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PXP shares surge 19% on new service contract awards

PXPENERGY.COM.PH

SHARES OF PXP Energy Corp. jumped 19.01% or P0.54 on Thursday, closing at P3.38, following the Philippine government’s award of new petroleum service contracts (SC) covering the Sulu Sea and Northwest Palawan.

Trading volume reached 33.8 million shares, with a total value of P116.57 million, signaling strong investor interest. The stock’s intraday range was P3.07 to P3.65, approaching its 52-week high of P3.65.

The rally comes despite PXP posting a core net loss of P21.1 million for the six months ended June, mainly due to softer crude prices, lower production from its Galoc operations, and higher petroleum costs.

The company said it will ramp up exploration in Philippine petroleum basins, working with consortium partners Triangle Energy (Global) Ltd., Sunda Energy Plc., and The Philodrill Corp. on SC 80 and SC 81 in the Southwest Sulu Sea, and SC 86 in Northwest Palawan, where PXP’s subsidiary, Forum Energy Philippines Corp., is a participant.

“These new projects expand our exploration presence in the Sulu Sea, an area with a proven exploration history and promising untapped potential, and strengthen PXP’s presence in the highly prolific Northwest Palawan basin,” PXP Chairman Manuel V. Pangilinan said in a media release.

SC 80 spans 780,000 hectares, with a potential of around 470 billion cubic feet of gas and 5.4 million barrels of condensate, PXP said, citing a report by former operator Jadestone Energy.

SC 81 covers 532,083 hectares and hosts wells with oil and gas shows, confirming an active petroleum system.

Early exploration work will focus on technical evaluation and de-risking to identify viable drilling targets.

Both contracts will be co-managed by the Department of Energy and the Bangsamoro Autonomous Region in Muslim Mindanao through its Ministry of Environment, Natural Resources and Energy.

SC 86 covers 132,000 hectares in the Malajon area, adjacent to the Galoc Field.

The new contract replaces SC 6A covering the Octon Block and expands the area previously under a different contract.

The joint venture exploring SC 86 includes Philodrill, Anglo Philippine Holdings Corp., and PXP & Forum, with initial work focusing on advanced subsurface studies.

“We remain fully committed to supporting the Philippine government’s goal of achieving energy self-sufficiency through the responsible development of the country’s indigenous resources,” Mr. Pangilinan said. — Sheldeen Joy Talavera

Hailing the Philippines’ finest architects and developers

Hubexo Asia Awards Philippines shines spotlight on nation’s greats in architecture and construction

By Jomarc Angelo M. Corpuz, Special Features and Content Writer

One of Asia’s most anticipated gatherings of architectural brilliance and construction innovation took place on Sept. 26, when the Hubexo Asia Awards Philippines was held at the Bonifacio Ballroom at Shangri-La The Fort in Bonifacio Global City, Taguig.

Celebrating the 20th year of the annual event, this year’s awards program recognized design excellence within the past year as well as architects and developers who have excelled in the last two decades.

The Hubexo Asia Awards are held yearly on seven key Asian markets: Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. Each year, the program brings together Asia’s top building professionals, architects, developers, manufacturers, and service providers in a series of by-invitation-only ceremonies.

As per tradition, the Philippine edition of the awards was the final stop of the season, following celebrations in Ho Chi Minh City (June 13), Hong Kong (June 6), Singapore (July 11), Kuala Lumpur (Aug. 1), Jakarta (Aug. 15), and Bangkok (Sept. 10). The Manila event concluded this year’s cycle by honoring some of the most promising firms and long-established leaders of the industry.

The Hubexo Asia Awards has built its reputation as one of the most coveted honors in architecture and construction since 2005 under the name BCI Asia Awards. For 20 years, the program has been a platform that shines the limelight on architectural ingenuity and developer achievement, along with their projects that shape skylines and advance social and environmental progress across Asia.

What began as a pioneering program for honoring achievements in construction design and development has now matured into a global awards platform with a forward-looking vision. In 2024, BCI Central rebranded to Hubexo, which led to the awards officially embracing a new identity as the Hubexo Asia Awards. This subtle name change emphasizes the company’s broader commitment to connecting professionals, data, and innovation in the architecture and construction sectors worldwide.

‘Exceptional contributions’ to development

Hubexo Asia-Pacific President Ashleigh Porter opened the Philippine leg of the Hubexo Asia Awards through a video message that reaffirms Hubexo’s commitment to excellence while also acknowledging the program’s recent rebrand.

“While the identity has been refreshed, the core spirit and values that have defined our awards remain steadfast. Hubexo embodies the future: a global platform that connects and celebrates excellence in the architecture and construction industries,” Ms. Porter said in a statement.

Focusing on the company’s mission, Hubexo Asia-Pacific Data Partner Manager Paolo Rellama continued the program through his opening remarks that emphasized honoring the resilience and commitment of the architectural and construction sector’s industry leaders and professionals throughout Asia.

“Your perseverance is not just indicative of our current strength but also strengthens our future, equipping us to tackle challenges with creative solutions. More importantly, tonight, you recognize those who continue to do what is right, championing ethical practice, building responsibly, and setting a standard of integrity for our industry by staying true to these values. Our partners and winners show that progress and principles can and must go hand in hand,” Mr. Rellama said.

He also applauded the “exceptional contributions” of the industry, including award winners, leading developers, architectural firms, and elite winners, for their significant strides in sustainable construction.

“Their binary projects and approaches are crucial in transforming the construction landscape. As we mark this milestone year, our gathering is not just a celebration of past successes, but also a rallying call for future additions, with the ongoing support of our partners and stakeholders, Hubexo is well prepared to manage the complexities of the industry and to continue our growth,” he added.

Left photo: Eton Properties Chief Operating Officer Ar. Adrian T. Chua (3rd from right) and Chief Finance & Risk Officer Che C. Mutuc (3rd from left) accepted the Top Ten Developers 2025 award at Hubexo Asia Awards Philippines. Right photo: John Frederick C. Cabato (center), general manager of Federal Property Management Corp., accepted the Top Ten Developers 2025 award for Federal Land, Inc.

