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Maya taps BillEase for BNPL service

MAYA GROUP has partnered with consumer finance app BillEase to make its buy now, pay later (BNPL) service available across its financial technology ecosystem.

BillEase’s BNPL feature is now available through Maya Business via its payment gateway and point-of-sale (POS) terminals. Customers can avail of the service by selecting BillEase when transacting and checking out at Maya-powered merchants online and in-store.

They can also scan a QR Ph code and split their purchases into installments without a credit card using BillEase’s app.

“This partnership gives merchants and their customers a seamless and flexible way to pay. By adding the BillEase option into our payment channels and leveraging QR Ph, we are helping businesses expand financial access and drive more sales through flexible payment options,” Maya Head of Enterprise Pete Cruz said.

“With this integration, retailers and merchants using Maya’s payment solutions can now offer our installment option, making purchases more affordable and accessible. We are able to provide a BNPL experience that enables more Filipinos to access flexible payment options without requiring a credit card,” BillEase POS Product Head Kurt Molina said.

Transactions up to P2,000 are eligible for 0% interest if paid within one month, while larger purchases can be split over longer terms with low rates.

Maya Innovations Holdings, Pte. Ltd., formerly Voyager Innovations Holdings, Pte. Ltd., is the parent holding company of Maya Philippines, Inc. and Maya Bank, Inc.

Maya Philippines, which powers the digital wallet and payment services within the Maya app, is registered with the Bangko Sentral ng Pilipinas (BSP) as an electronic money issuer, remittance and transfer company, operator of payment system, and virtual asset services provider.

Meanwhile, Maya Bank is one of the six BSP-licensed digital banks in the country.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — A.M.C. Sy

What CEOs can learn about legacy from the Pope

CATHOLIC CHURCH ENGLAND AND WALES/FLICKR

By Gautam Mukunda

I’M NOT CATHOLIC, but when I think about the church’s almost 2,000 years of continuity, I feel awe bordering on the religious. Measured by length or impact, the papacy stands alone. But however unique it might be, it is still a leadership position. We can use what we’ve learned about leadership in other domains to illuminate what Leo XIV might mean for the church and the world. At the same time, the papal transition offers its own lessons for leaders — especially those looking to secure their legacies for the long-term.

Although most analyses of the new pope predict that he will be a figure of continuity who is less likely to make changes than his predecessor, leadership theories disagree, suggesting that he will likely leave a major individual imprint on the church.

In my books Indispensable and Picking Presidents, I tried to answer a question that has engaged scholars going back to Plato: Do leaders matter? The Scottish historian Thomas Carlyle once proclaimed that “The history of the world is but the biography of great men.” Even setting aside the sexism, it’s easy to dismiss this simplistic view of the world. From Karl Marx to modern social scientists, there are plenty of people who argue that history is the product of large forces, not individual choices.

My research reveals that both beliefs offer insights. Most large and powerful organizations — including the Catholic Church — select leaders by evaluating a pool of candidates over a period of years, or even decades. This process filters out unsuitable contenders, leaving the finalists highly competent, but often fungible, so that the individual impact of whoever finally gets the job is low. Think of virtually any Goldman Sachs CEO or McKinsey managing partner; I don’t need to name names because the institutions are more important than the individuals who lead them. I call these highly filtered leaders — they generally perform well but are rarely exceptional.

But if the elites who do the choosing don’t have enough information to fully vet the candidates, an unfiltered leader can get the job. It can happen for any number of reasons: The organization can pick an outsider, or someone inherits the role, or an accident or scandal eliminates all other hopefuls. Perhaps the most common path is when all the major contenders are deadlocked, opening the door for someone who would otherwise have been filtered out.

And unfiltered leaders, precisely because they have not been fully evaluated, can be very different from anyone else who might have held the job in the past. As a result, they can make unique, high-impact choices no one else would make. This means unfiltered leaders tend to be very high variance in performance — they are either very good or very bad, but they are rarely boring. And they are the rare individuals who really can make history. Think Abraham Lincoln, Barack Obama, or Donald Trump in the presidency, or Steve Jobs (Apple, Inc.), Sam Bankman-Fried (FTX), or Alan Mulally (Ford Motor Co.) in business.

