P20-B wind power project to rise in Northern Samar by 2026

September 17, 2025 | 12:07 am

windmill — STOCK PHOTO | Image by Waldemar Brandt from Unsplash

SINGAPORE-BASED Vena Energy’s local unit Gemini Wind Energy Corp. (GWEC) said it is investing P20.2 billion in a 304-megawatt (MW) wind farm in Northern Samar, slated to start operations in late 2026, to help expand the country’s renewable energy capacity.

The Gemini Wind Power Project will span 777 hectares across 15 towns in the province, according to the company’s filing with the Department of Environment and Natural Resources.

The project will require 38 wind turbine generators, each with a rated capacity of 9 MW.

GWEC said the proposed wind farm “offers long-term solutions to the perennial shortfall in electric power supply to the Philippine economy and fully supports the objectives of the Renewable Energy Act of 2008.”

Compared with other technologies, the company said a wind farm was the “most commercially feasible” option to optimize the province’s geography and available resources, while leaving a minimal environmental impact compared with conventional coal and diesel facilities.

The project was among the winning bids under the government’s green energy auction in 2023.

It was also certified as an energy project of national significance by the Department of Energy and identified as a strategic investment by the Board of Investments.

Vena Energy is one of Asia’s largest renewable energy independent power producers. In the Philippines, it operates six power plants with a combined capacity of 330.80 MW across Negros Occidental, Rizal, Leyte, Ilocos Norte, and Bukidnon.

In August, Vena Energy said it had secured 1.1 gigawatts (GW) of additional offtake contracts and construction capacity in the Asia-Pacific since January, bringing its total portfolio to 9.7 GW. — Sheldeen Joy Talavera

Sotheby’s commissions slump by nearly 20% as luxury falters

September 17, 2025 | 12:06 am

SOTHEBY’S reported a nearly 20% drop in revenue from commissions and fees last year as sales of luxury items and works of fine art at auction dwindled.

Total revenues at the auction house controlled by telecommunications billionaire Patrick Drahi dropped to $1.13 billion in 2024 from $1.36 billion the year before, according to consolidated results filed by its holding company in Luxembourg this month.

Commissions and fees comprise the bulk of Sotheby’s revenues, and include the amount earned in its role as an agent for the sale of artworks, cars, and collectibles, either through auctions or private sales.

In total, the company reported a loss before taxes of $247.9 million in 2024. That compared with $106.3 million in 2023.

Sotheby’s, whose brand dates back to the 18^th century, is struggling through a prolonged slump along with the rest of the art market. The group, which also provides loans backed by artwork as well as sales, was taken over by Mr. Drahi in 2019.

The sovereign wealth fund of Abu Dhabi, ADQ, took on a 24.2% stake in Sotheby’s Holdings UK last October, contributing $909.3 million. Sotheby’s used the proceeds of the injection, as well as a contribution from Mr. Drahi’s investment vehicle, in part to pay down debt and purchase a building on New York’s Madison Avenue.

The company reported around $5.54 billion in total liabilities, compared to $6.79 billion at the end of 2023. — Bloomberg

Reissued 10-year bonds fetch lower rates before Fed review

September 17, 2025 | 12:06 am

THE GOVERNMENT made a full award of the reissued Treasury bonds (T-bonds) it offered on Tuesday at a lower average yield on the back of strong investor demand and with the US Federal Reserve set to deliver its first rate cut for this year at this week’s policy meeting.

The Bureau of the Treasury (BTr) borrowed P25 billion as planned via the reissued 10-year bonds it auctioned off, with total bids reaching P77.174 billion or over thrice the amount on offer.

This brought the total outstanding volume for the bond series to P442.6 billion, the Treasury said in a statement.

It made a full award of the T-bond offering as the papers fetched an average rate that was lower than what was quoted at the previous auction and the current secondary market yield, it added.

The reissued bonds, which have a remaining life of nine years and seven months, were awarded at an average rate of 5.907%. Accepted yields were from 5.898% to 5.915%.

The average rate of the reissued papers was nine basis points (bps) lower than the 5.997% fetched for the series’ last award on Aug. 19 and 46.8 bps below the 6.375% coupon for the issue.

This was also 1.4 bps lower than the 5.921% fetched for the same bond series and 4.9 bps below the 5.956% quoted for the 10-year paper at the secondary market before Tuesday’s auction, based on the PHP Bloomberg Valuation Service Reference Rates data provided by the BTr.

