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Century Pacific Food renews P14-B deal with Vita Coco

CENTURYPACIFIC.COM.PH

CENTURY PACIFIC FOOD, Inc. (CNPF) has renewed its five-year agreement with US-based The Vita Coco Co., Inc., valued at around P14 billion.

In a regulatory filing on Monday, CNPF said the renewed agreement, which takes effect in January 2026, will support 4,500 manufacturing jobs in General Santos, Mindanao.

The two companies will also continue their collaboration on sustainability targets, as well as standards on health and safety, environmental performance, and business ethics.

“We value our long-standing relationship with Vita Coco — a win-win partnership that has grown meaningfully over the past decade. We are pleased to extend our collaboration and look forward to scaling our collective impact across both our businesses, our consumers, and the communities we serve,” said CNPF Vice-President Noel Anthony M. Tempongko, Jr.

In 2024, CNPF and Vita Coco signed an incremental long-term agreement covering the production of an additional 90 million liters of coconut water over five years.

The expanded agreement also involved additional capacity investments by CNPF, including the acquisition of Coco Harvest, Inc., which generated more than 1,500 manufacturing jobs in Misamis Occidental, Mindanao.

“We are pleased to continue our long-term partnership with CNPF. Our organizations share a common mission around quality, sustainability, and community impact — and together, we look forward to driving innovation, fueling growth, and creating lasting positive change,” said Vita Coco Chief Operating Officer Jonathan Burth.

CNPF entered the coconut category in 2012 through its partnership with Vita Coco. Since then, it has become one of Vita Coco’s largest suppliers and has expanded its coconut-based product offerings.

In 2022, CNPF increased its production capacity by 50% to meet growing demand amid heightened interest in health and wellness products.

CNPF is engaged in the production, marketing, and distribution of processed marine, meat, milk, coconut, plant-based, and pet food products. Its portfolio includes brands such as Century Tuna, Argentina, 555, Ligo, and Birch Tree.

Shares of CNPF were unchanged at P39.50 apiece on Monday. — Revin Mikhael D. Ochave

How emotional, story-driven ads are shaping the internet

DAMIEN YEONG, Global Head of Retargeting for Mintegral — MINTEGRAL

ADS THESE DAYS have full-blown narratives, taking viewers through a beginning, middle, and emotional climax in a matter of 30 seconds — and Filipinos are proving to be most susceptible to this.

Damien Yeong, global head of retargeting for mobile advertising solution platform Mintegral, said that this is the reason brands are shifting their budgets towards “short-form, emotionally resonant videos.”

In a virtual interview with BusinessWorld, he cited three reasons for this: higher engagement, stronger recall, and better downstream conversion.

“Filipino users spend hours a day on mobile, making full-screen vertical formats the most immersive way to engage. These formats now dominate social feeds, in-app placements, and rewarded video spaces,” Mr. Yeong said.

“While these formats were once dominant mainly on social platforms, we now see them gaining significant traction across mobile games, utility apps, and web inventories.”

For example, if one were to play a mobile game that requires points to access in-game currency or more chances to play, there is usually a video ad that the user can watch in exchange for points.

Mr. Yeong explained that users actually choose to watch these ads in exchange for a benefit.

“Because they’re opt-in, we tend to see stronger engagement and better message retention compared to traditional interruptive formats,” he said.

Meanwhile, on social media, where algorithms are designed to maximize engagement, it is “short, emotionally charged videos that tend to perform best.”

AI AND PERSONALIZATION
For Mintegral, AI (artificial intelligence) helps advertisers test and optimize story-driven creatives at scale.

Mr. Yeong shared that elements such as pacing, music, character perspective, and even subtle emotional tones can “significantly impact performance.”

“Our system analyzes these variations in real time to understand what resonates most with different audience segments,” he said.

Because of AI, the “most relevant version of the ad” can be tailored to each user, whether they’re encountering the brand for the first time or already engaged at a deeper stage.

However, as a technology platform, Mintegral is guided by user privacy policy, according to Mr. Yeong.

“The personalization I mentioned must be done ethically and transparently, using data responsibly and in full compliance with all regulations. The goal is to create more relevant experiences without ever crossing the line into being intrusive,” he explained.

He added that Mintegral adheres to global privacy regulations and industry certifications like SOC 2 to ensure user data is handled securely and transparently.

FILIPINO PREFERENCES
When asked why such ads appeal to Filipinos in particular, Mr. Yeong spoke of how they “feel like entertainment and a reflection of real life.”

“Filipinos connect through shared stories and emotions. When an ad tells a story about family, overcoming hardship, or celebrating a small victory, it taps into a universal experience that feels authentic and relatable,” he explained.

More effective than a direct sales pitch, story-driven ads are created to build curiosity. “Viewers want to see how it resolves, which is why they don’t skip,” Mr. Yeong added.

He also clarified that an important goal of ads is not to force the viewer to immediately act, but to give a gentle follow-up.

“This could happen when a well-placed banner can bring the brand back to their attention and move them closer to conversion. It’s really about creating consistency across different touchpoints, rather than relying on just one moment,” he said.

Filipinos are also prone to emotional fatigue, since they are online all the time. Mr. Yeong explained that this poses a challenge for brands to find “unique, authentic stories that align with specific values, rather than just copying a successful formula.”

“If every brand tells the same type of tear-jerking story, consumers will become desensitized, and the impact will diminish,” he said.

