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A capital city built on progress and pride

Photos from manila.gov.ph and facebook.com/dtcamanila

Home to more than 15 million people, Manila as the capital city of the Philippines remains one of the busiest, most crowded, and most active urban areas.

According to the latest data of Philippine Statistics Authority (PSA), Manila’s economy grew by 2.2% in 2023. Gross domestic product (GDP) reached P987.88 billion, ranking as the third largest economy in the National Capital Region (NCR). The city also collected P16.9 billion in local revenues and received P4.26 billion in national tax allotments. These contributions brought Manila’s total revenue to P22.2 billion, funding city services and infrastructure.

Accommodation and food service activities posted the highest growth among industries at 13.5%, driven by increased local travel, higher tourist arrivals, and a rise in domestic spending. Other services, which include personal care, repair shops, and small-scale recreation, followed with 8.7%. Human health and social work activities grew by 7.5%, supported by both public and private sector health investments. PSA data shows services continue to dominate the city’s economic structure, accounting for more than 80% of its GDP.

In the latest Cities and Municipalities Competitiveness Index (CMCI) for 2024, Manila placed third in the Economic Dynamism category among Highly Urbanized Cities. The CMCI, developed by the Department of Trade and Industry (DTI) through the Competitiveness Bureau, evaluates cities based on indicators such as business registration, employment generation, financial deepening, and productivity.

The city also saw progress in the latest Brand Finance Global City Index, securing a higher rank than New Delhi, Macau and Hanoi. The index surveys on how people view cities around the world, polled more than 15,000 respondents from 20 countries. Under the People & Values category, the city made noticeable improvements in how it is viewed socially. Survey results show a 23-rank increase in ‘friendly’ and a 15-rank jump in the ‘fun’ attribute. Manila also advanced 11 positions in the ‘access to a skilled workforce’ attribute, suggesting a more capable labor market that appeals to investors and business leaders.

PRESERVING THE CITY’S IDENTITY

The City of Manila is tightening its grip on history even as modern developments rise across the capital. New data from the local government shows that more than 400 heritage sites are scattered across the city, many of them tucked between old districts and new infrastructure.

The district of Sta. Ana leads with 88 recorded heritage sites, followed by San Nicolas with 78 and Malate with 55. These include parks, monuments, historic buildings, preserved interiors, and scenic views. Some of the most recognized sites are the aging walls of Intramuros, Paco Park, and Arroceros Park, which remains one of the few green spaces in the city’s dense landscape.

Churches like the Manila Cathedral and Quiapo Church remain active places of worship while also serving as tourist destinations. Commercial structures like El Hogar and the First United Building in Binondo and Escolta, respectively, still stand. Though many of these structures now house businesses or stand beside newer commercial buildings, they continue to serve as reminders of the city’s early economic history.

Some of these structures remain in good condition. Others face risks from neglect, urban development, and natural wear. Local authorities, historians, and conservation groups are working to document as many sites as possible while encouraging the public to understand the value of everyday surroundings.

The government is also relying on executive orders and ordinances to formally recognize more properties at the local level. Such strategy gives protection to sites that may not have reached national status but are considered vital to Manila’s story by those who live nearby.

Moving forward, the city plans to expand its cultural registry and encourage schools, barangays, and community organizations to take part in historical documentation. While modern construction dominates parts of the skyline, reminders of Filipino history continue to shape how residents and tourists see the city.

In 2024, the city secured the “World’s Leading City Destination” title at the World Travel Awards. It marks the second time Manila received this honor, which was announced during a ceremony in Madeira, Portugal. Despite being earlier tagged by Forbes as one of the “most risky cities” for international travelers, Manila outshined more than two dozen global destinations including London, New York, Dubai, and Tokyo.

Meanwhile, the tourism programs of the city received five awards at the 18th Pearl Awards organized by the Department of Tourism (DoT) and the Association of Tourism Officers of the Philippines. Among the awards received were: Best Tourism Promotions, Best Religious Festival, Best Tourism Week Celebration, Best Tourism Video, and Best Oriented Local Government Unit.

Officials plan to use the momentum to bring in more visitors through targeted campaigns and cultural events. In 2025, more walking tours, museum projects, and neighborhood-level promotions are expected to roll out across the city’s districts.

CELEBRATING MANILA DAY

Declared a special non-working holiday within the city, Manila Day commemorates the official designation of the city as the country’s capital. It is also a celebration to honor individuals, public servants, organizations, and local businesses that have contributed to the city’s development over the decades.

The city government is expected to host a series of activities including a civic-military parade, cultural shows, exhibits, and public awards. Local officials have also prepared outreach programs in various barangays and formal ceremonies at historical landmarks such as Intramuros and the Manila City Hall.

Several city-run museums and heritage sites will also waive admission fees for the day, allowing more residents to reconnect with their history. Local historians and academics will hold free public talks to discuss Manila’s evolution from a riverside trading post to a bustling metropolis.

Manila’s modern foundation traces back to June 24, 1571, when Spanish conquistador Miguel López de Legazpi declared it the capital of the Spanish East Indies. However, even before the Spanish arrived, the area was already a trading hub along the Pasig River.

Historical accounts show that in the 13th century, local communities called the area “Seludong” or “Selurung,” while the term “Maynilad” or “Manila” came from the flowering plant nilad that grew abundantly near the riverbanks.