“Demand remains strong, if marginally higher, compared to last week, despite the anticipated FOMC (Federal Open Market Committee) meeting,” a trader said in a text message.

The reissued T-bonds fetched lower rates after some P288.659 billion worth of bonds matured last week, which boosted market liquidity and demand as players sought to reinvest their cash for higher yields, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Declining US bond yields amid heightened expectations of further monetary easing by the Fed this year due to weak economic data also drove domestic rates lower, he added.

The US central bank has kept its target rate at the 4.25%-4.5% range since December 2024.

Investors are betting that the Fed would resume its easing cycle this week and potentially leave the door open to further rate cuts, Reuters reported.

Markets see a rate reduction of at least 25 bps on Wednesday as a certainty, with a small chance of a supersized 50-bp cut. A total of 67 bps of reductions are seen over the rest of this year, rising to 81 bps by end-January.

Alongside the rate decision on Wednesday, investors will also focus on policymakers’ updated summary of economic projections and commentary from Fed Chair Jerome H. Powell.

The unprecedented pressure confronting the US central bank’s independence will also be in focus during Mr. Powell’s press conference.

US President Donald J. Trump, in a social media post on Monday, called on Mr. Powell to enact a “bigger” cut to benchmark interest rates in a social media post, pointing to the housing market.

Rapidly softening labor market data has been the key driver of the ramp-up in easing bets in recent weeks, resulting in a lower dollar and bond yields while pushing up equity prices, with Wall Street setting new records on Monday.

The BTr is looking to raise P220 billion from the domestic market this month, or P100 billion via Treasury bills and P120 billion through T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.56 trillion or 5.5% of gross domestic product this year. — Aaron Michael C. Sy with Reuters

AbaCore unit, PNOC eye wind project in Batangas

September 17, 2025 | 12:06 am

RE-windmills — STOCK PHOTO | Image by ZHANG FENGSHENG from Unsplash

SIMLONG Energy Development Corp. (SEDC), a subsidiary of listed AbaCore Capital Holdings, Inc., has signed a deal with state-run Philippine National Oil Co. (PNOC) to study the feasibility of an onshore wind farm in Batangas as part of efforts to expand renewable energy.

In a statement on Tuesday, SEDC said it signed a memorandum of agreement (MoA) with PNOC to conduct a 15-month wind resource study over a 142-hectare property at AbaCore’s ABA Energy site in Batangas.

The study will determine the viability and potential capacity of the planned wind energy facility.

“There is understandable excitement about potential scale, but final capacity will follow the science. That is the discipline embodied in this MoA: measure first, then build,” SEDC Chairman Antonio Victoriano F. Gregorio III said.

SEDC and PNOC will also work together on securing certifications and service contracts for the designated area of interest.

Should the study confirm feasibility, the companies will form a special purpose vehicle to develop and operate the project.

Established in 2013, SEDC’s mandate includes the construction and operation of power plants, natural gas terminals, and energy-related infrastructure.

AbaCore acquired a 90% stake in the company in 2021 through a subscription of 900 million shares.

The company is engaged in gaming equipment leasing, mining, real estate, and financial services.

Its shares declined by 1.79% or one centavo to close at P0.55 each on Tuesday. — Sheldeen Joy Talavera

SM Supermalls champions bike-friendly spaces for a sustainable future

September 17, 2025 | 12:05 am

1_Bike-Friendly-SM_SM-By-the-Bay-OL — Cyclists ride together at SM by the BAY, highlighting the mall’s commitment to building a vibrant, bike-friendly community.

Cyclists across the country are pedaling with purpose — and SM Supermalls is riding alongside them by creating vibrant, bike-friendly communities.

From dedicated bike lanes and secure parking to repair stations and inclusive community rides, SM’s bike-friendly features reflect a shared vision: to empower everyday cyclists and promote safe, sustainable, and climate-conscious mobility in cities.

Bike parking at SM City Clark offers cyclists a safe and convenient space, reinforcing our commitment to sustainable mobility.

Across SM Supermalls nationwide, cycling is embraced as a vibrant and sustainable way of life. From dynamic community spaces like SM by the BAY to practical amenities such as secure bike parking and tire pump stations in malls including SM City Clark and SM City Olongapo Central, cyclists are supported every step of the way. Malls including SM City Roxas and many others continue to enhance bike-friendly features, reinforcing SM’s commitment to promoting safer, greener, and more inclusive urban mobility for all.

