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First Gen eyes more geothermal spending next year

FIRSTGEN.COM.PH

LOPEZ-LED renewable energy firm First Gen Corp. is looking to invest more in its geothermal portfolio next year to upgrade some of its facilities and optimize steam resources, its president said.

“Over the last two years, even up to this year, we’ve made significant investment in drilling as well as new capex (capital expenditure). So that’s all pretty much going to be completed by this year,” First Gen President and Chief Operating Officer Francis Giles B. Puno told reporters on Monday.

“But next year, there’ll be more investment because when you think about it, the assets themselves are over 40 years old… so, we’re in the process of upgrading some of the other facilities and also putting in newer facilities,” he added.

As technology advances and older power plants depreciate, the company is taking the opportunity to rebuild the appropriate facilities to generate more renewable baseload energy from geothermal, he said.

Mr. Puno said the company is currently in the process of upgrading an existing plant in Negros Oriental.

“Our focus right now actually is more on the next phase of geothermal development and that includes ‘yung concessions we have here. We’re also drilling in Mindanao, in Amacan,” he said.

First Gen, via its renewable energy subsidiary Energy Development Corp. (EDC), is also looking to tap its concessions in Indonesia, which are estimated to have a potential capacity of 40 megawatts.

To maintain consistent hybrid support, the company is commissioning 40 megawatt-hours of battery energy storage projects in Negros Oriental, Leyte, and Sorsogon.

At present, First Gen produces over 30% of the country’s renewable energy supply, most of which comes from nearly 1,200 megawatts (MW) of geothermal generation capacity from EDC.

First Gen is aiming to expand its renewable energy portfolio to 13 gigawatts (GW) by 2030. — Sheldeen Joy Talavera

Tweaking financial regulations

STOCK PHOTO | Image by Pikisuperstar from Freepik

For the first time in Philippine banking history, digital bank deposits have breached the P100-billion mark. This, in my opinion, is a significant milestone. Couple this with the increasing usage of e-wallets and digital platforms, these developments seemingly underscore a shift in how Filipinos use, save, and manage their money.

Since the COVID-19 pandemic (2020-2023), digital platforms have gained much traction among the public: shoppers, savers, and small investors alike. And this ever-changing landscape is the backdrop for a new law, the Capital Markets Efficiency Promotion Act (CMEPA) that changes the tax structure for long-term bank deposits and stock market transactions.

Simply put, CMEPA seeks to regulate a financial markets landscape that I perceive to be changing more rapidly than ever before. And while CMEPA seemingly attempts to be a forward-looking reform, I also think it is simply playing catch-up by pushing financial tax reforms that should have been put in place a long time ago.

All told, the law aims to streamline the taxation of deposits and investments by pushing a single 20% rate; and, reducing friction for capital market transactions, and thus leveling the playing field. But, at the same time, it seemingly skews taxes towards encouraging investments in riskier capital markets, in stocks among others, rather than safer havens like long-term bank deposits.

Given the dynamic landscape, in truth, nobody really knows where financial markets will go and how they will further develop, and how depositor and investor behavior will continue to change. In this sense, as a reform, CMEPA is still to prove its worth in terms of real-world impact. As such, I believe policymakers must always be open and ready to recalibrate.

One cannot belittle CMEPA’s intent. By reducing transaction costs in capital markets, and broadening tax incentives for collective investment schemes and retirement accounts, the law seemingly aims to nudge more Filipinos towards putting money in “active” investments like equities and mutual funds. And this means going beyond saving money and keeping it in “passive” bank deposits.

But, at the same time, the law seems to be penalizing long-term depositors by imposing a uniform 20% tax on all peso-denominated deposits when longer-term placements used to be tax-exempt. A similar tax on short-term deposits has been in place for some time. So, in reality, only a small fraction of depositors are hit by the tax.

However, the argument is that while this tax change creates uniformity, it also sweeps away tax incentives that were especially attractive to risk-averse, low- and middle-income savers, even if they account for only a small fraction of depositors. Never mind the wealthy ones — they can easily afford the tax.

But the low- and middle-income savers — who may have neither the appetite nor the resources to actively invest in the stock market — will obviously end up bearing a disproportionate share of the new tax burden. And this, I think, is where the opposition to CMEPA arises. It is not as if these small savers can easily shift to more active types of investments, to benefit from CMEPA.

