Century Properties names Jose Carlo Antonio as new CFO

May 6, 2025 | 12:02 am

LISTED property developer Century Properties Group, Inc. (CPG) has appointed Jose Carlo R. Antonio as its new chief financial officer (CFO), effective May 31.

Mr. Antonio will succeed Ponciano S. Carreon, Jr., who will retire on the same date, CPG said in a regulatory filing on Monday.

Mr. Carreon has served as CPG’s CFO since August 2018.

Mr. Antonio, who is also the company’s managing director, is the son of CPG Executive Chairman Jose E.B. Antonio and the brother of CPG President and Chief Executive Officer Jose Marco R. Antonio.

Before joining CPG in 2007, Mr. Antonio worked in the investment banking divisions of Citigroup and Goldman Sachs.

He graduated magna cum laude with a bachelor’s degree in Economics, major in Finance, from the University of Pennsylvania’s Wharton School in 2005.

For 2024, CPG grew its net income by 31% to P2.44 billion, as revenue rose by 15% to P14.64 billion, driven by its premium residential and affordable housing segments.

CPG shares increased by 1.52% or one centavo to 67 centavos apiece on Monday. — Revin Mikhael D. Ochave

Thunderbolts* kicks off moviegoing summer with $162 million worldwide

May 6, 2025 | 12:02 am

LOS ANGELES — Marvel movie Thunderbolts* brought in $162 million at theaters around the world over the weekend, providing a solid start to the summer movie season that is key to Hollywood’s year at the box office.

Thunderbolts*, the story of a ragtag group of heroes who unite to fight a supervillain, earned $76 million of its total in the United States and Canada, distributor Walt Disney said on Sunday.

The returns were in line with pre-weekend forecasts, though below the $88.8 million domestic opening of Marvel’s Captain America: Brave New World in February.

“This is about what we’ve come to expect from Marvel movies in the recent marketplace,” said Jeff Bock, senior box office analyst at Exhibitor Relations Co. It was a decent start, he said, for a movie with lesser-known characters that have played sidekicks in other Marvel stories.

Starring Florence Pugh and Sebastian Stan, Thunderbolts* sets the stage for Marvel’s July release Fantastic Four and next summer’s Avengers: Doomsday. “This is a prelude to something much bigger,” Mr. Bock said.

Thunderbolts* had a slow opening of $10.4 million in China, where it was the first test of Chinese appetites for Hollywood films since authorities pledged to limit movie imports as part of a trade war with the Trump administration.

The figures from the rest of the world were positive, Mr. Bock said, considering Thunderbolts* doubled last year’s dismal start to summer with The Fall Guy.

Hollywood brings in about 40% of the year’s box office receipts during the summer season, which the industry measures from the first weekend in May through Labor Day in September. Theaters are still trying to climb back to pre-pandemic ticket sales levels.

Through Sunday, year-to-date ticket sales in the United States and Canada were running 15% above 2024 but 31.8% below 2019. The summer of 2019 benefited from Avengers: Endgame, which had a record opening of $357.1 million at domestic theaters.

Thunderbolts* had the strongest reviews for a Marvel Cinematic Universe film since 2021’s hit Spider-Man: No Way Home, said Andrew Cripps, head of global theatrical distribution at Disney. On the Rotten Tomatoes website, 88% of critics and 94% of moviegoers gave it positive marks.

“I think word of mouth will be really strong and people will continue to discover it,” Mr. Cripps said of Thunderbolts*.

Also this weekend, spring smash Sinners finished the weekend in second place on domestic charts behind Thunderbolts*, collecting $33 million and bringing its total to $179.7 million. Family film A Minecraft Movie landed third with $13.7 million. Its domestic total reached $398.2 million.

The coming summer slate is filled with sequels including Jurassic World Rebirth and Mission: Impossible – The Final Reckoning, plus a new Superman movie. — Reuters

BSP eyes tighter rules on transaction fees for consumers, merchants

May 6, 2025 | 12:02 am

THE BANGKO SENTRAL ng Pilipinas (BSP) is looking to tighten its rules on the pricing mechanisms for transaction fees charged by financial institutions and firms that process payments for merchants.

The proposed changes include requiring financial institutions to get regulatory approval before hiking or introducing transaction fees or charges for transfers, among others.

