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BPI expects to complete rebranding of Robinsons Bank branches by October

BANK of the Philippine Islands (BPI) expects to finish rebranding all branches of Robinsons Bank Corp. (RBC) by October.

“By October, all Robinsons Bank branches will be branded as BPI. So, you won’t see any Robinsons branches by October,” BPI Executive Vice-President and RBC President and Chief Executive Officer Elfren Antonio S. Sarte told reporters last week.

As of June 2024, BPI had 865 branches while RBC had 157.

The merger between BPI and RBC took effect on Jan. 1, 2024, with BPI as the surviving entity.

BPI Chief Executive Officer Jose Teodoro K. Limcaoco said in January that all RBC branches should be rebranded by the end of the year, saying a “couple” of branches have been integrated already.

Mr. Sarte said there are more than 150 more RBC branches that needed to be converted as less than 10 branches have undergone rebranding.

BPI’s integration of RBC into its network is being done in tranches, he said.

“It’s really more managing the transition. We’re either consolidating or transferring. There will be some that will be transferring to the BPI side, some that consolidate, or there will be some that will be using the Robinsons Bank side to host BPI. So, it’s more of trying to rationalize which will be good for the customers of both banks,” he said.

Mr. Sarte said that the conversion of RBC’s branches would virtually complete the integration of the bank into BPI’s network.

RBC’s contribution to BPI’s asset base is at roughly P180 billion, which is equivalent to about 6% in terms of assets and income, he added.

“The estimate is that we contribute about 6% to the entire BPI in terms of assets and income. That’s the scale. Because once we ended, we were transferring P180 billion in assets to BPI. That’s not very big considering the scale of BPI,” Mr. Sarte said.

BPI’s total assets stood at P3.35 trillion as of end-2024.

The listed bank’s net profit rose by 20% year on year to a record-high P62 billion last year, driven by double-digit revenue growth.

BPI shares rose by P2.70 or 2.17% to end at P127 apiece on Monday. — Aaron Michael C. Sy

Are you ready for 2030?

FREEPIK

I remember the Y2K phenomenon when right before the year became 2000, everyone was nervously waiting for the start of the millennium because people said computers could blow up, files may forever be lost, and anything we had saved in our laptops would disappear into thin air. Well, guess what? We are still here 25 years after that “fateful” prediction about what would happen at midnight when Dec. 31, 1999 would become Jan. 1, 2000. We waited with bated breath and then nothing happened. What did happen is that we learned to adapt to QR codes, e-mails, and chat groups. Depending on which country or area of the world you are in, you would need a messaging platform like Viber, WhatsApp, Messenger, Line, and WeChat.

How about the road to 2030? What can we expect five years from now? Will the Earth cook due to a warmer climate, will the seas combine and land shrink? We need to prepare for another way of life after 2030 because it looks like we are not going to solve the Climate Crisis in such a short time. So, just the way we feared the year 2000 or the millennium, here we go with 2030 and Climate Change. What must we do then?

For the next five years, we will have to adapt, change our ways, and think of a new world because, as we speak, it is already changing. Just like everyday life, we now must adjust to ordering from robots or using our phones to place an order from a restaurant. (Almost) everything we need is available online, making brick and mortar stores irrelevant. Everything we need to file with the government has to be done online, and payments are now mostly cashless for ease and security.

We, the Boomers, have seen the biggest changes over many decades, from rotary phones to mobile phones, from reel tape recorders to Spotify, from 8mm films to Netflix. And we will still be here to see what will happen in five years or 2030 — knock on wood. I am happy I was born the time I was because I saw the changes happening before my very eyes and how human nature just adapts without complaints. Like they say, those who don’t adapt will die.

We now see five years as our end goal to reverse Climate Change, to fulfill the United Nations Sustainable Development Goals (UNSDGs), which used to be the Millennium Development Goals (MDGs) until the millennium came and nothing yet had changed. We see the next five years as our chance to see a better world — if we start to act now.

In the corporate world, we see many more changes, such as: work from home arrangements, talent acquisition challenges, and increasing wages due to inflation. How do we address these changes in the next five years? Many have seen 2030 as our date to beat and that will come sooner than later.

Maybe what will really change is the way the world will operate. We will not disappear in 2030, but we will see new institutions, new rules, and new laws. Already, we are seeing companies merging, instead of competing. We are seeing new forms of government or what seems to be a new way of dealing with global powerhouses. Can you live without the USA, or can you live without China? As global boundaries have disappeared e-commerce wise, we will soon find that all this jockeying for power will soon be a thing of the past. Everyone must learn to live with what used to be foreign and, as they say, be “glocal” — a term we started to use when the internet started to blur boundaries. Thinking global but remaining local.

Even in poor countries, like the Philippines and India, the internet and social media have allowed people to learn and to know about what happens everywhere and overseas. Transparency has happened without forcing it, only because social media has made everything public and transparent.

While everything has become transparent, it has also become very public and only the very few can afford to have privacy. Your digital footprint says it all. If you wish to know someone, just “Google” them and you will get instant information about them.

So, what must we do going towards 2030?

Let’s make sure our companies follow the path of honesty and integrity. If you are to survive, you must walk the talk, be a real person and a real honest company.

Let’s make sure our companies have a role in saving the planet by observing eco-friendly practices, even when no one is looking.

Let’s make sure our people are prepared to work from home, if need be, towards building better and closely-knit families.

Let’s change the tide of migration towards reintegration of our OFWs, to have them come back and serve the country.

