autumn ends and winter begins in the Southern Hemisphere.

In the 19th century, Harriet Beecher Stowe wrote: “The world is in such a hurry.”  That observation was valid during that slow, genteel period when there were no gadgets, cars and planes. It is more relevant in this millennium.

A new movement has challenged the cult of speed — slowness.

Our pace of life has accelerated to a breathless, adrenaline-charged, heart-stopping, backbreaking speed. As a result of the high energy momentum, things are spinning out of control.

Multitasking is a talent and skill that is cultivated and encouraged. It’s a “can do” superhuman attitude — the ability to think, juggle and accomplish multiple things on different levels at the same time.

The high-powered alpha male can speak on the mobile phone, dictate a memo, write notes on his iPad, sip coffee, nibble a sandwich and attend two separate lunch meetings — all within the span of 30 minutes. He can give a speech and shake hands with many associates in another room. It is a gift and a talent.

The speed is dizzying, relentless.

Wonder woman does multiple roles with elan, grace and balance. Multi-faceted, she is a careerwoman, a professional, entrepreneur, wife, mother, hostess, driver, tutor, gardener, housekeeper, nanny, homemaker, chef and civic volunteer. The nonstop whirlwind is probably a mobile phone addict and computer whiz as well.

No wonder, stress levels are at a record high. People are collapsing from various disorders — the interrelated symptoms of hypertension, fatigue, exhaustion and anxiety.

The symptoms are hypertension, hyperactivity, palpitation, cramps, hyperacidity allergies, shortness of breath, angina, fever and insomnia.

People hardly have time to inhale and exhale. They rush around until they are blue or red in the face from lack of oxygen.

In Praise of Slowness, a book by Carl Honoré, is about challenging the “Cult of Speed.” The author, a foreign correspondent, had experienced an epiphany of “I am Scrooge with a stopwatch, obsessed with saving every scrap bedtime” on his flight back to London. He chatted with an editor on the mobile phone while he was skimming a new article, “One Minute Bedtime Story.”  Eureka!

The father of a toddler exclaimed, “Have I gone completely insane?”

He took time off to do important research on the new ace of life. It explores and explains a new life on a slow lane.

“I am Scrooge with a stopwatch, obsessed with saving every scrap of time, a minute here, a few seconds there. Everyone around me… is caught in the vortex. “

The workplace is considered a critical battlefront.  The author said a big corporate country has a pathological fear of slowness.

It is possible to decelerate, and business could gain so much from a sense of work-life balance. The payoff would be in productivity and good staff retention. When the staff is more relaxed, they have more time to think more creatively.

Mr. Honoré said his whole approach to life as a freelance journalist was busy. However, he has changed his whole approach and attitude — one that cuts back activities that are eating more time than they are worth. It eases the pressure.

The family spends one day of the week doing nothing, just hanging out at home. The kids would be more relaxed and attentive. The family would be calmer.

At work, it helps to space deadlines and resist the temptation to take on too many assignments, no matter how irresistible.

Multitasking has its place, but it also has its limits.

To illustrate, some people converse while surfing the net. This happens at family dinners. How can you get anything interesting out of the conversation if you are distracted? It is antisocial behavior.

Switch your mobile phone to silent mode when you are not expecting an urgent call (Medical doctors and hospital staff and humanitarian aid workers are exempt).

Leave the work desk and sit in a quiet space for a few moments in a day. Just relax. Turn off the TV and read a book. Listen to music. Daydream. Watch the clouds and look for animal shapes in the sky.

Unplugging helps one de-stress. On a pleasure trip, resist the urge to stay glued on the mobile phone, laptop and internet. Time to switch off.

Stop to smell the flowers. Listen to the rocks grow. This is the Zen attitude.

American physician Larry Dossey coined the term “time sickness.” It is a neurotic belief that time is always running away from us. We feel the compulsion to keep up, faster and faster.

The Western attitude “time is money” has permeated our consciousness. People think that the best way to get value for money is to go faster. The idea is absurd — putting quantity over quality.

Our work, diet, health and relationships suffer.

“The best way to get value for our time is to give things the time they deserve. We need moments of inactivity, of boredom even, to relax, reflect and recharge,” he emphasized.

We should not shortchange ourselves. We are rushing through our life rather than living it.

We should have the time and tranquility to connect with our inner selves and with the people and things that matter most.

There is a profound need for slowness and self-nourishment.

 

Maria Victoria Rufino is an artist, writer and businesswoman. She is president and executive producer of Maverick Productions.

mavrufino@gmail.com

Child labor in the Philippines dropped 24% in 2024 — DoLE

PHILSTAR FILE PHOTO

CHILD LABOR in the Philippines has dropped by 24% to about 513,000 in 2024 from 678,000 a year ago as the government seeks to end child labor in the country, according to the Labor secretary.

“Despite this progress, we will continue to be aggressive and relentless in our efforts. We have mainstream child labor elimination in our Philippine Development Plan and our Philippine Labor and Employment Plan, where we set zero child labor by 2028,” Department of Labor and Employment (DoLE) Secretary Bienvenido E. Laguesma said in his livestreamed address to the International Labour Organization (ILO).

