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Philippine electronic product exports may reach $110 billion in five years

Data from the Philippine Statistics Authority showed that exports of electronic products reached $29.48 billion in the first eight months, up 7.4% from a year ago. — REUTERS

By Justine Irish D. Tabile, Reporter

THE SEMICONDUCTOR and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) said exports may possibly hit $110 billion in five years, but uncertainty clouds the outlook.

“It is possible… I will just leave it at that because there are a lot of external factors,” said SEIPI President Danilo C. Lachica at the pre-event conference for the 20th Philippine Semiconductor & Electronics Convention and Exhibition (PSECE) on Thursday.

He said the industry’s growth will be driven by new and emerging technologies.

“The drivers of growth for the electronics industry will be new devices and new technology in different sectors, whether they may be automobiles, devices, cellphones, computers, data centers, or renewable energy,” Mr. Lachica said.

Under the roadmap, the industry is targeting to make the Philippines a consistent and reliable global partner for packaging $70 billion of semiconductors, assembling $40 billion of electronics, and providing globally recognized integrated circuit (IC) design services by 2030.

Mr. Lachica said exports are rising but the industry still expects flat growth this year.

“This year, the (SEIPI) board projected a flat growth for 2025. However, we’ve seen some movements. In fact, if you look at the year-to-date numbers through August, we were seeing modest growth,” he said.

“Don’t get your hopes up too much (but) you may even go up by maybe 5% or something like that.”

The outlook is still uncertain because of the geopolitical factors, which include the US tariffs.

“But hopefully we’ve had enough momentum through August that we will sustain that modest growth for the year,” Mr. Lachica said.

Data from the Philippine Statistics Authority showed that exports of electronic products reached $29.48 billion in the first eight months, up 7.4% from a year ago.

“Almost everything has electronic components, and the Philippines does the assembly and packaging for those devices… so, the overall demand in the world is increasing notwithstanding the tariffs, so that causes optimism on our part,” the SEIPI official said.

US President Donald J. Trump previously announced plans to impose sectoral tariffs on chips as high as 300% in a bid to bring back manufacturing to the US.

“If we continue with our pattern that we are seeing [in the first eight months], we may even reach, if not exceed, the 2023 numbers this year,” Mr. Lachica said.

In 2023, exports of electronics reached $45.65 billion.

Meanwhile, Office of the Special Assistant to the President for Investment and Economic Affairs Undersecretary Ma. Angela E. Ignacio said that the government is targeting to move from traditional assembly, test, and packaging (ATP) to a more advanced ATP in the next five years.

“And of course, we want to move into the IC design industry as well, because we have realized that most of it is coming from Filipinos, so we want to promote it and let them come home and develop the industry here,” she said, adding they are also looking at wafer fabrication plants in the future.

To support this, the Semiconductor and Electronics Industry Advisory Council on Thursday unveiled its five-year workforce development plan.

“So, the target is 128,000 new jobs across the said industries, and we have three technical working groups working on this,” Ms. Ignacio said.

SEIPI has long been urging the government to build a $10-million lab-scale wafer fab, but Mr. Lachica said that the government has yet to find the funding for the project.

However, he warned that the country should not wait too long, as it may “miss the boat,” noting that the Philippines is already missing out on a significant amount of exports.

Aside from increasing exports, having its own wafer fab will allow the country to increase the localization of electronic exports, Mr. Lachica said.

He said that the industry has already made strides in localization, producing around P130 million worth of localized parts. However, this is still relatively small versus what the country is importing, he added.

“If we can localize 1% of the materials we import, that will be something like P15 billion, which means a lot of jobs and a lot of prevention of dollar leakage,” he added.

He warned, however, that the Philippines still does not have the capacity to produce most of these materials.

“So, there is a lot of work that needs to be done, but we are making progress slowly but surely,” he added.

SEIPI is set to hold PSECE 2025 from Oct. 28 to 30 at the SMX Convention Center Manila, Pasay City, which is expected to host 250 local and international companies from China, Germany, and Taiwan.

Business confidence, economic outlook may take a hit amid corruption probe

A MAN looks at a mural with an anti-corruption message in Quezon City, Sept. 20. — PHILIPPINE STAR/MIGUEL DE GUZMAN

By Aubrey Rose A. Inosante and Justine Irish D. Tabile, Reporters

THE PHILIPPINE government must deliver swift and credible results in its investigation into allegations of corruption in flood control projects, to avoid hurting growth prospects and losing the confidence of investors and the business community, experts said.

Department of Economy, Planning, and Development  Undersecretary Rosemarie G. Edillon said investor confidence can be restored if the probe into alleged irregularities in some projects is conducted swiftly and impartially.

“We have to show results. We have to demonstrate credibility. Maybe, that’s what (investors) need to see,” she told BusinessWorld on the sidelines of an event on Wednesday, noting that the capital market tends to be “flighty.”

Financial markets have been rattled by the widening probe into corruption in flood control projects. Separate investigations by Congress, the Ombudsman, and the Independent Commission for Infrastructure are looking into alleged collusion among Department of Public Works and Highways officials, contractors, and even lawmakers to divert billions in funds meant for flood control projects.

Ms. Edillon also said waning investor confidence should be viewed in the context of broader global market, including US tariff policies that continue to weigh on sentiment.

However, she noted that ensuring political issues do not seep into the economy is a “big challenge.”

Economists and business groups also warned that the Marcos administration’s graft probe is now becoming politicized and lacks substance, stoking unease among the private sector.

Foreign Buyers Association of the Philippines President Robert M. Young said the government-wide probe has devolved into a “circus” and became politicized, citing abrupt leadership changes in both the House and Senate, as well as the creation of a new infrastructure oversight body.

“This is lacking a clear roadmap or a plan,” Mr. Young told BusinessWorld over the phone on Wednesday. “All these are making the businessmen jittery and nervous. They have a feeling of pessimism and withdrawal to conduct business, which explains why the stock market has this week-long slump.”

He also noted the peso weakness is also dampening business sentiment.

“As the Senate hearing progresses, revealing the extent of corruption done by key legislators’ reckless impunity, the government has lost the trust of the private sectors. This negative sentiment has weakened business confidence and will take time to regain,” Philippine Chamber of Commerce and Industry Chairman George T. Barcelon said in a Viber message.

Ateneo Center for Economic Research and Development Director Ser Percival K. Peña-Reyes warned that unless key figures are prosecuted, investor sentiment will continue to deteriorate.

“The big fish, as it were, should be held accountable,” he said in a Viber message.

Mr. Peña-Reyes also said capital flight is possible similar to the debt crisis in the early 1980s during the time of the late President Ferdinand E. Marcos, Sr.