“Filipinos can easily spot when a brand is manufacturing emotion without genuine alignment to its values or actions.” — Brontë H. Lacsamana

Wilcon sets P3.2-B capex to support recovery

PHILSTAR FILE PHOTO

LISTED home improvement and construction supply retailer Wilcon Depot, Inc. has set a P3.2-billion capital expenditure (capex) budget for 2025, higher than last year’s, as it aims to drive a financial rebound in the second half.

“Our (capex) budget for the year is P3.2 billion. In the first quarter, we already spent P652 million,” Wilcon Depot Vice-President for Investor Relations Mary Jean G. Alger said in a virtual briefing on Monday.

Of the total, P2.2 billion will be allocated for the construction of new stores and warehouses, P568 million for renovations and repairs, P327 million for store and transportation equipment, and P137 million for information technology infrastructure.

Wilcon’s 2025 capex is higher than the P2.2 billion spent last year.

Ms. Alger said the company expects earnings to remain flat this year, with a recovery seen in the second half.

“We’re just looking at very minimal growth. We’re looking, actually for this year, just really flattish… We’re looking at the recovery of the first-half decline in the second half,” she said.

In the first quarter, Wilcon’s net income dropped by 27.5% to P536 million. Gross profit fell by 1.7% to P3.26 billion due to a lower margin rate across non-exclusive, exclusive, and in-house brand categories.

Wilcon Chief Operating Officer Rosemarie B. Ong said the company expects revenue to grow by a “high single-digit” rate, noting a conservative outlook for the year.

“We’re still looking at growth, but it’s going to be conservative,” she said.

Ms. Ong added that the company is reviewing the size of its stores to improve network efficiency and optimize spending.

She said Wilcon is focusing on expanding in regional markets amid softening demand in Metro Manila.

“The impact of the slowness of the market was really felt in Metro Manila. However, the Cavite-Laguna area, wherein we are really focused on expanding our footprint, is doing quite well compared to Metro Manila. We’re trying to right-size the store based on the capacity of the market, how large the market is, or how many stores we have in that area,” she said.

“We’re seeing growth in the emerging areas like South Luzon, some parts of North Luzon, and some parts of Visayas and Mindanao,” she added.

On store expansion, Ms. Alger said Wilcon is targeting eight new store openings this year. Last month, it opened a branch in Cordova, Cebu — its 103rd store nationwide.

Shares of Wilcon fell by 1.04% or eight centavos to P7.60 apiece on Monday. — Revin Mikhael D. Ochave

Youlogy

Movie Review
Faney
Directed by Adolfo Alix

GIVE Adolfo Alix due credit — where few others seemed eager to cast Nora Aunor as lead in films (mainly because she wasn’t a young fresh talent anymore, the primary requirement for this ruthlessly youth-oriented relentlessly skin-deep industry) he kept doing so, in recent films (Pieta, Mananambal, Whistleblower, Padre de Familia among others) and in one project (Kontrabida) still awaiting a local theatrical run.

So it should be only fitting (shouldn’t it?) that on Nora’s passing Alix should assemble a few of her family and frequent collaborators for some kind of tribute — not a biopic, not a clip show, at least not completely, not some kind of documentary retrospective of her career, but a lightly fictionalized account of the people that idolized the actress, made her the icon that she was and in many ways still is.

Hence: Milagros/Lola Bona (played by Laurice Guillen) is devastated to hear of Ate Guy’s (the fans’ fond nickname for Nora, ate being “elder sister”) passing and vows to attend the wake; her daughter Babette (Gina Alajar) won’t hear of it — grandma just had surgery and the heat and effort would probably kill her… not to mention the possibility of meeting Edgar (Bembol Roco) again.

But Milagros is persistent, and manages to coax her granddaughter Bea (newcomer Althea Ablan) to accompany her on this brief if eventful trip, not just to the wake but back to Milagros’ past, with maybe a sidetrip illuminating Bea’s own character and obsessions.

I suppose the film has flaws — a touch too sentimental (or a lot, depending on your disposition and familiarity with the woman and her milieu), Bea’s encounter with a boy band that too-neatly shows the shared insanity of fans across generations, the feared clip show that ends the picture.

There are the stories — of one fan asking for her cellphone to be laid on Nora’s coffin so she can speak to her one last time; of another, a young one, belatedly soaking up the lore of Noranians (the name her followers have chosen to christen themselves with) and declaring her own conversion. Arguably a collection of anecdotes — of fanfic? — do not a feature film make no matter how true; Alix is not known for tight-woven narratives but this one might be too loose assembled even by his standards.

One can also argue that this is a labor of love made by a fan for the fans, in the service of a star who was once relevant in the 1970s, ’80s, ’90s, struggled to stay relevant in the new millennium, and whose personal life was turbulent enough to generate a steady stream of tabloid fodder throughout her life and (as it turns out) some time after. The crossover appeal, at least at first glance, seems limited.

But the in-jokes and sprinkled allusions are plenty enough and some of them clever enough to keep you following. Easy one to spot: most of the female characters are named after characters she played — Milagros is from Kasal-Kasalan, Bahay-Bahayan; Bona from Brocka’s classic slum noir of the same name; Babette is from Bulaklak sa City Jail, one of Nora’s most popular movies, Flor is of course from The Flor Contemplacion Story, perhaps her most famous film, and which the Noranians have adopted as their banner feature.

