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Auto sales drop 10% in April as passenger car sales slump

Heavy traffic is seen along Commonwealth Avenue in Quezon City, March 16, 2025. — PHILIPPINE STAR/MIGUEL DE GUZMAN

By Justine Irish D. Tabile, Reporter

PHILIPPINE AUTOMOTIVE SALES slid by 10% in April, the biggest annual decline in more than three years, amid a double-digit decline in passenger car sales, an industry report showed.

A joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) showed new vehicle sales fell by 10% to 33,580 units in April from 37,314 units in the same month a year ago.

April saw the biggest annual decline since the 11.2% drop in January 2022. It was also the first time that sales fell since the 7.3% decline in February 2022.

Auto Sales (April 2025)

Month on month, car sales also slumped by 16.7% from 40,306 units sold in March.

“While the overall market trajectory remains positive, the recent slowdown may be attributed to seasonal factors, economic conditions, or evolving consumer demands,” said CAMPI President Rommel R. Gutierrez in a statement on Monday.

“Industry leaders continue to monitor market trends and expect further developments in the months ahead,” he added.

Data from CAMPI-TMA showed passenger car sales plunged by 35.5% in April to 6,498 from 10,069 a year prior. Passenger cars made up 19.35% of the total industry sales in April.

Month on month, sales of passenger cars slid by 23.1% from 8,449 cars sold in March.

Regina Capital Development Corp. Head of Sales Luis A. Limlingan said the slump in passenger car sales reflects “ongoing price sensitivity in the mass market.”

“The decline in April car sales was driven by fewer selling days due to holidays, high base effects from last year’s strong performance, and lingering consumer caution amid tight loan conditions,” he said in a Viber message.

On the other hand, commercial vehicle sales, which accounted for 80.65% of the total, dipped by 0.6% to 27,082 in April from 27,245 a year ago.

Month on month, commercial vehicle sales declined by 15% from 31,857 in March.

Broken down, light commercial vehicle sales rose by 3.2% year on year to 20,185, while Asian utility vehicle (AUV) sales declined by 12.1% to 5,992.

Sales of light-duty trucks and buses inched up by 1.6% to 499 in April, while sales of medium-duty trucks and buses dropped 18% to 291.

In April, sales of heavy-duty trucks and buses surged 134.7% to 115 units.

For the first four months of the year, vehicle sales inched up by 2.5% year on year to 150,654 units from 146,920 in the same period in 2024.

Commercial vehicle sales increased by 10.3% to 119,824, while passenger car sales dropped by 19.5% to 30,830 in the January-to-April period.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the Trump administration’s recent tariff policies may have hurt consumer confidence, affecting car sales.

“Trump’s announcement of reciprocal tariffs somewhat weighed on sentiment by consumers, businesses, and other institutions, as higher US import tariffs could slow down global trade, investments, employment, and overall economic growth worldwide,” he said in a Viber message.

“Possible slowdown in sales, incomes, employment, and other economic activities led to a more cautious attitude for some buyers of big-ticket items such as vehicles until the uncertainties settle regarding the Trump risk factor,” he added.

Mr. Ricafort said the ban on some government spending, including purchases of vehicles, ahead of the midterm election may have also affected overall industry sales.

“We expect a gradual recovery in the latter half of the year as demand picks up, inflation stabilizes, and hybrid and electric vehicle (EV) adoption grows. However, the outlook remains tempered by broader economic headwinds and cautious spending behavior,” Mr. Limlingan said.

Year to date, Toyota Motor Philippines Corp. remained the market leader with a 47.74% share as sales rose by 6.4% to 71,927 units.

Mitsubishi Motors Philippines Corp. came in second with a 7% increase in sales to 29,770 units in the January-to-April period. It accounted for 19.76% market share.

In third spot is Nissan Philippines, Inc. which saw a 12.7% drop in sales to 8,182 units in the first four months.

Rounding out the top five were Suzuki Phils., Inc., which saw a 14.5% increase in sales to 7,002 units, and Ford Motor Co. Phils., Inc. which posted a 30.6% drop in sales to 6,728 units.

The CAMPI-TMA report showed that 1,509 EVs were sold in April, bringing four-month sales to 6,820 units. This represented a 5.69% market share.

However, month-on-month EV sales dropped 20.4% from 1,895 units sold in March.

Broken down, hybrid EVs accounted for 5,744 units sold in the first four months. There were 978 battery EVs and 98 plug-in hybrid EVs sold as of end-April.

Toyota Motor sold the most hybrid EVs so far this year with 4,942, followed by Honda Cars Philippines with 442.

Nissan Philippines posted the highest sales of battery EVs with 409, followed by Tesla Motors Philippines with 396 units.

Agencies’ budget proposals reach P11 trillion for 2026

Metro Manila Development Authority employees repair chairs at a school in Mandaluyong City. — PHILIPPINE STAR/MIGUEL DE GUZMAN

GOVERNMENT AGENCIES’ budget proposals for the 2026 national budget have surged to P11 trillion, up from the P9.2 trillion in funding requests made for the 2025 budget, according to the Department of Budget and Management (DBM).

“It is not finished yet and only three bureaus were finalized. But based on the submissions, because there are a lot of them, there’s a 200-300% increase in agency submissions. So, they’re looking at approximately P11 trillion,” DBM Undersecretary Goddes Hope O. Libiran told reporters on the sidelines of the 2025 Open Government Week on Monday.

This is 20% higher than the P9.2 trillion in funding requests from government agencies last year.

“There are a lot of agencies that want to do a lot and maybe, like, for example, the Armed Forces of the Philippines raised their request for a modernization program,” she added.

The DBM’s estimate also accounted for both Tier 1 and Tier 2 proposals.

The government employs a two-tier budget process; ongoing spending is considered in Tier 1 and proposals for new and expanded spending are evaluated in Tier 2.

The P11-trillion proposals will be later reviewed under the Preliminary Executive Review Board.

