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Jollibee gets PSE nod to lift 40% foreign ownership limit

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FOREIGN INVESTORS may now own more shares of Jollibee Foods Corp. (JFC) after the Philippine Stock Exchange (PSE) approved its request to remove the 40% foreign ownership limit.

“The PSE has approved [the] request of JFC to amend its foreign ownership limit from 40% to no limit…,” the listed fast-food giant said in a regulatory filing on Thursday. 

The move follows JFC’s amendment of its primary and secondary purposes in its articles of incorporation, removing its ability to own, acquire, mortgage, pledge, or encumber land and any interest therein.

With this amendment, JFC can now accommodate more foreign investors, as it no longer has the capacity to own land. Companies that own land must comply with foreign ownership limits set by the Constitution.

Article 12 of the 1987 Constitution restricts foreign ownership of land and certain businesses to 40%, with the remaining 60% reserved for Filipino citizens or corporations. However, the government has eased foreign ownership restrictions in some industries, such as renewable energy, allowing full foreign investment.

The Securities and Exchange Commission (SEC) approved JFC’s amendment in November last year.

In May last year, JFC stated that the amendment removed the company’s ability to directly own real estate but retained its ability to invest in companies that own land and other real properties.

Following regulatory approvals, stock market analysts anticipate that JFC may sell its land assets while attracting more foreign investors.

JFC shares surged by 10.72% or P25.40 to P262.40 apiece on Thursday after the announcement.

“This could provide some positive boost for the company. Hopefully, it materializes with the stock price,” Unicapital Securities, Inc. Equity Analyst Jemimah Ryla R. Alfonso told reporters during an ambush interview in Makati City on Thursday.

AP Securities, Inc. Research Analyst Jose Antonio B. Cipres said in a Viber message that the move allows JFC to raise additional capital for expansion through a sale-leaseback transaction.

“They could use the proceeds from the sale of land to expand their current portfolio of stores, which would translate to higher earnings. This is more of a visibility play, as the amendment could result [in] the stock’s faster capital appreciation as its fundamental value finally gets recognized by a larger market,” he said. 

“We see this as something that would put JFC in an even better position [on] the global stage, as it would allow them to attract more foreign investors through the higher foreign ownership,” he added. 

China Bank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message that the move aligns with JFC’s global expansion plans.

“The removal of the ownership restriction paves the way for JFC to attract more foreign equity participation in the company. This aligns with JFC’s ambition to be a leading player in the global restaurant industry,” he said.

“Having no nationality cap gives them a lot of headroom in case they need to get sizable foreign equity capital for their expansion,” he added.

JFC’s move follows recent acquisitions aimed at expanding its brand portfolio.

In January, JFC subsidiary Milkshop International Co., Ltd. announced a plan to acquire a 70% stake in Taiwanese wellness soup brand Moon Moon Food for NT$103.8 million (P184 million).

The fast-food giant also recently completed a S$20.2-million buyout to take full control of Hong Kong-based dim sum restaurant Tim Ho Wan.

In July last year, JFC announced the acquisition of South Korea’s Compose Coffee for $340 million to strengthen its coffee and tea business. 

For the first nine months of 2024, JFC’s attributable net income rose 24.1% to P8.47 billion, while revenue increased by 10.6% to P196.25 billion.

As of end-September last year, JFC expanded its store network by 42.8% to 9,598 locations, including 3,340 domestic stores and 6,258 international branches. 

Of its international stores, JFC operates 568 in China, 381 in North America, and 362 across Europe, the Middle East, Africa, and Asia. It also has 815 under Highlands Coffee, 1,219 under The Coffee Bean & Tea Leaf, 333 under Milksha, and 2,580 under Compose Coffee. — Revin Mikhael D. Ochave 

EastWest Bank bullish on consumer lending

EAST WEST Banking Corp. (EastWest Bank) expects strong consumer loan growth this year as it remains bullish on the Philippine economy’s prospects and amid robust demand for credit driven by the younger demographic.

