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DMCI Mining subsidiary bags 25-year operating rights in Palawan

DMCIHOLDINGS.COM

BERONG NICKEL Corp. (BNC), a subsidiary of DMCI Mining Corp., has secured a 25-year mineral production sharing agreement (MPSA) with the Department of Environment and Natural Resources (DENR) through the Mines and Geosciences Bureau (MGB) for its Long Point Nickel Project in Aborlan, Palawan.

In a statement on Tuesday, DMCI Mining said the MPSA, covering 2,177.34 hectares, was signed on Aug. 8.

The agreement grants BNC the exclusive right to explore, develop, and utilize mineral resources in the contract area, renewable for another 25 years upon MGB registration.

“This MPSA is not just about resource development. It’s about creating shared value with our stakeholders by generating sustainable livelihoods, protecting the environment, and contributing to the local economy,” BNC President Tulsi Das C. Reyes said.

The company said it has poured P1 billion since 2024 into fleet expansion, port infrastructure, exploration, and pre-operating expenses.

It also secured an environmental compliance certificate for an annual production capacity of 1 million wet metric tons (WMT).

Operations are targeted to start by the fourth quarter of 2025, generating over 1,000 jobs, with priority given to residents and indigenous peoples, according to the company.

The company said it has also launched an Operators and Drivers Training Program in partnership with the Technical Education and Skills Development Authority.

In its Quezon mine, BNC has implemented its Final Mine Rehabilitation and Decommissioning Plan, covering 16.7 hectares of progressive rehabilitation and planting over 163,000 seedlings, 1,700 mangroves, and releasing 54 sea turtles, it noted.

The Quezon mine operated from 2006 to 2021, producing 10.4 million WMT of nickel ore, generating more than 1,600 jobs, and contributing about P2.8 billion to the economy, according to the company.

DMCI Mining operates in Palawan and Zambales and markets nickel ore to China and Japan. It is primarily engaged in exploring, extracting, and exporting nickel ore.

DMCI Mining holds a 74.80% effective interest in BNC, with the remaining 25.2% stake owned by Atlas Consolidated Mining and Development Corp. — Kyle Aristophere T. Atienza

BDO likely to sustain record profit, CEO says

BW FILE PHOTO

BDO UNIBANK, Inc., the Philippines’ biggest lender, expects to sustain record-high earnings this year on broad-based growth in lending, its chief executive said, easing investor worries over the impact of US tariffs.

“It’s not ideal, it’s not what we want but we can live with it,” BDO Chief Executive Officer (CEO) Nestor V. Tan said on US tariffs in an interview with Bloomberg Television’s Haslinda Amin on Tuesday. “I don’t think the banking sector will be affected that much. Of course there may be a slowdown.”

Washington began imposing this month a 19% tariff on Philippine goods, on par with most of its neighbors.

BDO, owned by the family of late billionaire Henry Sy, Sr. reported a net income of P40.6 billion ($710 million) in the first half of the year, up 3% from a year ago. Profit rose 12% to a record P82 billion for all of 2024.

Shares of BDO, among the heavyweights in the benchmark Philippine Stock Exchange index, edged higher after falling as much as 2.1% earlier Tuesday. The stock has dropped 1.4% this year.

Mr. Tan said a stable geopolitical situation and macroeconomic indicators will be key for the Philippines to attract investors. He expects BDO’s revenues to grow by low double-digit levels this year.

“There are two things that we’re looking at. Number one is stability and we’re seeing that slowly happening. Second is probably a more benign interest rate environment,” the bank executive said. He expects the Bangko Sentral ng Pilipinas to further cut its key interest rate twice for the rest of the year.

“It impacts our margin negatively because the yields are expected to go down a few basis points,” Mr. Tan said. “But we’re hoping that with lower interest rates, capital expenditure lending will start to pick up, and that we hope the volume will offset for the margin compression.”

The bank last month raised P115 billion from a 1.5-year bond, the Southeast Asian nation’s largest corporate bond sale. Mr. Tan said it’s part of the bank’s funding mix “and when we expect rates to go down, we try to keep our liability short.” He sees the bank returning to the bond market next year.

The government is targeting lower economic growth of 5.5% to 6.5% this year compared with a previous goal of as much as 8%. Bangko Sentral ng Pilipinas Governor Eli M. Remolona, Jr. has said the monetary authority has room to continue its easing cycle next year after possibly two more quarter-point cuts for the rest of 2025. — Bloomberg

Art imitates Filipino life: MSMEs take spotlight in BSP exhibit

WORKS FROM the Kultura. Kapital. Kasalukuyan exhibit.

FROM the local wet market to neighborhood eateries, the Bangko Sentral ng Pilipinas’ (BSP) latest art exhibit shines a spotlight on the heart of Philippine businesses — the micro, small, and medium enterprises (MSMEs).

