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RRHI shares rise on delisting plan

JGSUMMIT.COM.PH

By Pierce Oel A. Montalvo, Researcher

SHARES of Robinsons Retail Holdings, Inc. (RRHI) rose last week after its board approved a voluntary delisting and a P48.30-per-share tender offer, with analysts saying the price offers a premium to recent trading levels but remains below intrinsic value.

Data from the Philippine Stock Exchange (PSE) showed RRHI as the 11th most actively traded stock during the week, with 24.34 million shares valued at P457.93 million changing hands.

Shares of the retailer closed at P46.01 on Wednesday, up 18.2% from P38.95 previously. This outperformed the benchmark PSE index (PSEi), which rose by 0.4%, while the services sector index gained 0.1%.

Year to date, the stock has risen by 39.3%, outpacing the PSEi’s 0.9% decline and the services sector’s 14.4% increase.

Trading was suspended on Thursday and Friday due to the Maundy Thursday and Good Friday holidays.

On March 27, RRHI said its board had unanimously approved a voluntary delisting after receiving a notice of intent from JE Holdings, Inc., its largest shareholder with a 46.1% stake, to conduct a tender offer for all outstanding shares not held by the delisting proponents.

The tender offer price of P48.30 per share represents a 32.23% premium over the one-year volume-weighted average price of P36.5285 as of March 26. The price is supported by a fairness opinion from FTI Consulting Philippines, Inc.

RRHI reported net income attributable to equity holders of P5.71 billion, down 44.5% from P10.28 billion in 2024. Revenues rose by 5.7% to P210.42 billion from P199.17 billion.

“We think RRHI is pursuing a voluntary delisting due to management’s belief that its shares are undervalued,” said Adrian Geoffrey Go, an equity analyst at Sun Life Investment Management and Trust Corp., in an e-mail.

He added that “prior to the share price spike, RRHI was trading at a sub-10x price-to-earnings (P/E) ratio, which management likely viewed as an attractive level relative to RRHI’s underlying valuation.”

Mr. Go said both the P48.30 tender offer price and the P50 buyback price “represent a significant premium over its share price at the time,” but added that “both prices are still notably lower than its 2013 IPO price of P58 per share.”

He said current valuations may reflect “limited trading volume post index exclusion,” “investor perception on capital allocation decisions,” and “a broad de-rating seen across most Philippine industries.”

The voluntary delisting requires approval from shareholders representing at least two-thirds of RRHI’s outstanding shares at the annual stockholders’ meeting scheduled on May 12.

Votes against the delisting must not exceed 10% of total outstanding shares.

For the delisting to proceed, JE Holdings and other proponents must collectively own at least 95% of RRHI’s issued and outstanding capital stock after the tender offer, in line with the PSE’s amended voluntary delisting rules.

The transaction also requires approval from the Philippine Competition Commission.

“The gap could widen if the market loses confidence in the 95% threshold being met,” Mr. Go said.

He added that “we do not think that the gap should narrow further, as those positioning for the tender offer would require a decent return for the risk that they are taking.”

Mr. Go said that if the tender offer does not push through, “the market begins to value RRHI closer to the tender offer price, which is an indicative level where management may feel appropriate valuations should be,” though he added “this is unlikely as the company will be weighed down by its current yield at sub-5%, lower than comparable peers.”

Minority shareholders who choose not to tender their shares will retain ownership but may face constraints.

“Minority shareholders who choose not to tender will still retain their ownership of RRHI, but will be subject to less liquidity and difficulty selling since there is no more public market,” Mr. Go said.

He added that shareholders would also face “higher taxes in the form of capital gains tax and documentary stamp tax, versus just a stock transaction tax for publicly listed companies plus manual filing per transaction,” as well as “potential for less disclosure on company operations and results.”

Despite the premium, analysts said the tender offer may not fully reflect RRHI’s growth potential.

“We expect the company to grow its core earnings at a compound annual growth rate (CAGR) of 12% over the next five years through a combination of a high single digit CAGR for operating income and a gradual deleveraging from the debt taken on to fund its recent share acquisitions,” Mr. Go said.

He added that “the tender offer price of P48.30 per share implies a P/E ratio of around 9x, implying a P/E-to-growth ratio below 1, which we think is still too low for the company’s underlying prospects.”

Mr. Go said the broader implications of the delisting trend could point to shifting market dynamics.

“More frequent delisting discussions could imply that some companies are unhappy with their market valuations and feel that the extra cost of being a publicly traded company is not worth the valuation mismatch,” he said.

He added that “companies with the financial capability to do so may opt to take their companies private (as with Metro Pacific Investments Corp. before) and look for opportunities to receive improved valuations elsewhere (i.e. private markets, or a business spinoff).”

Looking ahead, Mr. Go said a sustained valuation re-rating for RRHI would require catalysts.

“Deleveraging the balance sheet is one example, though higher oil prices and other upside risks to inflation might affect the company’s flexibility to pay down and/or refinance debt at lower rates,” he said.

UST researchers honored for excellence at PhilAAST 74th Annual Convention

The University of Santo Tomas (UST) marked another milestone as its researchers were recognized at the 74th Annual Convention of the Philippine Association for the Advancement of Science and Technology (PhilAAST). With the theme “Embracing a Multifaceted Digital Culture: Moving Forward to Pagtanaw 2050,” the convention gathered leading scientists, educators, and innovators from across the country.

Representing the UST College of Science and the Research Center for the Natural and Applied Sciences (RCNAS), Acad. Prof. Emeritus Fortunato B. Sevilla III, Ph.D., was conferred a PhilAAST Fellowship in recognition of his distinguished career and lifelong contributions to the advancement of science in the Philippines.

