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SM Prime sees expansion opportunities despite headwinds

PHILSTAR FILE PHOTO

SM PRIME HOLDINGS, Inc. said it sees potential growth opportunities this year despite a challenging economic outlook.

“We’re very positive despite the current situation. You know us. We’ve been trained. The more challenging, the more opportunities there are to expand,” SM Prime Executive Committee Chairman Hans T. Sy told reporters last Friday.

While he expects a “challenging” year for the country’s economy, secondary effects, such as a weak peso, could present growth opportunities for the company’s retail business.

“Even with the weakness of the peso, that means more OFW (overseas Filipino worker) money coming in. That means more opportunity,” Mr. Sy said.

The peso on Jan. 15 closed at a record low of P59.46 per dollar. It first breached the P59 level on Oct. 28, 2025, and analysts forecast it could slide further, possibly exceeding P60, following the flood control scandal.

Although SM Prime’s retail sales have benefited from the weaker local currency, Mr. Sy noted that other sectors could face negative impacts.

“With the weakness of the peso, our retail sales are actually improving. You can see the improvement. But, on the other hand, I’m a bit worried about the future. I don’t know how much impact it will have on other businesses, because if other businesses are affected, it’s not going to be good for the economy,” he said.

He added: “So, we’ll watch it very closely to see how the government reacts to it. But, as far as the private sector is concerned, this is the opportunity to increase your market share.”

Mr. Sy also sees potential growth for SM Prime in renewable energy but emphasized the need to observe how government support develops amid fiscal and spending issues.

“We’re quite open, but we also have to see how the government supports this as well. As you know, there’s a big controversy going on in this area. We’re watching it, too. But hopefully, it’s not as bad, so we can really support it,” he said.

He added that he is monitoring the “big, bold reforms” planned by the government, aimed at restoring investor confidence following a widening corruption scandal involving state infrastructure projects.

“I’m not going to say if I’m optimistic or pessimistic about it, but I’m watching it closely, especially after what happened last year with the flood control issues,” Mr. Sy said.

SM Prime’s net income rose 8.07% year on year to P13.01 billion in the third quarter of 2025 from P12.04 billion, bringing nine-month profit to P37.89 billion, up 9.66% from P34.55 billion in the same period in 2024.

On Monday, shares of SM Prime Holdings fell 25 centavos, or 1.1%, to close at P22.55 each. — Aaron Michael C. Sy

Chinese lantern festival lights up for Lunar New Year

A LIGHT INSTALLATION depicting a horse at the 32nd Zigong International Lantern Festival ahead of the Chinese Lunar New Year, which will welcome the Year of the Horse, in Zigong, China, Jan. 23. — REUTERS/MAXIM SHEMETOV 

ZIGONG, China — In southwest China’s Sichuan province, the annual Zigong International Lantern Festival kicked off on Friday, showcasing the centuries-old art of illuminated lanterns on a grand scale.

This year’s Lunar New Year falls on Feb. 17, marking the start of the Year of the Horse in the Chinese zodiac. Lanterns are a traditional feature of Lunar New Year celebrations in China, symbolizing good fortune and guidance.

On opening night, crowds gathered to view more than 200 handmade lanterns depicting animals, mythological figures, and scenes from ancient China.

“When I was a child, my parents took me to the Zigong Lantern Festival almost every year,” said Huang Ye, 32. “For us Zigong natives, the lantern festival is simply part and parcel of our Lunar New Year celebrations. Now, I bring my child to see the lanterns.”

Organizers said it took about 1,200 workers several weeks to produce the lanterns, some of which stretch for hundreds of meters.

One 210-meter-long display, titled “Magical China,” was inspired by an ancient legend and featured a giant mythical bird-fish hybrid known as Kunpeng.

Another, themed on the “Legend of Mulan” and extending for 180 meters, depicted the story of the female warrior and included a herd of galloping horses, a reference to this year’s zodiac animal.

Lanterns at the festival were made using a variety of materials, including straw, chillies, and recycled medicine bottles. — Reuters

ALI advances Garden Court Residences as zero-carbon office portfolio grows

AYALALAND.COM

LISTED property developer Ayala Land, Inc. (ALI) said it has allocated P488.63 million for the development of its Garden Court Residences in Taguig City.

In a stock exchange disclosure on Monday, ALI said the funding came from proceeds of the block sale of shares in its real estate investment trust AREIT, Inc. last year.

