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Del Monte Pacific says Q2 profit jumped to $16.8M on strong sales

DELMONTEPACIFIC.COM

DEL MONTE Pacific Ltd. (DMPL) said its net profit for the second quarter (Q2) ended Oct. 31 jumped nearly seven-fold to $16.8 million from $2.3 million a year ago, driven by higher sales.

For the first half of its fiscal year 2026, Del Monte’s net profit from continuing operations rose to $56.3 million, up from last year, supported by a 10% increase in sales to $423.3 million, it said in a statement on Thursday.

Sales growth was led by the Philippines, where packaged pineapple and mixed fruits recorded strong demand. Packaged pineapple benefited from nutrition-led campaigns, while mixed fruits expanded beyond seasonal fruit salads to year-round desserts, lifting market share by 4 percentage points, according to the company.

Internationally, fresh pineapple exports rose 23%, with North Asia remaining the company’s largest market for imported pineapples at a 51% share.

Net debt of continuing operations declined 4.79% to $994.9 million from $1.04 billion a year ago, reflecting improved cash flow and stronger operating results.

Del Monte deconsolidated its US subsidiary Del Monte Foods Corp. effective May 1, 2025, after the unit filed for Chapter 11 bankruptcy in April due to heavy debt and shifting consumer preferences.

The US unit secured $912.5 million in financing to continue operations while selling most of its assets under court supervision.

Joselito D. Campos, Jr., DMPL and Del Monte Philippines, Inc. (DMPI) chief executive officer, said: “Our excellent results demonstrate the underlying strength and potential of our Asian business. With DMPL’s deconsolidation and complete write-down of its US investment and other assets, we have a clear path forward. We are proactively working on capital initiatives at the DMPI level to enhance our financial flexibility as we invest in growth.

At the Philippine Stock Exchange on Thursday, DELM shares closed 1.38% higher at P5.15 apiece. — Alexandria Grace C. Magno

It will take cost-cutting to create more Avatar films after Fire and Ash

A scene from Avatar: Fire and Ash

LOS ANGELES — For James Cameron, following the release of the 2025 movie Avatar: Fire and Ash, it’s imperative to cut costs for future Avatar franchise films.

If the Canadian and New Zealand filmmaker can’t find a way to make the cost of production “cheaper,” he may be “doing something else” before getting to the fourth and fifth Avatar films that he’s previously announced plans for.

“There are many, many variables ahead of us before we can talk about four and five and beyond,” he told Reuters.

“It’s a universe, like the (George) Lucas universe, for example, it’s open-ended. I’ve only imagined a few more stories. Maybe it continues. Maybe it doesn’t,” he added.

Avatar: Fire and Ash, distributed by Disney, is scheduled to debut in movie theaters on Dec. 19, continuing the saga of the blue Na’vi people. Sam Worthington plays Jake Sully, and Zoe Saldaña portrays his wife, Neytiri.

It opens in the Philippines on Dec. 17, and has an MTRCB rating of PG.

All three of the Avatar films that have been completed utilize advanced motion capture technology, requiring large-scale budgets.

Mr. Cameron worries that with the popularization of streaming platforms, less people will see films in the movie theaters, including his Avatar projects. However, he remains optimistic.

“I still think people want to go have that deeper, more profound experience that you have when you can’t pause it (a movie). The second you can pause it, you lose that,” the Oscar-winner said.

For the cast members, it was meaningful to find emotional connections to their characters to keep themselves immersed in the fictional world.

“I plastered burn victims all over my trailer, which was horrific,” said Oona Chaplin, who portrays the new antagonist named Varang, the Na’vi leader of the volcano-dwelling clan. While she said she doesn’t think she would do that again, it did help her channel some of her character’s anger and grief.

Similarly, Zoe Saldaña, who reprises her role as Neytiri, said that being a real-life mother helped her channel Neytiri’s grief after losing a child.

Mr. Cameron applauded each actor’s authentic performance, noting that Avatar does not use any generative AI (artificial intelligence) to develop films.

“We have not historically used generative AI on Avatar films. I think the broad public doesn’t know how we’ve made these movies. They think it’s some kind of computer thing and now AI,” he added.

While the idea of synthetic actors replacing human actors worries the Titanic director, he does see the value in using AI as a supplementary tool to support creative endeavors. — Reuters

PNB raises P15.7 billion from sustainability bond offering

THE PHILIPPINE STAR

PHILIPPINE National Bank (PNB) has raised P15.7 billion from the sale of dual-tranche bonds to fund sustainable initiatives.

This was over five times the bank’s initial target of P3 billion, it said in a disclosure to the stock exchange on Thursday.

“The issuance marks the bank’s successful return to the domestic debt capital market since 2019, garnering an orderbook that was more than 5.2 times oversubscribed the initial target size on back of the strong support from in-stitutional and retail investors,” PNB said.

“The net proceeds from the bonds will be used to finance or refinance eligible projects under PNB’s Sustainable Financing Framework consistent with the ASEAN Sustainability Bonds Standards, a reflection of the PNB’s resolute commitment towards sustainable financing in tandem with the bank’s growth mode.”

The bonds were issued, settled, and listed on the Philippine Dealing & Exchange Corp. on Thursday.

Broken down, PNB raised P10.88 billion from three-year Series A ASEAN Sustainability Bonds that were priced at 5.4877% per annum. It also issued P4.82 billion in five-year Series B ASEAN Sustainability Bonds, which carry an interest rate of 5.7764% per annum.