A draft circular posted on the BSP website seeks to amend sections of the Manual of Regulations for Payment Systems, Manual of Regulations for Banks, and Manual of Regulations for Non-Bank Financial Institutions on the establishment of a pricing mechanism for personal and qualifying merchant payment transactions.

The rules also cover the conduct of merchant due diligence by operators of payment systems with merchant acquisition licenses (OPS-MALs).

Under the proposed changes to rules applicable to transactions performed under the National Retail Payment System (NRPS) framework, the regulator will now require BSP-supervised financial institutions’ (BSFI) consumer pricing mechanism to be supported by an analysis of the costs they incur in delivering electronic payment products and services, which will be validated by the central bank.

This analysis must include costs related to payment handling, such as authorization, return, or cancellation costs; payments-specific infrastructure and maintenance expenses, including those for IT, clearing, switch, and settlement; security or fraud prevention costs; and costs for supporting activities like marketing, advertising and customer support.

The BSP added that BSFIs’ consumer pricing mechanism “shall not unduly favor one end-user relative to others, such as when the fees of a product or service are used to fund the cost of delivering another product or service.” It cited as an example the fees charged for off-us or interbank transactions to fund costs of on-us or intrabank transfers.

“In this regard, fees charged for off-us transactions should not materially differ from the fees charged for on-us transactions and any switch cost directly attributed to enable off-us transfers,” the central bank said.

Switch cost refers to charges imposed by the clearing switch operator to process transactions.

The BSP is also looking to require BSFIs to obtain its approval for any increase in existing fees or prior to the introduction of new charges imposed on electronic payment transactions.

“No approval is required for a downward revision unless the proposed revision will result in a reduction in benefits and/or features of the electronic payment product or service,” it added.

For person-to-person electronic fund transfers, the recipient will not pay for electronic crediting and shall receive the amount in full.

Meanwhile, for the pricing mechanism for merchant payment transactions, the BSP said OPS-MAL may charge fees from merchants availing of their payment acceptance activities, provided that fees on electronic fund transfers to qualifying merchants shall range from zero up to the actual switch cost.

“The pricing mechanisms for non-qualifying merchant accounts and other payment modes shall be reasonable, transparent, market-based, and proportional to the cost of the services offered in order to sustain the business operations of the parties involved. Such pricing mechanism must also be supported by an analysis of costs incurred with respect to the OPS-MAL’s merchant payment acceptance activities,” it added.

MERCHANT MANAGEMENT
The proposed circular also tightens the rules on OPS-MALs’ management of merchants, including monitoring for money laundering risks.

For the conduct of due diligence, the BSP said they must maintain a risk-based merchant identification system. For qualifying merchants, identification and verification shall follow simplified Know-Your-Customer (KYC) for low-risk customers.

“Additional due diligence shall be performed for qualifying merchants that no longer meet the criteria for classification, as required under existing regulations,” the central bank said. “Upon onboarding, an OPS-MAL shall also perform sanctions screening of the merchant, authorized signatories and beneficial owners, as may be applicable, pursuant to regulations on Targeted Financial Sanctions.”

An OPS-MAL must also conduct periodic risk-based monitoring of its merchants, the BSP said, including sanctions screening of the merchant and its authorized signatories and beneficial owners and detecting red flag indicators in both their relationship with their merchant and their transactions.

If approved, BSFIs will be given a one-year transitory period to comply with the circular, the central bank said.

“BSFIs shall submit to the Bangko Sentral a letter request indicating their proposed fees for electronic fund transfer transactions as well as the costs currently incurred in delivering this product or service. Costs declared should be clear and adequately supported, such that when deemed necessary, the same may be validated by the BSP onsite,” it added.

The central bank will accept comments on the proposed circular until May 26. — B.V. Roc

Metro Manila office vacancy seen below 20% by yearend

May 6, 2025 | 12:02 am

Office-space-employees — LYCS ARCHITECTURE-UNSPLASH

By Beatriz Marie D. Cruz, Reporter

OFFICE VACANCY in Metro Manila is expected to fall below 20% by the end of this year, as most Philippine offshore gaming operator (POGO) occupiers have left the market, with vacancies offset by demand from the information technology and business process management (IT-BPM), healthcare, and banking industries, according to real estate services and investment firm CBRE.

“I think we’re going to definitely go below 20% by the end of the year, as we will see less vacated spaces from the POGO sector,” CBRE Philippines Country Head Jie C. Espinosa told BusinessWorld on the sidelines of the CBRE Philippines Start of the Year 2025 Market Monitor, a forum held last week.

