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Gov’t fully awards T-bills at mostly steady rates

STOCK PHOTO | Image by RJ Joquico from Unsplash

THE GOVERNMENT made a full award of the Treasury bills (T-bills) it offered on Monday at mostly steady rates amid strong demand for short-term debt.

The Bureau of the Treasury (BTr) raised P25 billion as planned from the T-bills it auctioned off on Monday as total bids reached P80.265 billion or more than thrice the amount on offer. This was also higher than the P73.913 billion in tenders recorded on April 22.

Broken down, the Treasury borrowed the programmed P8 billion via the 91-day T-bills on Monday as tenders for the tenor reached P22.025 billion. The three-month paper was quoted at an average rate of 5.546%, steady from the previous auction. Tenders accepted by the BTr carried yields of 5.494% to 5.608%.

The government likewise made a full P8-billion award of the 182-day securities as bids for the paper amounted to P29.21 billion. The average rate of the six-month T-bill was at 5.655%, 2 basis points (bps) higher than the 5.675% fetched last week, with accepted rates ranging from 5.6% to 5.684%.

Lastly, the Treasury raised P9 billion as planned via the 364-day debt papers as demand for the tenor totaled P29.03 billion. The average rate of the one-year T-bill inched down by 0.3 bp to 5.688% from 5.691% previously, with bids accepted having yields of 5.684% to 5.7%.

At the secondary market before Monday’s auction, the 91-, 182-, and 364-day T-bills were quoted at 5.4558%, 5.6089%, and 5.7362%, respectively, based on PHP Bloomberg Valuation Service (BVAL) Reference Rates data provided by the Treasury.

T-bill yields were mostly unchanged on Monday on market expectations of further rate cuts from the Bangko Sentral ng Pilipinas (BSP) this year, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The Monetary Board this month cut benchmark interest rates by 25 bps to bring the policy rate to 5.5%, putting its easing cycle back on track after an unexpected pause in February.

The central bank has now slashed borrowing costs by a cumulative 100 bps since it kicked off its rate-cut cycle in August last year.

BSP Governor Eli M. Remolona, Jr. has said that they are considering further reductions this year in “baby steps” or increments of 25 bps. The Monetary Board’s next policy review is scheduled for June 19.

“Strong demand was seen, which is quite expected following the strong 10-year auction,” a trader added in a text message.

The government raised a total of P300 billion via its offering of new 10-year benchmark fixed-rate Treasury notes (FXTN), 10 times the initial P30-billion program, the BTr announced on Friday.

The BTr borrowed an initial P135 billion from the bonds at the rate-setting auction on April 15 and held a public offer that ended on April 23.

The notes fetched a coupon rate of 6.375%. Accepted bid yields ranged from 6% to 6.4%, resulting in an average rate of 6.286%.

The issue was listed on the Philippine Dealing & Exchange Corp.’s fixed-income board on Monday.

Mr. Ricafort added that improved market sentiment amid hopes for easing global trade tensions also led to the steady T-bill rates on Monday.

Monday’s T-bill auction was the last one for the month. The BTr raised a total of P466.46 billion from the domestic market in April, higher than the P215-billion borrowing program for the month following the 10-year FXTN issuance.

On Tuesday, the BTr will offer P30 billion in reissued seven-year Treasury bonds (T-bonds) with a remaining life of five years and two months.

The Treasury plans to raise P260 billion from the domestic market in May, or P100 billion via T-bills and P160 billion through T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.54 trillion or 5.3% of gross domestic product this year. — A.M.C. Sy

Entertainment News (04/29/25)

2 Nora Aunor films released in theaters

TO HONOR the memory of the late National Artist for Film and Broadcast Arts Nora Aunor, two of her highly regarded movies are having a theatrical release. Mario O’Hara’s 1976 wartime drama Tatlong Taong Walang Diyos and 1987 family drama Tatlong Ina, Isang Anak are back on the big screen thanks to the ABS-CBN Film Restoration Project (Sagip Pelikula). The films’ brief return to cinemas serves “as a special tribute to Ms. Aunor, whose life and work has left an indelible mark on Philippine arts and culture,” the company said in a statement. Both films were rated PG (parental guidance) by the Movie and Television Review Classification Board.

Music festivals in Boracay, Coron, and Samal

THREE island parties — Love Boracay, Love Coron, and Love Samal — will be held at various Discovery Resorts this year. Kicking the series off is what was previously known as Laboracay, now newly minted as Love Boracay, which will take place from May 1 to 3 at the Sand Bar, Clubhouse Deck, and 360 Roof Lounge of Discovery Boracay, with various DJs performing on all three nights. On May 1, Discovery Coron will hold Love Coron, with DJ Carlo taking over the Clubhouse Deck from 4 to 6 p.m. The resort will offer a buffet dinner at the Firefish Restaurant from 6:30 to 9:30 p.m. for P1,800 per person. Finally, Discovery Samal will hold its Love Samal event on May 3 from 6 p.m. to 1 a.m. Event access costs P1,888 per person, inclusive of unlimited cocktails, a serving of bar chow, and boat transfers from the resort’s Davao Welcome Center. At P3,500, access also includes a full dinner buffet station, while an overnight stay with event access costs P15,010 per room per night, inclusive of breakfast for two persons. Booking period is until April 30.

Spotify, The Pod Network launch PHL podcast studio

THE Pod Network and global audio platform Spotify have launched a co-branded state-of-the-art studio designed to further support the growth of podcasting in the country. Located in Mandaluyong City, the studio is designed to create a space for local creators to launch high-quality video and audio podcasts, in addition to its regular on-platform programming on Spotify. The facility is equipped with three professional-grade recording studios, complete video podcast setups with multi-camera options, dedicated event and community activation areas, and integrated data and production workflows, strategically established to cater to the evolving needs of both seasoned and emerging podcasters and creators, while also offering advertisers a premium, brand-safe environment for immersive content experiences. Since 2019, Spotify has been home to The Pod Network’s chart-topping shows like The KoolPals, Lecheng Pag-ibig ‘To with Sam YG and DJ Chacha, and Book of Bad Ideas — each drawing in millions of monthly listeners. Its other popular podcast shows include Paano Kung… with Joelle, Intellectwalwal with Victor Anastacio, and Kwentong Callroom Podcast. The Pod Network says it is open for creator bookings, brand campaigns, and collaborative projects. For more information, visit www.thepodnetwork.com or their Facebook page.

