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RCI net income hits P14.2 billion on land value appreciation

Roxas and Company, Inc. (RCI) delivered record-breaking Net Income After Tax in 2024, surging to P14.3 billion, a 978% increase from P1.3 billion in 2023. This was driven by a P20-billion fair value gain on investment properties following the resolution of the decades-long legal cases of the Roxas estate in Nasugbu. The milestone paves the way for the long-term land development and growth of the areas retained by RCI.

The gain offset lower operating performance of business units, notably its budget hotels and bulk coconut exports. The realty unit deferred several projects to finalize joint venture details and relaunch with refined customer offers. Overall revenues of P526 million was 32% below 2023, resulting to a 30% drop in gross profit.

RCI refinanced as well as reduced key loans in 2024, successfully negotiating with the majority of its creditors in the year. The payments and stronger balance sheet substantially improved debt-to-equity ratio to 0.43:1.

Anya Resort Tagaytay (ART) refurbished all of its villas and upgraded dining and spa options. It was awarded the Philippines’ Leading Boutique Resort at the 31st World Travel Awards for the second straight year.

Roxas Sigma Agriventures, Inc. (RSAI) signed a six-month coconut cream supply agreement for a major player to commence in early 2025, renewable up to one year. This will reverse the low production levels in 2024 and together with a robust order pipeline, optimize plant utilization.

Roxaco Land Corporation (RLC) entered into a deal with a local developer to restart and complete the Montana project. It also concluded a partnership agreement for the land development of Anya Phase 3. RLC’s crematorium and columbarium venture in the San Antonio Memorial Garden (SAMG) facility held a successful groundbreaking.

RCI’s master plan for the development of the recovered properties is in progress, using the results of Leechiu’s Highest and Best Use (HBUS) study. The Company is well-positioned to pursue profitable and sustainable growth moving forward.

 


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Cebu’s Topline sees 37.7% jump in Q1 net income

PHILIPPINE STAR/EHDA M. DAGOOC

CEBU-BASED fuel retailer Top Line Business Development Corp. (Topline) saw its attributable net income climb 37.7% year on year to P37.86 million in the first quarter, buoyed by growth in fuel volume sales.

“Our solid first-quarter performance and the decision to declare dividends reflect Top Line’s resilience and growth-oriented strategy amid current volatile market conditions. This salvo also underscores our unwavering commitment to sustainable growth and operational excellence,” Top Line President and Chief Executive Officer Eugene Erik Lim said in a media release on Thursday.

For the first three months, gross revenues increased 36% to P1 billion from P738.7 million in the previous year.

During the period, the company said it sold approximately 21.8 million liters of liquid fuels, higher by 46% from last year’s 14.9 million liters.

“This growth stems from strategic expansion, including an expanded distribution network with new commercial client acquisitions, high retention rates among existing customers, and improved retail market penetration,” the company said.

Top Line made its market debut in April, the first initial public offering (IPO) for the year.

The fuel retailer raised up to P732.6 million from its IPO, which consisted of 2.15 billion primary shares with an overallotment option of up to 214.84 million secondary shares.

At the local bourse on Thursday, shares in the company closed unchanged at P0.355 each. — Sheldeen Joy Talavera

San Miguel Corp. announces Regular Meeting of Stockholders on June 10 via remote communication

NOTICE OF REGULAR MEETING OF THE STOCKHOLDERS
June 10, 2025

The Regular Meeting of the Stockholders of San Miguel Corporation will be held on Tuesday, June 10, 2025 at 2:00 P.M.

The Stockholders’ Meeting will be conducted via remote communication and livestreamed at the Company’s website. Stockholders can attend the meeting by remote communication.

The Agenda of the Meeting is as follows.

  1. Certification of Notice and Quorum
  2. Approval of the Minutes of the Regular Stockholders’ Meeting held on June 11, 2024 and the Special Stockholders Meetings held on August 8, 2024 and March 27, 2025
  3. Presentation of the Annual Report
  4. Ratification of Acts and Proceedings of the Board of Directors and Corporate Officers
  5. Approval of Directors’ Fees for 2024
  6. Appointment of External Auditors
  7. Election of the Board of Directors
  8. Other Matters
  9. Adjournment

Stockholders who would like to attend the online meeting should access the 2025 SMC AGSM Website at www.sanmiguel.com.ph/AGSM2025 to obtain the following, namely:

(a) the minutes of the 2024 Regular Stockholders’ Meeting,
(b) the minutes of the Special Stockholders Meetings held on August 8, 2024 and March 27, 2025,
(c) the resolutions of the Board of Directors beginning January 1, 2024 which will be available online beginning May 16, 2025,
(d) the ballots and proxies to attend the meeting, and
(e) the link to view the livestream of the meeting which will be available on the day of the meeting.

During the meeting, the Company shall entertain questions and comments from the stockholders after the presentation of the Annual Report. Questions and comments must be submitted either in advance or during the meeting by email to stockholders@sanmiguel.com.ph. Questions which were not answered during the meeting shall be forwarded to the Office of the Corporate Secretary for the appropriate response.

