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Championing green economy across the globe

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As defined by the United Nations Environment Programme (UNEP), a green economy is a “macroeconomic approach focused on investing in green economic activities, infrastructures, and skills that allow reduced carbon emission and pollution, enhanced energy and resource efficiency, and prevention of the loss of biodiversity and ecosystem services.” Simply put, a green economy is one that improves well-being and development while reducing climate impacts; and renewable energy, green financing, and waste management are some of the key factors in this approach.

Throughout the years, the transition to a green economy has become increasingly progressive and successful across the globe, with the business community playing significant roles to advance sustainable development.

According to the nonprofit environmental organization Earth.Org, there is significant progress in the race toward green economies over the years. As sustainability action stepped up, initiatives, policies, and strategies that effectively mitigates climate and environmental risks were identified.

A primary example is the greening of economic sectors. In a Green Economy Coalition (GEC) report, green sources and technologies are setting new records. Illustrating a progressive transition to a green economy is the global adoption of electric vehicles (EVs). The year 2024 recorded 17 million electric car sales, which marked the emergence of EVs as a mass-market product, as reported by the International Energy Agency (IEA). Moreover, countries that are dominating the market share include China, Europe, and the United States. The remarkable advancements in the EV scene serves as proof of the world’s significant commitment to environmental sustainability.

Also making waves are renewables in the energy sector, driving unprecedented advancements in both energy consumption and capacity. This momentum accelerated in 2024, with solar energy experiencing an impressive 88% increase in capacity growth, which added a total of 18.6 gigawatts (GW). Solar energy thus emerged as the leading source of generation, significantly surpassing wind, hydropower, and nuclear energy.

Renewable energy is expected to continue growing at a strong pace. Another IEA report highlighted the impact of renewables in driving decarbonization across various industries, transportation, and buildings. The report projects that renewable energy sources will double at 30% and will account for 46% of the global electricity generation by 2030. Notably, solar photovoltaic (PV) or solar panels, which convert sunlight directly into power and electricity, is emerging as the largest renewable source.

The green economic transition is also not without the development of new global green architectures, the GEC’s report said. This includes accelerated green financing, increasing access to climate finance, and revamping financial global institutions.

In addition, green financing, through green bonds and sustainable investments, play a pivotal role in the green economy. Green bonds are debt instruments designed for funding environmental projects, while sustainable investment funds focus on investments in companies and projects that prioritizes environment, social, and governance (ESG). These accelerates funding for green initiatives and the transition to a green economy.

Lastly, a circular economy is also redefining sustainable growth. The report emphasized how sustainable consumption and production is crucial to the development of green architecture. A circular economy supports green enterprises and circular business models that impact various industries, planning, and policies.

A circular economy presents sustainable solutions for industries like fashion and textile, which are among the largest contributors to carbon emissions globally. Data from the UNEP indicates that these sectors are driving overconsumption and waste pollution, with 92 million tons of textile waste generated, amounting to 2%-8% of global greenhouse gas emissions, 9% of microplastic pollution, and 15,000 chemicals used in the manufacturing process.

To address these environmental impacts, the industry is encouraged to adopt zero-waste management practices and promote sustainable consumption and production. Accordingly, the United Nations Fashion Industry Charter for Climate Action has noted that many fashion companies are shifting their approach to production and waste management to achieve net-zero emissions and combat the ongoing waste pollution crisis.

These successful transitions clearly demonstrated how the world is championing the green economy — a global effort that must be embraced for the sake of livable and healthier environments.

“A green economy is fundamentally about enhancing people’s well-being while simultaneously restoring nature. Such a dual approach — both green and fair — is key to overcoming the fear of change and potential transition trade-offs, such as the shuttering of high-carbon industries or complex distributional effects of economic change,” the GEC said. — Angela Kiara S. Brillantes

AboitizPower sets P78-B capex for 2025, prioritizing renewables

ABOITIZPOWER is advancing the expansion of Davao Light and Power Co., Inc. (DLPC), the country’s third-largest power distribution utility by customer base and annual kilowatt-hour sales. — ABOITIZPOWER.COM

ABOITIZ Power Corp. (AboitizPower) has allocated P78.1 billion in capital expenditures (capex) for 2025, with 66% earmarked for its renewable energy portfolio.