Federation of Filipino Chinese Chamber of Commerce & Industry Chairman of Trade and Industry Committee George Siy, as the event’s keynote speaker, advocated for the simultaneous development of both business growth and social responsibility while also acknowledging the achievements of the night’s honorees.

“Tonight, we celebrate your milestone, the 20th anniversary of what we’ve known as the BCI awards, now the Hubexo Asia awards. This institution has honored excellence in architecture, real estate development, and construction, setting benchmarks for quality and innovation. This new chapter signals an even broader era of construction, marketing support, recognizing not just the scale of success, but also sustainability responsibility in shaping the environment,” he said.

Mr. Siy also praised the developments and projects built by the award winners for driving economic growth and granting more opportunities to local residents.

“Your federation of construction suppliers, investors, and business leaders alike, in building projects that inspire confidence, attract investment, and uplift communities, together, let’s not just build structures but also a stronger economy and a better tomorrow for all,” he said.

Concepcion Carrier Airconditioning Co. Sales Director Alfie Rodriguez, speaking on behalf of the night’s sponsors, congratulated honorees and stressed their importance in nation-building.

“We celebrate the missionaries and leaders who are shaping the future of architecture and construction,” he said. “To all honorees, your unwavering excellence and impactful leadership continue to inspire us all. You are building coordinate structures. You are building the future of the Philippines for future generations of communities to come.”

Top 10 Architects and Developers

TOP 10 ARCHITECTS 
(From 3rd from left) Ar. Daniel Terence Yu,  President & CEO — Visionary Architecture, Inc.; Ar. Jonathan O. Gan, Principal Architect — JOG + Associates, Andre Miguel Rodriguez, Partner — Pimentel Rodriguez Simbulan & Partners (PRSP); Ar. Leo P. Pariñas, Founding Principal & CEO — LPPA Design Group / LP Pariñas and Associates; Ar. Edward Tan, Principal Architect — Edward Co Tan + Architects (ECT+A); Ar. Andrew C. Yu, Design Director — Asya Design; Ar. Cathy Saldana,  President and Principal Architect — Projects Design Plus Architecture Management Corp.; Ar. Jonn Aldo M. Ling, Senior Architect — JSLA Architects, Barbra Anne Del Castillo-Go, President and CEO — Casas + Architects, Inc.; and Ar. Kenneth Yu, Technical Director — WTA Architecture + Design Studio, joined by (from left) Alphonso Rodriguez, Director for Business Development — Concepcion Carrier; Carla Cruz; Brand Marketing Head — Concepcion Carrier; Shannan Golding, Head of Events — APAC,  Hubexo; and Paolo Rellama, Data Partner Manager — Asia Pacific, Hubexo

At the heart of the Hubexo Asia Awards is the Top 10 Architects and Developers Awards. This tradition has recognized firms with the greatest volume of construction projects in each participating market since 2005. These honors might seem like they only measure scale, but the criteria also underscore influence, shining a spotlight on the organizations literally building the future skyline.

In 2013, the awards veered toward sustainability, incorporating green building ratings as part of the criteria. By 2015, the scope expanded to include pre-tender projects, ensuring that early-stage design commitments to sustainable practices were duly recognized.

Today, the awards serve as the standard for firms that integrate environmental responsibility with architectural excellence, allowing the market to better understand the role these organizations play.

For the Philippines, Hubexo’s 2025 Top 10 Architects featured prominent studios: ASYA Design, Casas + Architects, Edward Co Tan + Architects (ECT+A), JOG + Associates, JSLA Architects, LPPA Design Group / LP Pariñas and Associates, Pimentel Rodriguez Simbulan and Partners (PRSP), Project Design Plus Architecture Management Corp., Visionarch – Visionary Architecture, Inc., and WTA Architecture + Design Studio.

TOP 10 DEVELOPERS 
(From 3rd from left) Winnie Lim, Filinvest Land FSVP and Chief Technical Planning Officer — Filinvest; Salvador S. Mendizabal, Jr., Corporate Communications Manager — DMCI Homes; Jericho Barcelon, Asst. Vice-President — Megaworld; Anton Sanchez, Vice-President, Horizontal Residential Business Project Development Head Alveo Land, Inc. — Ayala land, Inc.; Gigi G. Alcantara, President — PH1 World Developers; John Nai Peng Ong, Chief Finance Officer — SM Prime Holdings; John Frederick C. Cabato, Horizon Land General Manager — Federal Land, Inc.; Ar. Adrian T. Chua,  COO Eton Properties; and Cathy Casares-Ko, Chief Executive Officer — Torre Lorenzo Development Corp., joined by (from left) Alphonso Rodriguez, Director for Business Development — Concepcion Carrier; Carla Cruz ,Brand Marketing Head — Concepcion Carrier; Shannan Golding, Head of Events — APAC, Hubexo; and Paolo Rellama, Data Partner Manager — Asia Pacific, Hubexo

On the real estate side, leading names including Anchor Land Holdings, Inc., Ayala Land, DMCI Homes, Eton Properties Philippines, Inc., Federal Land, Inc., Filinvest, Megaworld Corp., PH1 World Developers, SM Prime Holdings, and Torre Lorenzo Development Corp. rounded out Hubexo’s Top 10 Developers of 2025.

“Being counted among the nation’s top developers is an honor for Eton Properties,” said Ar. Adrian Chua, Chief Operating Officer of Eton Properties Philippines. “This recognition reflects the dedication of our people and partners who consistently deliver projects that respond to the evolving needs of our customers and help shape the country’s real estate landscape.”

This recognition affirms the real estate subsidiary of the Lucio Tan Group’s track record in Philippine real estate, delivering master-planned communities, residential condominiums, office buildings, and mixed-use developments that elevate urban living and contribute to local economic growth.

Similarly, the property arm of GT Capital Holdings, Federal Land, was named as one of the Philippines’ best developers for the second year in a row. The accolade highlights the multi-awarded firm’s commitment to creating large-scale developments that have a positive impact on generations.

