RLC says its P30.4-B bonds kept highest credit rating

March 5, 2025 | 12:08 am

GOKONGWEI-LED Robinsons Land Corp. (RLC) has retained the highest credit rating for its outstanding P30.4-billion bonds, the company said on Tuesday.

The Philippine Rating Services Corp. (PhilRatings) has affirmed its PRS Aaa rating with a stable outlook for RLC’s P30.4-billion outstanding bonds, the company said in a regulatory filing.

Obligations rated PRS Aaa are considered of the highest quality with minimal credit risk, while a stable outlook indicates that the rating is likely to remain unchanged over the next 12 months.

PhilRatings said the rating and outlook were upheld due to RLC’s diversified portfolio and steady growth in margins and returns.

The credit rating agency also factored in RLC’s expansion plans, liquidity, steady cash flows from operations, and conservative capital structure.

RLC’s portfolio spans multiple business divisions, including Robinsons Malls, RLC Residences, Robinsons Offices, Robinsons Hotels and Resorts, Robinsons Logistics and Industrial Facilities, and Robinsons Destination Estates.

The company has a presence in 30 provinces, including 16 in Luzon, and seven each in Visayas and Mindanao.

The property developer aims to capitalize on the sustained growth of the Philippine economy through the continued expansion of its portfolio.

“RLC remains optimistic about its overall growth prospects, banking on the strength and resiliency of its different business segments,” it said.

RLC recently announced the appointment of Maria Socorro Isabelle V. Aragon-GoBio as its president and chief executive officer, effective Feb. 1, replacing Lance Y. Gokongwei.

Despite the leadership transition, Mr. Gokongwei remains RLC chairman.

On Tuesday, RLC shares rose by 1.84% or 22 centavos to P12.20 apiece. — Revin Mikhael D. Ochave

FILRT net income down 6.3% in 2024

March 5, 2025 | 12:07 am

GOTIANUN-LED Filinvest REIT Corp. (FILRT) recorded a 6.3% decline in net income for 2024, falling to P1.63 billion from P1.74 billion in 2023 due to lower rental revenue.

Revenue dropped by 4.9% to P2.84 billion in 2024 from P2.99 billion in 2023, FILRT said in a regulatory filing on Tuesday.

Rental revenue decreased by 5.2% to P2.19 billion, while other income fell by 3.9% to P652.25 million.

Costs and expenses also declined by 7.7% to P1.19 billion.

In a separate regulatory filing, FILRT said it secured stockholders’ approval for its planned P6.26-billion property-for-share swap, which will add Festival Mall in Alabang, Muntinlupa City, to its portfolio.

Under the deal, FILRT will issue 1.63 billion shares at P3.85 each to its parent company and sponsor, Filinvest Land, Inc. (FLI), in exchange for ownership of the 121,862-square-meter (sq.m.) main mall of Festival Mall.

The addition of Festival Mall will diversify FILRT’s portfolio into the retail mall segment, which previously comprised 17 office buildings and 2.9 hectares of land leased to the owner and operator of Crimson Resort & Spa Boracay.

Upon infusion, FILRT’s portfolio mix will consist of 67% offices, 6% hospitality, and 27% retail.

The inclusion of Festival Mall will expand FILRT’s total gross leasable area by 37% to 452,310 sq.m.

“The company has made significant progress in recovering from the challenges of office leasing through tenant diversification. The upcoming infusion of Festival Main Mall into FILRT will further broaden our portfolio through asset type diversification,” FILRT President and Chief Executive Officer Maricel Brion-Lirio said.

For 2024, FILRT signed new leases totaling almost 29,000 sq.m. and renewed over 42,000 sq.m. of expiring leases.

On Tuesday, FILRT shares remained unchanged at P3.15 apiece. — Revin Mikhael D. Ochave

TIN validation coming to SEC platforms

March 5, 2025 | 12:06 am

THE SECURITIES and Exchange Commission (SEC) will soon mandate the tax identification number (TIN) validation service across its online systems to enhance monitoring efforts.

“Please be advised that the SEC will soon implement the TIN validation service across all SEC applicable online systems,” the corporate regulator said in a notice dated March 3 on its website.

The TIN validation service facilitates data exchange between the SEC and the Bureau of Internal Revenue (BIR) via an application programming interface.

“This integration enables the verification of submitted details by cross-checking them against BIR records,” the SEC said.

For individuals, the service will validate the name, TIN, birth date, and sex, the SEC said.

For non-individuals, it will verify the TIN, company name, and registration date.

“To prepare for this implementation and avoid delays in accessing SEC online systems, you may try to verify your TIN through the BIR online registration and update system,” the SEC said.

“If you are prompted that your TIN does not match or cannot be found, kindly coordinate with the nearest BIR Revenue District Office to check your records,” it added.