Meanwhile, Foundation for Economic Freedom President Calixto V. Chikiamco said the flood control mess only adds to the bearish investor sentiment in the capital market.

“However, a disruptive political event, such as a military takeover, will fuel economic chaos and massive capital flight,” Mr. Chikiamco said.

Reyes Tacandong & Co. Senior Adviser Jonathan L. Ravelas said the Philippine economy is in a “holding pattern.”

“Growth is slowing, confidence is shaky, and corruption is clouding the outlook. The fundamentals are there — but we’re not firing on all cylinders. The steep discount to our peers reflects doubt,” he said.

GlobalSource Partners Country Analyst Diwa C. Guinigundo said political uncertainty linked to corruption in some infrastructure projects “could undermine investor confidence and sustain depreciation pressures on the peso.”

Meanwhile, Ms. Edillon warned that the country’s growth outlook faces downside risks as concerns over corruption are weakening investor sentiment.

Asked if this would have an impact on the economy, she said: “We don’t know yet. We have to wait for the results of the investigation.”

The government is targeting 5.5% to 6.5% growth for 2025.

INVESTMENT INQUIRIES
Meanwhile, Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI) President Danilo C. Lachica said investments are still coming in the country.

“Well, even if (investors) don’t verbalize it, I’m sure there will be concern. But then again, let’s be realistic, there is some level of corruption in whatever country you’re in, right? It’s just how much is exposed,” he said at a conference on Thursday.

“But in terms of investments, there are still some that come in. In fact, Murata is expanding, and I’m going to Cebu to (see) another company for their expansion. So, there are some that are still happening. It’s not that the faucet has been shut off, but we could do better,” he added.

Mr. Lachica said corruption is a concern for the industry, noting its direct effect on investments due to ghost projects that could have addressed flooding issues and eased the flow of goods.

Office of the Special Assistant to the President for Investment and Economic Affairs Undersecretary Ma. Angela E. Ignacio said they continue to receive inquiries from investors.

“We’re really just focusing on promoting our investments. We continue to get very promising inquiries from a lot of the countries still very interested in investing in the Philippines, because, as we’ve said, there are a lot of reforms that have been put in place over the past three years,” she said.

“So, I think they’re only finding it very attractive now to go into the Philippines, even our tariff situation. We’re still in a good place, as we’re actually in the low regime for the tariff, so many are still looking at us. We haven’t had any concerns,” she added.

First Philippine Industrial Park Head of External Affairs Ricky A. Carandang said issues on corruption may not immediately result in loss of investor confidence in the Philippines.

“The decisions made by the locators tend to be long term, so an event like this will make them concerned, but it is not going to immediately lead to a change of plan,” he said. “For example, if they have plans to expand, that is not going to stop just because of this.”

Mr. Carandang also said investors are giving President Ferdinand R. Marcos, Jr. the benefit of the doubt.

“He has done a lot for investors. And I think they are watching to see how this is resolved, and if the Marcos administration is perceived to be doing the right things in light of the crisis, I think it can be something that will benefit the country,” he added.

Hollywood performers union condemns AI-generated ‘actress’ Tilly Norwood

TILLY NORWOOD, an AI-generated ‘actress,’ smiles in an AI-generated image obtained by Reuters on Oct. 1. — PARTICLE6/HANDOUT VIA REUTERS

LOS ANGELES — The recent debut of an artificial intelligence (AI)-generated “actress” dubbed Tilly Norwood, and its producer’s boasts of interest from studio executives, sparked a backlash on Tuesday from the Screen Actors Guild-American Federation of Television and Radio Artists (SAG-AFTRA) actors union, condemning the replacement of human performers with “synthetics.”

The Hollywood buzz around Tilly Norwood, introduced last Saturday at a film industry conference in Zurich, and the union’s scathing reaction to it reflected the dread many in the creative community feel about the intersection of artificial intelligence and show business.

The official Tilly Norwood launch consisted of a 20-second appearance of the photo-real character — a twenty-something fictional ingénue bearing no particular resemblance to any real celebrity — in a brief video parody about making an AI-generated television show.

Dutch actor-producer Eline Van der Velden, whose London-based AI production studio Particle6 created Tilly Norwood, said during her presentation at the Zurich Summit the project was starting to turn heads.

After months of facing boardroom skepticism, talent agents were starting to tell her: “‘We need to do something with you guys,’” Hollywood trade paper Variety quoted Ms. Van der Velden as saying. She said an announcement of a first-of-its-kind talent agency deal was a few months away, Variety reported.

Concerns about Hollywood actors and writers being exploited, and even supplanted, by AI-generated scripts and performers was a major issue in SAG-AFTRA’s most recent round of contract talks with studios and streaming services.

Computer-generated imagery is nothing new to the film and television industry, and AI-enhanced software has more recently emerged in various effects such as “de-aging” technology allowing actors to portray younger versions of themselves.

The ability to convincingly replicate a feature-length human film performance with AI stand-ins is still seen as far off.

‘VERY REAL EMOTIONS’
Nevertheless, the prospect of talent agents suddenly showing interest in AI-created figures stirred a swift denunciation from SAG-AFTRA, representing 160,000 actors, announcers, recording artists, stunt performers and other talent.

“Creativity is, and should remain, human-centered,” the union said in a statement. “The union is opposed to the replacement of human performers by synthetics.”

The parody video, which first appeared in July, actually comprises 16 AI-generated characters in all. But Tilly Norwood — a winsome figure with shoulder-length brown hair, brown eyes, a British accent and her own social media profile — was the star.

A separate Facebook post attributed to the character exclaims: “I may be AI generated, but I’m feeling very real emotions right now. I am so excited for what’s coming next!”

SAG-AFTRA officials were not amused.

“To be clear, ‘Tilly Norwood’ is not an actor,” the union said in its statement. “It’s a character generated by a computer program that was trained on the work of countless professional performers — without permission or compensation.”

Ms. Van der Velden sought to assuage such concerns in an Instagram message, saying Tilly Norwood “is not a replacement for a human being, but a creative work — a piece of art. Like many forms of art before her, she sparks conversation, and that in itself shows the power of creativity.”

Ms. Van der Velden was more provocative in an interview in July with the publication Broadcast International, which quoted her as saying: “We want Tilly to be the next Scarlett Johansson or Natalie Portman, that’s the aim of what we’re doing.”

Not everyone is convinced Tilly Norwood packs such potential. Yves Bergquist, director of AI in media at the University of Southern California’s Entertainment Technology Center, called the hoopla “nonsense.”

“There is a lot of very understandable nervousness and fear out there about talent being replaced,” he said. But judging from his own daily interactions with Hollywood executives, Mr. Bergquist said there was zero interest from “serious people” in developing entirely synthetic characters.