The Kultura. Kapital. Kasalukuyan: Contemporary Art from the BSP Collection exhibition, which opens on Aug. 14, is housed in two galleries at the National Museum of Fine Arts in Manila.

It features a collection of 36 contemporary art pieces, ranging from paintings and sculptures to mixed media works.

The display captures daily Filipino life, dreams, and struggles. It is anchored by the presence of National and contemporary artists whose works embody themes central to many MSME narratives.

“The exhibit, a collaboration between the BSP and the National Museum of the Philippines, is organized into two thematic streams across Galleries 18 and 19,” the BSP said in a statement.

“It is a narrative of evolving social movements and contemporary trends, revealing how culture and shared values transform, mirroring a creative landscape that is always in flux.”

Galleries 18 and 19 mirror the Filipino value of “pagtanaw” (to view or see), with pieces that examine past realities and offer insights into emerging themes.

It explores artistic expressions from the late 1980s to the 1990s when artists reclaimed their freedom to define identity, examine human conditions, and challenge inherited narratives, affirming art’s role as a critical discourse tool.

“Each one really complements each other and then highlights the whole point of the BSP collection,” John Paul Orallo, Museo BSP Bank Officer V, told reporters during the exhibit’s preview on Thursday last week. “But this is not just the BSP collection, this is the Filipino collection.”

Among the highlights are Nunelucio Alvarado’s 2009 Carinderia, showcasing a Filipino roadside eatery serving farmers, vendors, and laborers, and Emmanuel “Manny” Garibay’s Palengke from 2011 which captures the harsh reality of a crowded public market.

Complementing such contemporary voices are also religious paintings from the 18th century and portraits from the early 1990s.

“This is a very nice thing that we brought to the public. Because in the BSP, since we have limited space, we cannot really promote everything. And the themes here are really meant for a museum,” Mr. Orallo said.

Kultura. Kapital. Kasalukuyan: Contemporary Art from the BSP Collection is open for free to the public.

The exhibit’s purpose is reinforced by the central bank’s commitment to preserving and promoting Filipino heritage, linking art with the economic empowerment of the people.

The BSP’s extensive art collection stems from the legacy of former BSP Governor Jaime C. Laya, an avid art connoisseur who laid the foundation for the BSP’s renowned collection. — Katherine K. Chan

Eton Properties expands high-rise portfolio to 9,000 units with Blakes Tower launch

ETON PROPERTIES PHILIPPINES, INC.
ETON PROPERTIES PHILIPPINES, INC.

ETON Properties Philippines, Inc. (EPPI), the real estate arm of Lucio Tan Group, has launched Blakes Tower, a mixed-use development in Makati City.

Located along Malugay, Yakal, and Chino Roces streets in Makati City, Blakes Tower features 11 floors of modern office spaces and 15 residential floors with ready-for-occupancy units, the company said in a statement on Tuesday.

“Blakes Tower gives buyers the advantage of moving into their new home without the long wait. Located in a well-connected part of Makati, it offers the kind of convenience and quality that make settling in faster, easier, and more rewarding,” Eton Properties President and Chief Executive Officer Kyle C. Tan said.

“It’s a space designed for professionals, investors, and homebuyers who value accessibility, quality, and the opportunity to start enjoying their property sooner rather than later,” he added.

Following the launch of Blakes Tower, EPPI’s high-rise portfolio has reached 9,000 units across Metro Manila, the developer said.

EPPI posted a 24% increase in its first-quarter net income to P144 million from P116 million a year earlier.

Its leasing revenue remained flat at P473 million, while real estate sales reached P102 million, driven by remaining inventory projects like 68 Roces in Quezon City and Eton City in Laguna.

Shares of LT Group rose by 0.77% or 10 centavos to close at P13.10 apiece on Tuesday. — Beatriz Marie D. Cruz

Allianz PNB Life aims to post double-digit growth in premiums

ALLIANZ PNB Life Insurance, Inc. targets to continue growing its premiums this year and next as it wants to post strong performances across all its product segments.

The insurer is targeting “double-digit” premium growth this year, Allianz PNB Life Officer-in-Charge Chief Financial Officer Lukas Immanuel M. Cacayan told reporters on the sidelines of an event on Friday.

“We have ambitious targets for this year and next year on all fronts, all products,” Mr. Cacayan said.

The insurer booked a gross premium income of P19.01 billion in the first half, rising by 14% year on year from P16.64 billion in the same period last year.

Its net premium income, which is net of reinsurance, likewise rose by 14% to P18.91 billion in the period from P16.55 billion.

These came on the back of high single premium insurance sales from Philippine National Bank (PNB) and an increase in renewal premiums earned following the growth in real premiums posted by its agency and bancassurance channels in 2023.

“Drivers were due to the push from the product side, service side, and operational side as well as distribution overall,” Mr. Cacayan added.