The wildcard, in my opinion, is the exponential growth in digital bank deposits. To me, this is a strong signal that Filipinos are seeking convenience, flexibility, and better yields in their savings behavior. Digital banks, often offering higher interest rates and seamless access, are bound to prompt changes in saving and investing behavior.

I am sure these digital banks attract mostly young depositors, and therefore a sampling of the banking future. It remains uncertain whether these digital-first savers can be nudged towards riskier assets, to stock investing rather than bank deposits. Also, will the rise in digital banking help foster a culture of investing, or will it inadvertently penalize those who prefer the stability of cash and deposits?

Consumer behavior will surely adapt to the new tax landscape, and only time can tell whether CMEPA is forward-looking enough. In this line, I am cautiously supportive of CMEPA, open to giving it time to gain traction. However, in this sense, CMEPA is not and should not be seen as a finished product.

Lawmakers and regulators, moving forward, should conduct thorough impact assessments after the law’s first year of implementation. They should also continue to simulate and analyze changes in savings and investment behavior, particularly among low- and middle-class depositors and emerging digital bank customers.

And as the financial industry also monitors the landscape, lawmakers and regulators should continuously consult consumer groups, digital banks, traditional lenders, and capital market stakeholders to gather granular feedback on CMEPA’s performance.

This will give policymakers and regulators enough time to revisit and recalibrate the law and its implementing rules if data and evidence show adverse effects on the saving and investing public, especially among low- and middle-income sectors.

Ultimately, as with any law or reform, a growing economy like the Philippines require economic policies that learn. Economic conditions change, technology advances, and so do the needs of the public. Laws that govern particularly personal finance and capital markets must be dynamic and responsive.

Like with all new laws, CMEPA also deserves a fair chance to work. But its authors and implementors must not only monitor outcomes but also act on data and public sentiment. Policies must be updated as soon as real-world data, and behavioral change, justify adjustment.

I truly believe that digital banking will continue to grow, and traditional notions of saving and investing will continue to evolve. Laws regulating saving and investing should always consider evidence-based evolution. Reliable and up-to-date data and analysis are crucial to this.

Any financial system that encourages both saving and investing should benefit not only institutions and big money but should also always protect the interests particularly of ordinary Filipinos. Its rules should always be agile and dynamic, and should adjust as the country’s financial culture matures.

 

Marvin Tort is a former managing editor of BusinessWorld, and a former chairman of the Philippine Press Council

matort@yahoo.com

UN chief urges tech sector to power data centers with renewables

BW FILE PHOTO

WASHINGTON — United Nations (UN) Secretary General António Guterres on Tuesday called on tech companies to power the build out of data centers with 100% renewable energy by 2030, even as the industry turns to gas and coal-fired power plants to meet surging demand.

The secretary general made his case for why he believes energy-hungry data centers should lock in a future of clean energy, saying the transition to renewable energy is inevitable, even as some countries and companies still embrace fossil fuels.

“The future is being built in the cloud,” Mr. Guterres said in a speech at the UN headquarters in New York. “It must be powered by the sun, the wind, and the promise of a better world.”

His appeal to technology companies comes a day before US President Donald J. Trump unveils his administration’s AI (artificial intelligence) Action Plan, which is expected to contain a number of executive actions aimed at easing restrictions on land use and energy production to unleash AI development.

Mr. Trump has declared a national energy emergency to address the vast amounts of energy needed by data centers to power AI to compete with China and enable him to ease environmental restrictions to build more power plants fueled by gas, coal and nuclear.

Top economic rivals, the US and China, are locked in a technological arms race over who can dominate AI.

At the same time, Trump has issued executive orders and signed the One Big Beautiful Bill Act that curtails the use of incentives for wind and solar energy, which dominate the queue of new power generation waiting to connect to the electric grid.

Guterres also appealed to governments to ready new national climate plans to deliver the goals of the Paris climate agreement by September that will lock-in a transition away from fossil fuels.

He said this moment is an opportunity for governments to meet all new electricity demand with renewables and use water sustainably in cooling systems. — Reuters

Ozzy Osbourne, Black Sabbath’s bat-biting frontman, 76

LONDON/LOS ANGELES — Ozzy Osbourne, frontman of 1970s heavy metal band Black Sabbath, earned his infamy biting the head off a bat on stage and pursuing a drug-fuelled lifestyle before reinventing himself as a lovable if often foul-mouthed reality TV star.