The transaction involved 12 million AREIT common shares sold at P40.78 per share, with ALI receiving the net proceeds on July 7, 2025.

Garden Court Residences is a two-hectare residential development comprising five towers within ALI’s ARCA South estate.

The 364-unit project, which is 82% complete, is scheduled for completion by 2027.

The development will feature a 6,000-square-meter courtyard, sky gardens, a sky gym, a social hall and deck, and swimming pools.

ALI said it allocated P323.36 million for the project in the third quarter of 2025, P34.23 million in the fourth quarter, and P131.04 million in the first quarter of 2026.

Garden Court Residences is located within ARCA South, ALI’s 74-hectare master-planned estate eyed to become Metro Manila’s next central business district.

The development is accessible via the South Luzon Expressway and Bonifacio Global City through C-5 Road.

Also on Monday, ALI said it recorded the largest excellence in design for greater efficiencies (EDGE) zero carbon-certified office portfolio globally, covering 1.53 million square meters across 50 office properties in Metro Manila, Laguna, Cebu, Baguio, Iloilo, and Bacolod.

The milestone comes as part of the company’s ongoing push to adopt green building features across its properties, the company said in a separate statement. Its tenants include a mix of corporate and business process outsourcing firms.

“By securing the EDGE Zero Carbon Certifications for our office portfolio, we are able to verify the performance of our green buildings with measurable results that support operational efficiency, and long-term asset value,” ALI Chief Sustainability Officer Robert S. Lao said.

On Jan. 22, the company formally received its EDGE Zero Carbon certifications, awarded following third-party audits conducted by the Philippine Green Building Initiative.

The EDGE Zero Carbon certification, developed by the International Finance Corp. (IFC), requires buildings to first achieve EDGE Advanced certification, demonstrating at least 40% energy reduction, 20% savings in water use, and reduced embodied carbon in materials.

Projects must also operate on 100% renewable energy or verified carbon offsets while maintaining at least 75% occupancy for one year.

ALI’s zero-carbon milestone aligns with its sustainability-linked financing program, which adheres to international guidelines such as the ASEAN Sustainability-Linked Bond Standards, the Sustainability-Linked Bond Principles issued by the International Capital Market Association, and the Sustainability-Linked Loan Principles issued by the Asia Pacific Loan Market Association.

Between 2024 and 2025, the company raised about $1 billion (around P56 billion) through sustainability-linked instruments, including a P14.2-billion sustainability-linked loan (SLL1) in July 2024, a P12.87-billion SLL2 in August 2025 from the IFC, and P29 billion in Sustainability-Linked Bonds (SLB) listed on the Philippine Dealing & Exchange Corp.

The company has also set targets to reduce greenhouse gas emissions by 42% across its malls, offices, and hotels by 2030.

ALI continues to pursue green building certifications across its malls, hotels, residential developments, logistics facilities, and mixed-use estates.

Its portfolio includes the Makati Central Business District, Bonifacio Global City, Cebu Business Park, Alviera in Pampanga, and Ascenda in Davao City.

In the first nine months of 2025, ALI posted a net income of P21.4 billion, slightly higher than the P21.2 billion recorded in the same period last year.

At the local bourse on Monday, ALI shares fell 2.04% or 45 centavos to close at P21.60 each. — Beatriz Marie D. Cruz

BDO raises P100 billion via sustainability bonds

BW FILE PHOTO

BDO UNIBANK, Inc. has raised P100 billion from its fifth issuance of ASEAN Sustainability Bonds following strong investor demand.

This is 20 times its original P5-billion offer, it said in a disclosure to the stock exchange.

“This issuance saw robust participation from retail and institutional investors, prompting the early close of the offer period on Jan. 16,” it said.

BDO on Monday issued, settled, and listed the bonds on the Philippine Dealing & Exchange Corp.

“The net proceeds are intended to support the bank’s lending activities and diversify funding sources and to finance and/or refinance eligible assets as defined in the bank’s Sustainable Finance Framework,” it said.

The papers have a tenor of three years and carry a coupon rate of 5.7125% per annum.

With this issuance, BDO has now raised an aggregate of P386.7 billion since January 2022 via its five issuances of ASEAN Sustainability Bonds.

Standard Chartered Bank was the sole arranger for the transaction and was also a selling agent along with BDO. BDO Capital and Investment Corp. was the financial advisor.