Scenes and snatches of dialogue from various films are not just quoted but performed; Guillen delivers a lion’s share of them in her bedroom, in one lengthy virtuoso sequence, in a single take (Alix’s apparently favorite way of capturing a scene). One can argue this is pure indulgence but Guillen pushes from fond remembrance to sadness to hysteria to a kind of nervous breakdown, begging not for tears but for a kind of horrified recognition that all isn’t right in Milagros’ head — she is having issues. Folks talk about Nora being a great actress; true enough, but no one talks about what a formidable talent Guillen also is, and this lengthy sequence proves it — her gestures come across graceful and guileless, her emotions are expressed with effortless clarity. Arguably Nora’s most famous speech (“Walang himala!”) is delivered with no fuss and less frills, the words recognizably Nora’s, the delivery Guillen’s inventive interpretation of Nora as played by an ardent older fan.

In perhaps the most bizarre episode in the pic Milagros encounters a pair of queer fans, one (the always great Roderick Paulate) calling himself Pacita M (a classic Nora character), the other (Henrie Chavarria) calling himself Stella L (celebrity rival Vilma Santos’ most famous role). Stella accuses Pacita of being a traitor; Pacita calls Stella a spy — catty acknowledgment not only of the rivalry among fandoms but of the intense identification the LGBTQ community has with the star (not for nothing is she nicknamed “Ate Guy”).

Milagros finally arrives at the funeral home housing the wake and meets Lola Flor, who again looks familiar and who I struggled to remember till I got it: Perla Bautista. The doting mother in Bulaklak sa City Jail with eyes glittering unnaturally bright as she asks about her missing child; I see her now, eyes bright as ever, only instead of insanity it’s the light of a life that has survived a long time and still hasn’t given up, still hasn’t let go — Lola Flor may be too old and weak to wait for long outside of Nora’s wake, but she isn’t too old to appreciate old friends, and the sad occasion that brings them all together.

And then there’s Edgar — sad enigmatic Edgar, who stands in Milagros’ way and gazes at her, unspeaking. What’s their history? What do they mean to each other? Why aren’t they still together? Alix holds his cards tight to his chest and just lets their eyes — Guillen’s, Roco’s — speak; in this case, at least, the eyes have it.

Several times Guillen sits in her room simply leafing through her photo album, an easy trope in a genre steeped in tropes and nostalgia — but it could also as easily be a nod to the closing moments of Mario O’Hara’s Babae sa Bubungang Lata (Woman on a Tin Roof, 1998), where Nitoy (Frank Rivera) sits in his room bleeding, looking through his album of once-famous faces dead and gone, about as definitive a statement as any of the passing of an era, in this case, of Philippine cinema. Seeing Alix’s film, I’ve finally found a flaw in that scene — O’Hara shot it decades too early. If he had made it now, Nitoy’s album might have ended more appropriately, first on the face of Lino Brocka, then on the face of Nora Aunor. The end of an era indeed.

Protecting every saver: How deposit insurance can be a lifeline during unforeseen circumstance

Waking up to a home flooded up to hip level or reporting for work only to find out you have been let go by the company are scenarios one would wish were just a bad dream. For Karla and Paulo, however, this was their reality when Typhoon Ondoy and the global pandemic happened, respectively. Faced with the sudden dilemma, they found themselves asking: How do I begin again?

Emergency situations such as natural calamities and virus outbreaks strike without warning. Having a savings account — or better yet an emergency fund, can spell the difference between feeling helpless and having peace of mind.

Karla and her family lost almost all of their belongings, but thankfully the money she tucked in the bank was left unharmed. “Buti na lang may savings ako. Maliit man o malaki na sakuna, importante na ready ka, na may savings ka sa bangko para may mahuhugot ka. Hindi mo need maghintay ng tulong sa iba dahil kaya mong tulungan ang sarili mo at ang pamilya mo (It was a good thing I had my savings in a bank. Whether it is a small or big calamity, it is important that you are ready, that you have savings in the bank that you can use. That way, you won’t need to wait on others for help because you are capable of helping yourself and your family),” Karla recalled with a sense of relief.

This sense of security in the banking system is exactly what the Philippine Deposit Insurance Corporation (PDIC) aims when fulfilling its twin public policy objectives of protecting depositors and promoting financial stability. As the state deposit insurer, the PDIC provides a financial safety net through deposit insurance to depositors of banks up to the maximum coverage amount set by law.

In Paulo’s case, his unforeseen emergency was brought about by COVID-19. The pandemic not only taught him that nothing is permanent but also stressed the importance of saving money in banks. As the family’s breadwinner, he immediately needed to find another way to earn a living after being laid off. That was when he tried delivery work.

“Dati wala akong effort para mag-ipon sa bangko. Lahat ng sinasahod ko napupunta agad sa mga bilihin at mga bayarin. Nung nawalan ako bigla ng trabaho, dun ko na realize na ang hirap pala pag wala kang naitabi. Kaya ngayon, kahit pa P10 o P20 lang na extra, kapag pinagsama-sama malaking dagdag na rin para sa emergency fund (I used to not make an effort to save in banks. What I earn went straight to buying the necessities and paying the bills. When I suddenly lost my job, that was the only time I realized just how hard it is when you have nothing saved. So now, I save even if it is just an extra P10 or P20 to add to the emergency fund),” he said.

