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Megawide ordered to pay P368.92 million in Mandani Bay Quay dispute

MEGAWIDE.COM.PH

MEGAWIDE CONSTRUCTION CORP. has been ordered to pay P368.92 million to HTLand, Inc. (HTLI) as part of a settlement in their dispute over the Mandani Bay Quay project.

In a regulatory filing on Tuesday, Megawide said the Construction Industry Arbitration Commission (CIAC) rendered a net award of P368.92 million in favor of HTLI.

“The company is currently evaluating the final award and will take such actions as may be appropriate under applicable laws and CIAC rules,” it said.

The dispute arose from an arbitration request filed by HTLI under the all-inclusive construction works agreement in 2019 for Mandani Bay Quay – Phase 2 Block 1 in Mandaue City, Cebu. HTLI is claiming a total of P1.3 billion, excluding interest on all claims from Megawide.

Megawide said it will file counterclaims in the arbitration in due course.

HTLI is a joint venture of Hongkong Land, a listed property investment, management, and development group in Asia, and Taft Properties, a Cebu-based residential, commercial, and mixed-use property developer.

HTLI initiated arbitration after alleging that Megawide failed to fulfill certain contractual obligations, prompting its payment demand.

The Mandani Bay Quay development is a high-rise residential and commercial project in Cebu, for which Megawide serves as the engineering, procurement, and construction contractor for Phase 2.

At the local bourse on Tuesday, Megawide shares closed eight centavos, or 2.42% lower, at P3.22 apiece. — Ashley Erika O. Jose

BTr partially awards bond offer at mixed yields

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THE GOVERNMENT made a partial award of the dual-tenor Treasury bonds it offered on Tuesday at mixed yields as lingering global uncertainties kept market players cautious, dampening demand for long-term debt.

The Bureau of the Treasury (BTr) raised a combined P41.599 billion via its dual-tranche T-bond sale, below the P50-billion plan, even as total bids reached P127.724 billion or more than double the amount placed on the auction block.

Broken down, the Treasury borrowed P30 billion as programmed via the reissued seven-year bonds, with total bids reaching P102.739 billion or more than triple the amount on offer.

This brought the total outstanding volume for the bond series to P325.6 billion, the BTr said in a statement.

To accommodate the strong demand attracted for the tenor, the BTr on Tuesday opened its tap facility window to raise P15 billion more through the reissued seven-year bonds.

The papers, which have a remaining life of two years and six months, were awarded at an average rate of 5.324%. Accepted yields ranged from 5.285% to 5.335%.

The average rate of the reissued papers was lower by 14.3 basis points (bps) from the 5.467% fetched for the series’ last award on Jan. 6, but was 157.4 bps above the 3.75% coupon for the issue.

This was also 5 bps below the 5.374% fetched for the same bond series and 12.8 bps lower than the 5.452% quoted for the three-year bond, the benchmark tenor closest to the remaining life of the papers on offer, at the secondary market before Tuesday’s auction, based on PHP Bloomberg Valuation Service (BVAL) Reference Rates data provided by the BTr.

Meanwhile, the government raised just P11.599 billion from the reissued 20-year T-bonds as total bids reached P24.985 billion, just above the P20-billion offer.

This brought the total outstanding volume for the bond series to P256.2 billion.

The papers, which have a remaining life of 18 years and three months, were awarded at an average rate of 6.572%, with tenders awarded carrying yields from 6.5% to 6.6%.

The 20-year bond’s average rate rose by 14.8 bps from the 6.424% fetched for the series’ last award on Nov. 18, but was 30.3 bps below the 6.875% coupon for the issue.

This was also 8.3 bps higher than the 6.489% seen for the same bond series and 7.8 bps above the 6.494% quoted for the 20-year debt at the secondary market before Tuesday’s auction, PHP BVAL Reference Rates data showed.

The auction results were in line with market expectations, but the 20-year bonds saw weak demand as players remain reluctant to lock in their cash in longer tenors due to uncertainties regarding the US Federal Reserve’s policy path and US President Donald J. Trump’s shifting trade policies, a trader said in a phone interview.

The Fed was scheduled to begin its two-day policy meeting overnight. The Fed is widely expected to keep rates unchanged, according to CME’s FedWatch Tool, while investors will monitor comments from Chair Jerome H. Powell for clues on the path of monetary policy, Reuters reported.

Meanwhile, Mr. Trump provided temporary relief to markets last week when he appeared to back down from threats to slap tariffs on European allies unless they let him take over Greenland.

But Mr. Trump said on Monday he was increasing tariffs on South Korean imports into the United States related to autos, lumber and pharmaceuticals to 25%, accusing the country’s legislature of “not living up” to its trade deal with Washington.

Meanwhile, the reissued seven-year bonds were fully awarded at lower rates as investors swamped the shorter tenor on expectations of further easing by the Bangko Sentral ng Pilipinas (BSP) amid weak economic prospects, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

On Friday, BSP Governor Eli M. Remolona, Jr. said that another cut remains uncertain, adding that while they will consider the latest Philippine gross domestic product (GDP) data when the Monetary Board meets on Feb. 19, weaker-than-expected growth wouldn’t automatically warrant further easing as inflation remains their primary concern.