BDO last tapped the domestic market in July 2025 via its fourth ASEAN Sustainability Bond issuance, raising P115 billion via 1.5-year papers, above the initial P5-billion plan and marking the largest peso bond issuance in the country to date.

The bank’s attributable net income rose 6.1% year on year to P22.47 billion in the third quarter of 2025 on the sustained expansion of its core businesses.

This brought its nine-month earnings to P63.09 billion, 4.07% higher than a year earlier.

BDO’s shares closed at P138.20 apiece on Monday, rising by 20 centavos or 0.14% from Friday’s finish. — Aaron Michael C. Sy

Leadership in action, lifting the nation

STOCK PHOTO | Image by Starline from Freepik

(This edited column is from the Inaugural Speech of the author as the 78th and the 2026 President of the Management Association of the Philippines or MAP.)

I became part of MAP 20 years ago — and will shortly be officially a lifetime member in a few months. I joined at a time when internet space is expanding exponentially, and as a young leader that is more enamored with the nerd side of it than the management role, sitting in the company of experienced colleagues gave me perspective that no business school will ever provide.

Those two decades of observing and working with fellow MAP members taught me a valuable lesson in leadership — it is not about position but all about custodianship. It is about carrying forward a legacy built over decades by people who gave their time, wisdom, and dedication — not only for themselves, but more importantly, for the future of this nation. And so, two decades today, here we are.

I stand before you not with the assumption that this moment belongs to me alone — because it does not. This is a moment that belongs to every hand that built the foundation we now stand upon, every voice that shaped the vision we now carry forward, and every member who chose to believe that MAP can be more than a gathering of professionals — it is an association that can be an instrument of genuine national transformation.

We are “living in interesting times,” gathering today at an inflection point in our nation’s history. The new year 2026 that begs for a celebration must be tempered with honesty. We look back and see a Philippines that has weathered extraordinary storms. The pandemic exposed fault lines in our healthcare systems, our economic structures, and the fragility of our social safety nets.

Global supply chain disruptions reminded us how vulnerable we remain to forces beyond our borders. Inflation has squeezed the meager income of many Filipino families. Climate disasters have devastated communities that were still rebuilding from the last calamity. And trust — trust in institutions, in leadership, in the promise of a better tomorrow — has never been more tested repeatedly.

I will not gloss over these challenges to offer comfortable words about how progressive we have been or how steadily we are growing. That would be an insult to the families who still struggle to make ends meet, to the young graduates who cannot find dignified work, to the entrepreneurs whose dreams were deferred by circumstances beyond their control. We know that the Philippines needs to rebuild — not merely recover — and we must emerge from these trials not just intact, but stronger, more resilient, and more unified than before.

MAP has always stood for management excellence — but excellence, if it remains only an aspiration, is not enough. Excellence must be lived. Excellence must be acted upon. Excellence must be shared. The result of such excellence must be beneficial to all. I believe that this is precisely the work we are all being called upon to do.

THEME FOR 2026
We captured these ideals and expressed this in our theme for 2026 — Leadership in Action, Lifting the Nation, not as a slogan but as a commitment to embody excellence not in words but in deeds; that leadership is not a title — it is action.

Our country does not need more spectators analyzing its challenges from the sidelines. It needs leaders willing to get into the arena, to work with calloused hands and open hearts, and to build something that outlasts our individual tenures. It asks us to lead not only for profit, but for people; to lift not only our enterprises, but our nation. And while the challenges are real, they are not insurmountable. We identified three core directions that MAP will undertake to move our vision into action.

Strengthening Unity and Collaboration for Collective Impact. No single organization, no matter how talented its members or noble its intentions, can lift a nation alone. Our industries do not exist in isolation. Our strength will be in the harmony of many voices acting together. Leadership in action begins with every stakeholder working together towards common goals. The challenges we face are systemic, interconnected, and require coordinated action across sectors, across institutions, across ideological divides. When we act together, we multiply our strengths, therefore, our first direction is to strengthen unity and broaden cooperation within MAP and beyond its walls.

To do so we will organize committees around clusters that enable cross-sector convergence to address pressing national issues such as sustainability, healthcare, and inclusive growth. The expertise of each sector must become the resource across the organization.

We must likewise find a way to ensure that the innovations developed in Metro Manila will flow to Visayas and Mindanao.

Conversely, the grassroots wisdom of our regional members and partners must inform our national strategies.