“The main reason why vacancy had increased in the past two quarters is primarily because of the POGO ban, but now that we’ve seen the bulk of it, I think that the situation will be better, provided that the demand figures will be sustained as well.”

Office vacancy in Metro Manila rose to 20.1% in the first quarter from 19.9% in the third and fourth quarters of 2024, after President Ferdinand R. Marcos, Jr. banned POGOs in August last year.

Demand from the IT-BPM, healthcare, and banking, financial services, and insurance sectors helped absorb the vacancies left by POGO move-outs, Mr. Espinosa said.

The Metro Manila office market saw a 7% year-on-year decline in demand to 161,500 square meters (sq.m.) amid the absence of POGOs, CBRE said.

Office vacancy in Metro Manila climbed to a record-high 966,700 sq.m. from January to March — the highest in three years, or since the 960,140 sq.m. recorded in the first quarter of 2022. This also accounted for 53% of the available supply in the market.

POGOs accounted for 42% of move-outs in the first quarter, followed by the IT-BPM sector (35%) and traditional offices (23%).

By submarket, the highest number of vacated spaces was recorded in Makati at 226,600 sq.m., followed by the Bay Area at 210,000 sq.m., and Quezon City at 204,700 sq.m.

As of the first quarter, Metro Manila had a total office supply of 1.81 million sq.m., with 822,700 sq.m. in unleased space and 24,600 sq.m. in new supply.

For Metro Manila, CBRE expects about 389,600 sq.m. of new office supply in 2025, 332,900 sq.m. in 2026, 168,400 sq.m. in 2027, 188,500 sq.m. in 2028, and 211,000 sq.m. in 2029.

Meanwhile, the industrial and logistics sector recorded lackluster demand at 54,130 sq.m., plunging by 53.34% from the 116,000 sq.m. posted in the fourth quarter of 2024. It also fell by 45.32% from the 99,000 sq.m. in the same period last year.

This mainly covers the industrial and logistics hubs of Cavite, Laguna, and Batangas (CALABA), CBRE said.

The overall vacancy rate for the CALABA industrial submarkets rose to 9.6% in the first quarter from 9.2% in the fourth quarter last year, Zoilo L. Paras, senior manager for capital markets and investments at CBRE, said.

“We already noted some large manufacturing clients of ours that paused or deferred their requirement, primarily because they were waiting for what’s going to happen after [US President Donald J.] Trump takes office,” Mr. Paras said after the briefing.

As of end-March, the CALABA industrial market had 619,510 sq.m. of total available warehouse space. Of this, 270,575 sq.m. are in Laguna, 188,470 sq.m. in Batangas, and 160,466 sq.m. in Cavite.

In the coming months, the industrial and logistics sector may benefit from the Philippines’ relatively lower US tariff rate of 17%, the second lowest among the Association of Southeast Asian Nations countries.

Mr. Trump in April announced a 90-day pause on reciprocal tariffs with the United States’ trading partners but retained a 10% levy on most US imports.

“The Philippines is poised to benefit from all the regional shifts happening in the manufacturing sector across the region brought about by the reciprocal tariffs,” Mr. Paras said. “However, our limited and aging inventory could cause us to miss out on this opportunity.”

For instance, a typical manufacturing facility relocating from China would require 15,000 to 30,000 sq.m. of space. However, many of the country’s available spaces range from 3,000 to 5,000 sq.m. and are mostly over 10 years old, Mr. Paras noted.

To attract foreign investors, industrial and logistics developers must also incorporate modern and sustainability features in their facilities, he added.

About 79,669 sq.m. of upcoming industrial space is expected this year, CBRE said, with most of the supply coming from Laguna at 65,994 sq.m., followed by Cavite (7,486 sq.m.) and Batangas (6,189 sq.m.).

WTO: How the Philippines’ commercial services trade compares with its peers in the region

May 6, 2025 | 12:02 am

The Philippines’ commercial services export value amounted to $52 billion in 2024, accounting for 0.7% of the world total, based on the latest edition of the Global Trade Outlook and Statistics by the World Trade Organization (WTO). This placed the country 22nd among 30 leading countries and territories. Meanwhile, the country’s imports of such services reached $37 billion, representing 0.6% global share. It ranked 25th among 30 leading countries and territories.