He added the bank’s bancassurance segment is performing better than its agency business.

Allianz PNB Life has distribution partnership agreement with HSBC Investment and Insurance Brokerage Philippines, Inc. (HSBC Wealth) that focuses on serving high-net-worth clients. The Allianz Group also has a regional bancassurance partnership with The Hongkong and Shanghai Banking Corp. Ltd.

Meanwhile, the insurer’s new business annual premium equivalent increased by 9% to P2.31 billion in the first semester from P2.13 billion in the same period last year, driven by high single premium sales from PNB, both from back-end and front-end load single premiums.

Its net income dropped by 29% year on year to P412.91 million in the first half from P578.03 million a year ago due to higher operating expenses to support business growth and increased income tax costs.

Invested assets grew by 11% to P18.75 billion at end-June from P16.86 billion a year ago amid higher investments in available-for-sale bonds.

Allianz PNB Life Chief Marketing Officer and Head of Sustainability Gino Riola told reporters on Friday that the company wants to grow its financial advisor force to have one available specialist per PNB branch.

“We are shifting in terms of our sales force with the Philippine National Bank channel where we are moving them towards financial expertise. And the numbers there, specific to PNB, our intention is to have one financial advisor or financial service specialist per branch. And the number of branches PNB has is around 625,” he said.

Mr. Riola said the company currently has about 400 financial specialists.

It is fully integrating its sales force into the bank instead of working on commission, he added. “We enhanced the role of a financial service specialist, where previously they were fully on commission. Previously, they were not integrated into the bank ecosystem.”

The company is also aiming to grow its agency force to 2,000, 50 of which should have Million Dollar Round Table (MDRT) status, Mr. Riola said.

MDRT is an association that promotes internationally recognized standards of practices for life insurance agents and financial advisors.

“What we would rather focus on as a metric is percentage of overall sales force. So, if we would have achieved the highest percentage of sales force who have MDRT status, that would be our focus. So, [it’s the] quality of recruits.”

Allianz PNB Life is a joint venture between the Allianz Group and PNB. Allianz acquired 51% of PNB Life Insurance, Inc., the life insurance arm of the Tan-led bank, in June 2016. — Aaron Michael C. Sy

A show of gratitude on a brand-new stage

“SERAPHIC FIRE” from ARDP’s Pasasalamat. — KURT COPON/ARDP

By Brontë H. Lacsamana, Reporter

Ballet Review
Pasasalamat
By Alice Reyes Dance Philippines

WITH a National Artist for Dance at its helm, Alice Reyes Dance Philippines (ARDP) mounted its latest performance to boast of a repertoire that is both expansive and varied, showcasing twists, turns, and utter mastery of the art.

The program on Aug. 1 was billed as Pasasalamat, indicating it was a show of thanksgiving. But the four choreographers involved presented works that prove something beyond that — a vow to continue offering more and more each time, be it new or classic.

The performance consisted of Erl Sorilla’s entertaining “Mga Kuwento ni Juan Tamad,” Augustus “Bam” Damian III’s electrifying update on “C’est La Cie,” Monica Gana’s romantic piece “Para Kay Gabriela,” and Norman Walker’s anguished “Songs of a Wayfarer” and the world premiere of his luminous master work “Seraphic Fire.”

HUMOR AND ENERGY
Having a Philippine folk tale as the first dance in the program was a good way to get the audience going. It had some interactive elements, with Ricmar Bayoneta as Juan Tamad and Dan Dayo as his monkey sidekick Matsing going offstage and engaging the audience with their infectious humor and spirited movements. As a whole, Mr. Sorilla choreographed a lovely dance-theater piece that enriches the original narrative.

For Mr. Damian’s abstract ballet “C’est La Cie” to come after that was a shock of energy that stayed in one’s mind well after the night ended. It could even be described as the scene stealer of the evening. Propelled forward by galvanizing rhythms, the complex and physically demanding choreography utilized ARDP’s dancers with striking ease. Their bodies gave in to sharp, sometimes even jagged, tension, spiraling from one solo to another until group sequences had them moving in sweeping arcs around each other with precision.

The choreographic debut of Ms. Gana followed, her piece, “Para Kay Gabriela,” the shortest in the program — but also the sweetest. It depicts a romantic dance between revolutionary heroes Gabriela and Diego Silang, backed by tender guitar music and a soft chemistry between its dancers, Krislynne Buri and Renzen Arboleda. The folk dance elements mixed with ballet make for simple yet meaningful choreography.

Finally, Norman Walker’s two works allowed the ARDP dancers to highlight their ability to be graceful and also evoke drama. “Songs of a Wayfarer,” set to music about unrequited love by Gustav Mahler, was as fluid as it was operatic. The spacious stage allowed for the love triangle of dancers at its center — Ejay Arisola as the heartbroken lead, Erl Sorilla as the reliable groom, and Monica Gana as the lustrous bride — to play out the story with openness and classic emotion.

