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BIR to resume issuance of LoAs within Q1

Finance Secretary Frederick D. Go — COURTESY OF DEPARTMENT OF FINANCE

THE BUREAU of Internal Revenue (BIR) may resume the issuance of letters of authority (LoA) within the first quarter, as the agency seeks to boost revenue collection.

Finance Secretary Frederick D. Go said tax audits should be resumed as the BIR seeks to meet its revised P3.431-trillion revenue target this year.

“We need to resume that. We need that for revenue collection,” he told reporters on Wednesday evening.

An informed source said the BIR will likely resume LoA issuance within the first quarter.

The LoA is a document from the BIR that allows an examiner to inspect taxpayer accounts. It is required before any tax audit can proceed.

Last November, the BIR banned all field audits, including the issuance of LoAs, mission orders and examinations, following misuse allegations by business groups and lawmakers.

“I must tell you that the Bureau of Internal Revenue (BIR) cannot also survive with these letters of authority suspended forever,” Mr. Go said during his speech at the Financial Executives Institute of the Philippines event on Jan. 21.

The BIR collected only P3.11 trillion in 2025, missing its full-year target of P3.22 trillion.

Data provided to journalists showed that the BIR has lowered its revenue collection target this year to P3.431 trillion, 4.14% lower than the previous goal of P3.579.9 trillion. However, it is 10.5% higher than the actual collection in 2025.

“When we resume this (LoA) activity, we will reduce the number of departments within the BIR authorized to issue letters of authority, and reduce the number of letters of authority a taxpayer can receive in any given year,” Mr. Go said.

Mr. Go said the BIR will also digitalize and institutionalize a data-driven audit selection process for LoA.

“By leveraging automated risk-based modeling, we are creating a system that minimizes discretion and strengthens accountability. The keyword here is quality assessments, and we will not allow arbitrary or abusive audits,” he said.

The BIR earlier announced preparations ahead of the suspension’s lifting to address concerns of businesses. Business groups have long complained that inconsistent audit practices create uncertainty and expose firms to potential abuse.

BIR Commissioner Charlito Martin R. Mendoza has said the agency earlier established a Technical Working Group Review Committee on Assessment Integrity and Audit Reform following the suspension of tax audits.

The committee is now in the final stages of completing the policy issuances that will guide audit procedures once the freeze is lifted, he said.

Mr. Mendoza had said that once audits resume, taxpayers will have access to an LoA verifier through the BIR’s Chatbot REVIE, and a new policy will limit audits to one LoA per taxpayer.

He added that the agency will also implement a “revalida,” or audit‑the‑auditors system, to tighten accountability among revenue officers.

These reforms are part of the BIR’s five-point priority reform agenda, called BIR DARES, with audit reforms as its top priority.

DARES stands for Digital and Data Transformation, Audit Reform and Accountability, Revenue Collection and Base Protection, Employee Empowerment and Welfare Promotion, and Service Excellence and Stakeholder Engagement.

Meanwhile, the Bureau of Customs’ (BoC) 2026 collection target has also been lowered to P1.003 trillion, 1.07% below the original goal of P1.0138 trillion but 7.34% higher than the P934.4-billion actual collection last year.

Customs Commissioner Ariel F. Nepomuceno earlier said the agency missed its P958.71-billion target in 2025 due to slower import activity amid the rice import ban and the corruption scandal.

In addition, the government raised its nontax revenue collection target by 40.47% to P349.9 billion from its previous target of P249.1 billion.

For 2026, the collection target for other offices is pegged at P38.7 billion. — ARAI

Philippines falling short of its RE targets, says S&P Global

Solar panels are seen in Batangas in this file photo. — PHILIPPINE STAR/NOEL B. PABALATE

By Sheldeen Joy Talavera, Reporter

THE PHILIPPINES may not be able to hit its renewable energy (RE) targets on time due to grid constraints and challenges in securing permits, according to S&P Global.