Prof. Rey Donne S. Papa, Ph.D., Dean of the College of Science and academic staff of the Department of Biological Sciences, received the Gregorio Y. Zara Award for Basic Science Research for his pioneering work in freshwater science, zooplankton taxonomy, and limnology. Meanwhile, Prof. Karen S. Santiago, Ph.D., from the Department of Chemistry, was honored with the Francis Ferrer Award for Productivity through Technology for her research on smart polymers and nanomaterials, particularly their applications in chemical sensing, controlled delivery systems, and self-healing materials.

UST also earned recognition in the scientific poster category. A research team led by Assoc. Prof. Alan Rodelle M. Salcedo, Ph.D., of the Department of Chemistry, together with students Katrina Beatrice F. Panopio and Ian Joseph F. Halim, won Second Prize for Best Scientific Poster Presentation for their study titled, “Digital Image-Based Colorimetric Sensing of Lead(II) Using Dithizone and Smartphone Imaging.” In a separate distinction, Prof. Christina A. Binag, Ph.D., also from the Department of Chemistry, was elected as a member of the PhilAAST Board, further strengthening UST’s presence in national scientific leadership.

 


SparkUp is BusinessWorld’s multimedia brand created to inform, inspire, and empower the Philippine startups; micro, small and medium enterprises (MSMEs); and future business leaders. This section will be published every other Monday. For pitches and releases about startups, e-mail to bmbeltran@bworldonline.com (cc: abconoza@bworldonline.com). Materials sent become BW property.

Keeping the human touch

Lacquerware from Vietnam arrives in Rustan’s

A DISPLAY of red lacquered vases stands in Rustan’s Makati. Gold-rimmed resin topped off with red lacquer and silver-leaf tinted red are polished to a gleam akin to a flame — this is the work of Hanoia, a new brand from Vietnam that recently joined Rustan’s.

We were told that Hanoia has been making commissions for luxury houses around the world since 1997, but they decided to make their own brand in 2016.

“We wanted to preserve this kind of craft,” Dinh Cong Tai, marketing and communications director of Hanoia, told BusinessWorld in an interview during the March 24 launch. “I think there’s no better way than to have the artisan that can live with that craft; with that job.” He added that in modern times, “Lacquer has become more a fine art medium rather than in the daily context.”

Lacquer, prized for thousands of years in East Asia, is a coating originally made from the sap of the Chinese lacquer tree (Toxicodendron vernicifluum). These items were prized by the aristocracy of Asia, then traded in Europe, where the Habsburg Empress Maria Theresa took special pride in her collection. These days, sap-based lacquer has become rare, replaced by synthetics, or else derived from insect-based shellac. Mr. Dinh said, “We follow the same process, but we use modern-day materials and also technology — to help the artisan to work.”

They have over 200 people in their workshop. “The young generation doesn’t want to follow this kind of craft anymore,” he says, though in recent years, they have managed to make artisanship an appealing career for young Vietnamese workers. “We help the artisan to continue to live with the jobs. That’s (how) we convinced the young generation to continue to learn lacquer.”

This is their first shop-in-shop concept abroad, and in choosing Manila as their first location abroad, Mr. Dinh emphasizes the friendship between Rustan’s president Anton Huang and Hanoia’s chief executive officer, Christian de Ruty. “It’s also a good opportunity and a good relationship,” he said. More importantly, “Manila in particular is a very cosmopolitan city.”

The vases we mentioned, we were told, were made within a period of two months. Perhaps that is what true luxury means, beyond labels and stories. Mr. Dinh said, “Luxury today is more about craftsmanship. What we value most is the time and skillfulness of the artisan — the touch of humans.” — Joseph L. Garcia

I watched Artemis II lift off — and witnessed the first humans venture to the Moon since 1972

NASA-UNSPLASH

By Gordon Osinski

EVEN from a distance of several kilometers, the Artemis II rocket looked huge.

Then, there was a moment that felt like an eternity, as around 2,600 metric tons of spacecraft lifted off.

I was honored to receive an invitation from the Canadian Space Agency to attend this historic launch at NASA’s Kennedy Space Center. I am a professor, an explorer, and a planetary geologist. As a member of the First Artemis Lunar Surface Science Team, I have been supporting NASA in developing the geology training for Artemis astronauts.

This launch was one of the most thrilling, but stressful few minutes of my life. Space missions are hard and can be dangerous, especially missions like this where there are so many firsts.

The final 10-second countdown seemed to come so quickly, and then at 6:35 p.m., EDT, on April 1, 2026, the NASA launch commentator uttered those famous words: “We have liftoff.”

I think everyone around me held their breath for those first few critical seconds, and then the significance of the moment sank in. We had just witnessed history in the making. This was the launch of the first crewed flight of NASA’s Artemis program, and the first time since 1972 that humans have ventured to the Moon.

Jeremy Hansen will be the first non-American to fly to the Moon and will make Canada only the second country in the world to send an astronaut into deep space.

Christina Koch and Victor Glover will also make history as the first woman and person of color to fly to the Moon.

THE BUILD UP TO LAUNCH
The first launch windows for Artemis II came and went earlier this year, following issues discovered during wet dress rehearsals. But this time felt different. NASA rolled out the SLS (Space Launch System) rocket on March 20 and decided to skip the wet dress rehearsal and go straight for launch.

You could sense the confidence building.

On the evening before launch day, the Canadian Space Agency held a reception for all the Canadian invitees, as well as several NASA guests. It was like a “who’s who” of the Canadian space program, including most of Canada’s retired astronauts.