The government implements its anti-child labor mandates through the National Council Against Child Labor, headed by the Labor secretary, with the Social Welfare department as co-chairman. Its members include the secretaries of Education, Health, Interior and Local Government, Justice, and Agriculture.

Mr. Laguesma added that the Philippine government had converged its resources and efforts to end child labor in the country.

“These efforts would show that with political will, interagency convergence, and grassroots engagements, with the participation of the tripartite partners, progress is attainable even in the face of challenging environments,” he said.

In a report dated June 11, the ILO said the Asia-Pacific region had shown the most significant reduction to 28 million or accounting for 3.1% of the region from 49 million or 5.6%.

The highest incidence of child labor was logged in Sub-Saharan Africa accounting for about 87 million with a prevalence of 21.5%, noting that the total number has remained stagnant against the backdrop of population growth.

The report also showed that there were still 138 million working children globally, with about 54 million of them working under hazardous conditions. This was a 22 million reduction from the ILO’s 2020 report, where it saw a significant spike in child labor.

“Children belong in school, not in work. Parents must themselves be supported and have access to decent work so that they can afford to ensure that their children are in classrooms and not selling things in markets or working in family farms to help support their family,” ILO Director-General Gilbert F. Houngbo said.

“But we must not be blindsided. We still have a long way to go before we achieve our goal of eliminating child labor,” he added. — Adrian H. Halili

Clark airport’s second runway build seen to start next year

CLARK INTERNATIONAL AIRPORT

THE CONSTRUCTION of the planned second runway at Clark International Airport is expected to begin next year, according to Luzon International Premiere Airport Development (LIPAD) Corp.

“This is a project of the Bases Conversion and Development Authority (BCDA). They are our grantor and also the owner of the land. Right now, BCDA is bidding out the detailed engineering design for the second runway,” LIPAD Chief Executive Officer Noel F. Manankil told BusinessWorld.

If plans proceed as scheduled, BCDA is expected to complete the detailed engineering design by yearend, Mr. Manankil said.

“Hopefully, they will start the actual construction next year. It would be good because we are attracting a lot of express freight,” he said.

In February, LIPAD — the operator of Clark International Airport — said it needs a second, or alternate, runway to support operations, as it would provide redundancy for cargo and passenger flights.

“Historically, the location of Clark is good for aircraft operations because of the elevation. What more if we have another runway to further supplement our position,” he said.

He said the alternate runway would help position Clark as an aviation hub, as it would attract more logistics operators to expand their operations at the airport and improve the airport’s current movement capacity.

At present, Clark International Airport has a single runway, which can handle up to 40 aircraft movements per hour.

For 2024, the airport operator expects passenger traffic to reach up to 3.4 million, driven by strong demand and the transfer of turboprop operations from Ninoy Aquino International Airport.

LIPAD is composed of Filinvest Development Corp., JG Summit Holdings, Inc., Philippine Airport Ground Support Services, Inc., and Changi Airports Philippines (I) Pte. Ltd., a wholly owned subsidiary of Changi Airports International. — Ashley Erika O. Jose

Trump met with cheers, boos at Kennedy Center as he attends Les Miserables

US PRESIDENT Donald J. Trump was greeted with a high-volume mix of boos and cheers on Wednesday as he took his seat for his first production at the Kennedy Center, the performing arts facility he has subjected to a conservative takeover.

The mixed reception for Mr. Trump and his wife Melania as they arrived in the presidential box before a performance of Les Miserables reflected the heightened emotions that have been unleashed by his overhaul of the cultural center. Mr. Trump has pushed out its former chairman, fired its longtime president and pledged to overhaul an institution that he criticized as too liberal. The center, a leading US arts facility, had long enjoyed bipartisan support.

Ticket sales have fallen since and some shows, including the hit Hamilton, have canceled their appearances at the 2,300-capacity theater.

At Wednesday’s performance, several drag queens in full regalia sat in the audience, likely in response to Mr. Trump’s criticism of the venue for hosting drag shows.

One person shouted “Viva Los Angeles” as Mr. Trump stepped out of the presidential box at the intermission. Mr. Trump has sent military troops to quell protests against his immigration raids in that city.

Mr. Trump’s appearance was meant to boost fundraising for the John F. Kennedy Center for the Performing Arts, and he said donors raised over $10 million.

“We’re going to make it incredible. We have all the funding. We raised a lot tonight, and we’ll put in a lot of money to bring it back to the highest level,” a tuxedo-clad Mr. Trump told reporters after other administration officials arrived on the red carpet.

SUBSCRIPTIONS DOWN
Still, overall year-on-year subscription revenue was down 36% to $2.8 million as of early June for next season, which begins in the autumn, according to a person briefed on the data. Theater subscriptions, normally a major revenue driver for the center, were down 82%.

A Kennedy Center official said the comparisons reflected in those subscription sales were not accurate because the center had launched its subscription renewal campaign later in 2025 than 2024.

“Our renewal campaign is just kicking off,” Kim Cooper, senior vice-president of marketing, said in a statement. Ms. Cooper also noted the center had launched a new subscription option that allowed customers to “mix and match” genres and said more announcements of shows were coming.