Applying these ideas to the papacy is difficult because of the exceptional secrecy surrounding the election process. What we do know is that no modern pope would be considered unfiltered by the standard of almost any other organization. To the extent one can be, however, Leo XIV is.

Going into the conclave, Cardinal Robert Francis Prevost was not considered a major contender. (By definition, not being a favorite means he wasn’t seen as fitting the traditional mold for the job.) Second, because he only became a cardinal in 2023, he had spent little time at the uppermost reaches of the church, where he could be closely evaluated by his peers. Third, the cardinals who elected the next pope were themselves mostly new to the job; 108 of the 133 voting members were named by Francis and voting in their first conclave. Many are from Latin America, Asia, and Africa — far from the Vatican and the opportunity to get to know the contenders and compare notes.

Pope Francis, by contrast, had been a cardinal for 12 years, and is rumored to have come in second in the previous papal election. He was widely considered a leading candidate and was elected by a conclave made up of cardinals still concentrated in Europe, nearly half of whom had voted in the previous election. And by the standards of the Catholic Church, his career in Latin America still makes him less filtered than most popes.

So how did Robert Prevost become Leo XIV? Because Francis clearly wanted to make sure that his vision of the church continued. He installed Prevost as prefect of the Dicastery for Bishops, the office responsible for selecting and managing bishops, which gave him the chance to build support from current and future cardinals. Francis met with Prevost every week and praised him to other church leaders. And he appointed the cardinals who took only two days to elect Prevost as his successor. Francis, in other words, put his stamp on how the Catholic Church selected its next generation of leaders both directly through his own appointments and indirectly via Prevost, his protégé.

A leader of any kind of organization who, like Francis, wishes to ensure that their legacy continues, should seek to emulate his example. Businesses don’t have cardinals or conclaves, but they do have their own people and processes for choosing the next generation. Put your stamp on them now, and your vision may continue long beyond your time in the boardroom or corner office.

BLOOMBERG OPINION

Bono debuts AppleTV+ documentary at Cannes, criticizes US aid cuts

CANNES, France — For Bono, the U2 frontman used to performing at sold-out arenas, being without his bandmates on a sparsely decorated stage for his one-man show, now subject of the new AppleTV+ documentary Bono: Stories of Surrender, feels unfamiliar.

“You come from 250 Mack Trucks to a table and chairs. But that’s the attraction of it for me,” Bono told Reuters ahead of the documentary’s premiere at the Cannes Film Festival on Friday.

The black-and-white film is based on Bono’s memoir, Surrender: 40 Songs, One Story and accompanying tour, where the Irish rock star reflects on fatherhood, religion, death, politics, and his band’s some five decades of performing.

The documentary, which can be streamed from May 30, is the first feature-length film that can be watched in Apple Immersive Video with the company’s Vision Pro wearable headset device.

“It’s a story about fathers. It’s my relationship with my actual father. It’s my life as a father,” he said.

“And then it’s this relationship with my Father in heaven, whatever you want to call that force of love and logic behind the universe.”

AID WORK
Bono, who has long campaigned for debt relief, aid and better trade for Africa, said that he thought of his father’s voice when he looked back at the 1985 Live Aid charity concert for Ethiopian famine relief that was also pivotal to launching U2 into superstar territory.

“My father would say, ‘If the world was just, you wouldn’t need charity.’ So we had to push through Live Aid,” said the singer about the event organized by rockers Bob Geldof and Midge Ure that raised hundreds of millions of dollars.

Bono said that US President Donald J. Trump and Elon Musk, the world’s richest man, are squandering the potential of millions of people by making huge cuts to US foreign aid spending, “with glee it would appear.”

It was unwise policy as well as “the definition of the absence of love,” added the singer. — Reuters

Philippines: Balance of Payments (BoP) Position

THE PHILIPPINES’ balance of payments (BoP) deficit widened further in April as the government paid back its external debt, data from the Bangko Sentral ng Pilipinas (BSP) showed. Read the full story.