It was on June 24, 1962 when then Vice-Mayor Herminio Astorga officially celebrated the first Manila Day. Three years later, then President Diosdado P. Macapagal issued a proclamation making June 24 a special legal holiday for the city.

Outgoing Manila Mayor Maria Sheilah “Honey” H. Lacuna-Pangan thanked government workers, private sector partners, and residents for their part in the capital’s steady progress.

“To all who have helped us in public service, whether from the private sector or our colleagues, thank you very much to all of you,” Ms. Lacuna said. “Your help and support should never be overlooked. For 454 years, these have made Manila worthy of being the capital of our country.” — Mhicole A. Moral

Preserving cultural history amid urban growth

Photos from facebook.com/dtcamanila and goldenbergmansion.gov.ph

Metro Manila’s urban identity is often associated with its density, skyline, and the relentless churn of new developments. Within this region, the City of Manila, as one of the most populous urban areas in the world, is a bustling hub of trade and commerce, but one inarguably possessed of an old-world soul.

Based on numbers alone, from the data gathered by the City of Manila, the district of Sta. Ana has the most heritage sites in the country with 88, followed by the districts of San Nicolas and Malate with 78 and 55, respectively.

Under the Philippine Registry of Heritage, formerly known as the Philippine Registry of Cultural Property or PRECUP, cultural properties are categorized into several types based on how they are recognized and declared.

Cultural properties included in this registry fall under several formal classifications, each carrying distinct legal protections and historical significance, as determined by national and local cultural agencies.

At the highest level of designation are National Cultural Treasures, which are unique cultural properties found within the Philippines that possess outstanding historical, cultural, artistic, or scientific value. Also of national importance are Important Cultural Properties, which refer to cultural properties recognized for their exceptional cultural, artistic, and historical significance to the country.

Under the purview of the National Historical Commission of the Philippines are additional heritage classifications, including National Historical Shrines, which are hallowed sites revered for their deep historical and often sacred associations; National Historical Landmarks, which are places or structures directly associated with significant historical events or achievements; and National Historical Monuments, which are physical commemorations of important historical figures or moments.

At the international level, UNESCO World Heritage Sites are cultural or natural properties located in the Philippines that have been inscribed by the United Nations Educational, Scientific and Cultural Organization for their outstanding universal value to humanity.

Apart from formally declared properties, the law also recognizes a broader group known as Presumed Important Cultural Properties. These are cultural assets that have not been officially declared under any of the above categories but possess the essential characteristics of an Important Cultural Property.

Finally, there are Local Important Cultural Properties, which are identified and declared by local government units through their respective Sanggunian via ordinance, executive order, or resolution. These are properties of specific cultural, historical, or symbolic value to the local communities in which they are located, and their recognition plays a crucial role in strengthening local heritage protection and awareness.

Together, these classifications aim to preserve the Philippines’ rich and diverse cultural legacy, ensuring that historical memory and artistic achievement remain embedded within both national consciousness and local identity.

And Manila, a city older than the country itself, plays host to many of them.

Preservation as progress

The Philippines has a robust legal framework for cultural preservation. Republic Act 10066, or the National Cultural Heritage Act of 2009, mandates protection for structures at least 50 years old and classifies them as Important Cultural Properties (ICPs) or Heritage Houses.

Updates to this law, including RA 11961 passed in 2023, introduced a three-tier classification system for cultural properties, allowing tailored conservation standards for Grades I to III.

Despite this, legal protection often lacks teeth. There have been plenty of reports over the years that have pointed out the law’s weak enforcement towards the preservation of Manila’s cultural heritage. Property owners frequently alter or demolish historically significant buildings without proper permits or oversight, such as the Sta. Cruz building in Escolta that was demolished surreptitiously amid the COVID-19 pandemic in 2021, or the demolition of the Sanchez House on Bilibid Viejo Street in Quiapo.

Such events have been the source of countless controversies about Philippine heritage, and yet what’s often missing from the debate is this: heritage need not be an obstacle to urban development. In fact, it can be a catalyst for sustainable growth.

A recent Asia-Pacific study using Manila as a case study found that integrating heritage into urban planning can boost local tourism, community resilience, and economic diversity.

The study, titled “Sustainable Cities in Developing Countries: A Case of Balancing Cultural Heritage Preservation and Tourism in Manila, Philippines” and published in the Asia-Pacific Social Science Review, found that cities that balance conservation with modernization like Kyoto, George Town, or Singapore’s Chinatown demonstrate that “a sustainable urban revitalization program can effectively promote a creative economy that can generate employment opportunities and improve the existing economic conditions, especially for low-income citizens who are part of the city’s humanscape.”

In Manila, this is already happening in pockets. The Goldenberg Mansion in Malacañang complex, a Moorish-revival home built in the 1870s, was recently restored and reopened as a cultural center in 2023. Escolta’s First United Building has been repurposed into a creative hub for local entrepreneurs.

Grassroots movements are also gaining momentum. Organizations like Renacimiento Manila are spearheading public campaigns, walking tours, and digital awareness drives to build civic pride and policy pressure.

Manila today stands at a crossroads between its storied past and its visions of the future. One prioritizes verticality, volume, and economic scale; the other values continuity, character, and cultural capital.