There were some lighthearted moments — like when MDA Space CEO Mike Greenly announced there were the limited edition Tim Hortons “moonbits” for all — but you could tell there was also a lot of emotion in the room.

There were some tears as a video message from Jeremy Hansen’s son, Devon, was played. For me the moment came when I spoke with Jeremy’s parents, who I had met several years earlier. They still live in Ingersoll, not far from London, Ont., where Jeremy went to high school.

RETURNING HUMANS TO THE MOON
At the time of writing, the crew have now had their first sleep in Integrity, the name of their Orion spacecraft.

They are now in a high-Earth orbit, reaching a maximum of 74,000 km from Earth. This is already a huge distance when you consider the orbit of the International Space Station is only around 400 km.

During the first 24 hours, the crew are testing the environmental controls and life support systems, ensuring that everything they need to survive for the next 10 days in space works. If everything looks good, NASA will clear the crew to conduct the translunar injection, and send Integrity to the Moon.

While they won’t be landing, in addition to testing out the Orion spacecraft, the Artemis II crew will be conducting science. They will be working with scientists and engineers in a new science evaluation room in mission control at the NASA Johnson Space Center, to collaborate during operations in real time.

This builds on years of testing and simulations the teams have done together and lays the groundwork for the first surface Artemis mission.

Before the launch, NASA astronaut Christina Koch summed up the feelings of everyone I’ve met on the Artemis program: “It is our strong hope that this Artemis mission is the start of an era where everyone, every person on Earth can look at it and think of it as also a destination.”

I couldn’t agree more.

THE CONVERSATION VIA REUTERS CONNECTS

Seafood brand links Mindanao fisherfolk to premium markets

MINDANAW SEAFOOD

By Vonn Andrei E. Villamiel, Reporter

A SEAFOOD enterprise is working to connect fisherfolk from Mindanao to premium seafood markets, with the aim of raising fisherfolk’s incomes, promote high-quality products, and improve traceability.

Founded in 2022, MINDANAW Seafood has grown from a two-person startup operating out of a studio apartment into a 26-member organization supplying seafood to institutional buyers and retail markets.

MINDANAW Seafood now offers about 30 seafood products sourced from fisherfolk and aquaculturists across mainland Mindanao, the Sulu Archipelago, and Palawan. It primarily caters to institutional buyers such as hotels, restaurants, and catering businesses, particularly in the Greater Manila Area.

“That’s the market that traditional players from Mindanao find difficult to tap into,” Jerrhad H. Nadonza, co-founder and executive director of MINDANAW Seafood, told BusinessWorld.

Mr. Nadonza, a fisheries professional, said the company was established to unlock the potential of Mindanao fisheries, while addressing persistent challenges faced by producers, including low incomes and limited market access.

“It started both as a dream and as a protest,” he said.

While Mindanao supplies a significant share of the country’s seafood, he said it remains disconnected from its largest markets.

“We saw that there’s a greater potential for Mindanao seafood commodities,” he said. “If we look at the geography of our country, Mindanao is the farthest if we consider Metro Manila as the main market, which represents nearly three-quarters of the seafood demand.”

This gap has resulted in a long and costly supply chain, where seafood passes through multiple intermediaries before reaching consumers. According to Mr. Nadonza, this structure often erodes both product quality and producer earnings.

MINDANAW Seafood’s model focuses on improving this system by shortening the supply chain, strengthening post-harvest handling, and promoting traceability.

By linking fisherfolk and aquaculturists directly to buyers, the company reduces reliance on intermediaries, improves pricing for producers, and provides them with stable market access.

“For the longest time, many fall to predatory buyers,” Mr. Nadonza said. “Prices can be so low that they are sometimes even below production cost.”

He added that fisherfolk are often forced to sell quickly due to the perishable nature of their catch, leaving them with little bargaining power.

“Otherwise, their catch will spoil. And many are already tied to debt even before they go out to sea,” he said.

Mr. Nadonza said the brand’s approach is meant to challenge this system.

“It is a protest against that kind of system. We want to change it so that producers take the lead and receive a bigger share of the value,” he said.

Mr. Nadonza said the company also works to improve product quality, value addition, and shelf life through better post-harvest handling and basic processing, such as filleting and deboning.

At the community level, the company also encourages fisherfolk to organize into associations or cooperatives to consolidate supply.

“It’s difficult when it’s done in small volumes,” Mr. Nadonza said. “We encourage them to organize so they can achieve economies of scale.”

The company now moves about 80,000 kilos of seafood a month, all of which it says is locally sourced and traceable. Shrimp accounts for a significant portion of its volume, supported by a network of aquaculturists.

As operations scale up, Mr. Nadonza said MINDANAW Seafood has begun expanding beyond Metro Manila, with sales offices in North Luzon, Central Luzon, South Luzon, and Cebu.

But beyond its commercial operations, the company said it wants to be community-centered, with producers at the core of its business model.

“When we sell MINDANAW as a brand, we sell the stories of the communities we partner with. This is not about us. This is about the producers who are actually very dedicated to producing high-quality products,” Mr. Nadonza said.

Through its advocacy arm, Mapiya Mindanaw, the organization supports environmental protection, social inclusion, and research initiatives. These include programs for fishing communities, Indigenous Peoples, women, and LGBTQ+ groups.

Mr. Nadonza, who also serves as the social engagement head at Mapiya Mindanaw, said the advocacy arm is also funding research on seafood and new food systems.