“Scarlett Johansson has a fan base. Scarlett Johansson is a person,” he said. — Reuters

Spooked by AI, Bollywood stars drag Google into fight for ‘personality rights’

MARRIED Bollywood couple Abhishek Bachchan (L) and Aishwayra Rai Bachchan arrive for the world premiere of their film Raavan at the BFI in London, June 16, 2010. — REUTERS/PAUL HACKETT

NEW DELHI — In India, Bollywood stars are asking judges to protect their voice and persona in the era of artificial intelligence (AI). One famous couple’s biggest target is Google’s video arm YouTube.

Abhishek Bachchan and his wife Aishwarya Rai Bachchan, known for her iconic Cannes Film Festival red carpet appearances, have asked a judge to remove and prohibit creation of AI videos infringing their intellectual property rights. But in a more far-reaching request, they also want Google ordered to have safeguards to ensure such YouTube videos uploaded anyway do not train other AI platforms, legal papers reviewed by Reuters show.

A handful of Bollywood celebrities have begun asserting their “personality rights” in Indian courts over the last few years, as the country has no explicit protection for those like in many US states. But the Bachchans’ lawsuits are the most high-profile to date about the interplay of personality rights and the risk that misleading or deepfake YouTube videos could train other AI models.

The actors argue that YouTube’s content and third-party training policy is concerning as it lets users consent to sharing of a video they created to train rival AI models, risking further proliferation of misleading content online, according to near-identical filings from Abhishek and Aishwarya dated Sept. 6, which are not public.

“Such content being used to train AI models has the potential to multiply the instances of use of any infringing content i.e. first being uploaded on YouTube being viewed by the public, and then also being used to train,” the filings said.

Representatives for the Bachchans and Google spokespersons did not respond to Reuters’ queries. The Delhi High Court last month asked Google’s lawyer in court to submit written responses before the next hearing on Jan. 15.

YouTube’s India managing director, Gunjan Soni, last month described the platform as “the new TV for India.” With around 600 million users, India is YouTube’s biggest market globally, and it is popular for entertainment content like Bollywood videos.

LAWSUIT ALLEGES YOUTUBE VIDEOS ARE ‘EGREGIOUS’
Indian courts have already started to back Bollywood stars upset about generative AI content damaging their reputation. In 2023, a Delhi court restrained the misuse of Anil Kapoor’s image, voice, and even a catchphrase he often used.

Reuters is first to report details of the Bachchans’ specific challenge against Google, which was contained in court filings spanning 1,500 pages where they mostly target little-known sellers for unauthorized physical merchandise like posters, coffee mugs, and stickers with their photos, and even fake autographed pictures.

They are also seeking $450,000 in damages against Google and others, and a permanent injunction against such exploitation.

The lawsuits contain hundreds of links and screenshots of what they allege are YouTube videos showing “egregious,” “sexually explicit,” or “fictitious” AI content.

The judge in early September ordered 518 website links and posts specifically listed by the actors to be taken down, saying they caused financial harm to the couple and harmed their dignity and goodwill.

Reuters, however, found videos similar to the examples of infringing videos cited in Abhishek’s papers on YouTube.

Among them: a clip showing Abhishek posing but then suddenly kissing a film actress using AI manipulation; an AI depiction of Aishwarya and her co-star Salman Khan enjoying a meal together while Abhishek fumes standing behind; and a crocodile chasing Abhishek as Khan tries to save him.

Mr. Khan was in a relationship with Aishwarya long before her marriage. His spokesperson did not respond to Reuters’ queries.

AI CAN GENERATE BOLLYWOOD LOVE STORIES
YouTube’s data-sharing policy states creators can opt in to share their videos for training models of other AI platforms, like OpenAI, Meta, and xAI. YouTube adds: “We can’t control what a third-party company does” if users share videos for such training.

The Bachchans argue in their filings that if AI platforms are trained on biased content that portrays them in a negative manner and infringes their intellectual property rights, then AI models “are likely to learn all such untrue” information, leading to its further spread.

Eashan Ghosh, chair professor for intellectual property rights at the National Law University Delhi, said it would be difficult for actors to build a direct case against YouTube since their grievances are mostly with creators and personality rights infringement.

But “it wouldn’t be beyond the pale for the court to nudge YouTube to write something into their user policies or set up a queue jump for celebrity claimants to get quicker responses to legal requests,” he said.

YouTube in May disclosed that it had paid more than $2.4 billion to Indian creators in the last three years. The actors alleged that creators infringing their personality rights can make money when videos become popular.

Reuters found a channel on YouTube titled “AI Bollywood Ishq” that shares “AI-generated Bollywood love stories.” Its 259 videos have garnered 16.5 million views. The most popular video with 4.1 million views shows an AI animation of Khan and Aishwarya in a pool, while another shows them on a swing.

In a tutorial, the channel explains it used simple text prompts to create an image via X’s Grok AI and then turned it into a video using Chinese AI startup MiniMax’s Hailuo AI. A Reuters test generated an AI video showing lookalikes of Bollywood stars Khan and Abhishek in a fistfight within five minutes.

Grok, MiniMax, and the owner of YouTube channel @AIbollywoodishq did not respond to Reuters’ queries. It was unclear whether the YouTube channel consented to sharing those videos for AI training.

“Content is made only for entertainment and creative storytelling,” the channel’s page said. — Reuters

Megaworld building P20-B estate on site of old San Lazaro racetrack

MEGAWORLD CORP.

LISTED property developer Megaworld Corp. is investing P20 billion in an old Manila-inspired mixed-use development on the former San Lazaro Hippodrome site in Santa Cruz, Manila.

The Winford Resort Estate seeks to relive Manila’s pre-war era and will feature condominium developments, a hotel, and a commercial strip, Megaworld said in a statement on Thursday.

The development will be built in Santa Cruz, Manila, on the site of the former San Lazaro Hippodrome, a horse racetrack that popularized betting in the early 1900s before it was demolished in 2003 to make way for the San Lazaro Tourism and Business Park.

“We are designing Winford Resort Estate to honor the rich heritage of this historic area with a fresh look that reflects Manila’s golden years,” said Kelvin Uy, head of sales and marketing at Megaworld Manila.

Winford Resort Estate will also feature French Renaissance, Neo-Classical, and Art Deco influences in its masterplan.

A planned highlight of the estate is the Manila Paseo, which will offer retail and leisure options alongside cobblestone walkways and heritage-style façades.

The area draws inspiration from historic walkways such as Escolta Street in Manila and Calle Crisologo in Ilocos Sur, according to the developer.

Also to be built within the estate is the 17-storey One Crown Suites, which will have 389 residential units targeted at students and young professionals.

