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Robinsons Land plans P125-B capex to hit 2030 goal

THE VICTOR is lit up at night with the colors of the Philippine flag.

GOKONGWEI-LED real estate developer Robinsons Land Corp. (RLC) is allocating up to P125 billion in capital expenditure (capex) to fund its five-year plan of delivering P25 billion in net income by 2030.

RLC Chief Financial Officer Kerwin Max S. Tan said during a media briefing on Wednesday that more capex will be used for project development to reach the 2030 goal.

He added that RLC aims to increase earnings by 12% annually to achieve the 2030 target.

“Historically, our capex has been in the P20-25 billion range annually. I guess it would still be the same, except that previously, when we allocated P20-25 billion for capex, 20% was allocated for purchasing land,” Mr. Tan said.

“As we have the land bank in place, and potentially some more, I think more of the capex will be allocated to project development,” he added.

According to Mr. Tan, RLC’s capex will be funded through internal funds and debt.

“We have internally generated funds. If we do undertake debt, we ensure that the yields are higher than the prevailing interest rates,” he said.

RLC President and Chief Executive Officer Mybelle V. Aragon-GoBio said in the same briefing that the company has been efficient in utilizing its land assets.

“We balance it. We purchase land for say five to ten years’ use, but mostly for immediate development because it drags down your balance sheet if you’re not able to fully utilize it immediately,” she said.

Earlier this week, RLC unveiled a roadmap that aims to deliver P25 billion in net income by 2030 in time for its 50th anniversary.

One of the strategies is to expand the company’s investment portfolio, with plans to increase mall gross leasable area (GLA) by 50%, office space by 50%, hotel room keys by 25%, and double its logistics capacity by 2030.

RLC will also leverage its real estate investment trust platform, RL Commercial REIT, Inc. (RCR), to unlock capital.

The property developer will drive the premiumization of its offerings and forge new partnerships. It will also tap new business streams such as sports and entertainment centers, ecosystem synergies, and sustainability-driven customer services to enhance customer experience.

RLC recorded a 4% increase in its first-quarter attributable net income to P3.48 billion, while revenue was maintained at P11.03 billion.

On Wednesday, RLC shares closed unchanged at P12.20 per share. — Revin Mikhael D. Ochave

A luxe weekend at NUSTAR

NUSTAR RESORT CEBU FAÇADE

PERFECT WEEKENDS can exist, and they can be found at Cebu’s ultra-luxury NUSTAR.

Between May 2 to 4, media guests were billeted at the NUSTAR Hotel, the new addition to Universal Hotels and Resorts, Inc.’s (UHRI) nine-hectare development in Cebu. The lobby itself presented quiet elegance with a generous use of marble, as well as an impressive Czech glass installation on the ceiling. Brocade curtains, marble arches, and curved mirrors that mimicked windows completed the look.

Stays in various hotels here and abroad didn’t quite prepare us for the grandeur that was our Seaview King room — the butler who handled our luggage must have seen our eyes bug out. The room, decorated in a glam Streamline Moderne (think of it like naval Art Deco) had blondwood and the same luxurious marbles in the lobby.

The bathroom had a rain shower, a tub, an intelligent toilet, and his-and-hers sinks; the marble stretched out from the floor almost all the way to the ceiling. Blinds in the bathroom, controlled electronically with a button, rose up to reveal a view of the sea from the tub — perfect when you’re lying in it under the tub’s chandelier. Guerlain toiletries were on the sinks, scented with the brand’s Eau Imperiale, made for the Empress Eugenie of France.

Our king bed was of course, comfortable, and it was hard to get up — the discreet button on our bedside controlled the curtains to wake us up with sunlight and the view of Cebu’s waters (poor me!). The smart TV could play music from our phone, while the room’s phone had a button that called our personal butler. Upon asking to be woken up at 5 a.m., the butler was sure we wouldn’t be able to wake up, and called again at 6 a.m. — but not before asking if we would like some coffee with the wake-up call. Their butlers were trained by Heilbron Hospitality, one of the top schools for the profession.

We would have stayed in the room and let the rest of the weekend roll out, but there was work to be done: namely, a sunset cruise, and visits to the resort’s restaurants and shops.

The Mall has jewelry stores like Diagold and Chao Tai Fook (with such goodies as lucky bracelets in 24-karat gold, according to the salesperson), as well as stores like Gucci offering exclusive items (while Manila finally got a taste of Gucci’s summer raffia bags, island locations like Cebu get first dibs on resortwear). The salespeople in the mall’s luxury stores (which include Boss, Versace, Kenzo, Ferragamo, Loewe, Givenchy, Louis Vuitton, and Dior) were also noticeably friendlier than most.

As for the restaurants, we’ve written about Mott 32 before (https://tinyurl.com/ynbn44dn), and the breakfast at its sister property’s Fili (a must) but this time we got to try Good Luck Hotpot, which also has branches in Metro Manila. Good Luck offered seafood on ice, black chicken sliced paper-thin, several types of broth simmering on cloisonné tabletop stoves, and cultural Chinese dances (one had a veiled female dancer; the other had a masked dancer who switched masks as if by magic, a staple of Sichuan opera — he did dance to a pop song, however).