Vince Heo, director of Asia-Pacific Power and Renewables Research at S&P Global, said that RE’s share in the national power mix may only reach 27% in the next four years and 50% by 2050.

“We are making a forecast. It’s our own view. It’s not based on our base case,” Mr. Heo told reporters on the sidelines of an event in Makati City on Wednesday.

S&P Global’s latest forecast falls short of the Philippines’ target to raise the share of renewables in the power generation mix to 35% by 2030 and 65% by 2050.

RE accounts for 25% of the country’s energy mix.

Coal still dominates the energy mix but the Philippines is trying to move away from fossil fuel and tapping renewables to have a cleaner and more sustainable source of power.

The Department of Energy (DoE) has been launching a series of green energy auctions (GEAs) to entice more developers to harness renewable energy sources, which has so far promised around 20 gigawatts (GW) of potential capacity.

Despite this, Mr. Heo said that there is still “a big gap” between the government targets and the green energy auction.

“They always disclose a very big number but when let’s say the GEA-4 was announced, we discounted the actual capacity to be installed knowing that there will be challenges in meeting all these targets,” he said.

“Let’s say all these solar projects, seven gigawatts are all operational, there’s an issue with dealing with this intermittency from solar and there’s not enough storage in the power grid,” he added.

Mr. Heo said this would likely push the country to rely more on “firm capacity” from coal and gas, which can provide round-the-clock power.

Earlier this year, the National Grid Corp. of the Philippines — the country’s sole grid operator — has called for “a more incisive and progressive policies” on the entry of variable renewable energy to ensure grid stability.

At the same time, Mr. Heo pointed out that the cost of financing a project in the Philippines is higher than in other countries.

“I think [the Philippines has] a WACC (weighted average cost of capital) estimation of about 10-11% for solar project which is about 3-4% higher than the other markets and that’s a big portion of your project,” he said.

Mr. Heo said the Philippines has higher country risk, making it difficult for international banks to finance projects in the Philippines.

“A lot of things on the government regulation, uncertainties in the transmission, etc. It’s much more clear and visible in other advanced markets than the Philippines,” he said.

Mr. Heo said the DoE’s termination of RE contracts is “good news,” as it shows the government is committed to transparency.

“I think it’s good that the government came out and announced this news so that everyone knows what’s happened and the consequences of not meeting the timeline,” he said.

The DoE earlier said it has terminated and relinquished 163 RE contracts, which is equivalent to nearly 18 GW of potential capacity, due to the failure of developers to implement these projects.

Also, Mr. Heo said the Philippines is attracting more foreign interest after it opened its RE market to 100% foreign ownership.

“Philippines is an interesting market, but definitely the government lifting the foreign ownership restrictions was a good trigger. We see a lot of foreign developers and investors now interested in the Philippines market,” he said.

Meanwhile, Avril de Torres, deputy executive director at think tank Center for Energy, Ecology, and Development, said that failing to meet the RE targets “is certainly a possible scenario for the Philippines.”

She said that this is due to the government’s policy directions that allow coal, gas, and other “detrimental energy sources” to crowd out renewable energy, rather than be displaced by it.

“The government must ramp up support for distributed and community-based RE initiatives to help take advantage of this untapped potential, such as through incentives and concessional financing,” Ms. De Torres told BusinessWorld.

Rice millers committed to higher farmgate prices for palay — DA

A farmer dries rice grains on a road in Baliuag, Bulacan in this file photo. — PHILIPPINE STAR/KJ ROSALES

By Vonn Andrei E. Villamiel

RICE MILLERS have committed to raising their buying prices for both wet and dry palay (unmilled rice), while importers agreed to an initial shipment of 300,000 metric tons (MT) to arrive by the end of February, ahead of the peak harvest season, the Department of Agriculture (DA) said.