As part of its environmental efforts, the company has also established a carbon sink and sequestration facility, planting about 17,000 trees as of the end of 2025, with a target of adding 10,000 more this year.

“Our goal is by 2030, we want to be the first net-zero seafood brand in the Philippines. We want to absorb more carbon than what we actually release,” Mr. Nadonza said.

Looking ahead, MINDANAW Seafood plans to expand into value-added products, including ready-to-eat seafood meals aimed at convenience stores and supermarkets.

Mr. Nadonza said the company also hopes to encourage more young Filipinos to enter the fisheries sector and adopt similar business models.

“We want to inspire more young entrepreneurs and startups to enter the seafood industry,” he said. “The Philippines is a large country with many producers and many mouths to feed. We cannot do this alone.”

Globe joins regional consortium to expand digital backbone

GLOBE.COM.PH

GLOBE TELECOM, INC. has joined the Candle Cable System consortium to strengthen the Philippines’ digital backbone by connecting the country to submarine cable links across Asia.

“Candle raises the bar for the country’s digital backbone… With the Nasugbu and Baler landings, we are giving enterprises a more resilient path for cloud workloads, AI (artificial intelligence) development, and global operations,” Globe Vice-President and Head of Globe Business Stella Christine D. Dizon said in a media release on Sunday.

Candle Cable is an 8,000-kilometer system linking Japan, Taiwan, Indonesia, Malaysia, Singapore, and the Philippines. It has 24 fiber pairs and a total capacity of 570 terabits per second (Tbps).

The consortium is a regional collaboration among Meta, Japan’s SoftBank Corp., IPS, Inc., NEC Corp., Telekom Malaysia Bhd. (TM), and Indonesia’s PT XLSmart Telecom Sejahtera Tbk.

Globe is joining the consortium as both an investor and a landing party, with the cable planned to land at its Nasugbu station in Batangas, complementing the Philippine landing in Baler.

The system is expected to begin operations by 2028, Globe said, adding that it is among the highest-capacity cable systems in the region.

“Together, the West and East coast landings strengthen national resilience against typhoons, earthquakes, and other natural hazards, reducing single points of failure and reinforcing business continuity,” Globe said.

Candle’s 24-fiber-pair configuration offers higher capacity and lower latency, supporting the rapid expansion of cloud computing, AI development, and enterprise digitalization.

“International capacity is only one part of the equation. The real advantage comes from integrating the Candle Cable System directly into our extensive domestic fiber network,” Globe Vice-President and Head of Strategy and Business Investments Raymond L. Policarpio said.

A direct route to Japan and Singapore also positions the Philippines closer to key AI and cloud hubs.

“By linking this international capacity into our nationwide infrastructure, we ensure that high-speed and low-latency connectivity supports enterprises, small businesses, and mobile and broadband customers across the archipelago,” he said. — Ashley Erika O. Jose

T-bill, bond rates may be mixed

BW FILE PHOTO

RATES of the Treasury bills (T-bills) and Treasury bonds (T-bonds) on offer this week could be mixed before the release of March inflation data that could show an uptick due to the oil price shock caused by the conflict in the Middle East.

The Bureau of the Treasury (BTr) will auction off P27 billion in T-bills on Monday, or P9 billion each in 91-, 182-, and 364-day papers.

On Tuesday, the government is targeting to raise up to P40 billion from a dual-tenor T-bond offering, or P20 billion to P30 billion each via reissued seven year T-bonds with a remaining life of three years and one month and reissued 25-year securities with a remaining life of eight years and seven months.

T-bill and T-bond auction rates could mirror the mixed week-on-week yield movements seen at the secondary market as headline inflation likely accelerated sharply last month amid higher energy prices, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

A trader said secondary market rates were mostly lower on Wednesday as a new month began and amid hopes for a de-escalation in the conflict involving the United States, Israel and Iran.

However, signals from all sides remain mixed, raising doubts on a near-term resolution.

Higher oil prices due to fuel trade disruptions amid the Middle East war and rising rice costs may have pushed Philippine inflation to its fastest pace in nearly two years, analysts said.

A BusinessWorld poll of 18 analysts yielded a median estimate of 3.8% for the March consumer price index, faster than the 2.4% in February and 1.8% a year ago.

This is near the upper end of Bangko Sentral ng Pilipinas’ (BSP) 3.1%-3.9% forecast for the month and its 2%-4% annual target.  The print would also be the quickest in 20 months or since the 4.4% seen in July 2024.

This would also mark the third straight month that inflation settled within the central bank’s target.

At the secondary market on Wednesday, yields on the 91- and 182-day T-bills rose by 0.42 basis point (bp) and 5.58 bps week on week to end at 4.9897% and 5.1253%, respectively, based on PHP Bloomberg Valuation Service Reference Rates data as of April 1 published on the Philippine Dealing System’s website. Meanwhile, the 364-day paper went down by 1.02 bps to close at 5.1803%.

For its part, the seven-year tenor fell by 12.28 bps week on week to yield 6.7919%, while the three-year bond, the closest to the remaining life of the shorter bonds on offer, eased by 7.53 bps to 6.2524%.

Meanwhile, the 25-year T-bond’s yield went up by 1.27 bps to 7.0168%, while the 10-year paper, the benchmark closest to the remaining life of the debt on auction, declined by 18.86 bps week on week to 6.8308%.

On March 23, the BTr raised only P19.2 billion via the T-bills it auctioned off, below the P27-billion program even as total tenders reached P36.78 billion.