Let’s keep our talents well-paid at home to serve our countrymen — our teachers, doctors, and nurses must not see immigration as their ticket to success.

Let’s grow our own food and work towards food security, down to the smallest social unit which is the family.

Yes, 2030 is a mere 1,500 days or so away, but we can work towards building a better future with home-grown talents, less imports, and going back to basics. All these can be done even while our digital natives have made our systems more efficient, transparent, and public. One day at a time, one company at a time. We all need to change and adapt, or die.

It is going to be a new world. What will be destroyed is the old world filled with dishonesty and discord. And we will wake up to a new world order, sooner than later. We have to do our part now so we can face 2030 squarely in the face.

So, let’s wrap our arms around technology and embrace it with a positive attitude. Whether in biotech or AI, technology will help us reach this milestone and deal with the new world by 2030.

This article reflects the personal opinion of the author and does not reflect the official stand of the Management Association of the Philippines or MAP.

 

Chit U. Juan is the co-vice chair of the MAP Environment Committee. She is also the president of the Philippine Coffee Board, Inc. and Slow Food Manila (www.slowfood.com).

map@map.org.ph

pujuan29@gmail.com

SMPC posts 30% profit decline on weaker selling prices

SEMIRARAMINING.COM

CONSUNJI-LED Semirara Mining and Power Corp. (SMPC) reported a 30% decline in net income to P19.6 billion for 2024 due to lower coal and electricity selling prices.

“The effect of weaker selling prices was cushioned by record-high coal shipments and power generation, increased electricity sales, and a lower government share,” SMPC said in its financial statement released on Monday.

Revenues fell by 15% to P65.19 billion from P76.96 billion a year ago, primarily due to lower selling prices for both coal and electricity. Increased sales volume provided some relief.

Operating expenses rose by 12% to P4.81 billion from P4.30 billion in 2023 due to higher taxes, insurance premiums, maintenance costs, and office renovations.

“Despite price corrections, we focused on key factors within our control — maximizing production, achieving record-high coal shipments and power generation. Our disciplined strategy and dedicated team played a crucial role in navigating energy market shifts,” SMPC President and Chief Operating Officer Maria Cristina C. Gotianun said in a media release.

In 2024, SMPC recorded 16.5 million metric tons (MT) in coal shipments, driven by stronger demand from China and domestic markets. 

The company hit its maximum coal production of 16 million MT for the third consecutive year, while gross power generation totaled 5,358 gigawatt-hours (GWh). 

For the fourth quarter, SMPC’s earnings declined by 26% to P3.9 billion from P5.3 billion in the same period last year, citing a weaker contribution from the coal segment, while the power segment remained relatively stable. 

From October to December, total revenues stood at P15.52 billion, 25% lower than P20.76 billion previously, mainly due to lower coal shipments and selling prices. 

Standalone coal revenues plunged by 32% to P11.80 billion. Total coal shipments dropped by 19% to 4.3 million MT due to lower production and a limited inventory of commercial-grade coal. 

The average Newcastle Index during the period climbed by 2% to $135.6, while the Indonesian Coal Index fell by 12% to $51.8.

Semirara coal’s average selling price declined by 15% to P2,821 per MT, attributed to stabilizing market prices and a higher proportion of lower-grade coal shipments. 

Coal production decreased by 31% to 2.9 million MT due to pre-stripping activities at two new blocks in the Narra mine.

For the power business, standalone revenues rose by 10% to P5.08 billion, supported by improved average capacity and electricity sales despite a 3% decline in the average selling price.

Total gross generation improved by 8% to 1,290 GWh as additional capacity was generated following the restoration of SEM-Calaca Power Corp. Unit 2’s dependable capacity to 300 megawatts in May last year.

As a result, power sales grew by 13% to 1,223 GWh, with 56% of generated electricity sold to the spot market. 

The average selling price from bilateral contracts rose by 15% to P4.70 per kilowatt-hour (kWh), while the spot market price fell by 15% to P3.73 per kWh. 

SMPC is the only vertically integrated power generator in the country that runs on its own fuel. The company supplies fuel to power plants, cement factories, and other industrial facilities across the Philippines. It also exports coal to China, South Korea, Brunei, and other nearby markets.

At the local bourse on Monday, shares in the company inched up by 0.13% to close at P37.40 apiece. — Sheldeen Joy Talavera

Marvel’s Daredevil: Born Again brings back beloved characters

Dark superhero show premieres on Disney+

ALMOST seven years since the Netflix Daredevil series ended, comic-book fans are bracing themselves for the action crime drama to return — this time under Disney.

From 2015 to 2018, Charlie Cox and Vincent D’Onofrio brought to life the characters Matt Murdock/Daredevil and Wilson Fisk/Kingpin, respectively. Their few yet explosive clashes as a blind lawyer-slash-masked vigilante and as a crime boss-turned-mayor will be the center of the new show.

Actors and characters that appeared in the original series will also show up: Deborah Ann Woll as Karen, Elden Henson as Foggy, Ayelet Zurer as Fisk’s wife Vanessa, Wilson Bethel as Dex/Bullseye, and Jon Bernthal as Frank Castle/Punisher.

Following built-up anticipation over the past few years, Daredevil: Born Again will premiere on March 5 on Disney+, with eight episodes in total. A new episode will be released each week.

The series’ newcomers are Margarita Levieva, Michael Gandolfini, Zabryna Guevara, Nikki M. James, and Jeremy Earl.