The papers were sold at a minimum investment amount of P100,000 and in increments of P50,000 thereafter.

This marked the first issuance from the bank’s P50-billion bond and commercial paper program that was approved earlier this year.

PNB’s investment banking arm PNB Capital and Investment Corp., ING Bank N.V. Manila Branch, and Standard Chartered Bank were the joint lead arrangers and bookrunners for the transaction.

Meanwhile, PNB, ING Bank, and Standard Chartered were the selling agents.

PNB saw its net income rise by 25.79% year on year to P6 billion in the third quarter, backed by higher revenues. This brought its nine-month profit to P18.51 billion, up by 22.91% from P15.06 billion a year pri-or.

Its shares dropped by 10 centavos or 0.2% to close at P50.90 each on Thursday. — Aaron Michael C. Sy

We are hardwired to sing — and it’s good for us, too

Photo Credit | UNSPLASH

ON THE FIRST SUNDAY after being named leader of the Catholic Church in May 2025, Pope Leo XIV stood on the balcony of St. Peter’s Basilica in Rome and addressed the tens of thousands of people gathered. Invoking tra-dition, he led the people in noontime prayer. But rather than reciting it, as his predecessors generally did, he sang. In chanting the traditional “Regina Caeli,” the pope inspired what some have called a rebirth of Gregorian chant, a type of monophonic and unaccompanied singing done in Latin that dates back more than a thousand years. The Vatican has been at the forefront of that push, launching an online initiative to teach Gregorian chant through short educational tutorials called “Let’s Sing with the Pope.” The stated goals of the initiative are to give Catho-lics worldwide an opportunity to “participate actively in the liturgy” and to “make the rich heritage of Gregorian chant accessible to all.” These goals resonated with me. As a performing artist and scientist of human movement, I spent the past decade developing therapeutic techniques involving singing and dancing to help people with neurological disorders. Much like the pope’s initiative, these arts-based therapies require active participation, promote connection, and are accessible to anyone. Indeed, not only is singing a deeply ingrained human cultural activity, research increasingly shows how good it is for us.

THE SAME OLD SONG AND DANCE
For 15 years, I worked as a professional dancer and singer. In the course of that career, I became convinced that creating art through movement and song was integral to my well-being. Eventually, I decided to shift gears and study the science underpinning my longtime passion by looking at the benefits of dance for people with Parkinson’s disease.

The neurological condition, which affects over 10 million people worldwide, is caused by neuron loss in an area of the brain that is involved in movement and rhythmic processing — the basal ganglia. The disease causes a range of debilitating motor impairments, including walking instability. Early on in my training, I suggested that people with Parkinson’s could improve the rhythm of their steps if they sang while they walked. Even as we began publishing our initial feasibility studies, people remained skeptical. Wouldn’t it be too hard for people with motor impairment to do two things at once?

But my own experience of singing and dancing simultaneously since I was a child suggested it could be innate. While Broadway performers do this at an extremely high level of artistry, singing and dancing are not limited to pro-fessionals. We teach children nursery rhymes with gestures; we spontaneously nod our heads to a favorite song; we sway to the beat while singing at a baseball game. Although people with Parkinson’s typically struggle to do two tasks at once, perhaps singing and moving were such natural activities that they could reinforce each other rather than distract.

A SCIENTIFIC CASE FOR SONG
Humans are, in effect, hardwired to sing and dance, and we likely evolved to do so. In every known culture, evidence exists of music, singing or chanting. The oldest discovered musical instruments are ivory and bone flutes dating back over 40,000 years. Before people played music, they likely sang. The discovery of a 60,000-year-old hyoid bone shaped like a modern human’s suggests our Neanderthal ancestors could sing. In The Descent of Man, Charles Darwin speculated that a musical protolanguage, analogous to birdsong, was driven by sexual selection. Whatever the reason, singing and chanting have been integral parts of spiritual, cultural, and healing practices around the world for thousands of years. Chanting practices, in which repetitive sounds are used to induce altered states of consciousness and connect with the spiritual realm, are ancient and diverse in their roots.

Though the evolutionary reasons remain disputed, modern science is increasingly validating what many traditions have long held: Singing and chanting can have profound benefits to physical, mental and social health, with both immediate and long-term effects.

Physically, the act of producing sound can strengthen the lungs and diaphragm and increase the amount of oxygen in the blood. Singing can also lower heart rate and blood pressure, reducing the risk of cardiovascular diseases. Vocalizing can even improve your immune system, as active music participation can increase levels of immunoglobulin A, one of the body’s key antibodies to stave off illness.

Singing also improves mood and reduces stress. Studies have shown that singing lowers cortisol levels, the primary stress hormone, in healthy adults and people with cancer or neurologic disorders. Singing may also rebalance autonomic nervous system activity by stimulating the vagus nerve and improving the body’s ability to respond to environmental stresses. Perhaps this is why singing has been called “the world’s most accessible stress reliever.”

Moreover, chanting may make you aware of your inner states while connecting to something larger. Repetitive chanting, as is common in rosary recitation and yogic mantras, can induce a meditative state, inducing mindfulness and altered states of consciousness. Neuroimaging studies show that chanting activates brainwaves associated with suspension of self-oriented and stress-related thoughts.