Spain’s blackout and lessons for the Philippines

May 6, 2025 | 12:02 am

The big blackout that hit Spain, Portugal, and parts of southern France on April 28 starting 12:35 p.m. was a big blackeye to pushers of more intermittent renewables in the electrical grid.

According to energy analyst Javier Blas’ data, at 12:30 p.m. of April 28, Spain’s generation mix was: solar (photovoltaic and thermal) 65.8%, wind 12%, nuclear 11.6%, cogeneration and waste 4.7%, and gas combined cycle 3.4%, likely working as an ancillary service. Coal is zero because the socialist government of Spain shut down the last coal plant in 2024. So intermittent solar-wind was providing nearly 78% of the power just five minutes before the blackout. Even with batteries, these technologies do not have the inertia needed to keep the electricity flowing, unlike turbines powered by thermal fossil fuels and nuclear at significant levels.

Many Europeans are engrossed with solar power, even if their capacity factor — or the percentage of actual generation compared to stated and installed capacity — is very low, usually between 8% to 17% only. Meaning if they put up a 1,000-megawatt (MW) solar plant, it can generate only 80 to 170 MW on average (with zero output at night, and low output at daytime when it is cloudy, raining, or snowing).

I computed the implied capacity factor (ICF) of solar using a simple formula, ICF % = MWH/(installed capacity in MW x 24 hours/day x 365 days/year x 100). In 2023, solar-enthralled Germany and Spain had an ICF of only 8.5% and 17.2%, respectively. Globally the average ICF is only 13% (see Table 1).

In 2023, wind-mesmerized Germany, Spain, and the UK had wind/total generation shares of 27.7%, 22.8%, and 28.7%, respectively. France, the most nuclear-intensive country in the world (providing up to 80% of its total power few years ago) is the largest electricity exporter in Europe. The UK has an outlier situation: as it adds more wind and solar, its total power generation declines.

In contrast, Asian nations like China and Vietnam that use lots of coal power have consistently rising total power generation (see Table 2).

The numbers for the UK are released quarterly, so to make it consistent, I got the average per month for the highest and lowest quarterly data.

LESSONS FOR THE PHILIPPINES
I saw a LinkedIn post by Meralco Power Gen (MGEN) President and CEO Emmanuel V. Rubio. I agree with what he wrote that “The Philippines cannot afford situations where power is unavailable. That’s why we must continue investing on a well-designed portfolio of new power plants to meet current demand with the right amount of reserves. We should also modernize and strengthen our energy transmission and distribution infrastructures to cope with the variability of current renewable energy technologies. On top of these are regulations, programs, and policies to encourage investments in energy infrastructure. The most expensive electricity is no electricity at all.”

Talking about transmission infrastructure, I saw an infographic from the National Grid Corp. of the Philippines (NGCP) showing that in 2025, they have available and excess transmission capacity of 3,330 MW in Luzon, 2,372 MW in the Visayas, and 1,120 MW in Mindanao, for a total of 10,260 MW nationwide. So, they are inviting power generators to connect to their facilities. This is the good news.

The bad news is that many proposed and incoming generation capacities are situated far away from the existing transmission infrastructure.

To help avoid a humiliating nationwide blackout like that of Spain and Portugal, is to use hydro pumped storage technology as an ancillary service in the grid. When I was in China last month, among the things I saw aside from many road and rail tunnels under many hills and mountains — was the Fengning pumped hydro storage plant in Hebei province, owned by the State Grid Corp. of China (SGCC).

It is the biggest pumped storage plant in the world at 3,600 MW (300 MW x 12 units). It was finished only last year. It uses beautiful physics and engineering theory, pumping the water down to the turbines when they need extra electricity, then pumping the water up for storage and later use.

Water from rivers is stored thrice — first in the Upper Reservoir, with a capacity of 45 million cubic meters (mcm); then the Lower Reservoir, with a capacity of 72 mcm; and finally in another reservoir with nearly 14 mcm. So, the three reservoirs have a total capacity of 131 mcm, each with a dam crest elevation of 1,066 to 1,510 meters, and they can generate 3,600 MW of electricity.

Our Angat Dam has around a capacity of 850 mcm and a hydroelectric capacity of only 246 MW. Angat is used mainly for potable water in Metro Manila and surrounding provinces. But there is no conflict between hydroelectricity use and potable water use because the water from hydro plants goes back to the river after moving the turbines, for potable and irrigation water use.