SB19 drops music videos for 2 singles off new EP

FANS of P-pop can now watch the official music videos for two of Filipino boy group SB19’s latest singles, “DUNGKA!” and “Time.” Made under Sony Music Entertainment and 1Z Entertainment, both tracks are part of their newly released third EP, Simula at Wakas. The “DUNGKA!” music video was helmed by Kerbs Balagtas of YouMeUs MNL, with the goal of reflecting the chaotic but vibrant world of urban Manila by showcasing the beauty of everyday life on the street. It features a huge roster of guest stars: Mimiyuuuh, Maymay Entrata, Alodia Gosiengfiao, Sassa Gurl, Jayat, Kween Yasmin, Malupiton, Ghost Wrecker, Shehyee, Smugglaz, Pat Lasaten, Agnes Reoma, and Vice Ganda. Meanwhile, the music video of “Time” was created under the direction of 1032 Lab, with a narrative focusing on the importance of cherishing meaningful moments with loved ones.

James Arthur releases new album

ENGLISH singer-songwriter James Arthur is back with his most personal album, PISCES, out now on all digital music streaming platforms. The album aims to showcase a more experimental, atmospheric sound while staying true to Mr. Arthur’s signature vulnerability and emotional depth. Majority of the songs were co-written with Mr. Arthur’s long-time collaborator Steve Solomon.

Kapuso Bigtime Panalo returns

FOR GMA Network’s 75th anniversary, it is bringing back the nationwide promo Kapuso Bigtime Panalo, this time with over P11 million worth of prizes, including seven grand prize winners receiving P1 million each. Sari-sari store owners and buyers nationwide can join starting May 3. Another prize is a P50,000 Pangkabuhayan Package from Puregold. Interested participants must purchase any of the seven participating products — Palmolive Naturals, Nescafé Mixes, Bear Brand Fortified Powdered Milk Drink, Colgate Maximum Cavity Protection, Aji-Ginisa Flavor Seasoning Mix, Nestea Apple Iced Tea, or Lady’s Choice — to join, They must deposit an envelope containing their proof of purchase with their details in one of over 1,000 designated drop boxes located nationwide in Mercury Drug branches, Puregold outlets, and GMA Network TV and Radio Stations. Kapuso Bigtime Panalo 3 runs from May 3 to July 11. For the complete promo mechanics, visit and follow GMA’s social media accounts.

Jessie J releases 2 new tracks

AWARD-winning British musician Jessie J is back with a new track titled “No Secrets,” her first release in four years. It will be followed by the single “Living My Best Life,” produced by Ryan Tedder, which will be out on May 16. Her new songs aim to be deeply personal, open invitations into the highs and lows of her life over the past few years. Produced by Los Hendrix and Jesse Boykins III, the first track, “No Secrets,” embraces an alt-R&B sound.

Four blockbuster movies on Max this May

FILLING the streaming service Max (previously HBO Go) this summer are four blockbuster movies. First, Piece by Piece will premiere on May 3, telling the life story of singer-songwriter and record producer Pharrell Williams through LEGO animation. Next up is the 2023 crime drama The Bikeriders starring Jodie Comer, Austin Butler, and Tom Hardy, which will make its premiere on the platform on May 10. The historical epic Gladiator II will stream starting May 17, while the Oscar-nominated movie musical Wicked arrives on Max on May 31.

Indie pop artist Fatigued launches debut album

THE album Negative Tide, the first by Filipino indie pop musician Emilio Gonzales, known as Fatigued, has been released on digital music streaming platforms. His music, evoking growing pains, blends pleasant pop sensibilities with gritty yet radio-friendly indie. An album launch for Negative Tide will be held on May 10 at Mow’s, Matalino St., Quezon City. Alongside Fatigued himself, other local indie acts like Eggboy, Cheeky Things, Halina, and Austri will be performing.

Alden Richards to host reality dance show

ALDEN RICHARDS will be taking center stage as the host of GMA’s upcoming Filipino reality dance competition, Stars On The Floor. The show will feature various dance styles: hiphop, ballroom, jazz, swing, disco, contemporary, and more. Each week, dance duos composed of a celebrity and a digital dance star together with their team choreographer, will take on challenges that push their limits and test their creativity, teamwork, and passion. The premiere date of the show, and the identities of the Dance Authority panel, have yet to be revealed.

Rich Brian drops new single, music video

INDONESIAN rapper Rich Brian has released a new single titled “Butterfly,” accompanied by a music video. It is part of his forthcoming third studio album WHERE IS MY HEAD?, set for release on May 23. The self-produced single centers on the emotional chaos of a toxic relationship. The video, directed by Jared Hogan, sees Mr. Brian as a maestro conducting his half-human, half-animal ensemble.

Finding convergence in tourism: The path to economic prosperity begins at our beautiful destinations

PHILIPPINE STAR/RYAN BALDEMOR

For the past two decades, the Philippine economy has rested on two key pillars of foreign exchange earnings, helping to sustain its reserve position and stabilize the peso. These twin pillars — overseas Filipino worker (OFW) remittances and business process outsourcing (BPO) revenues — have provided crucial inflows that cushion the country against external shocks and trade imbalances.

The first leg, remittances from OFWs, has long been the backbone of the Philippine economy, contributing nearly $37 billion in 2022 alone. These funds help drive domestic consumption and provide a stable source of foreign currency. However, this model faces growing vulnerabilities. Developed nations that once welcomed migrant labor are reassessing immigration policies, becoming more restrictive. Meanwhile, the soaring cost of living in host nations limits the disposable income OFWs can send home.