In July last year, the SEC signed a memorandum of agreement with the BIR on data-sharing efforts. The partnership allows the BIR to access documents needed for tax assessments and collections.

For its part, the BIR will provide the SEC with TIN verification for the latter’s online digital services to improve capital market monitoring.

“From our side, we have noticed a number of incorporators that have fake TIN. That is a ground for revocation. We are trying to plug holes. We should be on our toes,” SEC Chairperson Emilio B. Aquino previously said. — Revin Mikhael D. Ochave

Original Filipino musical Pilato takes the stage

March 5, 2025 | 12:06 am

IN AN ERA of misinformation, creative agency The Corner Studio is entering the theater scene with its inaugural production, Pilato, which questions just what the truth is, with its story of Pontius Pilate. The musical will take audiences through his divisive decision regarding the fate of Jesus Christ, and how this came to be.

“It’s interesting to look at the trial and crucifixion of Jesus Christ from the perspective of Pilate, without becoming just another Senakulo. It’s an old story, so we brought it to today’s view, with the question Pilate himself asked over 2,000 years ago — what is the truth?” said Eldrin Veloso, Pilato’s writer and director, in a press conference in February.

“Our challenge is to do this production from a place of nowhere. We’re not yet an established theater company. We’re starting from scratch, and we’re excited to do it with this musical,” he added.

Pilato is an all-original Filipino musical slated to run from April 4 to 13 at the Philippine Educational Theater Association (PETA) Theater Center in Quezon City. Its music is composed by Yanni Robeniol, with Pauline Arejola as the musical director.

Scheduled for the week before Holy Week, the production aims to depict the Roman prefect Pilato as “a man caught in the crossroads of power, faith, and duty,” his ambitions on the line as he comes across the enigmatic figure of Hesus.

Jerome Ferguson plays Pilato, in his first-ever lead role in a musical.

“In my 15 years in theater, I’m honored to be originating a new role. For me, the challenge is to humanize this antagonistic character — that’s how people will see him going into the play,” Mr. Ferguson said.

“Alam na nating lahat na siya nga ang hahatol na ipapapatay si Hesus. Ano ang katotohanan sa pangyayari na iyon? (We all know that he ultimately orders the death of Jesus. But what is the truth behind that event?)” he explained.

Mr. Ferguson will share the stage with Christy Lagapa, a relative newcomer to the scene and a graduating student from the University of the Philippines’ College of Music. She will play Procla, Pilato’s wife.

“I’ve never experienced being a wife, since I’m young, but I’ve been in a relationship. That familiarity with someone, in the character of Procla who is an outspoken, educated, ambitious woman — I can see myself in that,” Ms. Lagapa said. “She gives another perspective of the truth, of what the controversial Pilato is like behind closed doors.”

INVITING REFLECTION
Other members of the cast are Onyl Torres as the historiographer Josepo, Noel Rayos as the magnetic figure of Hesus, Jeremy Manite as the calculating high priest Caiaphas, Marit Samson as Publius, Chan Babutazo as Decimus, and Ard Lim as Marcus.

Mr. Torres said that his is the only fictional character in the musical, through which they will channel the idea of “history repeating itself.”

“Josepo is a combination of different Roman historiographers. He’ll be the one to show how the problems back then are still problems today, how we human beings don’t learn, and tend to have this intrinsic desire to self-destruct, to love, to be jealous, to matter,” he said.

Aside from arriving in time for Holy Week, Pilato also hopes to speak to the critical 2025 elections, with writer-director Mr. Veloso describing it as “a vital meditation on truth in all its complexity.”

For Mr. Rayos, who plays Hesus, the drive to put out this musical comes from the harrowing experience of the pandemic that not many people have fully processed.

“For me, Pilato is part of our decision to do things that matter, that will touch people,” he explained.

Composer Yanni Robeniol spoke to the goal to reach all Filipinos — young and old, religious and non-religious — through the music.

“Ang dami naming pinanghugutan para sa bawat kanta (We drew from a lot of references for each song). The overall structure is similar to Les Miserables, the mood is like Hamilton, and the orchestration is inspired by Disney musicals such as Hercules and Aladdin,” said Ms. Robeniol.

Pilato marks the inaugural theatrical venture of The Corner Studio, a creative branding, production, marketing, and design agency. The musical runs from April 4 to 13, at the PETA Theater Center, with tickets available via pilato.helixpay.ph. — Brontë H. Lacsamana

Denise Weldon: Guided by light

March 5, 2025 | 12:05 am

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WHILE it is easy to find oneself overwhelmed by the perpetual dance of stimuli that fills the world today, photographer Denise Weldon finds it is useful to be guided by light, to be able to zero in on the rare sense of quiet and grace that can often emerge from the shadows.