Known to fans as “The Prince of Darkness” and the “Godfather of Heavy Metal,” Mr. Osbourne died at the age of 76, his family said in a statement on Tuesday.

“It is with more sadness than mere words can convey that we have to report that our beloved Ozzy Osbourne has passed away this morning. He was with his family and surrounded by love,” they said.

Mr. Osbourne kicked off his career in the early 1970s as singer on Black Sabbath’s hits, from “Paranoid” to “War Pigs” to “Sabbath Bloody Sabbath.” Those plus a string of solo releases saw him sell more than 100 million records worldwide.

The hard riffs and dark subject matter — from depression to war to apocalypse — combined with an instinct for Halloween theatrics. As a performer, Mr. Osbourne sprinkled audiences with raw meat and, in 1982, had his encounter with a bat thrown on stage by a fan.

He always insisted he thought it was a toy until he bit into it, realized his mistake and rushed to the hospital for a rabies shot. He later sold branded bat soft toys with a removable head.

Mr. Osbourne was a regular target for conservative and religious groups concerned about the negative impact of rock music on young people. He acknowledged the excesses of his lifestyle and lyrics — but poured scorn on the wilder reports that he was an actual devil-worshipper.

“I’ve done some bad things in my time. But I ain’t the devil. I’m just John Osbourne: a working-class kid from Aston who quit his job in the factory and went looking for a good time,” he said in a 2010 biography.

REALITY SHOW STAR
John Michael Osbourne was the fourth of six children. Growing up in Aston, Birmingham, in central England, he struggled with dyslexia, left school at age 15, did a series of menial jobs, and at one point served a brief prison sentence for burglary. Then came Black Sabbath.

“When I was growing up, if you’d have put me up against a wall with the other kids from my street and asked me which one of us was gonna make it to the age of 60, with five kids and four grandkids and houses in Buckinghamshire and California, I wouldn’t have put money on me, no fucking way,” he once said.

Britain’s Justice Secretary Shabana Mahmood, a member of parliament representing a Birmingham constituency, wrote on X that she was devastated to hear the news of his death.

“One of the greatest gifts my city gave the world,” Ms. Mahmood said.

In 2002, Mr. Osbourne won legions of new fans when he starred in the US reality TV show The Osbournes.

Cameras followed the aging rock god ambling round his huge house in Beverly Hills, pronouncing on events in his heavy Birmingham accent and looking on bemused at the antics of his family.

Mr. Osbourne’s family included wife and manager Sharon, five children including Jack, Kelly, and Aimee, and several grandchildren.

No cause of death was given, but Mr. Osbourne revealed in 2020 that he had been diagnosed with Parkinson’s disease. The illness made him unable to walk.

In his final concert on July 5 in Birmingham, Mr. Osbourne performed sitting, at times appearing to have difficulties speaking as he thanked thousands of adoring fans, some of whom were visibly emotional.

Mr. Osbourne’s performance followed a number of tributes on stage and on stadium screens from rock and pop royalty including Aerosmith’s Steven Tyler, Metallica’s James Hetfield and Elton John.

“Thanks for your support over the years. Thank you from the bottom of my heart. I love you,” said Mr. Osbourne.

REACTIONS
Musicians turned out on social media with their reactions, giving their condolences and heaping praise on the rock star.

“I am so very sad to hear of the death of Ozzy Osbourne. What a lovely goodbye concert he had at Back To The Beginning in Birmingham,” said the Rolling Stones’ Ronnie Wood.

“So sad to hear the news of Ozzy Osbourne passing away. He was a dear friend and a huge trailblazer who secured his place in the pantheon of rock gods — a true legend. He was also one of the funniest people I’ve ever met. I will miss him dearly. To Sharon and the family, I send my condolences and love,” wrote singer Elton John.

“The Prince of Darkness. A true Birmingham legend. The undisputed king of heavy metal. You didn’t just shape a culture, you defined it. You led from the front and never looked back,” wrote singer Ali Campbell. “My thoughts are with Sharon and the entire Osbourne family during this time.”

Singer Rod Stewart wrote: “Bye, bye Ozzy. Sleep well, my friend. I’ll see you up there — later rather than sooner.” — Reuters

Global central banks told to prepare for climate-driven shocks to labor markets

STOCK PHOTO | Image by Jcomp from Freepik

FRANKFURT — Central banks risk being blindsided by climate-driven shocks to global labor markets unless they overhaul their approach to monetary policy, a report published on Wednesday by the London School of Economics warned.