A cyclist uses the tire pump station at SM City Olongapo Central — one of the mall’s bike-friendly features that supports the growing biking community.

“Cyclists are at the heart of our commitment to sustainable transport,” said Joaquin L. San Agustin, SM Supermalls executive vice-president for Marketing. “That’s why we’re committed to creating spaces that support and celebrate the biking community. Through our Bike-Friendly initiatives, we’re making meaningful strides toward more inclusive, accessible, and cyclist-friendly malls.”

Cyclists cruise through SM City Roxas, embracing the mall’s bike-friendly features that support safe, sustainable urban mobility.

Celebrating 40 Super Years of Evolving With Every You, SM Supermalls — one of Southeast Asia’s largest mall developers with 88 malls in the Philippines — marks four decades of growing with Filipinos and becoming a trusted space where diverse lifestyles and generations connect, while continuously evolving to redefine the malling experience through sustainability, innovation, and a deep commitment to shaping the future of retail and urban life with inclusive and meaningful experiences.

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Record labels, Internet Archive settle vinyl-streaming copyright case

September 17, 2025 | 12:05 am

top-view-vinyl-record-arrangement — STOCK PHOTO | Image by from Freepik

UNIVERSAL MUSIC GROUP, Sony Music, and other record labels told a California federal court on Monday that they have settled a copyright lawsuit against the nonprofit Internet Archive over its digitization and streaming of vintage vinyl records.

The labels and the Internet Archive said in a filing that they had resolved their dispute and asked the court to pause the case “while the performance of certain settlement terms is pending.”

Spokespeople for the Archive and the music-industry trade group Recording Industry Association of America said that the terms of the settlement were confidential.

The San Francisco-based Internet Archive digitally archives websites, books, audio recordings, and other materials. It compares itself to a library and says its mission is to “provide universal access to all knowledge.”

The nonprofit’s “Great 78 Project” encourages donations of fragile 78-rpm records, which will then be digitized to “ensure the survival of these cultural materials for future generations to study and enjoy,” according to its website.

The labels’ 2023 lawsuit said that the project functioned as an “illegal record store” for more than 4,000 songs by musicians including Frank Sinatra, Ella Fitzgerald, Miles Davis, and Billie Holiday. The Archive denied the allegations and said the project was protected by the copyright doctrine of fair use.

US District Judge Maxine Chesney last year rejected the Archive’s argument that some of the labels’ claims were time-barred.

The Archive lost a separate federal lawsuit last year brought by leading book publishers who said its digital book-lending program violated their copyrights. — Reuters

Bond index inclusion to boost foreign fund inflows

September 17, 2025 | 12:05 am

THE PHILIPPINES may see an additional P100 billion in foreign inflows once it is included in JPMorgan Chase & Co.’s emerging market government bond index, National Treasurer Sharon P. Almanza said.

Ms. Almanza told reporters on the sidelines of an event on Tuesday that they expect foreign fund inflows to rise by about one percentage point or around P100 billion if the country successfully reenters JPMorgan’s Government Bond Index for Emerging Markets (GBI-EM) series.

The global bank has tagged Philippine peso-denominated government bonds have been tagged as “Index Watch Positive,” which is final review phase for inclusion.

The Philippines would have a weight of about 1% of the GBI-EM Global Diversified Index if included, according to JPMorgan.

Ms. Almanza said they have been seeing increased foreign participation in the government’s bond issuances and the capital markets.

“Actually, despite not being included in the index, we’ve seen an increase. We felt it already back in August, when it went from 5% to 6%,” she said.

She added that the government is working to address the liquidity and taxation issues raised by investors.

“We’re really promoting the implementation of the tax treaty. Some of them already have double taxation agreements with us,” she said, adding that they are also consolidating benchmark tenors and boosting secondary market liquidity through the repurchase and rate swap markets.

Finance Secretary Ralph G. Recto told reporters at the same event that they expect the country’s inclusion in the bond index to help reduce government borrowing costs by bringing rates down.

He added that jumbo global bond issuances are “always an option,” with offerings of US dollar-, euro- and yen-denominated papers “on the table,” depending on market appetite.

The Philippines last issued yen-denominated or Samurai bonds in April 2022, raising ¥70.1 billion.

