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Metro Pacific Agro Ventures eyes gov’t partnership for dairy cattle

REUTERS

METRO PACIFIC Agro Ventures, Inc. (MPAV) said it is looking to participate in the government’s plan to increase the country’s dairy herd by providing a potential quarantine site for imported cattle.

“The new facility that we are building in Laguna with the Israelis is so high-tech that we are pitching to the government that it becomes the natural quarantine facility for all cows imported from other countries entering the Philippines,” MPAV President and Chief Executive Officer Jovy I. Hernandez said during a briefing late Wednesday.

The government aims to increase dairy production to 80 million liters per year by 2028 to increase the share of domestic production to about 5% of dairy demand.

“Part of the agenda of the National Dairy Authority (NDA) is to increase the total herd size of the Philippines,” Mr. Hernandez added.

The NDA said that it is looking to import 5,000 heads of cattle by 2028 as part of its goal to increase dairy self-sufficiency by 5% from the current 1.5%.

Under the NDA’s program, the calves of the imported dairy herd would be distributed to about 150,000 farmers.

“I know that the NDA wants to establish stock farms within the country. The intention is for every region to have one, so of course, we in the private sector, if we can help in some of those areas, we will be willing because, again, it’s part and parcel of uplifting the industry,” he said.

The Philippines imports about 99% of its dairy requirements as domestic production cannot meet market demand.

MPAV, in partnership with Israel-based LR Group, is set to start the operations of its P2 billion integrated dairy facility by April.

“We’re expecting the new herd to come in April and already start the operations there. In fact, by the fourth quarter of this year, we’re expecting full-blast raw milk production already,” he said.

Mr. Hernandez said that the company expects to be fully sufficient in its dairy needs by 2026, meeting about 25% of the Philippines’ demand.

“By 2026, we will be self-sufficient in terms of milk supply, for the demand that we are seeing, roughly about 25% of the local dairy production,” he added.

The company currently has stakes in The Laguna Creamery, Inc., which owns the brands Carmen’s Best ice cream and Holly’s Milk.

Last year, it also acquired 100% ownership of Universal Harvester Dairy Farms, Inc. (UHDFI) for over P700 million to expand its dairy business and market.

MPAV is the agriculture unit of Metro Pacific Investments Corp. (MPIC). It has businesses in vegetable production, coconut processing and export, integrated dairy processing, and ice cream.

MPIC is one of three key Philippine units of First Pacific, the others being Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority share in BusinessWorld through the Philippine Star Group, which it controls. — Adrian H. Halili

Watsons Philippines reaches 1,166 stores nationwide

PHILSTAR FILE PHOTO

THE SM Group’s health and beauty retail brand, Watsons Philippines, said it opened 80 new stores last year, growing its nationwide presence.

The new store openings brought the total store count of Watsons Philippines to 1,166 as of the end of 2024, SM said in an e-mailed statement on Thursday.

Watsons has three store formats: Watsons Pharmacy with more than 1,000 locations, SM Beauty in 76 SM Stores, and the multi-brand outlet LOOK at SM Aura and SM Mall of Asia.

SM said more than 50 out of the 80 store openings last year were located outside Metro Manila, including key cities and municipalities in Visayas and Mindanao.

Watsons Philippines Customer Director Jared Ernest De Guzman said one of the brand’s growth drivers is the establishment of community pharmacies in neighborhoods across the country.

“Watsons is not only expanding in malls but is also committed to establishing a strong presence in local neighborhoods. By the end of 2024, we had 400 community stores throughout the Philippines, ensuring accessibility and convenience for our customers,” he said.

“Our community stores bring essential healthcare products closer to home, catering to the convenience sought by our busy shoppers. They have become vital destinations for health, beauty, and wellness needs,” he added.

Watsons Philippines is a joint venture between the SM Group and Hong Kong-based AS Watson & Co. Ltd.

The Watsons brand opened its 8,000th store in Asia at the SM Mall of Asia last year as part of the brand’s global expansion.

Citing a recent study by Bain and Co., SM said that 85% of consumers in the region prioritize healthcare maintenance, with 51% willing to increase out-of-pocket spending for better health outcomes and experiences.

“The Philippines has been selected for this momentous occasion because it’s one of the fastest-rising economies in Asia and a strategic market for A.S. Watson. This vibrant and highly potential market has a young demographic that increasingly focuses on health and beauty, aligning perfectly with Watsons’ expertise,” A.S. Watson Group Chief Executive Officer Malina Ngai said.