Once they finalize it, they will defend it to the Executive Review Board, which includes Budget Secretary Amenah [F. Pangandaman] and the senior officials like us,” she said.

The final budget will be based on available fiscal space.

“The work of DBM is to determine which ones are really aligned with our Medium-Term Fiscal Framework to the Philippine Development Plan to the priorities of the administration and which are implementation-ready,” she said.

“If we put their proposal in the National Expenditure Program, won’t the budget be wasted? Will they be able to implement that? We’re in the process of that,” Ms. Libiran said.

In 2026, the overall National Expenditure Program will hit a record P6.793 trillion, up 7.38% from the P6.326-trillion national budget signed in 2025.

At the same event, Ms. Pangandaman expressed optimism that the Freedom of Information (FOI) bill will be passed by the incoming Congress.

“We conducted a series of roundtable discussions with the government, CSOs (civil society organizations), academic, and private sector to advance the passage of Freedom of Information bill in the 20th Congress,” she said. “With the support of President Ferdinand R. Marcos, Jr., I am confident that we will soon pass our very own FOI.”

The DBM and the Presidential Communications Office are set to incorporate the results from the discussions to strengthen the draft FOI bill. The draft bill will be presented to the Legislative-Executive Development Advisory Council meeting on May 26. — Aubrey Rose A. Inosante

PHL seen as a ‘friendshoring’ destination for United States

Semiconductor chips are seen on a printed circuit board in this illustration picture taken Feb. 17, 2023. — REUTERS

THE PHILIPPINES is poised to attract more foreign direct investments (FDI) as it is seen as an emerging “friendshoring” destination for the US and as secondary hub for China-based companies, HSBC Global Research said.

“Though currently paused, we think low reciprocal tariffs from the US and amicable Philippine-US relations offer global investors a potential opportunity to diversify,” it said in a report.

“We think the Philippines may be a budding friendshoring destination for the US as well as a destination for the China+1+1 strategy for investors elsewhere. Time to turn the tides,” it added.

US President Donald J. Trump announced higher reciprocal tariffs on most of the country’s trading partners last month, with the Philippines facing a 17% rate, the second-lowest tariff in Southeast Asia.

The reciprocal tariffs have been paused for 90 days until July as countries negotiate lower rates with the US.

If the Philippines secures a lower reciprocal tariff from the US, HSBC said exports to the US would likely rise over time.

“We think there is scope to accommodate more, though the US is already the second-largest trading partner and export market of electronics for the country.”

In 2024, the US was the country’s top export market, receiving $12.12 billion worth of Philippine goods.

The Philippines’ top exports to the US are semiconductors, electronic integrated circuits, and insulated wire and other insulated electric conductors.

“In terms of trade, the Philippines has the potential to increase its market share in the US. As of now, it is behind its peers, but the current situation poses an opportunity, particularly if the ‘China+1+1’ strategy takes off.”

The China+1+1 strategy refers to China-based companies diversifying their production operations to include two additional countries.

HSBC said the country is in a “unique position” to maximize opportunities.

“For one, it is a low-risk option for diversification as it may have the most amicable relationship with the US among ASEAN (Association of Southeast Asian Nations) countries.”

Changing global supply chains also opens up doors to the potential for nearshoring and reshoring, HSBC said.

“Amidst this, we believe the Philippines is poised to present itself as a friendshoring destination for the US.”

“Potentially lower tariffs, an attractive demographic, ready infrastructure for the industry, and a friendlier relationship with the US should give all the right signals to global investors.”

The boost from investment will help the country “anchor its position in the global tech supply chain, while gradually shifting to more high-valued exports.”

“It would also nudge the government to ramp up infrastructure development and may even have a crowding-in effect on both public and private investment,” it added.

However, it noted the complicated and interlinked nature of global tech supply chains.

“The 90-day tariff pause will end soon, but the outcome of it remains uncertain. There is also a risk of higher tariffs on semiconductor imports to the US.”

“This has the potential to hit the entire tech supply chain of the region hard. The archipelago is not fully shielded from the broader cascading effect of tariffs. However, we see opportunities and think all eyes will be on how the Philippines can maximize them,” it added.

HSBC had noted the Philippines is a critical part of the region’s tech supply chain with its expertise in assembly, testing and packaging of semiconductor chips, but has failed to compete with its neighbors.

“The production of semiconductors requires a highly skilled workforce, especially to move up the value chain,” it added.

The report also cited challenges preventing electronics production from flourishing in the Philippines, such as the previous policy focus of the government on services instead of manufacturing; lack of a highly skilled workforce; high electricity costs; and regulatory bottlenecks, among others.

However, it noted that the Philippines has been making “good progress” in deploying structural reforms to support the semiconductor industry to address ease of doing business and attract foreign investments, among others. — Luisa Maria Jacinta C. Jocson

SM makes wildlife conservation efforts easier

BRONTË H. LACSAMANA

Proceeds from endangered species merch to go to DENR, NGOs

THOSE who want to donate to foundations dedicated to endangered Philippine species which face mounting threats to their survival, now have a more convenient way to do so. SM has unveiled a merchandise line that aims to save six species from extinction: the Philippine eagle, the Philippine cockatoo, the pawikan (sea turtle), the dugong, the tamaraw (a dwarf buffalo), and the pangolin.

The merchandise was launched at SM Mall of Asia on May 16. The stars of the launch were the toys and keychains from Toy Kingdom embodying the cuddly and lovable nature of each of the six endangered species. There were also chic shirt designs from Kultura and a children’s apparel line from SM Fashion.

This initiative is a result of SM’s partnership with the Department of Environment and Natural Resources (DENR) under the “Save from Extinction” campaign, first launched in October last year. Through cute and stylish merchandise, SM hopes to reach “young animal enthusiasts, eco-conscious advocates, and Filipino families,” according to Hanna Carinna Sy, assistant vice-president for marketing at SM Supermalls.