SINGING AS COMMUNITY
Singing alone is one thing, but singing with others brings about a host of other benefits, as anyone who has sung in a choir can likely attest. Group singing provides a mood boost and improves overall well-being. Increased levels of neurotransmitters such as dopamine, serotonin, and oxytocin during singing may promote feelings of social connection and bonding. When people sing in unison, they synchronize not just their breath but also their heart rates. Heart rate variability, a measure of the body’s adaptability to stress, also improves during group singing, whether you’re an expert or a novice. In my own research, singing has proven useful in yet another way: as a cue for movement. Matching footfalls to one’s own singing is an effective tool for improving walking that is better than passive listening. Seemingly, active vocalization requires a level of engagement, attention, and effort that can translate into improved motor patterns. For people with Parkinson’s, for example, this simple activity can help them avoid a fall. We have shown that peo-ple with the disease, in spite of neural degeneration, activate similar brain regions as healthy controls. And it works even when you sing in your head.

Whether you choose to sing with the pope or not, you don’t need a mellifluous voice like his to raise your voice in song. You can sing in the shower. Join a choir. Chant that “om” at the end of yoga class. Releasing your voice might be easier than you think.

And, besides, it’s good for you. — The Conversation via Reuters Connect

Elinor Harrison is a Lecturer at the Performing Arts Department, and Faculty Affiliate in Philosophy-Neuroscience-Psychology at the Washington University in St. Louis. She has received funding from the National Institutes of Health, the National Endowment for the Arts, and the Grammy Museum Foundation. She is affiliated with the International Association of Dance Medicine and Science and the Society for Music Perception and Cognition.

SEC sets limits on interest, fees for small consumer loans

freepik

By Alexandria Grace C. Magno

THE Securities and Exchange Commission (SEC) has issued a memorandum imposing recalibrated ceilings on interest rates and fees charged by financing and lending companies on small consumer loans.

Memorandum Circular (MC) No. 14, Series of 2025, sets a 6% per month cap on nominal interest rates and a 12% monthly cap on effective interest rates for loans of up to P10,000 with terms of up to four months.

Previously, the Monetary Board and the SEC allowed a maximum effective interest rate of 15% per month.

“The recalibrated interest rate cap offers a balanced and sustainable framework that considers the interests of both lenders and borrowers, consistent with the Commission’s mandate of promoting consumer protection while also ensuring the viability of legitimate financing and lending companies,” SEC Chairperson Francisco Ed. Lim said in a statement on Thursday.

Nominal interest rate (NIR) refers to the basic rate charged on the principal without additional fees, while effective interest rate (EIR) reflects the total cost of the loan by including mandatory fees, in line with Truth in Lending Act rules.

“The new rules are intended to help the most vulnerable segment of financial consumers, particularly those who avail of small loans to cope with daily expenses or emergencies,” China Bank Capital Corp. Managing Director and University of the Philippines College of Law Senior Lecturer on Credit Transactions Juan Paolo E. Colet said in a Viber message.

“It’s a timely move that should remind lenders that loans must be a virtuous means of financial empowerment and economic productivity rather than a tool for profiteering that forces people into a debt spiral,” he added.

“The interest rate cap reduces the risk of micro, small, and medium enterprises (MSMEs) falling into a debt trap and should encourage borrowers to transact with regulated lenders. In turn, this enhances credit risk visibility and may expand lending activities between MSMEs and larger banks,” AP Securities, Inc. Equity Research Analyst Shawn Ray R. Atienza said.

MC No. 14 also limits late-payment penalties to 5% per month of the outstanding scheduled amount and sets a total cost cap so that interest, fees, charges, and penalties cannot exceed 100% of the original loan amount. The caps will apply to loans made, restructured, or renewed starting April 1, 2026.

“A total cost cap of 100% of the amount borrowed applies to all interest, other fees and charges, and penalties, regardless of the loan’s outstanding duration,” the memorandum said.

Mr. Colet noted that the SEC’s caps are aligned with borrower risk and prevailing economic conditions. “Regulating consumer financing costs is not unusual, as the Bangko Sentral ng Pilipinas has set limits on credit card interest rates. A clear framework benefits both lenders and consumers, providing access to credit at a fair cost.”

Violations of the new loan pricing ceilings carry penalties ranging from a P50,000 fine for the first offense, to a P1-million fine and a 60-day suspension for the second. A third offense may result in revocation of the company’s Certificate of Authority and Certificate of Incorporation.

The SEC also warned that attempts to circumvent the caps — such as restructuring or repackaging loans, disguising fees, or other similar methods — may be treated as separate violations, which can lead to administrative, civil, or criminal action under existing laws.

Mynt Chief Technology and Operations Officer Pebbles Sy wins Silver Stevie® Award for Women in Business

Pebbles Sy, Mynt Chief Technology and Operations Officer, receives the Female Executive of the Year in Asia, Australia, or New Zealand Silver Stevie® Award.

The award reflects GCash efforts to deliver secure and inclusive fintech services across the Philippines

For her leadership in advancing secure, innovative, and inclusive financial technology, Mynt Chief Technology and Operations Officer Pebbles Sy has been recognized with the Silver Stevie® Award for Female Executive of the Year in Asia, Australia, or New Zealand at the 2025 Stevie® Awards for Women in Business. The awards program recognizes the achievements of female executives, entrepreneurs, and organizations demonstrating excellence in leadership, innovation, and impact on the global business landscape.

This recognition highlights Sy’s leadership in steering the finance superapp’s product delivery, digital transformation, technology and operations toward innovation, resilience, and inclusivity, while reinforcing the organization’s role as a leader in fintech both regionally and globally.