One possibility is for the Maharlika Investment Corp. (MIC) to partner with generation companies with existing expertise in hydro power plants, like Aboitiz Power and San Miguel Global Power, to put up pumped hydro storage plants of several hundred MW capacity upstream of Angat. The transmission capex will not be big because there is an existing transmission line in the hydro plant. Right of way troubles can be minimized because MIC has political muscle, being a government corporation, and it has recently invested in the NGCP via board seats at the Synergy Grid and Development Philippines (SGP).

Blackouts are ugly, uncomfortable, costly, and so Third World. Even frequent one-minute blackouts can damage appliances and bulbs. Abundant electricity supply, energy security — we should have them always.

Bienvenido S. Oplas, Jr. is the president of Bienvenido S. Oplas, Jr. Research Consultancy Services, and Minimal Government Thinkers. He is an international fellow of the Tholos Foundation.

minimalgovernment@gmail.com

Concreat hopes turnaround within 3 years

May 6, 2025 | 12:01 am

Solid Cement_Rizal — Solid Cement Corp. Plant in Antipolo, Rizal

CONCREAT Holdings Philippines, Inc. (CHP), the cement producer led by the Consunji group and formerly known as Cemex Holdings Philippines, Inc., is banking on recovering demand and opportunities arising from the national housing backlog to drive a turnaround within the next three years.

“Our team in CHP is committed to find solutions to turn the company around in three years’ time,” CHP President and Chief Executive Officer Herbert M. Consunji said during the company’s virtual annual stockholders’ meeting on Monday.

Mr. Consunji said the company is cautiously optimistic about its prospects as it identifies opportunities. For 2024, CHP widened its net loss to P23.4 billion, as revenue declined by 7% to P16 billion due to weak demand.

“We believe demand will recover over the medium term. Infrastructure continues to be a government priority, backed by spending commitments of at least 5% of gross domestic product,” he said.

“Cement consumption per capita in the Philippines remains well below regional benchmarks, suggesting strong room for growth. And the projected housing backlog, expected to reach 10 million units by 2028, presents significant upside for the industry,” he added.

However, Mr. Consunji said near-term challenges could constrain the company’s recovery.

“The cement business is highly competitive, and global challenges from trade tensions to recession risks and geopolitical uncertainty can weigh down costs, pricing, and demand,” he said.

“Turning around a company takes time, discipline, and consistency. But we are confident that the steps we are taking today are steering CHP toward strength, efficiency, and long-term competitiveness,” he added.

Consunji-led firms DMCI Holdings, Inc., Dacon Corp., and Semirara Mining and Power Corp. acquired a majority stake in CHP in December last year under a $272-million deal.

“The road ahead will not be easy, but I have full confidence in our people’s ability to bring CHP back to financial strength and market relevance,” CHP Chairman Isidro A. Consunji said during the meeting.

Last week, CHP announced the launch of a new production line at its Solid Cement Plant in Antipolo City, raising its total annual plant capacity to 7.2 million metric tons, up 26% from 5.7 million metric tons.

CHP is a 51%-owned subsidiary of DMCI Holdings. It produces cement under the brands APO, Rizal, and Island, including ordinary portland cement. The company’s subsidiaries include APO Cement Corp. and Solid Cement Corp.

On Monday, CHP shares rose by 2.29% or three centavos to P1.34 each. — Revin Mikhael D. Ochave

Entertainment News (05/06/25)

May 6, 2025 | 12:01 am

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CreaZion Studios releases Kabisera supercut

THE 2016 Metro Manila Film Festival entry Kabisera is now available for free on YouTube, as a tribute to two beloved actors in Philippine cinema who have recently passed away: the late National Artist Nora Aunor and the late television director and actor Ricky Davao. This edition of Kabisera, released by CreaZion Studios, aims to revisit the acclaimed sociopolitical drama and celebrate both actors’ legacies. It follows a family grappling with the harsh realities of extrajudicial killings and political abuse. It is available to stream via YouTube.

Paolo Sandejas, Clara Benin collab on folk-pop track

FILIPINO singer-songwriter Paolo Sandejas has tapped indie-folk favorite Clara Benin for a new version of his song “Roses.” Fresh from his recently released debut album, the world is so small, the track reimagines the original tune, after the two artists met over Zoom and exchanged ideas and recordings. Produced by longtime collaborator Xergio Ramos, Ms. Benin’s contributions to Mr. Sandejas’ song went beyond her voice; she also honed the harmonies and vocal arrangements. “Roses” is now out on all music streaming platforms.