“I think the outlook remains to be positive. We’re a consumer-led economy, and the economy is kind of resilient. Of course, we don’t know what’s going to happen with all the recent news with [US President Donald J.] Trump and his new policies. But we’re very optimistic,” EastWest Bank Consumer Lending Head Lawrence L. Lee told reporters on the sidelines of an event on Thursday.

The Philippine economy expanded by 5.6% in 2024, short of the government’s 6%-6.5% full-year target but slightly faster than the 5.5% print in 2023.

The government targets 6%-8% growth this year.

Since returning to the White House last month, Mr. Trump has rolled out various policies, particularly on tariffs, and immigration, which have roiled global markets.

Mr. Trump this week said he would soon impose reciprocal tariffs on every country that charges duties on US imports, keeping alive fears of a widening global trade war that threatens to accelerate US inflation, Reuters reported.

On Monday, Washington announced new 25% tariffs on all steel and aluminum imports into the United States, leaving trade partners scrambling.

Consumer loan growth will be driven by the Philippines’ young population, he said.

“That age is where you slowly start to earn more, spend more, and obviously, borrow more as you try to meet your aspirations of being able to buy what you want, like a house or a car. So, I think all of those will translate to higher consumer lending… I think our demographic dividend continues to be a key driver of consumer lending and consumer spending,” Mr. Lee said.

In 2024, EastWest Bank’s consumer lending business grew by more than 30%, he said, slightly faster than the rest of the industry.

The bank’s credit card billings hit P116.6 billion last year as its cardholders reached 1.5 million, it earlier said.

Latest Bangko Sentral ng Pilipinas data showed that Philippine universal and commercial banks’ outstanding consumer loans to residents rose by 25% year on year to P1.59 trillion as of December 2024, faster than the 23.3% growth the month prior.

“I would just say it’s aligned with the industry. We want to be always higher than industry because we want to improve our market share. If you’re just aligned to industry, then your market share doesn’t move,” Mr. Lee said.

EastWest Bank Senior Executive Vice-President and Financial Markets and Wealth Management Cluster Head Rafael S. Algarra, Jr. earlier said they expect their loan book to grow by 25%, steady from 2024 level, driven by its consumer segment amid strong demand for credit card, auto loan, and personal loan products.

The bank’s attributable net income jumped by 49.1% to P2.32 billion in the third quarter of 2024, bringing its nine-month profit to P5.81 billion, up by 19.57% year on year.

EastWest Bank shares declined by 10 centavos or 1.01% to close at P9.80 apiece on Thursday. — A.M.C. Sy with Reuters

A brave new world but more of the same

By Brontë H. Lacsamana, Reporter

Movie Review
Captain America: Brave New World
Directed by Julius Onah

THIS fourth installment in the Captain America film franchise suffers from the fact that the character of Sam Wilson had taken up the mantle of Captain America in a previous TV show, in the process alienating a huge chunk of moviegoers who aren’t comic book fans and who don’t spend time on any of the Marvel TV series on Disney+. His appearance to these audience members is thus confusing.

His journey picks up where the TV show The Falcon and the Winter Solider left off, with Wilson — formerly the Falcon — accepting his new role as Captain America and coming to terms with the pressures of being the second iteration of a beloved hero, especially as a black man.

Captain America: Brave New World kicks off when he is thrust headfirst into an international incident where President Ross is almost assassinated. With certain friends at risk and a mysterious figure pulling the strings, he must discover the reason behind the nefarious global plot before the Red Hulk emerges from the shadows.

Despite the unfair pressure that comes with the job, Anthony Mackie excellently embodies the confident albeit very human physicality and sense of justice befitting Wilson’s Captain America (who does not have the enviable strength of a super-soldier and instead is burdened with an increasingly complex world that seeks to defend itself from cosmic evils). Mackie injects his own charm and humor into the role, more than making up for the fact that he isn’t the white hunk people expect.