The condominium tower will offer studio to two-bedroom units equipped with wireless smart home systems.

It will also feature amenities such as swimming and kiddie pools, fitness facilities, co-working spaces, game and function rooms, a roof deck with a garden, lounge, badminton court, and a half basketball court.

“With One Crown Suites, we wanted to create a home that’s practical for students and young professionals, but also forward-looking,” Mr. Uy said.

Winford Resort Estate is envisioned as a lifestyle and residential hub for students, families, and professionals, the developer said.

It is located near the University Belt area, home to many of the country’s major colleges and universities.

The development is also accessible via Felix Huertas Road and is near public transport options, including the Light Rail Transit Line 1.

Nearby hospitals include the Chinese General Hospital, Fabella Hospital, and Philippine General Hospital.

Megaworld has yet to provide details on the project’s timeline, total land area, and whether the P20-billion allocation covers the entire masterplan or only its initial phase. The company has also not disclosed the unit prices or sales launch for One Crown Suites, as well as the funding source for the development.

Megaworld posted a 35% increase in its second-quarter attributable net income to P5.6 billion from P4.15 billion a year earlier, driven by demand across its leasing, residential, and hospitality segments.

At the local bourse on Thursday, Megaworld shares rose by 0.49% or one centavo to close at P2.04 each. — Beatriz Marie D. Cruz

The never-ending struggle

CHASE INFINITI in One Battle After Another (2025).

Movie Review
One Battle After Another
Directed by Paul Thomas Anderson
MTRCB Rating: R-16

PAUL THOMAS ANDERSON has taken Thomas Pynchon’s 1990 novel Vineland and turned it into an epic production about immigration raids, white supremacy, radical leftist groups, generational conflicts, a father’s love for his daughter and vice versa — the picture feels so overstuffed with high drama low farce and handheld ordnance you don’t feel much if any of the 166 minute running time.

I’ll call it: easily Anderson’s best most ambitious, most appealing work to date.

I’m also saying it out loud: I have not always been a fan of Anderson. His maximalist approach to filmmaking strikes me as often stylish but half-baked, with bravura passages of filmmaking in Boogie Nights and Magnolia marred by an underwritten second act: he tends to introduce half a dozen or more often interacting characters and with not much preparation or development has them climaxing literally and figuratively in their respective storylines. I think he improved hugely when his style slowed down, starting with Punch Drunk Love through The Master (thought the highly regarded There Will Be Blood was superbly wrought, but just couldn’t get past Daniel Day-Lewis’ unaccountable John Huston caricature). I suspect Licorice Pizza to be an important transitional film, where he returned to his maximalist period approach but took the time to actually prioritize character evolution over melodramatic outbursts.

Thought Inherent Vice another important transitional film, being the first time Anderson tackled Pynchon; in my book it was a dud — the casting was inspired, the filmmaking and production design amazing, but little of the book’s fun and humor came through.

Come One Battle After Another, and this time Anderson gets it right.

Side note: the film’s timeline is befuddling: the story starts in what may be 2009 or 2010, when ICE detention centers were beginning to operate (established by George W., expanded by Obama), fast-forward 16 years (that’s non-negotiable) to today (when Trump kicks the program into hyperdrive). Or the story starts today — and looking at all the detention centers with their hundreds of undocumented wrapped in foil blankets for warmth, hard to say it doesn’t — moves forward 16 years into the near (and all-too-recognizable) future. Not sure Anderson gives us any definitive details; not sure he’d offer a straight answer when asked a direct question. Have not read Pynchon’s novel but I assume much is made of the difference between time periods, of how displaced Pat (Zoyd Wheeler in the book) looks in present day (1984 in the book); Anderson makes the call (or mistake) of fudging the time period to the point where “now” is a vague eternal present, with the past unrolling endlessly to one side and the future standing ominously silent on the other.

Timeline aside the film is a wild ride, not unlike flooring the gas pedal of a 2013 cobalt-blue Shelby GT 500 on a stretch of desert road. We start with a raid on an ICE facility conducted by the French 75, with “Ghetto” Pat Calhoun (Leonardo DiCaprio) firing off distracting pyrotechnics and his lover, Perfidia Beverly Hills (Teyana Taylor), infiltrating said facility and holding at gunpoint its commanding officer, one Steven Lockjaw (Sean Penn). Perfidia taunts Lockjaw, who promptly stands at attention between his legs, earning Perfidia’s grudging admiration. When they met again and again behind “Ghetto” Pat’s back, Lockjaw is either arresting or being pegged by Perfidia, and you’re not sure who’s exploiting who. Upshot of which Perfidia ends up hugely pregnant (doesn’t slow her down none — at one point she’s firing a magazines’ worth on full automatic, her rifle braced solidly above her fully distended belly) and Lockjaw manages to locate and kill most of the members of the French 75, presumably on the basis of, uh, inside information.

Years later “Ghetto” Pat has become Bob Ferguson, living in what looks like a small mobile home hiding in a heavily forested area in the fictitious town of Baktan Cross, somewhere in Northern California. Bob smokes joints and pipes and swills Modelo beer in an attempt to pickle his brain and rinse it of his tumultuous past; his newborn Charlene, renamed Willa, is now a Junior in the local high school (hence the 16-year gap), attending karate classes taught by longtime sensei Sergio St. Carlos (Benicio del Toro). Lockjaw is still Lockjaw, a colonel now, applying for membership in a highly placed secret society of white supremacists called The Christmas Adventurers Club (nice Pynchonesque touch there); he’s also trying to mop up what’s left of French 75 and along the way locate Willa, he is willing to mobilize his considerable ICE forces to get her.

Stalking and surveillance; skullduggery and betrayal; bits of mental jiu-jitsu where pursuer (Lockjaw) and prey (Bob and Willa and Sergio St. Carlos) play mental chess with each other (well not Bob — his brain’s thoroughly fried). I think it helps enormously that Anderson loves Pynchon, and Pynchon is one of the most playful, allusive, inventive writers around; Anderson felt he couldn’t do Vineland justice with a direct adaptation and this variation on a theme, switching out the War on Drugs for the War on Immigration (though Bob, to his credit, does his level best to keep drugs constantly in mind, specifically his), loses the untranslatable letter while successfully keeping the ineffable spirit.

And character, always character; Pynchon’s massive fictions end up building rounded characters which Anderson — especially in this picture — successfully translates to the big screen. It helps that so many talented performers are willing to sign up for his films: DiCaprio has recently made morally stunted buffoons his specialty and Bob is maybe his most fully realized yet — not just hilariously clueless but constant enough in his love for Willa that you can’t help but root for him to pull through anyway (it’s an uphill battle). Penn’s Lockjaw literally has a set mouth and stiff neck and hilariously awkward walk that makes you think Perfidia’s fist is still stuck up his… Lockjaw has never gotten over Peridia (hence the walk), he just covers the trauma of that encounter with the scar tissue of rationalization and self-delusion.