But these visions need not be mutually exclusive. Preserving heritage does not mean freezing the city in amber. The numerous heritage sites in the city prove that Manila is a living vessel of collective memory. And what is a nation but a shared memory? — Bjorn Biel M. Beltran

Further forward in development and sustainability within the city

The City of Manila has been the Philippines’ crown jewel for centuries, standing as the country’s capital and one of Southeast Asia’s centers for commerce, culture, and governance. Due to this historical significance, Filipinos from all over the archipelago flocked to its streets, hoping for better opportunities and a chance for a new life. Amidst this integration, Manila finds itself faced with rapid urbanization, climate change, and growing population pressures.

One of the most pressing issues is Manila’s extreme population density. According to the latest data from the Philippine Statistics Authority, the city is populated by over 1.8 million Manileños, all contained within an area of 42.88 square kilometers. This statistic makes Manila one of the world’s most densely populated cities with 42,857 people per square kilometer.

This extreme density has strained the city’s infrastructure and basic services. Informal settlements have proliferated, especially along waterways and idle lands, leading to overcrowding and unsafe living conditions. These areas often lack access to clean water, sanitation, and electricity, making residents more vulnerable to health risks and disasters.

In response, both the local and national governments have introduced housing and relocation initiatives to address the shelter crisis. Programs such as the National Housing Authority’s in-city relocation projects and high-rise socialized housing aim to reduce the number of informal settlers without uprooting them from their livelihoods. Similarly, the city’s local government units have also launched their “land for the landless” initiative, where a total of 195 heads of families were awarded certificates for their own lots through subdivided expropriated lots in different barangays.

Aside from its housing issues, certain areas in Manila are also highly vulnerable to flooding. Situated in a typhoon-prone region and built largely on low-lying land, the city experiences frequent flooding and faces increasing threats from rising sea levels. Just last year, Typhoon Carina flooded the capital, prompting the local government to shut schools and offices and leaving hundreds of homes powerless.

To address this issue, the national government is set to build the Metro Manila Flood Management Project (MMFMP). The MMFMP is composed of three main components: upgrading and building new pumping stations, enhancing the drainage system, and reinforcing solid waste management efforts. The city government, for its part, distributed free doxycycline medicines to individuals affected by the flood. The medicine, aimed at preventing leptospirosis, was directly distributed to communities in the city.

Alongside the problem of chronic flooding, environmental degradation is another deep-seated issue. Manila is famously down to its last lung, the Arroceros Urban Forest Park, comprising only 2.2 hectares but composed of 61 tree varieties and 8,000 ornamental plants. Additionally, the city’s key waterways, the Estero de San Miguel, Estero de Paco, and portions of the Pasig River, have long suffered from waste accumulation and pollution.

The lack of open green spaces further contributes to urban heat and poor air quality. According to the 2011 Green Cities Index conducted by Siemens and The Economist Intelligence Unit, each resident of Metro Manila had access to just 5 square meters of green open space.

In recent years, however, environmental sustainability has become more of an emphasis in the city. Manila has strengthened its waste segregation programs and partnered with NGOs and private groups for estero clean-ups and urban greening. The city, through the Manila Health Department Health Education and Promotion Unit in collaboration with the Division of Sanitation, has also conducted tree planting activities pursuant to the Manila City Ordinance No. 8371, known as the Environmental Code of the City of Manila.

Likewise, Manila took part in the Asian Development Bank’s (ADB) “Promoting Action on Plastic Pollution from Source to Sea in Asia and the Pacific”, a project seeking to reduce marine plastic pollution and restore river and ocean health through flagship ocean programs such as coastal resilience, plastic-free oceans, ocean finance, and sustainable seafood.

Social inequality also persists, with many families still facing limited access to quality healthcare, education, and jobs. Despite this, Manila has increased investments in its public institutions. The newly opened Manila City Public Library, the renovated Ospital ng Maynila Medical Center, and continued support for Universidad de Manila and Pamantasan ng Lungsod ng Maynila demonstrate the city’s push to uplift underprivileged residents through access to knowledge and health.

While the City of Manila continues to face complex challenges rooted in its dense population, environmental pressures, and deep-seated inequalities, it is also showing a commitment to bettering the lives of its citizens. As a recognition of its efforts, the capital city was hailed as the second most competitive highly urbanized city in the 2024 Cities and Municipalities Competitiveness Index by the Department of Trade and Industry.

Manila’s significance to the whole of the nation gives it the burden to carry both the weight of history and the promise of renewal. Its journey toward sustainable urban development may not be without setbacks, but the steady shift toward responsive governance, community-driven solutions, and long-term planning suggests that transformation is possible and is happening. — Jomarc Angelo M. Corpuz

Maynilad IPO delay aligned with market conditions — analysts

MAYNILAD WATER SERVICES, INC.

By Revin Mikhael D. Ochave, Reporter

THE DECISION of Maynilad Water Services, Inc. (Maynilad) to delay its initial public offering (IPO) to no later than end-October reflects efforts to optimize pricing conditions amid weaker market sentiment caused by global geopolitical tensions, according to analysts.

“Maynilad’s decision to postpone its IPO to October is understandable given the recent shift in market sentiment following the United States’ strike on Iran,” DragonFi Securities, Inc. Equity Research Analyst Jarrod Leighton M. Tin said in a Viber message on Monday.

“Delaying the offering allows time for geopolitical tensions to ease and for investor confidence to recover — both of which are critical to the success of a major listing,” he added.

In a statement on Sunday, Maynilad said it moved the listing date of its IPO to no later than end-October from the initial schedule of July 17, citing potential demand from cornerstone investors.