ELITE WINNERS
(From 3rd from left) Ar. Jonathan O. Gan, Principal Architect — JOG + Associates; Annalyn C. Dumaual, Executive Director — Casas + Architects, Inc.; Ar. Andrew C. Yu, Design Director — Asya Design; Jericho Barcelon, Asst. Vice-President — Megaworld; Salvador S. Mendizabal, Jr., Corporate Communications Manager — DMCI Homes; Winnie Lim, Filinvest Land FSVP and Chief Technical Planning Officer — Filinvest; Ar. Felino A. Palafox, Jr., President, Founder-Principal Architect-Urban Planner — Palafox Associates; Ar. Gary Joseph Coscolluela, Partner — W.V. Coscolluela & Associates; Ar. Roy Villarosa, Partner Architect — R. Villarosa Architects Partners & Associates; Richard Anthony Simbulan, Partner — Pimentel Rodriguez Simbulan & Partners (PRSP); Ar. Jonn Aldo M. Ling,  Senior Architect — JSLA Architects; and Ar. Edward Tan, Principal Architect — Edward Co Tan + Architects (ECT+A), joined by (from left) Alphonso Rodriguez, Director for Business Development — Concepcion Carrier; Carla Cruz , Brand Marketing Head — Concepcion Carrier; Shannan Golding, Head of Events — APAC, Hubexo; and Paolo Rellama, Data Partner Manager — Asia Pacific, Hubexo

In celebration of the awards’ 20th anniversary, this year’s awards also introduced the Hubexo Elite Asia Awards. The Elite Award is an exclusive recognition honoring architecture and developer firms that have demonstrated consistent excellence by winning 10 or more times over the past two decades. This accolade underscored consistency, resilience, and leadership, honoring industry pioneers who have set the gold standard for excellence across the seven participating markets.

The Hubexo Elite Asia Awards 2025 in the Philippines honored the most renowned firms in the country, including Aidea Incorporated, ASYA Design, Casas + Architects, Inc., Edward Co Tan + Architects (ECT+A), JOG + Associates, JSLA Architects, Palafox Associates, Pimentel Rodriguez Simbulan & Partners (PRSP), R. Villarosa Architects Partners & Associates, Visionarch – Visionary Architecture, Inc., W.V. Coscolluela & Associates, Ayala Land, DMCI Homes, Filinvest, Megaworld Corp., and SM Prime Holdings.

“The Hubexo Asia Awards will continue to honor the very best talent, projects, and innovation, while embracing new opportunities for growth and influence in the years ahead. We extend our heartfelt gratitude to all our long-standing partners, supporters, and participants whose trust and collaboration have made this journey possible,” Ms. Porter concluded.

LANDBANK rolls out MSME lending program

LAND BANK of the Philippines (LANDBANK) has launched a lending program for micro, small, and medium enterprises (MSMEs) to help them grow their businesses through both financing and capacity-building support.

Funds borrowed through the LIFTING MSMEs program — or LANDBANK’s Innovative Financing Thrust Towards Inclusive National Growth thru Micro, Small, and Medium Enterprises — can be used for working capital, business expansion, equipment purchase or upgrade, renovation, digitalization, franchising, export and trade finance, and green or sustainable projects.

“MSMEs are the backbone of the Philippine economy, making up 99.6% of total business establishments and employing 65% of the total workforce. Every loan extended to an MSME creates a ripple effect — sustaining jobs, uplifting families, and strengthening communities. Through the LIFTING MSMEs Lending Program, LANDBANK is fueling this multiplier effect to accelerate inclusive and sustainable growth across the nation,” LANDBANK President and Chief Executive Officer Lynette V. Ortiz said.

There are three loan packages under the program. First, the Start-up Loan lets small businesses that have been operating for less than a year borrow amounts from P100,000 to P500,000.

It includes free financial literacy training, minimal collateral requirements, and offers low interest rates, LANDBANK said.

Meanwhile, the Step-Up Loan allows micro and small enterprises with at least one year of operation to borrow amounts between P500,000 and P5 million. It includes free training, interest rate reductions, provision of point of sale terminal, and eligibility to transition to higher financing.

Lastly, the Level-Up Loan offers small and medium enterprises that have been operating for more than three years access to financing of up to P50 million to scale their business. The package offers lower interest rates and access to a LANDBANK corporate credit card.

LANDBANK is also extending a rediscounting line under the program to credit cooperatives, rural banks, and microfinance institutions that provide loan services, covering up to 85% of outstanding receivables.

The program can be availed through the state-run bank’s Business Loan Application portal.

LANDBANK booked a net income of P25.23 billion in the first semester, rising from P20.7 billion in the same period last year. — A.M.C. Sy

Stuff to Do (10/10/25)


Go to the Cup of Joe fan event

THE Cup of Joe fan zone will be set up at the activity area of the upper ground floor of Gateway Mall 1 in Quezon City from Oct. 10 to 12. It is led by the fans, called the Joewahs, who have decorated the area in line with the band’s upcoming concert at the Smart Araneta Coliseum. The event will be a space to connect with fellow fans through merch, games, and music.


Watch a Mike de Leon film at Cinemalaya

CINEMALAYA is closing its 21st edition with a tribute to the late auteur Mike de Leon. His film Kakabakaba Ka Ba? will screen at the Shangri-La Plaza Red Carpet Cinema on Oct. 11, 8 p.m. Directed and written by Mr. De Leon himself, alongside Clodualdo Del Mundo, Jr. and Raquel Villavicencio, Kakabakaba Ka Ba? is a 1980 satirical musical-comedy about four Filipinos who fall victim to a contraband-planting scheme as they fly back to the country, and are then caught in the middle of a crime syndicate plotting on using materials from the Catholic church to control the nation. Tickets for the closing film, as well as other Cinemalaya films, are priced at P350 for regular and P250 for discounted tickets, available at the ticketing booth or online through redcarpetattheshang.com.


Listen to the wrong.orchestra at UP

THE WRONG.ORCHESTRA will deconstruct the orchestra and the symphony on Oct. 11, 7 p.m., at the Vargas Museum at UP Diliman. In a statement, they say: “For our first performance, The Evening Garden, we paint a landscape of sound as we complete four unfinished symphonies in real time through a DIY, barebones setup and hyper-improvisation by select composers and players.” Tickets come in the form of museum memberships, with all proceeds going directly to the UP Vargas Museum and its programs. The P600 is an annual membership fee, inclusive of free access to wrong.orchestra, three complimentary museum visits, and a 10% discount for one paid event from the UP Vargas Museum of one’s choice. Admission is free for existing members, and a special student rate is available. The evening is organized by wrong.institute and et alt, and supported by the Goethe-Institut Philippinen.