And that makes sense — of all of the characters in the film, only Lockjaw doesn’t grow or change, instead amassing power like an avaricious miser. You see a consistent theme amongst the right-wing characters: everything they’re doing, from ICE raids to secret Christmas-themed societies, is a holding action, an attempt to roll back change, prevent growth, keep society in a deathlike stasis. It’s a struggle that’s not only against human nature (hence the response of French 75 and the larger secret leftist organization) but against all of nature (see: evolution).

Del Toro’s St. Carlos is our fantasy of what the best, most unflappable opposition leaders must be like (“Ocean waves,” he says soothingly, in an attempt to calm Bob), and if he’s a bit too good to be true, at least Anderson leaves hints and suppositions as to why he’s so centered (hint: extended family, support of the community). But if he’s our fantasy (adorned with realist details), Chase Infiniti’s Willa is our hope, and I submit Anderson successfully sells her character: from lowkey rebel without a cause, she grows before our (and Bob’s) eyes into full-fledged revolutionary, training hard, taking risks, keeping a smart level head about her even when things get desperate (great little detail: when she’s racing down Highway 78 it registers to her eye — the way Anderson lets it register to ours, with camera mounted on front fender and the car’s nose dipping up and down the ocean-wave curves of the road in an alarmingly dizzying rate — that a car can’t see far ahead*, and the pursued’s one constant advantage is that he can throw things in his pursuer’s way). The future, Anderson seems to be telling us, may not necessarily be guaranteed to turn out fine, but it’s at least in as good hands as any.

Said it before, I’ll say it again: best film Anderson has come up with to date (thank you, Pynchon), but not necessarily the best of the year. I think there’s been better, and there might be more down the road.

*(A perfect visual image to summarize what this film is like — and what living one’s life is like, in the general scheme of things.)

Ayala Land allots P10.3B for 204-ha Davao estate

Virendo — AYALA LAND PREMIER

LISTED property developer Ayala Land, Inc. (ALI) has earmarked P10.3 billion to develop Ascenda in Davao City, which will become its largest mixed-use estate in Mindanao.

The 204-hectare (ha) Ascenda will feature a 65-ha town center and a 139-ha residential district, it said in a statement on Thursday.

“Ascenda is well-positioned to benefit from Davao’s momentum, providing Davaoeños new space to grow and an environment attuned to their modern, upgraded lifestyles,” ALI President and Chief Executive Officer Anna Ma. Margarita B. Dy said.

In 2024 alone, the Davao region’s economy grew by 6.3%, faster than last year’s national level growth rate of 5.7%.

She noted that Asceda forms part of ALI’s growing presence in the region, including Insular Village in 1976, Abreeza in 2007, and Azuela Cove in 2017.

“Now the time has come for us to go full blast here in Davao with our largest estate development ever in the VisMin (Visayas-Mindanao) region.”

Ascenda will be developed in Davao’s Toril district, about 16 kilometers from the city center.

Within the township is Virendo, ALI’s sole residential village under its flagship luxury brand, Ayala Land Premier.

The town center will also have an eco park, prime commercial lots, greenways, restaurants, cafés, shops, and a community church.

“The estate is close enough for residents and businesses to connect with the busier side of Davao life but far enough to enjoy and commune with the peace and beauty of nature, which are front and center of Ascenda’s development philosophy,” the property giant said.

ALI is also looking to benefit from the newly completed Coastal Road and Maharlika Highway system, which will reduce travel time from the Davao City proper from 45 minutes to 25 minutes, and from Matina from 25 minutes to 15 minutes.

The masterplan for Ascenda was developed in partnership with Danish design firm Henning Larsen, and is inspired by Singapore’s Bishan Park.

ALI has over 50 estates nationwide, including the Makati Central Business District, Bonifacio Global City, Cebu Business Park, Nuvali in Laguna, and Alviera in Pampanga.

On Thursday, ALI shares were down by 1.64% or 40 centavos to close at P24 apiece. — Beatriz Marie D. Cruz

Driving the future of SUVs for modern roads

Photo by Fanjianhua | Freepik

The Philippine automotive industry leaned heavily on sport utility vehicles (SUVs) and other light units to boost overall sales in the first half of 2025.

According to the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association, industry sales rose 2% to 230,912 units in the first six months of 2025, up from 226,279 units sold in 2024. The growth was largely driven by commercial vehicles like SUVs, pickups, multipurpose vehicles, and vans. Sales in this segment increased 11.3% compared to last year.

In June 2025 alone, industry sales reached 40,483 units, up 3.6% from a year earlier. SUVs and similar vehicles made up nearly 83% of sales, or 33,561 units. Passenger cars accounted for 17.1% with 6,922 units sold.

Although smaller passenger cars remain available and affordable, the figures indicate consumers are favoring larger vehicles.

“Manufacturers and dealers remain focused on enhancing customer experience, introducing updated vehicle lineups, and supporting market recovery across all segments — including passenger cars,” said CAMPI President Rommel R. Gutierrez.

Direction of electric vehicles (EVs)

More car buyers are turning to electric options, with global sales of fully electric and plug-in hybrid vehicles topping 17 million units in 2024.

Statista forecasts that revenue from electric vehicles could reach $784.2 billion this year. If the trend continues, the global market may rise to $990.4 billion by 2029.

In the Philippines, electrified vehicle sales reached 13,490 units, or nearly 6% of the automotive market, from January to June 2025. Hybrid cars made up most of that total with 10,891 units, while battery electrics recorded 2,439 units and plug-in hybrids accounted for 160 units.

By August 2025, the total number of new energy vehicles sold in the country had grown to 18,439 units. Hybrids again led with 14,585 units, followed by 3,278 battery electrics.

One of the main reasons for the shift to electrified vehicles is the drive to reduce harmful emissions. A report from Virta Global said EV use helped cut more than 220 million tons of greenhouse gases worldwide in 2023, up sharply from 80 million a year earlier. If adoption rates hold, the reduction could reach 2 gigatons of carbon dioxide equivalent by 2035.

The Philippines is also backing the technology through the Electric Vehicle Industry Development Act, which requires higher EV shares in public and private fleets. President Ferdinand R. Marcos, Jr. has also set a target of having 50% of vehicles on the road powered by electricity by 2040.

In response to growing electrification and demand for SUVs, major automakers are adapting by combining both trends. According to Forbes, even luxury car manufacturers known for their sedans, like Lamborghini and Bentley, have expanded lineup to cater the buying behavior of consumers.