“This reflects the company’s thrust to expand its clean energy capacity to 4,600 MW (megawatts),” AboitizPower said in a statement on Thursday.

The latest capex represents an increase from the P73 billion allocated last year as the company accelerates its investments in energy infrastructure.

“We have [several] new projects coming in, so that’s new capacity,” AboitizPower President and Chief Executive Officer Danel Aboitiz said.

“We’ve been able to contract a good portion of our portfolio to shield us from those low WESM (Wholesale Electricity Spot Market) prices. So, AP (AboitizPower) should be okay,” he added.

AboitizPower is also advancing the expansion of Davao Light and Power Co., Inc. (DLPC), the country’s third-largest power distribution utility by customer base and annual kilowatt-hour sales.

DLPC holds a legislative franchise to develop, operate, and maintain the power system in Davao City, Panabo City, and the municipalities of Carmen, Dujali, and Santo Tomas in Davao del Norte for 25 years. 

Pending legislative measures seek to expand DLPC’s service area to include Tagum City, Samal Island, and the municipalities of Asuncion, Kapalong, New Corella, San Isidro, and Talaingod in Davao del Norte, along with Maco in Davao de Oro.

AboitizPower serves as the Aboitiz Group’s investment vehicle for power generation, distribution, and retail electricity, as well as related energy solutions.

In 2024, the company’s net income rose 2% to P33.9 billion from P33.1 billion the previous year, driven by increased energy sales. 

Residential energy sales climbed 13%, while commercial and industrial demand grew by 5%. 

“AboitizPower intends to build on this momentum, and we are excited to develop the next wave of renewable energy projects in 2025 and beyond,” said AboitizPower Chief Finance Officer Sandro Aboitiz. — Sheldeen Joy Talavera

Ayala Corp. signs $200-M Samurai loan

From left, Sumitomo Mitsui Banking Corp. (SMBC) Manila Branch Executive Director and Head of Corporate Banking Ruben Victa, Ayala Corp. Treasurer Estelito C. Biacora, SMBC Country Head and Managing Director Yasushi Iwata, Ayala Corp. Chief Finance Officer Alberto M. de Larrazabal, Mizuho Bank General Manager Masaaki Wada, and Mizuho Bank Joint General Manager Yasunori Iwamoto during the signing ceremony of Ayala’s first yen-denominated Samurai loan equivalent to $200 million.

AYALA CORP. has signed its first yen-denominated loan worth $200 million (P11.5 billion) as part of its strategy to diversify capital sources at competitive rates to support expansion.

The loan agreement, signed on March 19, designates Mizuho Bank, Ltd. and Sumitomo Mitsui Banking Corp. (SMBC) as mandated lead arrangers and bookrunners, the company said in an e-mail statement on Thursday.

Proceeds will be used for general corporate purposes.

“This maiden yen-denominated loan broadens Ayala Corp.’s partnership with Japanese financial institutions, particularly Mizuho and SMBC. The samurai loan enhances Ayala Group’s capital-raising options and helps us better grow businesses that enable people to thrive,” Ayala Corp. Treasurer Estelito C. Biacora said.

The company recently secured an “A-” credit rating from the Japan Credit Rating Agency, Ltd., enhancing its access to the Japanese debt market.

“While high interest rates are anticipated to persist, the cost of capital is expected to remain competitive. When we have widened access to capital, we are more able to build businesses that enable people to thrive,” Mr. Biacora said.

For 2024, Ayala Corp.’s core net income rose 10% to a record P45 billion, driven by strong performance in banking, real estate, telecommunications, and renewable energy.