The second pillar, the BPO industry, has been a crucial engine of growth, employing over 1.4 million Filipinos and generating roughly $30 billion in annual revenues. Yet, this sector may be facing a steep challenge. Advances in artificial intelligence (AI) and automation threaten to displace jobs, particularly in voice-based services, which have traditionally been the Philippines’ competitive advantage. Global companies are increasingly integrating AI-driven chatbots, virtual assistants, and process automation tools that reduce reliance on offshore human talent. Additionally, emerging BPO destinations, such as India, Poland, Vietnam, and others, continue to erode the Philippines’ dominance in the sector. Unless the Filipino BPO industry upskills and moves up the value chain, its economic contribution may diminish sooner than we think.

The Philippines has long been in search of a viable third leg. While the country is rightfully exploring ways to strengthen the manufacturing sector as a long-term economic driver, this will take time to gain momentum. Tourism represents a low-hanging fruit — a high-value industry that can generate substantial revenue in the short to medium term while sophisticated and investment-heavy industrialization efforts take root.

Currently, tourism still pales in comparison to the other two in terms of foreign exchange earnings. In 2019, before the COVID-19 pandemic, tourism generated only $9.3 billion in foreign exchange receipts, far below the contributions of OFW remittances and BPO. However, unlike the other two pillars, tourism presents an opportunity for more widespread and inclusive growth. It is an industry that cannot be outsourced or automated and, if properly developed, could be a sustainable driver of economic resilience.

THE CASE FOR TOURISM: A RIPE OPPORTUNITY
In 2019, tourism directly contributed 12.7% to Philippine GDP (and a little more than 21% if indirect effects are considered). By 2023, the sector had begun to recover, accounting for 8.6% of GDP. In 2024, the Department of Tourism said the industry generated $13.26 billion in revenue, and employed 6.2 million people directly, and 16.4 million if indirect jobs are considered. There is still tremendous upside, for several reasons:

• High Value-Added Industry – Unlike semiconductor manufacturing, which contributes less than 11% of the country’s total manufacturing gross value-added (GVA), tourism has the potential to generate more value addition within local economies. Every dollar spent by a tourist circulates across multiple sectors — hotels, restaurants, transportation, retail, and entertainment.

• Rural Engines for Growth – Tourism is uniquely positioned to create more inclusive growth opportunities in less developed, rural areas, unlike manufacturing, which tends to concentrate in industrial zones.

• Development of Untapped Destinations – With the right investment, areas currently lacking commercial activity can become self-sustaining tourist markets.

• Strong Multiplier Effect – Every peso spent in tourism generates additional demand in supporting industries, such as agriculture, construction, transportation, and creative services. A United Nations Economic and Social Commission for Asia and the Pacific study found that tourism has an output multiplier of 1.692, meaning an additional 0.692 pesos is generated in the economy through indirect and induced effects. The same study found that the income multiplier for tourism is 0.792, indicating that nearly 79.2 centavos of additional income is generated for every peso of tourist expenditure. This is higher than the income multipliers for other sectors, like investment (0.708) and exports (0.702). Tourism has a significant employment multiplier of 25.3 jobs per P1 million of tourist expenditure, highlighting its ability to create jobs not only directly in the sector but also indirectly in related industries.

• Domestic Market Potential – While international tourism brings foreign exchange, the industry can also thrive on domestic tourists, ensuring a steady revenue stream even during global downturns.

• Synergy with the Creative Economy – The creative economy — encompassing media, arts, culture — is a natural partner of the tourism economy. Both generate a great amount of value with the least amount of capital, leveraging the abundant talent of our people.

• A Virtuous Growth Engine – Tourism stimulates demand for locally sourced food, handicrafts, transport, and services, creating a self-reinforcing cycle of job creation and enterprise development.

If the Philippines can increase tourist arrivals from the 5.9 million recorded in 2024 to say, 15 million arrivals, and assuming each tourist continues to spend the $2,073 per capita, the tourism industry could generate $31 billion annually — at par with the remittance and BPO sectors. This would cement tourism as a third pillar of foreign exchange inflows and a major contributor to economic resilience.

A GOVERNMENT-WIDE CONVERGENCE STRATEGY
The underperformance of Philippine tourism is not due to a lack of attractions. The real challenge lies in fragmented governance, inadequate infrastructure, and an absence of a proactive, unified policy approach. The solution is to treat tourism as a national convergence project — a holistic, whole-of-government effort encompassing all government agencies, aligning their initiatives around tourism as the key performance indicator (KPI).

To achieve this, various agencies must converge and integrate their policies into a unified tourism-driven framework. Examples envisioned could take the following forms, which is illustrative and by no means an exhaustive list:

• Technical Education and Skills Development Authority (better known as TESDA) – Focus on skills training for hospitality, culinary arts, wellness services (barbers, salons, massage therapists), and tourism-related professions.

• Department of Trade and Industry – Promote small- and medium-sized enterprises in tourism-related industries, such as restaurants, hotels, and souvenir manufacturing. Encourage businesses to source food and supplies from local farmers and artisans.

• Maharlika Investment Fund – Prioritize investments in tourism-related enterprises and infrastructure.

• Department of Public Works and Highways – Ensure road connectivity from airports to tourist destinations and between key tourism hubs.

• Department of Transportation – Lead the rehabilitation of old airports and the construction of new ones to improve accessibility.

• Department of the Interior and Local Government – Make tourism a KPI for local governments. Strengthen tourist police stations to ensure visitor safety.

• Department of Health – Develop the medical tourism subsector, capitalizing on the country’s skilled healthcare workforce.

• Department of Education and the Commission on Higher Education – Enhance education programs to produce well-trained professionals in hospitality, tourism, and healthcare.

• Department of Foreign Affairs – Streamline visa processing, adopting best practices from Thailand and Indonesia to introduce visas on arrival and e-visas.

• Department of Information and Communications Technology – Strengthen the digital environment to ensure a seamless experience for tourists from arrival to departure.

• Department of Finance – Establish quick VAT refund centers at major airports to enhance tourist spending.

• National Commission for Culture and Arts – Develop and promote cultural festivals, performances, and local artistic industries.