The study found that, even under relatively optimistic scenarios in which global warming is limited to 1.5-2 degrees, climate change would lower labor productivity, particularly in agriculture, construction and other sectors exposed to heat.

With up to 1.2 billion workers in 182 countries vulnerable to climate disruption, the report by the Centre for Economic Transition Expertise (CETEx) urged monetary authorities to pay greater attention to environmental risks — from natural disasters to the consequences of the green transition.

“Our research shows that central banks should seek to integrate environmental employment risks into their policies and operations,” said Joe Feyertag, senior policy fellow at CETEx and author of the report.

The European Central Bank and the Bank of England have highlighted the dangers stemming from climate change and its potential impact on inflation, growth and banks’ health.

But the US Federal Reserve, in many ways the world’s most influential central bank, withdrew from a climate-focused network of authorities earlier this year, raising questions about the depth of its engagement on these issues.

The report found rich countries were most at risk from the shift away from pollution-intensive industries.

By contrast, poorer regions in Africa, Asia and Latin America faced a bigger threat from physical risk such as floods and droughts.

These divergent pressures, combined with demographic shifts and tighter immigration policies, could further strain labor markets in developed countries while loosening them in emerging ones, the study said.

Feyertag also warned that labor market disruptions could amplify social inequalities, especially in countries with rigid labor markets.

Inflation tends to be higher in a tighter labor market, all other factors being equal. Low productivity can also contribute to high inflation.

Feyertag reviewed 114 central bank mandates and found just 15 of them, including the Bank of England, explicitly reference employment as a main or secondary objective. The Fed and Reserve Bank of Australia include jobs as a core policy goal.

This could give some of these banks cover to take bolder action in order to cushion the labor-market impact of climate change.

“If their mandate allows, (central banks) could even take more active steps to stimulate demand for workers from low-carbon or climate-resilient employment opportunities and thereby smoothen this path,” Feyertag said. — Reuters

ICTSI raises stake in Brazil port property holder to 73%

ICTSI.COM

RAZON-LED International Container Terminal Services, Inc. (ICTSI), through its unit, has raised its stake in Inhaúma Fundo De Investimento Imobiliário – FII (FII Inhaúma), which holds the perpetual rights to a terminal it plans to develop.

In a stock exchange disclosure on Wednesday, ICTSI, through its wholly owned subsidiary ICTSI Americas BV, said it acquired an additional 26% interest in FII Inhaúma, raising its total ownership to 73%.

The company said the property will support the expansion and ongoing operations of ICTSI Rio Brazil, and may also be used for future activities.

ICTSI also said it has obtained and secured all necessary regulatory approvals for the transaction, noting that the total consideration is less than 10% of its total consolidated shareholders’ equity as of December 2024.

In April, ICTSI said it was set to expand its operations and capacity in Brazil after acquiring a 47% interest in FII Inhaúma.

ICTSI said FII Inhaúma’s property is adjacent to its Rio Brazil terminal. The site spans approximately 32 hectares of an inactive shipyard, which will be used by the port operator to expand its capacity for existing operations.

Established in 1987, ICTSI operates 33 terminals in 20 countries across six continents.

For this year, ICTSI has allocated approximately $580 million in capital expenditures, primarily for the development of the Southern Luzon Gateway in the Philippines, as well as for planned expansions at ICTSI Rio in Brazil and at the Mindanao Container Terminal (MCT).

The Razon-led port operator said this year’s capital expenditures will also fund the ongoing expansion of the Matadi Gateway Terminal (MGT) in the Democratic Republic of the Congo, the Phase 3B expansion at Contecon Manzanillo (CMSA) in Mexico, and the acquisition and upgrading of equipment.

ICTSI reported a 14.1% year-on-year increase in its first-quarter net income attributable to equity holders to $239.54 million, supported by higher port revenues and growth in consolidated volume.

At the local bourse on Wednesday, shares in the company rose by P30.60, or 6.91%, to close at P473.60 apiece. — Ashley Erika O. Jose

Monsoon rains, a climate-related budget, and coal energy

The ongoing southwest monsoon or habagat has resulted in a “classless society” — there have been no classes from the elementary level to college for several days now due to the almost nonstop rains (with or without a typhoon). Floods have become a normal sight in many areas of Metro Manila and cities in the provinces. Questions about government “flood control projects” have resurfaced, naturally.