The conglomerate has earmarked P230 billion for its consolidated capital expenditures this year.

Beyond its core businesses, Ayala Corp. continues to expand its presence in healthcare, mobility, logistics, and industrial technologies, alongside investments in education and emerging sectors.

On Thursday, Ayala Corp. shares fell 0.33% or P2 to P604 apiece. — Revin Mikhael D. Ochave

DMCI earmarks P70-B capex, over half set for Maynilad

DMCIHOLDINGS.COM

DMCI HOLDINGS, INC. is increasing its capital expenditure (capex) budget to P70 billion for 2025, up 45% from P48.3 billion in 2024, with a significant allocation for its water business and expansion initiatives. 

For this year, DMCI Holdings is allocating P41 billion for the west zone water concessionaire Maynilad Water Services, Inc., DMCI Chief Finance Officer Herbert M. Consunji told reporters on the sidelines of SharePhil’s general membership meeting on Wednesday.

Maynilad’s capex budget for this year is higher than the P25.7 billion in 2024, mainly for sewerage service expansion and water source projects. 

DMCI and Metro Pacific Investments Corp. (MPIC) control Maynilad with 25% and 53% stakes, respectively. Marubeni Corp. holds 20%, while other investors own the remaining 2%. 

About P17.9 billion is allocated for DMCI Homes, Inc.; P6.4 billion for Semirara Mining and Power Corp.; P1.6 billion for DMCI Power Corp. to fund its pipeline capacity expansion; P1.9 billion for Cemex Holdings Philippines, Inc.; and P500 million each for DMCI Mining Corp. and DMCI Holdings. 

For 2024, DMCI Holdings’ core net income fell 21.5% to P18.78 billion from P23.93 billion in the comparable period a year ago.

The company cited weaker contributions from its energy, real estate, construction and nickel businesses.

Total revenue dropped 17% to P102.38 billion from P122.83 billion in 2023.

At the stock exchange on Thursday, shares in DMCI Holdings gained 32 centavos, or 2.78%, to close at P11.82 apiece. — Ashley Erika O. Jose

Music revenues rise again in 2024, boosted by streaming subscriptions, report shows

LONDON — Subscription streaming boosted global recorded music revenues for a 10th straight year in 2024, by 4.8% to $29.6 billion, an industry group said on Wednesday, while urging policymakers to protect artists from copyright threats by artificial intelligence (AI) developers.

Subscriber numbers rose 10.6% to 752 million worldwide, the International Federation of the Phonographic Industry (IFPI) said in its annual Global Music Report.

Revenues topped $20 billion for the first time, with paid subscriptions posting 9.5% growth, while advertising-supported formats were up by 1.2%. Performance rights revenues grew 5.9% to $2.9 billion.

Revenues for physical formats fell 3.1% to $4.8 billion after a strong 2023. While CD and music video revenues fell, vinyl marked its 18th consecutive year of growth, up 4.6%.

“The essential role music plays in so many parts of our lives is evidenced in the continued growth of the global industry,” IFPI Chief Executive Victoria Oakley said in a statement.

“There is still great potential for further development, through innovation, emerging technologies, and investment in both artists and the evolving parts of the growing global music ecosystem.”

Revenues rose in all regions, the fastest in the Middle East and North Africa at 22.8%, followed by Sub-Saharan Africa at 22.6% and Latin America at 22.5%.

Europe, which accounts for more than a quarter of global recorded music revenues, scored 8.3% growth. Australasia revenues increased by 6.4%.

The US and Canada, representing around 40% of global revenues, posted 2.1% growth, while Asia, the third-largest region, chalked up a 1.3% gain.

Ms. Oakley noted AI’s potential to enhance artist creativity and develop new fan experiences, but warned of the dangers of generative AI system developers using copyright-protected music to train their systems without authorizations from rights holders.