By integrating all these efforts into a singular strategy, tourism can evolve into an economic powerhouse, stimulating multiple industries and benefiting all regions of the country.

TOURISM AS THE HUB FOR INCLUSIVE GROWTH
Tourism is not a stand-alone industry — it can serve as a hub of activity, the second order effects of which can stimulate other sectors, like agriculture, manufacturing, real estate, energy, culture, and transportation. Unlike manufacturing or BPO, which primarily benefit specific regions or workforce segments, tourism’s impact is broad, cross-sectoral, and can ripple out beyond special economic zones and urban business districts.

Local governments can maximize this opportunity by designating key tourist destinations as economic hubs, where policies encourage the growth of complementary industries. If a particular location is identified as a high-potential tourism destination, the surrounding economy should be structured to support it — local farms supplying fresh produce to restaurants, artisans producing souvenirs, training programs creating a skilled workforce, and sustainable energy sources ensuring responsible tourism.

A tourism-driven economy is more than just a strategy for attracting visitors — it is a pathway to inclusive prosperity. By structuring national and local policies around tourism as the primary growth driver, the Philippines can create self-reinforcing cycles of investment, employment, and infrastructure development. Well-developed tourist destinations will serve as economic hubs, supporting local businesses, creative industries, and community livelihoods.

The path to economic prosperity begins at our beautiful destinations. Let’s get going.

 

Cesar V. Purisima is a former governor of the Management Association of the Philippines or MAP, former secretary of Finance, and former secretary of Trade and Industry. He is a senior global fellow at Milken Institute. He is also a founding partner at Ikhlas Capital, a pan-ASEAN private equity growth platform.

map@map.org.ph

Pryce’s profit rises 48.8% to P1.06 billion in Q1

PRYCE CORP. reported a 48.8% increase in its net income for the first quarter, reaching P1.06 billion, driven by growth in its liquefied petroleum gas (LPG) retail sales volume in Visayas and Mindanao.

Revenues climbed by 14.24% to P5.36 billion, up from last year’s P4.69 billion, the company said in a media release on Monday.

LPG revenues remained the largest contributor, accounting for 93.03% of total revenues.

The company’s industrial gas sales volume increased by 66.2%, reaching 712,149 equivalent standard cylinders, compared to last year’s 428,617 equivalent standard cylinders.

“This growth is due to the company’s aggressive marketing of its oxygen products following the start of operations of its Liquid Oxygen Facility (LOF) in Cagayan de Oro City,” Pryce said.

The company expects its industrial gas business to contribute P400 million to P600 million to its annual net income over the next two to three years, provided that sales “reach 90% to 95% of the LOF’s capacity.”

Earnings from operations climbed by 3.75%, reaching P889.01 million, compared to the previous year’s P856.88 million.

Operating expenses declined by 1.6% due to the “turnover of selected sales centers to the dealers, thus saving the company rent, fuel, and maintenance expenses.”

Pryce was initially established as a property holding and real estate development company, involved in the development of memorial parks and the sale of memorial lots.

Pryce Gases, Inc., the company’s major subsidiary, is engaged in the importation and distribution of LPG and also produces and sells industrial gases. Another subsidiary, Pryce Pharmaceutical, Inc., is a wholesaler and distributor of private-branded multivitamins and some over-the-counter generic drugs.

At the local bourse on Monday, shares in the company closed unchanged at P10 each. — Sheldeen Joy Talavera

Cyndi Lauper, Chubby Checker chosen for Rock & Roll Hall of Fame

CYNDILAUPER.COM

LOS ANGELES — “The Twist” singer Chubby Checker, pop star Cyndi Lauper, and grunge rock band Soundgarden were among the acts chosen for induction this year into the Rock & Roll Hall of Fame.

American Idol host Ryan Seacrest announced the 2025 inductees during the ABC singing competition show on Sunday.

Others selected for the Rock Hall in Cleveland included English rock group Bad Company, hip-hop act Outkast, rock and blues singer Joe Cocker, and garage rock duo The White Stripes.

The artists will be inducted during a ceremony that will stream live on Disney+ from Los Angeles on Nov. 8.

Inductees were chosen by fans and industry experts. Artists must have released their first recording at least 25 years ago to be eligible.

A singer and dancer, the now 83-year-old Mr. Checker was known for popularizing various dance styles including the twist and the limbo in the 1960s.

Bad Company came together in 1973 and recorded hits such as “Feel Like Makin’ Love” and the self-titled “Bad Company.”

British singer Mr. Cocker made the music charts with songs such as “You are So Beautiful” and “Up Where We Belong” with Jennifer Warnes, and was known for his legendary cover of The Beatles’ “With a Little Help from My Friends” performed at Woodstock.

Ms. Lauper, 71, stood out in the 1980s during the heyday of music videos with her colorful hair and outfits and upbeat songs such as “Girls Just Wanna Have Fun.”

Soundgarden, part of the 1990s grunge rock scene in Seattle, was led by Chris Cornell, who died by suicide in 2017.

“Hey Ya!” band Outkast was formed in Atlanta by Big Boi and Andre 3000 in 1992. The White Stripes, from Detroit, led a resurgence of garage rock in the 2000s. — Reuters

BPI looks to raise P5 billion from sustainability bond offer

BANK of the Philippine Islands (BPI) is looking to raise at least P5 billion from an offering of fixed-rate sustainability bonds in May.

The listed bank plans to offer and issue P5 billion in 1.5-year BPI Supporting Inclusion, Nature, and Growth or SINAG Bonds, it said in a disclosure to the stock exchange on Monday.

The offer is scheduled to start on May 20 and end on May 30, unless adjusted by the bank. The issue is expected to be issued and listed on the Philippine Dealing and Exchange Corp. on June 10.

“The net proceeds of the offer will be used for the financing or refinancing of eligible projects under BPI’s Sustainable Funding Framework consistent with the ASEAN Sustainability Bond Standards,” BPI said.

“The BPI SINAG Bonds… will carry the “ASEAN Sustainability” label, as affirmed by the Securities and Exchange Commission on March 17.”