Enjoy Song of the Fireflies at Ayala Museum

AS PART of the “Pamanang Pilipino” program, Ayala Museum is holding a film screening of Song of the Fireflies, with select shows set to have talkback sessions afterwards. The film tells the origin story of the world-renowned Loboc Children’s Choir, founded by teacher Alma Taldo in the 1980s. It stars Morissette, Rachel Alejandro, Noel Comia, Jr., and Krystal Brimner. The film also features original music by Krina Cayabyab, Louie Ocampo, Raimund Marasigan, Jazz Nicolas, and National Artist for Music Ryan Cayabyab. The screenings take place on Oct. 11, 12, 17, and 18, at 2 and 5 p.m. Tickets range in price from P150 to P300 depending on student, senior, or PWD discounts.


Watch a Spanish movie

THE Spanish film festival Pelikula/Pelicula, which showcases movies made not only in Spain but also in Latin America, runs from Oct. 10 to 16. This year the film fest will include short feature films created by young Filipino filmmakers, one in Chabacano. This year, 20 films from Spain, Latin America, and the Philippines will be shown at the Ayala Triangle Gardens and Power Plant Mall in Makati.


Attend a book launch

EXPLODING GALAXIES is republishing two vital books on Filipino food culture — Sarap: Essays on Philippine Food and Palayok: Philippine Food Through Time, On Site, In the Pot, by Doreen G. Fernandez and Edilberto N. Alegre — and is launching both simultaneously on Oct. 11. Exploding Galaxies focuses on republishing the lost classics of Philippine writing. The publication of Sarap and Palayok marks its first push outside the orbit of fiction and the beginning of what may be many rediscovered titles on food. Until these new editions in 2025 by Exploding Galaxies, these two books have not been published again since Sarap first came out in 1988, and Palayok in 2000. Sarap features essays written and compiled by Ms. Fernandez and Mr. Alegre about the life and ways of Filipino food. In this new edition it is accompanied by the work of four illustrators: Gianne Encarnacion, Kitty Jardenil, Elle Shivers, and Eva Yu. The book was designed by Kristian Henson. Meanwhile, Palayok: Philippine Food through Time, on Site, in the Pot by Ms. Fernandez presents the origins and evolution of Philippine cuisine. In this new edition, Ms. Fernandez’s writing is accompanied by photographs by Jilson Tiu of the eateries and arteries of Manila, of first catches and ferments, of kitchens, tables, and fiestas all over the country. The book was designed by Miguel Mari. Starting Oct. 15, the books will be available to purchase via the website, www.explodinggalaxies.com, and in select branches of National Book Store, Fully Booked, Kultura, Mt. Cloud Bookshop (Baguio), and Everything’s Fine (Makati).


Go for a run with Chowking

CHOWKING is celebrating its 40th anniversary with the Chow Fun Run, set to take place on Oct. 11 at the SM Mall of Asia Complex in Pasay City. Celebrities Kim Chiu, Paulo Avelino, Darren Espanto, and BGYO are expected to race alongside participants. Kai Montinola will also be performing live at the event. The fee is P950. There will be three categories: 3k, 5k, and 10k runs.


Visit UST Museum for free

IN CELEBRATION of Museum and Galleries Month 2025, the University of Santo Tomas (UST) Museum is offering free admission for the whole month of October. Thomasians and non-Thomasians are free to drop by on weekdays from 10 a.m. to 4:30 p.m. The UST Museum, formally established in 1869, is considered the oldest museum in the Philippines. It was originally located in Intramuros but was transferred to the UST Main Building when it was built in 1928. It houses diverse collections including coins, medals, Philippine ethnographic artifacts, natural history specimens (especially shells and fauna), religious images, memorabilia, and visual arts spanning from the 16th century to contemporary times.


Catch The Bodyguard The Musical

THE BODYGUARD THE MUSICAL — 9 Works Theatrical’s latest production — opens this weekend on Sept. 26, and runs until Oct. 19. It is an adaptation of the 2012 stage musical with a book by Alexander Dinelaris, which in turn was based on the 1992 film The Bodyguard with songs by Whitney Houston. Directed by Robbie Guevara, and with musical direction by Daniel Bartolome, it will be the first theater production staged at the brand-new Proscenium Theater in Rockwell, Makati City. Telling the story of a musical superstar and her bodyguard as their relationship develops while she is under threat, the musical features West End stars Christine Allado and Matt Blaker as the leads, alongside Sheena Palad, Elian Santos and Giani Sarita, Tim Yap, John Joven-Uy, Vien King, Jasper Jimenez, CJ Navato, Paji Arceo, and Radha. Tickets are available at TicketWorld.


See why Pingkian was named Best Musical

ADJUDGED the Best Musical at the 2024 Aliw Awards, Tanghalang Pilipino’s Pingkian: Isang Musikal is being restaged, with performances ongoing until Oct. 12. The full-length musical follows the journey of Emilio Jacinto (played by Vic Robinson), a young revolutionary who navigates the complexities of leadership in the final years of the Philippine Revolution and the beginning of the Philippine-American War. It stars Vic Robinson as Emilio Jacinto/Pingkian. Also in the cast are Gab Pangilinan, Tex Ordoñez-De Leon, Kakki Teodoro, Paw Castillo, Almond Bolante, Joshua Cadeliña, Marco Viaña. Directed by Jenny Jamora and written by Juan Ekis with music by Ejay Yatco, it will run at the Tanghalang Ignacio Gimenez, CCP Complex, Pasay City. Tickets are available at TicketWorld and Ticket2Me.


Catch PETA’s Walang Aray

TWO YEARS after its debut, the original Filipino musical Walang Aray is back at the PETA Theater Center, running until Oct. 12. It is centered on the love story between Julia and Tenyong, set during the Philippine revolution of 1896. Many of the award-winning lead cast from 2023 are returning: Shaira Opsimar and Marynor Madamesila who alternate in the role of Julia, and Gio Gahol and Jon Abella as Tenyong. They are joined by a new cast member, Lance Reblando who also plays the role of Julia. Tickets are available through Ticket2Me.