According to a report by the Bangko Sentral ng Pilipinas (BSP), as of September 2024, more than 450 cities and municipalities in the country remain unbanked. This means that many Filipinos may still be unaware of the benefits of saving in banks and having their hard-earned money protected by the PDIC.

To sustain the protection the PDIC provides to depositors, it continuously strengthens the Deposit Insurance Fund (DIF), the funding source of deposit insurance built primarily through the collection of semi-annual assessments from banks.

Starting March 15, 2025, the DIF guarantees that deposits up to the maximum deposit insurance coverage (MDIC) of P1 million per depositor per bank are protected. This is double the previous MDIC of P500,000, which was last adjusted in 2009.

This increase in the MDIC not only demonstrates the stability of the DIF but also ensures more deposit accounts are insured, thus reinforcing public trust and confidence in the banking system. Hopefully, more individuals, like Karla and Paulo, can confidently choose to save in banks, knowing that the PDIC is their ally in safeguarding their savings and the welfare of their family during challenging times.

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

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T-bill rates end mixed amid Mideast conflict

BW FILE PHOTO

THE GOVERNMENT saw mixed results at Monday’s Treasury bill (T-bill) auction, with yields mostly steady as it capped the rise in the 91-day tenor’s rate by making a partial award.

The Bureau of the Treasury (BTr) raised P26.7 billion from the T-bills it auctioned off on Monday, higher than the P25-billion plan as the offer was nearly thrice oversubscribed, with total bids reaching P74.205 billion. However, this was lower than the P98.259 billion in tenders recorded on June 9.

This came even as the BTr made a partial award of the 91-day T-bill as strong demand prompted the Auction Committee to double its acceptance of noncompetitive bids for the 182-day tenor to P6.4 billion, it said in a statement.

Broken down, the Treasury awarded only P6.5 billion in 91-day T-bills on Monday, lower than the P8-billion plan, even as total tenders for the tenor reached P19.425 billion. The three-month paper fetched an average rate of 5.459%, 0.8 basis point (bp) higher than the 5.451% seen in the previous auction, with tenders accepted by the BTr having yields of 5.443% to 5.49%.

Meanwhile, the government raised P11.2 billion from the 182-day securities, well above the P8-billion program, as bids amounted to P29. 67 billion. The average rate of the six-month T-bill was at 5.523%, inching down by 0.1 bp from the 5.524% fetched last week, with accepted rates ranging from 5.505% to 5.543%.

Lastly, the Treasury raised P9 billion as planned via the 364-day debt papers as demand for the tenor totaled P25.11 billion. The average rate of the one-year T-bill edged up by 0.1 bp to 5.657% from 5.656% previously. Accepted bids carried yields of 5.64% to 5.67%.

At the secondary market before Monday’s auction, the 91-, 182-, and 364-day T-bills were quoted at 5.4404%, 5.57%, and 5.6916%, respectively, based on PHP Bloomberg Valuation Service Reference Rates data provided by the Treasury.

The BTr took advantage of the strong demand seen for the 182-day T-bills by hiking its award of the tenor, a trader said in a text message.

“The Treasury bill average auction yields were mostly marginally higher but essentially little changed after the latest Israel-Iran war that led to global crude oil prices reaching new four-month highs,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Higher oil prices, along with the sharp decline in the peso as the conflict in the Middle East boosted the dollar, could lead to faster inflation here and abroad, which could affect the path of monetary easing, Mr. Ricafort said.

“Markets are also anticipating a possible 25-bp Bangko Sentral ng Pilipinas rate cut in the next rate-setting meeting on June 19,” he said.

“T-bill average auction yields were also mostly marginally higher week on week on lower total bids,” he added.

The BSP is widely expected to deliver a second straight rate cut at its policy meeting on Thursday amid cooling inflation. A BusinessWorld poll conducted last week showed that 15 out of 16 analysts see the Monetary Board bringing down the target reverse repurchase rate by 25 bps to 5.25% from the current 5.5%.

The Monetary Board resumed its easing cycle with a 25-bp rate cut in April following a surprise pause in February due to uncertainties over the impact of the Trump administration’s trade policies on the Philippine economy.

The central bank has reduced borrowing costs by a total of 100 bps since it began its easing cycle in August 2024. BSP Governor Eli M. Remolona, Jr. has said that they may cut rates two more times this year in “baby steps” or increments of 25 bps at a time as the benign inflation outlook gives them ample room to shift to a more accommodative monetary policy stance.

Meanwhile, on Friday, the peso weakened to the P56 level due to the conflict in the Middle East. It closed at another near two-month low of P56.415 on Monday.

The dollar held its ground in choppy trading on Monday, as investors keenly monitored Israel-Iran fighting for any signs that it could escalate into a broader regional conflict and braced for a week packed with central bank meetings, Reuters reported.

As both Iran and Israel showed no signs of backing off from their attacks, market participants mulled the prospect that Tehran might seek to choke off the Strait of Hormuz — the world’s most important gateway for oil shipping — which could raise broader economic risks from disruptions in the energy-rich Middle East.

Crude prices were up about 1% after closing 7% higher on Friday following Israel’s preemptive strike on Iran.

On Monday, the dollar was flat at 144.08 Japanese yen after rising nearly 0.4% earlier in the session, while the euro was muted at $1.1555.

The greenback was also steady against the Swiss franc at 0.811, while an index that measures the dollar against six other currencies dipped 0.1% and was last at 98.11.