At a briefing on Thursday, Agriculture Assistant Secretary Arnel V. De Mesa said the commitment followed consultations by the DA with rice millers and importers, amid the early start of the dry-season harvest.

Mr. De Mesa said millers agreed to buy unmilled grain at a minimum of P17 per kilo for wet palay and P21 per kilo for dry palay, particularly in major rice-producing provinces in Northern and Central Luzon.

“The millers committed that they will buy at that price. Hopefully, it will be maintained until the end of the harvest season in April,” he said in mixed English and Filipino.

The higher farmgate price is expected to provide much-needed support to farmers, as palay prices have dropped over the past year.

Preliminary data from the Philippine Statistics Authority showed that the national average farmgate price of dry palay in 2025 was P17.70 per kilo, down 24.62% from P23.48 a year earlier.

Following consultations with importers, the DA also identified an initial import volume of about 300,000 MT through the end of February, subject to further review based on market conditions.

“The volume needs to arrive on or before the end of February, so that it will not coincide with peak harvest in March and April,” Mr. De Mesa said.

According to guidelines issued by the Bureau of Plant Industry, rice shipments arriving beyond the Feb. 28 deadline will be returned to the source country at the expense of the importer.

Data from the bureau showed that 178,397 MT of imported rice arrived in the country from Jan. 1 to 15, more than double the 71,772 MT initially projected for the period.

Mr. De Mesa said the DA will study whether to reimpose an import ban or further limit import volumes once the peak harvest season begins in March.

He added that the tariff rate on imported rice remains at 15%, pending an official announcement from the agency.

In a separate statement, the DA said rice tariffs will not be raised until February and that the final details will be “carefully managed to avoid unnecessary market speculation.”

Under the implementing guidelines of Executive Order No. 105, the rice tariff rate for January was scheduled to be announced by Jan. 15, based on December prices of Vietnam 5% broken rice, and will remain in effect until May 15.

InstaPay, PESONet transfers reach P24.7 trillion in 2025

STOCK PHOTO | Image by David Dvořáček from Unsplash

By Katherine K. Chan, Reporter

DIGITAL PAYMENTS in the Philippines continued to grow in 2025 as transfers made through InstaPay and PESONet amounted to P24.745 trillion last year.

Data from the Bangko Sentral ng Pilipinas (BSP) showed that the combined value of transactions done via the payment gateways stood at P24.745 trillion at end-2025, surging by 42.02% from P17.423 trillion at end-2024.

Meanwhile, the volume of payments more than tripled to 4.773 billion last year from 1.508 billion in 2024.

As of December 2025, the value of transactions done on InstaPay soared by 57.27% to P11.554 trillion by the end of last year from P7.347 trillion at end-2024.

Meanwhile, the volume of transactions coursed through the payment gateway jumped by 231% year on year to 4.656 billion at end-December from 1.407 billion previously.

Local households and businesses’ increasing use of digital payments led to the strong growth of InstaPay and PESONet transactions in 2025, Union Bank of the Philippines Chief Economist Ruben Carlo O. Asuncion said.

“Wider adoption of mobile banking and e‑wallets, improved interoperability across banks and fintech (financial technology) platforms, and the growing use of digital payments for salaries, bill payments, and business-to-business transactions all contributed to the rise in transaction values in 2025,” he added in a Viber message.

Mr. Asuncion noted that consumers and businesses have been using such automated clearing houses for large value transactions.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the convenience and security of digital payments likely boosted traffic in both payment gateways.

“The strong, double-digit growth rates reflect the continued adoption of these digital payment solutions by Filipinos, who are shifting from over-the-counter payment transactions to digital banking due to greater convenience, lower costs, faster, safer and more reliable transactions,” he said via Viber.

BSP data also showed that P13.191 trillion worth of transactions went through PESONet last year, jumping by 30.91% from the P10.077 trillion recorded in 2024.

In terms of volume, PESONet processed 117.246 million transactions in 2025, up by 16.25% from 100.853 million in the previous year.