It was Mr. Walker’s world premiere of “Seraphic Fire” that showcased the natural ebb and flow of his meditative choreography. Truthfully, its length could be felt at parts, the energy of the choreography not sustained from one section to the next. But divided into four sections, the company’s dancers got to flex their skills in shifting atmosphere using movement, from dignified strides and contemplative sweeps to dynamic duets and, finally, the triumphant conclusion.

The night’s performance was by invitation only, but hopefully its contents will be shown in future ARDP programs, each with their own wellspring of creativity in dance worth sharing with more people.

WOBBLY START FOR MAKATI’S NEWEST THEATER
For the newly opened Proscenium Theater in Rockwell, Makati, this was the chance to show the world that it is a venue fit for the best live performances. In attendance were members of the arts community, groups of lucky students, and five National Artists: Virgilio Almario, Benedicto “Bencab” Cabrera, Ramon Santos, Ryan Cayabyab, and Alice Reyes herself.

Pasasalamat was honestly a demanding program for a theater still on its pre-opening test run, and it showed.

The ushers were not yet quick to manage crowds in the lobby or answer questions about the show. The lighting was also unreliable at parts, with spotlights too slow to follow certain characters in “Juan Tamad” and nocturnal moments in Mr. Walker’s choreography momentarily receiving bursts of bright light — but these are things that can be fixed.

The venue itself, with a capacity of 780, may be spacious and grand, but it feels almost intimate. The main downside is that the uneven stairs, are a pain to navigate in the dark due to inadequate step lighting. The main upside is that wherever you sit in the theater gives you a clear view of the stage and the performers, thanks to the raked elevation of seats.

Overall, the Proscenium Theater is a promising venue that the Filipino performing arts scene can use well moving forward — once it smoothens out all the kinks. ARDP’s Pasasalamat was proof of that.

The theater’s first commercial show will be The Bodyguard The Musical, opening on Sept. 26. Tickets, priced from P4,120 to P6,965, are now available via TicketWorld.

First Gen Q2 income rises 5.2% on lower costs

FIRSTGEN.COM.PH

LOPEZ-LED First Gen Corp. reported a 5.2% increase in its attributable net income for the second quarter to $79.21 million amid lower costs of sale of electricity and expenses.

Revenues from energy sales declined by 7.6% to $629.98 million, while the costs of sale of electricity decreased by 8.5% to $440.89 million, based on the company’s financial report released on Tuesday.

General and administrative expenses went down by 1.2% to $69.3 million.

For the six months ended June, First Gen saw its attributable net income climb by 4.8% to $161.5 million as higher contributions from some hydro assets cushioned the decline in the natural gas and geothermal platforms.

Revenues declined by 5.1% year on year to $1.21 billion, due to lower volumes of electricity sold in the natural gas platform.

The natural gas platform posted a 6.6% decline in its topline, due to lower revenues from the San Gabriel plant following the expiration of its supply contract with Manila Electric Co. in February 2024, coupled with its lower spot market sales.

This was partially offset by higher revenues from Santa Rita and San Lorenzo due to both plants’ higher fuel revenues resulting from higher liquefied natural gas prices and consumption.

The geothermal, solar, and wind (GSW) portfolio registered a decline of 6.1% to $23.6 million, weighed down by lower average selling prices.

Revenues in the hydro business increased by 69.6% to $50.1 million, as higher starting water elevation and higher irrigation diversion requirements resulted in higher electricity sold to the spot market.

The natural gas portfolio accounted for the bulk of revenues at 66%, followed by GSW at 30%, and hydropower at 4%.

“First Gen’s steady performance in the first half of 2025 was an achievement as the industry was affected by a softer increase in power demand, as well as lower electricity prices,” First Gen President and Chief Operating Officer Francis Giles B. Puno said.

“We, however, continue to see challenging market conditions with the local economy not performing as strongly as expected in 2025,” he added.

At present, First Gen has a total of 3,675 megawatts of combined capacity from its portfolio of plants running on geothermal, wind, hydropower, solar energy, and natural gas. — Sheldeen Joy Talavera

China forces Thai art show to remove, change works

Claims exhibit distorts Chinese policies on Tibet, Xinjiang, HK

BEIJING — China on Monday accused organizers of an exhibition in Thailand of distorting Chinese policies on Tibet, Xinjiang, and Hong Kong (HK) after the show’s co-curator said artworks were removed or altered at Beijing’s request.

The exhibition, which opened on July 24, “promoted the fallacies of so-called ‘Tibetan independence,’ ‘the East Turkestan Islamic Movement,’ and ‘Hong Kong independence,’” distorted China’s policies and “undermined China’s core interests and political dignity,” the foreign ministry said in its replies to Reuters questions about the show.