Last Mission: Impossible out this May

PARAMOUNT Pictures and Skydance are presenting the final installment of Tom Cruise’s Mission: Impossible series. Mission: Impossible – The Final Reckoning takes the cast and crew to the Arctic, where Mr. Cruise reprises the role of Ethan Hunt. Christopher McQuarrie is the film’s director. The film also stars Hayley Atwell, Ving Rhames, Simon Pegg, Esai Morales, Pom Klementieff, Henry Czerny, Holt McCallany, Janet McTeer, Nick Offerman, Hannah Waddingham, Tramell Tillman and Angela Bassett. It will be out in all cinemas on May 17.

Singer Zsa Zsa Padilla marks 4 decades with concert

ON MAY 17, Zsa Zsa Padilla will be taking the stage at the Samsung Performing Arts Theater in Makati City for her 42^nd anniversary concert, Through the Years. The concert aims to be “a grand celebration of her journey, spanning four decades of music, love, and life.” She will share the stage with iconic collaborators, including Gary Valenciano and Erik Santos; plus her children Zia Quizon and Karylle. The concert will be under the creative direction of director Rowell Santiago, with Homer Flores as musical director. Tickets are available via TicketWorld.

Everything About My Wife goes to Hong Kong, Macau, UAE

THE romantic-comedy film Everything About My Wife, produced by CreaZion Studios, GMA Pictures, and Glimmer Studios, is set to premiere internationally this May. It show in cinemas in Hong Kong and Macau on May 8, and in the United Arab Emirates on May 23. Directed by Real Florido and written by Rona Co, the film stars Jennylyn Mercado and Dennis Trillo as a married couple who find themselves at a crossroads seven years in, with Sam Milby playing a potential third party in their relationship.

Dylan biopic A Complete Unknown on Disney+

THE Oscar-nominated biopic on American folk musician Bob Dylan, A Complete Unknown, will be arriving on the Disney+ streaming platform on May 21. Directed by James Mangold, the film invites Bob Dylan fans to revisit their favorite songs and younger audience members to get to know the 1960s icon through his rapid ascent in folk music. It stars Timothée Chalamet as Dylan, with Edward Norton, Elle Fanning, and Monica Barbaro in the supporting cast.

Netflix hosts live event Netflix Tudum 2025

TO CELEBRATE the global fandoms of Netflix’s popular series and movies, the streaming service will be holding a live event titled “Netflix Tudum 2025.” The high-energy show will be streamed on the platform on May 31 at 8 a.m. (Philippine time), live from the Kia Forum in Los Angeles. The show will be packed with stars, exclusive reveals, and live performances aimed at fans around the world. The show can be streamed from this link: www.netflix.com/TUDUM.

Season 3 of The Summer I Turned Pretty out in July

THE 3^rd season of Prime Video’s global hit series, The Summer I Turned Pretty, will premiere in July, as announced by the platform in a short teaser. It revealed that the coming-of-age drama will launch on July 16, featuring 11 episodes, exclusively on Prime Video. Led by showrunners Jenny Han and Sarah Kucserka, the new season will continue to follow Lola Tung as Belly as she navigates first love and growing up, and is caught in a love triangle between two brothers.

Ed Sheeran announces new album, releases song

THE new album by Irish singer-songwriter Ed Sheeran, titled Play, is slated to be released on Sept. 12. In the meantime, he has come out with a song, “Old Phone,” from the album. The album aims to “explore new musical ground through collaboration with producers and musicians from around the world.” His most recent song, “Azizam,” revealed how Mr. Sheeran was inspired by his exposure to the Persian musical culture. “Old Phone” narrates the disorienting act of reconnecting with the past. It is out now on all digital music streaming platforms.

Wednesday S2 to drop in 2 parts in August, September

JENNA ORTEGA will reprise her iconic role as Wednesday Addams in the forthcoming second season of Wednesday. The fan-favorite Netflix show will be a two-parter, with part one launching on Aug. 6 and the second part coming on Sept. 3. The show will continue to follow the titular character’s adventures at Nevermore Academy, where more supernatural mysteries await. Creator/showrunners Alfred Gough and Miles Millar will be back, alongside executive producer and director Tim Burton.