Proceeds from every purchase in this collection will directly support the conservation programs of the DENR and its partner nongovernmental organizations (NGOs).

“These animals are part of our natural heritage, and their future as well as their hope depends on what we do today,” Ms. Sy said. She added that Banco De Oro (BDO) Unibank, Inc., will also accept donations through their ATMs, physical branches, and online app.

The wildlife conservation groups that will receive proceeds from the merchandise sales and the BDO donations are Forest Foundation Philippines, the Katala Foundation, the Philippine Eagle Foundation, the World Wildlife Fund for Nature-Philippines, the D’Aboville Foundation, and the Zoological Society of London. These NGOs have committed to safeguarding the six chosen animals as part of the multisectoral effort.

“In 2024, with the support of enlightened legislators, the DENR was granted species-specific resources to protect and conserve five species. We have added to that the 6th, the pangolin. These six are what we deemed most threatened, or most in need to galvanize support,” said DENR Secretary Maria Antonia Yulo-Loyzaga at the launch.

The goal of the “Save the Extinction” campaign is to raise P100 million while also shining a spotlight on the chosen species and the critical threats to their survival.

“Biodiversity loss is no longer a future risk. It is a current crisis. We are losing forests, wetlands, coral reefs, and other critical habitats faster than we can restore them and that they can regenerate on their own. Our species are really pushed to the brink by illegal hunting, wildlife trafficking, pollution, and the growing impacts of climate change,” Ms. Yulo-Loyzaga explained.

She added that, despite some progress, the complex risks involved require “teamwork across sectors and at all levels of our society.”

Forest Foundation Philippines’ Executive Director Jose Andres Canivel also spoke about the exact initiatives that the proceeds and donations will fund.

“We want to do population studies and habitat assessments. These inform species-specific conservation plans and protected area plans,” he said.

Because each species has its own set of challenges, the various conservation groups must protect and monitor both the species and their habitats. Mr. Canivel cited the tamaraws in Mindoro, which used to be 10,000 in number but have dwindled to only 600, while there are only under 400 pairs of Philippine eagles left across the archipelago.

“Those are species where we know the approximate numbers, but for the rest, how can you count them? Those dugongs and pawikans? What we need is to monitor where they are, where they go, where they feed, where they lay their eggs,” he explained.

Funds will also go to the detection of possible additional habitats, be they small coves or patches of forest. “For those that can be reintroduced, we can do so. For those who need active support in breeding, that’s also an option,” Mr. Canivel said.

Finally, there is the need for education and incentive planning for forest-dependent communities and coastal-dependent communities, for them to be active partners in the campaign.

Ms. Yulo-Loyzaga said that “Save the Extinction” is an effort that embraces “a more inclusive approach that makes it possible for everyone to take part in meaningful action,” with the help of a corporate giant like SM.

“These six animals are not just wildlife icons. They are keystone species that play essential roles in the balance of our ecosystems, so that others including human beings may thrive,” she said.

The Philippine eagle, Philippine cockatoo, pawikan, dugong, tamaraw, and pangolin merchandise are available in Kultura, Toy Kingdom, and SM Fashion branches in the following malls: SM Podium, SM Mall of Asia, SM Aura, SM North EDSA, and SM Makati.

For more information, visit www.smsupermalls.com/save-from-extinction. — Brontë H. Lacsamana

Foreign indie pop albums for the summer

By Brontë H. Lacsamana, Reporter

AS WE NEAR the halfway point of the year, with occasional rain and thunderstorms gradually encroaching upon the summer heatwave, interesting music steadily comes out of the woodwork. April and May have been strong months for new releases in the realm of indie pop.

Here is a quick rundown of some albums you can check out that dropped in April and May 2025.

FACE DOWN IN THE GARDEN — TENNIS
Tennis is an American indie pop band based in Colorado, USA. Made up of husband-and-wife duo Alaina Moore and Patrick Riley, they’ve been creating comforting dream pop tracks since 2010.

To the dismay of fans, the band announced an indefinite hiatus that will take effect after their 7th album release and farewell tour this year. The album, titled Face Down in the Garden, came out on April 25.

The nine tracks in this solid record range from lusciously produced, emotional midtempo tracks to pleasant lo-fi bops, all coming together in a wistful, dreamlike goodbye. It’s a captivating experience overall, evoking sensibilities akin to Beach House and Cocteau Twins.

Songs to enjoy are “Weight of Desire,” with Moore’s signature dreamy vocals taking on a catchy chorus; “At the Wedding,” a rhythm-driven indie pop anthem that showcases the best of Tennis’ vivid storytelling; and “Sister,” a heartfelt tune supported by a rich yet easygoing sonic atmosphere.

SONOR — ENJI
A fascinating new album that probably nobody knows about that’s worth a listen is Sonor, made by Mongolian singer-songwriter Enji (real name: Enkhjargal Erkhembayar).

Born in Ulaanbaatar and trained in Mongolian folk song traditions, she studied jazz in Munich, Germany, and has been based there since 2015. Her fourth album further hones her unique blend of the traditional elongated singing style from her home country with lively jazz rhythms, a cool progression of her singular music career.

In the first track, “Hungun,” gentle instrumentation drives forward Enji’s warm voice, backed by beautiful saxophone notes. “Ulbar,” a fast favorite off the album, has her inject soft and lilting vocals into a tapestry of calming guitar and piano. “Ergelt” is a stunning duet, of a melancholy melody and a sick double bass performance.

The album is a collection of music birthed on the precipice between two distinct cultures. The track “Eejiinhee Hairaar” encapsulates it perfectly — it is a popular Mongolian folk song from the 1980s, vibrantly covered by Enji atop a fun, jazzy bassline. It drives home how Sonor is one of the most wonderful new releases this year so far.

THE SCHOLARS — CAR SEAT HEADREST
American indie rock band Car Seat Headrest has been delivering amazingly angsty and energetic garage rock since 2010. Their fifth album, The Scholars, continues to serve the emotional bite that the four-piece band, led by Will Toledo, is known for.