The Bangkok Arts and Cultural Centre, one of Thailand’s top galleries, removed or altered artworks on Hong Kong as well as the Chinese government’s treatment of ethnic minorities in Tibet and Xinjiang at the request of the Chinese embassy.

The foreign ministry neither confirmed nor denied that the Chinese embassy was behind the removal and alteration.

When Reuters visited the exhibit on Thursday last week, some works previously advertised and photographed had been removed, including a multimedia installation by a Tibetan artist, while other pieces had been altered, with the words “Hong Kong,” “Tibet,” and “Uyghur” redacted, along with the names of the artists.

Three days after the show opened on July 24, Chinese embassy staff, accompanied by Bangkok city officials, “entered the exhibition and demanded its shut down,” said the exhibit’s co-curator, Sai, a Myanmar artist who goes by one name.

In a July 30 e-mail seen by Reuters, the gallery said: “Due to pressure from the Chinese Embassy — transmitted through the Ministry of Foreign Affairs and particularly the Bangkok Metropolitan Administration, our main supporter — we have been warned that the exhibition may risk creating diplomatic tensions between Thailand and China.”

The e-mail said the gallery had “no choice but to make certain adjustments,” including obscuring the names of the Hong Kong, Tibetan and Uyghur artists.

Several days later, Sai told Reuters, the embassy demanded further removals.

China has been building its influence in Southeast Asia, where governments tread cautiously as they balance cooperation with the regional economic giant against concerns over political sovereignty.

Beijing recently sought unsuccessfully to block screenings in New Zealand of a Philippine documentary on that country’s struggles in contested parts of the South China Sea amid alleged harassment from the Chinese Coast Guard and maritime militia, local media reported. It was pulled from a film festival in the Philippines in March due to “external factors,” the filmmakers said.

The Bangkok show, Constellation of Complicity: Visualising the Global Machinery of Authoritarian Solidarity, had a theme of authoritarian governments and featured multiple works by artists in exile.

The co-curator, the gallery, and Thailand’s foreign ministry did not immediately respond to requests for comment.

The Bangkok Metropolitan Administration referred Reuters to the gallery, which did not respond to an e-mail seeking comment. A gallery representative at the exhibit said the team had agreed not to comment on the issue.

“The fact that the relevant country took timely measures precisely shows that the promotion of the fallacies of ‘Tibetan independence,’ ‘East Turkestan Islamic Movement,’ and ‘Hong Kong independence’ has no market internationally and is unpopular,” the ministry said.

China is against anyone “using the guise of cultural and artistic exchange to engage in political manipulation and interfere in China’s internal affairs,” it added.

‘AUTHORITARIAN PRESSURE’
Rights groups say China carries out a sophisticated campaign of harassment against critics overseas that has often extended into the art world, allegations Beijing has denied.

Sai, co-founder of Myanmar Peace Museum, the organization that put together the exhibition, said the removed pieces included Tibetan and Uyghur flags and postcards featuring Chinese President Xi Jinping, as well as a postcard depicting links between China and Israel.

“It is tragically ironic that an exhibition on authoritarian cooperation has been censored under authoritarian pressure,” he said. “Thailand has long been a refuge for dissidents. This is a chilling signal to all exiled artists and activists in the region.”

Sai said he was speaking from overseas, where he had fled after Thai police sought to find him. The superintendent of Pathumwan Police Station, who oversees the gallery’s Bangkok neighborhood, told Reuters he had received no reports of such an incident.

Thailand this year returned to China 40 Uyghurs, members of a mainly Muslim ethnic minority numbering about 10 million in China’s far western region of Xinjiang, in a secretive deportation. UN experts had warned they would be at risk of torture, ill-treatment and “irreparable harm.” China denies abusing Uyghurs.

The Bangkok exhibition also features works by artists in exile from Xinjiang as well as Russia, Iran, and Syria. — Reuters

RCBC eyes to grow credit card base to 1.5 million

RCBCCREDIT.COM

RIZAL Commercial Banking Corp. (RCBC) is targeting to bring its credit card base to about 1.5 million by yearend, and is counting on its latest co-branded card to help it reach this goal.

RCBC and AirAsia rewards, the loyalty and rewards program of AirAsia’s parent company Capital A, on Tuesday launched a co-branded credit card that offers travel perks. The new AirAsia Platinum Credit Card allows customers to earn AirAsia rewards points and also offers a low foreign exchange (FX) conversion fee of just 1.85% for in-store and online international purchases.

“We made it very easy for them to earn points. It’s very cheap. For as low as P22, they get one AirAsia point, and then it’s now automatically credited to their AirAsia app,” RCBC Credit Cards President and Chief Executive Officer Arniel Vincent B. Ong said during the launch event.