Ballots and proxies can be submitted via email at stockholders@sanmiguel.com.ph which submission shall be duly acknowledged and validated by the SMC Stock Transfer Service Corporation. For individual stockholders, the submissions must be accompanied by a copy of a government issued ID as proof of identification. For corporations, the submission must be accompanied by a certification from its Corporate Secretary stating the corporate officer’s authority to represent and sign on behalf of the corporation.  Kindly submit to the SMC Stock Transfer Service Corporation the original signed and notarized documents within a reasonable time after the resumption of regular business operations.

The deadline for submission of ballots and proxies is on May 27, 2025.  Validation of ballots and proxies will be on June 3, 2025, at 10:00 a.m. at the SMC Stock Transfer Service Corporation Office, 2nd Floor, SMC Head Office Complex, No. 40 San Miguel Ave., Mandaluyong City, Philippines.

 

                                                                        (Original Signed)
Virgilio S. Jacinto
                                                                          Corporate Secretary

 


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Stuff to Do (05/16/25)


Go to Over October’s single launch show

FILIPINO band Over October is celebrating the release of its new single, “BITIN,” on May 16 with a show that will feature two back-to-back sets packed with chart-toppers, deep cuts, and crowd favorites by the band. Gates open at 7 p.m. A Healy After Dark will also give a special guest performance. The show takes place at 123 Block in Mandaluyong City. Walk-in tickets cost P600.


Attend a lecture on music during Japanese time

THE Roderick Hall Memorial Lecture Series, hosted by the Filipinas Heritage Library, will continue this weekend, on May 17, with National Artist for Music Dr. Ramon P. Santos presenting a lecture titled “Philippine Music During Japanese Occupation: A Disrupted Evolution of a New Artistic Language and National Identity.” Co-presented by the National Commission for Culture and the Arts (NCCA), the talk aims to explore the complex cultural landscape of Philippine music at a tumultuous time, when Filipinos were in the midst of forging a national identity after centuries of Western colonial influence. The lecture begins at 2 p.m. on May 17 at the Ayala Museum in Makati. Regular tickets are P300, seniors and PWDs have a discounted price of P210, and students can enter for P150.


Visit Yuchengco Museum for free

TO CELEBRATE International Museum Day weekend, the Yuchengco Museum is offering free admission to its various exhibits on May 17 and 18. The exhibits include the Radiance photography collection by Lita R. Puyat at the RCBC Plaza courtyard, the United Architects of the Philippines’ Architecture and Urban Visions: The Power of Imagined show on the ground floor and the third floor, and a display detailing the life of Dr. Jose Rizal at the second floor Rizal Gallery. The fourth floor has a Collector’s Choice exhibit of paintings by Filipino masters, and an exhibit honoring the life and work of the museum’s founder, Ambassador Alfonso Yuchengco.


Watch a jukebox musical

THE power of drag, the Filipino obsession with rags-to-riches fairy tales, and the unenviable crisis of identity at an age of heightened scrutiny online all come together in the latest jukebox musical, Delia D.: A Musical Featuring the Songs of Jonathan Manalo, which has performances at the Newport Performing Arts Theatre until June 8. Directed by Dexter M. Santos and presented by Full House Theater Company, the show is a cautionary tale about change that is both campy and empowering. Tickets to Delia D.: A Musical Featuring the Songs of Jonathan Manalo, with prices starting at P1,000, are available via SM Tickets, Ticket World, HelixPay, and Newport World Resorts Box Office.


Score a discount at Surge Gateway Club

SURGE Fitness + Lifestyle has officially opened its newest and most advanced facility, Surge Gateway Club, located at Gateway Mall 2 in Cubao, Quezon City. The facility includes the Bauhaus-inspired Tasty Habit Café, an arena dedicated to combat sports training, an apparel corner selling the exclusive Zest line of performance activewear, a pickleball court, a martial arts dojo, a recovery area with steam and sauna rooms, a co-working lounge, and billiards and ping pong areas. Surge Gateway Club will offer group classes, personalized coaching, and community-focused events. New members who sign up by May 16 can enjoy 50% off the starter kit fee and zero pro-rata charges.


Attend the Binibining Pilipinas glam shot exhibit

THE Binibining Pilipinas 2025 candidates take the spotlight at a glam shot exhibit at Quantum Skyview, Gateway Mall 2, opening on May 19. On view will be seven-foot portraits of the candidates taken by official pageant photographers Raymond Saldaña and Owen Reyes. The beauty queens were all styled by Patrick Henry Mergano, with assistance from Klickbox Studios’ Kyle Magsino and Frederick Reyes, and accessorized by Christopher Munar.


Listen to new Avril Lavigne, Simple Plan song

SINGER Avril Lavigne and rock band Simple Plan have teamed up to deliver a modern anthem titled “Young & Dumb,” out now on all digital music streaming platforms. Accompanying it is a music video depicting the carefree early days of living like a rock star, paralleled by similar yet different raucous experiences today. The video is available online on YouTube.


Watch drama anthology Magpakailanman

THE new episode of Magpakailanman on May 17, titled “3 Sisters, 1 Lover,” will star four rising Sparkle artists: Kelvin Miranda, Arra San Agustin, Liezel Lopez, and Thea Tolentino. Also appearing in the episode is veteran actor Leandro Baldemor. The story will follow a man who unknowingly falls in love with three different women at various points in his life, each of whom turn out to be sisters estranged by past family conflicts. The episode is directed by Mark A. Reyes and written by Vienuel Ello. New Magpakailanman episodes air every Saturday at 8:15 p.m. on GMA-7.