The issuance will make up the first tranche of BPI P200-billion bond and commercial paper program approved by its board of directors in October last year.

The notes will be sold at a minimum investment amount of P500,000 and in increments of P100,000 thereafter.

The bank has mandated BPI Capital Corp. and Standard Chartered Bank as the joint lead arrangers and selling agents for the offer.

BPI last tapped the domestic bond market in August 2024, raising P33.7 billion from its offering of 1.5-year Sustainable, Environmental, and Equitable Development Bonds, which marked its first foray into the sustainable bond space.

Proceeds from the issuance were set to be used to finance or refinance new or existing eligible projects under BPI’s Sustainable Funding Framework.

BPI’s net income increased by 9% year on year to P16.6 billion in the first quarter.

Its shares closed at P133.30 apiece on Monday, down by P1 or 0.74%. — A.M.C. Sy

PHINMA Properties breaks ground for Maayo Terraces project in Bacolod City

REAL ESTATE developer PHINMA Property Holdings Corp. (PHINMA Properties) recently broke ground for its Maayo Terraces mid-rise residential condominium in Bacolod City.

The new project is located along the Bacolod-Silay Airport Access Road in Brgy. Bata, within the PHINMA Group’s 21-hectare Saludad Township, PHINMA Properties said in an e-mail statement on Monday.

Maayo Terraces sits on a 34,624.77-square-meter area. It will consist of 11 towers totaling 2,922 units.

The project will offer studio, one-bedroom, and one-bedroom loft units. The first tower is expected to be completed by 2027, while the second tower is scheduled to finish by 2029.

Maayo Terraces, developed under a partnership with Bacolod-based JEPP Property Corp., aims to cater to Bacolod’s middle class. The company also recently opened the project’s model unit to the public.

“Bacolod is in the midst of an exciting transformation — economically and culturally,” PHINMA Properties President and Chief Executive Officer Raphael B. Felix said.

“Maayo Terraces reflects our belief that real estate should go beyond shelter. It should shape communities where people thrive, grow, and come home to something deeply rooted in tradition yet forward-looking in design,” he added.

PHINMA Properties said that Maayo Terraces, which will dedicate over 60% of its area to open space, is master-planned by Royal Pineda+ Architecture·Design.

The development features courtyards, gardens, walkways, and a range of lifestyle amenities that encourage community interaction while ensuring everyday comfort and well-being.

According to the real estate developer, Maayo Terraces has seen robust interest from overseas Filipino workers, regional professionals, and returning Bacolodnons.

“Tailored for upwardly mobile families, professionals, and returning Bacolodnons, Maayo Terraces also appeals to a growing market of individuals drawn to Bacolod’s unique charm, strategic location, and expanding economic potential,” PHINMA Properties said.

Launched in October last year, the P12-billion Saludad Township is a master-planned ecosystem that will integrate residential enclaves, commercial hubs, educational institutions, hospitality components, and retail areas.

PHINMA Properties is the real estate subsidiary of Del Rosario-led listed conglomerate PHINMA Corp.

On Monday, PHINMA Corp. shares rose by 5.75% or P1 to P18.40 per share. — Revin Mikhael D. Ochave

Asia is contemplating a growing nuclear future

FREEPIK

By Karishma Vaswani

EIGHTY YEARS AGO this August, the US bombed Hiroshima and Nagasaki, killing tens of thousands of people. Those acts helped to end World War II but also ushered in the nuclear age.

In 2025, a new atomic arms race is stirring, this time not provoked by Russia, China, or North Korea — who have been ramping up their arsenals — but instead by President Donald Trump’s trade war, and his threats to withdraw the US defense umbrella. The result is a world growing more dangerous, not just for Asia, but for Americans too.

The security architecture that helped prevent conflict from weapons of mass destruction is at risk of unravelling. For decades, Asian nations have relied on Washington’s commitment to deterrence. That’s no longer guaranteed.

Long-time US allies, like Japan and South Korea, are calculating the cost — both economic and political — of developing their own arsenals. India and Pakistan both have a growing supply of warheads, potentially inflaming an already volatile conflict made worse by recent tensions in Kashmir.

Trump insists that Washington has received the short end of the stick from defense deals, and that America’s protection is keeping the world safe while other economies benefit more. He has a point — but is also ignoring historical lessons.

The aftermath of Washington’s atomic bombings prompted a recognition that such a tragedy must be avoided at all costs. So deep was the soul-searching in American society that the goal of every US president since Harry Truman has been to limit rather than encourage the spread of these weapons. Much of this was achieved through negotiated agreements and treaties.

The policies have worked. Only nine countries now possess such arsenals, even though many more have the ability to build a bomb. But Trump is ushering in a more dangerous era. On the campaign trail in 2016, he suggested that Japan and South Korea might need to develop their own capabilities. Comments like that are influencing public opinion. A 2024 survey by the Korea Institute for National Unification showed six in 10 South Koreans now favor having them.

If Seoul opts for homegrown nukes, this would lead to a domino effect, note associate professors of political science at St. Francis Xavier University, Jamie Levin and Youngwon Cho. Japanese public sentiment has been deeply opposed because of the nation’s painful past, but it has a full nuclear fuel cycle, allowing it in theory to fashion thousands of bombs in as little as six months, according to experts.

India and Pakistan are among the most worrying players. The risk of a conflict increased this week after a terrorist attack in Kashmir killed dozens in some of the region’s worst violence in years. So far, they have stuck to diplomatic measures as retaliation, but there is always the concern of escalation.

Even in Southeast Asia, a relative safe zone, the risks have become much more pronounced. The 1995 Treaty of Bangkok established a Southeast Asian Nuclear Weapons Free Zone, banning members from development, manufacture, acquisition, or possession. But if larger nations ramp up their arsenals, the spillover effect in Southeast Asia could force others to either look into developing their own technology, or find a new defense umbrella. Washington’s unpredictability has created a leadership vacuum that Beijing will be keen to fill.