This year, we will formalize the Partnerships for Nation Program — a platform to expand collaboration with government agencies, local government units, academic institutions, civil society organizations, and the private sector. These will not be ceremonial signings for photo opportunities but will be working partnerships — with clear deliverables, shared accountability, and measurable outcomes.

Collaboration will also extend beyond our borders. We will intensify our engagement with our ASEAN neighbors to join us, Singapore, and Thailand in management excellence exchanges. ASEAN is not merely a diplomatic construct — it is an economic community of over 660 million people. This year presents a unique opportunity for the Philippines to be at the center of shaping the ASEAN future, not at the periphery just watching others lead. As Filipino leaders, professionals, and entrepreneurs, we have something valuable to contribute to regional conversations on economic integration, digital transformation, sustainability, and governance.

FUTURE-PROOFING
Leadership in action must also be forward-looking. We must embrace the bold paths of innovation that will expand our development potential from mere followers to trailblazers. Thus, we will champion transformative directions in digital adoption, ensuring that technology serves not only business growth, but also social development and the deliberate cultivation of next-generation leadership in this arena.

The world is changing at a pace that would have been unimaginable a generation ago. Artificial intelligence is reshaping industries. Automation is transforming the nature of work. Digital platforms are redefining how commerce, communication, and community function. Those who fail to adapt will be left behind — not gradually, but swiftly and irreversibly. We must encourage and urge investments in platforms that enable us to collaborate, learn, and transact seamlessly.

We will advocate for policies that expand digital infrastructure and digital literacy across the archipelago, ensuring digital access for all to bridge the divide so that opportunity is not limited by geography or income. We will forge partnerships with technology companies, not as passive consumers of their products, but as active shapers of how technology serves Filipino interests.

Technology alone is not the answer, however. It is a tool — and tools are only as good as the hands that wield them. This is why the cultivation of leaders who can ignite the digital technology spark is critical. We must deliberately establish leadership pipelines because these do not build themselves. They require intention, investment, and, most importantly, the humility of current leaders to be the voices of wisdom while making room for emerging voices.

We will institutionalize structured mentorship programs that pair seasoned members with young professionals and create pathways for them to participate meaningfully in governance —not as token observers, but as decision-makers with real influence. The leaders of tomorrow are not some distant generations waiting in the wings. They are here now — in this room, in our industries, in the communities we serve. Our responsibility is not to prepare them for a future that may never come, but to empower them to lead today.

NATIONAL DEVELOPMENT, ASEAN LEADERSHIP
Our third direction is perhaps the most ambitious: to position MAP as a dynamic force in national development and ASEAN leadership. The Philippines assumed the ASEAN chairship for 2026. This is not only a diplomatic milestone; it is a leadership test for us in the private sector. It means shifting from programs that serve only our members to initiatives that serve the nation. It means measuring our success not by the number of seminars we conduct or the size of our membership rolls, but by the tangible difference we make in the lives of Filipinos who may never attend a single one of our gatherings.

We will provide inputs that will help define the business agenda for the ASEAN on trade, sustainability, and digital integration. By strengthening cross-border dialogues, business missions, and partnerships, we can expand our influence and position MAP as a key convenor in the region. This is not only good for our country — it can open new opportunities for our members and strengthen our collective relevance.

We will contribute to policy discussions with research, with data, with the practical wisdom of professionals who understand how policy translates into practice on the ground. We will also elevate our engagement with government — not as lobbyists seeking favors, but as partners offering solutions. And on the regional stage, we will ensure that the Filipino perspective is heard in every forum where ASEAN’s future is being shaped. Our participation in business delegations can help us build networks, and forge alliances that amplify our collective voice. The Philippines will not be a passive participant in regional integration, but co-architect of it.

LEADERSHIP WITH INTEGRITY, GROWTH WITH INCLUSION
Today, we stand at a pivotal moment. Never has the call for bold leadership been louder than in these times when trust is fragile, when divisions run deep and when the world around us is shifting unpredictably; but it is in this moment when our collective leadership will determine not only the trajectory of our industries, but the resilience of our nation.

Leadership in Action, Lifting the Nation is more than a theme — it is a mandate — a call to each of us to act with courage and to lift with purpose. Three values will be mission-critical:

First, integrity. Leadership without integrity is not leadership at all — it is merely the exercise of power. Every decision we make, every partnership we forge, every resource we utilize must be transparent, accountable, and aligned with our mission and directions. It is about upholding ethical standards, good governance, and avoiding shortcuts that compromise our principles, no matter how expedient they may seem.