Finally, they held a gala night for the media guests and their loyal patrons, as well as a sprinkling of Cebu society, which meant raffle prizes, and performances by Ryan Cayabyab and Basil Valdez.

After every work day, we were pleased to find roses in our bedroom and bathroom — you have no idea how hard it was to go home.

A PREVIEW OF THINGS TO COME
Roel Constantino, general manager for hotels at NUSTAR, said during a media roundtable on May 3, “Above all, luxury is about how you feel. That is what we aim for.”

The hotel has 223 guestrooms and suites, and what we had was a preview of things to come — the hotel officially opens on May 8.

The rooms range in size from 52 square meters (sq.m.), while suites go up to 225 sq.m. The room rates start at P17,000, but an opening promo offers them with discounts up to 25% (that’s P12,750++ a night), from May 8 to July 31.

The resort itself has many things planned until the end of 2027, which Katrina Mae de Jesus, assistant vice-president of business development for NUSTAR, states to be the completion date for the whole resort.

Other structures underway include the Grand Summit (a more straightforward accommodation option; it was topped off three days before our arrival) and the Sky Deck. Upon completion, the Grand Summit hotel will increase the number of keys in the property to 971. The pools and gardens of the Leisure Park’s first phase have already been completed, but there’s a water park planned for that, too. The Mall will have more luxury brands, and the fourth floor will have a 3,200 sq.m. wellness spa.

Ms. De Jesus was proud to discuss the resort’s final project, which will bring the property to completion in 2027: the performing arts theater, which will seat 1,700 people. “It will be the first in the Visayas and Mindanao,” she said. “It’s a full-on, high-tech proper theater similar to the ones that you see in Manila.” Until then, foreign performers will have to make do with venues that can’t seat as many, or perform in older theaters with outdated technology.

Added Mr. Constantino of the planned theater: “Which is also to enhance Cebu’s desirability as a leisure destination, also as a MICE (Meetings, Incentives, Conferences, and Exhibitions) destination. It’s to strengthen Cebu’s positioning in the region, and add credence to its claim to be the next big MICE destination in Asia.”

Ms. De Jesus explained their plans for UHRI in the next few years: “We do have smaller format casinos in Mindanao, and there will be a project in the North soon.”

NUSTAR’s sister brand Fili, a homegrown five-star brand and the country’s first, is already under construction at Bridgetowne in Quezon City. “Fili by itself is a brand that is also intended to expand across the country,” said Mr. Constantino. “I believe there are several locations across Manila that are in the drawing board.”

So, soon the capital will be able to try out luxurious hospitality, Southern-style. — Joseph L. Garcia

Nat’l AI-powered identity security strategy to protect PHL from threats

REUTERS

THE PHILIPPINE government must develop a national artificial intelligence (AI)-powered identity security strategy and support the adoption of biometrics and fraud detection technologies to protect Filipinos from cybersecurity risks, according to technology company HID Global.

“There is a key opportunity to strengthen the country’s security and identity infrastructure… The government can consider creating a national AI-powered security strategy to accelerate the adoption of biometrics, mobile identity verification and fraud detection across sectors,” Prabhuraj Patil, HID Global senior director for Physical Access Control Solutions in the Association of Southeast Asian Nations (ASEAN) and India Subcontinent, said in an e-mail.

“By standardizing AI-driven identity solutions in e-governance, financial transactions, and critical infrastructure, the Philippines can enhance security while improving service efficiency.”

AI can enhance existing security solutions through real-time anomaly detection, automate routine tasks, and facilitate predictive analytics for efficient and proactive threat management, Mr. Patil said.

About 35% of security leaders worldwide now use biometric technologies while 13% plan to, according to HID’s 2025 State of Security and Identity Report.

According to HID’s study, which surveyed 1,800 respondents worldwide including the Asia Pacific, the adoption of AI agents in companies’ security operations has been rapid amid their improved efficiency and speed in security processes (50%) and ability to provide enhanced real-time data analysis (47%).

“Experts are moving away from traditional access methods, adopting mobile solutions and integrating biometric technologies like fingerprint and facial recognition. This transition enhances security and user convenience,” Mr. Patil said.

Cloud-based identity management, mobile credentials, and AI-driven security analytics can also help lower energy consumption, reduce plastic waste, and optimize security efficiency, he added.

The Philippines’ vulnerability to disasters has also been driving the adoption of sustainable security technologies such as solar-powered surveillance systems and disaster-proof cloud identity verification, the official said.

“These solutions ensure business continuity and environmental sustainability while reducing reliance on physical security infrastructure.”

Mr. Patil also cited the need for a unified security framework to ensure interoperability between government agencies, banks, healthcare, and telecom providers and improve identity verification processes and cross-agency digital transactions.