This time, it’s done with ambition, the over-the-top concept album channelling quirky characters and extended narratives that play out across the tracks (some of which reach up to eight, 10, even 11 minutes!).

“Devereaux,” one of the shorter ones, is a banger of a track. It features cathartic vocals, powerful drums, and a crisp guitar riff that feels so distinctly Car Seat Headrest. A track that provides an awesome sonic experience is “The Catastrophe (Good Luck With That, Man),” a frenzied rock tune evoking a wild, cross-country drive.

An honorable mention goes to “Gethsemane,” clocking in at nearly 11 minutes, an almost Bowie-style dance rock epic filled with engaging angsty vocals and lyrics imbued with religious themes.

EQUUS CABALLUS — Men I Trust
Canadian indie pop band Men I Trust dropped the second installation of its two-part album early in May. The first, Equus Aquinus, came out in March, laying the groundwork for the three-piece band’s signature smooth and moody atmosphere.

Equus Caballus builds on this, with groovier and grungier tracks pumping up the tempo a bit, like “To Ease You,” which boasts a keyboard hook reminiscent of a lot of new wave music. Vocalist Emmanuelle Proulx has honed her dreamy vocals well, accentuating the deep synths and guitars that populate each track.

“Husk,” a single from 2024, is given new life in the album, feeling right at home with the other synth-pop-style tunes. Another standout is “Carried Away,” its production having the most depth as it pairs the chime-like guitars and steady beats with Proulx’s wispy voice.

Men I Trust, for many, is too mellow and comfortable in their dream-pop genre sensibilities to be memorable, but Equus Caballus shows how electronic, synth-pop influences can easily refresh their style.

Cannes Film Festival: HK cinema seeks resurgence with fresh faces

CANNES, France — Hong Kong’s (HK) once world-famous movie industry wants to bring back the heydays of the 1970s to the 1990s by investing in a new generation of directors, the chairman of the city’s film development council told Reuters at the Cannes Film Festival.

“We should not forget our identity. How the people all over the world would look at us when they recognize a Hong Kong movie,” said Wilfred Wong, chairman of the council that is mainly responsible for government funding of the industry.

Hong Kong cinema exploded in the 1970s with Bruce Lee’ s martial arts films. Following his death, that mantle was taken up by Jackie Chan.

The industry expanded into other genres and became the darling of international film festivals with titles such as In the Mood for Love, Infernal Affairs, and Kung Fu Hustle. Stars like Andy Lau, Michelle Yeoh, and Maggie Cheung, and directors such as John Woo and Johnnie To, were frequently seen walking on the festival’s red carpet.

Hong Kong’s star started to fade in the 1990s when the former British colony was handed over to China, due to a variety of factors, including overproduction, the Asian financial crisis, and talent leaving for Hollywood.

With a view to the shrinking industry, investors were unwilling to take a risk on young talent and would only approve productions with well-known stars and directors. Hong Kong’s Film Development Council is now looking to address that by financially supporting new directors’ first film initiative. The council has in recent years groomed 32 new directors, said Wong.

One of those new talents, director and actor Juno Mak, wrote and directed the Cannes out-of-competition film Sons of the Neon Nights, starring veteran actor Tony Leung Ka-fai.

“It’s kind of happiness, joy, enjoyable and satisfaction. So we can again show to all the audience and all the people in the world what Hong Kong productions are going on now,” Mr. Leung Ka-fai said.

The 67-year-old actor told Reuters that Hong Kong’s film industry was in need of new blood. “We need new generations of directors, new generations of actors and actresses, new generations of script writers, new generations of every part that makes this dream,” he said. — Reuters

DoubleDragon climbs to P1.25B on strong Hotel101 unit sales

HOTEL101GLOBAL.COM

LISTED property developer DoubleDragon Corp. posted a first-quarter attributable net income of P1.25 billion, more than four times last year’s P269.5 million, propelled mainly by a surge in Hotel101 unit sales, particularly from its overseas projects.

The company saw its gross revenue for the January-to-March period more than double to P4.45 billion from P2.05 billion in the same period last year, it said in a disclosure to the stock exchange on Monday.

DoubleDragon said its revenue growth for the period was mainly driven by an increase in Hotel101 unit sales boosted by its Hotel101 overseas projects.

Hotel101 is the flagship brand of Hotel of Asia, Inc., DoubleDragon’s hospitality arm.

Broken down by revenue source, gains from fair value of investment properties logged a total of P1.93 billion; rent income at P964.04 million; real estate sales at P417.35 million; and hotel revenues at P221.23 million.

DoubleDragon’s gross expenses for the first quarter grew 30.43% to P1.8 billion from P1.38 billion in the same period last year.

The property developer said it had surpassed 1.4 million square meters of gross floor area (GFA) of completed recurring-revenue asset portfolio from its hard assets in the country.

DoubleDragon has set its ambition to expand its Hotel101 Global portfolio, which aims to include up to 50,000 rooms in the Philippines and one million rooms across 100 countries.

At the local bourse on Monday, shares in the company closed two centavos, or 0.2% higher, at P10.10 apiece. — Ashley Erika O. Jose

T-bill rates mixed as more BSP cuts loom

BW FILE PHOTO

THE GOVERNMENT made a full award of the Treasury bills it auctioned off on Monday at mixed rates amid expectations of further policy easing by the Bangko Sentral ng Pilipinas (BSP) this year.

The Bureau of the Treasury (BTr) raised P25 billion as planned from the T-bills it auctioned off on Monday as total bids reached P78.388 billion, more than thrice the amount on offer and also higher than the P70.345 billion in tenders recorded on May 13.

Broken down, the Treasury borrowed the programmed P8 billion via the 91-day T-bills on Monday as tenders for the tenor reached P24.1 billion. The three-month paper was quoted at an average rate of 5.515%, 3.1 basis points (bps) lower than the 5.546% seen in the previous auction. Tenders accepted by the BTr carried yields of 5.505% to 5.522%.