Bring the kids to Rep’s Wonderland

REPERTORY THEATER for Young Audiences presents the fantastical world of Alice in Wonderland every weekend until Dec. 14. Based on the book by Lewis Carroll, with music and lyrics by Janet Yates Vogt and Mark Friedman, it is directed by Joy Virata and Cara Barredo. As Alice follows the rabbit into Wonderland, the production highlights audience participation with kids in attendance. It runs at the REP Eastwood Theater in Quezon City. For ticket inquiries and showbuying opportunities, message REP’s pages @repertoryphilippines, call 0962-691-8540 or 0966-905-4013, or e-mail info@repphil.org or sales@repphil.org.

RLC taps P3.51-B REIT proceeds for office, residential developments

MANTAWI RESIDENCES in Mandaue City, Cebu — ROBINSONSCONDOMINIUM.COM

ROBINSONS LAND CORP. (RLC) has used P3.51 billion from a recent block placement of shares in its real estate investment trust unit RL Commercial REIT, Inc. (RCR) to fund office, residential, and hotel developments.

The funds, applied between July 1 and Sept. 30, include P1.96 billion for a land acquisition in Taguig City, P307 million for Mantawi Residences in Cebu, and P248 million for its Cebu hotels.

Other allocations supported projects in Quezon City, Mandaluyong, Parañaque, and several regional developments.

As of Sept. 30, RLC said P2.31 billion from the REIT proceeds remains available for future projects.

The amount came from a block placement of 1.04 million RCR shares, part of the company’s strategy to channel REIT proceeds into ongoing and new property developments.

RLC posted a 16% increase in second-quarter revenue to P12 billion, while RCR’s revenue jumped 62% to P2.34 billion.

On Thursday, RLC shares rose 1.06% to P15.28, while RCR shares fell 0.52% to P7.58. — Beatriz Marie D. Cruz

Righteousness before reward: Preparing the nation for its double portion

STOCK PHOTO | Image by Macrovector from Freepik

(This column is based on the author’s presentation at the Feast of Tabernacles, Oct. 8, sponsored by the Intercessors for the Philippines, at the Benguet Sports Complex, La Trinidad Valley.)

We offer no excuses, but perhaps it is time to give greater weight to the spiritual dimension of our nationhood, given all the fundamental happenings in the Philippines today.

Contrary to common perception, the Feast of Tabernacles — celebrated this year from Oct. 6 to 13 — is not only for the Jewish people. Scripture in Numbers and Chronicles records that nations were invited to Jerusalem to worship the Lord during this season. Zechariah foretells that all nations would one day ascend to Jerusalem for this feast.

Yet this sacred occasion is more than a festival of joy and harvest. It is a mirror for nations. It reminds us that no blessing, personal or national, can endure apart from righteousness.

REMEMBERING DELIVERANCE
The Feast of Tabernacles, or Sukkot, celebrates deliverance, provision, and the abiding presence of God. Beyond its rituals and temporary shelters lies a timeless truth: only a righteous people can sustain the blessings God desires to pour out.

In Scripture, the Feast recalls Israel’s 40-year journey through the wilderness. The Israelites lived in tents — fragile dwellings that testified to divine faithfulness. When there was no food, manna fell from heaven. When there was no way forward, God opened one.

“You shall dwell in booths for seven days… that your generations may know that I made Israel dwell in booths when I brought them out of Egypt” (Leviticus 23:42–43).

That passage is not ancient history, it is our mirror. We, too, live in a nation that often feels like a wilderness: corruption unchecked, inequality widening, institutions weakened. Yet God’s faithfulness remains. The Feast reminds us that our real dwelling place is not in transient power structures but in the enduring presence of God.

DELIVERANCE WITHOUT DEPENDENCE
The first meaning of Tabernacles is deliverance. God brings His people out so He can bring them in — out of bondage into freedom, out of scarcity into abundance. But deliverance without dependence breeds arrogance.

This has been the story of many of our political leaders who, once delivered from obscurity, could not resist the lure of public money. Power detached from moral restraint has repeatedly derailed our reform efforts. We have been delivered from dictatorship, recession, and even pandemic despair, yet every deliverance has been followed by a relapse because independence was mistaken for immunity.

The Feast calls us to dependence on divine wisdom — to humility that anchors freedom in responsibility. Without that dependence, political liberation will only perpetuate moral captivity.

PROVISION AND INCLUSION
The second meaning of the Feast is provision. Deuteronomy 16:14-15 commands the people to rejoice — every man, woman, stranger, orphan, and widow — because the Lord blesses “all the work of your hands.”

This is a vision of inclusion. Yet our own feast remains uneven: abundance for a few, scarcity for many. Our national budgets expose distorted values — public works often tramp education and health; legislative chambers retain generous allocations while social protection is trimmed.

When corruption diverts funds meant for classrooms, clinics, and communities, provision becomes oppression. What God intended as blessing turns to bondage. Prosperity without righteousness corrodes society.

If the meaning of Tabernacles is not internalized, if we continue to equate progress with mere spending, expect the same outcomes, namely, rising inequality, fiscal stress, and social cynicism. The poor will remain spectators to excessive display of ill-gotten wealth, and public confidence will erode even faster than our revenues.

MULTIPLICATION AND MISMANAGEMENT
The third meaning of Tabernacles is multiplication. Joel 2:23 paints the promise of a double portion: “He will cause the rain to come down for you — the former rain and the latter rain in the same month.”

The former rain softens the ground for planting; the latter rain ripens the harvest. Together they symbolize overflow — deliverance, restoration, abundance.

But Scripture makes clear that the double portion is conditional. Elisha received it because he walked faithfully; the firstborn son inherited it because he bore both honor and responsibility. Likewise, a nation that desires abundance must first shoulder accountability.

We, too, seek a double portion — economic dynamism and moral renewal, investment and integrity. But the rains of blessing cannot fall on polluted soil. Governance, like farmland, must be cleared of corruption; policy must be seeded in justice. Otherwise, the same rain that could nourish will reveal the cracks of decay.