The central bank has slashed benchmark borrowing costs by a total of 200 bps since its rate-cut cycle began in August 2024, bringing the policy rate to an over three-year low of 4.5%.

The government will release fourth-quarter and full-year 2025 GDP data on Thursday, Jan. 29. Analysts said slower government spending and weakening investor confidence due to a wide-ranging corruption scandal involving anomalous flood control and infrastructure projects likely continued to drag economic growth. 

Tuesday’s auction was the last for this month. Pending the result of the Tuesday tap facility offering, the government raised P324.199 billion from the domestic market in January, above the P268-billion plan as all Treasury bill (T-bill) awards were upsized and as it also opened its tap facility for another T-bond offer.

For February, the BTr aims to raise P308 billion from the domestic market, or P108 billion via T-bills and up to P200 billion through T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.647 trillion or 5.3% of gross domestic product this year. — Aaron Michael C. Sy with Reuters

Civic mindedness is a must to fight corruption: Lessons from Singapore

AI GENERATED IMAGE/FREEPIK

(Part 4)

The focus of Japanese character formation is always group responsibility, in great contrast with the philosophy of individualism prevalent in Western societies. Students work in small teams (han) for activities, cleaning tasks, and projects. Cooperation, peer support (not rivalry), and self-governance are encouraged. Children learn to adjust their behavior to help the group succeed. The mandatory use of uniforms minimizes economic differences and emphasizes belonging. Strict punctuality and structured routines instill discipline and respect for time, especially the time of others.

Much value is given to extracurricular activities (bukatsu). After-school clubs are central to Japanese education. Students commit long hours to sports, music, or arts groups. They learn team loyalty, endurance, hierarchy, and collective responsibility. Older students mentor the younger ones, reinforcing what is called a senpai-kohai (senior-junior) social structure. Social virtues are also taught through community involvement. Neighborhood associations teach children civic responsibility. Festivals, local cleanups, and disaster-preparedness drills build public-mindedness or concern for the common good. Children walk to school in groups, fostering cooperation and mutual care.

Broader culture and media reinforce social virtues through cultural norms. Public behavior expectations are instilled in the young at a very young age: quiet trains, orderly queues, polite behavior. Stories in anime/manga often promote perseverance, loyalty, and integrity. National emphasis on collective harmony shapes the appropriate attitudes from childhood. It is clear that what makes Japan effective is alignment: family teaches respect; school reinforces; society expects it. Virtues are modeled everywhere: teachers, elders, public figures, and peers. To summarize, Japan inculcates social virtues through a holistic system: families teach empathy and respect; schools teach discipline, responsibility, and teamwork; communities teach participation and self-restraint; and culture reinforces harmony and self-restraint. The result is that social virtues, by constant repetition and reinforcement, become habits, not abstract lessons.

To demonstrate that these Japanese practices can be replicated in another society, we now examine how the late authoritarian leader of Singapore, Lee Kuan Yew, was able to systematically follow the example of Japan in the 1960s when he took over the reins of a disorderly and undisciplined group of individuals who separated themselves from the state of Malaysia.

Prime Minister Lee intentionally looked at Japan as a model for transforming the economically backward society that Singapore was into a state-guided, multicultural, and meritocratic system in order to cultivate civic virtues. The people of Singapore were fortunate that they had a leader who was totally committed to the common good of their society, which explains the very low level of corruption in that small city state.

Lee Kuan Yew made sure that the inculcation of civic virtues would start with the family. Families teach respect and responsibility, supported by long-term national efforts like learning how to speak good English while at the same time striving for bilingualism through Good Mandarin movements.

Learning from Japan, the early years of schooling the school system focused not on academics but on the cultivation of such civic virtues as politeness, cleanliness, and civic duty. I can never forget what I saw in the 1970s at the Luneta, which at that time was being transformed as an exceptional oasis of order and cleanliness through the efforts of the famous journalist, Doroy Valencia. There was this Singaporean couple with three children enjoying the sights of the park. The children were eating candies that had wrappers. Once they had consumed the delicacies, the kids were visibly looking for a garbage can. Unfortunately, there was none close by. Just one look from their parents prompted all three to put the candy wrappers into their pockets.

Singapore has a structured nationwide program broken down into Character and Citizenship Education (CCD) which is a major pillar of the education system. It inculcates in the children, through both words and deeds, the virtues of respect for others, responsibility, resilience, national identity, cultural harmony, and integrity. Like in Japan, virtues formation does not stop with exhortations and lectures. In school, the children are assigned concrete tasks through which they exercise everyday responsibilities such as cleaning their classroom, serving meals during lunch, and learning how to live punctuality and discipline. Work assignments are in project groups, developing a keen sense of cooperation.