Be it the play of light from windows onto a plain floor, the curl of a lotus leaf under the rays of the sun, or the contrast of candle fire on a dark wall, Ms. Weldon’s photography seeks to illuminate the quiet power of objects and places we encounter every day. In the monochrome stillness of her photos, she unveils something very spiritual and almost magical, even.

“You have to ask yourself, ‘What do I need to see today?’ and discern what exactly it is. You don’t always hit the target, and maybe you end up thinking too much. It’s all about trusting your eyes and being moved by what you see,” said Ms. Weldon, whose work has been put together in a curated survey of her 30-year photographic journey.

Titled Witness of the Quiet, the exhibit was curated by art consultant Miguel Rosales of Caramel Art Advisory. The photographs, ranging from portraiture to landscape to still life, are laid out meticulously across the Yuchengco Museum’s fourth-floor gallery, on view for the entirety of March. The chosen works speak to “cycles of birth and rebirth, light and dark, the young and the mature,” Ms. Weldon said.

With the mindset that all spaces are studios and that all subjects are teachers, the images of people, places, and things that are captured bring forth a sort of visual calm. However, putting all of it together was anything but, requiring intense collaboration.

“Jeannie Javalosa (director of the Yuchengco Museum) texted me that the space opened up for the months of February and March, asking me if I wanted to have a show there, and that she wanted to move the museum in a new direction and integrate photography in the gallery more. I said sure, without thinking,” said Ms. Weldon.

And so, with the help of Mr. Rosales on the curation and Bam Laurel of Fluid for graphic design, they distilled many of her exhibitions over the years into a survey. The overarching theme of Witness of the Quiet emerged naturally.

“It was a common thread we saw, regardless of the individual themed exhibits,” she explained. The space itself was also maximized, from the inside of the elevator to stepping out into the fourth floor.

Ms. Weldon also spoke of the relevance of having the show during Arts Month in February and Women’s Month in March.

“Everything just aligned for that to happen,” she said. “As a woman, you wear many hats with each role that you play — the responsibility of being a wife and a mother, and of doing your work.”

When asked what she saw upon seeing the survey in full, she said that it showed that precarious balance that had to be developed over the years: “The work reflected how I quietly showed up in all areas. Finding balance was an important key.” For her, this was achieved through her spirituality, namely her devotion to the Virgin of Guadalupe, though the answer is different for each person.

There’s much to reflect on in the black-and-white images, gentle glimpses of a spiral staircase illuminated by the light above or the shriveled-up heart of a tree evoking the textures of aging. The meditative self-inquiry that Ms. Weldon invites through her photography is the essence that she hopes viewers will take home.

This serene approach to viewing life was something the photographer taught for an afternoon at the start of March, at the very space in the museum where her works are exhibited. Aside from guiding guests through the various photographs, Ms. Weldon led a meditative experience, an event which will likely be replicated before the exhibit ends.

“I see the beauty in the chaos all the time. I think it’s not so much a romantic perspective, but a reminder of what is there that we are forgetting to look at, to listen to, to feel,” she said.

Witness of the Quiet is on view at the fourth-floor photography gallery of Yuchengco Museum at the RCBC Plaza, Ayala corner Gil Puyat Aves, in Makati City until March 31. For more details on the exhibit and events related to it, visit the museum’s Facebook and Instagram pages. — Brontë H. Lacsamana

NLEX starts construction of NLEX-C5 Northlink

March 5, 2025 | 12:05 am

NLEX CORP., a unit of Metro Pacific Tollways Corp. (MPTC), has started construction of the P2.2-billion NLEX-C5 Northlink Section 1A.

“The project plays an integral role in our ongoing expansion, which aims to improve access between NLEX, Valenzuela City, and Quezon City,” MPTC President and Chief Executive Officer Jose Ma. K. Lim said during the project’s groundbreaking ceremony on Tuesday.

Section 1A of the NLEX-C5 Northlink Segment 8.2 covers the first two kilometers of the entire 11.3-kilometer project. This section is expected to be completed by the first quarter of 2026.

The project is expected to help decongest traffic in Quezon City by providing additional expressway access, extending NLEX from the Mindanao Toll Plaza to Quirino Highway via an all-weather elevated expressway.

“It will significantly reduce travel time and ease congestion on major roads such as EDSA, Commonwealth Avenue, Quirino Highway, and Mindanao Avenue, leading to more efficient commutes and logistics operations,” MPTC said.

Last week, NLEX announced its partnership with China Road and Bridge Corp. (CRBC) for the construction of NLEX-C5 Northlink Segment 8.2 Section 1A.

The entire Segment 8.2 has an estimated cost of around P24 billion, Mr. Lim said, though he declined to specify the expected completion date for the full segment due to ongoing right-of-way acquisition.