Philippines: Balance of Payments (BoP) Position

Early 2025 signals shift in office market trajectory — Colliers PHL

COLLIERS.COM

FOLLOWING a subdued performance in 2024, the Philippine office market posted a notable rebound in the first three months of 2025. The immediate recovery reflects a resurgence in occupier activity, signaling renewed confidence across key sectors. While external headwinds may persist in the coming months, current indicators suggest that the market has regained its footing and is positioned to build on this momentum.

EARLY GAINS IN Q1 2025
Office leasing saw a strong rebound post-US election, with 237,600 square meters (sq.m.) of office deals recorded in Q1 2025 — marking a 66% quarter-on-quarter (QoQ) and 15% year-on-year (YoY). This mirrors the historical trend we’ve consistently observed: net demand typically recovers by around 40% in the quarter immediately following the US election period.

More than 60% of office deals were driven by traditional firms, followed by third party outsourcing and shared services. A closer look at traditional occupiers reveals a diverse mix of industries actively securing office space — from government and banking institutions to logistics, transportation, and flexible workspace providers. This diversity underscores that demand is no longer concentrated within the outsourcing sector alone and all types of occupiers are in the market looking for office spaces.

At the submarket level, Fort Bonifacio led in transaction volume, overtaking the Bay Area, which fell to sixth place. Much of the activity in Fort Bonifacio was driven by new entrants and the expansion of outsourcing firms, signaling its continued appeal. Makati Central Business District (CBD) posted the largest gains among major business districts, doubling its leasing activity QoQ despite limited space availability. In the provinces, demand remained steady, with Cebu, Pampanga, and Davao sustaining interest — particularly among business process outsourcing firms looking to expand outside Metro Manila.

PRE-LEASING MAKES A COMEBACK
An estimated 612,000 sq.m. of new office supply is expected to be delivered in 2025, with more than half concentrated in Quezon City, Bay Area, and the Makati Fringe. While vacancy is projected to remain elevated, a shift in occupier behavior is emerging. Interest in future-ready buildings has driven the return of pre-leasing activity — the first major movement of its kind in 36 months. As of Q1 2025, approximately 10% of new buildings scheduled for completion this year have been pre-leased. Though still below the pre-pandemic and pre-POGO average of 20%, this development signals a renewed sense of business confidence in the sector.

Given this shift, occupiers are encouraged to consider securing office spaces in buildings that are still under construction. By doing so, they can access prime locations at favorable terms and enjoy the added benefit of being first movers. As anchor tenants in these developments, they can align the building’s design with their specific workplace needs, securing a long-term advantage in the market.

RETAINED FORECASTS, MAKATI CBD A LANDLORD’S MARKET IN 2026
Our full-year vacancy forecast remains unchanged, as macro headwinds — including trade tensions and geopolitical risks — continue to pose challenges for the office market. Additionally, the substantial volume of new supply scheduled for completion this year will exert additional pressure on vacancy rates, particularly in submarkets such as Bay Area, Alabang and Makati Fringe which were exposed to Philippine offshore gaming operators (POGOs). Despite these challenges, Q1’s strong performance provides optimism that leasing activity will remain steady, particularly in the capital region.

In contrast to the broader market trends, Makati CBD exhibits a distinct trend with its vacancy rate currently at 7.2% — the lowest among all submarkets in the capital. If this momentum continues, the business district is expected to enter a landlord’s market as early as 2026. This shift will be driven by minimal new supply over the next three years, which may leave occupiers with large or contiguous space requirements facing fewer available options in a high-demand area. While several bank headquarters are slated for redevelopment and are expected to come online starting 2029, this gap in supply may result in a protracted landlord’s market — unless portions of these upcoming HQ developments are opened to the market.

OUTLOOK FOR 2025
Despite a seemingly cautious outlook, Metro Manila’s office market is showing early signs of recovery beneath the surface. Tenant-favorable conditions are expected to persist, varying by submarket, building performance, and developer portfolio. While recurrent headwinds may continue to impact the office sector indirectly, leasing activity has remained steady, reinforcing the view that the 2024 slowdown was a temporary setback. We remain optimistic that the early gains observed in the first quarter will set the pace for the rest of the year, paving the way for a more stable and dynamic office market moving forward.