There is a big difference between Japan and Singapore as regards ethnicity. Japan is monoethnic. Singapore is multiethnic (Chinese, Malay, Indian, and others). For this reason, the schools in Singapore teach racial harmony, understanding different religions, and shared national identity (analogous to the US), celebrating the festivals of all major groups. Events like Racial Harmony Day train children to respect diversity as a core virtue.

Obligatory military service is another means of inculcating discipline among the youth. For boys, National Service (NS) at age 18 contributes to strengthening discipline, unity across races, leadership, and resilience. For younger children, volunteer programs and community-service programs build civic engagement early on.

There is continuous cultural messaging sponsored by the State. There are constant reminders, school posters, social campaigns, and media messages that emphasize orderliness, lawfulness, kindness, cleanliness, and national pride.

Mr. Lee stressed that parents are the first teachers. The State supported families through parenting education, health and nutrition programs, and community-based childcare. Schools complemented, not replaced, the family. Mr. Lee’s strong belief in this reminds me of the motto of Parents for Education Foundation (PAREF), the Philippine NGO inspired by the teachings of Opus Dei founder St. Josemaria Escriva, that owns and manages several private schools run by parents: “Parents first, then teachers and in the third place the students.”

In Singapore, early childhood teachers are carefully trained, professionally certified, and continuously evaluated. Singapore has avoided rapid expansion that would dilute quality. The lesson we can learn from Singapore is that in early education, who teaches matters more than what is taught. Lee Kuan Yew viewed early childhood education as the most decisive battleground for national character, competence, and cohesion.

Some lessons for Philippine education that are possible takeaways from the Singaporean experience are:

• we should be investing more on ages 0 to 6, and less in universities;

• we should elevate teacher status and training in preschool;

• we should integrate character formation, language mastery, and family support; and,

• we should treat early education as economic and moral infrastructure.

(To be continued.)

 

Bernardo M. Villegas has a Ph.D. in Economics from Harvard, is professor emeritus at the University of Asia and the Pacific, and a visiting professor at the IESE Business School in Barcelona, Spain. He was a member of the 1986 Constitutional Commission.

bernardo.villegas@uap.asia

Arts & Culture (01/28/26)

Ateneo Press releases Julian Tongson, Jr. book

THE latest release from the Ateneo University Press is Memoirs of an Art Forger: A Novel, in which Julian Tongson, Jr. brings his expertise as an artist and forensic art historian into the narrative. The novel follows one man on a path to punish those who have wronged him and his loved ones through the art underworld. The main character is a Jesuit-trained art restorer who creates a forged art masterpiece to bring down the people implicated in the deaths of his loved ones, and their auction house which is responsible for large-scale money laundering. The book retails at P550 and is available at the Ateneo University Press Bookshop in Bellarmine Hall in Quezon City and its official Lazada and Shopee stores.

Bagets The Musical opens with sold-out shows

BAGETS THE MUSICAL opened to a packed theater at Newport World Resorts on Jan. 23, followed by more sold-out shows on its first weekend, as the production debuted as a stage adaptation inspired by the 1984 coming-of-age film. The musical follows teen boys through live performance and Original Pilipino Music. The opening week performances drew audiences across different age groups, including longtime Bagets fans and theatergoers discovering the barkada story for the first time. Tickets are now available online at https://tickets.newportworldresorts.com/products/bagets-the-musical and all Ticketworld and Ticket2Me outlets. Prices range from P1,000 to P4,000.

FEU Center for the Arts presents Walang Sugat

TO CELEBRATE Far Eastern University’s (FEU) 98th founding anniversary, the FEU Center for the Arts (FCA) is presenting Walang Sugat, a historic sarswela written by Severino Reyes over a century ago, with music by Fulgencio Tolentino. This special production features arrangements and additional music by Josefino Toledo, an FEU Outstanding Alumnus. Under the direction of Alegria O. Ferrer from the University of the Philippines College of Music, the production brings to life one of the most beloved works in Philippine theater. The cast is composed of both current students and alumni from the FEU Chorale, FEU Theater Guild, and FEU Guides. The show will also feature special performances from the FEU Bamboo Band, FEU Dance Company, FEU Theater Guild, FEU Drum and Bugle Corps, and FEU Drummers. It takes place on Feb. 4, 5:30 p.m., at the FEU Auditorium. Admission is free. Register through the link: https://forms.office.com/r/TLQwAUQYBF.

Pasig Art Club members exhibit at Kapitolyo

THE exhibition Kalinangan: Preserving our Culture and Heritage Through Art showcases Pasig in both historical and contemporary lenses. Now on display at the Kapitolyo Art Space, the exhibit aims to be “the refinement of our collective spirit, shaped by the land, the sea, and centuries of history.” The collection brings together works of Pasig Art Club members and guest artists with diverse styles who draw inspiration from traditional forms to contemporary voices. It is open until Feb. 6 at the Kapitolyo Art Space, Pasig City.