MPTC is the tollway unit of Metro Pacific Investments Corp. (MPIC), one of the three key Philippine subsidiaries of Hong Kong-based First Pacific Co. Ltd., alongside Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., holds a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose

Arts & Culture (03/05/25)

March 5, 2025 | 12:04 am

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CCP lights up main building, theater for Women’s Month

THE Main Building and the Tanghalang Ignacio Gimenez of the Cultural Center of the Philippines (CCP) are bathed in vibrant purple this March to commemorate National Women’s Month. Purple symbolizes justice, dignity, and unwavering commitment to the advancement of women’s rights. Through this light display, the CCP aims to honor the contributions of Filipino women across various fields.

Tanghalang Pilipino stages Kisapmata

THIS MARCH, Tanghalang Pilipino (TP) is bringing back the stage adaptation of director Mike De Leon’s classic film Kisapmata, which was based on Nick Joaquin’s crime report, “The House on Zapote Street.” Directed by Guelan Luarca and featuring the TP Actors Company, Kisapmata is a psychological thriller that unravels the dark complexities of family, control, and power. It will run from March 7 to 30, with performances at 3 and 8 p.m., at the Tanghalang Ignacio Gimenez (CCP Blackbox Theater), Cultural Center of the Philippines Complex, Pasay City. Ticket prices are P1,500 and P2,000.

National Artists honored at UP’s Tanghal Tertulia

THE University of the Philippines (UP) System will be paying tribute to homegrown National Artists in this year’s Tanghal Tertulia, to be held on March 8, 5:30 p.m., at the UP Executive House Amphitheater, Diliman, Quezon City. The National Artists who will take the stage are Fides Cuyugan-Asensio, Ricky Lee, and Ryan Cayabyab. The night will feature performances from the honorees’ body of work as interpreted by UP artists and groups, including Lara Maigue, Nick Pichay, Aicelle Santos, Bianca Lopez-Aguila, Ervin Lumauag, Poppert A. Bernadas, the UP Jazz Ensemble, the UP Dance Company, and Iskollas. While all seats have been filled, the event will be livestreamed worldwide via TVUP’s YouTube and Facebook pages.

Galerie Stephanie brings Filipina artists to Art Fair Tokyo

GALERIE STEPHANIE is presenting a group of Filipina visual artists at Art Fair Tokyo 2025, marking its seventh appearance in Asia’s oldest and Japan’s largest art fair. The event will be held from March 7 to 9, at the Tokyo International Forum. The sole Filipino gallery at the event will be showing works by Kim Borja, Naburok, Jem Magbanua, and Thea Quiachon at Booth L015.

Coin, medals, and more at collectibles show

MINTED MNL, an organization dedicated to collecting rare Philippine coins and other historic items, is holding the Minted MNL Summer Show 2025 on March 8 to 9 at The Westin Manila Hotel in the Ortigas Center in Pasig City. Minted MNL is known for its auctions and exhibits. The Summer Show 2025 will showcase diverse collectibles, including coins, paper money, medals, tokens, trading cards, and antiques. There will be seminars about collecting, exhibits, and a marketplace and auction. Included in the auction are historical 19^th-century items from Philippine Revolution heroes and rare coins of the 17^th and 18^th centuries. Visit the Minted MNL Facebook page for more information.

Nami Art Gallery’s Omi Reyes at Artistspace

AN EXHIBITION titled Sacred Fragments is on view right now at ArtistSpace. The 23^rd solo show of artist Omi Reyes, it is presented by Nami Art Gallery. The exhibit serves both as a culmination and a transformation of Mr. Reyes’ artistic and spiritual journey spanning over 40 years. He employs various materials — wood, resin, metal, and paint on canvas — interwoven with found objects, to bear the weight of memory and time. The various broken pieces are reassembled for a renewed vision. Sacred Fragments is on view at ArtistSpace, Makati, until March 11.

Museum talk to shed light on the Filipina in periodicals

DR. KATHERINE LACSON will discuss how Filipinas appeared in periodicals in the early 1900s in a talk to be delivered at the Museo ng Muntinlupa on March 15, 9-10 a.m. Titled “Wicked and Wounded: Unveiling the Shadow Side of the Filipina in Periodicals (1898-1938),” the talk is presented by the Museum Foundation. Aside from the lecture, there will also be guided tours available around the museum. Admission is free and open to the public.

Lecture on Japanese military music during the occupation

MUSICOLOGIST Felicidad A. Prudente, PhD will be holding a talk on March 15 at the Ayala Museum. Part of the Roderick Hall Memorial Lecture series, it will explore the role of gunka, or military music, in shaping national identity and propaganda during the Japanese Occupation of the Philippines from 1942 to 1945. Dr. Prudente will discuss the music’s historical function, cultural impact, and usage in instilling loyalty and morale among soldiers and civilians alike. It will take place on March 15, 2-4 p.m., at the Ayala Museum in Makati City. Admission is priced at P300 for regular attendees, P210 for seniors and persons with disabilities, and P150 for students.