All of this is confusing for those who don’t live and breathe superhero fiction as there are numerous ties with characters and events that last featured heavily about 20 Marvel movies ago. For example, Thaddeus “Thunderbolt” Ross, in addition to having a new face (he is now played by Harrison Ford after the passing of William Hurt), has an important character arc here as his ruthless general-turned-president transforms into the Red Hulk. But his starting point as the unforgiving military menace who hunted down and chased Bruce Banner (in 2008’s The Incredible Hulk, the Edward Norton version of the big green guy) off into hiding is crucial in getting the full force of this story. Since that original film, Hurt’s Ross has appeared here and there in a few Avengers movies, most recently in the 2020 Black Widow film. In Brave New World, we get constant references to the past, with ongoing drama between characters relegated to quick, snappy scenes.

It’s easy to dismiss the film’s geopolitics as laughable, with Japan seen as the threat to the United States’ control over the Celestial Island where humans now mine the super product adamantium (similar to Wakanda’s vibranium). China would have been the logical geopolitical power of choice for this. But the tragedy of Japan and America once again butting heads, with certain scenes set in the cherry blossom park in Washington DC donated by Japan in 1912, is a neat symbol of the calm that President Ross struggles to return to. (It is also an obvious tack to avoid offending China’s giant market for Marvel films.)

Ford does a wonderful job as he gradually becomes the Red Hulk. Known for playing lead characters (Han Solo, Indiana Jones), he embodies a truly pathetic man, one who did terrible things and is trying and failing to make up for it, his past catching up to him in the worst ways. His forced transformation shows just how great a Hulk film could be, interestingly rooted in the human machinations of a government that has Captain America and other superpowered pawns at their disposal.

Without spoiling anything, Tim Blake Nelson as the main antagonist, The Leader, is chilling and intriguing to watch, while Danny Ramirez gives life to the eager and energetic sidekick Torres that Wilson’s Captain America takes under his wing to train as the new Falcon. Carl Lumbly reprises his brilliant turn as the forgotten (and abused) black super-soldier Isaiah Bradley from The Falcon and the Winter Soldier. His endearing vulnerability and yearning to move on from his dark past is utilized in full here, his character getting involved in a plot that throws him back into notoriety.

We get frustratingly little of the scene-stealing Giancarlo Esposito as the criminal boss and assassin Sidewinder and frustratingly too much of Shira Haas (who is bland as well as controversial in real life for being an Israeli nationalist) as the ex-Black Widow-trained US agent Ruth Bat-Seraph.

The action excites at some parts, but Brave New World simply does not live up to the smoke-screen espionage-political-thriller-action-romp that it promises to be. Captain America and the Winter Soldier is still the best in that regard. On paper, this could have worked, but weighed down by the ties with multiverse-level events on the horizon (laid out over the next 20 or so Avenger-related films), it fails to execute a return to form for the Captain America franchise or even be an improvement on the recent lackluster string of Marvel titles.

It is serviceable, which is more than Sam Wilson deserves, the character now falling way too safely under the mantle of liberal tokenism (yay, black superhero!) even though there was potential to do more with it. It is standard superhero fare, at least coherent and fast-paced, but a mere shadow of the film it could have been.

Singapore Airlines expanding services in PHL

SINGAPOREAIR.COM

SINGAPORE AIRLINES is set to further expand its services in the Philippines with the launch of its newest destination in April.

Right now, together with Scoot, we are serving Manila, Clark, Davao, and Cebu. From April, Singapore Airlines is going to add services to Iloilo, which is going to be our newest destination here in the Philippines,” Liwei Tai, Singapore Airlines general manager for the Philippines, told reporters on Thursday.

Singapore Airlines, through its low-cost subsidiary Scoot, will launch direct flights from Iloilo to Singapore four times a week, she said.

Ms. Tai said the company will consider expanding its services based on market reception to the planned route.

“When the market builds up and there’s more opportunity, we definitely want to further grow the services,” she said.

Ms. Tai said Singapore Airlines expects an increase in Filipino travelers this year, though she declined to disclose the airline’s passenger forecast.