Shares of the SM Group’s listed holding company, SM Investments Corp., rose by 1.78% or P15 to P860 apiece on Thursday. — Revin Mikhael D. Ochave

Cebu Pacific to transfer Siargao, Masbate flights to Clark by March

BUDGET carrier Cebu Pacific said it will relocate its turboprop aircraft operations from Ninoy Aquino International Airport (NAIA) to Clark International Airport (CRK) on March 30.

The budget carrier, operated by Cebu Air, Inc. (CEB), will start the gradual relocation of its turboprop aircraft operations on March 30, the company said in a statement on Thursday. It cited a resolution issued by the Manila Slot Coordination Committee of the Department of Transportation (DoTr) to remove turboprop aircraft operations at NAIA.

Affected flights include Manila-Masbate-Manila and Manila-Siargao-Manila, which are operated by its regional brand Cebgo. These flights will now be moved to Clark.

Direct services from Manila to Surigao will be canceled, Cebu Pacific said, adding that passengers are now given the option to connect via Cebu.

“CEB recognizes the importance of managing airport capacity effectively, which will lead to improved passenger experience and greater public convenience,” Cebu Pacific said.

To recall, the New NAIA Infra Corp. (NNIC) said that among its plans to modernize NAIA operations was to transfer turboprop aircraft operations outside the country’s main gateway to help decongest the airport.

Furthermore, Transportation Undersecretary for Planning and Project Development Timothy John R. Batan said that not all turboprop aircraft will be removed from NAIA to Clark International Airport.

The changes will not be abrupt and do not necessarily mean that all turboprop aircraft will be moved to other airports, he said, justifying the move by explaining that turboprop aircraft can only carry a few passengers but require a long time for runway preparations.

“Our current operator, NNIC, is doing this to increase flights and passenger volume at NAIA. This again does not cover all turboprops; the plan is to replace turboprops with jet operations,” Mr. Batan said on DoTr’s radio program on Radyo Pilipinas.

He said, however, that turboprop aircraft may also transfer to Sangley Point Airport.

Additionally, Cebu Pacific’s wholly owned subsidiary boutique airline AirSWIFT Transport, Inc., will continue to operate at Terminal 2 of NAIA until March 2026.

All affected passengers of the transfer will be provided with a free booking option, travel fund conversion, or full refund, Cebu Pacific said.

Meanwhile, Luzon International Premiere Airport Development (LIPAD) Corp., the operator of Clark International Airport, said it is prepared to accommodate more passengers at Clark airport.

“We have not yet determined the impact of the move on our passenger volume as we haven’t received the final number of flights to be transferred to Clark,” LIPAD Chief Executive Officer Noel F. Manankil told BusinessWorld in a Viber message.

For this year, LIPAD is expecting a total of 3.04 million passengers, up by 26.7% from last year’s total passenger tally of 2.4 million, Mr. Manankil said.

“CRK also has the capacity to connect international travelers to our famed ‘island destinations’ with our transfer facility, which is housed in the same terminal,” he said. — Ashley Erika O. Jose

ERC OKs EDC’s connection facility for Tanawon Geothermal in Bicol

THE Energy Regulatory Commission (ERC) has allowed a subsidiary of Energy Development Corp. (EDC) to build a connection facility to link its up to 22-megawatt (MW) Tanawon Geothermal Power Plant in Sorsogon to the Luzon grid.

The ERC authorized Bac-Man Geothermal Inc. (BGI) to develop and own dedicated point-to-point limited transmission facilities to connect the power plant to the grid, according to a document posted on its website.

The company will link the facility to the grid through the 230-kilovolt (kV) Daraga Substation of the National Grid Corp. of the Philippines, via the 230-kV Palayan Binary Geothermal Power Plant Switchyard and the Bac-Man I 230- kV transmission facilities.

The approval, however, is subject to the conditions and instructions from the commission.

BGI sought the approval of the ERC last year to develop, own, and operate the connection asset.

Based on its application, BGI intends to construct an approximately 7.5-kilometer, 230-kV transmission line, which includes a switchyard and other related facilities.

“The Tanawon Geothermal Power Plant Connection Asset is financially feasible, and BGI has the financial capability to develop, operate, and maintain the connection asset,” the company said.

The cost of constructing and developing the connection asset is estimated at P637.12 million. The power project, including the connection asset, will be funded through cash, it said.

The Tanawon Geothermal Power Plant is part of EDC’s expansion of the 140-MW Bacon-Manito (BacMan) Geothermal Power Plant in Albay.