New Walden Bello memoir to be released

A NEW release from the Ateneo Press, Global Battlefields: My Close Encounters with Dictatorship, Capital, Empire, and Love follows the beginnings, the triumphs, the trials, and tribulations of renowned Filipino activist and academic, Walden Bello. In his own words, Mr. Bello recounts a life spent fighting injustice and oppression, and includes recollections of his childhood raised by two artist parents, his education under Jesuits, his leadership of anti-war student protests at Princeton University, his membership in the Communist Party of the Philippines, his time as a member of the House of Representatives for Akbayan, and many more reminiscences. In a press statement, Senator Risa Hontiveros is quoted as saying: “This memoir is both a compelling account of the achievements of Walden and his generation, and a candid discussion of their crises and failures. It is a must read for persons who have struggled and continue to struggle for a better future for all.” The book is now available for pre-order at a 15% discount at https://go.ateneo.net/GlobalBattlefieldsPO. Its official release will be at the Philippine Book Festival later this month.

PLDT, Smart provide cyber education through storybook

PLDT AND SMART, together with the Department of Justice Interagency Council Against Trafficking, is pushing its #BeCyberSmart campaign among children through storytelling. Its most recent event was The Storytelling Project founder Rey Bufi’s reading of Ang Paglalakbay ni Tala (The Adventures of Tala) to grade school students of St. Alphonsus Ligouri Integrated School and Victorious Homeschool. Co-developed with Kids for Kids PH and the Positive Youth Development Network, the book follows Tala as she enters the metaverse where she learns about her rights online and the various dangers on the internet.

Ordoñez, Facuri, Teodoro join Into the Woods cast

THEATRE GROUP ASIA (TGA) has announced the casting of actress Tex Ordoñez as Cinderella’s stepmother, theater and television actress Sarah Facuri as the stepsister Florinda, and theater, film, and television performer Kaki Teodoro as the stepsister Lucinda. The three join a lineup of theater stars including Lea Salonga for TGA’s production of Stephen Sondheim’s Into the Woods, coming in August at the Samsung Performing Arts Theater in Circuit Makati. The show is directed by Chari Arespacochaga.

Petron plans to offer up to P32B in retail bonds

March 5, 2025 | 12:04 am

ANG-LED oil refiner Petron Corp. announced on Tuesday that it plans to offer up to P32 billion worth of retail bonds.

In a regulatory filing, the company said its board of directors approved the offering and issuance of up to P25 billion in retail bonds, with an oversubscription option of up to P7 billion.

The retail bonds will be drawn from the bond shelf registration, which was rendered effective by the Securities and Exchange Commission and remains valid until September this year.

For 2024, Petron reported a 16% decline in net income to P8.47 billion amid geopolitical conflicts and weakened demand from China, which affected global oil prices.

The company’s revenues rose by 8% to P867.97 billion from P801.03 billion in 2023, driven by continued growth in its local and international operations, as well as efficiency improvements.

Sales volume increased by 10% to 139.85 million barrels, supported by higher demand and strategic growth initiatives, the company said in a media release on Tuesday.

Its operations in the Philippines and Singapore reported combined sales of 92.49 million barrels, up 16% from the previous year, driven by network expansion and strong marketing efforts.

Retail sales rose by 18%, supported by the country’s largest fuel station network, while commercial sales grew by 6%, driven by a strong presence in the aviation industry.

Meanwhile, Petron said its operations in Malaysia faced challenges due to policy changes in fuel subsidies, while a maintenance-related shutdown at its Port Dickson refinery in the fourth quarter of last year limited production and exports.

The company said global oil prices remained volatile, influenced by geopolitical conflicts in the Middle East and weakened demand from China. While Dubai crude averaged $80 per barrel, prices peaked at $89 in April before dropping to $73 by year-end, putting pressure on regional refining margins.

“These results demonstrate our ability to adapt to market conditions while strengthening our leadership,” said Petron President and Chief Executive Officer Ramon S. Ang.

“With the continued support of our customers, employees, and partners, we remain focused on sustainable growth and contributing to our country’s economic progress,” he added.

Citing data from the Department of Energy, Petron said its market share as an oil company increased to 24.9% in the first half of 2024, up from 23.1% at the end of 2023. The company also maintained its leading position in the liquefied petroleum gas sector, with a 25.5% share. — Sheldeen Joy Talavera

San Miguel Corp. to hold Special Meeting of Stockholders on March 27 via remote communication

March 5, 2025 | 12:04 am

NOTICE OF SPECIAL MEETING OF THE STOCKHOLDERS
March 27, 2025

The Special Meeting of the Stockholders of San Miguel Corporation will be held on Thursday, March 27, 2025 at 2:00 P.M.