The government must also strengthen public-private partnerships to leverage digital identity solutions, cyber resilience programs, and research and development grants, he added. — Beatriz Marie D. Cruz

PetroEnergy unit secures DoE endorsement for offshore wind projects

BUHAWIND.COM.PH

YUCHENGCO-LED PetroEnergy Resources Corp. (PERC) has secured key government approvals for its energy projects with a combined capacity of 4 gigawatts (GW), allowing the company to fast-track the projects’ development.

In a stock exchange disclosure on Wednesday, PERC said the Department of Energy (DoE) had granted the Certificate of Energy Project of National Significance to its Northern Luzon Offshore Wind Project, led by Buhawind Energy Northern Luzon Corp. (BENLC), which has a capacity of 2,000 megawatts (MW).

BENLC is a partnership between PERC’s renewable energy arm, PetroGreen Energy Corp., and Copenhagen Energy Group (CE).

The company’s other offshore wind projects — the 1-GW Northern Mindoro and 1-GW Eastern Panay offshore wind projects — have also secured the Certificate of Energy Project of National Significance.

Projects certified as energy projects of national significance are eligible for expedited permitting and review processes from both local and national government agencies.

“Projects granted with Certificate of Energy Project of National Significance are those validated by the DoE as having significant capital investments and will lead to greater energy security and broader economic, environmental, and technological benefits for the country,” PERC said.

Further, the 2-GW Northern Luzon Offshore Wind Project located in Ilocos Norte has also received its Certificate of Registration from the Bureau of Customs as an accredited importer, valid for one year — a key requirement for the importation of equipment, tools, and machinery for the project’s pre-development studies and construction.

PERC is aiming to increase its generation capacity to 500 MW by 2029 from its current 145 MW. — Ashley Erika O. Jose

Everything Bistro under one roof

MY SOUTH HALL serves dishes from several The Bistro Group restaurants.

ALMOST EVERYTHING that The Bistro Group offers can be found at My South Hall at S Maison in the SM Mall of Asia complex.

Last month, BusinessWorld saw the lineup at My South Hall, which includes The Bistro Group’s beloved restaurant brands such as Fish & Co., Modern Shang, El Pollo Loco, and Sarap Bistro Filipino. If that doesn’t hit your fix, Watami, Italliani’s, Texas Roadhouse, and other Bistro Group restaurants are right outside the food hall. While the food hall was opened right before the pandemic (which shuttered its operations), it reopened in 2021.

The restaurant group, which celebrates its 30th anniversary, also introduces new concepts there like Taiwanese-inspired hotpot Xi Nen Hot Pot and milk tea brand WCKD.

“The roster was curated based on popular food trends, customer demand, and a mix of international and local flavors to offer something for everyone, while maximizing foot traffic and variety,” said Lisa Ronquillo-Along, The Bistro Group’s chief marketing officer.

As for the food hall concept, it’s becoming recently popular in the metro, with restaurant groups opening their own across the city, populating them with smaller kitchens of their brands. “The food hall model is attractive because it offers variety, faster customer turnover, and appeals to diners looking for quick, diverse, and trendy food experiences — all in one space,” she said in an e-mail.

The Bistro Group, best known for its franchises of foreign concepts (its first was TGI Friday’s in 1994), has been trying out its hand with homegrown concepts, such as the aforementioned Sarap and Shangri-La Plaza’s Siklab+. “The Bistro Group is entering the Filipino food space with Sarap and Siklab to tap into the growing demand for local cuisine, diversify beyond foreign franchises, and create original brands they can potentially expand locally and globally,” said Ms. Ronquillo-Along.

Just because the group celebrated its 30th anniversary this year doesn’t mean it is slowing down — it recently brought in upscale Morton’s The Steakhouse and LongHorn Steakhouse. Ms. Ronquillo-Along said, “Our longevity comes from consistently delivering quality, adapting to trends, and strong operational expertise. Foreign chains trust us for our proven track record, local market know-how, and ability to maintain global standards — helping us lead and set benchmarks in the industry.”

My South Hall is found at the ground floor of S Maison Conrad Manila. — JLG

Use of nonbank online lending apps rising among Filipinos

FREEPIK

FILIPINOS spent about 1.54 billion seconds on nonbank digital lending applications in 2024, according to consumer finance company Digido.

Active users spent about 12 minutes and 14 seconds per month on average on these apps, with the average duration per session at 58 seconds, Digido said in a statement.

User activity seen in the apps rose by 16% year on year in 2024, it added.

The company’s analysis covered 47 digital lending applications operating in the Philippines, including Digido.

Broken down, apps specializing in personal loans saw the most activity at 76.4% of the total, followed by those offering buy now, pay later (BNPL) services at 21.4%, and installment loans at 2.2%.

Downloads of online lending apps also surged by 42.4% to 127.69 million units in 2024 from 89.66 million a year prior, with the personal loan segment likewise being the main driver, Digido said.

Unique users jumped by 43% year on year to 67.84 million people, while the number of active users rose by 53% to 11.78 million individuals.

“Nonbank, digital-forward lenders maintain their current market growth rates despite the already high level of fintech (financial technology) penetration and saturation of offerings. Personal loans, in particular, remain a key driver of this industry due to its flexibility, ease of access, and competitive rates,” Digido Business Development Manager Rose Arreco said.