Last week, on July 15, the Department of Budget and Management (DBM) got approval from President Ferdinand R. Marcos, Jr. and the Cabinet for the FY 2026 National Expenditure Program (NEP) that it had prepared. The proposed P6.793-trillion budget is equivalent to 22% of the projected GDP for 2026 and higher by 7.4% from this year’s P6.326-trillion budget.

DBM Secretary Amenah F. Pangandaman said in a press statement that “The President himself sat down with the different agencies to ensure that all our priorities are aligned towards our common goal of achieving our vision of a Bagong Pilipinas.”

One notable thing about next year’s budget is that the combined budget request of all agencies, as of last April, had reached P10.101 trillion. I think it is a horrible desire by many agencies to spend-spend-spend with little or no regard for where the funding will come from.

Government spending on climate-related programs and projects, like flood control, is rising. From P127 billion in 2015 and P137 billion in 2016, this jumped to P569 billion in 2023. The bulk of spending went to the Department of Public Works and Highways (see Table 1).

One problem in the Philippines and in many other countries is that whatever the climate or weather — whether there is less rain or more rain, fewer floods or more floods, it is less cold or more cold — these are all taken as “proof” of “man-made climate change” and hence need man-made “solutions.” Meaning that the government, the UN, and multilaterals offer solutions like more climate spending, more climate bureaucracies, and huge meetings.

Among such “solutions” is the long-term shut down of coal plants, especially in smaller countries like the Philippines that can be easily bullied by the multilaterals and big media. For instance, in a report published here in BusinessWorld, “Philippines set for first coal power decline in 17 years amid rising LNG use” (July 22), Reuters explicitly mentioned a “coal phase-out policy.”

Why do they target the Philippines, or sometimes Indonesia and Vietnam, for their anti-coal agenda when other countries have much, much bigger coal consumption than us? In 2024, the Philippines’ coal generation was 79 terawatt-hours (TWh) while China, India, the US, and Japan have generated 5,828, 1,518, 712, and 301 TWh respectively.

The rising use of artificial intelligence (AI) and data centers means even larger power demand as AI is very energy intensive. In 2024, the expansion in power generation was twice or even thrice the average yearly power generation from 2014-2023. The Philippines, for instance, had an average of only 4.7 TWh a year from 2014-2023, but had a 10 TWh increase in 2023 and 2024.

It is notable, too, that countries that have expanded their coal use considerably have also seen a big expansion in overall power generation and high average GDP growth over the last 10 years. Examples are China, India, Indonesia, Malaysia, the Philippines, Vietnam, and Turkey.

And countries with big declines in coal use also have seen slow expansion in total power generation and low average GDP growth. Examples are Japan, South Korea, Australia, Canada, Germany, Spain, and the UK (see Table 2).

We should address rising rivers and creeks, not rising oceans. We should spend public resources on regular, annual dredging of those rivers and creeks to reduce flooding, not on climate meetings and bureaucracies. We should focus on net growth and not net zero. We should focus on developing abundant and stable electricity sources available 24/7, not unstable, intermittent, weather- and battery-dependent energy sources.

Horrible monsoon rains are annual events, with a minimum five days straight during which the sun is hardly visible. We should have electricity available even if the sun is not shining for days, even if the wind is not blowing for days.

 

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

Apple set to stave off daily fines as EU to accept App Store changes, sources say

REUTERS

BRUSSELS — Apple’s changes to its App Store rules and fees will likely secure the green light from European Union (EU) antitrust regulators, people with direct knowledge of the matter said, a move that would stave off potentially hefty daily fines for the iPhone maker.

The company last month said developers will pay a 20% processing fee for purchases made via the App Store, though the fees could go as low as 13% for Apple’s small-business program.

Developers who send customers outside the App Store for payment will pay a fee between 5% and 15%. They will also be able to use as many links as they wish to send users to outside forms of payment.

Apple made the changes after the EU antitrust enforcer handed it a €500-million ($586.7 million) fine in April, saying its technical and commercial restrictions prevented app developers from steering users to cheaper deals outside the App Store in breach of the Digital Markets Act (DMA).

The company was given 60 days to scrap the restraints to comply with the DMA aimed at reining in Big Tech and giving rivals more room to compete.

The European Commission is expected to approve the changes in the coming weeks, although the timing could still change, the people said.

“All options remain on the table. We are still assessing Apple’s proposed changes,” the EU watchdog said.