Listen to Vilmark’s single honoring his mom

IN CELEBRATION of mothers this month, Vilmark has released a single expressing love and gratefulness for his mom. Titled “Sa Piling Mo Lang,” the song’s lyrics savor the little moments and special connection shared with a mother. It is out now on all digital music streaming platforms worldwide.

Cebu Landmasters Q1 earnings up 2% on strong VisMin sales

BW FILE PHOTO

LISTED real estate developer Cebu Landmasters, Inc. (CLI) posted a 2% increase in its first-quarter (Q1) attributable net income to P995 million from P978 million last year, led by sustained demand in the Visayas and Mindanao (VisMin) markets.

January-to-March consolidated net income rose 12% to P1.32 billion from P1.18 billion a year ago, CLI said in a statement on Thursday.

Consolidated revenue increased 4% to P6.51 billion, with property sales accounting for 97% of total revenue.

Real estate sales grew to P6.32 billion on the back of ongoing construction progress and demand for residential lots.

Reservation sales rose 18% to P6.3 billion. Gross profit likewise increased 13% to P3.53 billion.

The property developer launched P6 billion worth of new residential inventory in the first quarter, led by projects in Cebu and Cagayan de Oro.

“Demand remains resilient in the VisMin region and CLI continues to offer value-for-money products well-suited to the needs of the homebuyers,” CLI Chairman and Chief Executive Officer Jose R. Soberano III said.

For its hotel and leasing businesses, CLI said combined revenue soared 113% to P157 million.

Hospitality revenue surged 161% to P105 million on higher occupancy rates across three hotels launched last year.

Leasing income rose 56% to P54 million, driven by the turnover of newly occupied office and retail spaces.

CLI said it has four more completions in the pipeline, which will double its number of operational hotels by yearend.

The real estate developer previously said it plans to deploy P36 billion for new project launches between 2025 and 2026.

The company is strategically penetrating high-potential markets across Luzon and the National Capital Region while consolidating its dominant market position in underserved regional centers.

“We’re building more than just developments, we’re shaping communities in VisMin and soon, Luzon. Our strong start reflects the depth of demand in the regions we serve and the strength of our on-the-ground execution. 2025 will be about scaling our impact where it matters most,” Mr. Soberano said.

In April, CLI Chief Operating Officer Jose Franco B. Soberano said the company is nearing its foray into the Luzon market after purchasing land for a planned condominium project in Metro Manila.

He added that CLI is looking at a housing development in Cavite. The company previously said it aims to enter the Luzon market by 2026.

The company has allocated about P15 billion for capital expenditures this year.

CLI shares dropped 1.61%, or four centavos, to P2.45 each on Thursday. — Revin Mikhael D. Ochave

Security Bank posts 7% rise in Q1 profit

BW FILE PHOTO

SECURITY BANK Corp. saw its net profit rise by 7% year on year in the first quarter, driven by higher revenues.

The bank’s net income was at P2.82 billion in the first three months, rising from P2.63 billion in the comparable year-ago period, it said in a disclosure to the stock exchange on Thursday.

This translated to a return on average equity of 7.92%, up from 7.71% a year prior. Return on average assets went down to 1.01% from 1.20%.

“Our first quarter was marked by the growth on our deposit and loans. Profitable growth is our focus for 2025. We will continue to support our clients, deploy innovative technology to deliver differentiated client experiences, and enhance efficiencies to generate improved returns,” Security Bank President and Chief Executive Officer Sanjiv Vohra said.

The bank’s revenues increased by 23% year on year to P15.4 billion.

Broken down, net interest income rose by 11% to P11.88 billion in the first quarter from P10.73 billion.

Interest income grew to P18.65 billion from P13.92 billion, mainly driven by higher interest earnings on loans. Interest expense also increased to P6.76 billion from P3.19 billion on higher spending for deposits due to elevated interest rates.

This resulted in a net interest margin of 4.51% in the three months ended March, down from 5.32% a year prior.

Non-interest income surged by 101% to P3.5 billion from P1.8 billion, mainly due to increases in its foreign exchange and trading gains and miscellaneous earnings.

The rise in the bank’s other income also came even as service charges, fees and commissions went down to P2.16 billion from P3.1 billion due to a one-off bancassurance milestone fee realized in the same period the year prior.

“Excluding the milestone fee, service charges, fees and commissions increased 27% year on year.”

Meanwhile, the bank’s operating expenses climbed by 23% year on year to P11.72 billion, which it said was “driven by investments in manpower and technology to accelerate transformation.”

The bank set aside higher provisions for credit and impairment losses at P2.4 billion from P1.5 billion a year prior to reflect its “proactive stance towards the current economic environment.”

Its cost-to-income ratio inched down to 60.59% from 60.74% a year prior.

Security Bank’s net loans grew by 18% year on year to P646 billion at end-March.

“Retail and MSME (micro, small and medium enterprise) loans increased 37% year on year while wholesale loans increased 11% year on year. On a sequential quarter-on-quarter basis, retail and MSME loans combined increased 6%, while wholesale loans decreased 10%,” it said. “Retail and MSME loans as percent of total loans was at 36%, up from 31% a year ago.”