The Kennedy Center depends on revenue from tickets and subscriptions as well as donations to operate. Ticket sales for Les Miserables have been robust, according to another Kennedy Center official.

Donors who pay $100,000 to $2 million got to attend a reception before the show, receive a photo with the president and be seated in good locations in the theater.

“We’ve raised a little more than $10 million for tonight, which is pretty remarkable, and it’s an organization that needs the money right now,” said Ric Grenell, a close Trump ally and former ambassador to Germany who now heads the Kennedy Center.

Under his leadership, the center has sought to add more conservative-leaning programming, including a show that Mr. Grenell has described as a celebration of the birth of Christ.

Mr. Trump said he particularly enjoyed Les Miserables, a musical about citizens rising up against their government. “I’ve seen it many times, it’s one of my favorites,” he said.

Along with the first lady, Vice-President JD Vance, Attorney General Pam Bondi and Health and Human Services Secretary Robert F. Kennedy, Jr. also attended.

Mr. Vance was likewise met with boos when he attended a Kennedy Center show with his wife earlier this year.

Mr. Trump has zeroed in on drag shows to argue that the Kennedy Center had lost its way before he took office. But multiple upcoming musicals on the Kennedy Center’s agenda include characters dressed in drag, such as Mrs. Doubtfire and Chicago.

Other musicals have pulled out, according to a former Kennedy Center official. — Reuters

Celebrating 50 years of diplomatic relations between the Philippines and China

Over the weekend, I had the opportunity to attend two events organized by the Federation of Filipino Chinese Chamber of Commerce and Industry, Inc. (FFCCCII) celebrating 50 years of diplomatic relations between the Philippines and China. These events were especially meaningful to me because of the deep sense of pride that I carry in my Filipino-Chinese heritage and because it brought home to me the sacrifices that my two immigrant grandparents from China endured to build a better life for us here in the Philippines. I learned recently that my paternal grandfather, Felix Qua, migrated here on his own at the tender age of six years old. My grandparents, like many others, crossed the South China Sea seeking new horizons, bringing with them not just dreams of a better future but dedication to their adopted country. The strength and determination of both of my grandparents set the foundation or our family’s journey.

While we celebrate 50 years of formal, diplomatic relations, we have deeper cultural and economic ties that have historically bound our two nations. For centuries, Chinese traders sailed to the Philippine islands, exchanging goods and ideas, embedding cultural practices, and establishing communities that would eventually thrive and integrate. This long-standing interaction fostered a genuine familiarity and a mutual respect that often gets overshadowed by current geopolitical tensions

Today, China stands as an undeniable economic powerhouse and a critical partner for the Philippines as in 2023 China exported $52.4 billion of goods to the Philippines. In April 2025 alone, imports from China amounted to almost 30% of our total imports. At the same time, China is also our third-largest export market after the US and Japan. As a result, China is our largest trading partner, a significant source of foreign direct investment, and a vital market for our agricultural products, minerals, and manufactured goods. According to the Philippine Economic Zone Authority (PEZA), Chinese businesses account for 22% of foreign investments registered with them. For businesses in the Philippines, tapping into China’s immense consumer base and integrating into its supply chains are not just options; they are strategic imperatives for growth and competitiveness.

Culturally, Binondo holds the distinction of being the oldest Chinatown in the world. Established by the Spanish colonial government in 1594, its founding marks a pivotal moment in the history of global Chinese diaspora and the enduring relationship between the Philippines and China which was emphasized during the speech of President Ferdinand R. Marcos, Jr. during the lighting of the Jones Bridge.

The creation of Binondo was a strategic move by the Spanish Governor Luis Pérez Dasmariñas, as it was intended as a permanent settlement for Chinese immigrants. This placement, across the river and visible from Intramuros, allowed the colonial administration to maintain a watchful eye on this burgeoning and economically vital community. However, even before this formal establishment, the area was already a hub of Chinese commerce, reflecting centuries of trade and interaction.

Today, Binondo remains a vibrant, bustling district that seamlessly blends its rich past with the present. Its narrow alleys and thoroughfares  are a sensory overload — filled with the aroma of authentic Chinese-Filipino dishes, the glimmer of gold and jewelry shops, the chatter of merchants, and the vibrant colors of traditional Chinese stores.

The Binondo Church stands as a testament to this unique cultural and religious fusion. Binondo is a symbol of cultural assimilation and mutual influence. It showcases how Chinese traditions, customs, and culinary practices have not merely coexisted but have helped shape Filipino identity. From pancit to the hopia, the food culture of Binondo is a microcosm of this centuries-old fusion.

As we celebrate the anniversary of diplomatic relations between the Philippines and China as well as Father’s Day this upcoming weekend, I can’t help but think of my grandfather. I am immensely grateful for his sacrifices. Thank you Kongkong.

The views expressed herein are his own and do not necessarily reflect the opinion of his office as well as FINEX.

 

EJ Qua Hiansen is the CFO of PHINMA Corp. and president of the Financial Executives Institute of the Philippines.