Apple did not immediately respond to a request for comment. The company earlier this month said it had implemented the changes to avoid punitive daily fines, while criticizing the Commission for mandating how it runs its store.

The company could have been hit with daily fines of 5% of its average daily worldwide revenue, or about €50 million per day. — Reuters

Comedians support CBS Late Show host Colbert; Jon Stewart rips Paramount

Stephen Colbert in The Late Show with Stephen Colbert (2015) — IMDB
Stephen Colbert in The Late Show with Stephen Colbert (2015) — IMDB

LOS ANGELES — Late-night rivals and other celebrities rallied to support CBS Late Show host Stephen Colbert after the network canceled his show, and comedian Jon Stewart lashed out at Paramount Global for the decision to end the long-running TV program.

On The Late Show with Stephen Colbert on Monday, several comedians and talk-show hosts appeared in a sketch that also featured an animated Donald J. Trump hugging the Paramount logo. The bit spoofed the viral moment in which a tech chief executive officer was caught on camera embracing his company’s chief people officer during a Coldplay concert.

The Tonight Show host Jimmy Fallon and NBC colleague and Late Night host Seth Meyers were spotted sharing beers together in the audience. HBO’s Last Week Tonight host John Oliver was seated with Mr. Stewart, both former colleagues of Mr. Colbert’s on The Daily Show.

Mr. Colbert joked about his show’s demise in his opening remarks, quipping that “cancel culture has gone too far.” He suggested the show’s venue, The Ed Sullivan Theater in Manhattan, might be converted to “self-storage” after the show ends.

CBS executives said last week they would end The Late Show in May 2026 in what they called “purely a financial decision.”

US lawmakers and others have called the timing suspicious, noting that Paramount is seeking government approval for an $8-billion merger. Mr. Colbert is a frequent critic of President Trump and had called the payment of $16 million to Mr. Trump’s presidential library a bribe.

Mr. Stewart addressed the cancellation on Monday’s episode of The Daily Show, which runs on Paramount-owned Comedy Central.

“If you’re trying to figure out why Stephen’s show is ending, I don’t think the answer can be found in some smoking gun e-mail or phone call from Mr. Trump to CBS executives or in CBS QuickBooks spreadsheets on the financial health of late night,” Mr. Stewart said.

“I think the answer is in the fear and pre-compliance that is gripping all of America’s institutions at this very moment, institutions that have chosen not to fight the vengeful and vindictive actions of our… commander-in-chief.”

Paramount representatives did not immediately respond to a request for comment.

Mr. Trump, in a post on Truth Social last Friday, applauded the cancellation, writing, “I absolutely love that Colbert got fired.”

Mr. Colbert responded Monday night with what he called a “satirical witticism” that included a vulgarity. — Reuters

Peso rebounds to P56 level as Philippines finalizes trade deal with US

BW FILE PHOTO

THE PESO rebounded to the P56-per-dollar level on Wednesday after the Philippines secured a slightly lower “reciprocal” tariff rate from the United States.

The local unit closed at P56.881 per dollar, strengthening by 16.9 centavos from its P57.05 finish on Tuesday, Bankers Association of the Philippines data showed.

This was the peso’s best close in over a week or since it ended at P56.73 on July 15, which was also the last time it finished at the P56 mark.

The peso opened Wednesday’s session sharply stronger at P56.85 against the dollar, which was also its intraday best. Its worst showing was at just P56.98 against the greenback.

Dollars exchanged climbed to $1.51 billion on Wednesday from $1.29 billion on Tuesday.

“The peso continued to appreciate after the Philippines secured a trade deal with the US overnight,” the first trader said in a Viber message.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that the reduced tariff rate on Philippine exports to the US to 19% from 20% boosted investor sentiment “on hopes that the worst for the US tariffs could have already been seen for the Philippines.”

The new tariff rate — which was still higher than the 17% announced by US President Donald J. Trump in April — came at the close of President Ferdinand R. Marcos, Jr.’s three-day state visit to Washington.

The local unit also gained amid the dollar’s decline against Asian currencies and lower US Treasury yields after more countries in the region finalized deals with the Trump administration, the second trader said in a text message.

For Wednesday, the first trader said the peso could depreciate anew against the dollar on expectations that the European Central Bank will hold its key interest rates, which could provide support for the greenback.