PETA stages Kislap and Algo

AFTER their debut at PETA’s Control + Shift: Changing Narratives in 2024 and 2025, the bold experimental works Kislap at Fuego and Children of the Algo are now back on the stage until Feb. 7 at the PETA Theater Center in Quezon City. Moving from the experimental fringes to the spotlight, these two productions headline the Philippine Educational Theater Association’s (PETA) Main Theater Season as a twin bill performance. Dominique La Victoria’s Kislap at Fuego, directed by Maribel Legarda and J-mee Katanyag, with a Filipino translation by Gentle Mapagu, revolves around an unexpected fairytale between a kapre and a country girl, set amidst the Philippine Revolution against Spain. Mixkaela Villalon’s Children of the Algo, directed by Johnnie Moran, delves into the lives of Gen Z content creators, hiding their deeper realities while navigating the digital age with wit and vulnerability. For more information, including performance dates, ticketing, and educational engagements, visit PETA’s social media channels.

The M holds paper pop-up card workshop

THE workshop activity Hearts and Crafts, scheduled for Valentine’s Day, is inviting couples (and friends) to discover self-expression together through interactive paper design. Guided by paper artist April Capalungan (APRL), whose practice celebrates paper’s interactive materiality, participants can learn foundational techniques like pop-ups, collage, shaping, and tearing. The Hearts and Crafts workshop costs P3,000 per pair and will take place on Feb. 14, 1-2:30 p.m. for couples and 4-5:30 p.m. for friends and families, at the Metropolitan Museum of Manila in BGC.

Exclusive viewing of Mezcla exhibit, flamenco

THERE will be an exclusive viewing of Ayala Museum’s latest special exhibition, MEZCLA: Interwoven Cultures and Mantón de Manila, followed by performances by flamenco dancers Angel Gomez and Jameela Perez, with guitarist Carlo Antonio B. Juan, on Feb. 14, 6 to 10 p.m. At the event will be complimentary savory bites from Terry’s Bistro, the official restaurant partner of Mezcla at Night. Light drinks will be available for purchase. Prices are: P1,300 for a regular ticket, P1,200 for a discounted ticket for Ayala employees, and P1,040 for seniors and PWDs. It takes place at the Ayala Museum in Makati City.

UP honors National Artists Bencab, Mojares, Locsin

THE University of the Philippines (UP) will honor three National Artists in the third Tanghal Tertulia on Feb. 21, 6 p.m. (cocktails at 5 p.m.) at the Amphitheater of the Executive House, UP Diliman, Quezon City. The night will pay tribute to the three National Artists and their enduring contributions to Philippine arts and culture. They are: Benedict “BenCab” Cabrera, recognized for his mastery of contemporary Philippine art; Resil Mojares, widely celebrated as the “Visayan Titan of Letters” that advanced Cebuano studies; and Agnes Locsin, renowned for her pioneering work in neo-ethnic Filipino dance choreography blending indigenous ritual and ethnic traditions with Western classical and modern techniques. Tanghal Tertulia is open to the public but on a first-come, first-served basis. Interested attendees may RSVP through this link https://docs.google.com/forms/d/e/1FAIpQLSfVMFe9E9yy6tp3uFv_yLo3IitfNAjWCx_jeE07PKdseqO9WA/viewform.

MADE Competition now accepting entries

THE 2026 Metrobank Art & Design Excellence (MADE) Competition is now open to entries for its three categories: Painting, Sculpture, and Mixed Media. Emerging Filipino artists can submit their entry forms and upload photos of their entries via the competition’s online portal. It can be accessed at metrobankartanddesign.awardsplatform.com. Returning participants from last year can log in using their existing accounts. Each entrant may participate in only one category and submit only one entry in their chosen category. Entry submission is free and open until March 31.

Prime Media CEO Manalo resigns citing health, other commitments

PRIME MEDIA HOLDINGS, INC. said Manolito A. Manalo has stepped down as chairman, president, and chief executive officer (CEO), effective Tuesday, citing health reasons and other professional commitments.

Mr. Manalo resigned as the company’s director effective Jan. 27, the listed company said in a regulatory filing.

Prime Media has not yet named a successor, saying its board of directors will begin the selection process soon.

“The Board of Directors will commence the selection process to identify and appoint a qualified and eligible candidate to fill the resulting vacancy, in accordance with applicable laws, regulations and Company’s governance policies,” it said.

Mr. Manalo is also a managing partner at Ocampo, Manalo, Valdez, and Lim, which was cited during a recent Senate Blue Ribbon committee hearing over alleged involvement in the flood control scandal. The law firm was linked to the issue after it reportedly sent a notice to vacate a property in Forbes Park said to be owned by former House Speaker Martin G. Romualdez.

In March last year, Prime Media obtained approval from the Securities and Exchange Commission for its equity restructuring plan. The company said the restructuring applies P253 million in additional paid-in capital to offset its deficit. The board approved the restructuring in 2024.

At the local bourse on Tuesday, Prime Media shares closed two centavos, or 1.75% higher, at P1.16 per share. — Ashley Erika O. Jose

BSP books lower end-October net income as revenues decline

BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas’ (BSP) net income slipped in the 10 months ended October as it posted lower revenues during the period.