In January, the government raised $3.29 billion from its sale of US dollar and euro bonds, filling most of its $3.5-billion commercial borrowing requirements for this year. — A.R.A. Inosante

LBC Express settles $39-M convertible debt to CP Briks

September 17, 2025 | 12:05 am

LBC EXPRESS Holdings, Inc. has fully settled its $39-million secured convertible instrument issued to CP Briks Pte. Ltd. in 2017, the listed logistics provider told the stock exchange on Tuesday.

In a disclosure to the stock exchange on Tuesday, the company said it has paid off its remaining obligation to CP Briks, a unit of Singapore-based private equity and investment firm Crescent Point.

The instrument was issued through a convertible instrument purchase agreement in 2017, which allowed CP Briks to convert debt into shares under certain conditions.

“With the full settlement of this obligation, CP Briks has likewise released its pledge over the shares of the company in LBC Express,” it said.

LBC Express is a holding company with two main business segments: logistics and money transfer.

The logistics unit caters to retail and corporate clients, while the money transfer segment covers domestic and international remittances.

For the second quarter, the company swung to an attributable net income of P31.68 million from a loss of P183.59 million in the same period last year, mainly due to lower expenses.

Gross revenue slipped by 5.1% to P3.34 billion from P3.52 billion.

For the first half, LBC posted an attributable net income of P172.12 million, reversing a P193.43-million loss a year ago, as revenues declined by 2.1% to P6.98 billion from P7.13 billion.

At the local bourse on Tuesday, LBC shares closed unchanged at P7.76 apiece. — Ashley Erika O. Jose

Arts & Culture (09/17/25)

September 17, 2025 | 12:04 am

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MSO to mount Tchaikovsky concert

THE concert Dancing with Tchaikovsky, scheduled for Sept. 27, 7:30 p.m., will have the Manila Symphony Orchestra (MSO) taking on Tchaikovsky’s timeless melodies, including the Festival Coronation March, Rococo Variations for Cello and Orchestra, and a suite from the ballet Sleeping Beauty. Presented by the MSO Foundation Inc. and Standard Insurance, in partnership with EastWest Bank, the concert will also feature cello prodigy Damodar Das Castillo and guest conductor Alexander Vikulov. It will take place at the Aliw Theater, Star City, CCP Complex, Pasay City. Tickets, ranging in price from P650 to P3,500, are available via TicketWorld. Students can use the 50% off code TCHAIKOVSKYSTUDENT50 while seniors and PWDs can use the 20% off code TCHAIKOVSKYMSO20.

Sound, visual art exhibits at NCCA galleries

THE National Commission for Culture and the Arts (NCCA) has opened two exhibits in its galleries. The first is Balhin, a solo exhibition by Bulacan-born visual artist Edmond Rivera, which draws from his childhood experience of losing his home amid the ongoing displacement of the Lumad in Bukidnon. His works invite reflection on the human cost of so-called progress, especially for marginalized communities. The second is Breathing as Afterthought, a sound-only exhibit by Baguio-based artist Benjamin Meamo III, made as a testament to the sounds of Baguio City amidst its chaos as a tourism hotspot. Curated by Mervine Aquino, the audio installation is an auditory trip that invites listeners to feel, hear, and breathe as one with the City of Pines. The two shows are ongoing at the NCCA Gallery, located at 633 General Luna St., Intramuros, Manila, until Sept. 30.

A Chorus Line tickets now available

FOLLOWING the success of Into the Woods, Theatre Group Asia (TGA) is bringing another Broadway landmark to local audiences with A Chorus Line, celebrating its 50^th anniversary this year. Advance ticket sales are available for BPI cardholders until Sept. 17 while TGA early sign-ups open on Sept. 18. Tickets will go on sale to the general public starting Sept. 19 via TicketWorld. Ticket prices range from P900 to P5,500. A Chorus Line will run from March 12 to 29, 2026.

Three artists in one Imahica show

THE exhibit Triadico: A Tapestry of Diverse Art, is opening on Sept. 20 at the Imahica Art Gallery. The exhibition brings together three women artists, Jinky Rayo, Millet Sacerdoti, and Butchie Diano-Peña, in an exploration of creativity, collaboration, and diverse perspectives. Working across watercolor, acrylic, gouache, oil, and mixed media, their works weave individuality into a shared artistic vision. The exhibit will run until Oct. 4 at Imahica Art, 2A Lee Gardens, Lee St., Wack Wack, Mandaluyong City. There will be an opening reception on Sept. 20 at 2 p.m., an opportunity to meet the artists.