“The growth in downloads, active and unique users, as well as the increase in total time spent in applications indicate continued consumer interest and high demand for such financial instruments while illustrating the industry’s role in promoting financial inclusion and continuing towards increased access to formal credit,” she added.

The Philippine digital lending market is likely to surpass $1 billion (about P56.33 billion) by the second half of the year amid increasing demand for online financial services, Digido earlier said.

This is bigger than its estimate of a $796-million value at end-2024 and the $693 million recorded in 2023. The Philippines’ digital lending market has been growing at an average of 28% or $68 million annually from 2013 to 2023, it added.

Broken down, nonbank digital lenders are expected to make up 55.2% of the market by the second half of this year for a $556.5-million value.

On the other hand, digital banks are seen to have a 44.8% share equivalent to $451 million. — B.M.D. Cruz

Performance of Philippine Agriculture

AGRICULTURAL OUTPUT grew by an annual 1.9% in the first quarter, as good weather helped boost crops, fisheries and poultry production, the Philippine Statistics Authority (PSA) said. Read the full story.

Performance of Philippine Agriculture

MPIC Q1 net income jumps 48% to P9.1B on asset sale gain

MANUEL “MANNY” V. PANGILINAN

METRO PACIFIC Investments Corp. (MPIC) reported a 48% increase in its first-quarter (Q1) net income to P9.1 billion from P6.1 billion a year earlier, driven by a gain from the divestment of its oil storage business.

“Reported net income surged 48% to P9.1 billion from P6.1 billion, driven by a gain from the sale of MPIC’s oil storage company, Philippine Coastal Storage and Pipeline Corp. (PCSPC),” MPIC said in an e-mail statement on Wednesday.

In October last year, MPIC sold its 50% stake in PCSPC to an affiliate of global infrastructure investor I Squared Capital in a $296-million deal.

Operating revenue climbed to P19.29 billion, while consolidated core net income rose by 17% to P6.6 billion. Better performance across MPIC’s portfolio led to a 16% increase in contribution from operations to P7.9 billion.

The power business contributed the largest share of net operating income at P4.9 billion or 62%. The water and toll road segments contributed P1.9 billion and P1.4 billion, respectively, representing 42% of net operating income.

“We are pleased with our strong start to 2025, marked by solid performance across our core businesses and improved earnings momentum. These results reflect the steady execution of our strategy and the strength of our foothold in power, water, toll roads, and healthcare,” MPIC Chairman, President, and Chief Executive Officer Manuel V. Pangilinan said.

The power business, led by Manila Electric Co., posted a 9% growth in reported net income to P10.4 billion, as total revenue increased by 10% to P114.5 billion on higher energy sales.

Water provider Maynilad Water Services, Inc. grew its core net income by 17% to P3.6 billion on lower operating expenses. Revenue climbed by 6% to P8.6 billion due to an 8% tariff increase implemented in early January.

Toll road operator Metro Pacific Tollways Corp. saw a 15% decline in reported net income to P1.5 billion, as the prior-year figure benefited from the reversal of contingent considerations related to the Jakarta-Cikampek Elevated toll road acquisition.

Toll revenue increased by 16% to P8.7 billion on rate adjustments and domestic traffic growth. 

“Looking ahead, we remain focused on sustaining this growth trajectory. We are accelerating investments in power generation and expanding our presence in agribusiness — both critical to supporting national development and ensuring long-term value creation,” Mr. Pangilinan said.

MPIC is one of the three key Philippine units of Hong Kong-based First Pacific Co. Ltd., alongside Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., holds a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Revin Mikhael D. Ochave

Hopeless?

PHILIPPINE STAR/KJ ROSALES

“We’re doomed,” one economist friend remarked on social media — half in jest, I guess — as the latest Functional Literacy, Education, and Mass Media Survey results hit the headlines as this month began.

News of dismal “functional literacy” (metrics included reading comprehension starting 2023) among many senior high school grads have added to those baring two-decade-high self-rated poverty and multi-year-high involuntary hunger readings to cloud our development picture.

Connecting the dots formed by all these — and other — disparate indicators leaves one with a sinking feeling. This despite an otherwise rosy picture painted by some officials, e.g., that we are still expected to be among the fastest growing economies, GDP-wise, despite tempered projections; that we are less exposed than neighbors to external economic shocks; that we still have among the lowest “reciprocal” US tariff rates in Asia; that we should be able leverage our inherent strategic value as we talk trade with Washington, etc.

For the quality of our human resource hits the very core of our development prospects, i.e., one cannot expect an economy to perform well if it will be driven by a new generation of workers struggling with poor nutrition and shallow education among many of them.

These indicators are significant not only for what they, per se, could mean for our economy, but also for what they imply — that they result from wrong policies or poor policy/program implementation.

BATTLEGROUNDS
That, in turn, brings us to the quality of those chosen to make our laws and policies, and, thus, to another election exercise that will take place in five days. I won’t comment on the quality of those running for posts — there have been enough of those remarks making the rounds these days — nor on the frustration some may feel about voters who seem to keep basing their choices largely/exclusively on name recall.