“This is the first RCBC credit card product where we have brought down the foreign exchange (FX) fee,” Mr. Ong added.

He said the new AirAsia Platinum Credit Card is targeted towards premium and affluent customers.

“We’re trying to get the entire RCBC credit card base to about 1.5 million total for RCBC by the end of the year, and this product will contribute to that,” Mr. Ong said.

Cardholders earn one AirAsia point for every P28 spent on domestic transactions and one point for every P22 spent overseas. Every P25 spend on AirAsia or via the AirAsia MOVE app earns two points.

New customers will also get a welcome bonus of 15,000 AirAsia points upon card activation, with additional rewards for frequent card usage.

AirAsia Platinum Credit cardholders will get automatic AirAsia Platinum membership status for the first year after the card is issued, which entitles them to benefits such as priority check-in, boarding, and Xpress baggage when flying with AirAsia.

Other perks are complimentary lounge access for principal cardholders, travel insurance coverage, and access to Visa concierge.

“This partnership not only provides our customers with a credit card, but also opens the door to a rewarding, accessible, and globally connected lifestyle,” Diyao Leong, Head of Rewards Regional Partnerships at AirAsia rewards, said.

The AirAsia Credit Card was first introduced in 2018 with a Classic variant. Following the launch of the Platinum variant, the Classic card’s benefits have been enhanced, including the introduction of a lower FX conversion fee of 2.50% and a monthly bonus of 300 AirAsia points based on the program’s mechanics.

Mr. Ong said RCBC is boosting its partnership with AirAsia as it a strong brand in terms of domestic and foreign travel, especially for those who are seeking more value.

“They’re a reliable partner and we’ve grown the base together as our partners,” he added.

RCBC’s attributable net income rose by 10.26% year on year to P2.43 billion in the first quarter.

Its shares dropped by 45 centavos or 1.74% to close at P25.35 each on Tuesday. — A.R.A. Inosante

The Philippines: A global power in seafaring

NTMA cadets participated in the Yusen Mirai Program, a short-term student exchange program in Japan organized by NYK Line last October 2024. — NYK-TDG MARITIME ACADEMYFACEBOOK PAGE

(Part 1)

At a recent graduation ceremony of the NYK-TDG Maritime Academy (NTMA), located at the Carmelray Industrial Zone in Canlubang, I felt very proud of Filipino manpower, despite recent breast-beating about the poor state of Philippine education.

NTMA is a maritime academy founded through a partnership between Nippon Yusen Kaisha (NYK) — one of the world’s largest shipping companies based in Japan which was established in 1885 — and the Transnational Diversified Group, a Filipino-owned business conglomerate established in 1976. It is a boarding “officer school” offering maritime education (e.g., BSMT, BSMarE), with guaranteed employment aboard NYK vessels after graduation.

What impressed me was to see the parents of the graduating officers. They were clearly from very low-income households coming from some remote regions of the Philippines, especially the Cordillera region or Mountain Province. Listening to some of the speeches delivered by some of the graduating officers and the very polished manner with which all the graduates conducted themselves, both during the commencement exercises and the reception that followed after, I am convinced of the great potential of our human resources, despite all the challenges that our educational system is currently facing.

As long as we continue mobilizing the resources and energy of the private sector, we can still address the limitations of our public education system and not give up on our existing labor force, no matter how poor the quality of education they might have received in our public schools. Given remedial measures by private enterprises like NTMA, the handicap suffered by products of our less-than-ideal public educational system can be overcome because of innate talent, especially of our people coming from the lower income groups. I saw that very clearly among those who graduated in that officers training program in Canlubang. The Valedictorian who spoke can hold a candle to any graduate of UP, Ateneo, or La Salle.

In fact, Filipino seafarers in general (not only officers) make up the largest percentage of maritime labor in the world today. As of recent reports, 400,000 Filipinos are deployed annually, accounting for about 25% of the world’s 1.6 million seafarers. Around 90% of world trade is carried by sea. Filipino seafarers crew tankers, bulk carriers, container ships, cruise ships, and more — ensuring supply chains operate smoothly. Filipino seafarers send home billions of dollars in remittances annually.

Filipino seafarers serve in both officer and ratings positions. A good number of them, especially in ships owned by Japanese companies, have become deck officers (navigation, safety, and cargo handling) as well as engine officers (machinery operation and maintenance). I know of graduates of NTMA who have risen to the ranks of Captain (Master) or Chief Engineer, managing entire ships and multinational crews. Given the serious depopulation and ageing problem of Japan (and some seafaring countries in Europe) more Filipinos can aspire to rise to these high positions in international shipping.