While there is a pressure to live up to what the original comics and the first few seasons of television had done before, this refreshed take will bring something new to the table, according to showrunner and executive producer Dario Scardapane.

“The thing about Daredevil is the mix of heart and muscle. They’re battling each other, so you have to find that kind of humanity through the action that’s trying to reset the bar for television,” Mr. Scardapane said at a press conference on Feb. 23 that was livestreamed from the United States.

“There’s really high octane action, moments of depth of character, and these two grinding at each other from across the city,” he added.

Even the trailer teases this dynamic, with Murdock and Fisk having a tense meeting at a diner and discussing how much time has passed since their last encounter.

On playing a blind lawyer by day and masked vigilante by night — now with traumas from events in the previous series — Mr. Cox said that the Daredevil has had to “rethink and refine his identity in a way that’s probably more profound than we’ve seen before.

“He ends up going down a path that is best described as a band aid that will have to be ripped off, slowly and painfully,” he said. “For fans of the original show, it’s the same Matt Murdock essentially, just influenced by his experiences.”

For Mr. D’Onofrio, whose character embodies “the kind of badness that makes crime mob stories so appealing to people,” Fisk’s struggle is similar to the main character’s, but of a different flavor.

“We’re trying to live in the daylight, the two of us. We have that in common. We’re broken men. There’s the metaphor of vampires trying to live in the daylight,” he explained.

Both Mr. Cox and Mr. D’Onofrio spoke of a “sense of trust” between them in the five or six scenes they share throughout the season.

The latter said: “You can’t put us together in the same scene a lot because it’s not as powerful, but it’s always so good every time we do it. It always marks the beginning of something or the end of something, or both sometimes. It’s intense.”

As for managing expectations of people who already love and followed the characters from comic book to screen, Mr. Cox said that there is nothing to worry about.

“There’s a thirst when we speak to fans, for that dark quality, that identity or fabric of the show that we’ve had in the past that we can’t necessarily articulate,” he said.

“It’s a worried desire if that quality is gonna be there, and I think it is.”

Daredevil: Born Again is out now on Disney+. — Brontë H. Lacsamana

Sun Life Philippines, Pioneer Insurance top life and nonlife insurers in premiums in 2024

BW FILE PHOTO

SUN LIFE of Canada (Philippines), Inc. (Sun Life Philippines) and Pioneer Insurance and Surety Corp. were the top life and nonlife insurers in 2024 in terms of premium income, data from the Insurance Commission (IC) showed.

Sun Life Philippines posted the highest premium income among life insurers last year at P57.155 billion, while Pioneer Insurance booked P6.28 billion in net premiums written to top the nonlife sector, IC rankings based on firms’ submissions of unaudited enhanced quarterly reports on selected financial statistics showed.

“To be the number one life insurance company is a tremendous honor for Sun Life, more so as we celebrate our 130th anniversary of serving the Filipino nation. This remarkable achievement is a testament to the trust and support of our clients. It also reflects the hard work and dedication of Sun Life employees and advisors, and their relentless pursuit of excellence in serving our clients,” Sun Life Philippines Chief Executive Officer and Country Head Benedict C. Sison said in a statement on Monday.

“With total earned premiums amounting to P57.15 billion, Sun Life bested the nearest competitor by more than P9 billion, establishing itself as the market leader for the 14th year in a row. In addition, Sun Life ranked number one in net income, invested assets, and total assets,” the company added.

LIFE INSURERS
In terms of premium income, Pru Life Insurance Corp. of UK (Pru Life UK) was ranked second among life insurance firms with P48.15 billion, followed by FWD Life Insurance Corp. (FWD Life Philippines) with P39.85 billion, Allianz PNB Life Insurance Inc. with P32.13 billion, with AXA Philippines Life and General Insurance Corp. (AXA Philippines) rounding out the top five at P26.55 billion.

BDO Life Assurance Co., Inc. (BDO Life) recorded the sixth-highest premium income in 2024 at P19.69 billion, followed by The Insular Life Assurance Co., Ltd., (Insular Life) at P18.46 billion, and BPI-AIA Life Assurance Corp. (BPI-AIA Life) at P17.7 billion.

The Manufacturers Life Insurance Co. (Phils.), Inc., (Manulife Philippines) was in ninth place at P15.83 billion, while Sun Life Grepa Financial, Inc. rounded out the top 10 with a premium income of P14.49 billion.

Meanwhile, based on net income, Sun Life Philippines topped life insurers with P10.98 billion, followed by BPI-AIA Life at P4.81 billion, BDO Life at P4.26 billion. Pru Life UK at P3.72 billion, and the life unit of AIA Philippines Life and General Insurance Co. Inc. (AIA Philippines) with P3.53 billion.

In terms of new business annual premium equivalent or NBAPE, Pru Life UK was the top life insurer with P9.83 billion, followed by Sun Life Philippines with P8.96 billion, FWD Life Philippines at P7.74 billion, BPI-AIA Life at P5.31 billion, and BDO Life with P4.69 billion.

Meanwhile, AIA Philippines’s life unit had the highest net worth among life insurance companies at P55.94 billion, followed by Sun Life Philippines at P52.42 billion, Insular Life at P43.09 billion, BDO Life with P24.01 billion, and Manulife Philippines at P16.88 billion.

Sun Life Philippines was the largest life insurer in terms of assets at P328.79 billion, followed by AIA Philippines’ life unit with P256.35 billion, AXA Philippines with P174.49 billion, Insular Life at P155.92 billion, and Pru Life UK at P148.49 billion.