Balancing power and efficiency with SUVs

Forbes reports that compact SUVs dominate sales because they offer maneuverability while leaving enough room for passengers and cargo. Compared with sedans, these vehicles provide a larger interior that holds luggage or everyday items without feeling crowded. Larger models may carry more, but they are often impractical for city driving.

Three-row SUVs also provide space for both passengers and belongings. Higher ground clearance builds their reputation as dependable vehicles on uneven or flooded streets. For drivers who prioritize confidence on the road, this feature remains essential.

In terms of safety, newer models include systems that improve control during emergencies. Anti-lock braking systems, disc brakes, and electronic stability controls are no longer limited to luxury vehicles but are available in many mainstream SUVs.

Compact SUVs, which account for more than 45% of the global market, often include driver-assistance technology, multiple air bags, and collision-avoidance systems. Buyers are willing to pay more for these features because they see them as investments in safety.

Still, performance remains a deciding factor. Buyers often consider torque and horsepower before making a purchase. Torque, which measures pulling force, helps SUVs handle uphill climbs, towing, and stop-and-go traffic. Horsepower, meanwhile, supports highway driving by allowing steady speeds and easier overtaking.

Some models are built to go beyond paved roads, offering four-wheel drive, reinforced suspensions, and all-terrain tires. Even if not all owners use them off-road, the capability provides reassurance that the vehicle can adapt when needed.

Buyers are also paying closer attention to handling, fuel economy, braking, and responsiveness in traffic. Such qualities are prioritized over raw power because they directly affect daily driving.

Trailblazing in hybrid compacts

Honda, for instance, has advanced in the compact SUV segment with the sixth-generation CR-V, the first hybrid version of the model available in the Philippines.

The headline addition is the CR-V 2.0 RS e:HEV E-CVT, the first hybrid CR-V offered locally. The full-hybrid system pairs a 2.0-liter Atkinson cycle gasoline engine with two electric motors. The gasoline engine delivers 148ps and 183Nm of torque, while the motors add 184ps and 335Nm of torque.

The hybrid system allows the vehicle to switch between three modes: EV Drive, which runs solely on electric power; Hybrid Drive, which combines the gasoline engine and electric motors; and Engine Drive, which uses the engine at higher speeds.

Honda reports that the e:HEV model achieves 29.4 kilometers per liter in city driving, based on United Nations Regulation 101 standards. A regenerative braking system recharges the battery, and customers receive an eight-year or 200,000-kilometer warranty on the hybrid battery.

For those who prefer traditional powertrains, Honda is offering two turbocharged gasoline variants: the 1.5 V Turbo CVT and the 1.5 VX Turbo CVT AWD. Both feature a 1.5-liter direct-injection VTEC turbo engine that produces 190ps and 240Nm of torque, making this the most powerful gas-powered CR-V to date.

Fuel economy for the turbo variants is rated at 16.4 kilometers per liter in highway conditions. The three-row seating option in these versions provides flexibility for larger families, while cargo space expands to 840 liters with seats folded.

Honda has made its SENSING suite of safety features standard across all CR-V variants. The upgraded system now uses a front camera with a 90-degree field of view, compared with 50 degrees previously, and a radar system with 120 degrees of coverage.

In testing, the CR-V earned a five-star rating from the ASEAN New Car Assessment Program, with an overall score of 87.16 out of 100.

Another first for the local CR-V is Honda CONNECT, a telematics platform that links the vehicle with a smartphone app. The system allows owners to monitor car status, schedule service reminders, and control select functions remotely, such as engine start, air-conditioning, and door locks.

Honda CONNECT also includes safety features such as Automatic Collision Detection, Security Alarm Detection, and Speed Alert. For added security, owners can access Find My Car and Geofencing alerts, along with an Emergency Call function.

Inside, the CR-V emphasizes space and refinement. The cabin features black leather seating, tri-zone automatic climate control, and an available 12-speaker Bose audio system in the RS hybrid variant.

Currently, the Honda CR-V is available in three trims: 2.0 RS e:HEV E-CVT at P2,605,000; 1.5 VX Turbo CVT AWD at P2,290,000; and 1.5 V Turbo CVT at P2,100,000. — Mhicole A. Moral

An architectural gem restored: PICC reopens to the public

BRONTË H. LACSAMANA

THE Philippine International Convention Center (PICC) has reopened its doors following an extensive, six-month renovation, in time for its 50th anniversary and the Philippines’ hosting of the ASEAN Summit in 2026.

The PICC, considered Asia’s first international convention center and a National Cultural Treasure, was designed by Leandro V. Locsin who was later named National Artist for Architecture.

Restoration of the convention center began in March. The refurbished convention center was unveiled to select guests on Sept. 30.

The PICC was constructed with the issuance of Presidential Decree No. 520 in 1974 and completed in less than two years and inaugurated in September 1976, just before its first major event, the 1976 IMF–World Bank Meeting that October.

PICC general manager Nicolette Ann P. Cruz said in a speech that it “celebrates a space where tradition meets modernization.”

“From curated art pieces to upgraded meeting rooms and facilities, every detail is intended to elevate the guest experience while honoring the building’s architectural integrity,” she said.

It is set to be the venue for the ASEAN Summit in 2026. Upgrades made to prepare for the event are “state-of-the-art audio-visual systems, energy-efficient lighting, high-speed Wi-Fi, and enhanced security.”

Heritage experts, architects, engineers, and artisans collaborated to preserve architect Mr. Locsin’s original brutalist vision while introducing contemporary upgrades, according to Ms. Cruz.

She told BusinessWorld during the tour that the entire 12-hectare complex was improved. For example, the Delegation Lobby’s 3,068 droplights were fitted with new bulbs, while the ceiling was hand-painted with metallic powder to recapture its brilliance.

The Plenary Hall features refurbished wood panels, ceilings, doors, and seating, each chair fitted with new brass seat numbers. The Reception Hall has newly polished globule chandeliers and ornamented ceilings and refreshed fabric walls and woodwork.

Artworks in the PICC now also have better lighting due to the improvements, including National Artist Arturo Luz’s two sculptures: the steel Gride in the Plenary Hall and Reception Hall lobby and the Anito accompanied by APEC sculptures in the Courtyard.

Also among the permanent selection of artworks from the Bangko Sentral ng Pilipinas collection are the Pagdiriwang mural by National Artist Jose Joya and the Sungka benches by National Artist Napoleon Abueva, all now better lit.

The PICC can now welcome gatherings like global conferences, conventions, meetings, graduation ceremonies, and personal milestones, with the goal to “set the stage for the future of the country’s MICE (meetings, incentives, conferences, and exhibitions) industry.” — Brontë H. Lacsamana

Loan growth slows to nine-month low in August

PHILSTAR FILE PHOTO

BANK LENDING growth eased to a nine-month low in August as loans for business activities expanded at a slower pace, the Bangko Sentral ng Pilipinas (BSP) said on Thursday.

