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Actis invests $600M for 40% stake in MTerra Solar

TERRA-SOLAR.COM.PH

MGEN Renewable Energy, Inc. (MGreen), through its subsidiary SP New Energy Corp. (SPNEC), said global investment firm Actis Rubyred (Singapore) Pte. Ltd. has completed a $600-million transaction to acquire a 40% equity stake in MTerra Solar, MGreen’s solar development platform.

“This landmark investment marks a major step forward in our mission to accelerate the clean energy transition in the Philippines. With MTerra Solar, we are reinforcing our commitment to delivering reliable, sustainable, and cost-effective energy solutions,” Emmanuel V. Rubio, president and chief executive officer (CEO) of MGen and SPNEC, said in a media release on Monday.

“This collaboration with Actis and MGreen strengthens our ability to meet the country’s growing energy demand while advancing a greener and more resilient energy future,” he added.

The deal’s closing follows the share subscription agreement signed in September last year between Terra Solar Philippines, Inc. — the project’s developer and an SPNEC subsidiary — and Actis.

MGreen is the renewable energy arm of Meralco PowerGen Corp., a wholly owned subsidiary of Manila Electric Co. (Meralco). The company holds a controlling stake in SPNEC.

With the signing of the subscription agreement, Actis will officially join the Filipino firms in developing and expanding MTerra Solar, which will include a 3,500-megawatt-peak solar farm and a 4,500-megawatt-hour battery energy storage system once fully commissioned.

“MTerra Solar is a marker of what’s possible in terms of scale and ambition with renewable energy in Southeast Asia. It represents the largest such project in this fast-growing region, and we’re delighted to be partnering with MGreen and MGen to deliver this critical project and accelerate the Philippines’ energy transition,” said Rahul Agrawal, partner and head of energy for Southeast Asia at Actis.

Once completed, the P200-billion MTerra Solar is expected to provide clean energy to approximately 2.4 million households under a 20-year, 850-MW mid-merit power supply agreement with Meralco.

The first phase of the project is scheduled for commercial operations by 2026, with the second phase set for 2027.

A syndicate of the country’s largest banks has committed around P150 billion in project financing.

MTerra Solar is part of MGen’s pipeline of projects aimed at achieving an attributable renewable energy capacity of over 1,500 MW by 2030.

“MTerra Solar began as an ambitious project and is now moving toward making a meaningful contribution to the government’s target of having 35% of the country’s energy sourced from renewables. Our collaboration with Actis is a pathway to achieving clean energy for Filipinos,” said Manuel V. Pangilinan, chairman and CEO of Meralco.

UBS AG Singapore Branch served as financial advisor to SPNEC. Latham & Watkins and Picazo Law acted as international and domestic legal counsel to MGreen and SPNEC. Morgan Stanley served as financial advisor, while Milbank and SyCip Law acted as international and domestic legal counsel, respectively, to Actis.

Sought for comment, Juan Paolo E. Colet, managing director at China Bank Capital Corp., said Actis’ investment “ensures that the necessary equity funding is in place to support the completion of the Terra Solar project.”

“Actis brings well-regarded energy infrastructure expertise that will certainly help Terra Solar execute and manage this massive project,” he said in a Viber message.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

SMC leads power generation with 22.44% market share — ERC

SAN MIGUEL GLOBAL POWER

THE ENERGY Regulatory Commission (ERC) said San Miguel Corp. (SMC) dominated the power generation sector with a 22.44% market share of the national grid as of end-2024.

SMC overtook Aboitiz Equity Ventures (AEV), the investment arm of the Aboitiz Group that controls Aboitiz Power, as the country’s largest power producer in terms of installed generating capacity and market share, the ERC said in a statement on Monday.

Data from the ERC showed that SMC had the highest installed generating capacity nationwide at 6,079.6 megawatts (MW).

Broken down, the company had an installed capacity of 5,519 MW in Luzon; 180.67 MW in Visayas; and 379.89 MW in Mindanao.

AEV came in next with a total capacity of 5,894.5 MW, accounting for 21.75% share in the national grid.

Lopez-led First Gen Corp., a leading renewable energy producer, cemented its position as the third leading energy player with a market share of 13.22%, translating to 3,583 MW of capacity to the national grid.