Second, inclusion. Growth that leaves people behind is not growth worth pursuing. As we expand our programs and extend our reach, we must ensure that the benefits flow to where they matter — not just to the well-connected, the well-resourced, or the well-located. The small business owner in a provincial town deserves the same access to opportunities as the executive in Makati. The young professional just starting out deserves the same voice as the industry veteran.

Third, sustainability. We must initiate and support programs that will survive leadership transitions, and institutions that grow stronger with time. The true measure of our success will not be what we accomplish during our tenure, but what endures long after we have passed the torch to those who come next.

A CALL TO ACTION
Friends, I harbor no illusions that achieving the results we are aiming for will be easy. The directions we are intending to pursue may seem so lofty, perhaps even idealistic. I harbor no illusions that achieving them will be easy. The challenges are immense, the resources are limited, and the obstacles are many; but I have seen what our association and our members are capable of when we move with purpose and unity. The past 20 years of being a member have given me the chance to witness the dedication of members who give their time, talent, and treasure with no expectation of recognition or reward. As the first Next-Gen Committee Chair, I felt the idealism of young leaders who refuse to accept that the way things are is the way they must always be.

And so, I invite you today to join us in pursuing our directions because they matter. Success is not guaranteed, but just making the effort will be worthy. Let us collaborate and work as a team not because we will receive glory, but because those who come after us deserve a nation that is stronger, more just, and more hopeful than the one we inherited.

Leadership in Action, Lifting the Nation is more than a theme — it is a promise that we will not merely observe from the sidelines while others determine our nation’s fate. It is a promise that we will roll up our sleeves, enter the arena, and do the difficult, challenging but truly essential work of rebuilding. It is a promise that when history looks back on this moment, it will see not an association that held meetings and issued statements, but a community of leaders who made a difference.

Let us embrace shared ownership of our country’s next chapter, help rebuild what has weakened, reinforce what still works, and co-create the foundations of a more resilient, more competitive Philippines.

 

Donald L. Lim is the 2026 president of the Management Association of the Philippines. He is also president and COO of DITO CME Holdings Corp.

map@map.org.ph

donaldpatricklim@gmail.com

Accidental ‘crying horse’ toy wins hearts in China

SEVERAL VERSIONS of the “crying horse” toy are available on Lazada. — ALICIA A. HERRERA
SEVERAL VERSIONS of the “crying horse” toy are available on Lazada. — ALICIA A. HERRERA

YIWU, China — At Yiwu International Trade City, China’s largest wholesale market, customers crowd into a small shop searching for an unlikely bestseller ahead of the Lunar New Year.

They are looking for a red plush horse with a downturned mouth, a gold bell around its neck, and eyes that appear to shy away from a viewer’s gaze. The toy has gone viral on Chinese social media ahead of the Spring Festival holiday, which this year marks the Year of the Horse in the Chinese zodiac.

Called the “crying horse” by online users, the toy was designed as a happy-faced Lunar New Year decoration, but a manufacturing mistake turned its smile into a frown.

“A worker sewed the mouth on upside down by accident,” said Zhang Huoqing, owner of the Yiwu-based shop Happy Sister.

Ms. Zhang said she offered a refund after discovering the flaw, but the customer never returned the toy. Not long after, she discovered photos of it circulating online.

“People joked that the crying horse is how you look at work, while the smiling one is how you look after work,” Ms. Zhang said. As demand surged, Ms. Zhang decided to keep making the sad-faced version.

Some young white-collar workers in China say the horse’s dour expression mirrors their long hours and workplace stress.

It also taps into a broader trend for so-called “ugly-cute” toys, popularized in recent years by characters such as Pop Mart’s toothy monster Labubu.

“These days, almost everyone who walks through the door asks for the crying horse,” said Lou Zhenxian, a Yiwu vendor who has sold festive toys for more than 25 years.

By early afternoon, racks of crying horses outside Happy Sister had sold out and employees were rushing to restock the shelves.

“We will keep selling it,” Ms. Zhang said. “This crying horse really fits the reality of modern working people.” — Reuters

GAC International Philippines to launch up to eight new EV models this year

GAC International Philippines

GAC International Philippines plans to introduce up to eight new vehicles this year as it strengthens its direct operations amid rising local demand for electrified vehicles (EVs).

“The Philippines is an increasingly important market for GAC Group in Southeast Asia,” the company said in a statement on Monday.