Incubus reveals new album title

AMERICAN rock band Incubus has unveiled the title of their upcoming album: Something in the Water. The record will be out later this year on Virgin Music. It is their ninth studio album, and the first one since 2017. Lead singer Brandon Boyd called it “a really great record” that all the band members are proud of. The album also marks their first with new bassist Nicole Row.

GCash, Cebuana Lhuillier Bank launch savings account via GSave

May 6, 2025 | 12:01 am

ELECTRONIC WALLET GCash has partnered with rural lender Cebuana Lhuillier Bank to launch an in-app savings account that offers high interest rates.

Under the partnership, GCash users can open an eC-Savings by Cebuana Lhuillier Bank account through its app’s GSave feature.

“GCash and Cebuana are driven by the same mission of making financial services accessible to Filipinos nationwide, especially the underserved communities. Through this collaboration, we hope to empower Filipinos to cultivate their financial well-being by transforming saving from being a burden to being an actionable step,” GCash Group Head of New Businesses Winsley Royce Bangit said in a statement on Monday.

“Filipinos’ hardworking spirit deserves to be matched by financial services that work just as hard as they do, actively supporting their financial goals. By building upon the trust of millions of Filipinos in GCash and Cebuana, we hope to empower their aspirations for a secure future by making saving truly accessible and rewarding for all,” Mr. Bangit added.

The account offers a savings rate of 3.5% per annum regardless of deposit amount. GCash users who will open an account will get a P100 cashback on their initial deposit.

Users can deposit as low as P1 directly from their GCash wallets as the eC-Savings account does not have a maintaining balance requirement.

Accountholders will also get up to P33,000 in free accident insurance coverage, GCash said.

“While most hardworking Filipinos understand the value of having insurance, cost still prevents them from prioritizing it. We introduced this benefit so they no longer have to face a trade-off between building their savings and having peace of mind during their daily hustle,” Mr. Bangit said.

GCash users can open an eC-Savings account on GSave without having to submit additional IDs. Filipino citizens who are at least 18 years old and have fully verified GCash accounts can avail of the product. — A.M.C. Sy

Pag-IBIG Fund seeks more developer partnerships this year

May 6, 2025 | 12:01 am

THE Home Development Mutual Fund, or Pag-IBIG Fund, said it hopes to partner with more housing developers this year to broaden the availability of housing units and meet its target of extending P156.86 billion in housing loans in 2025.

“We intend to tap new developers, those who are not yet accredited. There are thousands of development projects around the country,” Alexander H. Aguilar, deputy chief executive officer of the member services cluster at Pag-IBIG Fund, told BusinessWorld on the sidelines of the Real Estate International Summit and Expo 2025, a forum held on Thursday.

Currently, Pag-IBIG Fund has around 467 partner developers. It plans to engage 250 more this year.

“We started talking to small, upcoming, emerging developers, and I hope that they will also bring more numbers,” Mr. Aguilar said.

For 2025, Pag-IBIG Fund aims to extend P156.86 billion in housing loans to its members, 21% higher than the P129.73 billion released last year.

This year’s target is also equivalent to 111,648 housing units, Pag-IBIG Chief Executive Officer Marilene C. Acosta said in April.

Last year, Pag-IBIG fell short of its P143-billion home loans target by 10%.

According to Mr. Aguilar, the housing industry is still reeling from the ill effects of the pandemic.

“There were not many socialized housing units built in 2024. So, that led to missing our target,” he said.

To meet this year’s housing loan target, Pag-IBIG is also set to launch housing caravans for overseas Filipino workers, who account for about 20-25% of its accounts.

It is also looking to reach out to more potential borrowers through increased advertisements and companies’ fund coordinators.

Last year, Pag-IBIG Fund’s net income climbed by 36% to a record P67.52 billion from P49.79 billion in 2023, driven by higher loans, collections, and investment returns.

Pag-IBIG ended 2024 with about 17 million members. It is looking to add at least 1.5 million new members this year, Ms. Acosta said. — Beatriz Marie D. Cruz

Manufacturing Purchasing Managers’ Index (PMI) of select ASEAN economies, April 2025

May 6, 2025 | 12:01 am

Democracy or Democrazy?