“We are asking policymakers to protect music and artistry,” she said. “We must harness the potential of AI to support and amplify human creativity, not to replace it.” — Reuters

SMGP pursues P34-B cost recovery from terminated PSAs

SMCGLOBALPOWER.COM

SAN MIGUEL Global Power Holdings Corp. (SMGP), through its subsidiaries, is seeking to recover approximately P34 billion in incremental fuel costs incurred from its terminated power supply contracts with Manila Electric Co. (Meralco). 

“They (SMGP) have filed already two motions. They want us to execute the Supreme Court (SC) and Court of Appeals (CA) decision collecting P5 billion for that period of change in circumstance,” Energy Regulatory Commission (ERC) Chairperson and Chief Executive Officer Monalisa C. Dimalanta said on the sidelines of an event in Pasay City on Thursday. 

Ms. Dimalanta said SMGP’s subsidiaries have also filed a separate motion to recover P29 billion.

The move follows the SC’s final ruling last year denying the ERC’s motion for reconsideration and upholding the price adjustments sought by SMGP’s subsidiaries. 

The case originated from joint motions filed in 2022 by South Premiere Power Corp. (SPPC) and Sual Power, Inc. (SPI) (formerly San Miguel Energy Corp.) with Meralco, requesting temporary price adjustments under their 2019 power supply agreements (PSAs) to recover higher fuel costs due to “a change in circumstances.”

The ERC initially denied the petitions, citing the fixed-rate nature of the PSAs. SPPC and SPI subsequently elevated the matter to the CA, which reversed the ERC’s ruling on June 27, 2023, citing “grave abuse of discretion.” 

Ms. Dimalanta said the ERC is currently reviewing the newly filed motions.

“If the increase is justified, allowed under the contract, and there’s really basis for the cost, the actual amounts claim, then we can allow for the increase and then we manage the impact by extending the period of collection. That’s how we’re able to manage,” she said.

“But fundamentally, we have to make sure first that the claim has basis under the PSA and that it is justified based on the supporting documents that were provided,” she added. 

The ERC will assess the reasonableness of the proposed pass-through charges.

Ms. Dimalanta noted that while the SC upheld the CA’s decision, “I’m sure they do not expect us to just approve a blank check without supporting documents. So we need to make sure that all the requirements are met.”

San Miguel Corp., through its subsidiary SMGP, led as the largest power generation company in the Philippines by installed capacity and market share as of end-2024, based on ERC data.

SMGP operates a diverse portfolio of power generation assets, including facilities running on natural gas, coal, and renewable energy sources such as hydroelectric power. — Sheldeen Joy Talavera

The Farm at San Benito adds regenerative therapy to its menu

Longevity program aims to drive wellness tourism, holistic care

A LONGEVITY CLINIC has just opened at the eco-luxury wellness resort The Farm at San Benito, offering solutions to reverse symptoms of aging and chronic disease on a cellular level.

The Tulsi Wellness Club, a California-based regenerative medicine center founded by Dr. Christian Jacob Del Rosario, leads the newly opened program. (Regenerative medicine refers to the practice of replacing cells to restore normal function, better known as stem cell therapy.)

The center has chosen to expand in the Philippines — which happens to be Dr. Jacob’s homeland — because it has “potential to be a premier medical destination in Southeast Asia,” the doctor said during a press tour of the facilities.

“Following the values of The Farm, we want to create a very grounding, beautiful experience for our patients who are going into longevity services. We’re helping people age gracefully,” Dr. Jacob explained. “By integrating our therapies into this luxury environment, we get to really treat holistically the person that’s in front of us.”

He later told BusinessWorld that Tulsi Wellness Club decided to partner with The Farm because of its reputation as a leader in the holistic medicine industry, promoting “proactive wellness measures rather than the conventional reactive healthcare system.”

Though the highlight of their system is the stem cell therapy that was developed in their lab in Utah, the core of the regenerative treatment is still a consultation that takes a deep dive into all aspects of the client’s health.

This is where Dr. Marian Alonzo and the rest of The Farm at San Benito’s healing experts come in.