“This award reflects the teamwork and shared purpose that drive our mission at GCash Technology & Operations team,” said Sy. “Our focus has always been to build technology that is secure, accessible, and empowering for every Filipino. This award is a celebration of the work we do together and the future we are shaping.”

Sy’s achievement also marks a significant moment for the GCash Tech & Ops team, whose work in building secure, scalable, and inclusive technology continues to support millions of Filipinos and advance fintech in the region.

Under her guidance, GCash Tech & Ops has redefined how digital infrastructure is built to be secure, scalable, and AI-powered. The team’s work ensures fintech innovation reaches millions of Filipinos, enabling daily financial empowerment through systems designed to be reliable, accessible, and inclusive.

As GCash continues to expand its reach and strengthen its digital backbone, this recognition serves as a milestone in its mission to champion financial inclusion and resilience. By combining strategic leadership with world-class technology, GCash continues to play a key role in advancing financial access and innovation in the Philippines and across the region.

For more information, please visit www.gcash.com.

 

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Metro Manila condo inventory may take up to three years to clear — LPC

A view of the central business district of Makati City on Thursday, July 10. — PHILIPPINE STAR/RYAN BALDEMOR

By Beatriz Marie D. Cruz, Reporter

UNSOLD condominium units in Metro Manila could take about two to three years to be fully absorbed, particularly in areas previously occupied by Philippine offshore gaming operators (POGOs), property consultancy Leechiu Property Consultants (LPC) said.

“I think it will still take about two years, probably three years, to clear out the POGO-induced supply, especially in central business districts where there was heavy POGO presence,” Roy Amado L. Golez, Jr., LPC director for research, consultancy, and valuation, told a media briefing on Wednesday.

As of end-November 2025, Metro Manila’s middle-income condominium inventory rose to 80,300 units across 578 actively selling buildings, up from 74,600 units in the previous quarter. This represents roughly three years and six months of available supply.

Of the total, 53,900 units are pre-selling, while 26,400 are ready-for-occupancy. Quezon City recorded the highest number of unsold condominiums at 19,300 units, followed by the Ortigas area and the cities of Mandaluyong, Pasig, and San Juan with 14,200 units, and the Bay Area with 13,000 units.

Metro Manila continues to grapple with an oversupply of units in the upper middle income to upscale segments, typically priced between P4 million and P12 million, particularly in areas affected by last year’s government POGO ban.

“Fewer speculative buyers dampen primary take-up, while motivated sellers from the POGO period compete in the secondary market with aggressive pricing, further slowing absorption,” LPC said.

Residential demand in the first 11 months of 2025 fell to a six-year low of 24,732 units, down from 42,563 units sold in the same period of 2020. Year on year, units sold declined by 3% from 25,565 units in the first 11 months of 2024.

“But then, there’s still one more month to go, so hopefully developers can sweep all the potential sales and catch up,” Mr. Golez said.

New condominium launches as of end-November dropped by 60% to 5,256 units from 13,226 units a year ago, marking the lowest level since 29,739 units launched in 2020.

“We have a market here where developers are conscious of inventory and are also experiencing low sales. At the same time, reservation sales and actual sales have been flattening or tapering off,” Mr. Golez said.

“The issue in the last few years is that price increases have been too aggressive for many developers,” he added.

Despite the high inventory of unsold units, the Philippines continues to face a growing housing backlog, Mr. Golez noted.

In the office sector, global capability centers (GCCs) — firms specializing in healthcare, finance, and other services — are expected to drive tenant demand in 2026.

“As we enter next year, there is a high probability that tenants will continue to require spaces of 5,000 to 10,000 square meters (sq.m.), especially among global capability centers,” LPC Director for Commercial Leasing Mikko Barranda said.

Year-to-date, office leasing demand in Metro Manila grew 10% to 1.22 million sq.m. from 1.11 million sq.m. during the same period in 2024. The information technology-business process management sector accounted for 549,000 sq.m., followed by traditional firms at 563,000 sq.m., global capability centers at 174,000 sq.m., and government tenants at 74,000 sq.m.

Vacated office space in the fourth quarter fell 59% to 85,000 sq.m. from 205,000 sq.m. in the previous quarter. Year-to-date, LPC recorded 744,000 sq.m. of vacated space.

“As tenants realize that certain districts have a very tight market for certain space sizes, we will likely see spillover activity into other districts,” Mr. Barranda said.

At present, Metro Manila has an office vacancy of 18%, with Bonifacio Global City still the most favored location with a 9% vacancy rate, followed by Makati City at 15%.

DragonFi Securities partners with CIMB Bank PH for in-app savings account

CIMB.COM

DRAGONFI Securities, Inc. has partnered with CIMB Bank Philippines, Inc. (CIMB Bank PH) to launch a savings account for traders that is accessible within its app.

DragonFi Save is the first fully embedded digital savings account built directly into the investment platform’s app, CIMB Bank PH said in a statement on Thursday.

“Powered by CIMB Bank PH, DragonFi Save helps traders move their money to and from their DragonFi account instantly with no transfer delays, lockouts, fees, or maintaining balance requirements. This seamless, real-time ac-cess ensures your money is always exactly where you need it, when you need it — ready for your next big trade,” it said.

This will make trading stocks via DragonFi easier as all transactions can be done in-app without the need to make transfers or top-ups. “Withdrawing the proceeds of your investment is also more convenient, as they will no longer be dis-bursed via check. Instead, the funds will be instantly deposited directly into your DragonFi Save account, saving you the time and hassle of encashing or depositing checks.”