Its gross nonperforming loan (NPL) ratio was at 3.1%, down from 3.41% a year ago. NPL reserve cover stood at 78.97%.

Meanwhile, total deposits increased by 32% year on year to P841 billion as its current and savings account or CASA deposits rose by 19% and made up 50% of the total.

The bank’s assets expanded by 25% year on year to P1.1 trillion at end-March. Shareholders’ capital also increased by 5% to P144 billion.

Its common equity Tier 1 ratio went up to 13.2% as of March from 12.94% at end-December, while its capital adequacy ratio rose to 14.07% from 13.84%.

“The bank maintains healthy liquidity, with liquidity coverage ratio at 179% and net stable funding ratio at 136% as of March 31,” it added.

Security Bank has a total of 348 branches and 710 automated teller machines, cash recycler machines and cash acceptance machines to date.

Its shares went down by P2.25 or 3.25% to close at P66.90 each on Thursday.

Another deadly surprise destination

TEO BRIONES and Kaitlyn Santa Ana as siblings Charlie and Stefanie Campbell-Reyes.

By Brontë H. Lacsamana, Reporter

Movie Review
Final Destination Bloodlines
Directed by Zach Lipovsky,
Adam B. Stein
MTRCB Rating: R-16

FINAL DESTINATION BLOODLINES brings back the warm, fuzzy feeling that kids and teenagers in the 2000s got from watching grisly, shocking deaths unfold in the first few Final Destination movies (which we were definitely way too young to be seeing), each one building on the creativity of the last. Physically far-fetched kills? Unexpected narrative twists? Extreme paranoia over going outside? This installment, coming 14 years after the fifth one in 2011, delivers on those fronts.

What sets this addition to the franchise apart is how it makes you care about the characters, despite knowing most of them will die. It follows college student Stefanie (played by Kaitlyn Santa Juana), who is inexplicably suffering from a violent recurring nightmare about a gruesome accident. She goes home to find out the truth behind this and discovers that her family is fated to die gory deaths, one by one.

It doesn’t help that she is a bit estranged from her family, having lived away for a bit, so she also seeks to reestablish her connection with her little brother, Charlie (played by Teo Briones). This very human motivation at the core of the film helps the audience root for these two characters.

Unlike the previous films, this one has a sort of period piece in it — Stefanie’s nightmare, making up the opening 20 minutes of the movie. It shows a gruesome accident on a restaurant dance floor atop a tower, first experienced by her grandmother Iris in a premonition back in 1968. Aside from providing context to why their family is on death’s list, the entire scene is a showstopper, and the film never lets up from there.

As a casual fan of the Final Destination franchise, which has shocked, entertained, and traumatized a generation of millennials, Bloodlines is awesome in that it doesn’t resort to pandering to Gen Z audiences. It trusts that the kids now are just like the kids back then — inherently curious about gore — and it therefore doesn’t subject us to modern slang or social media-related plot points. It truly felt like a Final Destination film from the mid-2000s, down to the farfetched insanity of each death becoming ultra cheesy by the time the back half rolls in.

For the weirdos who find schlock like this kind of comforting, it’s cozy to see that the central event that kicks off the deaths for the family is a backyard barbecue with a bunch of cousins, uncles, and aunts. There’s just no better way to say it than that it just feels very 2000s. Another standout character, the spiky-haired emo tattoo artist cousin Erik (played by Richard Harmon), exemplifies this. It’s a stereotype that we don’t see as much anymore in its full glory these days. Not to mention his close connection with his younger brother Bobby (played by Owen Patrick Joyner), lending even more heart to the story.

There’s even a little in there about trauma being passed down through generations, from the grandmother Iris (played by Brec Bassinger in the premonition/nightmare scenes and by Gabrielle Rose in the present-day) to Stefanie’s estranged mother Darlene (Rya Kihlstedt). Perhaps what feels most “current” or “trendy” about the story is Stefanie’s heroism as a young woman grappling with — and actively fighting against — the literal and metaphorical fatalities that trauma has dealt on her family.

The movie also plays up more than ever that there’s a formula to death’s uncanny attempts to kill off those on his list. The characters make a big deal about trying to stave off death, with grandmother Iris having an ominous notebook recording her obsessive findings on it, but the components of this formula seem random at best. Stefanie is shown to have become a natural at predicting death’s attempts at their lives, but it only feels like a plot device with no thought put into it. Sure, an out-of-control leaf blower can blow leaves into the eyes of some boys playing soccer, leading to one kicking the ball into a cousin who falls into the chute of a passing garbage truck to be crushed to death inside — but other than Stefanie pointing out those elements minutes prior, no successful plan is really formed from that ability to piece things together.

As with all Final Destination films, the deaths often come across as a relieving punchline to a suspenseful scene, many in the audience watching by peeking tentatively between their hands covering their face. But this one does it with glee at times. One character, who supposedly kicks off a deathly chain of events by being annoying and rude, is later killed off gruesomely to the roaring applause and satisfaction of most of the audience. It’s corny as hell, but the people behind the film know that people are easily pleased by violent comeuppance, which says a lot about humanity, I guess.

It’s a testament to the lasting impact of the franchise that the fleeting appearance of a pick-up truck with heavy logs loaded on the back is enough to make one’s breath hitch. Of course, they don’t repeat deaths, so Stefanie changes lanes to avoid driving behind the truck — and fans love this. Most importantly, the brief role of William Bludworth (played by the late Tony Todd, this being his last gig) ties together this new film with the ones he appeared in before. His final send-off in the film warranted great applause.