BSP tells thrift banks to prioritize cyber resilience amid digitalization

September 17, 2025 | 12:04 am

THRIFT BANKS must put a premium on cyber resilience as they continue their digitalization to ensure their customers are protected from online threats that target financial services, a senior Bangko Sentral ng Pilipinas (BSP) official said.

BSP Deputy Governor Lyn I. Javier said the thrift banking industry remains robust, with lenders modernizing their operations to deliver financial services to the unbanked and underbanked sectors of the economy.

“But we must remain vigilant. Digitalization is not just about speed and convenience — it is about trust. And here’s the tension. Move too fast ahead of technology’s maturity, and your weak system will fail… Invest in digital resilience and governance. As you go digital, remember, technology without security is a risk,” Ms. Javier said in a speech at the Chamber of Thrift Banks’ General Membership Meeting in Makati City on Tuesday.

She said digitalization exposes the industry to online threats like cyberattacks, data breaches, identity theft, and even illicit fund flows, presenting potential vulnerabilities.

“The answer is clear: banks should innovate responsibly, prepare progress with consumer protection, guard data privacy, and strengthen cybersecurity [and] at the same time, stay vigilant in implementing robust AML/CTF (anti-money laundering/counter-terrorism financing) controls to keep these activities out of business. But security alone is not enough. In an environment of constant disruption, the real test is resilience. Resilience is no longer optional. It is our expectation,” Ms. Javier said.

“More than compliance, resilience must become a culture — one of foresight, preparedness, and shared responsibility. We must build resilience while staying relevant. Resilience and relevance enable us not just to safeguard our system, but to keep our approach forward-looking, adaptive, and responsive to the needs of a changing landscape… Smaller banks are increasingly being targeted by criminals who exploit weaker defenses. Robust AML/CTF controls, vigilance and monitoring, and a culture of integrity are shields that protect both your institution and your community.”

Ensuring the sector’s resilience is important as thrift banks’ support for households and micro, small and medium enterprises (MSMES) have helped improve financial inclusion and boost economic activity, Ms. Javier added.

“Your mission has always been to mobilize savings and extend meaningful long-term credit to households and SMEs, a vital link in our financial ecosystem. That mission remains essential today. Yet in a crowded financial market where services often overlap, thrift banks face the challenge of redefining their distinct identity,” she said.

She said thrift banks should put customers first as they are closer to those that need credit the most.

“Deliver products that are simple, fair, and transparent. In a market where bigger banks compete aggressively, your value is in the fact that you’ll understand and protect the everyday Filipino,” Ms. Javier said.

“In times of floods, typhoons, and disasters, thrift banks are often the first to open their doors along with other smaller banks. You play a vital role in helping families rebuild, farmers replant, and small businesses restore. That is aligned with the national push for climate adaptation,” she added.

The sector should also be agile and responsive to shifting risks, Ms. Javier said.

“The industry may have a modest share in terms of system assets but its impact is far from modest,” she said. “Your contribution to financial inclusion, household and MSME financing support continues, to power economic growth and stability.”

Thrift banks held P1.29 trillion in assets at end-July out of the banking system’s P27.74 trillion, BSP data showed. — K.K. Chan

SEC, DoF sign data-sharing deal to boost transparency in extractive industries

September 17, 2025 | 12:04 am

THE Securities and Exchange Commission (SEC) and the Department of Finance (DoF) signed a data-sharing agreement (DSA) to exchange information on beneficial ownership of companies, supporting international standards for responsible management of natural resources.

The initiative, formalized on Sept. 3, is part of the Philippine Extractive Industries Transparency Initiative (PH-EITI), which monitors transparency in mining, oil, and gas operations, the SEC said in a press release on Tuesday.

PH-EITI, created under Executive Order No. 147 in 2013 and overseen by the DoF, implements the global Extractive Industries Transparency Initiative in the Philippines, requiring full disclosure of beneficial ownership for firms holding extractive licenses.

Under the DSA, the SEC will provide PH-EITI access to corporate data on beneficial owners to help detect and prevent corruption, tax evasion, and other illicit financial activities in the extractive sector.