Broken down, the government borrowed P9 billion as planned through the 91-day T-bills as demand for the tenor reached P16.613 billion. The three-month paper fetched an average rate of 5.004%, climbing by 10.4 bps from the yield seen in the prior week. Bids accepted had yields ranging from 4.945% to 5.004%.

The Treasury likewise raised the programmed P9 billion via the 182-day debt as tenders reached P13.83 billion. The average rate of the six-month T-bill was at 5.032%, rising by 8.4 bps from the previous auction. Tenders awarded carried rates from 4.999% to 5.125%.

Meanwhile, the BTr raised just P3.705 billion from the 364-day securities, below the P9-billion plan as bids totaled just P6.305 billion. The one-year paper’s average yield was at 5.166%, up by 10 bps week on week. Accepted bids had rates from 5.1% to 5.25%.

Meanwhile, the reissued seven-year T-bonds on offer this week were last awarded on Nov. 26, 2024, where the government raised P15 billion as planned at an average rate of 5.954%, below the 6.5% coupon rate. The papers were also auctioned off on March 24, but all bids were rejected by the Treasury.

On the other hand, the reissued 25-year notes up for auction this week were last sold on Dec. 9, 2022, where the government raised P35 billion as planned at an average rate of 7.189%, below the 9.25% coupon rate.

For April, the government is looking to raise P248 billion from the domestic market, or P140 billion via T-bills and P108 billion through T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.647 trillion or 5.3% of gross domestic product this year. — Aaron Michael C. Sy

Analysts’ March inflation rate estimates

SHARP OIL PRICE increases driven by supply disruptions from the Middle East war, along with pricier rice, may have pushed Philippine inflation to its fastest pace in nearly two years, analysts said. Read the full story

Dinosaur collagen used to create one-of-a-kind handbag

T. REX LEATHER BAG — ART ZOO MUSEUM OFFICIAL FACEBOOK ACCOUNT

AMSTERDAM — Scientists and designers unveiled on Thursday a handbag made with collagen derived from Tyrannosaurus rex fossils from the US in a unique creation intended to demonstrate the value of laboratory-grown leather.

The teal-colored bag will be displayed on a rock in a cage under a replica of a T. rex at Amsterdam’s Art Zoo museum until May 11 after which it will be auctioned, with a reported starting price of more than half a million dollars.

Scientists behind the initiative said the material was developed using ancient protein fragments extracted from dinosaur remains that were inserted into an unidentified animal’s cell to produce collagen that was turned into leather.

“There were a lot of technical challenges,” said Thomas Mitchell, chief executive officer (CEO) of The Organoid Company, one of three companies behind the so-called “T. rex leather” bag.

Genomic engineering firm Organoid and creative agency VML, another of the firms behind the project, previously collaborated on creating a giant meatball in 2023 by combining the DNA of a woolly mammoth with sheep cells.

Che Connon, CEO of Lab‑Grown Leather Ltd. that worked on producing the leather for the handbag from the engineered collagen, said the T. Rex origin gave it extra “oomph.”

“It’s not just about a green alternative to leather, it’s a technological upgrade,” Mr. Connon said of lab-grown leather.

SKEPTICISM
Some scientists outside the project have expressed skepticism about the term “T. rex leather,” saying material from other animals would be needed.

Dutch vertebrate paleontologist Melanie During, of the Vrije Universiteit Amsterdam, said collagen can persist in dinosaur bones only as fragmented traces that cannot be used to recreate T. rex skin or leather.

Thomas R. Holtz, Jr., a paleontologist at the University of Maryland, similarly said any collagen identified in T. rex fossils comes from inside bone, not skin, and that even perfectly matching proteins would lack the larger‑scale fiber organization that gives animal leather its distinctive properties.

“I would say that when you do something new for the first time, there is always criticism,” Mr. Mitchell said in response.

“And I think we’re really grateful for that criticism. It’s the bedrock of scientific exploration… I think this is the closest anyone has gotten and will probably ever get to create something that’s T. rex.” — Reuters

On university rankings and global asymmetries

STOCK PHOTO | Image from Freepik

Universities across the world, including our own, are being quietly but profoundly reshaped. Corporatization, commercialization, and metrification, amplified by global university rankings and politicized governance, are transforming the university from a public institution into a competitive enterprise. The result is a narrowing of what we mean by “excellence,” privileging what can be counted over what truly counts, reinforcing global inequalities, and pressuring universities — especially in the Global South — to conform to external standards.

This is not an abstract concern. It affects how we teach, what research gets done, whose knowledge is valued, and how societies think about themselves.

The modern university was founded on a revolutionary idea: the pursuit of knowledge free from external control. This freedom was never meant as a privilege for academics, but as a necessity for society. The university was envisioned as an institution where scholars could pursue truth wherever it might lead, free from religious dogma, political authority, or economic interests. A space where people could think critically, challenge orthodoxies, and imagine alternative futures.

But universities founded in colonial contexts, carried a deep paradox. The University of the Philippines (UP) was established by American colonizers in 1908 as an instrument of imperial rule, designed to reproduce colonial hierarchies and knowledge systems. Yet over time, it evolved into a site of anti‑colonial and nationalist scholarship, student activism, and critical inquiry. Its history shows that even institutions with colonial origins can become spaces of decolonization, challenging Western epistemologies, developing curricula grounded in local experience, and providing room for scholars to critically examine society and power.

Today, these ideals of academic freedom, critical thinking, and the university’s public mission are under strain. In many countries, public funding hasn’t kept pace with the growth and costs of higher education. Public universities are pushed to look for income beyond government support. New technologies, especially AI, and the rapid expansion of higher education worldwide are forcing us to confront difficult questions about access, funding, and purpose.