“I think both ways, for Singaporeans — because we serve so many destinations around the world — going to Iloilo as a leisure destination. And also serving the people from Iloilo and nearby [places] going to Singapore. I think it’s a good chance to really serve both sides of the market,” she said.

Meanwhile, Singapore Airlines announced its collaboration with EastWest Bank on Thursday, offering EastWest Bank credit cardholders exclusive discounts on Singapore Airlines tickets for travel between Feb. 15 and Dec. 31. — Ashley Erika O. Jose

Banks face reputational risks from romance scams

REUTERS

PHILIPPINE BANKS may be exposed to increased reputational risks as the number of Filipino individuals and entities linked to romance scams rose in 2024, Moody’s said.

Moody’s on Thursday said it recorded 1,193 new entities and people with potential ties to romance scams in 2024, up by 14% year on year and the highest in six years.

“In 2024, the US accounted for over a third (38%) of new romance scam profiles among top 10 countries, followed by Nigeria (14%), India (12%), the UK (11%), Malaysia (5%), China (5%), the Philippines (4%), Brazil (4%), Canada (4%) and Australia (3%),” it said in a note on Thursday..

In the Philippines, the number of Filipino entities and individuals with potential links to romance scams increased to 45 in 2024 from 10 in 2023, Moody’s said.

“Criminals often seek to launder the money generated from romance scams like sextortion via the traditional financial system. Banks can face significant reputational risks and fines,” the credit rater said.

“Financial grooming scams increased greatly during the COVID-19 pandemic, as isolation led to a greater need for emotional connection — and increased vulnerability. Sextortion is a type of romance scam targeting teenagers, particularly boys. Perpetrators use fake profiles to solicit explicit images or videos from victims, then extort money by threatening to expose the images to friends, family or on social media,” it added.

The Bangko Sentral ng Pilipinas (BSP) requires Philippine financial institutions to immediately report reputational risk events that could impact their financial standing and stakeholder confidence.

The BSP’s guidelines define reputational risk as those that could affect earnings, capital and liquidity due to negative perception of the financial institution and adversely impact their business relationships and hinder new venture establishments or continuous access for funding

These risks could be caused by customers, shareholders, investors, employees, market analysts, the media, and other stakeholders, including regulators and government agencies.

Financial institutions are expected to implement mechanisms meant to monitor reputational risks through early warning indicators such as volume of complaints, number of negative news, number of violation of laws or regulations, and codes of conduct with material penalties or sanctions for noncompliance.

Meanwhile, the Anti-Financial Account Scamming Act signed in July 2024 prohibits and punishes crimes committed using financial accounts, such as acting as money mules, performing social engineering schemes, and committing economic sabotage.

The law allows the BSP to examine and investigate bank accounts, e-wallets, and other financial accounts that are involved in the prohibited acts.

An analysis by TransUnion Philippines released last year showed that 18% of digital transactions originating from the country across the communities industry — which includes online forums and dating websites — were suspected to be digital fraud in the first half of 2024.

Data from the Philippine National Police’ Anti-Cybercrime Group (PNP-ACG) showed there were a total of 121 sextortion cases in the Philippines in 2023. The PNP-ACG has said that sextortion is among the top five cybercrimes that they receive complaints about.

Mastercard rolls out anti-money laundering service TRACE in the Philippines

MASTERCARD has officially launched in the Philippines its anti-money laundering service that leverages artificial intelligence to flag potential financial crime.

The Philippines is Mastercard’s first Asia-Pacific market to implement its TRACE or Trace Financial Crime solution in collaboration with interbank network BancNet, Inc., onboarding 36 domestic banks, it said in a statement on Thursday.

BancNet is the switch operator of the Philippines’ real-time payment (RTP) gateway InstaPay.

“The Philippines has seen rapid digital payments growth, making it more important than ever to strengthen defenses against financial crime. With the rampancy of cybercrime affecting consumers and financial institutions alike, the urgency for stronger, more collaborative fraud prevention solutions has never been greater,” Mastercard Philippines Country Manager Simon A. Calasanz said in a statement on Thursday.