Outstanding loans from universal and commercial banks to businesses and individual consumers, net of reverse repurchase agreements, expanded by 11.2% year on year to P13.62 trillion in August, slower than the 11.8% growth in July, preliminary BSP data showed.

This was the slowest growth since the 11.1% increase in November 2024.

On a seasonally adjusted basis, loans inched up by 0.4% month on month.

Lending to residents went up by 11.6% year on year in August, easing from 12.4% in July, while outstanding loans to nonresidents, which include those disbursed by big banks’ foreign currency deposit units, declined by 5.9%, improving from the 8.1% drop recorded the previous month.

Loans for production activities increased by 9.9% year on year to P11.51 trillion in August, slowing from the 10.8% growth seen in July. These made up 84.6% of the end-August outstanding loans of big banks.

The expansion was driven by increased lending to the following industries: electricity, gas, steam, and air-conditioning supply (up by 28.1% year on year); real estate activities (11%); wholesale and retail trade, repair of motor vehicles and motorcycles (8.1%); information and communication (7.5%); and financial and insurance activities (6.9%).

Meanwhile, outstanding consumer loans to residents, which include credit card, motor vehicle, and general-purpose salary loans, grew by 23.9% to P1.79 trillion in August, slightly faster than the 23.6% growth the month prior. These comprised 11.7% of the total.

This was mainly driven by the 29.7% jump in credit card loans to P1.07 trillion and the 19% increase in motor vehicle loans to P513.06 billion.

“The BSP monitors bank loans because they are a key transmission channel of monetary policy. Looking ahead, the BSP will ensure that domestic liquidity and bank lending conditions remain consistent with its price and financial stability mandates,” the central bank said.

Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said in a Viber message that despite the slower growth, the double-digit increase in lending is “still a good sign for the economy as a bright spot or growth driver.”

LIQUIDITY GROWTH PICKS UP
Meanwhile, liquidity growth picked up to a seven-month high in August, separate BSP data released on Thursday showed.

Domestic liquidity or M3 — a measure of the amount of money in the economy that includes currencies in circulation, bank deposits, and other financial assets easily convertible to cash — increased by 6.6% year on year to P18.6 trillion in August, faster than the 6.2% growth recorded in July.

This was the fastest pace of expansion seen since the 6.8% growth logged in January.

On a month-on-month seasonally adjusted basis, M3 increased by 0.5% in August.

Mr. Ricafort said the increase in money supply is consistent with the sustained growth in bank lending and also came amid the BSP’s monetary easing cycle.

“As a driver of money supply, claims on the domestic sector, which includes private and government entities in the country, rose by 9.8% year on year in August from 10.5% in July,” the BSP said. Claims represent a sector’s liabilities to depository corporations like banks and the central bank.

Claims on the private sector climbed by 11.1% in August from 11% in July, “driven by the continued expansion in bank lending to nonfinancial private corporations and households.”

Net claims on the central government rose by 6.1%, slower than the 7.1% expansion in the previous month, and were driven by higher borrowings.

Meanwhile, net foreign assets (NFA) in peso terms went up by 4.8% year on year in August, a turnaround from the 0.6% decline in July. NFAs reflect the difference between depository corporations’ claims on and liabilities to nonresidents.

The central bank’s NFA rose by 0.7%, while banks’ NFA surged by 45.1% amid a decline in their foreign currency-denominated bills payable. — K.K. Chan

8990 Holdings Q2 income up 13%, delisting completion set for Oct. 29

8990HOLDINGS.COM

REAL ESTATE developer 8990 Holdings, Inc. (HOUSE) posted a 13.2% increase in its second-quarter (Q2) attributable net income to P1.54 billion from P1.36 billion a year earlier, driven by higher sales.

April-to-June revenues rose by 1.3% to P5 billion from P4.93 billion, the company said in a regulatory filing on Wednesday.

Revenues from real estate operations inched up by 0.77% to P4.92 billion due to rental escalation and new tenants, while hotel revenues jumped 34.57% to P84.81 million.

For the first half, attributable net income edged higher by 0.66% to P3.08 billion from P3.06 billion last year, while revenues were flat at P10.14 billion compared with P10.13 billion a year ago.

“The increase was mainly attributable to the increased sales in NCR, Bulacan, and Davao,” the company said.

Costs and expenses declined by 14.95% to P2.8 billion from P3.3 billion last year.

VOLUNTARY DELISTING
In a separate disclosure, the company said its voluntary delisting from the Philippine Stock Exchange (PSE) is proceeding after the completion of its tender offer on Sept. 30.

The company earlier filed a petition with the PSE for the voluntary delisting of its common shares, targeting an effective date of Oct. 28.

As part of the process, its unit 8990 Housing Development Corp. conducted a tender offer at P10.42 per share from Sept. 2 to 30.

A total of 575.77 million shares, representing 10.95% of listed shares, were tendered.

Combined with excluded and non-public shares, this brought the total to 99.91% of the company’s shares, above the 95% threshold required for delisting.

The cross date for the transfer of tendered shares is set for Oct. 7, when trading suspension will begin. Settlement of shares will follow on Oct. 9.

“On cross date, the public float of 8990 will fall to 0.09%, whilst the total tendered shares, excluded shares and other non-public shares will be over the voluntary delisting threshold of at least 95%,” the company said.

The company expects to complete the voluntary delisting around Oct. 29, effectively taking 8990 Holdings private.

8990 Holdings develops residential projects through its Deca Homes, Deca Towers, and Urban Deca Towers brands.

Its portfolio includes low-cost mass housing units, subdivision lots, and medium- to high-rise projects. It also operates hotels. — Alexandria Grace C. Magno

Missing governance: When every storm is both natural and moral disaster

WORKERS from the Department of Public Works and Highways (DPWH) Bulacan 1st District Engineering Office (DEO) continue with the concrete laying on the riverbank protection structure along a river at Barangay Santa Cruz in Guiguinto, Bulacan. — PHILIPPINE STAR/MIGUEL DE GUZMAN

At the rate politicians are tearing each other down, Filipinos could almost be forgiven for greeting typhoon season with grim welcome. For every swollen river and submerged barangay, every ruined home and shattered livelihood, lays bare what billions in flood control spending have failed to hide: corruption on a scale both brazen and unconscionable. The collapse of dikes and drainage systems exposes plunder more vividly than any audit, compelling politicians to point fingers at one another in a grotesque spectacle — the pot indicting the kettle.