On Tuesday, the government will offer P30 billion in reissued 10-year Treasury bonds (T-bonds) with a remaining life of nine years and 10 months.

The Treasury wants to raise P230 billion from the domestic market this month, or P100 billion through T-bills and P130 billion via T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.54 trillion or 5.3% of gross domestic product this year. — A.M.C. Sy with Reuters

Yuchengco firm secures P498-M loan for Nueva Ecija solar project

STOCK PHOTO | Image from Freepik

SAN JOSE Green Energy Corp. (SJGEC) has secured a P498-million term loan facility from Rizal Commercial Banking Corp. (RCBC) to partly finance the development of its 19.6-megawatt direct current (MWdc) solar power project in Nueva Ecija.

In a statement on Monday, SJGEC said it signed an omnibus loan and security agreement with RCBC as the lender for the San Jose Solar Power Project.

RCBC Capital Corp. acted as lead arranger, while RCBC Trust Corp. served as facility agent and security trustee.

SJGEC is a subsidiary of Rizal Green Energy Corp. (RGEC), a joint venture between Yuchengco-led PetroGreen Energy Corp. (PGEC) and Japan-based TAISEI Corp. PGEC is the renewable energy arm of listed firm PetroEnergy Resources Corp. (PERC).

RGEC’s project portfolio includes the 27-megawatt-peak (MWp) Dagohoy solar project in Bohol, the 25-MWp Bugallon solar project in Pangasinan, and the 40-MWp Limbauan solar project in Isabela.

The company said the San Jose Solar Power Project is in the final stages of securing regulatory approvals ahead of its targeted commercial operations in the third quarter.

The facility is PGEC’s eighth utility-scale renewable energy project and is expected to generate an average of 27 gigawatt-hours annually, offsetting at least 18,900 metric tons of carbon dioxide emissions per year.

“This milestone underscores the shared commitment of PGEC and RCBC, both Yuchengco Group of Companies (YGC) members, in increasing the country’s power supply, advancing sustainable energy, and fostering a greener future for the Philippines,” the company said.

PERC is targeting to expand its generation capacity to 500 MW by 2029 from the current 145 MW. — Sheldeen Joy Talavera

F1 movie could not have been made without Hamilton, says director

Brad Pitt in F1: The Movie (2025) — IMDB
Brad Pitt in F1: The Movie (2025) — IMDB

MONTREAL — Brad Pitt’s soon-to-be-released Formula One movie could not have been made without Lewis Hamilton, director Joseph Kosinski said on Friday.

The Apple Original film F1, with action scenes filmed at race weekends with the Liberty Media-owned sport’s cooperation, is due in cinemas and IMAX internationally on June 25 (including the Philippines where it has been rated PG by the MTRCB), and in North America on June 27.

Mr. Kosinski told reporters after an advance showing at the Canadian Grand Prix that the involvement of Mr. Hamilton, who joined Ferrari this season after winning six of his seven titles at Mercedes, had been key.

The 40-year-old Briton is credited as a co-producer while his Dawn Apollo production company was also involved.

Mr. Kosinski, who directed the hit Top Gun: Maverick, explained how Mr. Hamilton was the first person he reached out to with the idea of a movie.

“I sent him an e-mail and just said ‘I want to tell the story in your world. I want to make it as authentic as possible. Will you help me?’” he said.

“And luckily Lewis said yes… He had actually talked to me earlier about playing a role in Top Gun: Maverick. So that’s how I knew Lewis.”

Mr. Hamilton, who had to turn down a part in that Tom Cruise film because of his racing commitments, acted as go-between with Formula One and as a consultant advising on technical accuracy and authenticity.

He was also a driver advisor to Mr. Pitt and co-star Damson Idris.

“At Hungary for instance, he said, ‘If Brad’s going to let someone pass during a blue flag and he wants it to be as tight as possible, he’s going to only do that at turn six,’” recalled Mr. Kosinski.

“That kind of detail… from a seven-time world champion who lives and breathes this world every day, I couldn’t have gotten that from anywhere else.”

Mr. Hamilton also contributed to the story and served as an inspiration for one scene where Mr. Pitt’s character talks about why he races in spiritual terms.

“So his involvement has been amazing. We couldn’t make the film without him.”

Producer Jerry Bruckheimer referred to Mr. Hamilton’s insistence on authenticity also in the sound of the film, citing an example at Silverstone where the Briton had pointed out a corner was taken in second gear but the audio was of fourth gear.

“It’s that kind of detail that went into this,” he said.

Mr. Hamilton has said Mr. Pitt’s speed is real and the movie will be the most authentic racing film yet.

Formula One is hoping the movie cements the appeal of the Netflix docu-series Drive to Survive that has boosted Formula One’s popularity and growth worldwide particularly in the key US market.

“I think there’s this perception that Drive to Survive turned America onto F1 but I think there’s just so many more people out there that don’t know anything about it,” said Mr. Kosinski.

“So there’s a lot of potential still there.” — Reuters

Navigating the digital revolution: Trust and innovation in the Philippines

STOCK PHOTO | Image by vectorjuice from Freepik

As the Philippines accelerates its digital transformation journey, the integration of artificial intelligence (AI) and robust cybersecurity measures has become paramount. These technologies present unprecedented opportunities to drive economic growth, improve services, and make everyday life better for Filipinos. However, they also bring new challenges that require careful navigation to build trust and ensure sustainable progress.