The life insurance sector’s premium income grew by 13.56% to P352.02 billion in 2024 from P309.99 billion, according to IC data based on submissions of 31 out of 35 licensed companies.

NONLIFE INSURERS
Meanwhile, in terms of net premiums written (NPW), Malayan Insurance Co., Inc. was the second top performer among nonlife firms with P5.36 billion, followed by Prudential Guarantee & Assurance, Inc. (PGA) at P4.29 billion, Stronghold Insurance Co., Inc. (Stronghold Insurance) at P4.11 billion, BPI/MS Insurance Corp. (BPI/MS Insurance) at P3.15 billion.

Standard Insurance Co. Inc. was in sixth place with P3.08 billion, followed by Pacific Cross Insurance, Inc. with P2.81 billion, Mercantile Insurance Co., Inc. at eighth place with P2.62 billion, the nonlife unit of AXA Philippines at ninth with P2.14 billion, and with the nonlife unit of Paramount Life & General Insurance Corp. rounding out the top 10 with P2.02 billion in premium income.

Based on net income, Insurance Company of North America was the top performer at P585.75 million, followed by Pioneer Insurance with P529.52 million, Standard Insurance with P433.75 million, Stronghold Insurance with P431.92 million, and Petrogen Insurance Corp. with P431.92 million.

Meanwhile, Pioneer Insurance had the highest net worth among nonlife insurers in 2024 at P18.24 billion, followed by Malayan Insurance at P6.03 billion, Standard Insurance at P4.95 billion, Petrogen Insurance with P4.45 billion, and Travellers Insurance & Surety Corp. with P4.41 billion.

Pioneer Insurance was also the largest nonlife insurance company in terms of assets with P54.8 billion, followed by Malayan Insurance with P40.92 billion, PGA with P20.57 billion, BPI/MS Insurance with P17.75 billion, and Standard Insurance with P10.86 billion.

The combined net premiums written of nonlife insurers grew by 10.49% year on year to P71.84 billion in 2024, IC data based on submissions of 55 out of 59 licensed firms showed. — Aaron Michael C. Sy

Cap rates ‘stable’ in Metro Manila real estate, says Colliers

PHILIPPINE STAR/ MICHAEL VARCAS

COLLIERS PHILIPPINES said the Metro Manila real estate market is seeing “relatively stable” capitalization (cap) rates.

“In the near term, property cap rates are expected to be relatively stable,” Paul Vincent Ramirez, senior director and head of valuation at Colliers Philippines, said in an e-mail.

According to Colliers’ latest Asia-Pacific Cap Rates Report, the Metro Manila office market recorded a cap rate of 5% (low) to 6% (high) as of the fourth quarter of 2024, unchanged from a year ago. The capitalization rate is the rate of return on a property, calculated by dividing its net operating income by its market value.

“An increasing cap rate tends to indicate rising risk, whether due to higher vacancy, collection losses, or rental rate volatility,” Mr. Ramirez said. “Investors in real estate prefer higher-cap-rate properties, which drives up demand, increasing their prices and consequently lowering cap rates if rents remain stable.”

For the Metro Manila office market, the exit of Philippine offshore gaming operators (POGOs) pushed the vacancy rate above 20%, forcing developers to lower rental rates.

“In Manila, office rents are trending downward, aligning with capital values and resulting in stable cap rates,” the report stated. 

However, the office sector remains the “most volatile,” depending on demand from sectors such as business process outsourcing (BPO) and information technology (IT), Mr. Ramirez said. 

Companies implementing return-to-office mandates, as well as the rollout of new office buildings, will also contribute to stability in the sector.

As of the fourth quarter, cap rates in Metro Manila’s retail sector remained unchanged year on year at 7% (low) to 8% (high), Colliers said, noting a surge in consumer spending in late 2024. 

“All pandemic rent concessions have already been shed, and malls are improving their occupancy and rental rates. We see this as a positive sign for the retail segment, as we expect capital values to inch up alongside rent,” Mr. Ramirez said. 

The retail sector is expected to remain stable as malls continue to provide viable public spaces in a consumer-driven economy like the Philippines, he added. 

Meanwhile, Metro Manila’s industrial sector reported a cap rate of 8% (low) to 9% (high) as of the fourth quarter of 2024, unchanged from a year earlier. 

“The industrial sector is a stable property segment that will depend on the expanding manufacturing and export industries, the growing need for in-city and near-city logistics, and the rise of data centers and cold storage subsectors,” Mr. Ramirez said. 

Metro Manila’s industrial cap rates are based on land lease rates in industrial estates outside the capital region, such as Cavite, Batangas, and Laguna. — Beatriz Marie D. Cruz

China’s naval moves show the scale of its ambitions

PHILIPPINE COAST GUARD PHOTO

IN THE last two weeks, the People’s Liberation Army (PLA) conducted live-fire naval drills in the international waters off Australia, New Zealand, and Vietnam, and shooting drills in the Taiwan Strait. These exercises are a sign of China’s growing confidence as a maritime power.

This show of military might is a signal to its closest neighbors that they’ll have to start relying on each other, or boost their own defense capabilities far more than they originally thought. They can’t expect to depend on the US for backup.

President Donald Trump has a message from the world: Do things for yourself first, and then we might help you out — if it suits us. In just the first month of his term, his team have told Europe that it needs to pay more for its own security, lectured allies on democracy, and pulled funding from America’s aid and development programs.