In July last year, EDC successfully synchronized its 28.9-MW Palayan Binary Geothermal Power Plant to the Luzon grid.

These two projects are among the four geothermal projects in the company’s pipeline. Others include the 28-MW Mahanagdong Binary in Leyte and the 5.6-MW Bago Binary in Negros Occidental.

EDC, the renewable energy arm of Lopez-led First Gen Corp., has an installed capacity of 1,480.19 MW, accounting for about 20% of the country’s total installed renewable energy capacity. — Sheldeen Joy Talavera

Japanese film fest celebrates shared values

NOW ON its 28th year, the Japanese Film Festival (JFF) presents a selection of 12 full-length films from a variety of genres to “spark something new in the audience,” said its festival director Yojiro Tanaka.

The annual film festival is presented by the Japan Foundation Manila and will run from Jan. 30 to March 2 at the Shangri-La Plaza cinemas in Mandaluyong City, SM North EDSA in Quezon City, and in several cities across the country: Baguio, Cebu, Iloilo, and Davao.

The JFF will kick off at the Shangri-La Plaza from Jan. 30 to Feb. 9.

“In Zen Buddhism there is a word satori, which means a sudden awakening or enlightenment. Satori is the perfect word to describe this year’s lineup of films, whether it’s the profound awakening of the characters in the movie or the feeling that the audience will get after watching,” Mr. Tanaka said in a message to BusinessWorld.

He added that the Filipino audience will see qualities that are shared by both cultures: “the resilient spirit, the perseverance, and the compassion reflected and celebrated in both Japan and the Philippines.

“The audience may discover through the films that our values are more alike than we think,” he said.

Last year, the JFF exceeded its target of 30,000 cinemagoers, attracting over 40,000 people. With popular blockbusters like the Academy Award-winning monster epic Godzilla Minus One (2023) and the animated cult classic Akira (1988), they hope to continue fostering Filipinos’ love for Japanese culture this year.

“We also included the films Haikyuu! The Dumpster Battle (2024) and DitO (2024) in our lineup because we know that Filipinos are big sports fans,” Mr. Tanaka added. “Both films are fantastic films that show the excitement of volleyball and boxing, respectively.”

Another notable inclusion in this year’s lineup is Sand Land (2023), the pinnacle of beloved mangaka Akira Toriyama’s fictional universe. Creator of the Dragon Ball series, Mr. Toriyama passed away in 2024, leaving a monumental legacy in the world of animé and manga.

The fourth animated film in this year’s lineup is Studio Ponoc’s The Imaginary (2023), which delves into the limitless imaginations of children. It is based on the award-winning novel of the same name by A.F. Harrold.

Meanwhile, the audience can look forward to the drama Under the Open Sky (2021), starring Koji Yakusho as a middle-aged ex-Yakuza struggling to get back on his feet after over a decade in prison.

For cinephiles, another Koji Yakusho-starrer, Wim Wenders’ Perfect Days (2023), will grace the big screen following its nomination last year for Best International Feature, and a Best Actor win at Cannes for Mr. Yakusho. The acclaimed film Monster (2023) by Hirokazu Kore-eda will also be in the lineup.

Hopeless romantics can look forward to a bittersweet love story in Our Secret Diary (2023), starring Fumiya Takahashi and Hiyori Sakurada as high school students who strike up a romance based on a lie. Meanwhile, those seeking a laugh can go for the comedy Let’s Go Karaoke! (2024), where a high school choir club leader gives a Yakuza member singing lessons and finds an unlikely friendship.

Rounding off the lineup is suspense thriller Matched (2024), which starts off with a woman entering a promising dating app scenario until she discovers sinister things about her date.

While admission is free, Mr. Tanaka explained that JFF will be employing an online ticketing system “to make procuring tickets convenient and to avoid long waiting lines.”

A convenience fee will apply for tickets bought online, done through the Ticket2Me website. Walk-in guests are welcome if seats are still unoccupied, though availability is not guaranteed.

“We would like to remind our audience that the free screenings of these films are presented in the spirit of sharing and friendship,” Mr. Tanaka said.

The JFF will run at the Shangri-La Plaza mall cinemas from Jan. 30 to Feb. 9, at SM City Baguio from Feb. 7 to 16, at SM City Iloilo and SM Seaside City Cebu from Feb. 14 to 23, and at SM City Davao and SM North EDSA from Feb. 21 to March 2.