“This agreement paves the way for the seamless, secure, and lawful exchange of beneficial ownership data, reinforcing the Government’s commitment to comply with the Financial Action Task Force’s (FATF) international standards,” SEC Commissioner Rogelio V. Quevedo said during the signing.

The SEC defines beneficial owners as natural persons who ultimately own or control a corporation, directly or indirectly, through voting rights or influence over business decisions. They differ from legal owners.

Corporations are required under SEC Memorandum Circular No. 15, Series of 2019 to report their beneficial owners in the general information sheet submitted to the commission. Failure to disclose or providing false information can result in penalties under SEC Memorandum Circular No. 10, Series of 2022.

The agreement also supports the Philippines’ efforts to comply with FATF standards after the country was removed from the FATF grey list earlier this year.

In February, FATF lifted the Philippines from enhanced monitoring following an on-site review and completion of a recommended action plan. The United Kingdom also removed the Philippines from its list of high-risk third countries in March.

Mr. Quevedo said the commission aims to transform the DSA from a legal instrument into a tool for governance, public trust, and sustainable development.

The agreement aligns with Republic Act No. 12253, the Enhanced Fiscal Regime for Large-Scale Metallic Mining Act, signed by President Ferdinand R. Marcos, Jr. on Sept. 4, which promotes transparency, accountability, and good governance in the mining sector. — Alexandria Grace C. Magno

The rise of the Baguio Business Club

September 17, 2025 | 12:04 am

(Part 2)

It was providential that the inauguration of the Baguio Business Club (BBC) coincided with the establishment of the Metropolitan BLISTT Development Authority (MBLISTTDA) and the appointment of a very qualified Head of the Authority in the person of Assistant Secretary Maria Monica C. Costales.

In her speech delivered during the BBC inauguration, Ms. Costales described in detail the role of MBLISTTDA. BLISTT (which is composed of Benguet, La Trinidad, Itogon, Sablan, Tuba, and Tublay) is more than a cluster of localities. It is a special and administrative area whose challenges and opportunities do not end at political boundaries. It is meant to stop the LGU heads of the different municipalities surrounding the City of Baguio from developing a silo mentality, very common in Philippine regional governance. Whether the problem being addressed is transportation, solid waste management, tourism development, housing, or environmental preservation, it is paramount that the approach be area-wide, integrated, and forward looking. MBLISTTDA was precisely created to help harmonize development across the various municipalities — promoting coordination rather than fragmentation, and strategic thinking rather than isolated action.

She enumerated the pillars on which MBLISTTDA will be built. Each of the pillars is meticulously designed to transform the mega region to attain a future everyone envisions: a unified framework for land use, infrastructure and urban development, aligning priorities, and optimizing resources across the BLISTT area. Whether it is decongesting Baguio’s roads, improving inter-municipal connectivity, or supporting green mobility, the MBLISTTDA will promote smart, sustainable transport and infrastructure that links communities and spurs local economies. The ultimate objective is to cultivate a green and peaceful, family-oriented tourist destination, where every journey is seamless and every vista is preserved.

The BLISTT area is ecologically critical, and through joint initiatives in watershed protection, disaster resilience, and sustainable tourism, the Authority will work to ensure that development does not come at the cost of the natural capital of the Cordillera region.

There will be a strong commitment to supporting investment-friendly policies, promoting local industries — both for the domestic and export markets — and encouraging value chain development across the entire region which has a population of 640,000, with 360,000 residing in Baguio. Inclusive growth must lift all the municipalities and not just the urban centers. All efforts will converge towards establishing BLISTT as a global center of spirituality, culture, education, and specialized industries, drawing the world to the region’s unique heritage and progressive spirit.

Most important of all, the Development Authority will serve as a bridge between the public and private sectors. Strategic development requires not only good governance but also meaningful partnerships.

It is providential that the establishment of the MBLISTTDA coincided with the creation of the Baguio Business Club, which is more than a collection of business enterprises. Members of the BBC can be catalysts of innovation, job creation, and civic mindedness. The success of the investment agenda of the Development Authority will depend on the collective and active involvement of both public and private enterprises — in shaping policies, piloting solutions and co-investing in shared outcomes.

Together, MBLISTTDA and BBC will be forging a unified body of caring and empowered people, managed by a responsive governance team, ensuring that every resident thrives and every leader serves with dedication.