“As scams grow more sophisticated, advanced tech-powered prevention and monitoring capabilities are critical. Our partnership with Mastercard and leveraging TRACE gives us and the network participants the intelligence to help detect fraud faster, making scam prevention sharper and more effective,” BancNet Chief Executive Officer Elmarie S. Reyes said.

The Philippines’ Cybercrime Investigation and Coordinating Center (CICC) received 10,004 online scam complaints in 2024, with losses from incidents valued at nearly P198 million, it said this month.

Mastercard said the rise in real-time payments has made it a target for money launderers and criminals who use financial accounts in romance and investment scams.

TRACE uses payments data from multiple financial institutions to track financial crime across a payments network, flagging fraudulent transaction patterns and alerting banks about suspicious accounts.

“The solution allows participating financial institutions to quickly and accurately trace dispersed illicit funds across the RTP system, identify money mule activity throughout the network, and proactively highlight suspected money laundering accounts — all of which will allow them to better adhere to the country’s new Anti-Financial Account Scamming Act,” Mastercard said.

The United Kingdom is the only other market in the world to have implemented TRACE.

“The launch of TRACE in Asia Pacific marks a transformative step toward safeguarding the integrity of Real-Time Payments while combatting the corrosive effects of financial crime. By ensuring that transactions remain secure and compliant, TRACE helps to protect consumers and financial institutions, while also fostering trust in the digital economy—which will be critical for the region’s economic growth,” Mastercard Asia Pacific Services Executive Vice-President Matthew Driver said.

“Mastercard is proud to have collaborated with BancNet on its pilot rollout in the Philippines and is ready to collaborate with other stakeholders across the region to implement TRACE to create a stronger, more resilient global financial system.” — AMCS

Hollywood boosts female leads but lags in people of color, report finds

LOS ANGELES — Out of the top 100 movies in 2024, more than half featured a story centered on a female actor as a lead or co-lead, the first time representation has been above the US Census where girls and women comprise 50.5% of the population, a 2025 report from the University of Southern California found.

However, representation fell for people of color in film, the report said.

The USC Annenberg Inclusion Initiative examined 1,800 top-grossing films from 2007 to 2024 and assessed the gender, race, and ethnicity as well as the ages of the leading and co-leading actors for each movie.

“This is the first time we can say that gender equality has been reached in top-grossing films,” said Dr. Stacy L. Smith, founder of the USC Annenberg Inclusion Initiative.

“This is not the result of an economic awakening but is due to a number of different constituencies and efforts — at advocacy groups, at studios, through DEI initiatives — to assert the need for equality on screen,” Ms. Smith added.

Films like Wicked with lead Cynthia Erivo, Anora with lead Mikey Madison, and Anya Taylor-Joy in Furiosa: A Mad Max Saga set the stage for these gains in Hollywood gender equality.

Out of the 100 top-grossing films of 2024, 54 featured a girl or woman in a lead or co-lead role, the USC report said.

This reflects an increase from 2023, when only 30 movies featured a female-identified protagonist.

Over half of the films distributed by Universal Pictures (66.7%), Warner Bros. Pictures (55.6%), and Lionsgate (54.5%) featured a female actor as the lead or co-lead of the story, the report found.

About 40% or more of films were centered on a female lead or co-lead at Paramount Pictures (44.4%), Walt Disney Studios (40%), and Sony Pictures Entertainment (38.5%).

However, leads and co-leads from underrepresented racial and ethnic groups have declined significantly, as only 25 of the top 100 films featured a lead of color in 2024, a decrease from 2023, when 37 leads or co-leads were people of color.

A third of all Paramount Pictures films released in 2024 featured a lead or co-lead of color, with Lionsgate (27.3%) and Universal Pictures (26.7%) having similar demographics.

Walt Disney Studios (20%), Sony Pictures Entertainment (15.4%), and Warner Bros. Pictures (11.1%) reflected even lower numbers.