For the full screening schedule and ticketing guidelines, visit the Japan Foundation, Manila and JFF’s social media pages. — Brontë H. Lacsamana

Better services, better governance in Makati

State of the City Address of Mayor Abby Binay at the Rotary Club of Makati, Jan. 14, 2025

When I was first elected Mayor of Makati, our city was already a city of immense promise and possibilities. Makati has long been a symbol of economic power, a hub of innovation in governance, and a community with a vibrant culture. As a First Class City in terms of income, we knew our progress was only the beginning. We could achieve more.

“But I believed then, as I do now, that a city as great as ours could not settle for “pwede na,” or “good enough.” We needed to aim higher, and push further. We needed to do better.”

Good governance is more than a commitment in Makati — it is our bedrock. We have shown our commitment to transparency, efficiency, service, and innovation to meet the growing demands of our business community and our citizens. And for these, we have earned recognitions from local and international organizations.

These include the first LGU in the Philippines to receive the Data Privacy Seal of Compliance, a Seal of Good Local Governance from the DILG, and seven consecutive unmodified audit opinions from the Commission on Audit.

We have made government services accessible to over 5.2 million online users, redefining public service delivery in the process. Through business-friendly policies like our one-stop shop and the Makatizen Card, we empowered micro, small, and medium enterprises while strengthening our digital economy.

Transforming Education

Education is the greatest investment we can make for our youth. It is also Makati’s enduring legacy. During my term, we have instituted new programs to ensure that every child has the tools to learn and adapt, while looking after their health and nourishment. With smart classrooms, renewable energy in schools, and innovative initiatives like the Library Book Mobile, we were able to address learning gaps while preparing students for a fast-changing world.

I am proud to share that Makati’s Benigno Ninoy Aquino High School (BNAHS) was the only public school in Metro Manila to score above the minimum proficiency level in the 2022 Program for International Students Assessment or PISA.

This achievement underscores our commitment to providing quality education that meets global
standards.

The revitalized Makati City Scholarship Program has also empowered students from all walks of life, producing graduates who have earned Latin honors and pursued advanced studies abroad. As part of our commitment to higher education, the University of Makati School of Law (UMak SOL) continues to
make its mark as one of the country’s top-performing law schools.

In 2024, the UMAK SOL had a bar passing rate of 90.91% and ranked number #2 among Law schools with 11 to 50 bar examinees.

Advancing Healthcare

We regard access to quality Health care as a right, not a privilege. The city has invested over P8 billion to provide free maintenance medicines to thousands of Makatizens through the Makati Health Plus (Yellow Card) program. Since 2017, this program has served over 800,000 patients, ensuring that essential medications are accessible to those in need.

In addition, we have been providing free and unlimited dialysis treatments to our citizens. Since its launching in 2020, we have extended 166,677 sessions to 19,268 residents. We have also provided 9,000 free chemotherapy sessions to cancer patients since 2020, further demonstrating our dedication to
comprehensive healthcare services, especially to those who cannot afford the cost of these treatments.

Our investments in the city’s social infrastructure has led to significant improvements in the lives of our Makatizens.

Social and Economic Progress

In 2023, Makati’s poverty incidence stood at an impressive zero point six percent (0.6%), the lowest it has ever been, and one of the lowest, if not the lowest, among major cities. Our Human Development Index or HDI, which measures the quality of life of citizens based on the quality of health, education, and standard of living, also rose to zero point nine zero three (0.903). The HDI goalposts, set by the United Nations Development Program or UNDP, range from zero to one.

A greener Makati is a better Makati. We have built a city prioritizing sustainability through initiatives like the Urban Greening Program, which planted over 5,500 trees, and renewable energy projects like solar panel installations in schools.

With the GHG Reduction Ordinance and clean-up drives revitalizing waterways, Makati is leading the way in environmental stewardship, ensuring a sustainable future for future generations.

UNDRR: First Resilience Hub in the Philippines and Southeast Asia

For our efforts, the United Nations Office for Disaster Risk Reduction (UNDRR) named Makati the First Resilience Hub in the Philippines and Southeast Asia. Additionally, I have been appointed a member of the United Nations Secretary-General’s Advisory Group on Local and Regional Governments, contributing to the advancement of the 2030 Agenda for Sustainable Development and the New Urban Agenda.

Safer, Better, and More Secure Communities

Safety and security have also been our top priorities. We have strengthened disaster resilience and public safety through advanced monitoring systems, and a pro-active disaster response plan.

Our new police and fire headquarters and state-of-the-art equipment have further enhanced the capabilities of the Makati Police Department to protect the Central Business District and our barangays. I am pleased to report that the Makati PNP has made considerable progress in crime prevention and resolution. Over an eight year period, from 2016 to 2024, the total number of crime cases in Makati decreased significantly, from 867 cases in 2016 to 295 cases in 2024. Additionally, the Makati PNP’s Crime Solving Efficiency rate has improved from 69.78% in 2016 to 76.9% in 2024.