Truly, Ms. Costales has captured the very essence of the common good: not the greater good for the greater number but a social order in which every member of society can attain his or her integral human development.

In her speech, Ms. Costales invited the members of the BBC to work with MBLISTTDA in shaping the next stages of the growth of the BLISTT region. The collaborative effort will be aimed at co-developing platforms for innovation, establishing more sustainable urban centers, and building a culture of cooperation that puts community before competition. The cooperative effort will be geared towards building not just roads and other infrastructure but a future for the next generation of the BLISTT area, a future where development is equitable, sustainable and strategic.

In the context of the former NEDA’s Ambisyon Natin 2040, the BLISTT area could stand out as a region where “Filipinos enjoy a strongly rooted, comfortable, and secure life. In 2040, the residents of BLISTT will all enjoy a stable and comfortable lifestyle, secure in the knowledge that they have enough for their daily needs and unexpected expenses, that they can plan and prepare for their own and their children’s future. The BLISTT will lead in attaining the Ambisyon Natin 2040 that envisions the Philippines as a prosperous, predominantly middle-class society where no one is poor.”

For their part, the newly formed Baguio Business Club, presented its role through a speech delivered by its president, Mark Joseph Lacambra, a young engineer and construction entrepreneur.

In a presentation entitled “The Role of Business Sector in the BLISTT Development,” Mr. Lacambra said that BLISTT is more than geography. It is a shared development vision which is not the government’s task alone. Public private sector collaboration is essential. The business sector is not just a stakeholder but rather a catalyst. It creates jobs, drives innovation, invests in infrastructure, and connects local talents to global markets. The possibilities are unlimited: 1.) Active economic zones; 2.) public-private partnership-backed infrastructure like roads, hubs, and tech parks; 3.) Youth trained for leadership, not just for employment; and, 4.) Unified tourism and trade branding for BLISTT.

The BBC is committed to organizing more multi-sectoral forums; form sector-based task forces; and develop an MBLISTT-based investment road map.

The BBC will start by working with TESDA — the Technical Education and Skills Development Authority — in skills training programs in the construction, hospitality, information and communication technology, and agribusiness sectors. It shall give importance to the out-of-school youth through training in employable skills, promoting inclusiveness, entrepreneurship, and empowerment through access to opportunities. For the employed, the BBC shall work on upskilling them, providing micro crediting and certification in key areas, training in green construction, equipping them with digital tools, and exposing them to advanced manufacturing technology.

It is fortunate that the founders and first officers of the BBC come from diverse industries and professions. In addition to the president, the other officers and members of the board of directors are Edmark Lester Bustos, Jerrison Tiong, Kelwyn Roi D. Tan, Genghis Chan, Hansel David Co, Ray Canilao, Maria Mignon de Leon, and Dr. Zorba Bautista. They represent the hospitality, education, health, mining, manufacturing, trading, and human resources sectors. Most of them are in their thirties and forties. The first additional 10 members that they have recruited (membership is by invitation only) are also as young as they are and equally committed to the building of the BLISTT region as conceived by the Development Authority.

In a strategic planning workshop they organized immediately after the establishment of their club, they decided to focus on just a few of the common good causes that they will promote in their first year of operation.

Logically, the highest priority will be given to actively work with the MBLISTTDA to convince the heads of the six LGUs concerned to work closely with the national government in coordinating their respective infrastructure development plans into a unified urban plan, following the example of Metro Iloilo. They are seeking the help of the most prominent urban planner in the country, Felino Palafox, Jr., who actually already worked on a physical plan for the entire Cordillera Region.

In support of the highest priority given by President Ferdinand Marcos, Jr. to food security, they will work with farmers’ cooperatives in the region in improving the production and transport of high-value vegetables, especially in the municipality of Benguet.

Finally, they will work with national organizations like Joey Concepcion’s Go Negosyo to help the Micro, Small, and Medium Enterprises sector in the region to improve operations and have greater access to credit and to markets.

They are also very careful not to bite off more than they can chew, and will postpone working on such other vital issues as health, education, and the physical environment.

Bernardo M. Villegas has a Ph.D. in Economics from Harvard, is professor emeritus at the University of Asia and the Pacific, and a visiting professor at the IESE Business School in Barcelona, Spain. He was a member of the 1986 Constitutional Commission.

bernardo.villegas@uap.asia