HOLISTIC CARE
Dr. Alonzo, the resort’s medical chief, told BusinessWorld that consultations dig into all aspects of a patient’s health: emotional, mental, spiritual, and even community and lifestyle habits.

“When you make a decision to prioritize your health, you do it for the long haul. We as doctors have to go back to the individual, to help them with their treatment goal and the ways we can help their commitment to it,” she explained.

While it is normal for people to come to the sprawling Lipa, Batangas complex to relax, as with other spa-adjacent resorts, The Farm at San Benito ultimately offers the science-based longevity clinic for members who want to be serious about their health.

It is located at the resort’s Holistic Medical Sanctuary which has technologies for diagnostics and detoxifying include microbiome analysis, heavy metals screening, colon hydrotherapy, a sensory deprivation pod, and intravenous (IV) drips.

Depending on the doctor’s assessment and the patient’s decision, the option of Tulsi Wellness Club’s regenerative medicine can be explored in the treatment journey.

Stem cells have been a buzzword for decades, but most treatments have only been available to the elite, Dr. Jacob told BusinessWorld, but its healing potential can be “a solid bedrock for healthcare.”

“Our vision here is to make this more accessible by producing more research, so we can assist the Department of Health in leading this industry and setting the standard of what regenerative medicine is,” he explained.

Armed with his US background, where various labs and clinics are spearheading regenerative medicine, Dr. Jacob observed that the Philippines will have to catch up, being over a decade behind what is happening elsewhere.

SHIFTING MARKET
Dr. Alonzo said that the resort has seen its demographics shift, from mainly foreigners to more locals, over the past 20-plus years.

“Filipinos are understanding that we have something like this in the country, that we don’t need to travel to find optimal health,” she explained.

Patients with chronic diseases like heart disease, diabetes, kidney disease, and various forms of cancer have come to The Farm seeking solutions. Others come for a reboot amid the lushness of nature, finding peace for their mental wellness.

She claimed that 90% of chronic illnesses are caused by underlying mental health issues, a notable one being the mind-gut connection. “When we look into that along with regenerative medicine, we get to the root cause,” she said.

For Dr. Jacob, Tulsi Wellness Club’s expansion into The Farm is not just about providing stem cells for rich people; it’s an expression of trends in regenerative medicine: biohacking and longevity.

“We use our understanding of medicine to support how the body heals itself,” he said. “At the end of the day, the body is very intelligent. It knows exactly what to do. So, you add in The Farm’s different therapies like hyperbaric oxygen rooms, infrared saunas, the vital dome, colon cleansing, all of which repair the body on a cellular level.”

He explained that the different therapies are a way of “using our understanding of the body to biohack it to an optimal state.” With stem cell therapy, new cells are introduced to replace the old ones that were detoxed, adding vitality was how it was explained.

“Our goal is to prove that the Philippines can establish itself as a leading medical and tourist destination,” Dr. Jacob said.

Tulsi Wellness Club’s flagship longevity clinic is located at the Holistic Medical Sanctuary of The Farm at San Benito, Lipa, Batangas. — Brontë H. Lacsamana

SM-backed NU to expand footprint with Cebu, Las Piñas campuses

NATIONAL UNIVERSITY (NU), backed by the Sy family’s SM Investments Corp. (SMIC), is expanding its campus network to 14 with planned openings in Cebu and Las Piñas later this year. 

The expansion coincides with NU’s 125th anniversary, SMIC said in an e-mail statement on Thursday. 

Located within SM properties, the new campuses are expected to increase NU’s total student enrollment to 85,000, according to SMIC. 

“We’ve been expanding with the purpose of providing more access to quality education, which is core to the SM Group’s commitment to social good,” NU President and Chief Executive Officer Renato Carlos H. Ermita, Jr. said.

“For us, giving back means ensuring that excellence in education reaches more Filipinos, regardless of their background. The Sy family has always aimed for excellence at NU—whether in academics, infrastructure, or sports,” he added.