Financial Stability

All of these would not have been made possible without your participation and support. Since 2016, Makati’s financial stability has reached historic levels. From P16 billion in 2016, our city’s revenues have grown to over P24.15 billion in 2024. With over P22.2 billion of our income generated locally, our sound fiscal policies have supported these transformative programs, programs that have made Makati a better city and have made the quality of life of our citizens so much better.

Reflecting on Makati’s Legacy

Our achievements in Makati — in good governance, economic growth, education, sustainability, healthcare, and more — prove that progress is possible when people are at the center of every decision.

“And there is no reason why our groundbreaking social programs,
primarily in in health and education, cannot be implemented on a national level. With the right priorities, partnerships, and determination, these initiatives can uplift communities across the Philippines.”

Where ‘Pwede Na’ is Never Enough, We Strive for Excellence!

Makati has shown that “hindi pwede ang pwede na” is not just a slogan but a commitment to doing what is right and delivering what is needed. When we focus on transparency, innovation, and
compassion, we create solutions that work and improve lives.

Let us carry this vision forward — not just for the people of Makati, but for every Filipino.

 

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Condo prices in Manila create market imbalance, say analysts

A VIEW of buildings in Makati City. — PHILIPPINE STAR/MICHAEL VARCAS

By Beatriz Marie D. Cruz, Reporter

PROPERTY developers in the Philippine capital need to enhance their market research and consider lowering condominium prices to address the current “mismatch” between available units and buyer demand, according to property analysts.

“These overpriced condos aren’t matching with the existing buyers,” Anthony Gerard O. Leuterio, founder and chief executive officer of Filipino Homes, said in a phone interview.

“There are so many buyers, as in we’re talking millions of buyers, but the issue is they cannot afford [a condo in Metro Manila] anymore,” he said in mixed English and Filipino.

Unsold inventory in Metro Manila has reached 75,300 units as of the third quarter of 2024, according to property consultancy firm Colliers Philippines.

It could take around 5.8 years to fully sell all these units, about five times longer than in the pre-pandemic period, it said.

“The Metro Manila condominium market faces challenges right now, and developers really need to lower prices in the ready-for-occupancy (RFO) market,” Colliers Philippines Associate Director Joey Roi Bondoc said in an e-mail.

Of the 75,300 remaining inventory, 27,200 are RFO units valued at P154.5 billion, Colliers said in its latest report.

Latest data from the Bangko Sentral ng Pilipinas showed that condominium prices dropped by 9.4% year-on-year, reversing the 8.3% increase from last year and the 10.6% rise in the previous quarter.

“Property firms also need to start turning off the supply tap to limit completion and further exacerbate the oversupply issue,” Mr. Bondoc said.

Lovelle Althea Trisha Taleon, director for consultancy services at real estate firm Santos Knight Frank, attributed the buyer hesitancy to market saturation and high population density.

“Many prospective buyers now favor investing in properties outside Metro Manila, such as house-and-lot developments, which offer more space, privacy, and long-term value versus the accessibility of condominiums in CBDs (central business districts). The investment is there – there is just a shift in consumer preference,” Ms. Taleon said via Viber.

The oversupply is primarily in the mid-market segment, with much of its inventory dating to the pre-pandemic period, she added.

To address the supply-demand mismatch, Mr. Leuterio said that property developers need to thoroughly study the local market.

“[Property developers must] know what the market wants and focus on local [buyers],” he said, citing the need to market condominium units to local consumers, such as overseas Filipino workers (OFWs), instead of selling to the “temporary market” like foreigners and investors.

For Mr. Bondoc, developers must implement extended downpayment terms for pre-selling units and easy/affordable move-in fees for RFO units. They should also consider lowering the lump sum amount required before a buyer can move into an RFO.

Developers can also form leasing teams to help investors lease their condo units and aggressively promote RFO units to the OFW market, he added.

K-pop survival show Be the Next: 9 Dreamers reveals cast

MENTORS AND HOST: (L-R) Bullseye, Park Woojin, Hye-bin, Sandara Park, Bang Yedam, HORI7ON Vinci, Bae Wan Hee.

REALITY show Be the Next: 9 Dreamers, presented by MLD Entertainment PH, will premiere on TV5 in February. As a K-pop “survival” show, the program will have 75 potential “idols” from around the world vying for a spot in a nine-piece boy group.