Unless we internalize the Feast’s demand for righteousness, we should expect recurring fiscal leakages, capital flight, and eroded investor confidence. No amount of stimulus will suffice when trust in public institutions remains shallow.

WHEN GOVERNANCE FAILS, GLORY DEPARTS
Global assessments continue to rank the Philippines poorly in corruption control, rule of law, and political stability. Business groups such as the Management Association of the Philippines list graft, weak education, and bureaucratic red tape among the foremost barriers to competitiveness. International financial institutions have already lowered their growth forecasts — below the official 5.5% to 6.5% target for 2025 — largely due to governance risks.

The subtext is stark: deficits and inefficiency have become normalized, as though they were natural disasters instead of moral choices. Studies estimate that more than one-fifth of public-works allocations vanish into collusion among politicians, engineers, and contractors. Corruption steals more than money; it steals mercy. Every peso misused is medicine unbought, free tuition ungranted, a bridge unbuilt.

True, there are stirrings of rectification. The creation of the Independent Commission for Infrastructure (ICI), though questioned for its independence, is an attempt to institutionalize accountability beyond politics. The Senate and House investigations into the flood-control anomalies are beginning to unearth long-ignored layers of systemic abuse. The Department of Justice should therefore start consolidating evidence for referral to the Ombudsman. And the freeze orders on bank accounts of implicated personalities, together with hold-departure orders on key contractors and politicians, suggest that the architecture of impunity is, at last, being challenged.

These moves are commendable first steps, but unless they culminate in actual convictions and recovery of stolen wealth, they risk fading into another episode of performative reform. If the guilty are not punished, we can only brace for sequels — another “Trillion-Peso March,” another erosion of faith in our democracy.

This is the policy warning embedded in the Feast: righteousness is not optional. It is the foundation of sustainable development. Without it, every anti-corruption drive will end in fatigue. Every growth spurt will collapse under its own inequity.

RIGHTEOUSNESS BEFORE REWARD
Psalm 84:11 declares, “The Lord will withhold no good thing from those who walk uprightly.” That is both promise and condition. The divine order of Tabernacles is clear: repentance before abundance, righteousness before reward, purity before presence.

Applied to nations, it means governance reform before growth; justice before investment; integrity before influence. God withholds nothing from those who walk uprightly, but He withholds glory from those who glorify injustice.

Our problem is not opportunity but alignment. We pray for rain — economic, moral, and spiritual — yet we refuse to prepare the soil. We seek the double portion without the double consecration.

Still, grace remains. “The Word became flesh and tabernacled among us” (John 1:14). Christ is the Living Tabernacle, the dwelling of God with humanity. Through Him, the shadow became substance; the promise became Person. In Him, we are called to be living tabernacles — carriers of presence and instruments of justice.

A CALL TO NATIONAL RENEWAL
The Feast of Tabernacles points toward the day when God will dwell fully among His people when righteousness reigns and every tear is wiped away. Until that day, our duty is to prepare the dwelling, cleanse the vessel, and make our nation worthy of the blessing it seeks.

For the Philippines, that means leadership that serves rather than steals; justice that restores rather than retaliates; governance that listens rather than lords it over. It means embedding ethics into policy, requiring transparency in procurement, merit in appointment, and accountability in spending.

If we fail to internalize these truths, expect the opposite of a double portion: double hardship — economic stagnation paired with moral decay. The country will remain trapped in boom-bust cycles, unable to convert growth into genuine development.

But if our leaders walk uprightly, if citizens practice integrity and demand accountability, if righteousness becomes culture rather than campaign, then the rains will come, the former and the latter together. Then the nation will experience its true double portion: not only growth, but also grace; not only prosperity, but also peace.

THE FINAL TABERNACLE
Ultimately, the Feast reminds us that God’s goal is not material comfort but moral communion. “Behold, the dwelling of God is with men” (Revelation 21:3). That promise stands for every nation — but only the righteous will stand in that glory.

Let every institution, church, and citizens act on the same call: “The double portion is waiting — but it will only fill clean vessels.”

 

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

Peso sinks anew as BSP delivers surprise cut to support growth

BW FILE PHOTO

THE PESO sank back to the P58 level against the dollar on Thursday after the Bangko Sentral ng Pilipinas (BSP) unexpectedly lowered borrowing costs at its policy meeting.

The local unit fell by 28.5 centavos to close at P58.235 versus the greenback from its P57.95 finish on Wednesday, Bankers Association of the Philippines data showed.

Year to date, it is down by 39 centavos from its end-2024 close of P57.845.

The peso opened Thursday’s session stronger at P57.875 versus the dollar. Its intraday best was at P57.79, while its worst showing was at P58.32 against the greenback.

Dollars exchanged went down to $1.92 billion on Thursday from $2.03 billion on Wednesday.

“The dollar-peso closed higher after the surprise cut from BSP due to a softer outlook for the Philippines amid the ongoing graft corruption scandal,” a trader said in a phone interview.

On Thursday, the BSP’s policy-setting Monetary Board delivered its fourth straight 25-basis-point (bp) cut to bring the target repurchase rate to 4.75%, the lowest since September 2022. Only six of the 16 analysts polled by BusinessWold expected a reduction at this week’s meeting.

The central bank has now lowered borrowing costs by a total of 175 bps since it began its easing cycle in August 2024.

BSP Governor Eli M. Remolona, Jr. said that they cut rates as the widening corruption scandal involving state flood control and infrastructure projects has affected business sentiment, and, in turn, the outlook for the economy.

“As the extent of the issues related to infrastructure spending became clear, our estimates of the output gap needed to be recalibrated. We now think the gap is wider than we thought,” he said.

“All in all, we see more scope for a more accommodative monetary policy.”

Mr. Remolona said another reduction is possible at their last meeting for the year scheduled for Dec. 11, with more cuts beyond that also on the table.