InstaPay and PESONet are automated clearing houses under the central bank’s National Retail Payment System framework.

InstaPay is a real-time, low-value electronic fund transfer facility for transactions of up to P50,000 and is mostly used for remittances and e-commerce.

Meanwhile, PESONet is mainly used for high-value transactions and may be considered an electronic alternative to paper-based checks.

Analysts said further digitalization push in the financial system would help prop up transactions in both InstaPay and PESONet this year.

“We expect InstaPay and PESONet transactions to continue expanding this year, supported by sustained digitalization efforts, further onboarding of users into the formal financial system, and the growing role of digital payments in commerce and government transactions,” Mr. Asuncion said.

“Continued investments in payment infrastructure, enhanced consumer trust in electronic channels, and policy initiatives promoting cash‑lite transactions should help underpin growth moving forward,” he added.

John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, also said that InstaPay and PESONet may see more transactions this year amid growing partnerships between digital wallets and banks as well as government and merchant payment systems.

“These transactions are likely to continue rising in 2026,” Mr. Rivera said in a Viber message. “Key drivers include financial inclusion efforts, expanding digital wallets and bank partnerships, deeper integration with government and merchant payment systems, and rising comfort with cashless everyday transactions.”
“Ongoing fintech innovation, improved trust and security, and broader education on digital tools will also support sustained growth for InstaPay and PESONet,” he added.

The BSP wants digital payments to account for 60%-70% of the total volume of retail payments by 2028, in line with the Philippine Development Plan.

In 2024, the share of online payments in monthly retail transactions stood at 57.4% in terms of volume and 59% in value terms, the BSP’s 2024 Status of Digital Payments in the Philippines report showed.

Gaming sector seen to post modest growth in 2026 — analysts

STOCK PHOTO | Image by Rawpixel

By Alexandria Grace C. Magno

ANALYSTS expect the Philippine-listed gaming and casino sector to see modest growth this year, fueled by online gaming expansion and steady mass-market play at physical casinos, though performance is likely to vary across operators due to regulatory challenges, rising costs, and uneven market conditions.

“Listed gaming firms are shaping up to be a tale of two segments for 2026. Online gaming remains the main growth driver, while physical casinos are expected to deliver more stable but moderate returns, anchored on mass-market play and non-gaming revenues rather than a full recovery in VIP volumes,” said F. Yap Securities analyst Marky Carunungan.

He noted that companies with diversified revenue streams, strong balance sheets, and exposure to stable tourism markets are better positioned for steady growth, while those reliant on a single customer type or regulatory framework could face greater risks.

“Online gaming continues to be a key catalyst, benefiting operators with established digital platforms such as DigiPlus Interactive Corp., although earnings visibility remains clouded by regulatory uncertainties,” Mr. Carunungan added.

Integrated resort operators, including Bloomberry Resorts Corp. and Belle Corp., are expected to benefit from gradual tourism recovery and resilient domestic mass-market play, he said.

Toby Allan C. Arce, head of sales trading at Globalinks Securities, described the sector outlook as cautiously optimistic, noting that growth will likely continue but at a more measured pace than during the post-pandemic rebound.

“Demand for gaming and resort experiences is likely to remain supported by recovering tourism, rising disposable incomes in key markets, and the appeal of entertainment-focused destinations,” Mr. Arce said.

“However, performance is expected to be uneven, reflecting differences in geographic exposure, regulatory environments, and operators’ ability to diversify revenues beyond traditional gaming.”

Analysts flagged regulatory and policy risks, heightened competition, and higher operating costs — including labor, utilities, compliance, and promotions — as key hurdles that could cap earnings growth despite improving revenues.

“Any slowdown in regional or global economic growth could weigh on discretionary spending, particularly for high-end gaming and entertainment offerings,” Mr. Arce said.