Rather than failing to offer credible security guarantees, the US should engage with governments in Asia and address their defense ambitions. Under the Biden administration, a bilateral initiative called the Nuclear Consultative Group in 2023 was launched with Seoul, which helped to quell some anxiety. Efforts like this should be expanded to other allies like Japan.

Convincing countries to stick with US deterrence strategies would be wise. Smaller nations watch what bigger countries do, not what they say. The US still has the opportunity to play global stabilizer and shouldn’t cede that role to China.

The world once looked to Washington to keep it safe. In 2025, that trust is fraying. It’s in America’s interest — not just Asia’s — to rebuild it.

BLOOMBERG OPINION

Warner Bros. fends off Superman copyright lawsuit ahead of new movie

WARNER BROS. DISCOVERY convinced a US judge to dismiss a lawsuit over rights to the iconic character Superman, lifting a legal headache before the company releases its new Superman movie this summer.

US District Judge Jesse Furman in New York said on Thursday that his court lacked jurisdiction over the copyright claims brought by the estate of Superman’s co-creator, the illustrator Joseph Shuster.

The lawsuit against Warner and its DC Comics subsidiary, part of a long-running legal battle over the rights to Superman, had sought damages for the superhero’s unauthorized use in the UK, Canada, Australia and other countries.

A Warner spokesperson said the company was pleased with the decision. “As we have consistently maintained, DC controls all rights to Superman,” the spokesperson said.

The estate’s attorney did not immediately respond to a request for comment. The estate refiled its lawsuit in New York state court on Friday.

Shuster created Superman with writer Jerome Siegel and licensed the character to DC’s predecessor Detective Comics. Shuster’s estate’s lawsuit, filed in January, said that the rights to Superman reverted to the estate under British law in 2017, 25 years after his death.

The estate accused Warner of failing to pay royalties to use Superman in countries that follow UK law on copyright reversion, which also include India, Israel and Ireland.

Furman agreed with Warner on Thursday that the case should be dismissed because it was “brought explicitly under the laws of foreign countries, not the laws of the United States.”

Warner’s new Superman movie, directed by James Gunn and starring David Corenswet, is scheduled to be released in July. — Reuters

Concrete impacts: How today’s trade war shapes Philippine real estate

President Donald J. Trump’s proposed “Liberation Day” tariffs — an across-the-board 10% levy and a targeted 245% tariff aimed at China — are both dramatic and entirely in line with his long-standing protectionist agenda. Whether these measures are ultimately enacted, softened, or abandoned, their announcement alone has rattled global markets and highlighted the fragility of international trade. For the Philippines, the implications go beyond macroeconomics — they are beginning to register across real estate, particularly within the industrial and office segments.

THE PHILIPPINES IS LEVERAGING TRADE INSTABILITY TO POSITION ITSELF AS A SECONDARY MANUFACTURING HUB
Although global trade volatility has revived fears about the long-term future of globalization, the Philippines is actively attempting to turn crisis into opportunity. The Philippine Economic Zone Authority (PEZA) has championed the country as a “China+1+1” destination — a fallback manufacturing location for companies moving beyond China and its first-wave alternatives like Vietnam and Taiwan. This positioning is already bearing fruit. In 2024, 95% of total foreign direct investment (FDI) in the Philippines went to manufacturing, and from 2021 to 2024, the sector posted a 38.63% compound annual growth rate.

STRUCTURAL CHALLENGES CONTINUE TO WEIGH DOWN THE PHILIPPINES’ MANUFACTURING INVESTMENT POTENTIAL
Yet this momentum comes with persistent obstacles. High electricity costs, regulatory friction, and unpredictable policymaking continue to hinder the country’s ability to fully convert investor interest into sustained industrial activity. According to the Department of Energy, the Philippines has the third highest industrial electricity rate in ASEAN — behind only Cambodia and Singapore. In 2024, the country ranked 49th out of 67 in the IMD’s global anti-red tape index and 114th out of 180 in Transparency International’s Corruption Perceptions Index, with a score of just 33. International trade agencies such as the US Department of State and Export Development Canada have also pointed to regulatory inconsistency and political uncertainty as deterrents to investment.

PHILIPPINE EXPORTS ARE 16.8% US-BOUND, HIGHLIGHTING VULNERABILITY BUT ALSO ROOM TO DIVERSIFY
Mr. Trump’s tariff rhetoric has also reignited fears among Philippine exporters. The US is the Philippines’ single largest export market, absorbing 16.8% of exports in 2024 — worth over $12 billion. While electronics dominate the basket (including integrated circuits and office machine parts), the US also buys substantial volumes of coconut oil, leather goods, and agricultural products. Should a proposed 17% tariff on Philippine goods materialize, it could create headwinds across numerous industries.

Still, the Philippines’ export portfolio is not overly concentrated. Japan (14.1%), Hong Kong (13.1%), and China (12.9%) closely follow the US, suggesting that smart policy and market development could help diversify demand and cushion shocks.

A PERSISTENT PRODUCTION SHORTFALL DRIVES THE PHILIPPINES TO IMPORT 7.2 MILLION METRIC TONS OF STEEL ANNUALLY
One of the less visible, yet highly consequential, ripple effects of the trade war is its influence on construction material costs — particularly steel. The Philippines produces just 1.5 million metric tons of crude steel annually, on average, according to the World Steel Association. Domestic output covers only a fraction of national demand, forcing the country to import around 7.2 million metric tons per year. Roughly 67% of these imports come from China, based on 2024 data from the Philippine Statistics Authority.

Meanwhile, China’s share of steel exports to the United States has fallen drastically — from 8% in 2014 to just 2.1% in 2023. With US tariffs pushing Chinese suppliers out of the American market, many of those exports may be redirected to Asia, including the Philippines. As a result, input costs for developers could soften despite global tension — especially for steel-intensive projects in industrial and infrastructure sectors.

WITH US STEEL IMPORTS FROM CHINA DOWN 75%, PHILIPPINE CONSTRUCTION MAY BENEFIT FROM REDIRECTED SUPPLY
Amid rising trade barriers, Chinese steel producers are likely to seek alternative destinations for surplus inventory. As US demand drops further under tariff pressure, the Philippines could benefit from excess supply. Given that 80% of the country’s steel consumption is used in construction, lower prices could directly reduce development costs — potentially accelerating project timelines and making new industrial zones more financially viable.