Recent revelations of ghost projects, inflated contracts, and endlessly patched dikes underscore the frailty of our governance. Infrastructure meant to protect lives has become another monument to betrayal.

We live with a public works budget three-fifths stolen. No wonder we have remained trapped in lower middle income for nearly four decades, with poverty stubborn and pervasive. But rather than rehearse the cost of corruption, it will be useful to examine governance itself. The literature reminds us governance is not simply eliminating theft — it is the state’s capacity to deliver public goods, uphold fairness, and sustain growth. A study of Philippine governance framed this along three dimensions: political, economic, and social governance.* This framework remains relevant today, especially in understanding why floods reveal not just failed projects but failed governance.

POLITICAL GOVERNANCE: WHEN AUTHORITY LOSES LEGITIMACY
Political governance measures rule of law, property rights, justice, and corruption control. A decade ago, the Philippines ranked a dismal 104th of 187 countries. The flood control fiasco is textbook evidence. Contracts are awarded without transparency. Projects are declared “completed” though no structure exists. Oversight bodies are ignored. Rule of law is replaced by rule of connection.

The consequences are economic as well as moral. Weak governance deters investment. Surveys of foreign chambers repeatedly cite corruption and regulatory unpredictability as reasons firms prefer Vietnam or Indonesia. Dikes that collapse are not just public works failures — they are barriers to capital, jobs, and trust.

Weak political governance correlates with low income, persistent poverty, and inequality. Every missing dike is also a missing investor, a missing factory job, a missing schoolhouse.

ECONOMIC GOVERNANCE: GROWTH WITHOUT STABILITY
On economic governance — stability, competitiveness, and freedom — the Philippines has fared slightly better. We often post respectable growth rates, sometimes among Asia’s fastest. Yet growth alone is insufficient.

Flood control anomalies expose the fragility of that growth. On paper, infrastructure fuels development. In practice, ghost contracts absorb billions without raising productivity. Funds that should build logistics hubs, renewable energy, or agricultural modernization are diverted instead to luxury estates, exotic cars, jets, yachts — and to maintain mistresses.

The result is twofold. First, wasted funds shrink fiscal space. Government borrows more, debt servicing rises, and ordinary taxpayers carry the burden. Second, competitiveness weakens. Every time factories close due to flooding or when roads disappear under water, investors reconsider. Why invest in the Philippines when Vietnam or Malaysia offers reliable infrastructure and transparent contracts?

Thus, our growth remains cyclical and fragile. Without honest and efficient governance, it cannot lift millions out of poverty in a lasting way and inspire business confidence.

SOCIAL GOVERNANCE: THE DISTRIBUTIONAL CRISIS
Social governance — education, health, equity — matters most for citizens. Here the Philippines has long lagged, performing only slightly better than the poorest nations. Our Human Development Index is modest, inequality stark, and public services chronically underfunded.

Flood anomalies drive home these failures. Who suffers when drainage canals are left half-dug or levee funds vanish? Not the contractors or political brokers, definitely, but the poor. Their shanties are washed away, their fields rot, their classrooms turn into evacuation centers.

Already weak education is further disrupted by floods. Fragile health systems must manage outbreaks of waterborne diseases. Inequality deepens as the rich fortify their gated homes while the poor huddle in crowded shelters. This is what scholars call “distributional failure” — public spending captured by a few, while risks and losses are borne by the many.

A DECADE OF STAGNATION
What alarms is the lack of progress across a decade. Despite select improvements, fundamental weaknesses remain:

• Competitiveness eroded by red tape and high costs;

• Education outcomes at the bottom of the ASEAN;

• Income distribution skewed to the richest families; and,

• Public trust persistently eroded by scandal.

Flood control anomalies are not isolated. They are symptoms of chronic disease — weak governance across political, economic, and social dimensions.

GOVERNANCE AS DEVELOPMENT
Three lessons stand out.

First, governance is development. It is not an accessory to growth, but it is its very engine. Political governance ensures fair laws; economic governance enables efficient markets; social governance turns growth into equity and resilience.

Second, governance failures are cumulative. Each ghost project weakens fiscal discipline. Each botched infrastructure damages productivity and competitiveness. Each injustice undermines trust. Their combined effect is stagnation and mediocrity.

Third, governance must be judged by outcomes, not slogans. Are communities safer from floods? Are children learning? Are businesses thriving? Are inequalities narrowing? If not, governance has failed. These flood control project anomalies are clear proof.

TOWARDS A FILIPINO CONVERGENCE
The flood control scandal reminds us of a larger truth. Our Constitution and faith traditions enshrine justice, equality, and the common good. What is missing is convergence in practice — the translation of values into policy, principles into results.

Strong governance does not require vast resources. Even modest funds, managed well, can deliver transformative change. Conversely, no amount of spending can rescue a weak governance system.

Is the Independent Commission for Infrastructure truly promising?

Only if it is created by law and led by men and women of unimpeachable integrity. Otherwise, it will be just another political instrument in disguise. Its reach must not stop at the mid-level operators; it must go all the way to the top, if needed, and hold even the highest to account. But even a powerful commission will not be enough. The deeper task is to rebuild governance itself: a professional bureaucracy, infrastructure free from political meddling, transparency as habit, education and health as real priorities, and the rule of law as the nation’s backbone.

Citizens must demand more. Surveys show Filipinos consistently rank inflation, corruption, and jobs as top concerns. But outrage must turn into accountability, and accountability into reform. Otherwise, scandals will recur, and floods — both literal and figurative — will keep drowning our hopes.

GOVERNANCE IS OUR DESTINY
Flood control anomalies are not just pesos wasted. They are a mirror of our governance deficit: political governance that tolerates corruption, economic governance that wastes resources, social governance that abandons the vulnerable.

Governance is not abstract. It is the flooded street in Marikina, the ruined crops in Pampanga, the child coughing in a Bulacan evacuation center.

Our destiny as a nation will not be decided by how much we spend, but by how well we govern. Political, economic, and social governance are not silos but pillars. If they remain weak, we remain condemned to stagnation. If they are strengthened, we may yet redeem our promise.

The flood control scandal is not only about missing projects; it is about missing governance. Until we bridge that gap, every storm will be both a natural and moral disaster.

* Lino Briguglio, Carmen Saliba, and Melchior Vella, “Governance in the Philippines in a Global Context — Evidence from Global Governance Indicators,” November 2014

 

Diwa C. Guinigundo is the former deputy governor for the Monetary and Economics Sector, the Bangko Sentral ng Pilipinas (BSP). He served the BSP for 41 years. In 2001-2003, he was alternate executive director at the International Monetary Fund in Washington, DC. He is the senior pastor of the Fullness of Christ International Ministries in Mandaluyong.

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