“For land-based operators, VIP and premium gaming recovery remains uncertain, while operating expenses and promotional intensity continue to pressure margins,” Mr. Carunungan added.

Last year, listed gaming and casino companies showed mixed financial results. DigiPlus Interactive posted signs of recovery in the fourth quarter after regulatory changes affected e-wallet access earlier in the year. Pacific Online Systems reported higher net income for the January-to-September period, supported by stable lottery operations through its joint venture, PinoyLotto Technologies Corp.

Bloomberry Resorts recorded a third-quarter net loss due to higher costs on its MegaFUNalo! online platform and weaker international casino performance. Belle Corp. also saw net income decline for the same period, while PhilWeb Corp. reported a net loss.

Looking ahead, analysts said sustained travel and tourism, especially in regional hubs with strong cross-border visitation, could help integrated resorts, which combine casinos with hotels, retail, dining, conventions, and entertainment, tap diverse revenue sources.

“Mass-market and premium mass segments are expected to outperform high-roller play in many markets, as operators focus on volume, stability, and lower credit risk,” Mr. Arce said. “Digitalization, loyalty programs, and data analytics will continue to enhance customer engagement and support repeat visitation, while non-gaming revenue streams will play a growing role in stabilizing earnings.”

Mr. Carunungan said the shift toward mass-market gaming, non-gaming amenities, and technology-driven customer acquisition will shape the sector’s medium-term outlook.

“Sustainability, responsible gaming initiatives, and stronger regulatory compliance frameworks are expected to become central to long-term strategy and investor perception,” he added.

Ayala Corp. plans up to P30-billion bond program

AYALA.COM

LISTED CONGLOMERATE Ayala Corp. has moved to secure regulatory flexibility for future fund-raising after its board approved a plan to register up to P30 billion in peso-denominated bonds with the Securities and Exchange Commission (SEC).

In a disclosure on Thursday, the company said its board, acting on the recommendation of its finance committee, approved the filing of a five-year shelf registration.

The registration will allow Ayala Corp. to issue bonds in tranches over time, instead of seeking separate regulatory approval for each offering.

The company said the required documents and disclosures will be submitted to regulators in the coming months.

AP Securities, Inc. Equity Research Analyst Shawn Ray R. Atienza said the move is typical for large, diversified groups with ongoing capital requirements across multiple businesses.

“The shelf registration improves Ayala Corp.’s capital-raising flexibility and streamlines future bond issuances by eliminating the need for repeated SEC approvals,” he said in a Viber message.

Ayala Corp. is the holding company of the Ayala Group, with businesses spanning real estate, banking and financial services, telecommunications, power generation, healthcare, logistics, infrastructure, industrial manufacturing, education, and technology services.

At the stock exchange on Thursday, shares in Ayala Corp. rose 2.1% to close at P534 apiece. — Alexandria Grace C. Magno

Megawide inks lease for P1.19-B Baguio City transport terminal

THE BAGUIO CITY Integrated Terminal project involves leasing, operating, and maintaining an intermodal terminal to serve provincial buses arriving from outside Baguio City. — BAGUIO CITY PUBLIC INFORMATION OFFICE OFFICIAL FACEBOOK ACCOUNT

MEGAWIDE Construction Corp. has signed a lease agreement with the Baguio City Government to implement the P1.19-billion Baguio City Integrated Terminal (BCIT) project.

In a stock exchange disclosure on Thursday, the listed engineering and infrastructure company said the agreement follows its receipt of the notice of award for the project last year.

The lease covers the development, construction, and operation of an integrated transport terminal, including mixed commercial spaces within the premises, Megawide said.

The lease term will not extend beyond the 40th anniversary of the construction start date or the expiration of the applicable usufruct arrangement.

Megawide noted that the project was awarded after no competing bids were received to challenge the company’s unsolicited proposal.

The BCIT is designed to handle up to 25,000 passengers daily and will initially serve seven southbound routes, including La Union, Pangasinan, Tarlac, Pampanga, Bulacan, Metro Manila, and Cavite via the planned South Luzon Integrated Terminal Exchange.