“In response to growing demand for intelligent mobility, hybrid, and electric vehicle technologies, GAC Group, through GAC International Philippines, is placing greater strategic emphasis on the Philippine market by further strengthening its local presence, enhancing organizational capabilities, improving operational efficiency, and elevating customer service delivery,” it added.

The company said it will introduce a new generation of vehicles, including hybrid and electric models.

“Over the course of 2026, GAC International Philippines plans to launch six to eight new products, progressively expanding its product portfolio in line with market demand,” it said.

“These introductions will further strengthen GAC’s competitiveness and demonstrate the company’s long-term commitment to investing in the Philippine market,” it added.

According to the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA), EV sales reached 58,905 units in 2025, representing a 12% market share.

The company also plans to integrate its GAC MOTOR, AION, and HYPTEC products and operations under a unified GAC brand framework.

“Through the ONE GAC strategy, GAC International Philippines will offer Filipino customers a broader and more diverse product portfolio and advanced technology experience, while empowering local dealers and partners with stronger momentum, clearer direction, and enhanced growth opportunities,” it said.

The company added that all authorized dealerships will continue operating, maintaining warranty coverage, aftersales services, and parts availability.

“Looking ahead, GAC International Philippines will continue to advance under the ONE GAC Strategy, integrating global resources with localized execution to deliver high-quality, future-ready mobility solutions for the Philippine market,” it said. — Justine Irish D. Tabile

BPI starts public offering of two-year social bonds

BW FILE PHOTO

BANK of the Philippine Islands (BPI) on Monday started its public offer of two-year social bonds, from which it looks to raise at least P5 billion.

The bank has priced the BPI Supporting Individuals Grow, Lead, and Achieve Bonds or BPI SIGLA Bonds at 5.405% per annum, gross of applicable tax, to be paid quarterly, it said in a disclosure to the stock exchange.

The public offer period is scheduled to run until Feb. 4, unless adjusted by BPI.

The papers are expected to be issued and listed on the Philippine Dealing & Exchange Corp. on Feb. 13.

The bonds are being offered at a minimum investment amount of P500,000 and in additional increments of P100,000 thereafter.

“The net proceeds of the offer will be used for the financing or refinancing of eligible social projects under BPI’s Sustainable Funding Framework consistent with the ASEAN Social Bond Standards,” the bank said.

The BPI SIGLA Bonds mark the second drawdown from the bank’s P200-billion bond and commercial paper program approved in October 2024.

BPI Capital Corp. and ING Bank N.V., Manila Branch are the joint lead arrangers and selling agents for the offer.

BPI last tapped the domestic market in May last year, raising P40 billion from its offering of 1.5-year Supporting Inclusion, Nature, and Growth or SINAG Bonds. This was well above the initial P5-billion plan and marked the bank’s largest peso bond issuance to date.

The issue was priced at an interest rate of 5.85% per annum payable quarterly.

BPI’s attributable net income inched up by 0.6% to P17.526 billion in the third quarter of 2025. This brought its nine-month profit to P50.48 billion, up by 5.21% year on year.

Its shares rose by P1 or 0.86% to end at P117 each on Monday. — Aaron Michael C. Sy

Asia’s pivot to political satire is no laughing matter

A YOUTUBE screenshot of Michael V. as Ciala Dismaya in the Sept. 14, 2025 episode of Bubble Gang.

By Karishma Vaswani

POLITICS in Asia is getting funnier, but the punchlines are falling flat.

From Indonesia to India, young people grappling with economic uncertainty and shrinking trust in institutions are turning to satire to express their discontent. This disillusionment is taking place across the world, but in Asia the consequences for joking about power are often far more severe, ranging from intimidation and censorship, to defamation cases and, in some instances, prison.

Satire has become a barometer of a deeper dysfunction in governance as traditional channels to hold elected officials accountable are breaking down. This risks normalizing political failure rather than finding avenues to correct it.

Indonesia offers a recent example of how political humor is being used to expose inequality in Southeast Asia’s largest economy. Bobby Saputra, an influencer with over 2.5 million followers on TikTok and Instagram, and millions of views on YouTube, pokes fun at nepotism and corruption in a country that is facing a weaker currency, slower growth, and concerns over governance. His hilarious fictional billionaire character obliviously flaunts inherited wealth and entitlement, sore points for many citizens who are frustrated with a widening gap between rich and poor.