NU maintains an open admissions policy and invests in assessments to help senior high school graduates transition to college.

The university has earned a three-star rating from higher education analyst Quacquarelli Symonds, with five stars in employability and four stars in teaching, social impact, facilities, and governance. 

“We are focused on building international credibility for NU. This recognition from our international peers is a testament to our commitment to our students and graduates,” Mr. Ermita said. 

NU is targeting nationwide expansion to 20 campuses by 2028.

Its existing locations include the main campus and the Nazareth School in Sampaloc, Manila, as well as sites in Mall of Asia, Pasay; Fairview, Quezon City; East Ortigas, Pasig; Calamba, Laguna; and Lipa, Batangas. 

SM acquired majority ownership of NU in 2008 when the university was struggling with low enrollment after a 1998 fire destroyed its main building.

SMIC operates in retail, banking, and property, with investments in high-growth sectors.

For 2024, SMIC’s net income rose 7% to P82.6 billion as revenue grew 6% to P654.8 billion.

On Thursday, SMIC shares gained 0.25% or P2 to close at P810. — Revin Mikhael D. Ochave

Shaping a modern-day Snow White

By Brontë H. Lacsamana, Reporter

Movie Review
Snow White
Directed by Marc Webb

THE latest in a long line of Disney live-action remakes is Snow White, in which the 1937 animated film has been transformed for younger generations.

For this 2025 iteration of a classic Disney character, there are echoes of the original told from a modern perspective.

Snow White, as written by Erin Cressida Wilson and directed by Marc Webb, traces the titular princess’ recognizable characteristics — a lovely voice, an inner beauty, and an endearing friendship with dwarves and woodland animals. Most notable about her, and thus causing controversy among older, more purist audiences, is that her skin is not white-as-snow as the character is portrayed by Latina actress Rachel Zegler (who starred in Steven Spielberg’s 2021 remake of West Side Story).

The film opens to explain that Snow White, in this version, gets her name from having been born during a harsh winter. As with many works of fiction these days, the trend toward racial blindness is at play. The father is white, the mother is Latina, and a huntsman later on in the film is black. Other than that, the film follows the original animation where the visuals evoke a European country setting but the characters all speak with plain American accents.

The story is the same, more or less, but with added depth: Princess Snow White (Zegler) is driven away from the kingdom she was raised in by her stepmother, the Evil Queen (played by Gal Gadot). Along the way, she meets the seven dwarves and eventually a “charming prince” — in this iteration, he is the bandit Jonathan who learns to shed his cynicism to help Snow White.

The changes in the story make the film more resonant for modern audiences, and it is surprisingly decent for a live-action remake, which now have the reputation for simply being cash grabs.

Zegler is wonderful as Snow White, embodying the kind heart and caring disposition that make her an iconic princess. In contrast, Gadot is a terrible pick for the Evil Queen, as all she has to offer is her beauty (which is kind of fitting, I guess). Her villainous musical number would have been exciting if performed with the flair of an actual actress, and not the trying hard, awkward expressions and motions that Gadot does here. The dwarves, brought to life by computer-generated imagery (CGI), were weird at first, but you sort of just go with it.

An important thing to note is that the children in the cinema I was in enjoyed the movie. One girl, probably exposed to karaoke by her parents, clapped enthusiastically when Zegler hit the high notes. Another girl, perhaps much younger and more sensitive, burst into tears during a scene where the other dwarves made fun of Dopey. What was endearing was that a lot of the children came dressed as Snow White, showing that their generation is definitely not immune to the magic of Disney (or perhaps their parents influenced them well).

Speaking of Dopey, he was perhaps the dwarf served best by the CGI, his closeness to Snow White being a driving force for the audience to get behind the odd looks of the dwarves. On my part, I was disappointed by how they underused the character of Grumpy, who didn’t capture the full 180-turn he had in the original where you hated his downer behavior toward Snow White at first then loved as you saw him grow to support her. Here, the only evidence of that was him crying when she momentarily died from eating the poisoned apple.