Maynilad said it submitted an updated timetable to the Securities and Exchange Commission (SEC) and the Philippine Stock Exchange (PSE) to allow the inclusion of cornerstone investors. The company will list on the PSE under the trading symbol “MYNLD.”

“These investors have conveyed strong and sustained interest in participating in the offering, but requested additional time to complete their internal approval processes,” Maynilad said.

“The potential participation of these investors is expected to add even more value to Maynilad’s public offering and will be viewed positively by all investors and the markets at large,” it added.

On Sunday, Iran vowed to defend itself a day after the United States bombed three Iranian nuclear sites. The bombing came amid escalating tensions between Israel and Iran.

Amid the delay, Maynilad is expected to price its IPO at a discount to attract more investors and ensure demand, Unicapital Securities, Inc. Equity Research Analyst Peter Louise D.C. Garnace said in a Viber message.

“The deferment provides investors with additional time to evaluate key data points, including Maynilad’s first-half earnings performance, as well as developments on broader geopolitical risks such as the ongoing US trade tensions and escalating conflict in the Middle East, which could impact market sentiment and risk appetite,” he said.

“Maynilad’s postponement of its IPO to October 2025 is a move to accommodate anchor investors who we believe are crucial to the success of the issuance,” he added.

AP Securities, Inc. Research Head Alfred Benjamin R. Garcia said institutional investors’ increased caution amid global macroeconomic and geopolitical headwinds may have influenced Maynilad’s decision to defer its IPO.

“(The adjustment) was something that we expected, as we’ve been hearing that demand for the offer was only strong at the lowest range of its offer price,” he said in a Viber message.

“At this point, it might be too early to tell since the situation is very dynamic on the global front. But it’s increasingly likely that we’ll see another reduction in the size and price of the IPO,” he added.

Maynilad’s IPO consists of 1.93 billion primary shares and 354.7 million secondary shares priced at up to P20 apiece. The secondary shares will be sold by the water provider’s principal shareholder, Maynilad Water Holding Company, Inc.

It is expected to generate up to P37.41 billion in net proceeds from the IPO, assuming the overallotment option and preferential offer are fully subscribed. Proceeds will be used for capital expenditures and general corporate purposes. Maynilad will not receive proceeds from the sale of secondary shares.

The water provider said the proposed IPO remains subject to the issuance of the SEC order of registration and certificate of permit to offer securities for sale, as well as full compliance with regulatory conditions.

“Maynilad continues to coordinate with regulators and is proceeding with all necessary requirements for the proposed IPO,” it said.

The bellwether Philippine Stock Exchange Index (PSEi) went down 1.91% or 121.49 points to 6,218.28 on Monday. This was the PSEi’s lowest finish in nearly two months or since the 6,158.48 close on April 24.

The revised IPO timetable follows the recent approval by the Economy and Development Council — formerly the National Economic and Development Authority Board — of a ten-year extension to the concession agreements of Maynilad and Manila Water Co., Inc. The extension aligns Maynilad’s contract term with the expiration of its legislative franchise in 2047.

Pangilinan-led conglomerate Metro Pacific Investments Corp., which holds a majority stake in Maynilad, is one of three Philippine subsidiaries of First Pacific Co. Ltd., alongside Philex Mining Corp. and PLDT Inc.

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

Filinvest sees upside in Alabang township despite new estate launches

CATHERINE A. ILAGAN, president and chief executive officer of Filinvest Alabang, Inc. — FILINVEST GROUP

By Revin Mikhael D. Ochave, Reporter

THE FILINVEST group is banking on unsold inventory and infrastructure readiness at its 244-hectare Filinvest City in Alabang, Muntinlupa to support growth in its township portfolio, as new large-scale developments emerge in Metro Manila and nearby provinces.

Catherine A. Ilagan, president and chief executive officer of Filinvest Alabang, Inc. (FAI), said Filinvest City continues to attract interest from businesses and residents, even as estates such as the 3,500-hectare Villar City, the 700-hectare Vermosa in Cavite, and the 74-hectare Arca South in Taguig expand their footprints.

“We’re the most developed. We have the essentials to back it up. We have the infrastructure and all of the utilities. All of that are already in place. Accessibility is also key. We also have access to talent,” Ms. Ilagan said in an interview with BusinessWorld.

“It takes a long time to develop into a real central business district (CBD),” she added.

FAI is the real estate arm of the Filinvest group, overseeing townships and high-end residential developments.

“In terms of densifying, there’s still a lot of potential for Filinvest City. The outlook for Filinvest City is really positive,” Ms. Ilagan said.

“The release of inventory is very deliberate,” she added.

According to a regulatory filing by the Filinvest group’s listed conglomerate, Filinvest Development Corp. (FDC), FAI beneficially owns 76.4 hectares of unsold lots in Filinvest City as of end-2024, indicating further growth capacity.

Launched in 1995, Filinvest City is a mixed-use township that integrates a CBD, residential communities, leisure destinations, educational institutions, and medical and wellness centers.

It is the country’s only CBD to hold both Leadership in Energy and Environmental Design (LEED) and Building for Ecologically Responsive Design Excellence (BERDE) certifications.

“The LEED and BERDE certifications are testaments to Filinvest City being a green development,” Ms. Ilagan said.

Filinvest City’s sustainability features include a district cooling system that reduces energy use and emissions by servicing multiple buildings, an integrated electric-powered transport system known as the 360 Eco-Loop, and dedicated green spaces and sustainable buildings in Northgate Cyberzone.