Overall, Final Destination Bloodlines combines palpable dread with campy insanity and grisly gore. It makes you want to stay away from glass towers, trampolines, lawnmowers, septum piercings, ceiling fans, and MRI machines. While it all gets stale and boring by the final act (simply because the bloodshed was already amped up to the maximum level before that) and the loose ends are tied up very lazily and predictably, the film is a fun end to this iconic collection of generational paranoia. It comes 14 years late, but you almost don’t feel it.

May 12 elections: Progressive thoughts have an audience

PHILIPPINE STAR/MIGUEL DE GUZMAN

It’s all in the numbers! My good friend, Dr. Corina Gochoco-Bautista of the UP School of Economics sent me a resibo showing that it was not the members of the ruling dynasties in key areas in the National Capital Region that topped the senatorial elections. It was Bam Aquino. Kiko Pangilinan was not far behind. And if I may add, fighting against all odds with limited resources and exposure, Heidi Mendoza and Luke Espiritu proved that issues-based political campaigns are making some initial breakthroughs in the mindsets of the Filipino electorate.

Progressive thoughts have an audience.

As we wrote in our recent report for GlobalSource Partners, a quick assessment of the results of the Philippines’ May 12 mid-term elections demonstrates that the Filipino electorate has started repudiating movie stars and game show hosts, political dynasties, deadwood, and those suspected of plunder and corruption. The formula of name recall, political machinery, and using public money to win elections, or whatever drives survey after survey, does not seem to hold much water anymore, or at least is no longer as deterministic.

Pulse Asia’s voter preference survey in early May indicated nine out of President Ferdinand “Bongbong” Marcos, Jr.’s 12 senatorial candidates were likely to land in the “magic 12,” including six current and former senators (Pia Cayetano, Ping Lacson, Lito Lapid, Imee Marcos, Bong Revilla, and Tito Sotto), a current city mayor and former congresswoman (Makati’s Abby Binay), and two current members of the Lower House of Congress (Camille Villar and Erwin Tulfo). Only two of former President Rodrigo Duterte’s candidates (Senators Bong Go and Bato de la Rosa) and one radio and TV personality and public service host (Ben Tulfo, running as an independent) completed the magic 12 in the survey. In general, many similar surveys predicted a rerun in the Senate.

But did these surveys’ results really reflect the popular vote on who finished among the top 12 in the senatorial elections?

As of 10:14 p.m. last Tuesday, partial and unofficial results seem to be telling us a different narrative.

Of the nine Marcos’ candidates in the Pulse Asia survey’s winning 12, two were edged out with the most surprising surge of former Senators Bam Aquino (2nd place) and Kiko Pangilinan (5th). Go and De la Rosa kept their positions among the Top 5. The number of Duterte candidates actually rose from two in the surveys to three, with Party-list Rep. Rodante Marcoleta coming in strongly at the expense of the Administration bet Binay and the independent Ben Tulfo.

This mid-term electoral exercise is also a referendum of how President Marcos Jr. is faring in his first three years in Malacañang. The Filipino electorate does not appear to be impressed by his economic management. True, inflation continues its downtrend, but prices remain elevated especially food commodities. Such a downtrend may not be sustained because it was achieved by extending the food subsidy, which is good only for several months. Reducing tariff duties on rice imports could also impinge on government revenues and, obviously, this measure was expedient for political reasons. Previous Supreme Court hearings disclosed that public health and public education have been invariably de-prioritized. More funds were allocated to so-called critical infrastructure consisting of road widening and river dredging for flood control. The budget continues to bloat, and National Government debt now stands at over P16.6 trillion. Unconditional transfers were authorized to win votes, but they turned out to be a big, big turn off especially for young voters. They are now likely going for issues-based campaigns and platforms.

Senators, after all, are elected to make laws, rather than learn to make laws when they are already elected.

This mid-term senatorial election is inarguably a numbers game, but much more so when the new Senate convenes, organizes itself, and prepares for the possible prosecution of Vice-President Sara Duterte for the alleged culpable violation of the Philippine Constitution, betrayal of public trust, graft and corruption, and other so-called high crimes. Based on Senate President Chiz Escudero’s pronouncement, Sara Duterte’s impeachment proceedings could start by end-July.

Based on partial and unofficial election results, anti-impeachment senators will definitely include Senators Go and De la Rosa who are assured of reelection. Along with incumbent Senator Robin Padilla, Sara Duterte would have three solid supporters. Marcoleta could be the fourth. If their refusal to sign the articles of impeachment in the House were to be a guide to their prospective position in the Senate should they win, Erwin Tulfo and Villar could be the sixth and seventh votes against impeachment.

It is also possible that the Cayetano siblings (Pia and Alan Peter) plus Imee Marcos could tilt the balance in favor of the Vice-President. Alan Peter Cayetano was President Rodrigo Duterte’s running mate in 2016 and his first Foreign Affairs Secretary, and, later, House Speaker.

Unless Malacañang flexes it muscles and mobilizes all the resources at its disposal, the Vice-President stands a good chance of keeping her office. Nothing else seems to stand in the way of her taking Malacañang in 2028.