The central bank’s net profit dropped by 4.33% year on year to P108.2 billion in the 10-month period from P113.1 billion previously, based on its statement of income and expenses posted on its website.

This was mainly due to the 12.3% decline in its revenues in the period to P231.7 billion from P264.1 billion a year prior.

Broken down, the BSP’s interest income edged up by 1.4% year on year to P203.5 billion in the first 10 months of 2025 from P200.7 billion.

Meanwhile, its miscellaneous earnings, which include fees, penalties, and other operating income, plunged by 55.52% to P28.2 billion from P63.4 billion previously.

On the other hand, the central bank’s expenses went down by 7.9% to P167.8 billion in the  10-month period from P182.3 billion the prior year.

Broken down, its interest expenses declined by 19.93% year on year to P112.1 billion from P140 billion.

Its other expenses, which include net trading losses, climbed by 31.68% to P55.7 billion from P42.3 billion.

These brought the BSP’s net income before foreign exchange (FX) gains or losses, income tax expenses or benefits, and capital reserves to P63.9 billion in the January-October period, down 21.88% from P81.8 billion in the previous year.

Adding to its bottom line was a P44.3-billion net FX gain from its foreign currency-denominated transaction, which was 41.08% bigger than the P31.4 billion recorded a year earlier.

ASSETS, LIABILITIES DOWN
Meanwhile, separate data showed that the central bank’s total assets stood at P7.923 trillion at end-October, down 3.28% year on year from P8.192 trillion.

Bulk of its assets were international reserves, which inched up by 0.18% to P6.437 trillion from P6.425 trillion.

Its holdings of domestic securities went down by 17.96% to P928.2 billion from P1.131 trillion a year prior.

On the other hand, the central bank’s total liabilities decreased by 4.29% to P7.586 trillion as of October 2025 from P7.926 trillion in the comparable year-ago period.

Currency in circulation grew 8.29% to P2.574 trillion from P2.377 trillion, while deposits with the central bank sank by 19.56% to P2.178 trillion from P2.708 trillion.

BSP data also showed that its net worth jumped by 26.6% to P337 billion at end-October from P266.2 billion in the previous year.

This came as its surplus or reserves — made up of its unrestricted retained earnings; funds set aside for various contingencies; unrealized gains or losses from its investments in government securities, stocks and other securities; and its operating income or loss — amounted to P277 billion during the period, up by 34.34% from the P206.2 billion recorded as of October 2024. — Katherine K. Chan

A strategic reality: The Malampaya discovery and energy security

BW FILE PHOTO

President Ferdinand Marcos, Jr. announced some good news last week — the discovery of a major natural gas field about five kilometers east of the existing Malampaya field.

There is an estimated 98 billion cubic feet of gas in Malampaya East I, which the President equated to almost 14 billion kilowatt-hours of electricity annually. Initial testing yielded a flowing capacity of 60 million cubic feet per day. Beyond its technical promise, the discovery strengthens the country’s domestic gas supply and reinforces Malampaya’s role in supporting the power sector during a critical transition period.

According to the President, this will boost the energy supply in the Philippines, strengthening energy security not only for the immediate future but also in the long term.

“This indicates that the well has the potential to produce even more, confirming it is a high-productivity resource comparable to the original Malampaya wells,” he said.

The discovery comes at just the right time and marks a rare and welcome breakthrough in the Philippines’ pursuit of energy security. More than a decade has passed since the country last recorded a major indigenous energy discovery.

Malampaya’s contribution to Philippine energy security over the past two decades has been substantial. As the country’s only producing indigenous gas field, Malampaya has supplied up to 40% of Luzon’s electricity at its peak and has consistently contributed around 20% of the island’s electricity needs. This steady baseload power supply has helped cushion consumers from global fuel price volatility, lower generation costs, and reduce dependence on imported energy.

Consequently, the Malampaya project stands as one of the Philippines’ most successful public-private partnerships. It demonstrates how government oversight, private investment, and technical expertise can converge to deliver long-term national benefits.

Since that earlier breakthrough discovery, however, the country’s energy reserves have steadily thinned even as energy requirements have grown significantly alongside economic expansion. As the Philippines continues to pursue growth and development, energy security has become an increasingly pressing concern. A nation must be able to sustain its energy needs not only in the present, but also in the future, taking into account the requirements of generations to come.

Indeed, like all other reserves, the supply offered by Malampaya — even with this new discovery — is not limitless.

Inflation remains one of the most urgent concerns for Filipinos, and for years, high electricity prices have been among its major drivers. Heavy reliance on imported fuels exposes the country to global price swings driven by geopolitical tensions, supply disruptions, and surging international demand.

As the government and private sector collaborate to maximize the benefits of this latest discovery, it underscores the importance of replicating Malampaya’s success by pursuing similar breakthroughs in other potential areas. This experience should encourage the government to actively promote further exploration, particularly in other resource-rich zones such as Recto Bank.