The contestants, also known as “dreamers,” will go through an intense journey, guided by a panel of mentors and judges, to achieve their dreams of becoming global idols.

2NE1’s Sandara Park, who grew up in the Philippines, will be the host of the program. At the media launch held on Jan. 20 in Quezon City, she expressed excitement for the next generation of K-pop idols.

“I’m not a mentor, but as a host I will look at the dreamers as a fan. I won’t give them advice, but I’ll be a good ate (older sister) to them!” she told the press.

K-pop icons and heavyweights in the industry — many of whom were themselves contestants on similar K-pop “survival” shows — make up the lineup of mentors: AB6IX’s Park Woojin, Bang Ye-dam (formerly of Treasure), HORI7ON’s Vinci, Hyebin (formerly of MOMOLAND), choreographer Bae Wan Hee, and producer Bullseye.

The youngest and only non-Korean among the mentors, Vinci is part of the South Korea-based Filipino group HORI7ON that debuted in 2023. This newness to the industry will help him be a supportive mentor, he said.

“I think those with confidence, whose passion shows through their performances, are the ones I will look out for in the contest,” Vinci explained. “As a young artist myself, I have the insight to how to navigate towards their dreams.”

Park Woojin, who participated in a talent survival show in 2017 before debuting with AB6IX in 2019, aims to be “a helpful mentor.”

“I can share my experiences with them on how I survived those difficult times so that it may also help them to push through,” he said.

For Hyebin, what was important in her journey as a talent survival show contestant in 2016 (after which her group MOMOLAND was formed), was having “people who saw her talents.”

“I want to be a mentor who would recognize their talents and what they have within them,” she explained. “I want them to work hard and be sincere.”

The 75 contestants have already been selected. Their names and faces will be revealed to the public when the show premieres. Be the Next: 9 Dreamers will air on TV 5 on Saturdays at 7:15 p.m. and Sundays at 8:15 p.m. starting Feb. 8. — Brontë H. Lacsamana

‘Cute and murderous’: How Squid Game’s iconic killer doll came to life

SEOUL — While the second season of Squid Game has new plot twists, one element of the Netflix mega-hit series where contestants down on their luck risk their lives to play children’s games for the chance of winning cash prizes, has remained constant.

That is Young-hee, an innocent-looking robotic doll who in fact has a deadly role in the South Korean-made television series to find contestants to gun down playing the game “Red Light, Green Light” if she spots them moving.

Young-hee, who is clad in a simple orange dress and a hair clip, has become a viral meme on social media and the centerpiece of the streaming giant’s promotional campaign.

Chae Kyoung-sun, the production designer for Squid Game, said the doll’s appearance had been partly inspired by her own daughter.

“My daughter had a bowl cut for a long time which was very cute so I decided to draw a very short bang,” Ms. Chae told Reuters.

“Her eyes are a little crazy. She’s a killing machine and the movement of her eyes had to be easy to see, so we made her eyes quite big.”

The initial inspiration for Young-hee came from a girl of the same name on the cover of old primary school textbooks in South Korea, though the killer doll was initially conceived as genderless, Ms. Chae said.

The first season of Squid Game became the most-watched show on the streaming platform and expectations were high for the second season to replicate the success.

The new season of the dystopian thriller, released on Dec. 26, also broke a record as the most-watched show in its premiere week on the streaming platform, with 68 million views, according to Netflix.

The streaming giant said on Tuesday it gained a record 18.9 million subscribers in its fourth quarter thanks in part to the second season of Squid Game. In 2023, Netflix announced a $2.5-billion investment in South Korea to produce Korean TV series, movies, and unscripted shows.

Asked about the success of the show and this particular character, Ms. Chae put it down to their unorthodox nature.

“How does this cute kid suddenly turn into a killing machine? — I think the creation of the Squid Game world by adopting unpredictable concepts and methods resonated with young people looking for fresh things,” she said.

At the end of the second season, viewers also get a glimpse of Chul-su, a male doll set to appear in the next season alongside Young-hee that was originally envisaged for the first series.

“When they said there will be a second season and that Chul-su would appear, I brought back the drawings I had of Chul-su for the first season,” Ms. Chae said.

“Think of it as a friend, a partner,” she said.

The third and final season of Squid Game is set to be released later this year. — Reuters

BSP’s net profit up on higher interest income

THE BANGKO SENTRAL ng Pilipinas’ (BSP) net income grew by more than five times to P113.1 billion in the first 10 months of 2024 as its revenues surged amid higher interest earnings.