This is a key consideration in assessing industrial real estate’s medium-term outlook. Falling input costs may catalyze new warehousing, logistics, and manufacturing facility construction at a time when global investors are exploring alternative supply chain routes.

THE OUTSOURCING SECTOR IS PROJECTED TO GROW LESS THAN 7% IN 2025 AMID GEOPOLITICAL UNCERTAINTY
In the services sector, particularly in office real estate, the BPO industry faces its own set of pressures. While trade tariffs don’t directly affect services, the Philippines’ strong reliance on US clients exposes the industry to secondary risks. North America accounts for 70% of Philippine outsourcing demand. The sector also contributed $7 billion — or 9% of national GDP — and drove 19% of office demand in 2024.

IBPAP forecasts slower growth in 2025, with the sector expected to expand by less than 7%. While BPO will remain foundational to the office market, risks from reshoring (returning operations to the US) and nearshoring (relocating to nearby countries) will temper expansion. Still, the sector’s fundamentals remain intact, and strategic interventions can help maintain competitiveness.

LOWERING ELECTRICITY COSTS COULD UNLOCK BROADER INDUSTRIAL CAPACITY
One policy lever that could unlock multiple benefits is addressing energy affordability. In the short to medium term, the government could consider targeted subsidies for energy-intensive industries — especially manufacturing. In 2024, 70.9% of all energy investment pledges were committed to renewable energy. While this signals progress toward long-term sustainability, short-term competitiveness will require bridging the affordability gap.

Vietnam once implemented cross-subsidization mechanisms to keep industrial power costs competitive. Germany has proposed covering up to 80% of power costs for energy-heavy sectors like steel and chemicals. A similar intervention in the Philippines could attract more foreign manufacturers and alleviate cost pressures for domestic producers.

UPSKILLING AND POSITIONING THE PHILIPPINE WORKFORCE AS ‘AI-READY’ WILL SUSTAIN BPO SECTOR GROWTH
The BPO sector’s other challenge is technological disruption. But here, the Philippines shows promise. A 2024 Microsoft Philippines and LinkedIn study found that 86% of Filipino knowledge workers use AI at work — well above the global average of 75%. This positions the country not as a laggard, but as a potential leader in human-AI complementarity.

By investing in AI upskilling and moving up the value chain — toward healthcare, finance, and analytics — the Philippines can future-proof its BPO sector. Rather than being displaced by AI, the workforce can evolve with it.

STRATEGIC FRICTION IS A TEST — AND AN OPENING
Trade wars are a symptom of a fractured global order, but they also expose underlying weaknesses — and hidden advantages. For the Philippines, the challenge is not only to weather the storm, but to position itself for what comes after. With the right supply-side reforms, forward-looking workforce development, and sector-specific interventions, the country can convert external turbulence into long-term opportunities.

 

Jet Yu is the founder and chief executive officer of PRIME Philippines, a commercial real estate advisory firm.

PNB’s net earnings rise to P6.1B in Q1

BW FILE PHOTO

PHILIPPINE NATIONAL BANK’S (PNB) consolidated net income rose by 14.77% year on year in the first quarter on the back of its core businesses’ strength.

The bank booked net earnings of P6.09 billion in the three months ended March, up from P5.31 billion in the same period last year, it said in a disclosure to the stock exchange on Monday.

“The first-quarter financial results this year reflect the strength of PNB’s franchise in its wholesale and retail businesses. Excluding the impact of non-recurring gains from the sale of foreclosed assets, the growth in the bank’s core income continued to drive the bank’s earnings momentum,” PNB President Florido P. Casuela said.

“We expect that the quality of the bank’s earnings will further improve since we have already put in place the necessary foundation for the bank’s sustained stability and accelerated growth.”

Its financial statement was unavailable as of press time.

PNB’s core income increased by 9.81% to P14.14 billion from P12.88 billion.

Broken down, net interest income grew by 8.74% to P12.71 billion in the first quarter from P11.69 billion in the same period last year.

“This is mainly due to the combined effect of the increase in the bank’s loan portfolio and treasury assets,” PNB said.

Its net service fees and commission income likewise climbed by 20.43% to P1.42 billion from P1.18 billion.

Meanwhile, the bank’s other income jumped by 62.51% to P1.93 billion in the first quarter from P1.19 billion a year prior, mainly driven by the 68.08% increase in its gains from trading, investment securities, and foreign exchange to P862.27 million from P522.33 billion.

PNB added that the sale of foreclosed properties also boosted its non-interest earnings in the period.

As a result, its total operating income went up to P16.07 billion from P14.06 billion.

Meanwhile, the bank’s operating expenses rose by 9.84% to P8.07 billion from P7.34 billion due to higher costs related to its strategy to expand its consumer business segment.

“Similarly, taxes and licenses went up as a consequence of increase in the bank’s business volume increase,” PNB added.

Provisions for impairment losses went down by 55.29% to P277.11 million last quarter from P619.76 million on “the continued improvement in the bank’s quality of its loan portfolio through enhanced credit underwriting and sound management practices.”

PNB’s net loans and receivables stood at P655.896 billion at end-March.

On the funding side, deposit liabilities were at P988.25 billion.

The bank’s assets stood at P1.28 trillion as of March, while total equity was at P218.67 billion.

PNB’s shares climbed by 1.55% or 3.46% to close at P46.30 apiece on Monday. — Aaron Michael C. Sy

Nuclear energy and the Giga Summit

Last week I attended two energy fora: the Power 101: Energy Security in times of La Niña and El Niño seminar for media on April 21-22, sponsored by Aboitiz Power (AP) and the Department of Energy (DoE), and the Giga Summit 2025: The Fusion of Power and Intelligence, on April 24-25, sponsored by the Meralco Power Academy (MPA).