In 2024, no distributors reached proportional representation with the US Census (41.6%).

“This downturn signifies a lack of investment in storytelling that reflects the audience as a whole,” Ms. Smith said.

“The reality is that audiences want to see stories about women and people of color — studios and filmmakers do not have to choose between the two,” she added.

Thirteen films in 2024 had a woman of color lead or co-lead, which is similar to USC’s 2023 report and higher than the 2007 report.

“While this year’s findings mark a historic step towards proportional representation for women there is still work to be done for women of color,” said Katherine Neff, the study’s lead author. — Reuters

STI says P950-M Alabang campus to open by 2026

STI.EDU

TANCO-LED STI Education Services Group, Inc. is expanding its school network with a planned P950-million campus in Alabang, Muntinlupa City, set to be operational in 2026.

The eight-story campus, situated on a 3,266-square-meter property in South Park District, broke ground on Feb. 11, STI said in a regulatory filing on Thursday.

According to STI, the campus will offer senior high school programs and bachelor’s degree programs in Information Technology, Business and Management, Hospitality Management, and Tourism Management.

The Alabang campus will accommodate up to 10,000 senior high school and college students. It will feature air-conditioned classrooms with flat-screen TVs, student activity centers with internet connectivity, industry-grade laboratories, and recreational spaces such as a basketball court.

“For years, we have been expanding and improving our facilities to keep up with the demands and challenges of the modern world. This new campus in Alabang reflects our commitment to creating a conducive learning environment that empowers students with relevant skills, knowledge, and character,” STI President and Chief Operating Officer Peter K. Fernandez said.

The Alabang campus joins STI’s nationwide network of academic centers, which includes locations in Legazpi, Pasay-EDSA, Sta. Mesa, San Jose del Monte, Lipa, Batangas City, Las Piñas, Calamba, Cubao, Lucena, Caloocan, Ortigas-Cainta, Novaliches, Fairview, Naga, and Global City.

For the first quarter of its fiscal year ending June, STI reported a net income of P263.2 million, up from P19.75 million the previous year, as total revenue surged by 60% to P1 billion.

Enrollment reached a record-high 138,060 students for the 2024-2025 school year.

STI shares rose 2.13% or three centavos to P1.44 apiece on Thursday. — Revin Mikhael D. Ochave

Berlin Film Festival looks to revive relevance as politics loom large

BERLIN — Organizers of the Berlin Film Festival hope that politics will not eclipse the movies this time round even as they try to liven up an event that has looked jaded in recent years.

The Berlinale, which opened on Thursday, has always been the most political of the big international film festivals and this year’s takes place days ahead of German elections. Conflict in the Middle East also looms.

“Last year was an incredibly political festival. Politics sort of took over from cinema. And I think and maybe fear that that’s going to happen this year as well,” Scott Roxborough, European bureau chief for The Hollywood Reporter, told Reuters.

The first festival headed by new director Tricia Tuttle runs until Feb. 23 — the same day Germans vote in national elections that could hand considerable wins to the far right.

US-born Ms. Tuttle has acknowledged the festival’s political history but does not want such discourse to overshadow the films themselves. The festival will not issue a statement about the elections, though she encouraged Germans to vote.

Discussions about the war between Israel and the Palestinians will also probably be unavoidable despite organizers’ efforts, Mr. Roxborough said.

Last year’s closing ceremony drew criticism from German politicians after several winners expressed solidarity with the Palestinians and criticized Israel’s actions in Gaza.

The festival said in a note that clothes or symbols showing solidarity with the Palestinians were allowed but certain phrases required caution.

Several pro-Palestinian groups have called for filmmakers to boycott this year’s festival over the government’s support for Israel, and there are likely to be protests at the red carpet and elsewhere.

Two films about Israelis taken hostage by Hamas on Oct. 7, 2023, will be shown at the festival, and there is also a film about a young parkour athlete in Gaza.