All the music, loyal to the original, also had entertaining numbers that weren’t too painful to sit through. “Whistle While You Work” is a fun tune, and “Waiting on a Wish” is a Disney princess track that many children will likely be replaying.

The character of Jonathan (played by Andrew Burnap) is charming enough, though not a prince. It is a fitting choice, however, to give him and Snow White a few musical numbers to show their contrast of cynicism and hope, and eventually meeting in the middle as they seek to liberate the kingdom. It’s not a typical fairytale romance, but allows today’s generation of teens and young adults, more jaded and exposed to the world than the ones before, to see themselves in it.

Zegler was definitely the highlight of the entire film, embodying well the journey from idealistic girl to oppressed captive to a princess who stands with her people. While this Snow White was decent, it still is not the career gem that one would hope for her, given her great talent in singing and acting. Fingers crossed that she will star in an original story next, so that she isn’t again overshadowed by the optics of being in a remake.

Going into this expecting a Disney blockbuster, and not the endearing artistry of the original, will help in accepting it more easily. The costumes, colors, settings, and silhouettes of the characters are similar, but it’s all made new, probably more exciting for fresh eyes.

MTRCB Rating: PG

Alsons profit up 11% to P2.53 billion in 2024

ACR.COM.PH

ALCANTARA-LED Alsons Consolidated Resources, Inc. (ACR) reported an 11% increase in net income to P2.53 billion in 2024, driven by higher electricity demand and stronger spot market prices. 

“We are confident that our growth prospects will continue, fueled by the anticipated increase in power demand and our strategic focus on expanding our RES (retail electricity supply) portfolio,” ACR Deputy Chief Financial Officer Philip Edward B. Sagun said in a statement on Thursday. 

Mr. Sagun attributed the company’s earnings growth to the sustained performance of the 237-megawatt (MW) Sarangani Energy Corp. in Mindanao. 

The company said the implementation of ancillary services agreements for Western Mindanao Power Corp. in Zamboanga and Mapalad Power Corp. in Iligan “played a vital role in bolstering the company’s earnings.” 

In 2023, ACR completed and commenced operations of the 14.5-MW Siguil Hydropower Plant, its first renewable energy facility. 

The company added that its new RES unit has secured major clients, including Holcim Philippines and Metro Retail Stores Group, Inc., with a combined contracted capacity of 43 MW.

“We remain steadfast in our commitment to expanding our renewable energy portfolio, with several projects currently under development. This year, we are targeting to launch our first large-scale solar power project in Mindanao, marking a significant milestone in our sustainability strategy,” Mr. Sagun said.

ACR, which describes itself as Mindanao’s first independent power producer, operates five power plants with a combined capacity of 482.5 MW. — Sheldeen Joy Talavera

Miley Cyrus must face lawsuit over claims she copied Bruno Mars

POP STAR Miley Cyrus lost an early bid to dismiss a lawsuit in California federal court that accused her of unlawfully copying Bruno Mars’ song “When I Was Your Man” for her number one hit “Flowers.”

On Tuesday, US District Judge Dean Pregerson rejected Ms. Cyrus’ argument that Tempo Music Investments, which said it owns a share of the copyright in Mr. Mars’ song, could not bring the lawsuit.

Tempo is unaffiliated with Mr. Mars, who is not involved in the lawsuit.

Spokespeople and attorneys for Ms. Cyrus’ label Sony Music did not immediately respond to requests for comment on the decision on Wednesday.

Tempo attorney Alex Weingarten of Willkie Farr & Gallagher said on Wednesday that the company is “thrilled but not the least surprised” by the decision and “extremely confident in prevailing” in the case.

Ms. Cyrus released “Flowers” on her 2023 album Endless Summer Vacation. “Flowers” has over 1 billion streams on Spotify and won the Song of the Year Grammy award in 2024.