Of course, the vast majority of Filipino seafarers are in support roles like able seamen, oilers, cooks, stewards, and hospitality workers in cruise ships (e.g., musicians and other entertainers). Filipinos are in big demand in the global seafaring industry because they can be fluent in English, the global language of shipping; they are well-trained in such schools as NTMA and the Philippine Merchant Marine Academy (PMMA), and others; they are culturally adaptable and hard working, oftentimes praised for discipline, professionalism, and cheerfulness. The International Maritime Organization (IMO) and global shipping companies recognize Filipino seafarers as essential maritime workers, especially highlighted during the COVID-19 pandemic when crew changes became difficult.

Naturally, not everything is a bed or roses for Filipino seafarers. Their job security is often short-term. Long periods away from home, isolation on long trips especially in oil tankers, and stress from work can take a toll on both physical and mental health. They also face the risks of maritime incidents and piracy, depending on routes and ship types. These risks have become more pronounced in recent times because of the Russian-Ukraine War and the conflicts in the Middle East. There is also the need for constant upskilling and reskilling because of automation and digitalization.

With the help of ChatGPT, I was glad to find out that there are other top maritime academies in the Philippine like NTMA. There is the government-run PMMA, located in San Narciso, Zambales, which offers a BS in Marine Transportation and Marine Engineering. Their cadets are considered midshipmen of the Armed Forces of the Philippines. I can identify with them because during my college days at De La Salle University, our military training was with the Naval ROTC and we had to spend one whole summer on a patrol craft (from the Second World War) guarding the seas around Polillo Island and Bicol against smugglers.

Then there is the Maritime Academy of Asia and the Pacific (MAAP), a private institution founded by the Associated Marine Officers’ and Seamen’s Union of the Philippines (AMOSUP), that offers BS degrees in Marine Transportation and Marine Engineering, among other maritime related programs. It is located in Mariveles, Bataan, and has highly modern training facilities that are up to international standards. It is worth noting that Bataan will become even a more important naval, transport, and logistics hub once the bridge connecting Cavite to Bataan through Corregidor is completed. This game-changing infrastructure project received special mention from President Ferdinand Marcos, Jr. in his fourth State of the Nation Address on July 28.

Then there is the John B. Lacson Foundation Maritime University (JBLFMU) located in Iloilo City, the logistics hub of the Visayas. It offers Marine Engineering, Marine Transportation, Customs Administration, etc. Yearly, it enrolls some 11,000 students and has campuses in other cities and Visayas towns like Bacolod, Molo, and Arevalo. It is a private institution and is one of the largest maritime schools in the entire country. The City of Iloilo in the province of Panay is well known for having produced the largest number of seafarers from the Philippines. There is a long-standing tradition among Ilonggo families to produce seafarers among the males in their families.

Others are the Asian Institute of Maritime Studies in Pasay City, also private, offering BS Maritime Transportation, Maritime Engineering, and BS Naval Architecture. As regards the last-mentioned degree, it is worth noting that there have been talks recently about countries from the Scandinavian region, Japan, and South Korea on establishing ship-building facilities in the Philippines to take advantage of our still young and growing population.

There are also other private universities and technical institutes that offer courses in marine engineering and marine transport. These are the Technological Institute of the Philippines in Manila and Quezon City; the University of Cebu – Maritime Education and Training Center; DMMA College of Southern Philippines in Davao City; Northern Philippine College for Maritime, Science and Technology; and the PMI Colleges (formerly the Philippine Maritime Institute), one of the oldest maritime schools in the Philippines, that has campuses in Manila, Quezon City, and Tagbilaran City. Enrolment in these maritime academies can range from 5,000 to 11,000.

Considering the irreversible ageing of all the maritime powers of the world today, it would be wise for private for-profit schools to follow the lead of these existing maritime academies and add to their curricular offerings courses in maritime studies. I am referring to very successful for-profit private universities like the PHINMA Education schools, the National University, and the Far Eastern University, among others. We still will enjoy another 20 to 30 years during which we will have a young and growing population, despite the less than replacement birth rate of 1.9 that we have already reached.

(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

PHL brands told to counter AI-fueled misinformation

PHILIPPINE STAR/KJ ROSALES

By Beatriz Marie D. Cruz, Reporter

PHILIPPINE COMPANIES must strengthen efforts to combat online misinformation and disinformation, as the rise of artificial intelligence (AI) makes it easier to spread false narratives that could damage brand reputation, erode public trust, and hinder business growth, according to consumer intelligence firm Meltwater.

“The scale of media consumption in a country like the Philippines is much higher, so the spread of misinformation and disinformation is also at multiple levels of scale,” Ramnath Bojeesh, senior regional director for enterprise sales (SAPAC) at Meltwater, said in a virtual interview with BusinessWorld.

The rise of AI and large language models has made it easier to spread false narratives about a company, he said, noting their risks to brand reputation and public awareness.

“[If misinformation and disinformation are not addressed,] online users will naturally be split between whether the content they’re consuming is right or wrong,” Mr. Bojeesh said.