But before anyone rejoices and concludes that such a turn is a certainty, we should sober up and take to heart one commentary about the possible dissipation of the Duterte magic.

It claims that while the Dutertes won Davao City, they lost the rest of the big Davao Region which consists of five provinces: Davao de Oro, Davao del Norte, Davao del Sur, Davao Oriental, and Davao Occidental. The results show either Marcos Jr. allies or independent families and groups are set to dominate the five provinces of the region. As the commentary concluded: “The Dutertes may rule in Davao City. But it looks more like a walled city surrounded by an unfriendly political landscape.”

Between now and 2028, we should not rule out the emergence of a promising young leader, with great competence and ability, full of integrity and honesty, and, despite his youth, with experience and an unassailable track record. He could be one in stark contrast to what Sara Duterte stands for. He could be one who will not fail to speak for the people, against foreign countries with deepest intent to usurp Philippine sovereignty in the West Philippine Sea, against plunder and corruption. The political dynamics in 2028 could still follow a different trajectory.

In fact, one other possible scenario could also happen. If the Vice-President as well as Go and De la Rosa are arrested by the International Criminal Court, having been impleaded at The Hague, the Senate impeachment could still proceed and oust Sara Duterte. If the Senate rules allow remote testimony and hearing, a conviction will disqualify her from running for the presidency in 2028. In her absence and that of the former president, it would be rather difficult to muster the same level of support in the Senate and push back conviction. The May 12 midterm elections affirm the public’s growing demand for accountability.

Meanwhile, President Marcos Jr. will have to outdo himself and focus more on building a legacy of good economic, political, and social governance by pursuing strategic policy and structural reforms in order to invest the Philippine economy with greater potential and resiliency. Rooting out corruption in public offices is a must to assure the Filipino electorate his candidates in 2028 are worth voting for. Otherwise, the President could kiss goodbye his desire to rewrite history and absolve the Marcos family from various charges of plunder and mismanagement. This is a wake-up call!

For the progressive segment of the population — and I would include here politically aware faith-based organizations including churches and church groups — it is clear to them that the election results continue to favor political dynasties, political machinery, and political myths. But some breakthroughs have become more evident, and, to reiterate, progressive thoughts have an audience.

1Sambayan and the recent coalition of the religious and the citizenry for good governance, a broad alliance of forces from left to right, against both the ruling families, could be the start.

Uniting against the Administration’s budget scandal and the Davao camp’s violation of human rights and the rule of law, for a start, should be easier to consider in order to establish inclusiveness. There should be no room for what some would describe as “political purity” because the imperative of the moment requires massive support for justice, righteousness, and the people’s access to both political and economic power.

It’s about time that we asserted the centrality of moral choices to human dignity.

They have three years starting now to build their political base and machinery, widen their network, and deepen their roots. It is this kind of spade work that wins, rather than loses, electoral exercises for the sake of the people and the country.

 

Diwa C. Guinigundo is the former deputy governor for the Monetary and Economics Sector, the Bangko Sentral ng Pilipinas (BSP). He served the BSP for 41 years. In 2001-2003, he was alternate executive director at the International Monetary Fund in Washington, DC. He is the senior pastor of the Fullness of Christ International Ministries in Mandaluyong.

Filinvest Q1 profit climbs to P3.6B on strong banking, real estate

FILINVESTGROUP.COM

GOTIANUN-LED conglomerate Filinvest Development Corp. (FDC) recorded a 25% increase in its first-quarter (Q1) attributable net income to P3.6 billion from P2.9 billion last year, led by its banking, real estate, hospitality, and sugar segments.

First-quarter consolidated net income rose 21% to P4.5 billion from P3.7 billion a year ago, FDC said in a statement to the stock exchange on Thursday.

Total revenue and other income increased 11% to P29.3 billion.

FDC said revenue and other income from the banking segment rose 18% to P13.9 billion; real estate improved 13% to P6.8 billion; hospitality grew 21% to P1.2 billion; and sugar increased 7% to P2.4 billion.

The power segment saw a 7% drop in revenue and other income to P5 billion.

“We started the year with a strong performance by all business units. We look forward to sustaining this momentum for the remainder of the year despite emerging challenges in some business segments,” FDC President and Chief Executive Officer Rhoda A. Huang said.

Revenue growth of banking subsidiary East West Banking Corp. was driven by a 15% increase in consumer loans, resulting in a 13% rise in net interest income to P9.3 billion during the period.

The real estate segment generated 13% higher revenues from increased residential sales and mall rentals.

Residential sales rose 9% due to higher demand from the middle-income segment in key areas such as Cavite, Laguna, Batangas, Rizal, Visayas, and Mindanao. Mall and rental revenues climbed 19% on higher occupancy and foot traffic.

The property business includes subsidiaries Filinvest Land, Inc., Filinvest Alabang, Inc., and Filinvest REIT Corp.

Revenue from hotel operations under Filinvest Hospitality Corp. increased 21%, led by higher occupancy, better room rates, and improved contributions from the food and beverage segment. Its portfolio includes seven hotels with 1,800 rooms and two 18-hole golf courses in Clark, Pampanga.

Meanwhile, the power business, led by FDC Utilities, Inc., posted P1.2 billion in net income contribution and P5 billion in revenue on lower average prices and volume sold during the period, due to the extended colder season in the first two months of the year. 