The first trader and Mr. Ricafort see the peso moving between P56.75 and P57 versus the dollar on Thursday, while the second trader expects it to range from P56.80 to P57.20. — A.M.C. Sy

Filinvest Land to dissolve dormitel subsidiary

FILINVEST.COM

GOTIANUN-LED property developer Filinvest Land, Inc. (FLI) is dissolving its dormitels subsidiary, Co-Living Pro Managers Corp. (CPMC).

FLI filed an application with the Securities and Exchange Commission (SEC) on Wednesday to shorten the corporate term of CPMC, the property developer said in a regulatory filing.

“The dissolution of CPMC will not have any material impact on FLI,” the company said.

Incorporated in August 2021, CPMC has business interests in developing, operating, managing, and maintaining dormitels, as well as lots and buildings — whether owned or leased — for use as dormitels.

CPMC started commercial operations in November 2023.

Dormitels are dormitories with hotel-like accommodations that provide an alternative to traditional residential offerings.

FLI shares were unchanged at 83 centavos apiece on Wednesday. — Revin Mikhael D. Ochave

Supporting cast

STOCK PHOTO | Image by Pressfoto from Freepik

IN PHOTOS of high-profile events like the inauguration of a bridge or the launch of a digital product, there are often, at the edges, unfamiliar faces around the identified VIPs. These unknowns in the crowd are either cropped or simply identified as guests. This generic tag may refer to the event organizer’s assistant who was pulled in for the photo, or even a passing waiter. (Can I just put down my tray?)

Those surrounding VIPs wherever they go are not always well-known characters. They include stalkers with their own agendas to promote to the unwary center of attention.

Anonymous staffers who work behind the scenes around a well-known CEO are always part of the crowd. Can any organization survive without a supporting cast?

In movies, extras are necessary for those battle scenes or protest rallies. The lead stars at the center are surrounded by mobs that swell the crowd. These anonymous bodies and faces can now be replaced by computer-generated images to fill up seats in an amphitheater for a gladiatorial scene or be part of an invading horde charging up the beach.

Even among supporting cast members, there’s a hierarchy of importance in terms of screen time. In romantic comedies, supporting characters are necessary appendages, either funny or scolding, often the one who settles for the older sister of the main star. This role can also be a buddy who’s between jobs and just hanging out with the lead star. He can be the straight man to allow the lead to deliver the punch line of a joke.

It is no longer obligatory in Filipino movies, even in the now trendy action movie or romantic comedy, to use sidekicks. These perpetual supporting roles, assigned to a set of wannabes always available for a director’s call, can be dispensed with. In theater, the two-person cast is becoming more acceptable. (Even physical props can be dispensed with.)

In sports like basketball, the players on the floor at the opening buzzer are called the “starting five.” The others in the team, also in uniform and sitting down waiting for their minutes on the court, are called the “bench,” no longer the pejorative term of “benchwarmer.”

Sports analysts now devote some attention to the productivity of the bench. There is a growing preference for winning coaches in the NBA to have a deeper rotation of 10 players, giving more rest to the starters. This allows the bench to get more minutes. Also, when the game is written off as already lost or won with a big lead in the last few minutes, the bench can be emptied.

While supporting roles are recognized by award-giving bodies, they only go one level down so that one movie can only have a maximum of two supporting stars for nomination. Sometimes, the distinction can be hazy when there is more than one lead character of the same sex, so that a star can opt to compete for either best actor or best supporting actor, depending on the role’s prominence in the film.

Companies have their own supporting cast.

“Staff and support” functions usually get less attention and bonuses than those who can point to measurable revenue streams. While marketing and sales have easily quantifiable goals which they can surpass, the same is not true for such functions as IT, Finance, or HR, even if these functions enable sales and marketing to meet or exceed their deliverable targets. These functions also provide excuses for the line groups — HR hasn’t given us our needed manpower.

Only when a company implodes with declining market share versus the competition do the support heads (who are the most virulent critics of the line people’s excesses) get a shot at the top. Aren’t consultants brought in for the firefighting also classifiable as support staff? (We told you so.)

The supporting cast is easily overlooked. Those associated with staff functions (now called enablers) provide advice and menial services to strong leaders taking over a company or country.

Occasionally, the anonymity of the supporters and minions in the background can acquire a sudden burst of fame when they turn against their high-profile bosses as whistleblowers. After all, they can point to where the bodies are buried… or dumped.

 

Tony Samson is chairman and CEO of TOUCH xda

ar.samson@yahoo.com

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