“This causes chaos, and would probably hamper the growth of a brand, a company, or the country as a whole.”

Even the country’s tycoons have been victims of AI-generated disinformation.

Earlier this year, San Miguel Corp. Chairman and Chief Executive Officer Ramon S. Ang and International Container Terminal Services, Inc. Chairman and President Enrique K. Razon, Jr. warned about fake advertisements that used their names and images to promote fraudulent investment schemes.

As a “mobile-first” nation, Filipinos spend about eight hours and 52 minutes on the internet daily, higher than the global average of six hours and 38 minutes, according to a report by Meltwater and media company We Are Social.

The country’s excessive online media consumption, along with the rise of AI, has raised concerns about how misinformation and disinformation are shaping Filipinos’ ability to distinguish facts from lies.

According to the 2025 Reuters Institute Digital News Report, 67% of Filipinos are concerned about misinformation and disinformation, well above the global average of 58%.

Older generations, typically active on social media platforms like Facebook, are mainly targeted through impersonated websites or domains, Mr. Bojeesh said.

Younger generations are also victimized by misinformation and disinformation in the form of memes or slang posts on short-form content platforms like TikTok.

Across all media platforms, bots and trolls propagate false content through clickbait posts, rage baiting, memes, and similar tactics.

To combat this, companies and public sector organizations must actively monitor online platforms used to spread false narratives about them, while verifying information circulating online about them, Mr. Bojeesh said.

Likewise, brands must ensure that the right technologies and frameworks are in place to combat the spread of false content, he added.

“To understand audience perception, brands need to be present in these [online] channels, be aware of the forms of content users are consuming, and educate them on false information about them with evidence,” he said.

Social media platforms also have the responsibility to label or take down posts that mislead the public, Mr. Bojeesh said.

“It is also in the earnest interest of brands or public sector organizations to work very closely with social media platforms and their security or compliance teams to proactively track fake campaigns being coordinated against them,” he said.

According to Mr. Bojeesh, creating a trust-based economy starts with actively dismantling misinformation and disinformation about brands online.

MREIT board approves capital stock hike to P8 billion

MEGAWORLD

MREIT, Inc., the real estate investment trust (REIT) of property developer Megaworld Corp., plans to raise its authorized capital stock to P8 billion from P5 billion to prepare for a possible asset infusion from its sponsor.

MREIT’s board approved the capital increase as well as the issuance and listing of up to 1.36 billion primary common shares in exchange for cash and/or properties, it said in a regulatory filing on Tuesday. These will be up for approval during the annual stockholders’ meeting on Sept. 29.

“Once approved, these measures are expected to pave the way for a significant infusion of prime, income-generating assets, further enhancing portfolio scale and earnings capacity,” MREIT said.

MREIT said the capital increase and share issuance will help reach its target of 1 million square meters (sq.m.) of gross leasable area (GLA) by 2027, three years ahead of schedule.

“When we envisioned MREIT, our goal was to build a REIT that would grow faster and deliver more value than the market expected. Accelerating our 1-million sq.m. GLA target to 2027 aligns with that vision, especially amid a more accommodative global rate environment,” MREIT Chairman Kevin L. Tan said.

“Soon, Megaworld will have close to 1.7 million sq.m. of office GLA and close to 700,000 sq.m. of mall GLA, giving MREIT unparalleled access to a deep pipeline of prime assets,” he added.

Megaworld also aims to grow its office GLA to 2 million sq.m. and its retail GLA to 1 million sq.m. by 2030, bringing the company’s total leasing portfolio GLA to 3 million sq.m.

“The planned infusion of additional assets, subject to stockholder approval, is expected to significantly boost MREIT’s earnings base, dividend-paying capacity, and market presence in the coming years, while cementing its position as one of the largest office REITs in the country,” MREIT said.

The moves came as MREIT reported a 25% increase in second-quarter distributable income to P932 million as revenues rose by 32% to P1.36 billion.

For the first half, MREIT said distributable income rose 26% to P1.86 billion, led by a 28% increase in revenue to P2.7 billion.

The growth was driven by contributions from six newly acquired office properties in 2024, sustained rental escalations, and resilient occupancy levels across the portfolio.

“Our portfolio’s quality, scale, and income resilience give us the confidence to accelerate our plans. We are well-positioned to capitalize on the robust demand for Grade A office spaces and further diversify into complementary asset classes,” MREIT President and Chief Executive Officer Jose Arnulfo C. Batac said.

To date, MREIT’s portfolio comprises 24 prime office properties strategically located in five Megaworld premier townships: Eastwood City, McKinley Hill, McKinley West, Iloilo Business Park, and Davao Park District.

MREIT shares rose by 0.98%, or 14 centavos, to close at P14.48 apiece on Tuesday. — Revin Mikhael D. Ochave

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