Harnessing areas like Recto Bank that hold significant potential to bolster domestic natural gas production is important. Indigenous natural gas, even as a transition fuel, offers lower emissions and more predictable pricing. With inflation remaining a key concern — and high electricity prices a major contributor — expanding domestic energy supply can help stabilize power costs, shield households from external price shocks, and ease overall cost-of-living pressures.

This is good news indeed, but beyond celebration, the Malampaya East discovery should serve as a catalyst for broader reform. To sustain investor interest and accelerate energy development, the government must foster a sound and predictable policy, regulatory, and investment environment. This includes streamlining permitting processes, improving coordination among government agencies, addressing local-level bottlenecks, and providing targeted incentives for critical energy infrastructure and exploration efforts. A transparent and efficient regulatory framework is essential to attracting long-term investments that expand supply and reinforce energy security.

The reality is that the country’s most reliable path toward energy security lies in developing its own indigenous energy resources.

Energy security, however, is not solely an economic or regulatory issue. It is also a strategic one.

As exploration expands offshore, ensuring the safety of survey and drilling activities becomes imperative. Continued modernization of the Armed Forces of the Philippines is essential to protect legitimate energy operations and ensure that development within the country’s maritime zones can proceed without disruption or intimidation.

Harnessing indigenous energy is, at its core, about asserting the country’s right to benefit from resources that lie within its own maritime areas, consistent with international law. A secure energy future requires not only sound policies and investments, but also the resolve to protect national interests.

The Malampaya East discovery is a timely reminder that the Philippines has the resources, experience, and partnerships needed to strengthen energy security. What remains crucial is sustained political will — to invest in domestic energy, promote responsible exploration, protect offshore operations, and ensure that Filipino households and businesses benefit from what is truly ours.

Harnessing indigenous energy is imperative for strengthening the Philippines’ energy security. It should serve as a catalyst to explore resource-rich areas, promote a sound investment environment, modernize the Armed Forces to protect operations, and ensure that the benefits of the country’s own resources reach the Filipino people.

 

Victor Andres “Dindo” C. Manhit is the president of the Stratbase ADR Institute.

Mexico president asks Korean counterpart for more BTS concerts

COMMONS.WIKIMEDIA.ORG

MEXICO CITY — Huge demand to see K-pop boy band BTS, among the world’s most popular artists, has led Mexican President Claudia Sheinbaum to formally request of her counterpart, South Korean President Lee Jae Myung, that he help arrange more concerts in Mexico.

“Everyone wants to go,” Ms. Sheinbaum said at her daily morning press conference on Monday, adding that she had sent a diplomatic letter to South Korea’s Lee seeking more concerts.

“Around 1 million young people want to buy tickets, but there are only 150,000 tickets available,” she said.

The chart-topping band is set to embark on a global tour in April, shortly after they launch their first new album in three years. The band has been on hiatus since 2022 while its members undertook South Korea’s mandatory military service.

The new tour launched a worldwide scramble for tickets, particularly in Mexico, one of K-pop’s largest fan bases, where many people missed the initial rush and others complained to the consumer watchdog about problems with sales.

Mexico’s consumer watchdog said it has launched a probe into Ticketmaster and is sanctioning resale platforms StubHub and Viagogo for “abusive and disloyal practices” over the BTS ticketing process, without giving more details.

Tickets were selling on Ticketmaster from about 1,800 pesos to as much as 17,800 pesos for VIP tickets (around $100 to $1,030), but on resale platforms on Monday the tickets were selling from 11,300 to 92,100 pesos (more than $5,300).

The companies did not immediately respond to a request for comment. The watchdog agency said it would help develop new guidelines to better regulate ticket sales to concerts and festivals, with prices and locations established ahead of the tickets’ release.

Ticketmaster, which is owned by Live Nation Entertainment, has faced other controversies in Mexico, including in 2022 when it reimbursed around $1 million to customers after more than a thousand fans reported being denied access to a Bad Bunny concert at Mexico’s Estadio Azteca.

At the time, Ticketmaster criticized resellers and fraudulent ticket vendors and called for stronger control measures.

BTS’ new album Arirang is slated for release in March and the world tour will begin in Goyang, South Korea, on April 9. Just three concerts have been scheduled in Mexico, all in Mexico City’s GNP Seguros Stadium, from May 7 to 10. — Reuters

SM-backed NU says hiring strategy aims to address brain drain

NU Cebu — SM INVESTMENTS CORPORATION

NATIONAL UNIVERSITY (NU), backed by the SM Group, said it is focusing on hiring local talent in regional areas to help address brain drain in the country.

In a statement on Tuesday, SMIC said 96% of employees at NU Bacolod are local hires, while NU Laguna has 99% local employees. NU Cebu, which opened this academic year, has a 100% local hire rate.

Other campuses also reported high local employment: NU Baliwag at 98%, NU Dasmariñas at 96% with 4% transferees, NU Lipa at 98%, and NU Clark at 97%.