 

Kevin Jara is director and head, and Kath Taburada is senior market analyst, both in Colliers Philippines’ Office Services – Tenant Representation team.

FILRT leases nearly 2,000-sq.m. office space to US-based Pinnacle Intelligence in Alabang

FILINVEST.COM

FILINVEST REIT CORP. (FILRT) secured a new tenant after US-based business process outsourcing (BPO) firm Pinnacle Intelligence, Inc. leased nearly 2,000 square meters of office space at its Filinvest Two building in Filinvest City, Alabang.

Pinnacle will establish its first office in the Philippines at Northgate Cyberzone, FILRT said in a stock exchange disclosure on Monday.

“It is our privilege to have Pinnacle Intelligence, Inc. join FILRT’s Northgate Cyberzone as they establish and grow their operations within this dynamic business hub,” said FILRT President and Chief Executive Officer Maricel Brion-Lirio.

Pinnacle provides customer and contact services support for automotive dealerships.

FILRT described Filinvest Two as a grade-A office property, part of its portfolio of top-tier commercial properties in prime business locations. The building is powered by renewable energy and offers sustainability-focused office spaces.

“Their decision to locate here highlights the strength of our sustainable office developments in supporting businesses that prioritize efficiency, growth, and a forward-thinking work environment,” Ms. Brion-Lirio said.

In the first quarter, FILRT’s attributable net income rose slightly by 0.03% to P303.75 million from P303.66 million a year earlier.

Gross revenue increased 9.23% to P720.98 million from P660.05 million in the same period.

Shares in FILRT rose 0.31% to close at P3.20 on Monday. — Ashley Erika O. Jose

BanKo partners with ECPay to expand touchpoints

FROM left to right: BanKo Physical Channels Head Myke Abad and President Rod Mabiasen, Jr. with ECPay Portfolio Management & Acquisition Head Jason Manuel and Account Officer James Leung — BANK OF THE PHILIPPINE ISLANDS

BPI Direct BanKo, Inc., A Savings Bank, the microfinance arm of listed Bank of the Philippine Islands (BPI), has partnered with Electronic Commerce Payments Inc. (ECPay) to help increase access to financial services for microentrepreneurs and underserved communities.

“This collaboration strengthens BanKo’s efforts to promote financial inclusion by tapping into ECPay’s robust payment network,” BPI said in a statement on Monday.

Through the partnership, BanKo clients can make loan payments at over 300,000 over-the-counter partner locations nationwide, including pawnshops, convenience stores, malls, sari-sari stores, supermarkets, and remittance centers.

They can also access ECPay services through its 1,314 kiosks nationwide, as well as over 10,000 non-ECPay self-service kiosks.

BPI said this will expand available touchpoints for transactions with more than 100 digital collection partners.

“Our partnership with ECPay allows us to bring essential financial services even closer to everyday Filipinos — especially the self-employed micro-entrepreneurs. With ECPay’s wide network, it’s now even more convenient for our clients to settle their loans on time. By making payments easier and more accessible, we’re helping them stay on track financially…,” BanKo President Rodolfo K. Mabiasen, Jr. said.

“We are proud to partner with BanKo in advancing financial inclusion across the country. By connecting BanKo’s services to our extensive payment network, we are helping to bridge the gap between traditional banking and underserved communities. This collaboration is a step forward in making financial services more accessible, convenient, and impactful for millions of Filipinos,” ECPay President and Chief Executive Officer Ma. Patricia de la Fuente-Pascual said.

BPI’s net income increased by 9% year on year to P16.6 billion in the first quarter.

Its shares closed unchanged at P135.90 apiece on Monday. — A.M.C. Sy

Raising generation kWh per capita, not renewables

Last week, on May 15, I attended the press conference of the Department of Energy (DoE) presided by Energy Secretary Raphael P.M. Lotilla. While the good secretary discussed many things, from EPIRA to energy mix and diversification, gas, hydrogen, nuclear and renewable energy (RE), and universal charge for missionary electrification (UC-ME), I noticed that two topics kept popping up — the targeted generation mix towards more RE, and electricity prices.