The central bank’s net profit surged to P113.1 billion in the January-October period from P21.6 billion a year prior, preliminary data posted on its website showed.

Broken down, the BSP’s revenues jumped by 49.5% year on year to P264.1 billion from P176.6 billion.

Interest income, which accounted for the bulk or 76% of the central bank’s revenues, climbed by 23.1% to P200.7 billion from P163 billion a year prior.

Miscellaneous income, which includes fees, penalties and other operating income, increased by 366.2% to P63.4 billion from P13.6 billion.

Meanwhile, the central bank’s expenses declined by 11.5% to P182.3 billion in the 10-month period from P206 billion in the previous year, according to the data.

This came as other expenses, which include net trading losses, fell by 37.1% to P42.3 billion from P67.2 billion.

On the other hand, its interest expenses inched up by 0.9% to P140 billion in the period from P138.8 billion a year prior.

This brought the BSP’s net income before foreign exchange (FX) gains, tax and capital reserves to P81.8 billion in the January-October period, a turnaround from the P29.4-billion loss in the prior year.

The central bank also posted a P31.4-billion net FX gain from its foreign currency-denominated transactions, which boosted its bottom line for the first 10 months of 2024.

Meanwhile, separate BSP data showed that the regulator’s total assets stood at P8.19 trillion at end-October 2024. This was 9.5% higher than the P7.48 trillion in the same period the year prior.

On the other hand, the central bank’s liabilities increased by 7.6% to P7.93 trillion in the same period from P7.36 trillion.

BSP data showed that currency in circulation stood at P2.38 trillion, while deposits with the central bank were at P2.71 trillion.

The BSP’s net worth rose to P266.2 billion at end-October from P119.8 billion from a year prior.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the increase in the central bank’s January-October net income came amid the elevated interest rate environment.

“This could be brought about by higher interest income in most of 2024 and other investment income amid rate cuts that started in the latter part of 2024, though offset by some market volatility amid the Trump factor that emerged starting around October,” he said.

The BSP began its easing cycle in August last year, cutting by a total of 75 basis points thus far to bring its policy rate to 5.75%.

The increase was “also partly due to some forex gains amid the higher US dollar in 2024 amid US dollar holdings with higher value when converted to pesos,” Mr. Ricafort added.

The peso closed at P58.10 per dollar at end-October 2024, weakening from its P56.73 finish a year prior.

The local unit mostly traded at the P55 to P58 level in the first 10 months of 2024. In the same period in 2023, it ranged from P54 to P56. — Luisa Maria Jacinta C. Jocson

Elon Musk and the narratives of decadence that link all anti-democratic movements

“It’s the birthrates. It’s the birthrates. It’s the birthrates,” echoed the introduction line in the manifesto of the Christchurch shooter who killed 51 people in a mosque in 2019. His claim was that white people are being “replaced” by other races and won’t survive without action.

A few years later, the same obsession with birthrates has become a catchphrase of Elon Musk’s daily social media activism.

Don’t get me wrong, Elon Musk is neither a white supremacist nor a right-wing terrorist. Yet, like other people with extremist opinions, he promotes the view that society is in decline and that action is needed to prevent a related apocalypse. These rhetorical overlaps are hardly coincidental. They stem from a reactionary philosophy that has a long history of going viral.

Anxiety that low birthrates inevitably lead to population collapse has been haunting the west since mass consumption became its dominant lifestyle. This flips the older Malthusian fear of exponential population growth that will outpace our ability to produce food. Seen in the bigger picture, both are variations of a generic narrative known as decadence.

The idea of decadence — moral decline triggered by excessive indulgence — informs many parts of everyday sense-making, especially cultural criticism.

Ever read American historian Christopher Lasch’s famous bestseller about the contemporary culture of narcissism? Ever come across the popular meme that claims “weak men create hard times”? Ever followed the Cultural Tutor’s tweets about the loss of beauty in architecture? Ever doomscrolled through Jordan Peterson’s 1,293 YouTube videos? The detail varies, but the overarching theme of decadence is the same every time.

Decadence is a useful double-edged sword as a narrative. It frames the masses as sluggish and in need of discipline. The corrupt elites, meanwhile, simply need to be replaced. It bemoans the erosion of authority and draws on the premise that every society rests upon eternal hierarchies. Too much freedom, fun, and flexibility, the story goes, jeopardizes order and, thus, prosperity.