A recent global study conducted by KPMG and the University of Melbourne, “Trust, Attitudes and Use of Artificial Intelligence: A Global Study 2025,” reveals a complex relationship between AI adoption and trust. Surveying over 48,000 individuals across 47 countries, the research found that while 66% of respondents use AI regularly, only 46% actually trust it. Furthermore, although 83% believe AI will deliver wide-ranging benefits in the future, many express concerns regarding misinformation, job displacement, and data privacy.

In the workplace, the survey uncovered a troubling trend. Sixty-six percent of respondents rely on AI-generated outputs without verifying their accuracy, and 56% have encountered AI-related errors. Even more alarming, 48% admitted uploading sensitive company data into public AI tools, exposing significant data security risks. These findings underscore the urgent need for AI literacy and robust governance frameworks that promote responsible and secure AI use.

As digital transformation expands, cybersecurity emerges as a critical pillar in maintaining stakeholder trust. Insights from KPMG’s Cybersecurity Considerations 2025 report for the Technology, Media, and Telecommunications (TMT) sector emphasize that embedding trust into AI systems, designing for resilience, and securing cloud environments and supply chains are top priorities for organizations navigating today’s complex digital landscape. Although the report focuses primarily on the TMT sector, its recommendations resonate across industries.

One of the most important shifts recommended is moving from siloed cybersecurity functions toward integrated, organization-wide security strategies. Embedding security into every product, service, and process from the earliest stages of development helps reduce risk and fosters a culture of security awareness throughout organizations. This shift-left approach encourages proactive risk mitigation rather than reactive firefighting. Additionally, with businesses increasingly relying on complex supply chains and third-party vendors, modernizing supply chain security is vital to address vulnerabilities and improve overall operational resilience.

In the Philippines, the digital landscape is evolving rapidly, with AI and digital technologies playing a pivotal role in the country’s economic development. Yet, the challenges highlighted in global studies are also deeply felt locally. To harness the full potential of digital transformation, organizations must prioritize building trust through transparency, education, and strong governance. Investing in AI literacy programs tailored to the Filipino workforce will empower employees to use AI tools responsibly and effectively. At the same time, clear policies on data usage and AI application must be developed and enforced to protect sensitive information and maintain stakeholder confidence.

Strengthening cybersecurity across all sectors is equally critical to support inclusive growth. This requires not only deploying the right technologies but also building the right capabilities, from risk assessment and threat detection to incident response and recovery. Cybersecurity should no longer be viewed solely as an IT concern. It must be a core component of business strategy and public trust.

Building this trusted digital future calls for broad collaboration. Business organizations, like the Management Association of the Philippines (MAP), play an essential role by fostering connections among industry leaders, government agencies, and startups. Through initiatives, such as the upcoming MAP x KPMG Technology Summit on June 17 at Shangri-La The Fort, MAP and R.G. Manabat & Co. (KPMG in the Philippines) are creating vital platforms for dialogue and shared learning. The Summit will cover key topics, including digital transformation, lessons from past failures, cybersecurity, data privacy, and innovation.

The Summit will also highlight and celebrate promising new ideas through the awarding of the KPMG in the Philippines Academic Innovation Challenge winner, recognizing outstanding student innovations, and the Global Tech Innovator (GTI) Competition in the Philippines winner, which honors exceptional technology-driven enterprises. These initiatives demonstrate that nurturing talent and fostering innovation are essential to building a resilient and trusted digital economy. By spotlighting bright minds and emerging businesses, we encourage a culture where creativity and responsible technology deployment drive the nation forward.

Policymakers must also enact comprehensive regulations that address the ethical and practical dimensions of AI and cybersecurity. Educational institutions are equally critical, preparing a digitally literate workforce by embedding AI and cybersecurity topics into curricula and offering specialized training programs. Meanwhile, professional organizations and industry associations have opportunities to raise awareness, set standards, and bridge gaps between technology adoption and understanding through forums, joint initiatives, and public education campaigns.

The path to a digitally transformed Philippines holds immense promise but also demands vigilance and responsibility. By addressing trust in AI and reinforcing cybersecurity frameworks, our nation can build a resilient digital infrastructure that fosters inclusive and sustainable growth. Through collective effort and thoughtful leadership, the Philippines can navigate the complexities of the digital age and emerge as a regional leader in responsible innovation.

 

Jallain Marcel S. Manrique is co-vice chair of the MAP Technology Committee. He is partner head of Technology Consulting of KPMG R.G. Manabat & Co.

map@map.org.ph

jsmanrique@kpmg.com

Cashalo secures $75-million loan facility to expand products, boost credit access

FACEBOOK.COM/CASHALOPH

DIGITAL financial services provider Cashalo has secured a loan facility of up to $75 million from global private investment firm Community Investment Management LLC (CIM) to support its expansion in the Philippines.

The loan facility will support Cashalo’s goal to expand underserved Filipinos’ access to credit, it said in a statement on Monday.

It added that it will use the fresh funding to invest in its core business of digital lending and expand its product offerings.

“This partnership will enable us to accelerate our mission to expand financial inclusion and social mobility throughout the Philippines,” Cashalo President Luke Stidham said. “With CIM’s backing, we have an incredible opportunity to uplift even more Filipino communities by scaling our impact and ensuring more Filipinos are included in the financial system.”

“We’re proud to support Cashalo’s mission in the Philippines. Their data-driven approach, commitment to transparency, and inclusive strategy reflect the future of responsible digital lending,” Bernhard Eikenberg, CIM partner for emerging markets strategy, said.