Tempo sued Ms. Cyrus and Sony Music in September, arguing that “Flowers” duplicates “numerous melodic, harmonic and lyrical elements” of Mr. Mars’ “When I Was Your Man,” which topped the Billboard Hot 100 in 2013.

Tempo said in the complaint that it bought its share of “When I Was Your Man” from the song’s co-writer Philip Lawrence in 2020. Ms. Cyrus and her song’s co-writers asked the court in November to dismiss the claims against them, arguing that Tempo lacked standing to sue under US copyright law because it did not have “exclusive rights” to the song.

Mr. Pregerson ruled against Ms. Cyrus on Tuesday.

“Because Lawrence as a co-owner could sue for infringement, Tempo as co-owner, in lieu of Lawrence, can sue for infringement without joining the other co-owners,” Mr. Pregerson said. — Reuters

BSP’s 2024 net income up on higher revenues

BW FILE PHOTO

By Luisa Maria Jacinta C. Jocson, Reporter

THE BANGKO SENTRAL ng Pilipinas’ (BSP) net profit rose by more than four times in 2024 as it posted higher revenues and lower expenses, preliminary data showed.

The central bank’s net earnings surged by 343.8% to P117.6 billion last year from P26.5 billion in 2023, according to its income statement posted on its website.

This was the highest BSP net income on record, based on available data.

The central bank’s revenues jumped by 41% year on year to P300.4 billion in 2024 from P212.7 billion in 2023.

Broken down, the BSP’s interest income climbed by 21.7% to P240.8 billion from P197.9 billion in the previous year.

Miscellaneous income, which includes fees, penalties and other operating income, surged by 302.7% to P59.6 billion from P14.8 billion.

Meanwhile, the BSP’s expenses amounted to P226.7 billion in 2024, down by 6.7% from P243 billion the year prior.

Interest expenses slipped by 0.7% to P167.2 billion from P168.3 billion.

Other expenses, which include net trading losses, likewise declined by 20.2% to P59.5 billion last year from P74.6 billion a year prior.

This brought the BSP’s net income before foreign exchange (FX) gains, tax and capital reserves to P73.7 billion in 2024. This was a turnaround from the P30.3-billion net loss posted in 2023.

The central bank saw a P44.1-billion net FX gain from its foreign currency-denominated transactions last year, slightly lower than the P57 billion booked in 2023.

Meanwhile, separate data showed that the BSP’s total assets rose by 3.5% to P7.81 trillion at end-2024 from P7.55 billion a year earlier.

Bulk of its assets were international reserves at P6.11 trillion, up from P5.71 trillion in 2023.

On the other hand, the central bank’s liabilities went up by 2.4% year on year to P7.59 trillion at end-2024 from P7.4 trillion.

These liabilities included currency in circulation, which stood at P2.7 trillion, while deposits with the central bank were at P2.31 trillion.

The central bank’s net worth rose to P223.5 billion at end-2024 from P142.5 billion from a year prior.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the increase in the central bank’s earnings was driven by “still relatively higher interest income, reduced expenditures, and also some forex gains as also seen in recent months.”

“Volatility in the peso exchange rate near the record low of P59 led to some forex gains,” he added.

The peso closed at P57.845 per dollar at end-2024, depreciating by P2.475 or 4.28% from its end-2023 finish of P55.37 against the greenback. It closed at its all-time low of P59 thrice last year.

“The net decline in long-term interest rates since the latter part of 2023 may have also led to some gains in bond holdings,” Mr. Ricafort said.

Further cuts in benchmark interest rates could lead to more investment gains and reduce interest expenses for the central bank, he added.

BSP Governor Eli M. Remolona, Jr. has said that a rate cut is still on the table at the Monetary Board’s next policy meeting on April 10.

The central bank unexpectedly paused its easing cycle last month, keeping the policy rate at 5.75%. This was after it reduced borrowing costs by a cumulative 75 basis points in three straight meetings last year.

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