The persona Bobby takes on in his videos is deliberately absurd and larger-than-life, but the comments on his videos and his region-wide popularity reflect a sense of disenchantment with the status quo. Southeast Asian youth are highly concerned about corruption and economic insecurity, according to a recent survey by the Singapore-based ISEAS–Yusof Ishak Institute. But many are also skeptical that governments will address these issues — one reason for the surge of Gen-Z anger that spilled onto the streets in Indonesia and the Philippines last year.

When governance disappoints, the use of satire spreads, according to various research on political humor across Asia. It offers both those who make the jokes and those who laugh at them a way to question power without confronting it head-on.

Satire long predates modern politics. From ancient Greece, where playwright Aristophanes lampooned leaders through sharp caricatures, to Jonathan Swift, whose Gulliver’s Travels skewered British power, to Cold War-era American films like Dr. Strangelove,  and more recent cultural touchstones like Monty Python and South Park, it has consistently served as a tool to question authority.

Having a finger on the pulse of society is key. In the Philippines, recent corruption cases involving the mismanagement of government funds earmarked for flooding have offered satirists ample content. One of the best-known entertainers, Michael V., used the news cycle to poke fun at high-profile individuals involved in the controversies. He told local media that it was a way to raise awareness of what’s happening in the country.

From comedians like Willie Nepomuceno and Nanette Inventor, to satirical news shows that flourished after the 1986 People Power Revolution, the Philippines has a rich tradition of political humor. At one point, being mocked was accepted as part of democratic life, but tolerance has narrowed. The 2012 Cybercrime Prevention Act imposed harsh penalties for online libel, making comedians vulnerable to legal pressure from politicians. Punishment can include heavy fines and prison sentences, even though subsequent rulings have aimed to blunt the law’s effects.

Biting satirical cartoons were a feature of the vibrant press culture in Hong Kong for decades, but that space has steadily shrunk since Beijing imposed the National Security Law in 2020. Three years later, Ming Pao, a leading Chinese-language newspaper, stopped publishing the work of veteran cartoonist Wong Kei-kwan — better known as Zunzi — after authorities complained.

In China, satirists routinely rely on puns, homophones, and emojis to evade the scrutiny of officials. Even seemingly harmless jokes are treated as defiance against the regime, leading to even more creative ways of expressing discontent. Political humor in India is also under pressure. Comedians such as Kunal Kamra, Vir Das, and others have faced police complaints, venue cancellations, suspended performances, and online harassment over jokes aimed at leaders and institutions.

Humor can’t save a democracy, but it is part of a healthy one. One reason to remain hopeful about the American political system is the fact that late night shows such as Saturday Night Live and The Daily Show continue to exist and draw huge audiences. Jimmy Kimmel returned to the air last September after his show was pulled following comments he made about the assassination of conservative activist Charlie Kirk.

The current political atmosphere might not be conducive to rebuilding a system where criticism can be voiced openly without fear of censorship or punishment. That doesn’t mean we shouldn’t aim for it anyway.

Demands must continue for a judiciary that protects voters’ rights and a media able to report freely. A sense of humor among the region’s politicians would be a bonus.

Until then, jokes will remain a substitute for government accountability. And that is no laughing matter.

BLOOMBERG OPINION

BTS fans scramble for tickets as K-pop stars launch first tour since military service

WIKIMEDIA COMMONS

SEOUL — Chart-topping K-pop boy band BTS is set to embark on a global concert tour in April, marking its first new album release in more than three years, and fans have rushed to secure tickets for the tour’s opening shows.

The band had been on hiatus since 2022 while each of its seven members undertook South Korea’s mandatory military service.

“I flew all the way to Korea just to get the tickets so it was all worth it,” said 34-year-old Joanna Marie in an internet café in Seoul. “I’ve been waiting for them… a very long time, now that we’re seeing them again, it’s like a big dream.”

Earlier this month, BTS announced it will release a new album, Arirang in March, sparking intense anticipation among fans worldwide, known collectively as “Army.”

The accompanying world tour launches in Goyang, South Korea on April 9 and will span 79 shows across Asia, the US, and Europe through July, the group’s agency has said.

Fans vying for seats at the first three concerts in Goyang Stadium braced for ticket sales to go live at 8 p.m. Seoul time (1100 GMT) on Thursday. Some even flew into Seoul to take advantage of its high-speed internet connection for the ticketing war.