As Washington retreats from the international stage, Beijing is advancing — militarily at least. China now has the world’s largest maritime fighting force, with 234 vessels compared to the US Navy’s 219. It’s also producing more warships at its shipyards at a faster pace; about 70% were launched after 2010, compared to 25% for the US Navy.

While China’s vessels aren’t necessarily superior — yet — the US Office of Naval Intelligence assessed in 2020 that its ships were increasingly of comparable quality. Last year, Beijing also passed the milestone of achieving more than 50% of the US Navy’s firepower in vertical launch system missile cells on its surface ships. This gives Beijing the capability to take more advanced weapons systems further out into the oceans.

The recent Chinese drills took place in international waters, and are permissible under international law. The US Navy traverses the world’s oceans, including the South China Sea and the Taiwan Strait, along with partners and allies. Freedom of navigation, and what’s known as “right of innocent passage,” are central tenants of the rules-based order.

Those principles bring with them an implicit contract — a polite adherence to international norms. But Beijing didn’t give any notice about the drills in the Tasman Sea or the Taiwan Strait. Australia found out about them from a commercial pilot via radio communications.

The message from the mainland is hiding in plain sight, suggests Anne-Marie Brady, professor of political science and international relations at New Zealand’s University of Canterbury. “China is now a sea power in the Pacific. They want to rule the waves.” The intent was clear — its actions disrupted commercial air travel in the Tasman Sea, and were a show of intimidation to smaller opponents.

Taiwan has condemned the exercises, saying they severely disrupt regional peace and stability, and are blatant acts of provocation. The self-ruled island, which China claims as its own, understands Beijing’s military might better than most. Warships and planes from the mainland cross the median line between them on an almost daily basis, fatiguing Taipei’s defense forces.

The scale of these maneuvers though, is different. What they are partly conveying is that we’re no longer dealing with simply a superpower in East Asia, but rather a “great maritime power” whose presence is to be more ubiquitous, as Elena Collinson  and Corey Lee Bell at the Australia-China Relations Institute, University of Technology Sydney, note.

Resistance, Beijing appears to be saying, is futile. This means we should anticipate China to project power in places far beyond domains subject to its territorial claims. 

Trump is making things easier for Beijing. Under previous administrations, the US has said that it is a Pacific nation, and built a network of partners in the Indo-Pacific to help maintain influence. But with the new president, none of this is guaranteed. He’s imposed tariffs on allies, and has tied potential security guarantees to economic interests.

This has left many in Asia with the impression that America First means America Alone — and that means they’re on their own. Asian countries will have to invest more in their own defense as Europe and the UK are also considering. Some of this is already happening. Taiwan and Japan have announced plans to boost their defense budgets. Singapore and India continue to make it a priority, while Australia and New Zealand are weighing their options.

Still, bigger defense spending is no guarantee of a secure military alliance with the US. Washington risks missing the bigger picture with this approach. The PLA has long had aspirations to extend its reach to greater distances. By conducting live-fire military exercises in quick succession around the Indo-Pacific, it’s showing China is able to build out that capability.

China is getting militarily stronger in an age of great power adventurism. The question is whether the US will do anything about it.

BLOOMBERG OPINION

Raslag secures ERC approval for Pampanga solar plants

PIXABAY

RASLAG Corp. has received certificates of compliance (CoCs) from the Energy Regulatory Commission (ERC), allowing the operation of its Raslag-1 and Raslag-2 solar plants, which have a combined capacity of 23.2 megawatts (MW) in Mexico, Pampanga, the company said on Monday.

The company received CoCs dated Oct. 9, 2024, for the 10.046-MW Pampanga Solar Power Project Phase 1 and its 0.01-MW emergency diesel engine generating unit, as well as the 13.14-MW Pampanga Solar Power Project Phase 2.

A CoC is issued by the ERC to authorize the operation of a power plant or other power-generating facility. Pending the issuance of a CoC, the ERC may grant a provisional authority to operate, allowing generation companies to commence operations.

The ERC issues these permits pursuant to Section 6 of Republic Act No. 9136, or the Electric Power Industry Reform Act of 2001, which mandates that new power generation facilities secure approval from the commission before beginning operations.

According to copies of the certificates disclosed by the company to the stock exchange, Raslag was deemed compliant with all requirements under the 2023 Revised CoC Rules, the Philippine Grid Code, the Philippine Distribution Code, and related laws, rules, and regulations.

Asked for further details, Raslag President and Chief Executive Officer Robert Gerard B. Nepomuceno clarified that the plants are already operational.

“It’s just that we are one of the few given lifetime certificates of compliance,” Mr. Nepomuceno told BusinessWorld in a Viber message. “Some power plants are only given provisional certificates, which are valid for only a year.”

To date, Raslag has obtained CoCs for its Raslag-1, Raslag-2, and Raslag-3 solar plants, the company said.

In October last year, the company announced that it had begun testing and commissioning Raslag-4, which has a capacity of 36.646 MW.

The solar plant’s completion brought the company’s total installed capacity to 77.844 MW. Raslag aims to expand its renewable energy portfolio to at least 1,000 MW by 2035, with three more projects underway. — Sheldeen Joy Talavera

Entertainment News (03/04/25)

Disney+ now on Cignal

CIGNAL subscribers can now enjoy even more Hollywood blockbusters, award-winning series, and Korean dramas on Disney+, which carries movies and shows from Disney, Pixar, Marvel, Star Wars, National Geographic, and general entertainment content brand Star. Subscribers can access Cignal Play Premium 149 as well as Disney+ for P700. Current Cignal subscribers can also enjoy Disney+ as an add-on to their existing subscriptions starting at the special rate of P495 per month.