The Company will not hold a physical meeting and the meeting will be conducted via remote communication and livestreamed at the Company’s website. Stockholders can attend the meeting by remote communication.

The Agenda of the Meeting is as follows:

Certification of Notice and Quorum
Approval of the Reclassification of 904,752,537 common shares currently held as treasury shares, into Series 2 Preferred Shares held in treasury
Approval of the Amendment to Article VII of the Amended Articles of Incorporation of the Company relating to its capital stock of Php30,000,000,000 at par value of Php5.00 per share or 6,000,000,000 shares –

FROM: divided into 3,790,000,000 common shares and 2,210,000,000 preferred shares
TO: divided into 2,885,247,463 common shares and 3,114,752,537 preferred shares

Approval of the issuance of common and Series 2 preferred shares of the Company under such terms and conditions determined by the Management
Approval of the delegation to the Board of Directors of the power to amend By Laws of the Corporation
Adjournment

Stockholders who would like to attend the online meeting should access the 2025 SMC SSM Website at https://www.smc2025ssm.sanmiguel.com.ph to obtain the following: (a) ballots and proxies to attend the meeting, and (b) the link to view the livestream of the meeting which will be available on the day of the meeting.

During the meeting, the Company shall entertain questions and comments from the stockholders after the presentation of the Agenda Item Nos. 2, 3, 4 and 5. Questions and comments must be submitted either in advance or during the meeting by email to stockholders@sanmiguel.com.ph. Questions which were not answered during the meeting shall be forwarded to the Office of the Corporate Secretary for the appropriate response.

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

The deadline for submission of ballots and proxies is on March 13, 2025. Validation of ballots and proxies will be on March 20, 2025 at 10:00 a.m. at the SMC Stock Transfer Service Corporation Office, 2nd Floor, SMC Head Office Complex, No. 40 San Miguel Ave., Mandaluyong City, Philippines.

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Yields on Treasury bonds climb

March 5, 2025 | 12:04 am

THE GOVERNMENT made a full award of the reissued Treasury bonds (T-bonds) it offered on Tuesday even as the average rate was above secondary market levels, with investors seeking to lock in higher yields ahead of an expected liquidity boost from cuts in banks’ required reserves by month-end.

The Bureau of the Treasury (BTr) raised P30 billion as planned via the reissued seven-year bonds it auctioned off on Tuesday as total bids reached P56.819 billion or almost twice the amount on offer.

This brought the total outstanding volume for the bond series to P224.7 billion, the Treasury said in a statement.

The bonds, which have a remaining life of five years and four months, were awarded at an average rate of 6.019%. Accepted bid yields ranged from 5.975% to 6.04%.

The average rate of the reissued papers was higher by 5.1 basis points (bps) from the 5.968% fetched for the series’ last award on Feb. 4 but 35.6 bps lower than the 6.375% coupon for the issue.

This was also 8.4 bps higher than the 5.935% quoted for the five-year bond — the benchmark tenor closest to the remaining life of the papers on offer — and 7.2 bps above the 5.947% seen for the same bond series at the secondary market before Tuesday’s auction, based on PHP Bloomberg Valuation Service Reference Rates data provided by the BTr.

The average rate fetched for the bonds on offer was slightly higher than market expectations amid risk-off cues overseas, a trader said in a phone interview.

Still, the auction saw strong demand as investors are loading up on higher-yielding government debt before the implementation of fresh cuts in banks’ reserve requirement ratios (RRR) by month-end, which would increase liquidity in the financial system, the trader said.

The RRR cuts are expected to free up about P330 billion in cash, which could lead to increased demand for government debt, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

By March 28, the RRR of universal and commercial banks and nonbank financial institutions with quasi-banking functions will be reduced by 200 bps to 5% from the current 7%, the Bangko Sentral ng Pilipinas (BSP) announced last month.

The RRR for digital banks will also be lowered by 150 bps to 2.5%, while the ratio for thrift lenders will be cut by 100 bps to 0%.

Rural and cooperative banks’ RRR has been at zero since October, the last time the BSP cut reserve requirements.

The RRR is the portion of reserves that banks must hold onto rather than lending out. When a bank is required to hold a lower reserve ratio, it has more funds to lend to borrowers.

BSP Governor Eli M. Remolona, Jr. has said the central bank is looking to bring down big banks’ RRR to as low as zero before his term ends in 2029.

From a high of 20% in 2018, the central bank has since brought down large banks’ reserve requirements to single-digit levels.

Meanwhile, bond yields slid on Tuesday in Asia with investors ducking for cover as new US tariffs on Canada, Mexico and China took effect, threatening to escalate global trade tensions, Reuters reported.