“I think we all waited really long and now that it’s happening, let’s hope we all are satisfied,” said 20-year-old Valentina Le Pera in the café.

“They really are doing a lot of (tour) dates so I think they know what the fans are expecting.”

The band’s most recent album, Proof, released in 2022, debuted at number one in 18 countries and has amassed about 16.7 billion streams, according to industry data. — Reuters

Ford PHL to unveil first mobile showroom in Bataan

Ford Philippines’ mobile showroom in Balanga City, Bataan.

FORD PHILIPPINES is set to introduce its first-ever mobile showroom in Balanga City, Bataan.

“The showroom on-the-go is part of Ford’s commitment to deepening customer engagement by meeting customers where they are and giving them access to a Ford showroom experience,” the company said on Monday.

“It is designed to make it easier for customers in high-traffic and high-growth areas — especially those without a nearby Ford dealership — to explore the latest Ford vehicles, speak with product experts, take a test drive, and avail of exclusive offers,” it added.

The mobile showroom’s first stop will run from Jan. 26 to Feb. 2, in partnership with Ford Subic.

“This mobile showroom is the first-ever activation of its kind for Ford Philippines — an innovative step forward in how we create curated customer experiences in high-growth urban areas,” said Mark Parulan, marketing director at Ford Philippines.

He said the initiative aims to make it more “convenient for customers to discover our vehicles, engage with our team, and feel confident about choosing Ford.”

The showroom, which weighs over 2.5 tons, will be pulled by a Ford Ranger from one location to another.

Customers who reserve Ford vehicles through the mobile showroom will be eligible for P1,000 worth of gift certificates, a P10,000 cash discount, and a full tank of gas, among other perks.

Ford Philippines plans to bring the mobile showroom to additional areas this year, with stops scheduled in Cabanatuan and Dagupan next month.

Last year, Ford Motor Co. Phils., Inc. ranked among the country’s top-selling car manufacturers, accounting for 21,784 units sold. — Justine Irish D. Tabile

PNB targets strong profit growth amid consumer push

BW FILE PHOTO

PHILIPPINE NATIONAL Bank (PNB) targets to sustain its strong profit growth this year as it continues to expand its core businesses, backed by its investments in technology and strong capital position.

The bank is looking to ramp up its consumer business as its modernized core banking system and risk buffers give it ample room for further growth, PNB President and Chief Executive Officer Edwin R. Bautista told reporters on the sidelines of a central bank event on Friday.

“Number one, if you look at our capital adequacy ratio, we’re pushing 20%. We’re overcapitalized. That means that we don’t have capital constraints. We can be more aggressive,” he said.

“Last year, we fixed our core banking [system]. We modernized. So, normally, if you attack the consumer business, that’s one of your fears. Will my system break? Since it’s modern, it gives us confidence that we can push it.”

PNB’s attributable net income rose by 25.88% year on year to P5.96 billion in the third quarter of 2025 amid higher revenues. This brought its nine-month profit to P18.42 billion, up by 23.18% from the same period in 2024.

Meanwhile, its capital adequacy ratio was at 20.79% as of end-September 2025.

Revenues are also expected to expand at the same double-digit pace amid widening margins and improving asset quality, Mr. Bautista added.

They also expect to post a better cost-to-income ratio as the bank has already completed the upgrade of its core banking system, which made up bulk of its capital expenditures, he said.

Meanwhile, PNB is also looking to bring down its branch count to 600 from the current 635 as it continues to streamline its network, Mr. Bautista said, adding that this number could drop to 500 in the near term.

“We might get there eventually at this rate. The BSP (Bangko Sentral ng Pilipinas) just announced the rate of digitization in the Philippines is faster than their original forecast. People are shifting to digital much faster,” he said.

“We fixed the core bank. The next thing there is we can now use AI (artificial intelligence) and automation to drive the streamlining of our processes. The natural consequence would be streamlining.”

Mr. Bautista said they target to become one of the country’s three biggest banks in terms of assets, capital, and net income in the coming years.

“We are realistic. But we can get to top three. PNB was number one before. So, we’ve been there. You want to retain the glory of old. But we’re not in a hurry,” he said.

PNB was the eighth-biggest bank in asset terms at end-September 2025 with P1.24 trillion, central bank data showed. All private banks in the top three have assets above P3 trillion.

Shares in PNB declined by 25 centavos or 0.41% to close at P61.10 apiece on Monday. — A.M.C. Sy

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