FDC shares rose 2.71%, or 12 centavos, to P4.54 apiece on Thursday. — Revin Mikhael D. Ochave

It’s not Max, it’s HBO Max: Streaming service flips name again

TWO YEARS AGO Warner Bros. Discovery, Inc. ditched the HBO brand from the title of its flagship streaming service, counting on the name Max to convey the media company’s broad reach of programming.

On Wednesday, the company decided the globally known name behind shows like The Last of Us and Game of Thrones has appeal after all.

“Today, we are bringing back HBO, the brand that represents the highest quality in media, to further accelerate that growth in the years ahead,” Warner Bros. Chief Executive Officer (CEO) David Zaslav said in a statement, reversing his own decision from 2023.

The return to HBO Max also marks an “implicit promise” by the company to deliver unique and premium content, Warner Bros. Discovery (WBD) said on Wednesday.

The switcheroo puts HBO, the network behind some of the most-praised and talked-about shows on TV, front and center in efforts to attract a worldwide audience to the company’s paid streaming service. With millions of TV viewers shutting off their cable subscriptions, streaming has become the future for media giants like Warner Bros. and Walt Disney Co.

Leading up to the service’s launch in the spring of 2020, there was much internal debate about the name. Eventually, executives decided to name it HBO Max, a way of incorporating the storied HBO cable brand — known for popular, edgy hits like The Sopranos — while positioning the new product as a premium service that would cost more than rivals Netflix or Disney+.

This followed Warner Bros. Discovery’s move to merge HBO dramas and top franchises like Harry Potter with lifestyle-focused content from Discovery under one service.

But from the outset sign-ups were sluggish, and many consumers were confused by the branding and how HBO Max differed from the company’s existing streaming products, HBO Go and HBO Now.

In 2023, following WarnerMedia’s merger with Discovery Inc., Mr. Zaslav announced the HBO name would be dropped in favor of a more generic brand that would appeal to a broader audience in theory. The goal was to offer a more appealing product and to help retain viewers who typically canceled their subscriptions after watching the latest season of their favorite show.

The re-branding left many observers scratching their heads. Critics derided the move, saying it jettisoned a brand famous for prestige television to promote shows like Dr. Pimple Popper and 90 Day Fiancé alongside its more upscale programming.

Even Ted Sarandos, co-CEO of Netflix, called the move a surprise. “I would have never guessed HBO would have gone away. They put all that effort into one thing that they can tell the consumer — it should be HBO,” he said in a Variety interview in March.

Recently, much of the streaming service’s buzz has come from HBO shows, including the third season of The White Lotus, which was a massive hit. Max is also home to franchises like Harry Potter, A24 films, and iconic broadcast-TV shows like Friends.

Warner Bros.’s streaming business has added 22 million subscribers over the past year and the company expects to have more than 150 million by the end of 2026. Shows including The White Lotus and The Pitt helped it amass 5.3 million streaming subscribers in the January-March quarter, taking its total to 122.3 million and an adjusted profit of $339 million.

A key driver of that growth has been international expansion. After rolling out Max in over 70 countries last year, WBD plans to launch the service in the UK, Ireland, Italy and Germany.

The company announced the latest change, which will be effective this summer, at its annual presentation to advertisers in New York. In other words, the Max experiment is over. — Bloomberg/Reuters

G20 is too elite. There’s a way to fix that though — economists

WIKIMEDIA.ORG

The G20 claims to be “the premier forum for international economic cooperation.”

But is it?

As scholars of global economic governance, we are skeptical of this claim. Here are our main reasons.

• The G20 is insufficiently representative of the 193 member states of the United Nations plus the small number of non-member states.

• It is a self-selected group of 19 countries and the European and African Unions.

• It has no mandate to act or speak on behalf of the international community.

• It has no transparent or formal mechanisms through which it can communicate with actors who do not participate in the G20 but have a stake in its deliberations and their outcomes.

The growing tensions in the world make it more urgent to improve the efficacy of the G20. Firstly, because there is growing evidence of the loss of interest in global cooperation. Secondly, because rich states are cutting their official development assistance and are failing to meet their commitments to help countries deal with loss and damage from climate impacts and make their economies more resilient to shocks.

And thirdly, because rich countries are also reluctant to discuss financing sustainable and inclusive development in forums like the upcoming Fourth Financing for Development Conference or the UN, where all states can participate. They prefer exclusive forums like the G20.

Here, after briefly describing the structure of the G20, we argue that its lack of representation is a major problem. We offer a solution and argue that, as chair of the G20 this year, South Africa is well placed to promote this solution.

WHAT IS THE G20 AND HOW DOES IT FUNCTION?
The G20 was established in the late 1990s in the wake of the East Asian financial crisis. Its members were invited by the US and Germany based on a proposal from the Canadian government. Initially only finance ministers and central bank governors of major advanced and emerging economies were involved. After the financial crisis of 2008-2009 it was upgraded to summit level with the same membership.

A summit is held annually, under the leadership of a rotating presidency.