The terminal will be built on a five-hectare property in Barangay Dontogan, about five kilometers from Baguio City proper.

The project aims to ease traffic congestion in the city by relocating provincial buses and UV Express vans outside the central district.

On Thursday, Megawide shares rose 17 centavos, or 5.41%, to close at P3.31 apiece. — Ashley Erika O. Jose

Cebu Pacific to complete turboprop transfer to Clark by March

CEBUPACIFICAIR.COM

BUDGET CARRIER Cebu Pacific Air, Inc. said it will complete the transfer of its turboprop operations from Ninoy Aquino International Airport (NAIA) to Clark International Airport by March.

Starting March 29, Cebgo, the airline’s regional brand, will operate from Clark, covering its Coron (Busuanga) and Naga routes, the company said in a statement on Thursday.

The move follows a 2025 resolution issued by the Department of Transportation’s (DoTr) Manila Slot Coordination Committee directing the relocation of turboprop operations outside Metro Manila.

Boutique airline AirSWIFT, a wholly owned subsidiary of Cebu Pacific, will also transfer its operations to Clark from NAIA Terminal 2.

The shift will affect its Manila-El Nido-Manila flights, the company said.

Cebu Pacific said affected passengers will be automatically rebooked on new flights departing from Clark.

It added that passengers may opt for free rebooking, refunds, or travel fund conversion should they prefer alternative arrangements.

The government had earlier deferred the implementation of the turboprop relocation to March this year from October last year to give airlines additional time to complete the transition.

The transfer aims to help decongest NAIA and improve air traffic flow, the airline said.

Cebu Pacific also said it will increase flight frequencies for selected domestic and international routes from Manila.

Weekly flights will rise to 63 for Bacolod, 46 for Butuan, 69 for Cagayan de Oro, 108 for Cebu, 90 for Davao, 42 for Dumaguete, 14 for Ozamiz, 49 for Tacloban, and 45 for Zamboanga.

Internationally, the airline will increase Manila-Hong Kong flights to 35 per week from 28, and Manila-Kaohsiung flights to five per week from three.

Cebu Pacific currently serves 37 domestic and 26 international destinations with a fleet of 100 aircraft. — Ashley Erika O. Jose

SPNEC seeks SEC nod for rebranding to MGEN Renewable Energy

SPNEC.PH

SP NEW ENERGY CORP. (SPNEC) said it has applied for regulatory approval to change its corporate name to MGEN Renewable Energy Holdings, Inc., as part of a broader rebranding initiative within its parent group.

In a statement on Thursday, SPNEC said it filed an application with the Securities and Exchange Commission (SEC) to amend its corporate name and change its stock symbol to MGENR.

The company said the move forms part of the “ongoing rebranding initiative” of its parent, Meralco PowerGen Corp. (MGEN), which began in August last year.

“It aims to strengthen alignment and consistency across the One MGEN group as it presents a unified identity for its diversified power generation portfolio, including renewable energy,” SPNEC said.

SPNEC added that the initiative is intended to “enhance clarity and ease of identification for stakeholders and does not involve any changes to SPNEC’s ownership structure, operations, or existing renewable energy projects.”

SPNEC is a subsidiary of MGEN, the power generation arm of Manila Electric Co. (Meralco).

Analysts said the rebranding may help clarify the company’s position within the Meralco group following recent developments in the renewable energy sector.

“SPNEC’s corporate name change positions the company away from the Solar Philippines branding and allows it to be perceived as a renewable energy arm within Meralco’s ecosystem, which has an impeccable track record in project execution,” Shawn Ray R. Atienza, an equity research analyst at AP Securities, Inc., told BusinessWorld.

Juan Paolo E. Colet, managing director at China Bank Capital Corp., said the move could support Meralco PowerGen’s longer-term plans for its renewable energy business.