We cannot have enough efforts of groups like the National Citizens’ Movement for Free Elections (NAMFREL) and the Parish Pastoral Council for Responsible Voting (PPCRV) to inform voters — particularly where poverty is most prevalent — about their responsibilities, the qualities of candidates best suited to fill elective posts, and ways to call them to account for their actions.

“If your life was not improved by the person you keep voting into office, why not try someone else?” is one message such groups have been telling their audience for quite some time now.

I just wonder when we will see some sign that voter education has been making inroads in terms of quality of those voted into office. Any perceptible change in voter behavior will take generations to manifest, for sure, hence, NAMFREL, PPCRV and other reformers are in this fight for the long haul.

At the same time, banish the thought that the problem here lies in lack of education. PPCRV Spokesperson Ana de Villa Singson said recently on the ABS-CBN News Channel that the P1,000-P2,000 some voters may be bribed with pales in comparison to the tens to hundreds of thousands of pesos returned by honest janitors and drivers of public utility vehicles. Which means: kaya pala (it can be done), and there is still hope in voter education.

Helping government officials themselves improve performance by arming them with the right attitudes and values is another battle altogether. There are also enough government and private sector groups fighting on this front. Congress, for one, taps the likes of the University of the Philippines National College of Public Administration to school neophyte lawmakers on their duties and functions, while the Ateneo School of Government carries out programs aimed at developing competent, ethical leaders.

But the problem seems to lie in lack of conviction and, thus, perseverance, as well as of an environment that encourages sustainability. Private sector outfits like the Institute for Solidarity in Asia note that this is a never-ending battle that, unfortunately, has seen some officials slide back to old ways under pressure from their environments.

WHERE INTERESTS INTERSECT
And so, there is another arena here that is crucial to improving the overall political environment: that of pushing parties to actually do something for society.

Now, before we start rolling our eyes (especially with the bastardization and hijacking of the party-list system by political families), let’s just acknowledge a few party reform initiatives that have been under way: from efforts of the Commission on Elections to clean up party registration, to a push of groups like NAMFREL to increase transparency in political donations and spending, to a proposal to require parties to have clear ideologies and platforms and ban turncoats (okay, this was first filed in Congress more than two decades ago and nothing came of it).

And lest we forget: Bangsamoro and Sangguniang Kabataan laws/election rules ban political dynasties… so hope springs eternal for a similar enabling law for the entire country.

But let’s face it: moves to upgrade electoral politics will come to nothing if lawmakers and their parties do not see such efforts serving their interests.

If there is anything that can be gleaned from voter preference surveys — well, besides the apparently durable clout of former president Rodrigo R. Duterte, especially after his arrest in March — it is that single-minded, constant focus on gut issues for the masses, particularly: hunger and basic healthcare, long before any election could catch the attention of voters, especially those of the D and E classes who comprise the bulk of the electorate. (Note survey topnotcher Sen. Christopher Lawrence “Bong” T. Go’s focus on his “Malasakit” brand since 2020, besides, of course, his close identification with the former president.)

This can be the way to go (besides choosing a catchy name) especially for any party that is not identified with a political dynasty (since many voters apparently still identify with names they know).

Targeting just a few core gut issues in order to build a support base among the masses for the long term (coupled, of course, with effective use of social media and any other means of communication favored by this social segment) will also, hopefully, actually improve the lot of target communities. Hence, parties can serve this development imperative (whereby every citizen ought to do what he/she can to uplift the lives of the poor) even as they pursue political ends. These two interests need not be mutually exclusive.

Moreover, parties that decide to work for the good of target communities — even if for political ends — could provide a stable platform and sustained environment that will help develop a better cadre of members. Man, wouldn’t that be something?

Hopefully, we will see especially party-list groups adopting this approach in mobilizing support, instead of just sprouting up like mushrooms without much, if any, track record (some with names that have nothing to do with their stated purpose but are designed to strike a chord with voters) as elections approach.

If even just a handful of political parties take this route, then perhaps there will be reason to hope after all.

 

Wilfredo G. Reyes was editor-in-chief of BusinessWorld from 2020 through 2023.

Celebrate Mother’s Day with helicopters and tacos

THERE are few people more special than your mother, and this year, there are few Mother’s Day (May 11) specials grander than these. From helicopter rides to at-home feasts, mom won’t have to think of anything else.

The Peninsula Manila

LET The Peninsula Manila help you show Mom how much she is appreciated this Mother’s Day. Treat her to a lavish brunch experience in Escolta (where she’ll dine for free) or take her on an exciting helicopter sightseeing tour of the city before dinner in Old Manila. Take mom on a 15-minute helicopter ride over the Manila skyline followed by an elegant four-course French-inflected dinner complemented by a bottle of the finest Deutz Champagne and a tin of caviar chocolates. Limited to six guests only, this sky-high offer is available at P16,300 for adults.

For something more down to earth, Old Manila Moments is a four-course French-inflected menu which will be available from 11:30 a.m. to 2:30 p.m. and 6-9:30 p.m. at P5,500 (adults and children).