Roxborough said Ms. Tuttle faces the task of making the festival relevant again after its status has fallen among filmgoers in the last few years.

“There’s going to be an effort this year to try and get Berlin back up the charts,” he said.

Two of its biggest films — the Bob Dylan biopic A Complete Unknown and the Robert Pattinson-led Mickey 17 — already had their international premieres, leaving only Richard Linklater’s latest, Blue Moon, to celebrate its world premiere in Berlin.

“But…for a festival like this, of the size of Berlin, you want at least half a dozen exciting, big movies that everybody wants to see,” he said.

Mr. Pattinson and Timothée Chalamet, who plays Dylan, as well as Ben Whishaw, Margaret Qualley, and Chloe Sevigny are among the actors set to hit the red carpet to promote their new movies.

INDEPENDENT DARLING
Several art house films will be premiered, including previous festival winner Radu Jude’s Kontinental ’25 and British screenwriter Rebecca Lenkiewicz’s directorial debut Hot Milk.

There are 19 films in competition for the Golden Bear top prize that will be awarded by a jury headed by US director Todd Haynes at a closing ceremony on Feb. 22.

The parallel European Film Market remains important as a place to buy and sell independent movies, Roxborough added.

“The big sort of splashy Hollywood movies may be showing elsewhere, but here is where you can, in the cold weather, get into the theater and sit for two hours with depressing, psychologically disturbing, but deeply moving drama,” he said.

“That’s sort of what you come to Berlin for.”  Reuters

Slowing inflation to support PHL growth, ATRAM says

ATR Asset Management Group said Philippine inflation is expected to slow further on the back of declining rice prices. — PHILIPPINE STAR/EDD GUMBAN

ATR Asset Management Group (ATRAM Group) expects the economy to stay strong this year as inflation continues to slow, but weak external demand could pose downside risks to growth.

“Looking ahead, we anticipate a dynamic economic environment in 2025, with both opportunities and challenges shaping the investment landscape. While disinflation is expected to continue through the middle of the year, benefiting from lower rice prices and a more stable energy market, potential threats to external demand could still slow economic growth,” ATRAM Chief Investment Officer Alessandra P. Araullo said in a statement on Thursday.

The Philippine economy grew by 5.6% in 2024, missing the government’s 6-6.5% full-year target due to weak global demand, typhoons, and geopolitical tensions.

Still, this was slightly higher than the 5.5% expansion in 2023.

For this year, the government targets gross domestic product (GDP) growth of 6-8%.

Meanwhile, Philippine headline inflation stood at 2.9% year on year in January, steady from the December print and well within the Bangko Sentral ng Pilipinas’ (BSP) 2-4% annual target.

The BSP on Thursday said inflation could rise anew in the second half of the year due to base effects, with potential upside pressures coming from the utilities sector and the lagged impact of minimum wage increases implemented last year.

“ATRAM forecasts a stronger Philippine peso by mid-2025 as interest rate cuts push foreign capital flows back to emerging markets. The firm also expects a steeper yield curve as monetary policy eases, inflation expectations rise, and bond supply increases, placing upward pressure on longer-term yields,” it added.

ATRAM’s assets under management (AUM) stood at P363 billion as of end-December, the company said.

“ATRAM’s strategic focus for the past years on feeder funds has resulted in an impressive 48% market share in the country, demonstrating its ability to anticipate market needs and provide innovative solutions,” it said.

“Our long-standing commitment to fund management and access to diverse financial markets enable us to deliver superior investment performance. Our disciplined investment and fund selection process, underpinned by in-house research capabilities and understanding of our clients’ distinctive needs, profiles, and financial goals, ensure that we offer the best investment solution and continuously adapt to changing market conditions, achieving the best possible outcomes for our investors,” Ms. Araullo added. — AMCS

Kevin Spacey faces another civil sexual assault lawsuit in UK

Kevin Spacey in a scene from 2022’s The Man Who Drew God.