The DragonFi Save account also offers a 2.5% base interest rate per annum for deposits credited monthly.

Filipino citizens with a fully verified DragonFi account and a valid government ID can sign up for a DragonFi Save account in the investment platform’s app with real-time approval.

“DragonFi Save is a meaningful stride for both companies’ mission to democratize investing in the Philippines, offering digital solutions for a more seamless user experience for both neophytes and seasoned investors,” CIMB Bank PH said.

The digital-only commercial bank earlier said its profit before tax for 2024 grew by 45 times year on year as it continued to expand its customer base.

It expects to exceed 10 million new customers by yearend from over nine million at end-2024.

CIMB Bank PH Chief Executive Officer Vijay Manoharan earlier said the bank expects to double its profit for 2025 as they plan to expand their offerings for underserved sectors, with loans seen to grow by 35-40%. — A.M.C. Sy

Stuff to Do (12/11/25)

Shop for a bookish gift

Exploding Galaxies publishing house has announced that it has come out with a special Clay Slipcase Edition of Sarap and Palayok by Doreen G. Fernandez and Edilberto N. Alegre for P3,000 (regular price P3,339) which comes with free shipping. It is also offering a discount of 10% off its fiction books (and free shipping for orders above P1,000) until Dec. 15 on its website (www.explodinggalaxies.com).

Go Christmas shopping at Araneta City’s Parolan bazaar

THE Parolan bazaar at the Farmers Plaza parking area near EDSA in Quezon City (QC) is bringing back bright lights, colorful displays, and Filipino-made décor to showcase local craftsmanship. There, shoppers are invited to look at the lanterns, garlands, lights, and artisanal pieces. Its goal is to be a convenient one-stop shop for holiday essentials and an accessible alternative in QC. for those unable to travel to Dapitan or Divisoria, Parolan is open daily from 6 a.m. to 9 p.m.

Catch a performance of Handel’s Messiah

THE University of the Philippines Symphony Orchestra (UPSO) celebrates the holiday season with a performance of George Frideric Handel’s timeless oratorio Messiah. It is set to take place on Dec. 12, 7 p.m., at the University The-ater (Villamor Hall) in UP Diliman, Quezon City. Under the baton of its musical director, Professor Emeritus Josefino Chino Toledo, UPSO will retell the Nativity story via excerpts from Handel’s masterpiece. Four voice majors from the UP College of Music will be debuting as lead soloists: Krisleen Andya Bareng, soprano; Andrey Sto. Domingo, countertenor; Mark Nicholson Jaluag, tenor; and Jhon Michael Mauricio, bass. Admission is free but online reserva-tion is required. For details, visit UPSO’s social media pages.

Take a break and check out fancy cars

Lexus is holding a three-day showcase at the Luxury Lane of the Shangri-La Mall in Ortigas Center, Mandaluyong from Dec. 12-14, featuring a display of the RX 350h Executive, NX 350h Executive, and LM 350h 7-seater. Aside from checking out the cars, visitors can learn more about the deals being offered, view exclusive Lexus merchandise, and enjoy festive nibbles and drinks by Cibo and Angkan.

Go to Alden Richard’s fan meet

GMA Network and Sparkle GMA Artist Center’s talent Alden Richards is celebrating his 15th year in the industry with a fan meet called ARXV: Moving ForwARd, on Dec. 13 at the City of Santa Rosa Laguna Multi-Purpose Complex.

Watch some animated short films

A COLLECTION of Filipino animated shorts will be shown for free this Dec. 13 at the Atrium at De La Salle-College of Saint Benilde. The screening is part of MCADxMoving Image, a program of the college’s Museum of Contemporary Art and Design (MCAD). The selection is curated by comics writer and illustrator Melvin Sumangil Calingo, and the titles are: Creative Fuel by Camille Valencia, Closets by Pat Garvida, DOTS by Daphne Almencion, Rigel by CJ Reyn-aldo, Saling Pusa by Edouard Guazon and Janela Mendoza, In the Brood by Vanessa Exconde, Pangat Panglaw by Lester Isip, Soul Searching by Hera Soliven, and A Walk Through the Woods by Kayla de los Angeles. The screening is free and open to the public. It is scheduled on Dec. 13, 10 a.m. Interested participants may e-mail mcad@benilde.edu.ph.

Admire the fireworks at Megaworld Lifestyle Malls

MEGAWORLD Lifestyle Malls is lighting up December with weekly holiday fireworks displays across its destinations for families and mallgoers. McKinley Hill features fireworks every Saturday, with shows on Dec. 13, 20, and 27 at 7 p.m., while Eastwood City offers the same alongside a Holiday Art Walk. Southwoods Mall will have bright displays on Dec. 13, 20, and 21.

Watch TP’s musical on Gregoria de Jesus

TANGHALANG PILIPINO’S (TP) newest production for its 39th season is a groundbreaking original musical that reimagines the life of revolutionary Gregoria de Jesus through the sound of Pinoy pop music. With music by Nica del Rosario and Matthew Chang, and a book by Nicanor Tiongson and Eljay Deldoc, the show stars Marynor Madamesila and is directed by Delphine Buencamino. It is ongoing until Dec. 14, with performances at 3 and 8 p.m., at the Tanghalang Ignacio Gimenez (CCP Black Box Theater), CCP Complex, Pasay City. VIP tickets cost P2,000 while regular tickets are P1,800.