Cashalo has a customer base of eight million and provides credit services via its mobile app. It is operated by Paloo Financing, Inc., which is registered with the Securities and Exchange Commission as a financing company.

Cashalo has granted almost five million loans to Filipinos to date, it said.

It recently marked its first anniversary as part of US-based financial technology (fintech) company Empower Finance, Inc., also rolling out a refreshed brand identity to mark its new chapter.

“In the past year, Cashalo has significantly expanded its digital lending capabilities, improving customer experiences and increasing opportunities for financial inclusion across the country,” it said.

“We look forward to continuing our investments in the Philippines to drive financial inclusion,” said Warren Hogarth, co-founder and chief executive officer of Empower Finance. “Cashalo is uniquely positioned to lead the way in delivering scalable, data-driven credit solutions that truly make a difference in people’s lives.” — A.R.A. Inosante

Entertainment News (06/17/25)

Kate Torralba to perform at MUSICMEX

FILIPINO singer-songwriter and multidisciplinary artist Kate Torralba will be representing the Philippines at the first edition of MUSICMEX, a premier music showcase festival dedicated to fostering collaborations, cultural exchanges, and business opportunities in music. The event will take place in Mexico City, Mexico with Ms. Torralba performing on June 19 at Jardin Jacarandas.

Indian Embassy holds International Day of Yoga

BECAUSE June 21 is the International Day of Yoga (IDY) as decreed by the United Nations in 2014, the Embassy of India will be holding a yoga session at the sports complex of the University of Perpetual Help System DALTA in Las Pinas City on that date, from 8 to 10 a.m. The event aims to spread more awareness on the universal message of yoga, which integrates the mind, body, and soul. At the event, participants will practice a one-hour yoga session led by yoga experts. It is open for registration via the embassy’s pages.

Everyone’s KPOP Manila at Robinsons Galleria

THERE will be a celebration of K-pop at Robinsons Galleria in Ortigas on June 21. Visitors can look forward to interactive fan booths and K-variety show-inspired games, a K-POP Cover Dance Festival, and special performances from guest P-pop groups. It is open to all. This is a project of the Korean Cultural Center in the Philippines and Seoul Shinmun, in partnership with the Korea Copyright Protection Agency – Manila Office and Philippine K-pop Convention Inc.

Visually impaired director makes short film on PWDs

THE short film Ballad of a Blind Man, written and directed by award-winning filmmaker Charlie Vitug, can now be viewed online. It explores themes of abuse, feminism, and emancipation through the story of a demure and loving daughter named Bea, who cares for her ailing and overbearing blind father. The piece premiered during the Manila Film Festival 2024 as a nominee for Best Cinematography. Ballad of a Blind Man is available on youtube.com/@charlievitugproductions.

Saxophonist Kenny G live in Manila

IT WILL BE a night of smooth jazz when saxophonist Kenny G takes the stage at Cubao’s New Frontier Theater on July 15, 8 p.m. He will be performing timeless classics, from the romantic strains of “Songbird” to the heartfelt notes of “Forever in Love.” His hit track “Going Home” will be part of the setlist, an unofficial national closing tune for businesses across China. Tickets, priced from P5,500 to P12,000, are on sale via ticketnet.com.ph.

HoYo FEST 2025 brings games to life

THE official fan celebration of HoYoVerse, the global gaming company behind popular titles like Genshin Impact, Honkai Impact 3, Honkai: Star Rail, and Zenless Zone Zero, will run from July 24 to 27 at the SMX Convention Center in Mall of Asia, Pasay City. This year’s event will include additions like the Artist Alley, a space where local creators can sell fan-made HoYoVerse-inspired merchandise, and a stage segment featuring live performances from cosplayers, musicians, and fan artists. Tickets go on sale starting June 24 via the official HoYo FEST website, https://hoyo.link/wqjjLntrY.

ATEEZ returns with GOLDEN HOUR: Part.3

AWARD-WINNING Korean all-star group ATEEZ is back with their 12th EP, GOLDEN HOUR: Part.3, released ahead of their upcoming In Your Fantasy world tour. The record aims to capture the “fevered energy of a summer night — a fleeting burst of freedom and escape that quenches a deep, almost insatiable thirst.” It is out now on all digital music streaming platforms.

Ju Ji Hoon to attend Manila fan meet

SOUTH KOREAN actor Ju Ji Hoon is coming to Manila for the first time for his 2025 Asia Tour Fan Meeting, JUNIVERSE. It will be held on Aug. 2 at the Newport Performing Arts Theater, Pasay City. Known for performances in K-Dramas and movies like Princess Hours, The Devil, Hyena, Kingdom, and Along With the Gods, Mr. Ju will be interacting with fans for the event. Tickets go on sale on June 21 via SMTickets.com and SM Tickets outlets. It is presented by Wilbros Live.

Who really holds the rights to trees and carbon in the Philippines?

STOCK PHOTO | Image from Freepik

By Angela Arnante

THE PHILIPPINES sits on a goldmine of forest and carbon wealth. But an unclear and short-sighted property rights regime is choking its potential; existing rules are partially to be blamed.