Under Ms. Ilagan’s leadership, FAI is replicating the Filinvest City model in other areas as it grows its portfolio of master-planned, sustainable townships and premium real estate developments under the Filigree brand.

Ms. Ilagan brings more than 30 years of experience in real estate and urban development.

“Filinvest City is a ten-minute city. Everything can be reached in ten minutes. This is the DNA that we want to replicate in the other townships,” Ms. Ilagan said.

“We’ve always subscribed to the idea of a balanced live-work-play. That’s the DNA of all of our townships, a well-rounded and balanced development,” she added.

Other FAI-led townships include the 58-hectare City di Mare in Cebu, the 201-hectare Filinvest Mimosa Plus in Clark, Pampanga, the 288-hectare Filinvest New Clark City in Tarlac, and the 677-hectare Timberland Heights in Rizal.

“Whether it’s a small development, a bigger development, a high development, or a denser development, there should always be that balance of live-work-play components. As a real estate developer, that is the sustainable way to do things. Now, we want everything to be walkable,” Ms. Ilagan said.

Ms. Ilagan said evolving market preferences have driven demand for township developments.

“Demand is there. The market is evolving. They are really appreciating developers who have evolved their way of thinking,” Ms. Ilagan said.

“It’s helpful that infrastructure has also shaped up. What’s important now is to listen to the market and see whether it is time to do something better or something grander,” she added.

The Filinvest group is celebrating its 70th anniversary this year. Its business interests span real estate, banking, power, utilities, hospitality, sugar, and infrastructure.

Apart from FAI, the group also operates in the real estate sector through Filinvest Land, Inc., which develops socialized, affordable, middle-income, and high-end housing projects. Its portfolio includes subdivision lots, mid-rise residential buildings, farm estates, industrial parks, residential resorts, and condominium projects. It also leases commercial and office properties.

FDC reported a 25% increase in first-quarter attributable net income to P3.6 billion, driven by contributions from its banking, real estate, hospitality, and sugar businesses. Total revenues and other income rose 11% to P29.3 billion.

Topline redirects IPO proceeds to fuel station expansion

PHILIPPINE STAR/EHDA M. DAGOOC

CEBU-BASED fuel retailer Top Line Business Development Corp. (Topline) has reallocated proceeds from its April initial public offering (IPO) to prioritize the expansion of its service station network.

In a regulatory filing on Monday, Topline said its board of directors approved the reallocation of IPO proceeds totaling P624.6 million.

The proceeds were previously earmarked for the construction of service stations and the acquisition of a fuel tanker.

Following a special meeting, the company said it redirected the funds, with the majority now allocated for expanding its service network. It also set aside P214.6 million for working capital and P10 million for general corporate purposes.

Topline said the reallocation is intended to optimize capital deployment by adopting more flexible strategies for expansion, while still including the construction of new service stations.

“As such, the proceeds initially allocated for the construction of new service stations will be reallocated to fund the broader expansion of the service station network,” the company said.

“This shift supports faster market entry and operational scalability while maintaining alignment with the company’s long-term growth objectives,” it added.

Topline said it has secured additional depot space through its existing lessor at a terminal in Mandaue City. The additional storage capacity is expected to enhance operational efficiency and inventory management, reducing the immediate need to invest in a fuel tanker.

“This reallocation is consistent with [Topline’s] ongoing commitment to practical financial management and its strategic focus on maximizing shareholder value,” the company said.

Topline was the first company to conduct an IPO on the Philippine Stock Exchange this year. Its shares, however, declined on their market debut. — Sheldeen Joy Talavera

Hyundai Motor Philippines Launches the All-New KONA Hybrid

Hyundai Motor Philippines, Inc. (HMPH) celebrates its 3rd anniversary, spotlighted by the launch of the all-new Hyundai KONA Hybrid at the Bonifacio High Street Amphitheater, BGC, Taguig City.

The Hyundai KONA first made its global debut in Seoul, South Korea in 2017, and made its way to the Philippine roads in 2018. This nameplate has acquired numerous awards globally as it progressed over the years, proving an exceptional reputation in the Hyundai lineup.

With the reintroduction of the brand’s iconic nameplates, HMPH will offer more options that will cater to the versatile needs and demands of the Filipino market. The return of the KONA in the PH roster further fortifies the presence of Hyundai in the country.

The second-generation Hyundai KONA is built for the passion-driven. While it retains its reputable character in supporting the active lifestyle of consumers, the all-new model comes with new features and conveniences, promising an exciting experience for those who are looking for more meaningful drives as they pursue their daily grind.

The all-new KONA has been upgraded for those who want to make a statement on the road. This sleek eye-catcher sports a revamped, future-oriented exterior led by its aerodynamic design. The fascia features a signature LED horizon lamp and 3D garnishes on the front bumper, which have been a signature in Hyundai’s latest designs. Furthermore, the Hybrid Premium variant is fitted with 18-inch, two-tone alloy wheels and a wheel arch cladding which emphasize the KONA’s rugged and unique SUV look. It also comes with a power sunroof and roof rail, increasing its appeal.

Under the hood, this subcompact Hybrid SUV is powered by a 1.6 Hybrid engine, mated to a 6-speed Dual Clutch Transmission with 141 Ps of power and 144 Nm of torque. This is paired with Smart Regenerative Braking and e-Motion Drive features to ensure smooth performance and handling.