Have a date night with your pets

BOEHRINGER INGELHEIM is hosting the 5th edition of “Pets Date Night,” an annual celebration designed to bring fur parents and their pets closer while highlighting the importance of year-round parasite protection. Happening on Dec. 13 at the Garden Ring, Ayala Malls Manila Bay, Parañaque City, this year’s event will feature live performances by Justin Vasquez and local bands, carnival-style games, prizes, and immersive activities tailored for families and their pets. A highlight is the return of “Holitails Pawchella,” a Coachella-inspired pet costume show. Guests will also have access to free veterinary check-ups, practical pet-care guidance, and information on protecting pets from parasites.

Catch girl group Quadlips’ first mall show

THE four-member global girl group Quadlips is set to take the stage in a mall for the first time on Dec. 13 at the Quantum Skyview, located at Upper Ground B in Gateway 2 mall in Cubao. Starting at 3 p.m., the group formed under the AKB48 Group Global Project will mount a mall show. Featuring Feni of JKT48, Hina of SKE48, Cole of MNL48, and Fame of BNK48, the members from different countries and uniting under the name Quadlips will be meeting their Filipino fans up close.

Bring your pet to Royal Canin’s community weekend

ROYAL CANIN’S Community Weekend 2025, happening on Dec. 13 to 14 at the Eastwood Open Park in Quezon City, is set to bring together pet lovers and families for activities, expert insights, and science-based guidance on re-sponsible pet ownership. The two-day event is open to the public. Day 1 spotlights puppies and kittens with a community pet walk, classes on nutrition and training, free vet consultations, and opportunities to rehome pets. Day 2 celebrates adult and senior pets, featuring sessions on lifelong health, caring for aging companions, and more interactive activities. Attendees can enjoy exclusive discounts, raffles, and creative contests, while learning how every-day choices impact pet health.

Enjoy G22’s new album live

THREE-MEMBER Filipino girl group G22 has released their album The Dissection of Eve. To celebrate this, they’re holding a live album showcase, set to take place on Dec. 15, 6 p.m., at the Quantum Skyview of Gateway Mall 2 in Cubao. The group’s special performance of songs from the album is open for free to the public.

Watch the grand finale of The Voice Kids Philippines

ON Dec. 14, The Voice Kids Philippines will reach its grand finale, where a young singer’s dream shall become a reality. The four finalists are Yana Goopio representing Team Bilib under Billy Crawford, Marian Ansay carrying the banner of Julesquad with Julie Anne San Jose, Sofia Mallares stepping into the spotlight for Project Z guided by Zack Tabudlo, and Gianni Sarito fighting for Benkada under the mentorship of Ben&Ben. One of them will win the mil-lion-peso grand prize. Global P-pop group HORI7ON will be the show’s guest performer. The Voice Kids Philippines grand finale airs Dec. 14, 7 p.m., on GMA-7.

Watch Mamoru Hosoda’s Scarlet in cinemas

JAPANESE filmmaker Mamoru Hosoda, known for artistic and emotional animated films like Summer Wars and Mirai, released his new film this month. Scarlet, a time-bending tale about a princess seeking revenge for her father’s death and who awakens in a mysterious afterlife, blends different art styles to complement the themes of traveling to different timelines. It is now showing in Philippine cinemas via Columbia Pictures.

Check out It All Started In May’s new music video

RISING Filipino band It All Started In May recently dropped their new single, “Naaalala,” which is all about looking back on an old romance. A music video has also been launched to celebrate their contract with LYRIC. They are now officially ambassadors of the musical instrument retail chain.

Listen to Sam Cruz’s new single

SAM Cruz is back after a hiatus, debuting her latest single “Was It Just A Dream?” as the cover track for Spotify’s Fresh Finds Philippines playlist. It is also her debut release under the record label Diorama FM. It signals her return to the music scene as well as her artistic evolution, shifting toward alternative/indie, dream pop, and indie pop genres. The track is out now on all digital music streaming platforms.

Grid ready for Alternergy’s 500 MW of RE, says NGCP

Businessworld / NGCP.PH

ALTERNERGY HOLDINGS Corp. has received clearance from the National Grid Corp. of the Philippines (NGCP) on its system impact studies (SIS), confirming that the grid can accommodate up to 500 megawatts (MW) of renewable energy (RE) projects.

The clearance allows the company to proceed with development planning and advance toward its 1-gigawatt (GW) capacity target by 2030.

In a statement on Thursday, Alternergy President Gerry P. Magbanua said: “The NGCP clearance of the SIS is a significant step to move our projects forward. It confirms the grid’s capability and readiness to integrate our projects into the system.”

The SIS assesses the adequacy and capability of the transmission system to accommodate new connections. While not a final operational approval, it is a crucial post-auction requirement under the fourth round of the Green Energy Auction Program (GEA-4).

Alternergy won five renewable energy projects under GEA-4, including Liberty solar floating projects in Tarlac, Kalandagan solar power project with battery energy storage system in Samar, Tayabas North wind energy project in Quezon, and Alegria wind power project in Cebu.

These projects are targeted for completion in December 2028 and represent the company’s next phase of development toward its 1-GW goal.

Separately, Alternergy disclosed that the target commercial operations of its 128-MW Tanay wind project in Rizal and 64-MW Alabat wind project in Quezon have been moved to next year due to permitting challenges.

Once operational, the 24 turbines from these projects are expected to generate significant revenue for the company.

“The nearly 200 megawatts of additional capacity coming online represent a significant step forward in the corporation’s financial performance,” the company said.