US President Donald J. Trump’s new 25% tariffs on goods from Mexico and Canada took effect, along with a doubling of duties on Chinese goods to 20%, at 12:01 a.m. EST (0501 GMT).

Minutes later, China said it will impose additional tariffs of 10%-15% on certain US imports from March 10. Canada has already said that retaliatory tariffs on the United States would take effect on Tuesday.

Mexico was expected to follow suit, with President Claudia Sheinbaum expected to announce her response during a morning news conference in Mexico City later on Tuesday.

Market moves were fairly muted in the immediate aftermath of the tit-for-tat tariff actions, although investors remained on edge, with worries of a wide-ranging trade war sapping sentiment.

The tariff actions led to a rally in US Treasuries. The yield, which moves inversely to bond prices, on the benchmark 10-year US Treasury note hit 4.115% in Asian hours, its lowest since Oct. 22.

The BTr is looking to raise P147 billion from the domestic market this month, or P22 billion from Treasury bills and P125 billion from 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. — Aaron Michael C. Sy with Reuters

Throwing the baby out with the bathwater

March 5, 2025 | 12:04 am

(Part 1)

I fervently hope that the decision of the Trump Administration to freeze international development aid is temporary. Since former President John Kennedy founded the US Agency for International Aid in the 1960s, US taxpayers have done much good for the world’s poorest of the poor. Food aid from the Agency prevented the stunting of tens of millions of children. Even today, for example, Myanmar is facing a food crisis due to natural disasters and a spiraling civil war according to a Reuters report. An estimated two million people in this poorest ASEAN country are on the brink of famine. The US has been the largest aid donor to Myanmar. Especially in Africa, USAID has been very instrumental in preventing millions of deaths that would have happened without the anti-malaria campaign funded by US money. The US has been the top donor in the global fight against malaria, mostly through the President’s Malaria Initiative, known as PMI, set up under former President George W. Bush.

It is evident that it is a very unjust generalization to refer to USAID as a “criminal organization” or to refer to its top officials as “radical lunatics.” We can only hope that these were emotional outbursts provoked by some actual or imagined cases of corruption or misallocation in the uses of some of the USAID funds. As a development economist, I have worked with numerous officials of USAID over the last 40 years. I can attest to the fact that I never got the impression that the organization was “criminal” or that the officials were “lunatic.” In fact, a large number of these officials impressed me as really working for the common good of Philippine society, much more than can be said for some of our public officials. They were sincerely working with their equivalents in our local community on implementing programs focused on improving health (as in food aid and combatting malaria); alleviating poverty (as in rural development programs); providing emergency relief amid natural disasters or conflict (especially in Mindanao); enhancing the quality of education (as in teachers’ training program); and in improving governance, especially at the local government level.

Let’s not rely on sweeping generalizations uttered by top officials of the Trump Administration. As Melissa Conley Tyler, an honorary fellow at Asia Institute in Melbourne, Australia wrote in a Philippine daily, in the year 2023, the countries that received the largest amount of aid were Ukraine, Ethiopia, Jordan, Afghanistan, and Somalia. In the Indo-Pacific region, the Lowy Institute’s aid map shows that it received $249 million, while Southeast Asia received $1 billion. This total amount of aid went to fund 2,352 projects, including peacebuilding in Papua New Guinea, malaria control in Myanmar, early childhood development in Laos, and programs to improve the education, food security, and health of school-age children across the region.

To be sure, in my experiences working with programs and projects funded by USAID in the Philippines, I had to disagree with some of the approaches in some of the programs funded by the Agency. Especially in the last century when there was an obsession with birth control programs among international aid agencies, inspired by the ideology of the World Bank, I had to often disagree with some USAID officials who were aggressive in promoting family planning methods contrary to Filipino cultural and religious beliefs. I used to refer to attempt to push contraceptives and other artificial methods of birth control as “ideological colonization” — a term coined in the papal encyclicals. Especially after I participated in the writing of the Philippine Constitution which mandated that the “State shall protect the unborn from the moment of conception,” I objected to the financing by USAID of pills that were abortifacients which were obviously unconstitutional.

Other more recent forms of “ideological colonization” were those programs funded by USAID which included LGBT+ materials in the curricula of our public schools. It is obvious that the strong stand of the Trump Administration against the so-called “woke” culture (which gives prominence to the LGBT+ lifestyle) stems from President Donald Trump’s aversion towards what he considers ideologies inimical to family values and the Christian roots of American society.