The interior of the all-new KONA is thoughtfully designed as a ‘living space,’ carrying several features that provide its user with comfort and convenience. It has a contemporary cabin featuring a driver-centric cockpit with a floating dual 12.3-inch panoramic instrument cluster and infotainment display, electronic shift-by-wire system and 8-way power adjust driver seat. Wireless Apple CarPlay and Android Auto come standard in the KONA, as well as a wireless charging pad with a built-in cooling fan and Type-C USB ports. The front row passengers can enjoy an open console storage with rotating cup holders for better convenience, and comfortable second-row seats which are fold-flat compatible providing as flexible cargo space of up to 1,241L. A Smart Power Tailgate, which can be customized according to the user’s preferred height opening, allowing a more personalized experience for the user, is also present.

Safety is also enhanced through the Hyundai SmartSense, Hyundai’s suite of advance driver assistance systems (ADAS) that identify potential hazards for added peace of mind. This includes features like Smart Cruise Control with Stop & Go, Forward Collision Avoidance Assist, Lane Following Assist, and Lane Keeping Assist, among others. It’s also equipped with Blind Spot View Monitor and Surround View Monitor for optimal driver visibility.

Through the launch of the all-new KONA, HMPH expands its Hybrid line following the variant introductions of the SANTA FE, TUCSON, and ELANTRA.

The all-new KONA is available in two variants:

KONA 1.6 HEV GLS 6DCT — Php1,528,000.00

KONA 1.6 HEV Premium 6DCT — Php1,688,000.00

It comes in five colors, namely Neoteric Yellow, Atlas White, Abyss Black Pearl, Cyber Gray, and Meta Blue Pearl. Interested customers can inquire about the all-new KONA at their nearest Hyundai dealerships.

To learn more, visit https://www.hyundai.com/ph/en/find-a-car/kona/highlights. Stay updated with Hyundai through @HyundaiMotorPhilippines on Facebook and Instagram.

 

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Andresons Group raises stake in Emperador

EMPERADORBRANDY.COM

THE ANDRESONS GROUP, Inc. has increased its stake in listed brandy and whisky maker Emperador, Inc. after acquiring P160 million worth of shares.

In a regulatory filing on Monday, Emperador said the Andresons Group, an affiliate of the company, purchased 10 million Emperador shares at P16 apiece on June 20.

Following the transaction, the Andresons Group now holds a 0.86% stake in Emperador, equivalent to 135 million shares. Both companies are controlled by tycoon Andrew L. Tan.

In May, the Andresons Group acquired 125 million Emperador shares through five separate transactions.

This year, Emperador has allocated P4 billion in capital expenditures, mainly for the ongoing expansion of its Dalmore distillery in Scotland, which is scheduled for completion in the second half.

The company is also doubling the size of its whisky maturation complex at the Invergordon distillery to 92 hectares from 45.4 hectares. The expansion will enable the facility to store an additional 1.5 million casks of maturing whisky.

For the first quarter, Emperador’s attributable net income rose by 6.5% to P1.85 billion, as revenues and other income increased by 0.6% to P13.21 billion.

On Monday, Emperador shares fell by 1.52% or 24 centavos to close at P15.50 apiece. — Revin Mikhael D. Ochave

A story of hope and tenacity in Superman

(L-R) David Corenswet, Rachel Brosnahan, director James Gunn, and co-producer Peter Safran visit Manila for the first stop of the Superman global promotions tour.

Iconic superhero gets new movie in July

THE 2025 iteration of the beloved comic book/movie/TV character Superman — this time played by David Corenswet — has him embark on a journey to reconcile his Kryptonian heritage with his human upbringing as Clark Kent.

Superman, which premieres in regular and IMAX theaters on July 9, is produced by Warner Bros. Pictures and DC Studios. It is the first film in DC’s freshly reimagined cinematic universe.

Co-starring in the film are Rachel Brosnahan as Lois Lane and Nicholas Hoult as Lex Luthor. Supporting actors include Edi Gathegi, Anthony Carrigan, Nathan Fillion, and Isabela Merced.

Mr. Corenswet, Ms. Brosnahan, movie director James Gunn, and co-producer Peter Safran kicked off the Superman global promotions tour in the Philippines, speaking to fans on June 19 at the Mall of Asia in Pasay, and to Asia Pacific press on June 20 at the Grand Hyatt Manila in Taguig.

BECOMING SUPERMAN
“The gym was the first place I started,” Mr. Corenswet said of his journey to become Superman — a journey that he called “isolating.”

“Whether you’re going to get that extra rep in, or do that extra set, or stay those extra 20 minutes to do your shoulders at the end of a long push day, at that moment, you feel very alone, even while you’re at the gym with other people,” he explained. “And so that was the first moment that I felt like I tapped into a central thing about Superman.”

The film follows the orphaned superhero grappling with the consequences of his mission to save humanity and yearning to find belonging on Earth.

For Mr. Gunn, who served as writer, director, and co-producer, this makes it “a story about humanity, about what it means to be a hero in a world that doesn’t always make it easy to be one.”

“What drew me to this film is Superman’s goodness at heart. He exists in a world that isn’t always kind, and he’s a symbol of hope — not just for the world, but especially for the Philippines. I’m used to writing flawed characters, but Superman is different. He’s not perfect, but he’s a truly good person,” he said.

EVOLVING CHARACTER
Meanwhile, Ms. Brosnahan pointed out that her take on Lois Lane is proof of “how much the character has evolved in the history of comics.”