During the question-and-answer section, I suggested that instead of targeting X percent of RE by 2050 or so, we should target to raise our low power generation, from 1,000+ kilowatt hours (kWh) per capita in 2023 to 1,500, then 2,000 kWh per capita, and so on.

I computed the total power generation per capita and that generated by coal in 2023. While the Philippines only produced 1,054 kWh per capita, Indonesia produced 1,264 kWh, Vietnam produced 2,756 kWh, Malaysia produced 5,674 kWh, China produced 6,700 kWh, and Taiwan produced 12,109 kWh per capita (see Table 1).

That means we should be agnostic when it comes to the source of energy — we should just increase generation from all sources and technology every year, and thus stop the yellow-red alerts (if not actual blackouts) that occur yearly, especially in the provinces.

When it comes to electricity prices, people tend to exaggerate the nominal prices and fail to consider the effects of the inflation rate, even the rise in their income including minimum wage earners. So, to look at this, I converted nominal and current prices into real prices by deflating the nominal with the consumer price index (CPI) from the Philippine Statistics Authority. I got the Meralco rates for April which were reflected as May billing period, and compared it with the CPI for April. The latest available data for the CPI is from April.

The results show a fluctuation of prices, not “ever-rising” or “consistently rising” real prices. The overall rate (for 200 kWh/month consumers) was P8.83/kWh in 2019 to P6.97 in 2021 to P8.41 in 2023, and P9.63 this year (see Table 2).

There are many factors for the rise or decline of electricity prices, like the cost of fuel (oil, coal, gas), the appreciation or depreciation of the peso-dollar exchange rate, taxes, UC-ME, the feed-in tariff allowance (FIT-All) for RE, and so on. For the rest of 2025, it looks like P12/kWh nominal prices will stay.

Meanwhile, I read this headline on the National Electrification Administration (NEA) website: “Nearly P2 billion worth of loans granted to 36 electric cooperatives in 2024 — NEA.” I think it further confirms that NEA is a wasteful government agency that needs endless and yearly subsidies from taxpayers.

I checked data on the Department of Budget and Management’s Budget of Expenditures and Sources of Financing (BESF), 2022-2025, Table B.9. Here are the NEA’s subsidies from taxpayers through the years: P12.87 billion in 2020, P2.62 billion in 2021, P2.10 billion in 2022, P2.26 billion in 2023, P3.02 billion in 2024, and it requested P2.62 billion in 2025. The subsidies, on average, are larger than DoE’s annual budget, which went from P1.32 billion in 2020 to P2.61 billion in 2024. And the subsidies are at least three times the Energy Regulatory Commission’s (ERC) annual budget of P0.58 billion to P0.97 billion from 2020-2025.

Aside from the endless subsidies for electric cooperatives (EC) and the NEA, many of the cooperatives are highly inefficient compared to private distribution utilities (DUs) like Meralco. Two indicators demonstrate this — the System Average Interruption Duration Index (SAIDI) measured in minutes in a year, and the System Average Interruption Frequency Index (SAIFI), which is how many times in a year there are power interruptions. The lower the indices, the better, the more stable the power supply is.

Three situations are considered: Scheduled maintenance; Power supply or grid-related outages like supply deficiency, plant tripping, transmission maintenance, etc.; and All Others which are things like vehicles hitting poles, etc.

For Scheduled maintenance, in 2023, Meralco’s SAIDI was 51 minutes while Batangas EC (BATELEC) 1’s was 257 minutes (or over four hours) and BATELEC 2’s was 1,386 minutes (23 hours). For Power supply, Meralco’s SAIDI was 26 minutes while BATELEC 1’s was 2,676 minutes (47 hours) and BATELEC 2’s was 1,819 minutes or 30 hours, (see Table 3).

The price per kWh may be similar between ECs and private DUs but the frequency and duration of blackouts by many ECs is horrible for consumers.

I still believe that all electric cooperatives should become corporations, their finance and governance monitored by the Securities and Exchange Commission and not the NEA. And the NEA should go.