NU President and Chief Executive Officer Renato Carlos H. Ermita, Jr. said the university implements a standardized salary matrix nationwide to attract and retain employees.

“By allowing the campus to be a part of the SM community, accessibility is achieved and affordability is maintained,” he noted.

The company stressed the importance of strengthening local ecosystems for work and enterprise to reduce the inequality gap between urban and rural areas.

NU campuses in regional areas help retain local talent and ensure contributions to the local economy, it said.

Mr. Ermita added that most NU campuses are located near transport hubs, providing convenience for both students and staff.

Currently, NU serves 84,000 students across 14 campuses nationwide, including the main campus and the Nazareth School in Sampaloc, Manila, and campuses in Mall of Asia, Pasay; Fairview, Quezon City; East Ortigas, Pasig; Calamba, Laguna; and Lipa, Batangas.

NU plans to reach 100,000 students by 2027, with new campuses scheduled to open in Davao, Iloilo, and Urdaneta.

The SM group acquired majority ownership of NU in 2008, when the university was experiencing low enrollment.

SMIC reported a 6% increase in nine-month consolidated net income, driven by growth in its banking, property, and retail businesses.

At the local bourse on Tuesday, SMIC shares rose 1.56%, or P11, to close at P716 each. — Beatriz Marie D. Cruz

Peso falls on Trump’s Korea tariff threat

BW FILE PHOTO

THE PESO dropped to the P59-per-dollar level again on Tuesday as US President Donald J. Trump threatened to impose higher tariffs on South Korea.

The local unit ended at P59.085 versus the dollar, weakening by 11.4 centavos from its P58.971 finish on Monday, data from the Bankers Association of the Philippines showed.

The peso opened Tuesday’s trading session weaker at P59.05 against the dollar. Its intraday best was at P59.035, while its worst showing was at P59.10 against the greenback.

Dollars traded went up to $1 billion from $954 million on Monday.

The peso dropped as the market reacted to Mr. Trump’s fresh tariff threats, the first trader said by phone.

South Korea scrambled on Tuesday to assure the US it remained committed to implementing a trade deal after Mr. Trump said he would hike tariffs on autos and other imports from its ally, blaming a delay in enacting the pact agreed last year, Reuters reported.

Mr. Trump said on Monday that South Korea’s parliament was not living up to its side of the deal by swiftly enacting the agreement he reached with President Lee Jae Myung to make huge investments in US business projects in return for tariff cuts.

South Korea’s presidential Blue House said it was committed to implementing the deal and would continue to take the required steps to finalize it to stave off tariff hikes.

Mr. Trump has upended global trade by imposing tariffs on imports from nearly every country since beginning his second term in office in 2025. In some cases, he has threatened tariff hikes and delayed them or not followed through.

“The peso depreciated anew from stronger than expected US durable goods report, signifying strength in US consumer spending,” the second trader said in a Viber message.

For Wednesday, the second trader said the peso could depreciate further amid expectations that the US Federal Reserve will hold borrowing costs steady at its policy meeting this week.

The first trader sees the peso moving between P58.90 and P59.10 per dollar on Wednesday, while the second trader expects it to range from P59 to P59.25. — A.M.C. Sy with Reuters

It’s ICE that ‘engineered chaos’ in my Minneapolis community

KEITH GARDNER/US IMMIGRATION AND CUSTOMS ENFORCEMENT

By Adam Minter

ON SATURDAY MORNING, Border Patrol agents fatally shot Alex Pretti on a busy Minneapolis street. The Trump administration wasted no time in doing a bit of preemptive inoculation.

In a post on X Saturday, Vice-President JD Vance claimed that “far left agitators, working with local officials,” had “engineered chaos” in Minneapolis. President Donald Trump echoed the sentiment in a series of social media posts on Sunday, blaming local authorities for refusing to cooperate with Immigration and Customs Enforcement (ICE). The messages from the president and vice-president were clear: If the city erupts, it won’t be ICE’s fault. Responsibility would belong to Governor Tim Walz and Mayor Jacob Frey.

But Vance and Trump had the story backwards. What local officials engineered wasn’t chaos. It was a firewall. By separating local law enforcement from ICE operations, they’ve earned public trust and reminded wary Minneapolis residents that ICE is the source of the city’s recent tumult.

It’s been a daunting task.

Since launching in December, Operation Metro Surge, as ICE calls the crackdown, has become the agency’s largest-ever immigration enforcement action. It’s a striking escalation of aggression in a state that isn’t on the US-Mexico border, given the Trump administration’s stated emphasis on the southern border as the epicenter of immigration challenges.

As of Sunday, roughly 3,000 agents were taking part, a number roughly triple the number of sworn police officers in Minneapolis and St. Paul.

For me and thousands of other Twin Cities residents, they’re a pervasive source of dread and anger.