The group accounts for 67% of the world’s population, 85% of global GDP, and 75% of global trade. The membership comprises 19 of the “weightiest” national economies plus the European Union and the African Union. The 19 national economies are the G7 (the US, Japan, Germany, the UK, France, Italy, Canada), plus Australia, China, India, Indonesia, the Republic of Korea, Russia, Turkey, Saudi Arabia, South Africa, Mexico, Brazil, and Argentina. These countries are permanently “in.” The remaining 90% of countries in the world are excluded unless invited as “special guests” on an ad hoc basis.

Representatives of a select group of international organizations including the International Monetary Fund, the World Bank, the Organization for Economic Cooperation and Development (OECD) and the World Trade Organization also participate, together with those from some UN entities.

The G20’s work is managed by a troika consisting of the current president with the assistance of the past president and the incoming president. In 2025 this troika consists of South Africa as the current chair, Brazil as the past chair, and the US, which will become the G20 president in 2026. The G20 has no permanent secretariat.

The consistency in G20 membership has proven to be an advantage because it helps foster a sense of familiarity, understanding and trust at the technical level among the permanent members. This is helpful in times of crisis and in dealing with complex problems.

But its exclusivity and informal status have limited its ability to address major challenges such as the global response to the economic and health consequences of the COVID-19 pandemic. This is because an effective response required agreement and coordinated action by all states and not just those in the G20.

A SOLUTION
We think that the governance model of the Financial Stability Board offers a solution.

The Financial Stability Board was established under the umbrella of the G20 in 2009. Its job is to coordinate international financial regulatory standard-setting, monitor the global financial system for signs of stress, and to make recommendations that can help avert potential financial crises.

It is also an exclusive club. Its membership consists of the financial regulatory authorities in the G20 countries plus those in a few other countries that are considered financially systemically important.

However, unlike the G20, the Financial Stability Board has made a systematic effort to learn the views of non-members. It has established six Regional Consultative Groups, one each for the Americas, Asia, the Commonwealth of Independent States, Europe, the Middle East and North Africa, and sub-Saharan Africa.

The objective is to expand and formalize the Financial Stability Board’s outreach activities beyond its membership and to better reflect the global character of the financial system.

The regional consultative groups operate in a framework which promotes compliance within each region with the Financial Stability Board’s policy initiatives. The framework enables the group members to share among themselves and with the board their views on common problems and solutions and on the issues on the board’s agenda.

Importantly, each regional group is co-chaired by an official from a Financial Stability Board member and an official from a non-member institution.

Applying this model to the G20 would allow the current G20 membership to continue, while obliging the members to establish a consultation process with regional neighbors. This would create a limited form of representation for all the world’s states.

It would also empower the smaller and weaker members of the G20 because it would enable them to speak with more confidence and credibility about the challenges facing their region.

This arrangement would also establish a limited form of G20 accountability towards the international community.

NEXT STEPS
As chair of the G20 chair for 2025, South Africa is well placed to promote this solution to the group’s representation problem. It should work with the African Union to establish an African G20 regional consultative group. South Africa and the African Union could invite each African regional organization to select one representative to serve on the initial consultative group.

South Africa could also commit to convey the outcomes of G20 regional consultative group meetings to the G20.

South Africa can then use this example to demonstrate to the G20 the value of having a G20 regional consultative group and advocate that other regions should adopt the same approach.

THE CONVERSATION VIA REUTERS CONNECT

Danny Bradlow is a professor/senior research fellow at the Centre for Advancement of Scholarship, University of Pretoria. In addition to his position at the University of Pretoria, is the senior G20 advisor, South African institute of International Affairs.

Robert Wade is a professor of Political Economy and Development at the London School of Economics and Political Science.

Citicore Renewable Energy’s Q1 net income rises 15.4% to P137.89M

CREC.COM.PH

LISTED renewable energy developer Citicore Renewable Energy Corp. (CREC) booked an attributable net income of P137.89 million for the first quarter (Q1), up 15.4% from the previous year, driven by higher electricity sales.

Revenues grew by 40.7% year on year to P1.41 billion, buoyed by the increase in electricity sales and service fees, based on the company’s financial report.

For the first three months, electricity sales increased by 46.7% year on year to P1.21 billion due to an expanded customer base.

“Our double-digit growth in electricity sales is a testament to the market’s belief in Citicore’s ability to deliver end-to-end renewable energy solutions for our climate-conscious customer base,” CREC President and Chief Executive Officer Oliver Tan said in a media release on Thursday.

Service fees more than doubled to P1.21 billion, while lease income remained at the same level as last year at P162.34 million.

Operating expenses, on the other hand, increased by 16% to P31.81 million versus last year’s P27.36 million due to some outside services procured during the period.

CREC, directly and through its subsidiaries and joint ventures, manages a diversified portfolio of renewable energy generation projects, power project development operations, and retail electricity supply services.

At present, the company holds a combined gross installed capacity of 285 megawatts from its solar facilities across the Philippines.

The company is expecting its first gigawatt (GW) of projects to come online this year. This goal is part of the company’s vision to energize 5 GW of renewable energy within five years. 

The company is currently constructing solar projects in Batangas, Pangasinan, Pampanga, Quezon, and Negros Occidental.

“The energization of our first gigawatt is a game changer for CREC, solidifying our role as a major force in the Philippine renewable energy sector,” Mr. Tan said.

Shares of the company climbed 1.07% to P3.79 apiece on Thursday. — Sheldeen Joy Talavera