Forest lands, which are State-owned lands, span 15.8 million hectares or half of the country’s total land area. The 1987 Constitution states that all lands of the public domain, forest lands included, belong to the State. It can either manage them directly or partner with private entities, as long as Filipino citizens own at least 60% of the company involved and these agreements last 25 years, renewable for another 25. This legal framework along with existing policies, designed to regulate the exploitation of natural resources like mining and logging, now constrains investment in regenerative and non-extractive activities such as reforestation and carbon sequestration.

SHORT-TERM TENURE STIFLES LONG-TERM INVESTMENTS
The current tenure framework on forest lands does not match the biological and economic realities of forest and carbon development. While fast-growing trees like falcatta can be harvested in six to 15 years, high-value hardwoods such as narra, mahogany, and teak, and famous dipterocarp species like yakal and lauan take 20 to 25 years to mature just for a single-growth cycle. On top of this, renewing agreements can take anywhere from a year to even over a decade, leaving some existing investors in limbo and potential ones at bay.

A similar challenge exists for green and blue carbon projects — those that protect or restore ecosystems while capturing and storing carbon dioxide to help fight climate change and generate income through carbon credits. Whether involving tree plantations or mangrove ecosystems, these initiatives typically require project lifespans of 25 to 100 years to generate credible climate benefits and financial returns. However, legal agreements on forest lands remain capped at 25 years, renewable for another 25 years. This mismatch undermines investor confidence and reduces the bankability of carbon projects in the country.

UNCLEAR OWNERSHIP OF TREES AND CARBON
Moreover, a fundamental question remains unresolved: who owns the trees, and the carbon sequestered in forest lands? On private land, ownership is clear. On forest lands, however, it is less so.

Under the Revised Civil Code, ownership of land extends to what is attached to it. But can an exception be made for planted trees and sequestered carbon in forest lands? Can legal ownership of renewable resources be separated from land ownership?

Current forest tenure agreements generally recognize that tenure holders own the trees they plant, but this recognition is not backed by a stable legal framework. Such uncertainty dampens project sustainability. A more explicit legal separation between land, tree, and carbon rights, therefore, is needed to assure tenure holders, local communities, and investors.

Other countries offer more progressive models. In Australia and New Zealand, ownership of land, planted trees, and carbon credits can be distinct and transferable. This legal clarity enables dynamic investment flows and long-term planning — conditions that are lacking in the Philippine context.

POLICY INSTABILITY UNDERMINES SECTOR CONFIDENCE
The Philippine government has a history of implementing blanket bans as band-aid solutions to a systemic problem. Since the 1970s, the Philippine government has issued 44 different logging bans. The most far-reaching is Executive Order No. 23 (2011), which prohibits the harvesting and transport of timber from natural and residual forests. While intended to curb illegal logging and promote forest recovery, the policy inadvertently harmed legitimate tree farmers and wood processors, many of whom have ceased operations due to supply constraints. Regrettably, illegal logging persists — often at a larger scale than what regulated tenure holders could produce. A blanket, reactive approach to forest governance penalizes compliant stakeholders while failing to address systemic enforcement.

TIME FOR A PARADIGM SHIFT
A shift in perspective is essential: tree planting and carbon farming are renewable, nature-based practices and should not be regulated under the same legal framework as non-renewable resource extraction, such as mining or fossil fuel development. As environmental priorities, methodologies, and technologies evolve, so too must the legal tools used to manage natural resources.

The most direct solution would be to amend or repeal constitutional restrictions that limit the duration of tenure on forest lands. But for now, below are low-hanging policy proposals that offer promising solutions:

• Legally define carbon rights as separate from land rights, establishing who owns carbon credits and under what conditions they may be traded (Carbon Rights bill).

• Legally classify planted trees as personal property, distinct from land ownership (Tree Growing Agreement bill).

• Extend the maximum lease period of private lands for foreigners from 75 years to 99 years (amendments to the Investor’s Lease Act). This measure has already been ratified by both the House and Senate and is just awaiting the President›s signature. This bill includes agroforestry and ecological preservation as part of the activities that can be undertaken.

• Make comprehensive data on forest lands publicly accessible (Integration of forest lands in the national cadastre system).

Together, these reforms would lay the foundation for a more modern, climate-aligned system of resource governance.

Finally, there is a need to strengthen the property rights of the indigenous peoples (IPs) as private landowners who can directly enter business with either local or foreign investors. The IPs own vast hectares of land, most of them in the uplands, making them suitable for forestry and carbon-related projects. Their lands are private in nature and therefore they should not be asking for permits or clearances from the State when it comes to the utilization of natural resources in their domains. Moreover, as long-standing stewards of the land, they have safeguarded our forests for centuries, making them natural leaders in forest conservation and management.

SECURE PROPERTY RIGHTS DRIVE SUSTAINABILITY
Ultimately, tree plantation activities or carbon farming depend on a strong property rights regime. Investors, local communities, and indigenous groups need clear legal assurances that the trees they plant and the carbon they sequester can be owned, traded, and passed on.

The Philippines stands at a crossroads. It can remain bound by outdated frameworks and miss out on the opportunities of the green and blue economies — or it can enact forward-looking reforms that align the governance of resources with the demands of climate action and sustainable development.

Who owns the trees and the carbon? The answer should be just as simple: The person or community who planted and cared for them. The State’s role should be to ensure a clear and stable property rights system that supports responsible stewardship — not to impose and promulgate outdated rules designed for extractive industries on regenerative, sustainable activities.

 

Angela Arnante is a public policy advocate and is the assistant director of Policy and External Relations at the Foundation for Economic Freedom.

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