Faculty face heavier workloads and fiercer competition for shrinking research budgets. Tightening visa regulations and geopolitics restrict the mobility of students and scholars. And academic freedom is under constant threat from political actors who see universities as threatening to established interests.

These pressures raise a fundamental question: what kind of institution is the university meant to be?

I use the term “public good” deliberately. Yes, universities benefit individuals, but universities also create broader social value. They generate new knowledge, address complex problems, serve the public. UNESCO categorizes education and knowledge in this sense as public good. Universities advance medicine, contribute to our understanding of climate change and social inequalities. They create spaces for critical inquiry where scholars can challenge power structures and examine uncomfortable truths. They train citizens to help build the economy and participate in public life. They help communities through research grounded in local realities and responsive to local needs.

These aren’t incidental benefits. They define what universities are for. Yet these public dimensions are precisely what erode when universities are governed primarily by rankings, market pressures, and short-term performance metrics.

One visible manifestation of this transformation is the creeping corporatization and contractualization of higher education. Universities are increasingly run like businesses, where performance metrics, revenue targets, and cost-cutting measures dictate priorities. Administrative structures now mirror corporate hierarchies. University leaders are increasingly expected to act as CEOs, prioritizing revenue generation over academic excellence and public purpose. Growing numbers of staff are employed on temporary contracts with low pay and little security, undermining both their well-being and the quality of their work.

Education itself is being recast as a private commodity. Professors are treated as managed employees, students become clients and customers, and knowledge becomes a product. The university experience is narrowed to employability, often at the expense of intellectual development and social responsibility.

When institutions prioritize revenue and market positioning, the kinds of knowledge production that serve society but do not generate immediate profits or high citation counts become marginalized. This market-driven model is fundamentally at odds with the public mission of universities.

Perhaps one of the most insidious drivers of this transformation is the growing obsession with metrics and global university rankings.

As a mathematician, I am not opposed to numbers. But I worry when our worth as institutions of learning, knowledge production, and public service is reduced to numbers, and we lose sight of the bigger picture and the real impact of our contributions. Numbers can be seductive. They lend the appearance of credibility while creating a false sense of objectivity. We must guard against letting superficial precision overshadow the deeper, more time-consuming evaluation of intellectual and artistic work.

The rise of “audit cultures” has normalized assigning numbers to academic output and ranking institutions, colleges, and individual scholars. These produce control rather than creativity, conformity rather than curiosity. Studies show that audit cultures produce tighter top-down controls and power hierarchies rather than leveling playing fields.

The increasing metrification of academia is reshaping university agendas, distorting university priorities, and undermining our values. We no longer read, we just count!

Consider the world university rankings by Times Higher Education and QS (Quacquarelli Symonds). Their emergence in these last two decades has created a hyper-competitive landscape, where citations, international faculty, and industry income have become proxies for institutional prestige. These rankings privilege what are easily counted — publication counts, citation indices, and international collaborations — while sidelining equally important measures such as public service, community impact, teaching quality, and holistic student development. Universities are pushed to pursue what is measurable rather than what is meaningful.

The pressure to climb rankings favors disciplines that generate “high-impact” publications, often in STEM fields, while marginalizing socially critical areas such as the humanities and social sciences. Hiring and promotion increasingly rely on impact factors and citation indices, replacing scholarly judgment with bean-counting. Faculty are nudged toward safe, fundable projects instead of bold or locally grounded research. Combined with growing administrative demands, this publish-or-perish culture has contributed to widespread burnout and mental health crises.

Metric obsession is encouraging “salami-slicing” of papers to increase publication count, gaming citation networks, publication in predatory journals, and participation in weak conferences that are merely profit-making scams. Goodhart’s Law warns us: “When a measure becomes a target, it ceases to be a good measure.” Gaming metrics inevitably distorts behavior.

I am not naive about political realities — public universities must demonstrate value to taxpayers. But there’s a difference between evaluation and bean-counting.

Digitized citation databases like Scopus and Google Scholar have accelerated this trend. Metrics like the h-index or journal impact factor have become simplistic shorthand for quality. Rankings have become branding devices, packaging education as a consumer product.

More troubling still, global university ranking systems privilege Western definitions of excellence, English language journals, Anglo-American institutional models, and Global North funding priorities. Universities in the Global South are pressured to meet these standards, reinforcing academic dependency and weakening locally relevant, decolonial scholarship. Elite institutions get to define what counts as legitimate knowledge while important work rooted in local realities struggles for recognition. This directly undermines the capacity of universities to serve as public goods responsive to their own societies.

For too long, excellence has been defined by competition, rewarding visibility, citation counts, and selectivity. This often narrows inquiry, discourages risk-taking, and reinforces the dominance of well-resourced institutions. It’s time to widen the lens.

True quality lies not only in outputs, but in the conditions under which knowledge is produced: academic freedom, secure employment, mentoring, collaboration, integrity, and care. When research agendas are driven primarily by market needs or donor preferences, questions that challenge existing power structures are sidelined. This weakens the university’s critical role in society.

So what do we do? We need to reassert the university’s public mission: critical thinking and academic excellence, inclusive education, meaningful research, and service to society. We must engage critically with rankings and explore alternative systems of assessment — public service, social impact, teaching quality. Use rankings, if at all, as one tool among many, not the defining measure.

We must resist rewriting institutional missions to fit indicators. Focus instead on creating the conditions that make good teaching and research possible: mentoring, fair workloads, secure career pathways, academic freedom, research integrity, and making knowledge accessible in multiple languages. Reward collaboration and locally grounded inquiry, especially when their impact lies beyond citation windows. Balance quantitative indicators with qualitative, mission-aligned measures so universities remain spaces of genuine learning, innovative research, and public service.