Hence, some rules for life: men must subordinate and obey for the sake of the greater good. Women must breed to secure the existence of our people and a future for our children. A new nobility shall replace the liberal elites and recreate culture. Otherwise, civilization, or at least nations, are at stake. Does this sound familiar?

Ever since the biblical legends of Sodom and Gomorrah and the Hindu myth of Kali Yuga, adversaries of equality and the rule of law accused societies of being decadent.

From ancient populists in the Roman empire to Italian fascists, decadence is the transhistorical scaffolding that binds together the branches of anti-liberal philosophy.

Today, neoreactionary philosopher and advocate of a “dark enlightenment,” Curtis Yarvin, declares in the New York Times that democracy is “dead.” He longs to replace it with an American monarchy. Political scientist Patrick Deneen’s claim of a “nearly complete disassociation of the governing class and a citizenry without a cives” equally draws on a decadence narrative.

All these ideas rest on a cyclical perception of time. Rise and fall. Blossom and decay. Apocalypse and palingenesis, meaning a national or ethnic rebirth.

In my research, I’ve analysed hundreds of German and French neo-fascist magazines. In the end, the data was the same endless repetition of decadence and apocalypticism. I dubbed it conservative crisis narratives.

THE POLITICS OF CRISIS
In most cases, there’s no need to worry. Decadence is just a cliché. But that is why everybody can so easily sell their own versions of this story — as long as they recap the grand narrative. Facts don’t matter and the devil isn’t in the detail.

“If I have to create stories so that the American media actually pays attention to the suffering of the American people, then that’s what I’m going to do,” Donald Trump’s vice-president J.D. Vance frankly admitted during the 2024 campaign. His confession reveals a sociological truth about the function of crisis narratives.

According to American anthropologist Janet Roitman, who delved into what she calls the “politics of crisis,” such a narrative “cannot be taken as a description of a historical situation nor can it be taken to be a diagnosis of the status of history.” Instead, she elaborates, it is a “necessarily political denunciation.”

Every crisis narrative necessarily strengthens the call for redeemers. “The 2024 election is the last shot to save America,” claims Donald Trump. “Only the AfD can save Germany,” reposts Musk. It’s a scalable story.

ELON MUSK’S PHILOSOPHY
In France, the far-right philosopher Guillaume Faye, who inspired the identitarian movement, invented a reactionary philosophy called “archeofuturism.” It aims to combine skyrocketing technical progress and a medieval morality of heroism and hierarchies. That’s not far from how Musk answers the decadence narrative with a call to radical long-termism.

The “digital town square” that X claims to be, for instance, is a signifier of the feudal public sphere. Musk’s digital reenactment of ancient Rome’s aesthetics reflects the far-right desire for an American Caesar. Oswald Spengler’s Decline of the West, the most influential book in pre-fascist Germany, promoted the very same idea.

Musk’s philosophy appears to be that men shall submit to the CEO-king’s long-term ambition. To conquer space, colonize Mars, and merge human brains into one singular artificial intelligence, the individual and its needs become negligible. And that’s what the decadence narrative is all about in the first place.

THE CONVERSATION VIA REUTERS CONNECT

 

Felix Schilk is a research assistant in the Faculty of Philosophy of the University of Tübingen. He received a scholarship from Hans Böckler Foundation.

JFC launches first Milksha concept store in PHL

JOLLIBEE Foods Corp. (JFC) launched the first standalone concept store of Taiwanese milk tea brand Milksha in the Philippines on Jan. 20.

The new store is located at Level 2, Main Building of SM North EDSA in Quezon City, JFC said in an e-mailed statement on Thursday.

JFC said the new Milksha store offers more than 30 premium specialty beverages, from milkteas to fruit-infused drinks.

Each drink is brewed using traditional Taiwanese methods, using imported ingredients.

“Milk tea has become such a big part of Filipino daily lives. What makes Milksha well-positioned for this market is its dedication to using fresh and premium natural ingredients and crafting unique, refreshing flavors that can capture the evolving taste buds of Filipino milk tea lovers,” JFC Philippines Chief Executive Officer Joseph Tanbuntiong said.

Milksha has 336 stores across Taiwan, Hong Kong, the United Kingdom, and Australia. The Jollibee Group bought a majority stake in Milksha in 2021.

Earlier this month, JFC announced that its subsidiary Milkshop International Co., Ltd., which is behind Milksha, is acquiring a 70% stake in Taiwanese wellness soup brand Moon Moon Food for NT$103.8 million as part of bolstering its position in the tea segment.

JFC shares rose by 1.47% or P3.60 to P248.60 per share on Thursday. — Revin Mikhael D. Ochave

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