“I think this confirms that Meralco PowerGen will push through with the backdoor infusion of its renewable energy business into the listed company,” he said.

MGEN said last year that it is evaluating a potential initial public offering of its renewable energy unit, MGEN Renewable Energy, Inc., which may involve the injection of assets into SPNEC in exchange for shares.

SPNEC is developing the MTerra Solar Project through its subsidiary, Terra Solar Philippines, Inc.

The project consists of a 2,500-megawatt solar facility with a 4,600-megawatt-hour battery energy storage system located in Nueva Ecija and Bulacan.

The first phase of the project is expected to be completed early this year, while the second phase is scheduled for completion in 2027.

MTerra Solar is expected to contribute to MGEN’s goal of reaching 1,500 megawatts of renewable energy capacity by 2027.

Meralco’s controlling shareholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

’80s nostalgia seen with fresh eyes

Bagets the Musical gets ready for its audience

By Brontë H. Lacsamana, Reporter

STAGING a beloved Filipino coming-of-age tale four decades after the original film came out could be considered a no-brainer in 2026, given how nostalgia is the big thing in different forms of storytelling today. Using the versatility of Philippine theater as a platform, the challenge now is presenting 1980s nostalgia with a refreshed perspective.

As Bagets the Musical opens this year, it’s important to note the interesting blend of creative groups that brought the show to life. It’s adapted by PETA Plus (the creative agency of the Philippine Educational Theater Association), produced by Viva Communications, Inc. (which produced the Bagets film in 1984), and helmed by Philstar Next (the Philstar Media Group’s entertainment arm*).

Put all of that together, and you have a musical that aims to recapture the spirit of Filipino youth — with the help of songs from the movie as well as other iconic 1980s hits — while giving audiences some nuggets of reflection to carry home from the show.

“We hope you’ll enjoy this because the kids worked hard during rehearsals. It’s a fun show and I hope you all enjoy it!” said director Maribel Legarda at the start of the open rehearsals on Jan. 21.

(As with all technical dress rehearsals, the show BusinessWorld saw was not yet fully polished, so there were a few mishaps with lighting. Otherwise, it was already mostly how it should be on opening night.)

“It’s not perfectly clean yet, but generally it’s complete and you’ll get a sense of what Bagets has become from its transition from the 1984 movie to the musical you’re going to see,” Ms. Legarda said.

A cute touch while the audience waits for the curtains to rise is the voiceover announcing the minutes left before the show starts — each one is recorded by a cast member announcing the time in character.

The musical opens by traveling back in time, as a large box television set projected on the screen in front takes us from 2026 newsbites to all the way back to the vibrant colors and sounds of 1984.

After that, the energy kicks off, as five young men — Topee, Tonton, Gilbert, Arnel, and Adie — cap off their third year in high school causing trouble as usual. Hilarious antics follow as they get kicked out of their school and launch into a series of adventures and misadventures both at home and in their new school, revealing complex family issues at the same time.

Tall, rolling set pieces were utilized cleverly, allowing us to glimpse each boy’s house in multiple scenes, while the mini car they used onstage was fun to see as it glided around.

While the timing of the lights with the music and dialogue was, indeed, a work-in-progress, the use of set pieces, props, and LED screens is exciting. It’s fun to watch a dynamic PETA Plus production on a stage as vast as the Newport Performing Arts Theater.

The five leads were played by Sam Shoaf, Milo Cruz, Noel Comia, Jr., Ethan David, and Andres Muhlach during the open rehearsals, and it was good to see that a shared chemistry was there.

Admittedly, there were some glaring pain points in terms of singing and dancing skills. Some of the performers take to the songs and choreography better than others, but the chemistry of the five as friends is undeniable.