The government likewise made a full P8-billion award of the 182-day securities it auctioned off as bids for the paper amounted to P34.328 billion. The average rate of the six-month T-bill was at 5.612%, 3.8 bps below the 5.65% fetched last week, with accepted rates ranging from 5.599% to 5.622%.

Lastly, the Treasury raised P9 billion as planned via the 364-day debt papers as demand for the tenor totaled P19.96 billion. The average rate of the one-year T-bill rose by 4.7 bps to 5.702% from 5.655% previously, with the bids awarded having yields of 5.65% to 5.712%.

At the secondary market before Monday’s auction, the 91-, 182-, and 364-day T-bills were quoted at 5.5126%, 5.6257%, and 5.6996%, respectively, based on the PHP Bloomberg Valuation Service Reference Rates data provided by the Treasury.

The government fully awarded its offering of short-term papers as yields were mostly steady, the first trader said in a text message.

“Only the one-year T-bill’s yield was higher. It looks like investors would rather place their funds in longer tenors to lock in rates rather than the one-year paper,” the trader said.

A second trader said in a phone interview that the T-bill yield movements were mixed as the market is “undecided,” with the one-year debt fetching a higher average rate and lower demand because of the BSP’s dovish outlook.

Still, overall demand was strong, which the second trader said was likely because of the downgrade in the United States’ credit rating.

“There is a chance that foreign investments picked up in the Philippines and other countries,” the trader added.

BSP Governor Eli M. Remolona, Jr. said earlier this month that they are open to cutting rates by a further 75 bps this year amid cooling inflation.

The central bank resumed its easing cycle in April with a 25-bp rate cut, bringing the policy rate to 5.5%. It has now slashed benchmark borrowing costs by a cumulative 100 bps since August last year.

The Monetary Board’s next meeting is scheduled for June 19. Analysts have said that easing inflation and weak economic growth could pave the way for another 25-bp reduction at next month’s review.

Meanwhile, Moody’s downgraded the US sovereign credit rating on Friday due to concerns about the nation’s growing $36-trillion debt pile, in a move that could complicate President Donald J. Trump’s efforts to cut taxes and send ripples through global markets, Reuters reported.

Moody’s first gave the United States its pristine “Aaa” rating in 1919 and is the last of the three major credit agencies to downgrade it.

Friday’s cut by one notch to “Aa1” follows a change in 2023 in the agency’s outlook on the sovereign due to wider fiscal deficits and higher interest payments.

“Successive US administrations and Congress have failed to agree on measures to reverse the trend of large annual fiscal deficits and growing interest costs,” Moody’s said on Friday, as it changed its outlook on the US to “stable” from “negative.”

On Tuesday, the government will offer P30 billion in reissued 10-year Treasury bonds (T-bonds) with a remaining life of nine years and 11 months.

The Treasury is looking to raise P260 billion from the domestic market this month, or P100 billion via T-bills and P160 billion through T-bonds

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

Cannes Film Festival: A look at some of the films this year

CANNES, France — Brazilian filmmaker Kleber Mendonca Filho wanted to explore his childhood memories of life under the country’s military dictatorship and how that time echoes in the present in his Cannes Film Festival competition film The Secret Agent.

“The film opens saying ‘Our story takes place in 1977, a time full of mischief,’ as if something is different today,” the 56-year-old director told Reuters.

It’s “ironic and interesting” that some of the ideas that were left behind during the roughly 50 years between then and now are once again becoming mainstream, he added.

The military ruled Brazil between 1964 and 1985 following a coup d’etat, during which thousands of people were detained and tortured, and hundreds forcibly disappeared, with many being exiled and persecuted.

The Secret Agent, which marks Mendonca Filho’s third time competing for the festival’s Palme d’Or top prize after the gory hit Bacurau and Aquarius, celebrated its premiere on Sunday.

Wagner Moura, who played Pablo Escobar in hit TV series Narcos, stars as Marcelo, a mysterious technology researcher who flees to the coastal city of Recife to lay low during Carnival season. However, he ends up being tailed by hitmen in what industry publication IndieWire called “a vividly textured epic about a man trying to get out.”

DIE, MY LOVE
Actors Robert Pattinson and Jennifer Lawrence, who star in the Cannes Film Festival competition title Die, My Love, reflected on Sunday on the difficulties of the postpartum period and how they brought their own experiences of parenthood to the film.

“There’s not really anything like postpartum. It’s extremely isolating,” Ms. Lawrence, who recently gave birth to her second child, told journalists in the French Riviera resort town.

However, “as a mother, it was really hard to separate what I would do as opposed to what she (her character) would do,” said Ms. Lawrence, who won an Oscar for Silver Linings Playbook in 2013.

Mr. Pattinson and Ms. Lawrence play a couple, Jackson and Grace, who move to a small Montana town and have a child, which puts increasing pressure on their relationship as Grace, a writer, struggles to deal with her new identity as a mother.

“When dealing with a partner going through postpartum or any kind of mental illness or difficulties, trying to deal with her isolation, figuring out what your role is, is difficult, especially if you don’t have the vernacular,” Mr. Pattinson said.

The film, the latest from Scottish director Lynne Ramsay, known for emotionally intense dramas like We Need To Talk About Kevin, received a nine-minute standing ovation at its premiere on Saturday night and has been well-received by critics.

Mr. Pattinson, who gained fame in the Twilight series before both taking on less mainstream titles like The Lighthouse and donning Batman’s suit, said becoming a parent himself last year had reinvigorated him.

“In the most unexpected ways, having a baby gives you the biggest trove of energy and inspiration,” said Mr. Pattinson.

Ms. Lawrence, of the Hunger Games series, said that becoming a parent made her realize that she didn’t know just how much she could feel — “and my job has a lot to do with emotion.”

“I highly recommend having kids if you want to be an actor.”