“One of the first questions I asked James [Gunn] before the audition was, where does she fit into the canon of this character that is so familiar to so many of us?” she said. “And we really talked about the importance of her journalism.”

In Superman, Lois Lane balances her role as a love interest and as a superhero in her own right. This meant the actress had to speak with a lot of journalists and do her research on what would make one tick.

“Like Superman, she’s not knocked off balance easily. She can logic her way around just about anything. She’s 10 steps ahead of everyone else — and then along comes this thing she couldn’t have seen coming and it totally knocks her off her feet,” Ms. Brosnahan said.

LOVE OF THE COMICS
As for what longtime Superman fans can expect from the movie as a whole, Mr. Gunn shared that it is built on his own love of the comics as a child.

“I started reading the comics when I was around three or four years old. With this movie, I wanted to see the Superman I fell in love with from the comic books,” he said.

“I wanted to create that feeling I had as a kid, but also a version of Superman grounded in real stakes — real people who have issues and problems in relationships, and who could change themselves.”

Superman premieres in regular and IMAX theaters in the Philippines on July 9. — Brontë H. Lacsamana

Seeing opportunities beyond global economic uncertainties

CRECENCIO I. CRUZ

At the open forum of the recent Annual Stockholders’ Meeting of SM Investments Corp. held on April 30 at the Conrad Hotel in SM MOA, I was asked what I believed to be question of the day, if not the question of the year: “What would be the effects of the US tariffs on the company?”

I understood the genuine concern as the ripple effects of the new US policy were being felt on a global scale, not sparing even their staunch allies like the Philippines. It was important to analyze its possible repercussions against the backdrop of the Philippines’ own economic structure in recent years, and to understand not only how a company like SM can weather the headwinds of such a policy but also why the Philippines might be in a better position to rise up to the challenge.

The Philippine economy continues to post sound macroeconomic fundamentals in terms of continued GDP (Gross Domestic Product) growth, declining inflation and robust demand that is supported by resilient remittances.

The good news is inflation has been on a steady decline. The last figure was 1.4% in April from 1.8% in March. Notably, this is the lowest inflation rate since November 2019, which was 1.2%, thus bringing the national average inflation rate in the four-month period to 2%.

If we look closely at the structure of the economy, consumption accounts for over 70% of GDP. Manufacturing accounts for less than 20% of GDP. Trade with the US accounts for 17% of the Philippines’ total goods exports. A large part of the country’s dollar earnings come from services, like business process outsourcing and remittances, which are not subject to goods tariffs. This structure gives us a certain degree of protection, making us less vulnerable. We may be less open than other countries, but in this current environment, it provides us some insulation from potential adverse effects coming from external developments.

At SM, we remain conscious that the environment is changing and we should be alert to the changes, both in terms of what is happening on the trade side as well as what is happening in the markets that we serve.

Generally, to be resilient, we need to be flexible in shifting conditions and protecting long-term growth.

An article by Dunigan O’Keeffe, Karen Harris, and Austin Kimson in the Harvard Business Review pointed out that to succeed in an era of volatility, we need to invest in prediction, adaptability, and resilience. The article explored how vulnerable businesses can become when strategic foresight and operational flexibility are low on the list of priorities for boards and leadership teams. In order to tackle challenges, we need to factor in prediction, or the capability to generate beliefs about the future of our industry with enough precision and conviction to create opportunities for competitive advantage; secondly, adaptability, which means changing the business faster than competitors are changing; and lastly, resilience, where companies with superior resilience survive shocks better than their competitors do. This requires pressure-testing chosen strategies and business models.

In the case of SM, the core businesses — retail, banking, and property — are closely tied to the domestic economy and the everyday needs of Filipinos. These sectors continue to show stability and relevance even as market conditions change.

As consumption patterns continue to evolve, which form part of adaptability, we are positioning ourselves to meet new demands, while preserving the strengths that have anchored our group over the decades.

Our focus remains steadfast: to be agile and disciplined in our finances in order to stay well-positioned for sustainable long-term growth.

 

Amando M. Tetangco, Jr. was named the “MAP Management Person of the Year 2015” by the Management Association of the Philippines. He is the Chair of the SM Investments Corp. or SMIC.

map@map.org.ph

tetangcoa@gmail.com

BTr partially awards Treasury bills at mixed rates

BW FILE PHOTO

THE GOVERNMENT made a partial award of the Treasury bills (T-bills) it offered on Monday with mixed rates as risk sentiment took a hit due to the escalation of the war between Iran and Israel.

The Bureau of the Treasury (BTr) raised just P24.6 billion from the T-bills it auctioned off on Monday, short of the P25-billion plan, even as the offer was more than twice oversubscribed, with total bids reaching P65.47 billion. However, the demand seen was lower than the P74.205 billion in tenders recorded on June 16.

The Treasury partially awarded the three-month tenor as it rejected high bids, it said in a statement. The BTr awarded only P4.4 billion in 91-day T-bills on Monday, well below than the P8-billion plan and even as total tenders for the tenor reached P20.49 billion. The three-month paper was quoted at an average rate of 5.53%, 1.9 basis points (bps) lower than the 5.549% seen in the previous auction, with tenders accepted by the Treasury having yields of 5.45% to 5.555%.

Meanwhile, the government raised P11.2 billion from the 181-day securities it offered on Monday, higher than the P8-billion program, as bids amounted to P25.125 billion. The average rate of the six-month T-bill was at 5.557%, up by 3.4 bps from the 5.523% fetched last week, with accepted rates ranging from 5.522% to 5.588%.