Finally, treat her to a weekend staycation and an indulgent Peninsula Afternoon Tea experience at The Lobby with the Queen for a Day package. Throw in a 20% discount when availing of in-room massages, as well as dining in the hotel’s dining establishments.

For inquiries, call The Peninsula Manila at 8887-2888 or visit the website, peninsula.com/Manila.

City of Dreams

CITY OF DREAMS MANILA unwraps thoughtful offerings to spoil moms on their special day. Indulge her with a hearty meal of fine Cantonese cuisine at the award-winning signature restaurant Crystal Dragon where a Mother’s Day a la carte menu is available from May 5 to 11 for lunch and dinner. The menu’s highlights are Slow-braised Herbal Spring Chicken with fresh ginseng, abalone, and king mushrooms; Baked Live Sea Grouper with garlic sauce in a claypot; and Steamed Longevity Dumpling with sweetened peanut filling and Chilled Coconut and Mango Custard topped with sweetened bird nest.

One can also surprise her with a brunch experience at the Manila outpost of the Nobu restaurant. Savor unlimited helpings of the Nobu Signature Sashimi Trio of Tuna Matsuhisa, Yellowtail Jalapeno, Salmon Karashi Su Miso; Black Cod in butter lettuce, and chef’s selection of premium sushi cups and nigiri, featured alongside Mother’s Day specials. The Nobu Mother’s Day brunch is available from 11:30 a.m. to 3 p.m., and price starts at P4,388 net per adult for the Regular package, inclusive of non-alcoholic beverages and mocktails. Other packages that include alcoholic and premium beverages are also available. Children ages six to 12 years old enjoy half-price rates, and those five years and below dine for free when accompanied by an adult availing themselves of the Nobu brunch. Apart from the Sunday Brunch, Nobu Manila is open on Mother’s Day for dinner from 5 to 10 p.m.

Café Society has handcrafted chocolates and confections prepared by chocolatiers and pâtissiers for gifting. It’s Mother’s Day offerings from May 5 to 11 include Ube Leche Velvet Cake, Chocolate Milk Tea Cake, and Mother’s Day Mini Duo Cake. Mother’s Day-themed artisanal chocolates include the Mom’s Dream Box package, a two-level feast containing an edible white chocolate pair of shoes filled with round salted caramel pralines sitting on a cookies and cream bar; and at the lower drawer is a golden caramel with coconut chocolate bar topped by ladies’ chocolate shoes and purse. Other chocolate creations include a Mother-and-Child White Chocolate Bar with dried cranberry, cherry, apricot, and mango; and homemade chocolate fudge with dried cranberries, and homemade chocolate fudge with roasted cashew nuts.

For inquiries, call 8800-8080 or e-mail guestservices@cod-manila.com; or visit www.cityofdreamsmanila.com.

Lanson Place

LANSON PLACE Mall of Asia, Manila presents a memorable line-up of offerings to make every mom feel celebrated. The Made for Mom Staycation Package offers an overnight stay with buffet breakfast at Cyan Modern Kitchen, and a dining perk where Mom dines free for every two paying guests for the dinner buffet on May 11 or lunch buffet on May 12 at Cyan Modern Kitchen. The package also includes complimentary late check-out until 4 p.m. (subject to availability).

On May 11, treat her to a Mother’s Day Lunch or Dinner Buffet at Cyan Modern Kitchen, priced at P3,000 net per person. Children aged 12 and below dine at 50% off. Highlights include cochinillo, slow-cooked beef, seafood toast, lobsters and crabs, Tuscan salmon, mango truffle cheese pizza, and a selection of Indian dishes. A complimentary mimosa and a gift for all moms complete the experience.

A Pre-Mother’s Day Floral Arrangement Workshop and High Tea will be held on May 10 at Madeleine High Tea. For P3,800 net per person, guests can participate in a guided floral arrangement session followed by an elegant tea.

For more information, visit https://lansonplace.com/mallofasia. Lanson Place Mall of Asia is located at Block 12, Palm Coast Ave. corner Seaside Blvd., Mall of Asia Complex, Pasay City.

Newport World Resorts

NEWPORT WORLD RESORTS presents a collection of offerings that celebrate mothers. Gordon Ramsay Bar & Grill Philippines, in partnership with Las Filipinas, a collective of Filipina artists, will have live portrait sessions. For more information on this, contact 0917-147-6576, or e-mail info@gordonramsayrestaurants.com.ph.

Marriott Hotel Manila’s Marriott Café Bakery offers a Honey Glazed Bone-in Ham Package priced at P4,500 net, available from May 9 to 11, with early bird privileges for advance purchases until May 5. Mother’s Day Treats include mini cakes, fondant cakes, artisanal chocolates, and more, with prices starting at P350 net, available until May 12. There will be a grand Mother’s Day Buffet on May 11 at the Marriott Café priced at P3,800 net, featuring selections such as Australian beef rump and Legris oysters. Inquiries and reservations may be made through 0917-584-9560.