THE CHRONOLOGY OF WATER
Kristen Stewart said on Saturday that making her directorial debut with The Chronology of Water at the Cannes Film Festival felt like sending a child off to school for the first time.

“I’m so proud of it. It’s like watching your kid go to school,” Ms. Stewart told Reuters the day after her film’s premiere.

“It feels like all of a sudden the things that I’ve wanted to do for just so long happened all at the same time,” said the actor who rose to fame with the Twilight series and received an Oscar nomination for her performance as Britain’s Princess Diana in the film Spencer.

“My head is spinning, but in the best way,” she added.

Her film is adapted from Lidia Yuknavitch’s 2011 memoir of the same name that chronicles the author’s attempt to escape an abusive household through competitive swimming in the 1980s and eventual path to becoming a respected author.

British actor Imogen Poots, known for Green Room and 28 Weeks Later, stars as Yuknavitch in what The Rolling Stone lauded as an “all-or-nothing type of performance.”

“There’s a line in the book that made me want to make it a movie, which is like, ‘Can you hold life and death in the same sentence?’ And that’s what cinema can do,” said Ms. Stewart.

“With this movie, we can just speak to the fact that the things that happen don’t matter as much as how you process those things and define them within your own body,” she added.

Ms. Stewart’s film is competing in the second-tier Un Certain Regard section, where actors Scarlett Johansson and Harris Dickinson are also marking their first time as directors.

The Chronology of Water was met with positive reviews, with Deadline calling it a “raw and intricately constructed take on a biopic” and The Guardian giving it three out of five stars.

EDDINGTON
The premiere of indie director Ari Aster’s latest film, Eddington, attracted a particularly glitzy crowd to the Cannes Film Festival’ s red carpet on Friday night, with Angelina Jolie, Natalie Portman, Pedro Pascal and Joaquin Phoenix in attendance.

Eddington pits Mr. Pascal, who plays a small-town mayor, against Mr. Phoenix’s downbeat sheriff in an election campaign that kicks off as tensions over COVID-19 mask policies and the Black Lives Matter protests were both reaching their apex in 2020.

Industry publication IndieWire gave the film set in the US state of New Mexico top marks, calling it the “first truly modern American Western” while the BBC said the “deranged,” star-studded thriller would leave audiences breathless.

Dune: Part Two star Austin Butler, who plays a new-age guru, and Emma Stone of La La Land, who plays Mr. Phoenix’s wife, were also in Cannes for the film’s premiere on Friday, as were Mr. Phoenix’s partner, Rooney Mara, and actor Harris Dickinson, who is in Cannes to promote his directorial debut Urchin.

Like Mr. Aster’s three other features, Eddington will be released by independent distributor A24 and is set to hit theaters in the United States on July 18.

The new film marks the US director’s second time working with Mr. Phoenix after 2023’s Beau Is Afraid. He made his name as the maker of elevated horror films Hereditary and Midsommar.

A PALE VIEW OF HILLS
Nobel Prize-winning author Kazuo Ishiguro’s first novel, set in post-war Nagasaki and 1980s England, needed to be made into a film while there were still some of Japan’s World War Two generation alive to share their stories, director Kei Ishikawa told Reuters.

“The hurdles were high, but I felt strongly that if I had the chance to make the movie, I should do it now,” Mr. Ishikawa said at the Cannes Film Festival, where A Pale View of Hills is competing in the second-tier Un Certain Regard category.

“In a few years’ time, we might not be able to get to hear their stories, and that weighed heavily on me,” said the Japanese director, whose 2022 film A Man premiered at the Venice Film Festival.

A Pale View of Hills intertwines the central character Etsuko’s memories of life in Nagasaki after the atomic bombing in 1945 with her interactions with her daughter in 1980s Britain.

The film, which stars Suzu Hirose and Yoh Yoshida, premiered on Friday, with The Hollywood Reporter describing it as a Cannes hidden gem.

Mr. Ishiguro, an executive producer on the film, is also in Cannes. Adapting the novel, which he wrote when he was 25, was different from taking his other books, including The Remains of the Day and Never Let Me Go, to the big screen, he told Reuters.

“Not just because it’s so very personal, but because at the time when I wrote the book, it was just 35 years after the end of the Second World War,” the Japanese-born British author said.

Now there have been at least two generations since the one that experienced the war that ended 80 years ago, he said.

“For me, that’s a very special thing. Possibly this is the first time maybe the Japanese people are prepared to look carefully at those experiences,” said Mr. Ishiguro.

He praised Mr. Ishikawa, 47, for making a film that was relevant to younger audiences from what he called an “apprentice book.”

“He’s made the movie really for today’s audience, for his generation and the generation actually even younger than him,” said Mr. Ishiguro, who won the Nobel Prize for Literature in 2017.

Director Ishikawa said he hoped the film would also alter foreign perceptions of Japanese women, who “are often seen as demure, walking a step behind their husbands.”

But that’s not the case at all, he said.

“There were definitely such strong women in that era,” he said.

“We’ve made this film from our own lived experiences and I believe that if many people see it, it could really refresh the image of Japan itself.”

NOUVELLE VAGUE
Acclaimed US director Richard Linklater initially thought his film about the French New Wave movement, Nouvelle Vague, would never be shown at theaters in France due to his nationality, he told journalists at the Cannes Film Festival.

“Ten years ago, when we were thinking about this movie, I’m not kidding, at the time I said I imagine a film with subtitles. And I thought, they’ll hate that an American director did it,” he said on Sunday, a day after the film’s red carpet premiere.

“We’ll show it all over the world, but never in France, because they’ll just hate it,” the director of Boyhood and Before Sunset recalled in the French Riviera resort town. “But as I got closer to it and I found enthusiastic partners, I realized how much it meant to them,” he said.

Nouvelle Vague, shot in a black-and-white 4:3 format with all the actors speaking in French, follows director Jean-Luc Godard, arguably one of the most influential filmmakers of his generation, in the making of the seminal 1960 film Breathless.