Alternergy is a renewable energy pioneer with a portfolio spanning wind, run-of-river hydro, solar farms, commercial rooftops, battery storage, and offshore wind projects. — Sheldeen Joy Talavera

A risk-conscious pause for monetary policy?

BW FILE PHOT

The Bangko Sentral ng Pilipinas (BSP) finds itself at a delicate juncture as 2025 draws to a close. Inflation has slowed dramatically, settling at an average of 1.6% for the first 11 months of the year. Core inflation has remained contained at 2.4%. The latest inflation projections continue to paint a benign picture over the next two years as they remain broadly aligned with the midpoint of the target range of 2-4%.

By most monetary policy norms, this environment should justify further monetary accommodation. With consumer price pressures muted, inflation expectations stable, and output presumably below potential, conventional monetary policy thinking would suggest another reduction in the BSP’s policy rate. Indeed, we expect the Monetary Board to have considered and announced by this time a 25-basis point cut in the BSP’s policy rate, arguing that the manageable inflation environment provides scope for further easing to support domestic demand and talk up market confidence.

But monetary policy never operates in a vacuum. Policy choices must not only respond to inflation and growth dynamics but also to the broader ecosystem of political credibility, institutional trust, and social expectations. These intangible factors — confidence in governance, perceptions of corruption, and public belief in the rule of law — can amplify or neutralize the effects of interest rate adjustments. Overlooking them risks misjudging how markets, investors, and the public will interpret monetary decisions.

Thus, while the data supports continued accommodation, the current political and macroeconomic landscape argues for something different: a risk-conscious pause, one that maintains an easy monetary posture but signals to the market that the BSP is alert to political noise, governance issues, and their impact on economic confidence.

NOT THE WHOLE STORY
To appreciate why a pause is prudent, it is useful to revisit the inflation picture in detail. Inflation has not only come down — it has stabilized. Monthly inflation held at 1.7% in both October and November, reflecting easing prices of rice, vegetables, and meat. Even as electricity rates rose on higher generation costs, the effect was not enough to alter the disinflation trend. This is very positive.

Core inflation also softened slightly, falling from 2.6% in September to 2.4% in November. Official price statistics show that services inflation declined due to lower transport fares and rentals, while core goods inflation eased with slower gains in key food items. But there are some pockets of risks — near-term power and other utilities adjustments, the impact of rice import policies, and rising fuel prices — but these generally remain manageable and well-anticipated.

Indeed, this benign picture provides the BSP with valuable policy room. But abundant room is not identical to the imperative to move. In fact, policy space can be used more effectively when held in reserve, particularly dur-ing uncertain, more challenging times.

GROWTH IS SLOWING
The economy’s real sector is losing steam. GDP growth slipped to 5% in the first three quarters, below the government’s 5.5% to 6.5% target. In past press statements, the BSP has projected sustained weakness in growth even for the last quarter of 2025. Employment indicators have weakened; unemployment rose from 3.8% in September to 5% in October, and underemployment climbed to 12%.

Purchasing Managers Index (PMI) data tells a story of fragile momentum. While October’s PMI at 51 suggests mild expansion, it follows months of contraction from July to September. The services and construction sectors remain vulnerable to investment hesitancy. Even if credit conditions remain conducive — with the loan-to-deposit ratio improving to 77.3% — banks cannot lend into sentiment-driven weakness.

Under normal circumstances, such softness would justify a rate cut. But today’s weakness is intertwined with broader, non-economic anxieties. It stems from concerns over corruption scandals, governance uncertainty, and the per-sistent perception that policy direction is unclear and subject to political headwinds rather than sound planning. These issues disproportionately erode business confidence, which in turn dampens investment decisions regardless of where interest rates sit.

A rate cut may therefore be misinterpreted, not as support for growth, but as a reaction to worsening political conditions or an attempt to mask deeper structural issues.

FUNDAMENTALS MEET SENTIMENT
The peso’s weakness` this year shows how political uncertainties can magnify economic vulnerabilities. While the currency’s recent depreciation beyond P59 to a dollar partly reflects fundamentals such as our large current account deficits, portfolio outflows, and a decline in foreign exchange reserves, it could also mirror declining investor sentiment.

The latest business surveys reflect muted expectations. International financial institutions have downgraded growth forecasts. Markets are factoring in governance concerns, including allegations of corruption in pricey pub-lic infrastructure (read flood control projects) and procurement projects. These concerns feed into investment hesitation, capital outflows, and weaker portfolio inflows.

Under such conditions, a rate cut risks reinforcing the depreciation trend. Investors may not interpret it as economic support but as an indication that monetary policy is willing to accommodate the dictates of economic growth or downplay risks to currency and financial stability.

The BSP’s consistent stance, that exchange rate participation is limited to smoothing excessive volatility rather than defending levels, is both sound and credible. But credibility is sustained not only through communication but also through policy choices that align with broad market expectations of prudence.

EXTRA VIGILANT MONETARY POLICY
The challenge today is not inflation; it is confidence. And confidence is deeply tied to governance.

Corruption scandals erode trust in public institutions and send adverse signals to investors about the predictability of policy. They create doubts about the quality of fiscal spending, particularly on large public infrastructure programs. They raise concerns about leakage, inefficiencies, and misaligned incentives that can diminish the effectiveness of government outlays. Fiscal consolidation becomes more of a slogan than policy.

A high level of perceived corruption does not only distort resource allocation; it also alters the psychological environment in which businesses operate. Investors worry that contracts may not be honored, regulations may shift without due process, and political priorities may override economic rationale. These risks elevate the hurdle rate for investment, which monetary easing alone cannot overcome.