In his closing remarks on Day 2, AP Vice-President for Corporate Affairs Suiee Suarez optimistically said that AP’s “strategy is to diversify its portfolio with renewables and selected baseload builds including energy storage systems, thereby helping overcome the shifts and shocks brought about by changes in the weather, season, and climate. We’ve always aspired to operate and manage our power plants with as much data driven foresight and operational excellence to provide sufficient and reliable power.”

At the Giga Summit Opening messages on Day 1, Energy Department Secretary Raphael PM Lotilla highlighted Meralco’s “primordial role” as it serves Metro Manila and nearby provinces, an area that contributes 48% of the country’s GDP.

Meralco Chairman and Chief Executive Officer Manuel V. Pangilinan, followed by Meralco Executive Vice-President and Chief Operating Officer Ronnie L. Aperocho, launched the company’s “Nuclear Energy Strategic Transition” (NEST) program as the company’s flagship initiative to incorporate nuclear power into the Philippine energy mix as a long-term, low-carbon energy solution.

Various pathways for nuclear power deployment in the Philippines have already been initiated, including partnerships with the International Atomic Energy Agency (IAEA), the Nuclear Energy Agency (NEA), and nuclear operators from France and South Korea for development of greenfield full-scale and large nuclear reactors. The potential deployment of small modular reactors (SMRs) also started via collaboration with the US, and additional studies are being made on how to refurbish and rehabilitate the Bataan Nuclear Power Plant (BNPP).

Most presentations on Day 1 were by nuclear energy developers from different countries. Representatives from Electricite de France (EDF) discussed their Flamanville European Pressurized Reactor (EPR) 3, the “most powerful reactor in the world” with a capacity of 1,650 megawatts (MW), while the Organization of Canadian Nuclear Industries (OCNI) discussed their nuclear history dating back to 1944. The speaker also showed a photo of Ontario Power Generation (OPG) Darlington CANDU (Canada Deuterium-Uranium) Nuclear Station. As part of the Philippines Nuclear Trade Mission to Canada in March 2024, my companions and I entered and toured the facility, which is huge. We also entered OPG’s mock-up reactor.

From the US State Department came a discussion on the US building a large reactor in Poland by Westinghouse, setting up SMRs in Romania by NuScale, one in Canada by GE-Hitachi, and one in Michigan by Holtec.

Meanwhile, the Japan Electric Power Information Center (JEPIC) advised that in Luzon, large conventional pressurized water reactor (PWR) or boiling water reactor (BWR) of 1,000 MW may be adopted, but said that rehabilitating the BNPP may be difficult.

Finally, Korea Hydro and Nuclear Power (KHNP) showed their high-capacity factor nuclear plants, with 81.8% in 2023 and aiming for 10% capacity factor increase in 2025.

On Day 2, Meralco Power Gen (MGEN) President and CEO Emmanuel V. Rubio gave the opening speech and he mentioned, among others, energy decentralization via Distributed Energy Resources (DER), and changes on how and where energy is produced and consumed. Solar rooftops, batteries, and embedded generation no longer fringe technologies but core components of the grid, he said.

During that afternoon’s the roundtable discussion on “The Future of the Philippine Power Industry,” I like Mr. Rubio’s point that “Energy transition is a balancing act between ambitions and reality. Ambitions of additional RE (renewable energy), climate targets, innovative technologies. Reality of fuel prices, fragility of infrastructures. Transformation must happen across the entire energy value chain. At MGEN, we are ready to lead this charge, but it will take all of us — utilities, developers, policymakers, and innovators — to shape a brighter energy future for every Filipino.”

It was a very educational, successful, and packed conference. I learned a lot. Congratulations, MPA.

GDP AND NUCLEAR POWER
Also last week, on April 22, the IMF released the World Economic Outlook (WEO) 2025 that includes final GDP data for 2024. I downloaded the database in Excel files. Then I compare this with nuclear data from Energy Institute’s Statistical Review of World Energy (EI-SRWE) 2024 that covers data up to 2023 only. SRWE 2025 will be released in late June so I will make a one-year lag in comparison.

Of the top 16 largest economies in the world in GDP size at Purchasing Power Parity (PPP) values, all have nuclear power except three: Indonesia at No. 8 with a GDP of $4.66 trillion, which largely uses coal which makes up 62% of total generation in 2023; Italy at No. 11 with a GDP of $3.61 trillion and which largely uses gas, which is 44% of the total energy mix; and Turkey at No. 12, with a GDP of $3.46 trillion and which largely uses coal and gas (36% of the total energy mix and 21%, respectively).

The one-year lag comparison shows that the countries with rising nuclear generation, with an increase of at least 20% in 15 years (2008 to 2023) — these are China, India, Russia, South Korea, Pakistan, the United Arab Emirates, the Czech Republic, and Hungary — have seen a considerable increase in their GDP size over the period, one of at least 100%.

And countries with declining nuclear generation — the US, Canada, Japan, Germany, the UK, France, Belgium, Spain, Switzerland, and Sweden — have seen low GDP expansion of at most 80%, except for the US and Sweden (see the table).

The economic data from many countries that deployed nuclear energy show that to further develop and industrialize the Philippines, we should soon turn to nuclear energy to complement and back up our overworked coal and gas plants.

The Philippines was the 31st largest economy in the world in GDP-PPP, with $1.37 trillion, in 2024. We are projected to overtake Malaysia this year for the 30th spot, and are projected to overtake Argentina and the Netherlands in 2026 for the 28th spot.

In average GDP growth over the last three years (2022-2024), of the top 53 economies with a GDP size of at least $500 billion in 2024, the Philippines had third fastest growth of 6.3%, behind India’s 7.3% and Vietnam’s 6.8%.

We exhibit fast economic growth and have a high consumer base with a big population — many investors abroad should be considering coming to the Philippines now. We should welcome them with a good business environment and a stable, reliable, competitively priced electricity supply. Then they will generate more jobs for our people.

 

Bienvenido S. Oplas, Jr. is the president of Bienvenido S. Oplas, Jr. Research Consultancy Services, and Minimal Government Thinkers. He is an international fellow of the Tholos Foundation.

minimalgovernment@gmail.com

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