SM Malls illuminated for Women’s Month

UNITED NATIONS Gender Thematic Group, the Philippine Commission on Women, and SM Cares jointly led the ceremonial lighting of the SM Mall of Asia  globe, marking the start of the Philippines’ observance of Women’s Month. The “Purple Your Icon” advocacy is ongoing in SM malls nationwide, including Aura, Clark, Seaside Cebu, Fairview, North EDSA, Sto. Tomas, BF Parañaque, Mall of Asia, and Megamall. Their facades are illuminated in purple at night throughout March. This year’s theme for Women’s Month, “Babae sa Lahat ng Sektor, Aangat ang Bukas sa Bagong Pilipinas” (Women in All Sectors, Will Lift Tomorrow in the New Philippines), reinforces the core objective of Republic Act 9710, or the Magna Carta of Women — to empower women, promote gender equality, and ensure equitable access to resources and opportunities.

Ayala Malls Cinemas to screen The Brutalist

OUT in Philippine cinemas on March 5, exclusively at Ayala Malls, is Brady Corbet’s The Brutalist. The film emerged triumphant in three categories at Sunday’s 97th Academy Awards: Best Score, Best Cinematography, and Best Actor for its lead Adrien Brody who plays Jewish Hungarian architect László Toth. The film follows Toth, who escapes a war-torn Europe and arrives in America to pursue a new life and fulfill his ambitions. The film also stars Oscar nominees Guy Pearce as a wealthy industrialist patron, and Felicity Jones as Toth’s wife.

Blogapalooza goes to Dinagat Islands

THE blogger event Bloga SZNs is headed to the Dinagat Islands from March 7 to 9. The three-day excursion will bring together content creators from all over Mindanao for networking and collaboration. This is part of organizer Blogapalooza’s initiative to nurture creators beyond Metro Manila. According to a press release, unlike the usual BlogaFest held in the city, Bloga SZNs is all about celebrating local talent and fostering a strong community of influencers.

K-pop star Jisoo’s solo fan tour includes PHL

JISOO — a member of the South Korean girl group BLACKPINK — is set to meet fans worldwide through her first solo Asia fan tour, 2025 JISOO ASIA TOUR: “LIGHTS, LOVE, ACTION!” It kicked off with a fan meeting in Seoul in February and will go to seven Asian cities, beginning with Metro Manila on March 14 — at the Smart Araneta Coliseum in Cubao, Quezon City — followed by other Asian cities, namely Bangkok, Tokyo, Macau, Taipei, Hong Kong, and Hanoi. The tour also celebrates Jisoo’s first EP, Amortage, which was released in February. Tickets for the fan tour in Manila are now available via www.ticketnet.com.ph, TicketNet outlets, and the TicketNet Box Office.

Romcom The Divorce Insurance out on Prime Video

THE Korean romcom series The Divorce Insurance, starring Lee Dong-wook, Lee Joo-been, Lee Kwang-soo, and Lee Da-hee, will be available on Prime Video starting March 31. It follows insurance expert Ki-jun who embarks on a mission to create a divorce insurance product. Through this journey, he and his team learn valuable lessons about love and self-discovery.

FX’s Dying for Sex on Disney+ in April

DISNEY+ recently announced that FX’s Dying for Sex, a new limited series starring Michelle Williams and Jenny Slate, will premiere on April 4 exclusively on Disney+. All eight episodes will be available at its premiere. It is inspired by the story of Molly Kochan, who receives a diagnosis of Stage IV metastatic breast cancer and decides to leave her husband to explore the full breadth and complexity of her sexual desires for the first time in her life. The series is written and co-created by Kim Rosenstock and Elizabeth Meriwether.

The Red Envelope to screen in cinemas

WESTEC MEDIA Limited and SM Cinema will be presenting Thai supernatural comedy The Red Envelope in Philippine cinemas on April 9.  The film brings a Thai twist to the ghost marriage concept, following a man who finds himself in an unexpected union with a spirit, leading to “a hilarious and heartwarming adventure.” It stars Billkin and PP Krit.

Toto returns to perform live in Manila

AFTER 17 years, the award-winning band Toto will be holding a concert on May 4 at the SM Mall of Asia Arena, presented by Ovation Productions with Blast TV as the official media partner. Since the band’s last visit to the country in 2008, Toto has received a diamond certification for the song “Africa,” whose current cumulative sales now exceed 10.5 million, while “Rosanna” hit the milestone of double platinum with sales of two million copies. The song “Africa” has now been streamed two billion times on Spotify, while “Hold the Line” has reached the milestone of a billion streams. Cumulative Toto album sales now exceed 50 million copies, with the band’s repertoire played more than 3 million times daily on Spotify alone. Ticket prices for the Manila concert range from P2,880 to P9,280, and will be available starting March 6 at smtickets.com.

Disney+ renews hit drama Paradise for 2nd season

DISNEY+ has announced that the original drama series Paradise, which hails from 20th Television, has been renewed for a second season. The political thriller is from creator Dan Fogelman and stars Sterling K. Brown as Agent Xavier Collins. Paradise is set in a serene community inhabited by some of the world’s most prominent individuals — until the tranquility is disrupted by a shocking murder followes by a high-stakes investigation. Aside from Mr. Brown, the show also stars James Marsden, Julianne Nicholson, Sarah Shahi, Nicole Brydon Bloom, Aliyah Mastin, and Percy Daggs IV.