 

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

minimalgovernment@gmail.com

‘Criminal’: Elton John condemns UK’s AI copyright plans

Elton John’s latest album is a collaboration with Brandi Carlile. — AMAZON.COM

LONDON — Elton John on Sunday accused the British government of “committing theft” by proposing that tech firms could train artificial intelligence (AI) models on the UK’s music and creative output without guaranteeing proper recompense.

Creative industries globally are grappling with the legal and ethical implications of AI models that can produce their own work after being trained on existing material.

Britain, which Prime Minister Keir Starmer wants to become an AI superpower, has proposed relaxing copyright laws to allow AI developers to train their models on any material to which they have lawful access. The proposal would require creators to proactively opt out to stop their work from being used.

The biggest names in the industry, including Mr. John, Paul McCartney, Andrew Lloyd Webber, Ed Sheeran, and others, have urged the government to change course, saying the proposal will make it even harder for young people to make a living in the creative industries.

“The danger is for young artists, they haven’t got the resources to keep checking or fight big tech,” Mr. John told the BBC. “It’s criminal and I feel incredibly betrayed.”

“A machine… doesn’t have a soul, doesn’t have a heart, it doesn’t have human feeling, it doesn’t have passion. Human beings, when they create something, are doing it… to bring pleasure to lots of people,” he said.

Mr. John has sold more than 300 million records over a six-decade career. A supporter of Mr. Starmer’s Labor Party, he said he had always sought to support young artists and would continue to fight against the changes.

The government says it is seeking a solution that will enable creative industries and AI companies to flourish.

It said on Sunday it was consulting on measures, would publish an assessment on the economic impact of any move, and will not sign off on anything unless it is “completely satisfied they work for creators.”

Britain has long outperformed in the creative industries, with thousands employed in sectors including theater, film, advertising, publishing, and music. — Reuters

Costa del Hamilo invests over P3B in first phase of M Village

HAMILOCOAST.COM

COSTA DEL HAMILO, Inc. (CDHI), a subsidiary of SM Prime Holdings, Inc., said it has invested over P3 billion in developing the first phase of M Village in Hamilo Coast.

In an e-mail to BusinessWorld, CDHI Senior Vice-President and Head Imee G. Francisco said about 30% of the 177 lots in the project have already been sold.

M Village is the first residential community in Marina Estates, a beachside resort community in Hamilo Coast.

The development is located in Papaya Cove, Nasugbu, Batangas, and is scheduled for completion by December 2028.

The 29-hectare residential development features lots ranging from 301 to 705 square meters.

It showcases modern tropical architecture designed with input from Wimberly Allison Tong & Goo (WATG Singapore), Joel Luna Planning and Design, and H1 Architecture.

Amenities include a modern clubhouse, adult and kiddie swimming pools, children’s play areas, meditation gardens, and scenic parks for leisurely strolls, biking, and picnics.

Lot prices start at P14.4 million for 301 square meters, inclusive of value-added tax.

Ms. Francisco also said about 70% of units in Pico Terraces, a multi-tower residential development in Hamilo Coast, have been sold.

The P2-billion condominium project offers 211 units with one-, two-, and three-bedroom configurations.

Construction of the first two towers, Ardea Suites and Balea Suites, is expected to be completed in the first and fourth quarters of 2027, respectively.

The company has yet to announce the construction timeline for two additional towers that are part of the development.

According to Ms. Francisco, demand for Pico Terraces units is driven by individuals and families seeking properties that blend luxury, wellness, and nature.

“These buyers often lead fast-paced urban lives and seek leisure-focused second homes or investment properties in exclusive, master-planned communities.”

On Monday, shares of SM Prime declined 2.63% or 65 centavos to close at P24.10. — Beatriz Marie D. Cruz

SMC draws $23M for Bulacan airport, P4.5B for MRT-7

SAN MIGUEL CORP.

SAN MIGUEL Corp. (SMC) has drawn $23 million from its existing $2.165-billion loan facility to finance land development for the Bulacan International Airport project, also known as the New Manila International Airport (NMIA).

The P740-billion airport project, which SMC is developing through San Miguel Aerocity Inc., covers 2,500 hectares in Bulacan province and aims to establish a world-class aerotropolis capable of handling 100 million passengers annually, the company told the stock exchange.

Development work is expected to commence in 2025 or early 2026.

SMC previously announced that the airport’s commercial operations have been delayed to 2028 due to construction setbacks, including a shortage of fill sand.

Additionally, SMC’s subsidiary SMC Mass Rail Transit 7, Inc. has secured a P4.5-billion loan from the P100-billion Omnibus Loan and Security Agreement (OLSA) signed in 2023 to fund the Metro Rail Transit Line 7 (MRT-7) project.

In April, SMC MRT-7 Corp. entered into an operations and maintenance agreement with Korea Railroad Corp. to expedite MRT-7’s development, with full completion targeted by 2026.

Under a 25-year concession agreement with the government, SMC MRT-7 holds the rights to build, operate, and maintain the 23-kilometer commuter rail system running from Quezon City to San Jose del Monte.

The line will feature 14 stations and is projected to carry 300,000 passengers daily in its first year, scaling up to 850,000 passengers by its 12th year.

For the first quarter of 2025, SMC reported a net income of P43.4 billion, up from P8.9 billion a year earlier. The surge was driven by foreign exchange gains and a one-time profit from the partial sale of power assets, despite an 8% decline in consolidated revenue to P360.9 billion.

Core net income rose 31% to P19 billion, supported by cost-management measures and improved performance across most core businesses.

Revenue contraction was mainly due to lower crude prices and reduced contributions from the power sector following the deconsolidation of the Ilijan Power Plant.

At the Philippine Stock Exchange on Monday, SMC shares declined 1.09%, closing at P82 apiece. — Ashley Erika O. Jose

Ninja Van Philippines, Security Bank ink referral partnership

FROM left: Security Bank Corp. First Vice President and Head of Customer Value Proposition Lex Cimagala, Security Bank Senior Vice President and Business Banking Segment Head John David Yap, and Ninja Van Philippines Chief Commercial Officer Sabina Lopez-Vergara — NINJA VAN PHILIPPINES

NINJA VAN Philippines has partnered with Security Bank Corp. to launch a two-way referral program for micro, small, and medium enterprises (MSMEs).

Under the agreement, Ninja Van will refer “high potential” shippers to Security Bank for business banking offerings, while Security Bank will direct its clients to Ninja Van for end-to-end logistics solutions, the logistics company said in a statement on Monday.

“We’ve seen firsthand how access to capital and logistics can make or break a business. Beyond cross-referrals, this partnership aims to solve two major pain points for MSMEs. Financial institutions help businesses pay for crucial needs such as logistics, and logistics help those businesses reach more customers. We want to help more small brands evolve into national players and we’re excited to do that alongside a bank that shares our mission,” Ninja Van Philippines Chief Commercial Officer Sabina Lopez-Vergara said.

“This partnership marks a significant milestone in our ongoing commitment to providing exceptional value to MSMEs. Together with Ninja Van, we’ll ensure MSMEs have access to seamless logistics services, enabling them to focus on what they do best — growing their businesses,” Security Bank Senior Vice-President and Business Banking Head John David G. Yap said.

Referred Ninja Van shippers can get access to Security Bank’s financing options, such as the Business Express Loan for operational needs, the Business Mortgage Loan for property acquisition or expansion, and the Business Working Capital line for short-term, revolving credit.

“These loan products are designed for growing businesses, offering competitive rates, flexible terms, and a simplified application process,” Ninja Van said.

The shippers can also tap Security Bank’s business deposit products, business insurance, payment solutions, and others through the lender’s client engagement officers.

Meanwhile, Security Bank will refer its MSME clients in need of logistics support to Ninja Van’s services, including Ninja Dash for last-mile delivery of e-commerce parcels and bulky packages, Ninja Fulfillment for warehousing and end-to-end distribution, and Ninja Restock for frequent inventory restocking and direct-to-store delivery. — Aaron Michael C. Sy

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