Pangilinan-led power distributor Manila Electric Co. inched up as the fourth largest power producer by generating a total capacity of 1,467 MW, representing market dominance at 5.42%.

Lastly, Ayala Corp., a conglomerate which controls renewable energy developer ACEN Corp., accounted for 5.28% share in the generation sector with 1,431.3 MW of capacity to the national grid.

Under Republic Act No. 9136 or the Electric Power Industry Reform Act of 2001, no company or related group can own, operate or control more than 30% of the installed generating capacity per grid and 25% in the national scale.

As the country’s energy regulator, the ERC sets the caps for installed generating capacity and market share limitation annually, and may be adjusted as necessary, based on the maximum capacity of generation facilities.

In a resolution dated March 13, the ERC initially set the maximum installed generating capacity to the national grid at 27,096 MW. This is higher than the 25,567.3 MW set for 2024.

For Luzon, the regulator has capped the installed generating capacity for Luzon at 19,419.6 MW, 3,383.9 MW for Visayas, and 4,292.6 MW for Mindanao.

Power companies cannot exceed a market share of 6,774 MW in the national grid. Generating firms are not allowed to go beyond 5,825.9 MW in Luzon, 1,015.2 MW in the Visayas, and 1,287.8 MW in Mindanao.

The commission noted that there are “certain industry developments” that have not been reflected in the data set. Once ready and available, the commission will update the caps set for the year.

“All individuals and entities subject to the MSL (market share limitation) are reminded to strictly comply with the prescribed limits and promptly report to the ERC within fifteen days of exceeding these limits from the start of occurrence, including the reasons for non-compliance,” the regulator said.

SMC INCOME
In a related development on Monday, SMC announced a net income of P36.7 billion for 2024, compared with P44.7 billion in 2023.

“On a reported basis, net income stood at P36.7 billion, including foreign exchange adjustments,” SMC said in an e-mailed statement on Monday.

Core net income rose 22% to P52.3 billion, while operating income increased 11% to P160.8 billion.

Consolidated revenue grew 9% to P1.6 trillion, driven by higher sales volumes in the power, spirits, and fuel and oil segments, along with contributions from the beer and infrastructure businesses.

“Our strong 2024 performance reflects strategic growth, operational efficiency, and disciplined execution. We remain focused on strengthening and making our businesses more efficient while driving sustainability and long-term growth,” SMC Chairman and Chief Executive Officer Ramon S. Ang said.

San Miguel Food and Beverage, Inc. posted a 7% increase in net income to P40.9 billion, with consolidated sales rising 6% to P400.9 billion on higher volumes and market expansion.

San Miguel Foods’ net income surged 33% to P8.4 billion as sales grew 3% to P185 billion, driven by its protein and prepared and packaged food segments.

San Miguel Brewery Inc. saw a 1% increase in net income to P25.6 billion, supported by a 4% rise in sales to P153.4 billion.

Ginebra San Miguel’s net income grew 3% to P7.3 billion, as sales jumped 17% to P62.5 billion on strong consumer demand.

San Miguel Global Power Holdings Corp. recorded a 25% increase in net income to P12.4 billion, with revenue climbing 21% to P205.1 billion.

Petron Corp.’s net income fell 16% to P8.5 billion despite an 8% rise in revenue to P868 billion on higher sales volume.

San Miguel Infrastructure maintained growth, with revenue up 7% to P37.5 billion and operating income improving 12% to P20.3 billion.

The cement segment—comprising Eagle Cement Corp., Northern Cement Corp., and Southern Concrete Industries, Inc. — saw net sales decline 6% to P34.9 billion, while operating income increased 10% to P6.6 billion due to cost-control measures. — Sheldeen Joy Talavera and Revin Mikhael D. Ochave

Telcos to see modest growth, sustain strong credit profile, says CreditSights

BW FILE PHOTO

PHILIPPINE telecommunications (telco) companies are expected to see modest growth this year while maintaining a strong credit profile, driven by continued data and broadband expansion, according to financial research firm CreditSights.

“Overall, we are comfortable with the resilient credit profiles of both Globe and PLDT, underpinned by their leading mobile and broadband market positions in the Philippines,” CreditSights said.

Pangilinan-led PLDT recorded a 21.4% increase in attributable net income for 2024, reaching P32.31 billion, fueled by all-time-high service revenue growth.