The peso was also dragged by a generally stronger dollar on Thursday as the yen continued its decline due to a likely appointment of a more conservative Japanese prime minister supportive of dovish monetary policy, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

For Friday, the trader sees the peso moving between P58 and P58.50 per dollar, while, Mr. Ricafort expects it to range from P58.10 to P58.35. — Aaron Michael C. Sy

Jimmy Kimmel says critics ‘maliciously mischaracterized’ his Kirk remarks

Jimmy Kimmel in Jimmy Kimmel Live! (2003)

LOS ANGELES, Calif. — Late-night host Jimmy Kimmel said on Wednesday he believed his comments about the reaction to the assassination of political activist Charlie Kirk were “intentionally and maliciously mischaracterized” by critics before his show was suspended.

Mr. Kimmel drew outrage from conservatives for saying on his Sept. 17 show that President Donald J. Trump’s supporters were desperate to characterize Mr. Kirk’s accused assassin “as anything other than one of them” and for trying to “score political points” from his murder.

“I didn’t think there was a big problem,” Mr. Kimmel said to the initial backlash to his comments. “I just saw it as distortion on the part of some of the right-wing media networks, and I aimed to correct it.”

Speaking at the Bloomberg Screentime conference in Los Angeles, Mr. Kimmel added that he thought critics had “intentionally and maliciously mischaracterized” his remarks.

ABC parent Walt Disney temporarily pulled Jimmy Kimmel Live! off the air after Federal Communications Commission (FCC) Chairman Brendan Carr said the host misled viewers about Mr. Kirk’s alleged shooter’s affiliation with Mr. Trump’s Make America Great Again movement. Mr. Carr urged local stations to push back and raised the possibility of the FCC revoking the licenses of local television stations that did not comply.

Mr. Kimmel said he spent the weekend following his suspension speaking with Disney Entertainment Co-Chair Dana Walden about how to address the situation.

“It helped me think everything through, and it helped me just kind of understand where everyone was coming from,” Mr. Kimmel said. “I can sometimes be reactionary. I can sometimes be aggressive, and I can sometimes be unpleasant. And I think that it helped me really having those days to think about it.”

Disney reinstated Mr. Kimmel after six days off the air.

The host said he told Disney executives “the spirit of what I’m going to say” when he returned to the airwaves “rather than specifically what I was going to say.”

Upon his return, Mr. Kimmel defended political satire against “bullying” from Mr. Trump and officials in his administration.

Mr. Kimmel’s voice choked with emotion, moments after he took the stage to a standing ovation, and he said: “It was never my intention to make light of the murder of a young man. I don’t think there’s anything funny about it.” — Reuters

Manila Water adds 56 facilities to program that lowers energy costs

MANILAWATER.COM

MANILA WATER Company, Inc. has enrolled 56 more facilities in the retail aggregation program (RAP), bringing its total to 214 sites and allowing the company to cut energy costs and increase its use of renewable power.

In a statement on Thursday, Manila Water said the 56 facilities comprise 10 facilities from its non-East Zone operating unit, Laguna Water, and 45 facilities of Estate Water, covering Bulacan, Cavite, Laguna, and Metro Manila.

Manila Water Foundation’s La Mesa Ecopark also joined the program, becoming the first and largest ecopark to be entirely powered by renewable energy under RAP.

RAP is a customer-choice program launched by the Energy Regulatory Commission (ERC) that allows the aggregation of end-users to meet the threshold and facilitate their energy procurement from retail power suppliers.

Under the enhanced RAP framework, Manila Water facilities are supplied by PrimeRES Energy, the retail electricity arm of Prime Infrastructure Capital, Inc., through Manila Electric Co.’s distribution network.

“This is all about the power of choice. We have 214 facilities switched now to RAP… and that’s very powerful because at the end of the day, we are held as a utility accountable to the costs that we charge our customers. We’ve tried to rethink our approach towards tariff and our customer base and really be as sufficient as possible,” said Manila Water President and Chief Executive Officer Jose Victor Emmanuel “Jocot” A. De Dios.

Earlier this year, the east zone concessionaire pioneered the country’s first transition to the enhanced RAP, consolidating 10 of its wastewater facilities under a single electricity sourcing.

Since Manila Water’s first switch, RAP participation has grown by 70%, according to ERC Director for Market Operations Service Sharon Montaner.

“By aggregating demand and leveraging competitive supply options, Manila Water is helping pave the way for a more inclusive and resilient energy sector,” she said.

Manila Water serves the east zone of Metro Manila, covering parts of Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, San Juan, portions of Quezon City and Manila, and several towns in Rizal province. — Sheldeen Joy Talavera

From scarcity to sustainability: Rethinking Cebu’s water strategy

METRO CEBU WATER DISTRICT FB

Metro Cebu, one of the country’s most economically vibrant regions, is quietly approaching a tipping point in its water situation. While not yet universally accepted as a full-blown crisis, the signals are increasingly difficult to ignore. What was once dismissed as a seasonal inconvenience is becoming a persistent challenge: water insecurity. If left unaddressed, this could endanger not only public health but also the region’s continued economic momentum.

Recent estimates suggest that Metro Cebu’s daily water demand now hovers around 400,000 cubic meters per day (400 MLD), a figure driven by rapid population growth, urbanization, and expansion in key sectors like tourism, manufacturing, and BPO services. The Metropolitan Cebu Water District (MCWD) currently supplies some portions of this demand, with the remainder coming from private wells, barangay-level systems, and informal vendors. While these supplemental sources help meet immediate needs, they are not always reliable, particularly during extreme weather conditions. With demand continuing to rise and water infrastructure struggling to keep up, fears are high that there may be water supply shortfall in the near future.

It is important to acknowledge that these challenges are not the result of neglect alone. Like many rapidly developing urban centers, Cebu faces systemic constraints: aging infrastructure, limited funding, a growing population, and increasingly unpredictable rainfall patterns. Utilities and local governments are doing what they can within these constraints, but the scale of the problem calls for new thinking and bold action.

For years, Cebu’s approach to water scarcity has relied on familiar measures: drilling additional wells, implementing rotational supply schemes, promoting conservation campaigns, and proposing long-term dam projects. While each of these has merit, they largely fall into the category of reactive rather than transformative. They address the symptoms but not the structural roots of Cebu’s water stress.

Groundwater extraction, for instance, has been a convenient stopgap, but it is already yielding diminishing returns. Saltwater intrusion and nitrate contamination, especially in low-lying areas, are now serious threats to groundwater quality. Large-scale infrastructure projects like dams can help store water, but they are expensive, time-consuming, and vulnerable to increasingly erratic rainfall.