New K-pop group KiiiKiii debuts

STARSHIP Entertainment has announced its newest rookie girl group, KiiiKiii, a quintet composes of Jiyu, Leesol, Sui, Haum, and Kya. Their pre-release track, “I DO ME,” encapsulates the group’s candid and whimsical approach, a vibrant pop-dance number that aims to strike a chord with the Gen Z mindset of independence.

Slico and It All Started In May join Universal Records

EMERGING solo artist Slico and vibrant band It All Started In May have officially joined Universal Records. The label searched social media platforms like TikTok and scouted the two artists there. Slico, an up-and-coming singer-songwriter, has garnered a fan base of over 100,000 followers on TikTok. Meanwhile, It All Started In May is composed of five members: Red, Mikee, JP, Jai, and Pau, all of whom aim to leave their mark on OPM with a blend of alternative, indie, and pop rock elements, earning 20,000 followers on TikTok. The two are set to release new records under Universal soon.

Gloc-9, Abaddon, Smugglaz, and Hero release joint single

ICONIC Filipino rapper Gloc-9, alongside Abaddon, Smugglaz, and Hero, has just unveiled their latest collaboration, “Halimaw.” The track has Gloc-9’s distinct storytelling and social commentary, complemented by the fresh perspectives of Abaddon, Smugglaz, and Hero, who bring their own experiences and styles.

SB19 releases first single off its new EP

FILIPINO pop group SB19 has released “DAM,” the first official single off its upcoming EP, Simula at Wakas. The track fuses elements of hip-hop, Celtic and Filipino folk, EDM, industrial, and prog-rock, while retaining the signature martial energy that defined its previous hits “What” and “GENTO.” The title “DAM” is a play on the Filipino word “Pakiramdam” or “feeling” in English. It is accompanied by a music video, set in a dark, medieval fantasy world inspired by the brutal and tragic tales of knights, sorcerers, ravens, and looming castles, made by 1032 LAB.

Pokémon Champions’ first video reveal is out

THE Pokémon Company has announced the new Nintendo Switch and mobile device software title Pokémon Champions. The game allows players to enjoy battles like in previous Pokémon series games, utilizing familiar mechanics such as Pokémon types, Abilities, and moves to form battle strategies. Players can compete for the highest rank worldwide in Ranked Battles, for fun in Casual Battles, or intimately with friends and family in Private Battles. Pokémon Champions will be compatible with Pokémon HOME, the cloud service for Nintendo Switch and mobile devices.

The Rings of Power announces new cast numbers

PRIME VIDEO has confirmed that Jamie Campbell Bower and Eddie Marsan have joined the cast of The Lord of the Rings: The Rings of Power for the series’ upcoming third season, which is currently in pre-production. The show will resume filming this spring at the series’ new production home at Shepperton Studios in the UK. Mr. Bower will be a series regular, while Mr. Marsan will appear in a recurring role. The globally successful series, which has attracted over 170 million viewers worldwide, continues to be one of Amazon’s strongest drivers for new Prime membership sign-ups.

UnionBank looks to raise funds via local, foreign markets

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UNION BANK of the Philippines, Inc. (UnionBank) is looking to raise fresh funds via both the domestic and offshore markets, it said on Monday.

UnionBank’s board of directors on Feb. 28 approved the issuance of $800 million in papers out of its euro medium-term note (MTN) program and P30 billion in bonds from its expanded peso fundraising program, it said in a disclosure to the stock exchange.

“The bank has yet to establish the timetable and other details for these issuances,” it said.

UnionBank’s $2-billion euro MTN program was established in November 2017 and updated in 2020. The unissued balance of the program stands at $1.2 billion.

Meanwhile, at the same meeting, the bank’s board of directors approved the expansion of its peso bond program to P100 billion from P50 billion previously.

On the other hand, the Aboitiz-led bank will also infuse an additional P1.2 billion in capital into its digital banking arm UnionDigital Bank, Inc.

The infusion will “support UnionDigital’s ongoing business operations and enable it to deliver sustainable growth,” it said.

UnionBank in September 2024 injected P1.6 billion in capital into UnionDigital, following an P1.8-billion infusion in November 2023 and a P900-million investment in October 2023.

UnionDigital is one of the six digital banks currently operating in the Philippines, along with Overseas Filipino Bank, a subsidiary of Land Bank of the Philippines; Tonik Digital Bank, Inc.; GoTyme Bank of the Gokongwei group and Singapore-based Tyme; Maya Bank of Voyager Innovations, Inc.; UNObank of DigibankASIA Pte. Ltd.

It secured its license in July 2021 and began operating in July 2022.

UnionBank’s shares declined by five centavos or 0.14% to close at P34.45 apiece on Monday — A.R.A. Inosante

Belle Corp. says no plans to buy out Melco’s stake in City of Dreams Manila 

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LISTED firm Belle Corp. said it has no plans to buy out Melco Resorts & Entertainment Ltd.’s stake in the City of Dreams Manila integrated resort in Parañaque City.

“Please be advised that while Belle is not in a position to confirm the accuracy of the statements about a possible exit of Melco from the Philippines, it can confirm that any buyout of Melco’s interests in City of Dreams Manila is not part of Belle’s plans for the immediate future,” Belle said in a regulatory filing on Monday. 

Belle issued the statement in response to a news report suggesting that the company was willing to buy out Melco’s stake in City of Dreams Manila, depending on the price.

Melco, a global developer and operator of integrated resorts, previously said it had retained CBRE Capital Advisors, Inc. and Moelis & Company LLC as financial advisors to explore possible strategic alternatives for City of Dreams Manila.