Sheraton Manila Hotel offers culinary creativity experiences. At Oori, there will be a Banchan and Kimbap Making Class on May 11 from 2 to 4 p.m., priced at P2,500 net per person, complete with a demonstration kit, snacks, finished dishes for takeaway, and certificates of participation. S Kitchen commemorates the day with a Flower Embroidery Workshop guided by Bella Joy Bardollas. The artistic celebration runs from 1 to 3 p.m., and is priced at P3,000 net, inclusive of workshop materials, food, and a keepsake final artwork. For bookings and reservations, contact 0917-859-7496.

A culinary journey in honor of mothers awaits at Hotel Okura Manila. Yawaragi presents a Mother’s Day Buffet priced at P3,950++, available on May 11, featuring Australian Wagyu chuck eye roll pot roast, herbed Dijon Omaha steamship, Japanese oyster thermidor, and more, accompanied by a complimentary mocktail and a special token for mothers. Yamazato offers an intimate Japanese fine dining experience with its Mother’s Day Omakase Sushi, priced at P15,000++, highlighting seasonal treasures. The Omakase Sushi is available from May 7 to 11. For reservations and inquiries, contact fb@hotelokuramanila.com or 0917-842-9067.

Hilton Manila pampers with an indulgent gathering at Kusina Sea Kitchens through its Mother’s Day Lunch Buffet, priced at P2,800++ per person. To make the day more special, mothers receive a Laura Mercier beauty gift and a 15-minute massage at The Cabana. For more details, contact 7239-7788 or e-mail MNLPH_F&Binquiries@hilton.com.

At Holiday Inn Express Manila Newport City, there is a family retreat package for Mother’s Day, priced at P5,800 net. The package includes an overnight stay in a standard room for two adults and two children below 12 years old, breakfast buffet, a choice between one chicken cordon bleu, schnitzel, fish and chips, or P1,000 worth of credits to Newport Cinema with a celebratory Danish pastry of choice. For more information, e-mail reserve.hiexmanila@newportworldresorts.com.

Taco Bell

Taco Bell has cooked up two Mother’s Day bundles. First is the Mother’s Day Bundle for two (P599): one Nachos Supreme, two Crunchy or Soft Tacos, one Cheese Quesadilla, one Strawberry Chocodilla, and two 12-oz. servings of ice-cold soda. For a bigger feast, there’s also the Mother’s Day Bundle for four (P949). It comes with one Nachos Bell Grande, four Crunchy or Soft Tacos, one XL Cheese and Beef Quesadilla, two Cinnamon Twists, and four 12-oz. servings of ice-cold soda. These Mother’s Day offers are available throughout the month of May for dine-in and takeout in all Taco Bell stores nationwide. They are also available for delivery by calling the 8911-1111 hotline.

Mang Inasal

Mang Inasal honors moms with “Mom Inasal Day,” with the promo available now until May 11. In the “Treat kay Mommy” (available until May 11), customers who purchase an Extra Creamy Halo-Halo Regular at any store nationwide will receive a free scoop of Selecta Ube Ice Cream. The promo is available for dine-in, takeout, drive-through, and delivery. Meanwhile, Mang Inasal is serving a unique twist to its Family Fiesta offering from May 9 to 11. Every order of Family Fiesta will include a specially designed sleeve that customers can personalize with handwritten notes for their moms. Each sleeve also includes a QR code that gives access to surprise freebies valid from May 9 to 31. Free rewards include drink upgrades with any Chicken Inasal Value Meal, or a free 1.5-liter Coke for Luzon and Visayas branches and a one-liter Pepsi for Mindanao branches with their next Family Fiesta purchase.

Yields on term deposits drop on BSP cut hopes

Bangko Sentral ng Pilipinas main office in Manila — BW FILE PHOTO

TERM DEPOSIT yields ended lower on Wednesday on expectations of further policy easing by the Bangko Sentral ng Pilipinas (BSP) after inflation cooled to an over five-year low last month.

The central bank’s term deposit facility (TDF) attracted bids amounting to P137.272 billion on Wednesday, above the P90 billion placed on the auction block and the P91.654 billion seen a week ago for a P100-billion offer. The BSP made a full P90-billion award of the papers as both tenors were oversubscribed.

Broken down, tenders for the seven-day papers reached P75.514 billion on Wednesday, higher than the P50-billion auctioned off by the central bank and above the P42.526 billion in bids for the same offer volume in the previous week. The central bank fully awarded the one-week papers.

Accepted yields ranged from 5.49% to 5.5575%, a narrower band compared with the 5.455% to 5.6% recorded a week ago. This caused the average rate of the one-week deposits to decline by 2.07 basis points (bps) to 5.5435% from 5.5642% previously.

Meanwhile, bids for the 14-day term deposits stood at P61.758 billion on Wednesday, higher than the P40-billion offering and the P49.128 billion in tenders for the P50 billion placed on the auction block last week. The BSP awarded P40 billion in two-week papers as planned.

Banks asked for rates from 5.5% to 5.625%, slightly lower than the 5.53% to 5.7% margin recorded a week ago. With this, the average rate for the two-week deposits declined by 2.92 bps to 5.5884% from the 5.6176% logged in the prior auction.