Metrics can be useful but they become problematic when allowed to define what matters and replace judgment, mission, and ethics.

This brings me to academic freedom, which is not peripheral to excellence, but is its precondition.

Academic freedom is essential to the university’s dual role as knowledge producer and social critic. The University of the Philippines (UP), founded by colonizers yet evolved into a decolonizing institution, has long grappled with its role as both state-funded national university and defender of academic freedom. During Martial Law, when dissent was suppressed, UP became a space of resistance.

Academic freedom is not an abstract entitlement. It is a practice — shaped in difficult questions, principled dissent, and scholarship that amplifies marginalized voices. Its purpose is to equip society with clarity and courage, allowing evidence, reason, and ethical judgment to prevail over fear and force. Academic freedom fulfills its value precisely when scholars pursue uncomfortable truths, challenge orthodoxies, speak for the excluded.

In times of disinformation and polarization, universities must stand as bastions of reasoned debate, evidence-based argument, and principled dissent. This freedom to think and speak out is what enables the university to serve as a moral compass for society — a public good function that no other institution can adequately fulfill.

Public universities are not corporations and should not be run as such. While we must be responsible stewards of resources, our primary accountability is to education, scholarship, and the public good. Not to balance sheets, or KPIs. Universities are human communities, not just systems of production. The well-being of students, faculty, and staff must be central. Our institutions must foster not only productivity but also dignity, creativity, joy, and meaning in learning and discovery.

The university we need is not a factory of metrics, but a sanctuary for thought, for meaningful research, teaching, and public service. It cultivates critical minds and ethical citizens, contributes to social progress, and remains a space for imagining better futures.

 

Fidel Nemenzo, D.Sc., is a professor of mathematics and former chancellor of the University of the Philippines Diliman. This article is based on a keynote talk delivered at the Berlin University Alliance and Berlin Center for Global Engagement meeting on “Beyond Excellence in International Research Cooperation,” Nov. 27, 2025, at the Technische Universität Berlin, Berlin, Germany.

Farm logistics support expanded; North Luzon fuel subsidy readied

BW FILE PHOTO

THE Department of Agriculture (DA) said it is expanding government-supported hauling operations and preparing a fuel subsidy program to cushion the impact of rising fuel prices on vegetable farmers and truckers in Benguet, Ifugao, and Mountain Province.

In a statement on Sunday, Agriculture Secretary Francisco P. Tiu Laurel, Jr. said the planned fuel subsidy aims to stabilize deliveries and ease cost pressures on transporters, as surging oil prices continue to drive up logistics expenses.

The DA said industry participants reported that freight costs have doubled or tripled in recent weeks, with rising fuel costs adding an estimated P1 to P2 per kilo for vegetables shipped to Metro Manila.

The DA said it deployed its own fleet of trucks as well as the  local government units (LGUs) and farmers’ groups to transport produce from farms to trading centers and key markets.

The DA said it is paying for fuel for these operations and monitoring LGU reports to better direct produce to locations with limited supply.

The DA said it will consult with LGUs, state-run Food Terminal, Inc., and other officials to refine support measures for farmers and transport operators. — Vonn Andrei E. Villamiel

Fuel play

The all-new Toyota RAV4 (left) and Urban Cruiser promise performance with an eye on sustainability — particularly relevant during a time of meteoric rises in pump prices. — PHOTO BY KAP MACEDA AGUILA

Inadvertently opportune releases from Toyota

NOT TO BE facetious about it at all, but not a few have commented how the “pandemic feels” are back. This time, it’s not a virus that is keeping us home, twiddling our fingers with uncertainty, but skyrocketing fuel prices. Those and the crashing value of the peso versus the US greenback have now reached historically distressing levels — both veritably caused by machinations of men oceans away.

The recent news report of a transportation network vehicle service (TNVS) driver speeding off from a fuel station without paying his P5,000 fuel tab underscored the dire situation today that is pushing many to the breaking point. When it costs an arm and a leg to gas up, what are we to do?

In many cases, of course, there is no choice. We need to board our vehicles or be driven in one; we need to be transported from point A to point B.

Recently, Toyota Motor Philippines (TMP) held its “Go Electrified” drive for members of the media and content creators. Featured were, of course, electrified options from both the Toyota and Lexus brands. It needs to be said that TMP drew up the activity way before the Middle East crisis and the aforementioned resulting surge in pump prices. The main point is in flexing not just the breadth of choices for Toyota in the electrified realm, but the overarching message of striving for carbon neutrality via the brand’s multi-pathway approach. This consistent strategy for Toyota has meant espousing all manner of powertrains that all lead toward the desired outcome of less or no carbon emissions depending on the appetite and readiness of the global market. It means not forcing solutions where they are not feasible.

Having said that, “Go Electrified” ended up as an opportune time for the brand to showcase its models/variants that boasted very frugal use of fossil fuel — in some cases none at all.

“This activity is a good way for TMP to also be able to promote better driving habits, for us to be able to be more prudent as well, and showing sustainable options,” said TMP Assistant Vice-President for Marketing Services Division Jade Sison-Mendoza, in an exclusive interview with “Velocity.” She continued, “Hybrid has always been one of the more attainable ways to go into electric driving. In terms of our different ICE (internal combustion engine) vehicles, they are also fuel-efficient. But it’s always a matter of how you drive it, the attitude, the behavior.”