Monetary policy must therefore adjust by being especially careful not to unintentionally worsen sentiment. A rate cut in the middle of political turbulence could be read as reactive. A pause, on the other hand, signals stead-iness — a message that the central bank remains insulated from political noise and committed to its mandate of stability.

CREDIBLE AND STRATEGIC PAUSE
In our decades of engagement with public policy, we found that a pause does not alter the accommodative stance of monetary policy. Real interest rates remain low, liquidity is expanding, and the banking sector is well-positioned to support credit demand. What a pause does is provide clarity.

A pause affirms that the BSP recognizes political and governance risks. It assures the market that the central bank will not expend its precious ammunition before it is absolutely necessary. It reinforces the credibility of the BSP’s data-driven and independent decision making. Finally, a pause keeps monetary space available should global conditions deteriorate abruptly.

Credibility is not built through bold moves alone. Sometimes it is strengthened by restraint.

FISCAL REALISM NEEDED
Monetary policy also cannot ignore the fiscal environment. The National Government’s debt-to-GDP ratio now exceeds 63%. Revenue-to-GDP remains at 16% to 17% while expenditures hover at 22% to 23%. Fiscal consolida-tion remains a challenge and requires structural reforms that monetary policy cannot substitute for.

A rate cut risks signaling to markets that monetary policy is being used to compensate for fiscal underperformance or political uncertainty. This is a slippery slope. The BSP must avoid even the appearance of such a calibration.

In a period marked by softening growth, benign inflation, and political noise, one may consider a policy response that is not mechanical easing but thoughtful accommodation anchored in risk awareness.

A strategic pause preserves the benefits of an easy monetary stance while avoiding the pitfalls of signaling concern or political alignment. It shows investors and the public that the BSP is focused on stability — even when the broader political environment seems distracted by scandal and uncertainty. It communicates that the central bank understands both the numbers and the narrative that shapes market behavior.

In short, a pause is not a retreat; it is a reasoned assertion of credibility at a time when credibility itself is under strain. It allows the BSP to support the economy without compromising its institutional integrity or worsening the very confidence challenges that currently hamper economic growth.

At this point, what the Philippines needs is not just accommodation — it needs risk-conscious, credibility-enhancing accommodation. And that is best achieved by staying the course, holding steady, and keeping policy flexi-ble enough to respond when true necessity demands action.

 

Diwa C. Guinigundo is the former deputy governor for the Monetary and Economics Sector, the Bangko Sentral ng Pilipinas (BSP). He served the BSP for 41 years. In 2001-2003, he was alternate executive director at the International Monetary Fund in Washington, DC. He is the senior pastor of the Fullness of Christ International Ministries in Mandaluyong.

Peso returns to P58 level on Fed, BSP easing

PHILIPPINE STAR/KRIZ JOHN ROSALES

THE PESO climbed back to P58 level against the dollar on Thursday after both the US Federal Reserve and the Bangko Sentral ng Pilipinas’ (BSP) lowered benchmark borrowing costs.

The local unit jumped by 22 centavos to close at P58.99 versus the greenback from P59.21 on Wednesday, Bankers Association of the Philippines data showed.

The peso opened Thursday’s trading session stronger at P59.12 versus the dollar. Its weakest showing was at P59.18, while its intraday best was at P58.969 against the greenback.

Dollars traded rose to $1.697 billion from $1.29 billion on Wednesday.

“The dollar-peso closed lower in reaction to the Fed and BSP’s decision and forward guidance. The BSP cut but said this would be the last for the easing cycle,” a trader said in a phone interview.

The dollar was generally weaker on Thursday following the Fed’s decision overnight, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The Fed cut interest rates by a quarter-percentage point on Wednesday in an uncommonly divided vote, but signaled it would likely pause further reductions in borrowing costs as officials look for clearer signals about the direction of the job market and inflation that “remains somewhat elevated,” Reuters reported.

Wednesday’s cut brought the policy rate to a range of 3.5%-3.75%.

Meanwhile, the BSP on Thursday likewise lowered its benchmark rates by 25 basis points (bps) to bring the policy rate to 4.5%, the lowest level in more than three years, as expected by 17 out of 18 analysts in a BusinessWorld poll. It has now delivered 200 bps in reductions since August 2024.

BSP Eli M. Remolona, Jr. said benign inflation gives them room to help support weak domestic demand amid lingering governance concerns that have affected investments, but stressed that they are nearing the end of their current easing cycle, with further cuts — if any — likely to be limited and dependent on data.

“Another rate cut would be justified if things are worse than we thought,” he said in a media briefing, adding that economic prospects have darkened further, with the slowdown in third-quarter growth likely to extend to this quarter and a recovery expected only by the second half of 2026.

“I wish I could say the worst was over. I thought the worst was over, but the new data that we’ve been seeing suggest that the fourth quarter will also see weak growth.”

Mr. Remolona also said the peso’s recent decline to a new record low is not a cause for concern and reiterated that they only intervene in the market to smoothen out sharp swings in the exchange rate.

“It hasn’t weakened enough and oil prices have been benign. It’s when the two of them move in an adverse direction together that we begin to worry about it.”

For Friday, the trader said the market will continue to react to the BSP’s “somewhat hawkish” policy guidance.

The trader sees the peso moving between P58.70 and P59.10 per dollar on Friday, while Mr. Ricafort expects it to range from P58.85 to P59.10. — Aaron Michael C. Sy with Reuters

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