City of Dreams Manila, a luxury integrated casino resort, is leased to Melco’s subsidiary, Melco Resorts Leisure (PHP) Corp., which has an operating agreement with Premium Leisure Corp. (PLC) subsidiary Premium Leisure and Amusement, Inc. PLC is a subsidiary of Belle.

Belle, one of the portfolio investments of Sy-led conglomerate SM Investments Corp., is also the developer of the club, golf facilities, and residential communities of Tagaytay Highlands and Tagaytay Midlands in Tagaytay City. 

On Monday, shares of Belle Corp. fell 0.65% or one centavo to P1.53 apiece. — Revin Mikhael D. Ochave

To reduce poverty and create jobs, 7-8% economic growth is needed

Last week Canada and India released their fourth quarter (Q4) 2024 GDP data. So, the top 15 largest economies in the world have now provided their full year 2024 data (except Brazil and Russia). Extending the list to encompass the top 60 medium and large economies in the world, one sees that the fastest growing economies last year were Vietnam, India, and the Philippines. Kudos to Philippine businesses and workers, and the government economic and infrastructure teams.

The European nations and Japan remain laggards economically. The largest economy of Europe, Germany, has been contracting for the last two years straight, a clear case of deindustrialization. As has Austria too, and Russia’s three neighbors — Finland, Latvia, and Estonia (see Table 1).

Growth of nearly 6% is good, but we need to grow 7-8% yearly if we are to significantly reduce poverty and create more jobs. From 1982 to 2011, China grew by an average of 10.3% per year. From 1992 to 2019, Vietnam grew by an average of 7.1% per year.

Aside from having had a low economic base up to the early 1980s, both China and Vietnam grew fast on the back of electricity generation which was heavily dependent on coal. India and Indonesia did so too. Their big manufacturing capacity, their huge hotels, resorts, and malls, their airports and seaports were all powered mostly from their coal plants which give cheap, reliable, and dependable electricity.

Meanwhile, the Philippines’ coal generation is the smallest among developed and emerging Asian countries except for those that rely more on natural gas like Thailand and Singapore. Even developed and “greenie” Korea and Japan have high coal generation (see Table 2).

I believe that the Philippines can grow by 7-8% per year for a decade — provided we discard growth-braking climate-related regulations and restrictions, plus if we have improvements in rule of law and a drastic reduction in the annual budget deficit and borrowings.

Last week, on Feb. 24, CNN’s Richard Quest interviewed Finance Secretary Ralph G. Recto about trade and investments, asking if the Philippines is in danger of US President Donald Trump’s “protectionist” policies. I liked the practical reply of Secretary Recto.

He said: “Our economy is 70% to 75% domestic driven. Unlike China and Vietnam, or even our neighbors in Southeast Asia, [which are] more export-oriented driven. We earn foreign exchange from OFW remittances. We have a trade deficit when it comes to goods. We have a robust BPO industry… FDIs, hopefully, maybe Apple… Western companies [that] invested in China will probably move also to the Philippines. And we have a new law CREATE MORE, for that purpose… [we are] now working on a free trade agreement with the European Union… [we are] open to a free trade agreement with the United States. And I will bat for a reduction in tariffs on US vehicles.”

Mr. Recto was referring to the Implementing Rules and Regulations (IRR) of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act or RA 12066 that he signed on Feb. 21 as the Chair of the Fiscal Incentives Review Board (FIRB), along with his FIRB Co-Chair, Trade Secretary Ma. Cristina Aldeguer-Roque.

Last Friday, Feb. 28, the Bureau of the Treasury released the December and hence full year 2024 cash operations report. The budget deficit was P1.51 trillion. But the revenues data is still incomplete, with no breakdown yet for income tax, excise tax, VAT, and other domestic taxes. I think when these are fully accounted, the deficit can go down to probably P1.3 trillion only.

The budget deficits in previous years were: P1.37 trillion in 2020, P1.67 trillion in 2021, P1.61 trillion in 2022, and P1.51 trillion in 2023.

Meanwhile, financing or net borrowing is declining: P2.50 trillion in 2020, P2.25 trillion in 2021, P1.97 trillion in 2022, P2.07 trillion in 2023, and P1.31 trillion in 2024.

Budget Secretary Amenah F. Pangandaman, in a press release, hailed that the budget deficit for 2024 has “gone down to 5.7% of GDP, better than expected… the lowest rate recorded since the pandemic in 2020… a marked improvement compared to the 6.2% deficit in 2023… also well within the fiscal outlook of the Development Budget Coordination Committee (DBCC) at our last meeting.”

While I share Ms. Pangandaman’s exuberance, I still wish that spending, the deficit, and borrowing decline significantly. The interest payments for our public debt in 2024 was P763 billion, or an average of P2.1 billion per day. This is huge and wasteful.

Also last week, on Feb. 26, I attended the BusinessWorld Stock Market Outlook 2025, held at the Dusit Hotel in Makati. The finance speakers expressed an overall business optimism for the country this year, coming from 2024’s “high-interest rate environment,” the “tug of war between low-risk premiums and elevated bond yields,” “foreign fund outflows of $442 million or three times higher than 2023,” and saying that “PSEi still significantly undervalued.”

The CREATE MORE law and its IRR, especially the corporate income tax cut from 25% to 20% to start this year, should help attract those foreign equities and FDIs back to Philippine soil and companies.

 

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

minimalgovernment@gmail.com

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