In my neighborhood, which is west of Minneapolis and home to numerous immigrants, community group chats are filled with messages about ICE vehicles, staging areas, and masked enforcers. We learn the worst. Agents target school bus stops; cars are left behind, sometimes in the middle of the road after arrests; and citizenship is no protection if you speak with the wrong accent.

These tactics strike an especially sensitive nerve in Minneapolis, where the police department spent decades harassing and terrorizing Black neighborhoods. The 2020 riots that followed the murder of George Floyd were a tragic outcome that forced the city to confront law enforcement that operates with impunity.

What’s followed is five years of reform efforts that have begun to restore trust and instill needed accountability in local law enforcement. Progress has been slow but tangible — and now it’s under pressure.

Needless to say, Operation Metro Surge wasn’t intended to build upon civic progress. Like other ICE enforcement operations, it demands collaboration, support, and supplication.

Some communities across the country cooperate and partner to locate, arrest, and deport people, perhaps hoping that ICE will go easy on them.

Others, including Minneapolis, seek to limit cooperation except where their policies or specific legal obligations require it, such as when complying with judicial warrants or public‑safety situations. In December, as ICE’s operations in Minnesota intensified, Minneapolis, under Mayor Frey, explicitly prohibited city resources from supporting immigration enforcement. There will be no shared data access, intelligence sharing, or joint operations for civil immigration enforcement purposes.

It’s a sanctuary city policy, that solves a couple of problems at once. First, it ensures that immigrants feel comfortable calling the police — for a traffic accident, a robbery, a domestic assault — without inviting deportation. Second, it aligns Minneapolis with the community and against federal overreach.

Of course, one city can’t do it alone. Walz has fortified the separation at the state level and revealed something important. Where ICE operates through intimidation and secrecy, Minnesota’s response has been visible and humane. Where ICE escalates, Minnesota and its leaders seek ways to lower the temperature.

A critical test came on Saturday, when the city’s fragile peace felt as if it might shatter. Following Pretti’s death, Walz deployed the National Guard to key Minneapolis locations. They did not wear masks. Instead, members wore yellow reflective vests not unlike what a school crossing guard might wear. The point was to distinguish Guard personnel from ICE, and they did.

Purposely or not, the crossing guard wear also conveyed a friendlier, more local image when I encountered them. It’s a point the Guard seemed determined to telegraph loudly this weekend. On Sunday, they distributed coffee and donuts to anti-ICE protestors at a government building that houses ICE detainees.

Gestures like these aren’t going to prevent ICE from violating constitutionally guaranteed rights. Indeed, there’s no reason to believe the agency plans to change its ways any time soon. Likewise, there are other factors that may have contributed to the calm, including cold weather, lessons learned from 2020, and widespread calls for de-escalation.

On Sunday, the restraint was evident at the impromptu memorial of flowers, pictures, candles and other items that had sprouted at the site of Pretti’s death. The local police presence was up close and personal, yet the trickle of mourners in the -10 degree weather didn’t seem bothered by it. Five years ago, when I visited the site of Floyd’s murder, law enforcement remained blocks away, when they were present at all.

That shift, from absence born of fear to presence born of confidence, is the firewall’s true achievement.

Whether the peace holds is only partly under Minneapolis’ control. Warmer weather might encourage more audacious protests; ICE may decide to build a permanent presence. But for now, the city seems to have learned the power of empathy. As ICE continues to sow chaos, that’s the kind of message Minneapolis needs.

BLOOMBERG OPINION

Paris Hilton seeks to unveil new sides to herself in documentary Infinite Icon

LOS ANGELES — Paris Hilton is known for being a socialite, reality TV star, model, and occasional actor. Now the 44-year-old American wants to show audiences she can be a musician and activist, too.

Infinite Icon: A Visual Memoir, arrives in theaters on Jan. 30, following Ms. Hilton as she records her 2024 electro-pop album Infinite Icon and prepares for a one-time performance at the Hollywood Palladium.

She said she wants to show a more serious side to herself than the bubbly blonde persona she was known for when she first became famous in the late 1990s.

“In the beginning, I developed this persona and character, I think, as an armor or shield,” she told Reuters at her home in Beverly Hills.

“I had just been through so much trauma in my life and then getting the first reality show with The Simple Life and then playing that character on and on — you know, I didn’t realize I’d have to do it for five seasons straight — and then the whole world just got to know me in that way,” she added.

While the media personality said that she believes that her playful persona will always be a part of her, she now wants to show a more mature side.

That includes her campaigning for greater federal oversight of youth care programs.

Ms. Hilton, the great-granddaughter of Hilton Hotels founder Conrad Hilton, has spoken out about the emotional and physical abuse she endured when she was placed in residential youth treatment facilities as a teen. She has also been working with congresswoman Alexandria Ocasio-Cortez to push for passage of the Defiance Act, which would improve rights for those affected by deep-fake pornography.

“I knew that I had to stand up and use my voice,” Ms. Hilton said, highlighting how her campaigning had contributed to 15 state laws and two federal bills.

Her activism was “the most meaningful work” of her life, Ms. Hilton added. — Reuters

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