Arguably the centerpiece of the drive were two new introductions to the TMP portfolio: the all-new RAV4 and a new battery electric vehicle (BEV) model, the Urban Cruiser. Both had been mentioned in a previous presser early in the year as among the five models Toyota will release in 2026. The other models are the Land Cruiser 300 Hybrid, Land Cruiser FJ, and Hilux.

RAV4 WITH MORE
In 2025, TMP sold 947 units of the RAV4. That number is surely to be expected to trend upward this year with the introduction of the all-new, sixth-generation version. Under the hood is a 2.5-liter, 16-valve, four-banger hooked up to two electric motors for support. The front generator delivers 136kW, the rear puts out 54kW. The RAV4 runs on Toyota’s E-Four AWD System, and boasts total system output pegged at 239ps. Drivers can access the performance via an e-CVT transmission, with the lower Adventure variant (priced at P2.183 million) getting a mechanical shifter versus the shift-by-wire Limited grade (P2.499 million).

Though the Limited is the better appointed RAV4, an informal survey of driver participants showed that many would be perfectly happy with more affordable Adventure. Aside from the difference in gear shifters, the Limited receives larger alloys (20 inches versus the 18s of the Adventure), auto-leveling headlamps, dual daytime running lamps, a panoramic moonroof versus a smaller “tilt and slide” in the Adventure, leather seating, memory settings in the power seats, power-adjust passenger seat, driver and passenger seat ventilation, electrochromic rearview mirror, head-up display, adaptive high beam, intelligent parking assist, and others.

In my estimation, not having these features in the Adventure shouldn’t be a dealbreaker. Both variants of the RAV4 hit a sweet spot in space, ability, comfort, and, yes, fuel efficiency — values that should earn it a spot on car browsers’ consideration lists. Taking turns driving it from Manila to Pampanga, the model routinely hit a thirst rate of 20kpl and better, stretching fuel supply with ample support from the electric motors.

The RAV4 feels familiar, and that’s a good thing. This newest version should appeal to the fans of the model and those owning the previous versions. Its skillset and appointments should feel familiar — better even. Albeit experienced in a limited fashion, driving and riding in the RAV4 appear to be equally satisfying. In fact, I took a peaceful nap in the backseat as we headed north.

SOLID BEV IN THE URBAN CRUISER
Think of the Urban Cruiser as the Ativ’s fully electrified sibling. They are now the lowest-hanging fruit in their respective powertrain category for Toyota. Following the introduction of TMP’s first full-electric offering in the bZ4X late last year, the Urban Cruiser lowers the price of entry in the BEV segment of Toyota.

Priced at P2.135 million versus the P2.699 million of the most affordable bZ4X, the Urban Cruiser is a crossover that is, based on our limited seat time with it, named most appropriately. It should be solid as a city go-getter for singles, new couples or even empty nesters wanting to go pure electric.

The Urban Cruiser, measuring 4,285mm, 1,800mm, and 1,635mm in length, width, and height, respectively, is smaller compared to 4,690mm, 1,860mm, and 1,650mm of the bZ4X. The wheelbase measurement of the Urban Cruiser is at 2,700mm versus the bZ4X’s 2,850mm. The last measurement is typically a good indicator of cabin (i.e. passenger) space.

TMP proffers a maximum range between charging sessions of 475 kilometers for the Urban Cruiser, which is not bad at all when compared to the 570 kilometers of its bigger sibling. That’s two trip from Manila to Clark and back, with lots of charge to spare. While we’re at it though, let me get back to my earlier point about the model being aptly named. It should excel in urban environments — the everyday commute to and from work, for instance, with the occasional out-of-towner enabled by its surprisingly useful range. The Urban Cruiser’s boot also offers decent space, and has a solid plastic tonneau cover that shields your stuff from prying eyes.

The two-tone, synthetic leather and plastic execution within is also tasteful and pleasant, set off by the bi-level dashboard and upright digital screen which houses both the very legible instrument cluster and infotainment display. Sit at the rear though and you’ll feel the Urban Cruiser is indeed much smaller than the bZ4X. Headroom for me (I stand 5’10”) was a bit limited, and so the moonroof is a rather welcome sight because this feature definitely helps to increase the sense of space. There are no second-row air vents, though. Instead, there are a couple of charge points in the console/armrest (a USB-A and a USB-C) for passengers here.

I’ll be honest, sitting at the rear of the Urban Cruiser already isn’t a particularly pleasant proposition for someone my size, but the stiff suspension of the vehicle made the experience a little more challenging. Road imperfections seemed to be directly communicated to my behind, and a particularly bad stretch of road bounced me up that I bonked my head. Lesson: Buckle up, even when you’re in the rear bench.

I wasn’t able to drive it for a meaningful stretch, so I’ll hold off on a more complete verdict. But the use case for the Urban Cruiser is, again, as obvious as its name. As a point-to-point everyday BEV promising the vaunted QDR (quality, durability, and reliability) of the Toyota badge it sports, the Urban Cruiser should appeal to anyone shopping at the price point — ready and raring to go electric amid the current fossil fuel concerns and beyond.

“Moving forward, there might be also new technologies. Eventually, maybe we will introduce a plug-in hybrid electric vehicle,” intimated Mrs. Sison-Mendoza. “Going back to that multi-pathway approach, there is no one and clear solution for us to be able to achieve that. And there are different lifestyles, there are different customers, there are different driving habits or different behaviors. It’s a myriad of things that we should be able to deliver to customers, and we feel that that would be the best way for us to be able to introduce that through a multi-pathway approach. Because in the end, like you said very well, it’s for us to be able to achieve carbon neutrality.”