Each brings something different to the table. Sam Shoaf has a magnetic presence as martial arts ace and athletic heartthrob Topee. Milo Cruz is a solid performer who can sing and bust out moves as he takes on daredevil Tonton. Noel Comia, Jr., stands out as an actor, able to bring out both the comic relief and endearing geek within Gilbert. Ethan David lends his beautiful voice to the role of well-mannered rich kid Arnel.

Andres Muhlach probably has the most pressure on him out of the bunch, having the least performing experience in the group and being in the shadow of his father who originated the role of the baby-faced romantic Adie in the movie. Still, he perseveres through the songs and choreography, offering a singular charm to the role.

Altogether, the five make it work, amid understandable first-show jitters and timing issues. The other batch of leads — Jeff Moses, Migo Valid, Tomas Rodriguez, KD Estrada, and Mico Hendrix Chua — would be interesting to see, for a different take on the main barkada.

Finally, it would be remiss to talk about Bagets the Musical without giving kudos to the actors playing the moms. Thanks to director Ms. Legarda and writer J-mee Katanyag, a noticeable focus of the show is how mothers take care of their sons, expanding the glimpses we see in the original film.

The ermats are played splendidly by Neomi Gonzales, Natasha Cabrera, Mayen Cadd, Ring Antonio, and Carla Guevara Laforteza, each delivering the quirks and flaws that flesh out dimensions of the boys’ lives. They have their own journey growing up alongside their sons, in the context of working women becoming a norm in the 1980s.

Another cool element is seeing the machismo and youth culture that only make sense in that time period. While deemed inappropriate and politically incorrect in today’s milieu, it’s intriguing to witness these outdated aspects in a Bagets updated in 2026.

Most of all, Bagets the Musical leans heavily into the nostalgia, offering a fun time in the theater with hits like “Telefone (Long Distance Love Affair)” and “Wake Me Up Before You Go-Go” alongside iconic Bagets tunes “Growing Up” and “Just Got Lucky.” The entire ensemble really fills out the stage and brings their A-game each time.

The experience is a good one that both young and old can appreciate. There are even interactive portions that allow the audience to revel in the music and the youthful energy. While there are still things to fine-tune here and there, it’s a show worth checking out.

Bagets the Musical opens on Jan. 23 and runs until March at the Newport Performing Arts Theater, Pasay City. Tickets, ranging in price from P1,000 to P4,000, are now available at the Newport World Resorts Box Office and via TicketWorld.

*The Philstar Media Group is part of MediaQuest Holdings, Inc., as is BusinessWorld.

Globe, Nokia widen tie-up to offer new digital tools to businesses

STOCK PHOTO | Image by M. Rennim from Unsplash

GLOBE TELECOM, INC. said it has expanded its collaboration with Nokia Corp. to make network application programming interfaces (APIs) available to more users and businesses.

The Ayala-led telecommunications company said broader access to network data through APIs could create opportunities for enterprises to use advanced network capabilities across sectors such as banking, healthcare, automotive, and entertainment.

Under the agreement, Globe will gain access to Nokia’s full portfolio of APIs through the Network Exposure Program (NEP), a cloud-native and programmable platform designed to streamline API services and enable interoperability within network environments.

“With cyberattacks on digital services accelerating, it is crucial that we make available the latest network-powered technologies to our enterprise customers and help safeguard against fraud. We are now at the stage of testing how Nokia’s NEP can support our customers in the banking and enterprise sectors,” Globe Vice-President and Head of Globe Business Stella Christine D. Dizon said in a media release on Thursday.

Globe previously partnered with Nokia last year to test the NEP for the development of security-focused applications aimed at addressing mobile banking fraud.

“Nokia’s open API solutions will empower Globe to rapidly develop and deploy new services, fostering innovation and creating new revenue streams by securely exposing network capabilities to developers and partners,” Nokia Head of Network Monetization Platform Shkumbin Hamiti said.

Shares in Globe rose P28, or 1.75%, to close at P1,630 apiece on Thursday. — Ashley Erika O. Jose

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