LONDON — Oscar-winning US actor Kevin Spacey is facing another British lawsuit alleging sexual abuse, just over 18 months after he was cleared of all charges in a high-profile criminal trial.

Mr. Spacey, 65, was sued in a civil suit by a claimant at London’s High Court on Wednesday, according to court records. No details of the lawsuit were available.

The case is also being brought against London’s Old Vic theater, where Mr. Spacey worked as artistic director from around 2003.

Mr. Spacey, who is facing a separate lawsuit in London for alleged sexual abuse, was not immediately available for comment.

During his criminal trial, Mr. Spacey, who has always denied accusations of sexual misconduct, said three of the complainants in the criminal case had also brought civil claims against him.

“I take full responsibility for my past behavior and my actions, but I cannot and will not take responsibility or apologize to anyone who’s made up stuff about me or exaggerated stories about me,” he said in a TV interview last year.

The Old Vic could not immediately be reached for comment. A spokesperson for the claimant’s law firm confirmed a lawsuit had been filed.

Mr. Spacey, who won Oscars for American Beauty and The Usual Suspects, was one of Hollywood’s biggest stars before he was first accused of sexual assault in 2017, following which he was dropped from the TV drama House of Cards.

He stood trial at London’s Southwark Crown Court in 2023, charged with sexually assaulting four men in Britain between 2004 and 2013, and was acquitted on his 64th birthday. — Reuters

PwC opens office in BGC, plans to hire 2,000 workers

PRICEWATERHOUSECOOPERS (PwC) has invested around P1 billion in an Acceleration Center in Bonifacio Global City (BGC), Taguig.

On Wednesday, PwC inaugurated its 2,500-square-meter Acceleration Center in BGC, which aims to hire 2,000 Filipinos over the next two to three years.

“If you look at this wonderful office, it will give you a hint that this development is probably about close to a billion pesos,” PwC Philippines Chairman and Senior Partner Roderick Danao said on the sidelines of the inauguration.

“Not only the facilities, but the technology component that you cannot actually see visibly, is very expensive,” Mr. Danao added.

He said that PwC’s investment extends beyond the facility to workforce development.

“[Our] investment here is not just the facility. It’s a combination of the development of the real estate piece and, of course, the people development, which is more expensive because we are going to hire thousands of people,” he said.

The new office will initially focus on high-demand areas such as Guidewire, SAP, and Oracle, aligning with businesses’ needs in navigating the evolving technological landscape.

PwC Acceleration Centers Leader Hari Kumar said the firm chose to expand in the Philippines due to the quality of its workforce.

“Generally because of high-quality skills. But the other components that I will add to this are the fact that they (Filipinos) are committed, honest, and they work hard. And most importantly, they are good humans,” Mr. Kumar said.

“Building the skills is one part of it, but the human part of it was very significant for us. And that’s one of the reasons I’ll tell you that the Philippines and Manila have been a huge commitment for us, and we will expand further in the Philippines as well,” he added.

The Acceleration Center will focus on jobs in high-end technology and innovation, including artificial intelligence and cybersecurity.

“But we are not expecting everybody to come in with all the talent. But the idea is for us to train and build the skills along with everything,” Mr. Kumar said.

PwC Acceleration Center Manila General Manager and Partner Nilesh Sharma highlighted Filipinos’ strong customer-centric approach as a key factor in PwC’s success in the country.

“Nothing is too hard for them. The resilience they exhibit every single day is why we’ve been so successful in the last 15 or so years here and 100 years beyond that. And that is the basis and the foundation on which we want to build and pivot into these amazing new areas,” he added.

PwC has around 6,400 employees in the Philippines, with 2,900 serving local clients and 3,500 serving global clients. It has offices in Cebu, Iloilo, Davao, and Pasig, as well as a practice firm in Makati City.

The new facility currently serves PwC clients from 26 countries, including the US, Australia, and New Zealand.

“And that is going to expand. Just because our network of PwC is so big, so naturally it’s going to expand,” Mr. Kumar said. — Justine Irish DP. Tabile