The BSP has not auctioned off 28-day term deposits for more than four years to give way to its weekly offerings of securities with the same tenor.

The term deposits and the BSP bills are used by the central bank to mop up excess liquidity in the financial system and to better guide market rates.

TDF yields declined on Wednesday amid dovish signals from the BSP chief following the April inflation data, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The Philippine central bank is open to cutting its key interest rate by a further 75 bps for the rest of the year as inflation continued to ease, according to BSP Governor Eli M. Remolona, Jr., Bloomberg reported.

“On the table, yes,” Mr. Remolona said in a mobile-phone message on Wednesday when asked if it’s possible for the Bangko Sentral ng Pilipinas to reduce the benchmark rate by 75 bps more this year after inflation further slowed in April.

The Monetary Board last month resumed its policy easing cycle after an unexpected pause in February, slashing benchmark borrowing costs by 25 bps to bring the target reverse repurchase rate to 5.5%.

Philippine headline inflation sharply decelerated to an over five-year low of 1.4% in April from 1.8% in March and 3.8% in the same month a year ago. This was within the BSP’s 1.3% to 2.1% forecast for the month and well below the 1.8% median estimate in a BusinessWorld poll of 14 analysts.

For the first four months, the CPI averaged 2%, at the low end of the BSP’s 2-4% annual target. — Aaron Michael C. Sy with Bloomberg

AMD forecasts $1.5-billion revenue hit from US curbs on China chip exports

Semiconductor chips are seen on a circuit board of a computer in this illustration picture taken on Feb. 25, 2022. — REUTERS

ADVANCED MICRO DEVICES (AMD) on Tuesday forecast a $1.5-billion hit to revenue this year due to new US curbs on chips, which require the company to obtain a license to ship advanced artificial-intelligence processors to China.

But it issued a second-quarter revenue forecast that topped Wall Street estimates, which analysts attributed to customers buying more chips ahead of tariffs. Its shares were last up about 1% in after-hours trading after rising as much as 6% and falling as much as 3.5%.

Under the Biden and Trump administrations, the US has pursued increasingly aggressive curbs on artificial intelligence (AI) chip exports to China. These controls are aimed at hobbling China’s ability to build advanced AI models and applications that, according to the US, could have national security implications.

AMD Chief Executive Officer Lisa Su said on a conference call on Tuesday that most of the impact from the curbs would affect the second and third quarters this year. Despite the new controls, Ms. Su said she expects AI chip revenue from the company’s data center business to grow this year by “strong double digits.”

“It’s certainly a headwind, but one which we think is well contained given everything else that we have going on,” she said.

In April, AMD said it would record an $800-million charge from the new US tariffs on chip exports to China. On Tuesday, it forecast adjusted gross margin of 43%, which represents an 11 percentage-point drop from the gross margin excluding the charge.

Like AMD, Nvidia has also warned Wall Street that it will now need an export license to China. Nvidia faces a $5.5-billion charge as a result.

China accounts for roughly a quarter of AMD’s total revenue, and the impact of the export controls would shave nearly 5% off the Wall Street forecast for revenue of $31.03 billion per LSEG data.

AMD finance chief Jean Hu said in the conference call following the results that the $1.5-billion revenue hit for 2025 was due to the new round of export controls from April.

“The subtext is hard to miss; big hyperscalers would rather accelerate purchase order dates than risk export‑license roulette once the latest China rules bite,” said Michael Schulman, chief investment officer at Running Point Capital.

“The flip side is that, once those safety‑stock closets are full, Q3 could feel like the morning after a Red Bull binge… keep one eye on backlog burn rates and another on Washington’s next tariff tweet,” he said.

GROWTH DESPITE CHINA
Still, the optimistic forecast shows that demand for AMD’s advanced processors remains strong as they power complex AI systems for Microsoft, Meta Platforms and other customers. These cloud giants recently reinforced hefty spending plans for building AI infrastructure.

On the conference call, Ms. Su said the company had not seen a lot of “tariff-related activity” in the first quarter.

The company expects revenue of about $7.4 billion for the second quarter, plus or minus $300 million, compared with analysts’ average estimate of $7.25 billion.

In February, the company steered away from a practice of giving a specific sales forecast for its AI chips, but Ms. Su had said AMD expects “tens of billions” of dollars in sales “in the next couple of years.”

AMD reported data center sales jumped 57% to $3.7 billion, which topped estimates of $3.62 billion. The company includes much of its AI hardware in its data center segment.

Total revenue jumped a better-than-expected 36% to $7.44 billion. Adjusted profit of 96 cents a share was ahead of estimates by 2 cents a share.

Chip maker Marvell Technology and server maker Super Micro both disappointed investors on Tuesday. Marvell pushed back a planned Investor Day to a later date in calendar 2026, citing the uncertain economy, and Super Micro trimmed its 2025 revenue forecast, adding to concerns about its position in the AI market. Marvell shares were down 4.5% after hours and Super Micro were down 5%. — Reuters

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