May 6, 2025 | 12:01 am

Election-voters — PHILIPPINE STAR/MIGUEL DE GUZMAN

The May 12 midterm general election is only days away. This election season once again confronted us with a dizzying barrage of Pinoy-style campaign messaging. Streets and media channels have been awash with banners, jingles, and carefully crafted soundbites. Familiar names — often dynastic or celebrity — have dominated airwaves and social media feeds. And just like in previous years, our national discourse slid further away from the serious and deliberative debate that democracy demands. In its place, we saw an avalanche of emotion-driven appeals, political spectacle, and superficial promises. We need to ask ourselves: Do we still have a functioning democracy — or have we descended into what some would call a “democrazy”?

I have always been frustrated by how we prioritize elections over everything else. At its core, democracy is not just about voting. It is about self-rule — people collectively identifying the common good and choosing leaders who are accountable to the will of the governed. In a republican democracy like the Philippines, this requires both a framework of laws that protect individual rights (protective democracy) and institutions that allow for meaningful public engagement beyond elections. But what we have seen for many decades instead is a degeneration of democratic practice into what political theorist David Held calls competitive elitist democracy — a system where elites compete for the people’s votes, while the public remains largely passive and disengaged.

The 1987 Constitution enshrines protective democratic principles: rule of law, separation of powers, checks and balances, and rights-based governance. But in practice, it is electoral competition among entrenched elites and personalities that dominates. With every election, more dynastic families consolidate power, and more celebrities enter politics with little scrutiny of their policy positions or governance plans. National development issues — corruption, quality jobs, poverty, inequality, education, sustainable development, even artificial intelligence — rarely find meaningful space in our campaign narratives.

The result? A widening gap between what democracy should be and what it has become.

Our political culture is deeply rooted in a feudal and cacique tradition, where power is not built on policy competence or civic virtue but on personal loyalty, patronage, and showmanship. Leaders are rarely held accountable for corruption, inefficiency, or incompetence. Impunity reigns, as evidenced by the outrageous behavior of some public officials — unchallenged, even rewarded, by a permissive media ecosystem.

The Philippine media ecology — dominated by social media — is central to our democratic crisis. As Zac Gershberg and Sean Illing have argued in The Paradox of Democracy, social media culture has eroded the conditions needed for liberal democracy to thrive. It accelerates misinformation, shortens attention spans, and replaces rational public debate with viral emotional appeals. Instead of forums for reflective discourse, our public spheres have become battlegrounds of noise, spectacle, and distraction. The entertainment industry’s logic — fame over substance — infects our politics.

Hence, it is no surprise that the Philippine National Police has already reported more than a dozen killings for this election cycle. When political contests are battles for control of wealth and influence rather than contests of ideas, violence follows. When democratic institutions are weak, and public reason is absent, chaos prevails.

So, where do we go from here?

First, we must animate the democratic ideal of our Constitution — the belief that the people, through reasoned and collective deliberation, can govern themselves. This begins with a cultural shift. Citizens must learn to identify public issues in terms of the common good, not just narrow interests. We need more civic education, media literacy, and critical thinking skills, especially for the youth. Public discourse must move beyond the binary of loyalism and opposition, and toward shared inquiry and constructive dissent.

Second, we must confront the accumulated political power of business and oligarchic interests that influence not just policy but even the choice of candidates. When economic elites shape political agendas, public welfare is sidelined in favor of private gain. A democracy where economic and political power is concentrated in the hands of a few is neither just nor sustainable.

Lastly, we must demand institutional reforms that promote real accountability. This includes strong anti-dynasty laws, campaign finance reforms, independent media, and mechanisms for citizen participation between elections. True democracy is not a one-day event at the ballot box — it is a continuing project of building and sustaining institutions that make the people’s voice matter.

If we continue down our current path — of emotional politics, dynastic control, media trivialization, and public disengagement — we risk the continued reduction of our democracy into farce. But if we act together in a sustained way beyond elections, we can reclaim its promise and fulfill our constitutional vision of shared prosperity and quality life for all.

Democracy must be defended — not just against tyrants, but against apathy, ignorance, and the seductive pull of democrazy.

Dr. Benito Teehankee is a full professor at the Department of Management and Organization of the Ramon V. Del Rosario College of Business at De La Salle University. He is the chairman of the Shared Prosperity Committee of the Management Association of the Philippines.

map@map.org.ph

benito.teehankee@dlsu.edu.ph

http://map.org.ph