Strong demand prompted the BTr to double its acceptance of non-competitive bids for the six-month T-bill to P6.4 billion, it said.

Lastly, the Treasury raised P9 billion as planned via the 364-day debt papers as demand for the tenor totaled P19.855 billion. The average rate of the one-year T-bill inched down by 0.2 bp to 5.655% from 5.657% previously. Accepted bids carried yields of 5.55% to 5.695%.

At the secondary market before Monday’s auction, the 91-, 182-, and 364-day T-bills were quoted at 5.4714%, 5.6213%, and 5.6842%, respectively, based on PHP Bloomberg Valuation Service Reference Rates data provided by the Treasury.

The T-bill auction saw mixed results for the second straight week despite the latest rate cut delivered by the Bangko Sentral ng Pilipinas (BSP) “largely due to and overshadowed by the recent Israel-Iran war and the surprise US attacks on Iran’s nuclear facilities,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The latest developments in the Middle East caused broad market uncertainty, leading a flight to safe-haven assets like the dollar, and also drove global oil prices higher, which could stoke inflation anew and affect the outlook for monetary easing at home and abroad, he said.

“Despite the rate cut, some are cautious with the inflationary impact of the geopolitical tensions in the Middle East,” a trader likewise said in a phone interview.

On Thursday, the BSP lowered benchmark borrowing costs by 25 bps for a second straight meeting, bringing the target reverse repurchase rate to 5.25%, as expected by 15 out of 16 analysts in a BusinessWorld poll.

It has now reduced benchmark borrowing costs by 125 bps since it began its easing cycle in August last year.

BSP Governor Eli M. Remolona, Jr. said they could deliver at least one more 25-bp cut this year, but noted that they remain watchful of emerging risks and their impact on prices, including the conflict in the Middle East and the uncertainties brought about by trade policy shifts among the world’s largest economies.

The Monetary Board has three more policy meetings this year.

Iran said on Monday that the US attack on its nuclear sites expanded the range of legitimate targets for its armed forces and called US President Donald J. Trump a “gambler” for joining Israel’s military campaign against the Islamic Republic, Reuters reported.

Tehran, which denies its nuclear program is for anything other than peaceful purposes, launched a volley of missiles towards Israel in the aftermath of the US attack, wounding scores of people and destroying buildings in Tel Aviv.

But it has not acted on its main options for retaliation, to attack US bases or choke off the 20% of global oil shipments that pass through the Strait of Hormuz.

Attempting to strangle the strait could send global oil prices skyrocketing, derail the world economy and invite conflict with the US Navy’s massive Fifth Fleet based in nearby Bahrain.

Oil prices jumped on Monday to their highest since January. Brent crude futures were up $1.11 or 1.44% to $78.12 a barrel as of 0653 GMT. US West Texas Intermediate crude advanced $1.08 or 1.45% to $74.87.

On Wednesday, the government will offer P40 billion in reissued Treasury bonds in a dual-tranche auction — P20 billion in seven-year bonds with a remaining life of two years and 10 months and P20 billion in 25-year notes with a remaining life of 24 years and seven months.  — Aaron Michael C. Sy with Reuters

Victoria Industrial Park eyes up to 20 new locators by 2026

VICTORIAINDUSTRIALPARK.COM

VICTORIA INDUSTRIAL PARK (VIP) in Tarlac expects up to 20 locators to establish or expand operations within the facility by 2026, which could generate up to 10,000 jobs, its top official said.

“We are anticipating the expansion of approximately 15 to 20 locators in VIP within this year or the next, depending on the scale of each operation,” VIP Chief Executive Officer Melissa Yeung-Yap said in an e-mail.

“The majority of these are expected to come from the manufacturing and BPO (business process outsourcing) sectors, in line with our focus on attracting labor-intensive industries to promote job creation in the province,” she added.

The 30-hectare Victoria Industrial Park, located in Victoria, Tarlac, is the country’s first pharmaceutical-focused special economic zone. It was launched on May 1, following its declaration as a special economic zone last year.

The industrial park is located near the Tarlac–Pangasinan–La Union Expressway and is accredited by the Philippine Economic Zone Authority (PEZA).

Ms. Yeung-Yap said the park may be expanded by 60 to 100 hectares over the next two to three years to accommodate potential investors.

To attract more foreign investors, VIP is working to further streamline business entry processes and enhance incentives, she said.

“As a PEZA-accredited industrial park, VIP offers foreign locators access to a comprehensive suite of fiscal and non-fiscal incentives, significantly reducing operational costs and accelerating RoI (return on investment),” Ms. Yeung-Yap said.

VIP will also host a dedicated satellite laboratory of the Food and Drug Administration (FDA) to facilitate faster product market entry.

“This significantly de-risks and accelerates the often-lengthy product registration and facility licensing processes, particularly beneficial for pharmaceutical, food and beverage, and medical device manufacturers,” Ms. Yeung-Yap said.

She added that the park’s proximity to major highways, ports, and airports ensures reduced transport costs and shorter transit times. VIP also offers a skilled talent pool and concierge services to support ease of doing business.

“Attracting foreign locators to Philippine industrial estates hinges on creating an ecosystem that prioritizes efficiency, regulatory ease, and strategic advantages,” Ms. Yeung-Yap said.

The 30-hectare park is positioned to become a hub for investment, innovation, medical research, and inclusive growth. — Beatriz Marie D. Cruz

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