French actor Guillaume Marbeck plays Godard, while Zoey Deutch and Aubry Dullin play the iconic duo Jean Seberg and Jean-Paul Belmondo, respectively.

The making of the film was well-documented, which allowed Mr. Linklater to faithfully re-enact the 20-day shoot: “We had the camera notes, we had the reports. I never knew more about a film that I didn’t make,” he said.

The Oscar-nominated filmmaker, who shot Nouvelle Vague in France, also expressed his admiration for the French film industry and its focus on taking care of the sector.

“The US could use a little bit of that,” Mr. Linklater said, adding that he didn’t think US President J. Donald J. Trump’s proposed tariffs on foreign-made films would come into force.

“That’s not going to happen, right? The guy changes his mind like 50 times in one day,” Mr. Linklater said about Mr. Trump. — Reuters

First Gen acquires Pi Energy shares in P1-B deal with First Philippine Holdings

FIRSTGEN.COM.PH

LOPEZ-LED First Philippine Holdings Corp. (FPH) sold its shares in Pi Energy, Inc., its energy solutions platform, to its power generation arm, First Gen Corp., for P1.006 billion.

In separate disclosures, FPH and First Gen said they executed a deed of assignment for the purchase of 210,330 common shares at P1 each and 2.78 million preferred shares at P361.873 each in Pi Energy.

The purchase of common shares and preferred shares amounted to P210,330 and P1.006 billion, respectively.

“Given that FGEN is the FPH Group’s platform for delivering value-added and decarbonization solutions, the transfer of Pi Energy to FGEN aligns with the group’s efforts to streamline its business holdings and better manage its portfolio,” the companies said.

Pi Energy provides customers with energy solutions through a range of products and services such as microgrids, solar rooftops, energy audits, remote energy monitoring, and energy efficiency, among others.

“This transaction is expected to generate synergies and value-accretive returns for FGEN’s shareholders,” the companies said.

Pi Energy has helped First Gen and its partners deliver energy solutions such as remote energy monitoring systems, allowing companies to track their energy consumption in real time.

First Gen has a total of 3,668 megawatts of combined capacity from its portfolio of plants that run on geothermal, wind, hydro, solar energy, and natural gas.

For the first quarter, First Gen saw its attributable net income climb 4.4% to $82.3 million, driven by lower operating expenses.

Revenues declined 2.2% to $583.3 million due to lower electricity sales volumes across the natural gas and geothermal platforms.

At the local bourse on Monday, shares in the company rose 0.24% to P16.54 each. — Sheldeen Joy Talavera

Insurance industry’s premiums rise by 14.41% in Q1

PHILSTAR FILE PHOTO

THE PHILIPPINE insurance industry saw its combined premiums increase by 14.41% year on year in the first quarter, driven by both the life and nonlife sectors.

The combined premiums of life and nonlife insurers and mutual benefit associations (MBA) climbed to P124.17 billion in the three months ended March from P108.53 billion a year prior, according to data posted on the Insurance Commission’s (IC) website based on the submissions of 127 out of 129 licensed companies.

This led to a 7.09% increase in the industry’s net income to P15.3 billion from P14.29 billion. Its net worth also rose by 8.6% year on year to P497.23 billion.

Total paid-up capital and guaranty fund went up by 1.82% to P86.21 billion.

The industry’s combined assets expanded by 4.13% to P2.48 trillion at end-March from P2.38 trillion a year prior. Of this, invested assets were at P2.19 trillion, up by 3.44% from P2.12 trillion.

Liabilities also increased by 3.06% year on year to P1.98 trillion.

Meanwhile, benefit payouts or losses incurred inched down to P38.86 billion from P39.25 billion.

Insurance penetration — or premium volume as a share of gross domestic product (GDP), which shows the contribution of the industry to the economy — inched up to 1.89% as of March from 1.78% a year prior.

Insurance density — or the amount of premium per capita, which reflects the average spending of each individual on insurance — increased by 13.4% to P1,094.94 from P965.56.

LIFE INSURANCE
Broken down, the life insurance industry’s premium income rose by 13.96% year on year to P99.9 billion in the first quarter from P87.66 billion, according to IC data based on the submissions of 32 of 33 licensed companies.

The bulk of the total were variable life premiums, which grew by 22.78% to P67.6 billion in the period.

Meanwhile, traditional life premiums slipped by 0.93% to P32.3 billion. By line of business, ordinary, accidental, and health premiums decreased by 2.07%, 19.38%, and 10.55% to P18.11 billion, P608.1 million, and P5.29 billion, respectively, while group and industrial premiums increased by 11.43% to P8.29 billion.

Life insurers’ new business annual premium equivalent increased by 12.92% to P18.86 billion in the first quarter from P16.71 billion.

The sector’s net income also rose by 12.22% to P10.83 billion from P9.65 billion a year ago, while total net worth went up by 10% to P290.05 billion.

Total assets rose by 3.58% to P1.93 trillion as of end-March, with invested assets climbing by 3.17% to P1.86 trillion.

Liabilities also increased by 2.52% to P1.64 trillion.

The life sector’s total paid-up capital with available cash assets inched up by 1% to P35.26 billion as of March.

Meanwhile, total life benefit payments decreased by 7.24% to P28.95 billion in the period.

NONLIFE INSURANCE
For its part, the nonlife insurance sector’s total premiums earned rose by 19.19% year on year to P18.8 billion in the first quarter from P15.78 billion a year ago, IC data based on the submissions of 56 out of 57 licensed companies.

Net premiums written increased by 19.35% to P20.27 billion in the period, while gross premiums written went up by 19.13% to P33.6 billion.

By line of business, motor insurance was the biggest contributor to the sector’s net premiums written with P7.97 billion, up by 11.1% year on year. This was followed by fire with P3.81 billion (up 21.91%). Rounding out the top three was other casualty policies with P2.32 billion (up 23.8%).