In those cases of disagreements with the USAID officials about population control as a means to reduce poverty, I always respected their good but misguided intentions to help in poverty eradication. I just used my knowledge as an economist to argue that fighting poverty through controlling births would turn out counterproductive. There are many more means of helping the poor, such as rural and agricultural development, promotion of SMEs, fostering technical skills training programs (rather than obsessing with college diplomas), regional dispersal of industries, etc. As everyone knows today, especially Elon Musk, I was proven right. The very aggressive birth control programs of countries like Singapore, Thailand, and China have ended in economic disaster. They are now ageing so rapidly, among many other developed countries, that their respective economies are in danger of imploding.

I would be unjust, however, if I declare that USAID in the Philippines had officials who were “lunatics.”

They promoted numerous programs that helped reduce poverty in more positive ways, improved regional economic dispersal, turned out more competent local government officials, and improved the quality of basic education, among other very beneficial programs. I have more than a cursory knowledge of all these major contributions of USAID to Philippine society because I was a protagonist in some of the research programs needed to validate the usefulness of various projects being proposed for funding by the Agency. Let me enumerate some of them. Below is a very partial list of the most recent projects funded by the USAID:

1. Regulatory Reform Program for National Development (Respond). This project was under the Office of Economic Development and Governance (OEDG). Respond is a five-year policy and regulatory reform program which began in 2019 (which was projected to end in 2024 but was extended to 2027). It aims to improve regulatory control quality that will lead to enhanced competitiveness and, ultimately, contribute to higher levels of investment and trade, inclusive growth and self-reliance. This activity is an integral part of the USAID/Philippines Economic Growth, Democracy, and Governance with Equity (EGDGE) Project, which seeks to assist the Philippines to “strengthen their ability to become more self-reliant, improve democratic practices, and become a stable, middle-income economy by 2040.”

Within the original five-year project life of Respond (2019 to 2023), its policy advocacies resulted in the passage of key legislation that removed or lowered the barriers to trade and investment, thereby making the country more attractive to foreign direct investments (FDIs). Respond extended technical assistance to key regulatory/competition agencies (like the Anti-Red Tape Authority and the Philippine Competition Commission) to promote competition and the ease of doing business.

With the three-year extension, the scope of Respond’s policy focus likewise expanded to cover new areas like green minerals (extraction and processing to support downstream industries like e-vehicle/battery manufacture) and infrastructure development (e.g., the Public-Private Partnership Classroom Program). These new policy directions are aligned with the eight-point Agenda of the Ferdinand Marcos, Jr. Administration and the 2023-2028 Philippine Development Plan. Additionally, Respond provided for extending technical assistance to the Mindanao Development Authority (MINDA) as well as ministries of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) in preparation of development plans and roadmaps.

As a practitioner of development economics, I must attest to the fact that all these activities funded by USAID went a very long way in helping the Philippine Government address the Number One complaint of both domestic and foreign investors, i.e., the proliferation of obstacles to doing business in the Philippines. The necessary legislation and implementation rules and regulations (IRRs) would have not been possible without all the necessary research that was funded by USAID and involved the leading economists, lawyers, and other professionals needed to do research. Financial assistance from USAID made it possible for the best minds in the country to use their respective professional expertise to help the public sector improve governance.

(To be continued.)

Bernardo M. Villegas has a Ph.D. in Economics from Harvard, is professor emeritus at the University of Asia and the Pacific, and a visiting professor at the IESE Business School in Barcelona, Spain. He was a member of the 1986 Constitutional Commission.

bernardo.villegas@uap.asia

Meralco, KEPCO partner to explore new energy technology

March 5, 2025 | 12:03 am

POWER DISTRIBUTOR Manila Electric Co. (Meralco) and Korea Electric Power Corp. (KEPCO) have entered into a partnership to accelerate the adoption of new technology in the Philippine energy industry.

The companies signed a memorandum of understanding (MoU) to foster technical cooperation and exchange programs in the field of new energy technology, Meralco said in a media release on Tuesday.

The collaboration covers nuclear energy, renewable energy, smart grids, microgrids, energy storage systems, electric vehicles, advanced metering infrastructure, smart substations, and distribution automation.

Meralco Chairman and Chief Executive Officer Manuel V. Pangilinan described the partnership as “an important step” for both companies in their “commitment to exchange knowledge, strengthen capabilities, and work together toward a smarter, more resilient energy future.”

“We’re looking forward to working together with KEPCO. This collaboration allows us to refine our strategies, integrate new technologies, and find better ways to power the future. Beyond the business objectives, we want to forge and strengthen relationships that will drive meaningful progress,” he said.

Meralco and KEPCO will engage in technical competency development through information-sharing and employee exchange programs for specialized training courses.

The companies will also explore potential collaborations in advisory and consulting services, as well as other power and energy initiatives of mutual interest.

This latest partnership follows Meralco’s earlier MoU with KEPCO and its Knowledge Data Network, signed in November last year to advance the use of smart metering technologies.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera