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Maalaala Mo Kaya returns as a limited series

CHARO SANTOS-CONCIO in the teaser for the new season of MMK.

THE popular drama anthology series Maalaala Mo Kaya, which has depicted true-to-life Filipino stories for over 30 decades on television, is back as a limited series on streaming platform iWantTFC.

Often referred to by the abbreviation MMK, the show’s new season will consist of 13 episodes, one airing each week starting April 24.

Its last run concluded in 2022.

Charo Santos-Concio, the series’ iconic host, hopes that this edition will “resonate with both younger audiences and longtime viewers.”

“Masyado akong nalungkot noong nag-last-day taping kami two and a half years ago (I was so sad on our last day of taping [of the series] two and a half years ago),” she told press at the sidelines of the Film Development Council of the Philippines’ (FDCP) Parangal ng Sining on April 11.

Ms. Santos-Concio was there to receive a Lifetime Achievement award for her impactful contributions as an actress-producer.

She said that MMK is “one of the many things she is proud of in her career.”

One of the first episodes of the upcoming season will feature the inspiring story of Sofronio Vasquez III, the Filipino who won the recent season of reality singing competition The Voice USA.

Another episode will depict the story of one of the members of the P-pop girl group BINI.

“I manifested that the show will be back,” Ms. Santos-Concio said. “In my heart, sabi ko isang araw bibigyan ako ng pagkakataon muli na maglahad ng magagandang kwento ng ating mga kapwang Pilipino (I said that one day I’ll be given the chance again to share the wonderful stories of our fellow Filipinos).”

KEEPING BUSY
Alongside taping MMK episodes, Ms. Santos-Concio has been busy working on the action-drama series FPJ’s Batang Quiapo, where she plays Tindeng.

She will also return to the big screen this year, in the upcoming Star Cinema drama Only We Know. Based on a short teaser released early in April, it appears that she and Dingdong Dantes will have a May-December romance in the film.

“It’s a story about love. That’s all I can say about it,” she told the press. “Dingdong is very professional. It’s a joy to work with him.”

In her acceptance speech for the Lifetime Achievement award, Ms. Santos-Concio recalled her days as a movie fan who also loved to listen to radio dramas and read Liwayway magazine.

“Nakatulong iyon sa pagkahubog sa akin na magbigay ng mga kwento na magugustuhan ng mga manonood. (It all helped shape me into someone who can relay stories that will be enjoyed by viewers),” she said.

Her career as an actress and producer has spanned the arthouse films of the Experimental Cinema of the Philippines, the mainstream movies of Regal Entertainment, the big-budgeted films of Bancom Audiovision, the small indies of her own production house Vision Films, and her previous executive role at media company ABS-CBN.

Maalaala Mo Kaya will begin streaming episodes weekly on iWantTFC starting April 24. It will also air on Kapamilya Channel, Kapamilya Online Live, and A2Z on Saturdays at 8:30 p.m., starting April 26. — Brontë H. Lacsamana

ICTSI eyes growth in Brazil with new acquisition

ICTSI.COM

INTERNATIONAL CONTAINER Terminal Services, Inc. (ICTSI) is set to expand its operations and capacity in Brazil after acquiring a stake in a marine property in Rio de Janeiro.

The listed port operator, through its wholly owned subsidiary ICTSI Americas B.V., has acquired a 47% interest in FII Inhaúma (Inhaúma Fundo de Investimento Imobiliário – FII), which holds perpetual rights to a property where ICTSI plans to develop a terminal, ICTSI said in a regulatory filing on Monday.

ICTSI said FII Inhaúma’s property is adjacent to its Rio Brazil terminal. The property spans approximately 32 hectares of an inactive shipyard, which will be used by the port operator to expand its capacity for existing operations.

“The acquisition of this property represents an investment opportunity for ICTSI for the development of the area and, thus, the potential expansion of the total operational and logistics capacity of the port region of Rio de Janeiro,” ICTSI said.

Rio Brazil Terminal is located in Brazil’s economic region, serving the import-export hubs in the area, ICTSI said.

Established in 1987, ICTSI operates 33 terminals in 20 countries across six continents.

For 2025, ICTSI has allocated approximately $580 million in capital expenditures, primarily for the development of Southern Luzon Gateway in the Philippines, as well as planned expansions at ICTSI Rio in Brazil and Mindanao Container Terminal (MCT).

This year’s capital expenditure budget is higher than that of 2024. For the January-to-September period last year, ICTSI said its capital expenditure reached $298.63 million, representing 66.4% of its $450-million allocation for 2024.

The Razon-led port operator said this year’s capital expenditure will also fund the ongoing expansion of Matadi Gateway Terminal (MGT) in the Democratic Republic of the Congo, the Phase 3B expansion at Contecon Manzanillo (CMSA) in Mexico, and equipment acquisitions and upgrades.

In 2024, ICTSI saw its attributable net income climb by 66.1% to $849.80 million from $511.53 million a year earlier, driven mainly by its operations in Asia.

Gross revenues for the period rose by 14.6% to $2.74 billion from $2.39 billion in 2023.

Breaking down the company’s revenue growth, its operations in Asia accounted for the largest share, generating $1.14 billion in 2024, up by 9.6% from $1.04 billion in 2023.

Revenues from its operations in the Americas reached $1.08 billion, up by 26% from $855.62 million in 2023, while revenues from Europe, the Middle East, and Africa (EMEA) totaled $521.02 million, an increase of 6.3% from $490.28 million.

At the local bourse on Monday, shares in ICTSI fell by 20 centavos, or 0.06%, to end at P340 apiece. — Ashley Erika O. Jose

An exhilarating blues-fueled vampire horror

PHOTO FROM WARNERS BROS. PICTURES

By Brontë H. Lacsamana, Reporter

Movie Review
Sinners
Directed by Ryan Coogler

THE PULSATING force of blues music sets the tone for one of the best blockbusters of the year, Ryan Coogler’s Sinners, which brings together the gruesomeness of vampire lore and the real horrors of so-called black assimilation in the Jim Crow South.

With this movie, Coogler successfully adds another feather to his cap of genre films exploring African American stories, coming from superhero favorite Black Panther and boxing action hero Creed — arguably even exceeding those two movies.

It presents a visceral alignment of cultures, from the takeover of a vampiric evil to the almost demonic, celebratory pull of blues music for black communities, grounded in voodoo folklore. All of this comes together to bring forth a nightmare of epic proportions set in 1930s Mississippi.

Sinners stars Michael B. Jordan in a dual role, as twin brothers Smoke and Stack, who open a jazz bar in their hometown down south as a fresh start coming from their troubled lives as gangsters in Chicago. Jordan plays the two well thanks to his intentional sense of physicality, illustrating with ease how Smoke is uptight while Stack is impulsive (a triumph akin to Robert Pattinson’s recent foray as Mickeys 17 and 18 in the sci-fi film Mickey 17).

Coogler uses the first hour of the film to build up their story and the context of the black community it’s set in, particularly through the lens of the twins’ young cousin Sammie (played by newcomer Miles Caton). His is a perspective that adds another layer, being a preacher’s son who defies the rigid confines of the church by exploring his true passion: blues music. The entire film is anchored in its reputation as something too powerful, too dangerous, as it challenges the false sense of safety that religion offers. Sammie’s brilliant guitar playing, showcased at various points, is a force of its own, backed by a riveting blues score by Ludwig Göransson (worth the price of admission to see and hear on the big screen with a solid sound system).

Everything kicks into full gear when the twins and their young cousin set up the bar, open all night for the local black community, unaware of an evil waiting to attack. Its cast of characters is just as memorable as the narrative — for one, Hailee Steinfeld shines as Mary, a white woman in love with Stack yet kept at a distance lest her 1/8 black heritage be discovered. Steinfeld is also 1/8 black in real life, through her grandfather — this is her only role to ever showcase it.

There’s also Wunmi Mosaku as Smoke’s lover Annie, who is immersed in local voodoo magic; Delroy Lindo as scene-stealing soulful blues musician (and drunkard!) Delta Slim; and Jack O’Connell as the Irish-born vampire Remmick, who leads a steadily growing pack to invade the juke joint. The scores of black bargoers who come in trucks from picking cotton on the farms have beautiful scenes of their own, the film highlighting their plight even as they are already considered “free” at this point in history.

Sinners has an enthralling pace, especially as night falls, when the music becomes relentless and the characters gradually meet their gruesome fates. Vampires and bloodshed aside, there’s one scene where the celebratory cultural landscape feels as if it pops out of the screen. The 1930s jazz bar becomes a stage for generations of music and dance, intermingling with the fascinating folkloric elements told in black history, reaching across time to grip your heart and awaken your spirit. It’s pulse-pounding, nightmarish, and reverent to the deep lineage of communities held together by music and spirituality.

The Asian characters, represented mainly by Chinese-American couple Bo and Grace Chow (played by Yao and Li Jun Li), show an oft-forgotten aspect of the times. They are a well-researched tidbit of decades-old Asian American presence in the south, speaking in southern accents and immersed in black communities as an overlooked minority. An underrated scene is when the cameras follow them walking to and from the “black side” of the road, where they live and keep goods, and the “white side,” where they run a grocery store.

Overall, Sinners is a film with a lot to say but doesn’t outright say any of it. Instead, it takes you through all the beats and the rhythms of its characters’ day-to-day lives, until everything escalates into a nightmare where racially fueled terror is transplanted by a supernatural evil. It’s a blockbuster that will actually get you feeling things, your pulse pounding with the music.

It can be described as a cautionary tale about how assimilation was a lie told so that blacks could continue to be exploited. It can also be described as an action-packed thriller where a badass group of people fight against an unstoppable evil. It’s a very American tale, driven forward by a boy’s passion for music that vampiric forces want to take for themselves. Exhilarating stuff.

MTRCB Rating: R-16

Gov’t fully awards Treasury bills at mixed rates as demand shifts

WIKIPEDIA/JUDGE FLORO

THE GOVERNMENT made a full award for the Treasury bills (T-bills) it offered on Monday at mostly higher rates as the ongoing offering of new 10-year benchmark bonds affected market demand.

The Bureau of the Treasury (BTr) raised P25 billion as planned from the T-bills it auctioned off on Monday as total bids reached P73.913 billion or nearly thrice the amount on offer. However, the demand seen was slightly below the P74.512 billion in tenders recorded on April 14.

Broken down, the Treasury borrowed the programmed P8 billion via the 91-day T-bills as tenders for the tenor reached P13.67 billion. The three-month paper was quoted at an average rate of 5.546%, rising by 12.4 basis points (bps) from the 5.422% seen at the previous auction. Tenders accepted by the BTr carried yields of 5.425% to 5.625%.

The government likewise made a full P8-billion award of the 182-day securities as bids for the paper amounted to P25.863 billion. The average rate of the six-month T-bill was at 5.675%, 1.8 bps higher than the 5.657% fetched last week, with accepted rates ranging from 5.62% to 5.696%.

Lastly, the Treasury raised P9 billion as planned via the 364-day debt papers as demand for the tenor totaled P34.38 billion. The average rate of the one-year T-bill slipped by 2.3 bps to 5.691% from 5.722% previously, with bids accepted having yields of 5.684% to 5.7%.

At the secondary market before Monday’s auction, the 91-, 182-, and 364-day T-bills were quoted at 5.4133%, 5.6308%, and 5.6841%, respectively, based on PHP Bloomberg Valuation Service (BVAL) Reference Rates data provided by the Treasury.

“The latest Treasury bill average auction yields were mostly slightly higher amid the ongoing 10-year Treasury bond offering that could siphon off some excess peso liquidity from the financial system,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Mr. Ricafort also noted that the T-bill auction yields were higher versus comparable short-term BVAL yields, as well as the policy rate of 5.5%.

“I think the average rate for the three-month paper is bound for correction as it has been awarded below the Bangko Sentral ng Pilipinas’ overnight rate for quite some time,” a trader added.

The BTr raised an initial P135 billion from the new 10-year fixed-rate Treasury notes it auctioned off last week, more than four times the initial P30-billion offering, as tenders reached P197.3 billion.

The new 10-year bonds fetched a coupon rate of 6.375%. Accepted yields ranged from 6% to 6.4%, resulting in an average rate of 6.286%.

The public offer period for the 10-year bonds, which are targeted towards institutional investors, is scheduled to end on April 24, unless closed earlier by the government.

US inflation concerns due to the Trump administration’s tariff policies also drove up debt yields, Mr. Ricafort added.

Federal Reserve Chair Jerome H. Powell and other Fed officials last week said they believe US President Donald J. Trump’s aggressive tariffs could put them in a bind with the potential for them to push up inflation while harming overall economic growth and labor markets, Reuters reported.

The Fed, after a series of rate cuts late last year, has left its benchmark policy rate on hold in the range of 4.25% to 4.5% since December. Mr. Powell last week signaled that with uncertainty elevated about what effects will arise from the tariffs and other administration policies, he and his colleagues are in no rush to change their wait-and-see posture.

The BTr is looking to raise P215 billion from the domestic market this month, or P125 billion via Treasury bills and P90 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. — A.M.C. Sy with Reuters

PRIME Philippines plans Asia-Pacific expansion

JETTSON P. YU, Prime Philippines founder and chief executive ofificer

By Beatriz Marie D. Cruz, Reporter

PRIME PHILIPPINES, a homegrown real estate consultancy, plans to expand its advisory and brokerage services to the property sectors across the Asia-Pacific markets, according to its founder.

Founded in 2013 by Jettson P. Yu, the company specializes in providing market insights and solutions for the Philippine real estate sector.

“Our dream for PRIME Philippines is to be the first fully local, homegrown real estate consulting brokerage research firm to go global,” Mr. Yu told BusinessWorld last week.

“For many decades, it’s always been foreign consulting firms going to the Philippines, conquering our business landscape, telling us what to do. But for the next 10 years, our goal is to go overseas and provide them our advisory services,” he said in mixed English and Filipino.

PRIME Philippines aims to update local and foreign investors on the latest developments in the country’s real estate sector, focusing on the office, retail, and industrial segments.

The company’s key services include landlord and tenant representation, research and advisory services, property acquisition and disposal, project management, and design and construction.

Now recognized as one of the fastest-growing real estate consultancy firms in the country, Mr. Yu acknowledged that PRIME Philippines faced a challenging start, particularly in an industry dominated by established veterans and multinational firms.

“When I started the company at the age of 23, I was doing door-to-door [meetings] almost every day,” he said. “I was knocking on five to eight meetings per day, introducing myself and my company to property owners around Quezon City.”

“People who were twice or thrice my age told me, ‘Jet, you’re in the wrong business.’ That’s what inspired me to push further,” he said.

“But when I turned 30 years old, I realized that my age was actually an advantage. When you’re young, you have more energy, and you can work longer hours.”

UNTAPPED AREAS
PRIME Philippines’ beginnings trace back to the early 2010s, when Quezon City — Mr. Yu’s home city — had few, if any, call centers.

At the time, most commercial real estate developments were concentrated in the central business districts of Metro Manila, while Quezon City was largely regarded as a residential area. This imbalance contributed to worsening traffic congestion across the region, Mr. Yu said.

“That’s why you have traffic, because in the morning, all the people from Quezon City were traveling to Makati and Ortigas. In the afternoon, everyone’s going home,” he said in Filipino.

With the prominent gap in commercial real estate in Quezon City, Mr. Yu founded PRIME Philippines to promote the former Philippine capital as a potential commercial hub.

“While nobody noticed Quezon City, I saw the opportunity. There’s a city, but it’s not fully enabled.”

Another challenge Mr. Yu saw was that PRIME would be up against established multinational brokerage and consulting firms.

“When I was about 25, and my company was beginning to establish its credibility and trust, I was told, ‘You won’t be able to beat the international [brokers].’”

To be competitive, Mr. Yu’s response was to “challenge tradition” by expanding its services outside the capital region to emerging locations like Davao and Cebu.

“Almost all the [real estate] offers were in Metro Manila. So, we gave them a broader perspective by providing data from certain provinces.”

PRIME also sought to highlight the country’s industrial real estate sector, which led to the opening of its industrial brokerage team in 2017.

“We were able to make the broader, neglected areas of the Philippines marketable and known to investors.”

As a young chief executive officer, Mr. Yu noted that starting a business today is more challenging for the youth than it was in his time.

“During the time of the millennials, everything was bullish, so I think the chances of failure if you started a business or a development were lesser.”

“But for Gen Zs now, especially post-pandemic, starting a business is much more challenging,” citing global headwinds like the ongoing trade wars.

With this, Mr. Yu called on the need for young people to utilize today’s trends such as artificial intelligence and remote work, while also cultivating adversity quotient amid personal and external uncertainties.

“There’s an adage that says it’s not the strongest nor the most intelligent that survives the test of time  —  it’s the most adaptable to change. So, that’s one of the things I always say to our fresh graduates.”

Allied Care Experts (ACE) Malolos Doctors, Inc. opens nominations for Board of Directors ahead of Annual Stockholders’ Meeting on June 24

 

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BPI net profit rises 9% in Q1

BANK OF THE PHILIPPINE ISLANDS

BANK of the Philippine Islands (BPI) saw its net income increase by 9% year on year in the first quarter as it booked higher revenues.

The bank’s net profit rose to P16.6 billion in the quarter ended March 31 from P15.3 billion in the comparable year-ago period, it said in a disclosure to the stock exchange on Monday. This was also 18.3% higher than its fourth-quarter net earnings.

“We reported our first-quarter earnings of P16.64 billion, driven by a very strong net interest income and growth in expenses that were slightly lower than our growth in revenues,” BPI Chief Executive Officer Jose Teodoro K. Limcaoco said  at a media briefing on Monday.

The bank’s first-quarter performance translated to a return on equity of 15.35% and a return on assets of 2.05%. Its financial statement was unavailable as of press time.

BPI’s revenues climbed by 13.1% year on year to P44.7 billion in the first quarter.

This was driven by the 15.3% increase in its net interest income, which it said came amid an 8.6% increase in its average earning asset base and a 30-basis-point (bp) expansion in net interest margin to 4.49%.

The bank’s non-interest income rose by 6.3% to P10.3 billion in the first quarter as higher credit card fees and transaction-based service charges more than offset the drop in  its foreign exchange and trading income.

Meanwhile, BPI’s operating expenses grew by 12.7% year on year to P20.3 billion in the period amid higher manpower, technology, and business volume-related expenses.

Its provisions for losses also stood at P3 billion.

Still, its cost-to-income ratio improved by 16 bps to 45.4%.

BPI’s gross loans expanded by 13.2% to P2.3 trillion at end-March as it saw “strong growth” across all segments, especially non-institutional loans, it said.

Its nonperforming loan (NPL) ratio stood at 2.26%, while its NPL coverage ratio was at 100.11%.

On the funding side, deposits with the bank increased by 6.3% year on year to P2.6 trillion.

This brought the loan-to-deposit ratio to 89.4%.

BPI’s assets grew by 6.9% year on year to P3.3 trillion at end-March.

Total equity also rose by 11.3% to P448.6 billion.

It recorded an indicative common equity Tier 1 ratio of 14.69% and a capital adequacy ratio of 15.43% in the period.

Mr. Limcaoco said BPI targets faster net income growth this year versus the 2024 pace as it continues to increase the share of non-institutional loans — which stood at 28.8% as of the first quarter — in its portfolio.

BPI’s attributable net income rose by 20.04% to a record P62.05 billion last year from P51.69 billion in 2023.

“Our plan is to have net income this year that will exceed last year’s net income, and if you take a look at our first-quarter results, I think we should be fairly on track,” he said.

“My personal feeling is that the institutional book could be dampened by global tariffs. But I think our non-institutional book, for several reasons, could show fairly strong resilience this year.”

BPI wants non-institutional loans to make up 30% of its lending portfolio eventually, Mr. Limcaoco said, as this could help boost their margins.

He added that for this year, BPI expects its institutional loans to grow by roughly 10% and non-institutional loans to expand by about 20%.

“Non-institutional will carry higher NPLs, but they also carry higher margins. And that’s why our NPL has gone from 1.8% last year to now 2.2%,” Mr. Limcaoco said, but added that they do not expect asset quality to worsen further

“There shouldn’t be a deterioration in the NPL from here. I’m seeing risk here, but it’s managed risk,” he added.

BPI Chief Finance Officer and Chief Sustainability Officer Eric Roberto M. Luchangco said the bank’s loans are expected to grow by 12% to 13% this year.

He added that the bank aims to increase its sustainability loan portfolio to P1 trillion by 2026 from P880 billion at end-2024.

“I think we’re tracking ahead of that goal, and so I’m quite comfortable to say that we’ll probably meet that goal ahead of our target. It continues to be something that’s of interest to us,” Mr. Luchangco said.

BPI shares rose by P3.10 or 2.35% to close at P135.10 apiece on Monday. — A.M.C. Sy

Life and legacy of National Artist Nora Aunor honored in public necrological service

NORA AUNOR

THE National Commission for Culture and the Arts (NCCA) and the Cultural Center of the Philippines (CCP) will be commemorating the life and contributions of National Artist for Film and Broadcast Arts Nora Cabaltera Villamayor, better known as Nora Aunor, in a necrological service on Tuesday, April 22, at the Metropolitan Theater in Manila.

Arrival honors will begin at 8:30 a.m., followed by a tribute program at 9 a.m. The state funeral rites will continue at the Libingan ng mga Bayani in Taguig City.

The public is invited to attend the necrological service, but limited seats are available. The registration link can be found on the official social media pages of the CCP and NCCA.

The necrological service will be livestreamed on both the CCP and NCCA Facebook pages.

The National Artist, who passed away on April 16 at the age of 71, was a distinguished film, television, and theater actor, a renowned singer, and a film producer. Her career began in amateur singing competitions, eventually gaining national attention when she won the television talent show Tawag ng Tanghalan in 1967. Her successful stint in the popular TV show along with her appearance in Darigold Jamboree, led to her phenomenal rise earning the iconic title of the Philippine film industry’s “Superstar.”

Among her acclaimed films are Bona (1980), which was the closing film of Cinemalaya 2024, as well as Himala (1982), Bulaklak sa City Jail (1984), and The Flor Contemplacion Story (1995), all of which were featured at the CCP Cine Icons program.

She was conferred the Order of National Artist (Orden ng Pambansang Alagad ng Sining) by the Office of the President in 2022. This is the highest national recognition given to Filipino individuals who have made significant contributions to the development of Philippine arts.

Alternergy secures initial P3.3B from RCBC for Alabat Wind

ALTERNERGY Holdings Corp. has drawn P3.256 billion from its P5.3-billion project loan facility with Rizal Commercial Banking Corp. (RCBC) to partially fund the development of its 64-megawatt (MW) Alabat Wind Power Project in Quezon province, the energy company said on Monday.

“We are grateful to RCBC for this initial release of project funding for our Alabat Wind Project, coming soon after RCBC’s release last month of P800 million for our Balsik Solar project,” Alternergy President Gerry P. Magbanua said in a media release on Monday.

The drawdown is part of the P5.3-billion project finance facility the company secured from RCBC last year.

Under the transaction, Puyat Jacinto & Santos Law acted as the lender’s counsel, while Tantoco Villanueva & De Guzman Law Offices (Tavidell) served as the borrower’s counsel. AFRY Philippines, Inc. (AFRY) was the lender’s technical advisor, and AON was the borrower’s insurance broker, assisting in the successful execution of the drawdown.

The P7.1-billion power project is scheduled for completion by the end of the year, “possibly the first wind project to be completed” under the Department of Energy’s (DoE) Green Energy Program held in 2023.

The Alabat Wind Project is one of five renewable energy projects currently under construction by Alternergy, aligned with its goal of expanding its capacity portfolio to 500 MW by 2026.

Last month, the company said its wind sub-holding company, Alternergy Wind Holdings Corp., was awarded a certificate of authority by the DoE, allowing it to undertake the exploration and assessment of wind resources for the project.

Spanning 6,318 hectares, the prospective project is expected to generate at least 150 MW, forming part of Alternergy’s pipeline of projects beyond its 500-MW target by 2026.

At the local bourse on Monday, shares in the company declined by 0.96% to close at P1.03 apiece. — Sheldeen Joy Talavera

New Star Wars movie with Ryan Gosling set for 2027

Barbie’s Ken, Ryan Gosling, will star in the next Star Wars movie.

LOS ANGELES — Oscar-nominated actor Ryan Gosling will star in a new Star Wars film that will reach movie theaters in May 2027, Walt Disney’s Lucasfilm announced last week.

Star Wars: Starfighter will take place five years after the events of 2019’s The Rise of Skywalker, a Lucasfilm statement said.

The movie is “an entirely new adventure featuring all-new characters set in a period of time that has not been explored on screen yet,” the statement said.

Shawn Levy will direct and production will start in the fall. Mr. Levy directed Marvel’s 2024 Deadpool & Wolverine film and episodes of Netflix’s TV series Stranger Things.

Mr. Gosling has been nominated for three Oscars, most recently for his role as Ken in 2023’s Barbie.

Star Wars is a science-fiction franchise created by George Lucas in 1977 and set in a galaxy far, far away. The Star Wars films have brought in more than $5.1 billion at global box offices. — Reuters

PetroEnergy’s 2024 income soars to P471M

PETROENERGY.COM.PH

PETROENERGY RESOURCES CORP. (PERC) reported a nearly threefold increase in its attributable net income for 2024, rising to P471.82 million from P156.88 million in the previous year.

Revenues grew by 14.45% to P3.45 billion from P3.01 billion, driven by electricity sales, based on the company’s annual report.

In a media release, the company said electricity sales increased by 21% to P2.81 billion from P2.33 billion, supported by additional output from its renewable energy (RE) facilities.

Last year, the company completed and began testing and commissioning the 13.2-megawatt (MW) Phase 2 of the Nabas Wind Power Project in Aklan, the 27-MW direct current (MWdc) Dagohoy Solar Power Project in Bohol, and the 19.6-MWdc San Jose Solar Power Project in Nueva Ecija.

These RE projects offset the 16% year-on-year decline in oil revenues to P520 million from P623 million, resulting from lower crude oil production and prices.

Consolidated net income increased by 89% to P882 million in 2024 from P466 million in the previous year. The company attributed this to the recognition of a paper loss of P514 million and the restatement of its 2023 consolidated net income to P466 million from the previously reported P944 million.

“However, without the paper loss, PERC’s consolidated net income would have decreased by 6.6% due to higher interest expenses related to loans used for the acquisition of shares from EEIPC (EEI Power Corp.) and lower interest income from funds invested in new RE projects,” the company said.

For 2025, PERC is accelerating the completion of its 25-MWdc Bugallon Power Project in Pangasinan and the 40-MWdc Limbauan Solar Power Project in Isabela, both of which are scheduled to begin testing and commissioning in the fourth quarter.

Shares in the company rose by 0.28% to close at P3.61 each. — Sheldeen Joy Talavera

The Philippines’ logistics challenge: Charting pathways forward

STOCK PHOTO | Image by Kjpargeter from Freepik

Historically celebrated for its remarkable beauty and biodiversity, the Philippines’ archipelagic geography has emerged as a critical economic challenge. Today, logistics costs consume an alarming 27.5% of the country’s GDP — the highest among ASEAN nations — significantly hindering economic growth, inflating consumer prices, and weakening global competitiveness. In stark contrast, neighbors, like Indonesia and Thailand, have successfully transformed similar geographic hurdles into economic opportunities. Urgent and targeted reforms are essential if the Philippines wishes to avoid further falling behind.

ROOT CAUSES OF THE PROBLEM
The country’s logistics inefficiencies stem from several structural and systemic factors:

• Archipelagic Complexity: Distributing goods across over 7,000 islands requires costly and inefficient inter-island shipping. Domestic maritime transport rates often rival or exceed international freight charges, significantly increasing overall costs.

• Infrastructure Deficiencies: The country struggles with congested ports, substandard cold chain facilities, and inadequate road networks, all prolonging delivery timelines. Metro Manila’s ports manage 70% of the national container volume, routinely exceed operational capacity, and function at 120%, resulting in chronic delays and inflated costs.

• Customs Inefficiencies: The Philippine customs clearance procedures for imports average eight to nine days, compared to Thailand’s one to five days on average.

• Regulatory Fragmentation: Overlapping policies and lack of inter-agency coordination stifle competition and limit growth in the logistics sector.

These systemic challenges severely impact both businesses and consumers. Logistics-related expenses currently represent 27% of sales revenues for Philippine businesses — more than double Thailand’s rate of 11%. Consumers bear the brunt, exemplified by Mindanao farmers who face higher costs to transport goods domestically than to export internationally.

LESSONS FROM ASEAN SUCCESS STORIES
Indonesia and Thailand provide valuable blueprints that the Philippines can adopt.

1. Indonesia’s Digital Transformation Blueprint. Indonesia dramatically reduced logistics costs from 24% to 14% of GDP by leveraging digital technologies through its National Logistics Ecosystem (NLE), which was initiated in 2020 through Presidential Instruction. With a target of 8% by 2045, the NLE includes the following reforms:

• Port Automation: Technologies, like RFID tagging and blockchain-driven documentation, significantly cut cargo processing times by 30% at major ports, such as Tanjung Priok.

• Unified Digital Platforms: A comprehensive digital integration of customs, shipping, and warehousing data streamlines administrative procedures and enhances transparency.

• AI-Driven Logistics: Deployment of artificial intelligence (AI) for route optimization reduces trucking fuel costs, while predictive analytics mitigates inventory wastage.

2. Thailand’s Infrastructure Excellence. Thailand boasts of the ASEAN’s lowest logistics costs at 11.1% of GDP, thanks to strategic infrastructure investments and robust policy planning:

• Multimodal Networks: Efficient rail-road-port connectivity ensures quick, congestion-free transportation from Laem Chabang Port to Bangkok and surrounding areas.

• Public-Private Partnerships: Collaborations with private sector giants, like the CP Group, led to advanced cold storage facilities, reducing agricultural spoilage rates by 20%.

• Consistent Policy Direction: A long-term logistics master plan emphasizing port expansions and regulatory simplification has attracted over $10 billion in logistics-focused foreign direct investment (FDI).

PATHWAYS FORWARD FOR THE PHILIPPINES
Drawing on these regional examples, the Philippines should adopt a comprehensive reform agenda built on four key pillars:

1. Accelerate Digitalization

• Establish a National Logistics Platform modeled after Indonesia’s NLE, starting with pilot projects at the Port of Manila, to consolidate customs, shipping, and warehouse data.

• Implement RFID and AI-driven cargo management technologies to reduce cargo handling times by up to 40%.

2. Enhance Infrastructure through Public-Private Collaboration

• Expedite projects under the “Build Better More” initiative, prioritizing significant port enhancements, such as the $1-billion New Manila International Airport.

• Develop integrated multimodal transport corridors, notably connecting agricultural producers in Luzon to consumer markets in the Visayas and Mindanao, potentially cutting transport costs for agricultural goods by at least 25%.

3. Implement Regulatory Reforms

• Adopt a single-window digital customs system, emulating Thailand’s model that slashed clearance times to under 24 hours, aiming for the digitalization of 90% of customs processes by 2026.

• Revise restrictive cabotage laws to encourage FDI and competition in domestic maritime transport, thus reducing inter-island shipping costs.

4. Build Climate-Resilient and Sustainable Supply Chains

• Construct disaster-resistant warehousing infrastructure modeled after Indonesia’s flood-resistant facilities to protect supply chains from frequent climate disruptions.

• Introduce incentives for sustainable logistics practices, promoting electric vehicles and solar-powered storage facilities, inspired by Thailand’s successful $500-million green logistics fund.

PROMISING INITIATIVES IN THE PHILIPPINES
1. Mandatory e-Invoicing for Customs. Implementing mandatory e-invoicing for customs in the Philippines, set to begin by March 2026, has the potential to reduce logistics costs significantly. This initiative introduces a pre-border technical verification and cross-border electronic invoice system to streamline customs processes and improve supply chain efficiency. While this initiative shows promise, some challenges must be resolved for its full impact:

• Digital Infrastructure: The success of e-invoicing depends on robust broadband connectivity across the country. The government’s ongoing Philippine Digital Infrastructure Project aims to address this gap by expanding high-speed internet access nationwide.

• Adoption by Stakeholders: Ensuring that all stakeholders — large taxpayers, e-commerce firms, exporters, and customs brokers — are prepared for compliance is crucial. Training programs and technical support will be needed to facilitate a smooth transition.

2. Luzon Economic Corridor. The Luzon Economic Corridor (LEC) Initiative is a trilateral economic development project launched by the Philippines, Japan, and the United States in April 2024, during their first-ever trilateral Summit held at the White House in Washington, DC. The LEC is part of the G7’s Partnership for Global Infrastructure and Investment (PGII) and represents the first such corridor in the Indo-Pacific region.

The LEC aims to enhance connectivity between key economic hubs in Luzon, including Subic Bay, Clark, Metro Manila, and Batangas. It focuses on coordinated investments in high-impact infrastructure projects, such as advanced rail systems to improve regional connectivity and port modernization to streamline maritime trade. The initiative is designed to address logistical bottlenecks that hinder economic efficiency and strengthen interconnectivity between Central Luzon and Calabarzon regions.

CONCLUSION: TIME FOR BOLD AND DECISIVE ACTION
The logistics challenge in the Philippines is undeniably critical, yet it presents an extraordinary opportunity for transformative change. By adopting proven regional strategies — Indonesia’s digital revolution and Thailand’s infrastructural prowess — the Philippines can revitalize its logistics sector, significantly reduce costs, and substantially boost its competitiveness.

The pathways forward require not merely incremental steps but bold, visionary leadership and committed action from policymakers and stakeholders alike. The urgency is clear: the Philippines must seize this moment or risk further economic marginalization in the rapidly advancing ASEAN community. The lessons are evident, and the pathways and planned initiatives are set; now is the time to act decisively to secure a prosperous future.

 

Alfredo E. Pascual is a former president of the Management Association of the Philippines and now an independent director of BDO Unibank. He has served as secretary of Department of Trade and Industry, president of the University of the Philippines, director of Private Sector Operations at the Asian Development Bank, CEO of the Institute of Corporate Directors, and a finance professor at the Asian Institute of Management.

map@map.org.ph

aepascual@gmail.com

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