The nonlife sector’s net income increased by 14.63% to P2.89 billion in the first quarter from P2.52 billion a year prior. Total net worth went up by 6.3% to P139.87 billion.

Its combined assets climbed by 4.88% to P381.66 billion as of March. Invested assets went up by 4.95% year on year to P187.29 billion.

Total liabilities also rose by 4.08% to P241.79 billion.

The sector’s paid-up capital went up by 2.35% to P49.66 billion at end-March.

Meanwhile, total losses incurred rose by 27.1% to P7.9 billion from P6.23 billion.

MUTUAL BENEFIT ASSOCIATIONS
Lastly, the total contributions or premiums of MBAs rose by 2.89% year on year to P3.99 billion in the three months ended March from P3.88 billion, IC data from the submissions of all 39 licensed companies showed.

The sector’s combined assets increased by 9.04% to P166.38 billion in the first quarter from P152.53 billion a year ago, with total invested assets rising by 5.07% to P146.33 billion.

Total liabilities also rose by 10.08% to P99.06 billion as of March.

MBAs’ combined fund balance grew by 7.54% to P67.32 billion. Total guaranty fund also increased by 4.02% to P1.29 billion.

Meanwhile, total benefit payments and expenses went up by 9.83% to P1.98 billion in the first quarter.

MBAs’ net surplus decreased by 25.21% to P1.59 billion in the period from P2.12 billion a year ago. — Aaron Michael C. Sy

Entertainment News (05/20/25)


Spotify’s AI Playlist available in the Philippines

THE beta version of Spotify’s AI Playlist is now available for Premium users in the Philippines. It allows users to create playlists with the goal of finding music that fits any mood or moment in an instant. They do this through prompts, like “high-energy electropop that takes me to another world” or “workout music to make my ex jealous.” It is now available to Premium users in the Philippines.


K-drama’s Ahn Hyo Seop now in Madame Tussauds HK

K-DRAMA actor Ahn Hyo Seop is the latest Korean star to be immortalized in wax at Madame Tussauds Hong Kong (HK). Fans can now see his lifelike figure, styled in his chief executive officer look from A Business Proposal. The figure wears the original suit worn by Mr. Ahn for the show. It is on view in the K-Wave Zone. There is also a light stick display, done in partnership with the Korean Cultural Center in Hong Kong, on view until Aug. 22.


The Dawn returns with a brand new single

FILIPINO alternative rock trailblazers The Dawn have released a new single titled “Sa’n Ka Pupunta,” out now on Sony Music Entertainment. Known for their evolving musicality and lyrical depth, the band delivers an emotionally charged anthem that speaks to the silent battles people face in an uncertain, often overwhelming world. It is out now on all digital music streaming platforms.


TV5 rolls out new weekend lineup, primetime block

TV5’s NEW lineup was rolled out over the weekend. It includes Emojination, back for a 5th season, where emoji-filled laughter takes over every Saturday at 5:30 p.m. Sing Galing, a videoke game show, now airs twice a week in its new timeslot at 6:15 p.m. on Saturdays and 6:30 p.m. on Sundays. TV5 also launched a refreshed early evening primetime block that starts at 5:30 p.m. with Una sa Lahat, a news program led by journalist Jiggy Manicad, and then the primetime newscast Frontline Pilipinas. At 6:45 p.m., the digital youth series Ang Mutya ng Section E comes on, with breakout stars Ashtine Olviga, Andres Muhlach, and Rabin Angeles.


Wolf Alice releases new single, touts 4th album

BRITISH BAND Wolf Alice is back with a new single, “Bloom Baby Bloom.” They also announced that their fourth studio album, The Clearing, will drop on Aug. 29 under Sony Music. Written in Seven Sisters and recorded in LA with Grammy-winning producer Greg Kurstin last year, the album is teased by the new single, which is a heavy rock song with a rolling bass riff. “Bloom Baby Bloom” is out now on all digital music streaming platforms.


The Bear, Alien: Earth release dates announced

THE release dates of Disney+ hit series have been unveiled. First is the FX culinary drama The Bear, set to come out on June 26. Christopher Storer’s Emmy-winning hit show will drop all 10 episodes on the premiere. Meanwhile, the sci-fi drama series Alien: Earth is slated to be released on Aug. 13. Inspired by the acclaimed feature film franchise and created for television by Noah Hawley, the show will premiere its first two episodes, with one episode following each week subsequently. Both shows will be exclusively on Disney+.


Jessie J drops new single

MULTI-PLATINUM selling artist Jessie J has released her brand-new single, “Living My Best Life,” out now via Darco Artist Partnerships. The feel-good anthem, produced by Ryan Tedder, is a celebration of positivity and joy. It marks Jessie J’s cheerful return, inspired by driving through LA, with the best of Whitney and Prince on her playlist. “Living My Best Life” is out now on all digital music streaming platforms.


Travel Madness Expo 2025 set for July

THE biggest travel and trade fair, Travel Madness Expo, will be held from July 11 to 13. It will offer travel deals for destinations both local and international. There will be cultural performances, food tastings, raffles, and giveaways in store. The expo will take place in Halls 1 to 4 on the ground floor of the SMX Convention Center in Mall of Asia, Pasay City. Offerings span discounted airfares, package tours, and low rates for resorts and hotels. Participating agencies will offer a three-month extension for buy-now, pay-later travel packages. The expo is supported by local and national tourism organizations, travel authorities, and various stakeholders in the travel industry, represented by 250 companies in total.


Babyface’s concert coming to Manila

OVATION Productions has announced that Grammy Award-winning artist Babyface will be having a concert on July 14, dubbed BABYFACE Greatest Hits Concert Live in Manila. He has written and produced hits for artists like Boyz II Men, Eric Clapton, Madonna, Beyonce, Bruno Mars, Ariana Grande, Celine Dion, and countless others. He will be performing many of these hits live. Tickets are now on sale at SM Ticket outlets.