Cebu needs a paradigm shift. It needs to start thinking like an island — surrounded by water, but not yet tapping into its most abundant source.

DESALINATION: A VIABLE, SCALABLE SOLUTION
Seawater desalination — the process of removing salt and impurities to produce clean, potable water — is emerging globally as a viable solution for water-stressed cities. It’s already a cornerstone of water supply in countries like Israel, Saudi Arabia, and Singapore. The Philippines, with over 36,000 kilometers of coastline and hundreds of coastal communities, is well-positioned to scale up this technology.

Truthfully, desalination isn’t a magic bullet. It involves significant energy inputs and relies on membrane-based filtration systems that require regular chemical treatment. However, ongoing innovations and stricter environmental safeguards are helping mitigate these operational challenges, especially when paired with renewable energy sources.

What’s important now is to recognize that desalination should be part of a diversified, climate-resilient water strategy for Cebu and other growing cities across the country.

To move from problem to progress, Cebu needs to take a multi-pronged approach:

Integrate desalination as one of several water sources, alongside improved rainwater harvesting, wastewater recycling, and enhanced demand management.

  Protect critical watersheds such as the Central Cebu Protected Landscape, which serve as natural water catchments but remain under threat from deforestation and encroachment.

  Build institutional capacity for better governance, planning, and community engagement, ensuring that future solutions are not just technical but also inclusive.

This isn’t about choosing between traditional and novel solutions. It’s about building a portfolio that ensures water security now and in the future.

A MOMENT FOR LEADERSHIP
The question is no longer whether Cebu has a water problem. The question is whether it’s ready to lead in solving it.

Desalination, while not a cure-all, represents a bold and forward-looking step in addressing Cebu’s growing water needs. When paired with nature-based solutions, smarter governance, and improved infrastructure, it can become a cornerstone of a sustainable and inclusive water system.

We are, after all, an island nation surrounded by water. It’s time we learn how to harness what we have not just geographically, but strategically.

 

Dr. Ron F. Jabal, APR, is the  CEO of the PAGEONE Group (www.pageonegroup.ph) and the founder of Advocacy Partners Asia (www.advocacy.ph).

ron.jabal@pageone.ph

rfjabal@gmail.com

UnionBank to inject P1.5B in capital into City Savings

UNION BANK of the Philippines (UnionBank) will infuse P1.5 billion of fresh capital into its thrift banking arm City Savings Bank, Inc. (CSB) to support its operations.

The listed bank’s board of directors approved the move, which is subject to the applicable regulatory approvals, in a meeting on Oct. 8, it said in a disclosure to the stock exchange.

It said the capital injection will “support CSB’s growth and ongoing business operations.”

City Savings Bank, which mainly provides salary loans to public school teachers, government workers, and pensioners, was the fourth biggest thrift bank in the country in asset terms as of June with P161.29 billion, the latest Bangko Sentral ng Pilipinas data showed.

According to its balance sheet, its stockholders’ equity stood at P21.33 billion at end-June.

It had a gross loan portfolio of P125.22 billion in the period and a gross nonperforming loan ratio of 9.36%.

Its capital adequacy ratio was at 11.08%, while its net interest margin was 6.91%.

Meanwhile, its parent UnionBank saw its net income fall by 40.54% year on year to P1.82 billion in the second quarter amid lower interest earnings from loans and higher provisions.

This brought its first semester profit to P3.25 billion, down by 38.86% from the same period last year.

UnionBank’s shares climbed by 55 centavos or 1.89% to close at P29.60 apiece on Thursday. — Aaron Michael C. Sy

London Film Festival launches with Daniel Craig’s third Knives Out movie

Wake Up Dead Man: A Knives Out Mystery (2025)
Wake Up Dead Man: A Knives Out Mystery (2025)

LONDON — Daniel Craig’s third outing as the charismatic detective Benoit Blanc in Wake Up Dead Man: A Knives Out Mystery opened the London Film Festival on Wednesday, kicking off 12 days of red carpets, screenings and talks with the likes of Oscar winners Daniel Day-Lewis and Chloe Zhao.

Mr. Craig led co-stars including Glenn Close, Josh Brolin and Mila Kunis on the red carpet for the latest Knives Out whodunit, which has a more gothic and darker tone than 2019’s Knives Out and Glass Onion released in 2022.

“They’re all different from each other, which is what I think we set out to do … we wanted them all to be standalone so that each one had a different flavor,” Mr. Craig told Reuters of the three films.

Asked what it was like to take on the role once again, he added: “I wouldn’t do it unless I had fun doing it.”

In the murder mystery, which also stars Josh O’Connor, Jeremy Renner, Daryl McCormack, and Cailee Spaeny, Mr. Brolin’s small-town priest Monsignor Wicks is killed, with suspicion turning to one of his parishioners.

Writer-director Rian Johnson, also behind the earlier Knives Out movies, said he and Mr. Craig started talking about ideas for Wake Up Dead Man right after screening Glass Onion at the London Film Festival.

“The idea of doing something a little more grounded seemed like it could be a good challenge … hopefully it’s still funny, hopefully it’s still entertaining and a really fun ride for audiences,” he said.

Some 247 titles will feature during the 69th edition of the BFI London Film Festival, with famous names including George Clooney, Julia Roberts, and Paul Mescal expected in town to promote their respective movies Jay Kelly, After the Hunt, and Hamnet.

Also on the line-up are Guillermo del Toro’s Frankenstein, Emma Stone’s latest collaboration with Yorgos Lanthimos, Bugonia, as well as Anemone for which Mr. Day-Lewis came out of retirement for his son’s feature-film directorial debut.

Mr. Lanthimos and Mr. Day-Lewis will also take part in talks about their work alongside Ms. Zhao, who will discuss her Hamnet adaptation.

Forty-two percent of the works on the schedule were made by female or nonbinary filmmakers, organizers say.

“We really want the program to reflect the city that we’re in so we’re really looking for an enormous geographic diversity and we’re also just looking for the program to represent the world around us,” London Film Festival Director Kristy Matheson said.

The London Film Festival runs until Oct. 19. — Reuters