Consolidated revenue rose 2.8% to P216.83 billion from P210.95 billion in 2023, primarily driven by higher service revenues.

Telco core income, which excludes the impact of asset sales and losses from Maya Innovations Holdings, increased by 2.3% to P35.14 billion from P34.34 billion in 2023.

Meanwhile, Ayala-led Globe posted a full-year core net income of P21.50 billion for 2024, marking a 13.6% increase from P18.92 billion in 2023.

Its consolidated revenue grew 2% to P165.02 billion from P162.33 billion a year earlier.

PLDT and Globe saw sluggish revenue growth last year, CreditSights said, adding that mobile data remained a key growth driver for both telcos, supported by evolving consumer data consumption habits and rising smartphone adoption.

CreditSights expects Globe and PLDT’s credit metrics to grow modestly by about 0.1x to 0.3x this year.

Revenue and EBITDA (earnings before interest, taxes, depreciation, and amortization) growth for both firms is expected to remain in the low- to mid-single digits, as competition in mobile and broadband intensifies with DITO Telecommunity Corp.’s expansion.

The financial research firm noted that tight competition in mobile and broadband will be mitigated by Globe and PLDT’s data center revenues.

For instance, ST Telemedia Global Data Centres (STT GDC) Philippines’ 33-megawatt (MW) data center is expected to be operational by mid-2025, while PLDT’s VITRO Sta. Rosa was completed in 2024.

PLDT continues to explore options for selling a minority stake in its data center business.

The company previously engaged Japan’s Nippon Telegraph and Telephone (NTT) for a potential sale of up to 49% of its data center business, but the deal was eventually dropped.

PLDT also ended negotiations with fund manager CVC Capital Partners for the sale of its data center unit.

To date, PLDT, through its subsidiary ePLDT, Inc., operates 11 data centers, including the 50-megawatt hyperscale data center in Sta. Rosa, Laguna.

At the local bourse on Monday, PLDT shares rose by P3, or 0.22%, to close at P1,363 apiece, while Globe shares declined by P10 to P2,096 per share.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., holds a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose

Maynilad targets July 10 for IPO

MAYNILADWATER.COM.PH

WEST ZONE water concessionaire Maynilad Water Services is targeting a July 10 listing for its P49.15-billion initial public offering (IPO).

The water provider filed a registration statement with the Securities and Exchange Commission and a listing application with the Philippine Stock Exchange (PSE) for the IPO on Monday, Maynilad said in an e-mail statement.

The offer period is set for June 25 to July 2, based on the company’s indicative timeline.

The IPO will involve up to 2.46 billion common shares at a maximum price of P20 per share, representing 30.45% of Maynilad’s total issued and outstanding capital stock.

The offering consists of 1.78 billion primary common shares, an overallotment option of up to 266.31 million primary common shares, an upsize option of up to 379.29 million common shares, and 36.31 million primary common shares to be offered to Pangilinan-led, Hong Kong-based investment holding firm First Pacific Co. Ltd.

If the indicative terms remain unchanged, Maynilad’s public listing could become the country’s largest IPO, surpassing the P48.6-billion stock market debut of food manufacturer Monde Nissin Corp. in June 2021.

IPO proceeds will be used to fund Maynilad’s 2025–2026 capital expenditure program for water, wastewater, and customer service and information system projects. A portion may also be allocated for general corporate purposes.

Maynilad is one of six IPOs expected by the PSE this year. The water provider has tapped BPI Capital Corp., HSBC, Morgan Stanley, and UBS as joint global coordinators and joint bookrunners for the IPO. BPI Capital Corp. will also serve as the domestic lead underwriter.

Signed into law on Dec. 10, 2021, Republic Act No. 11600 granted Maynilad a 25-year legislative franchise until 2047 to establish, operate, and maintain a waterworks system and sewerage and sanitation services in the West Zone service area of Metro Manila and Cavite province.

The law also requires Maynilad to offer at least 30% of its outstanding capital stock within five years from the grant of the franchise.

Maynilad serves parts of Manila, Quezon City, and Makati, as well as Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas, and Malabon. It also supplies water to the cities of Cavite, Bacoor, and Imus, and the towns of Kawit, Noveleta, and Rosario in Cavite province.

Metro Pacific Investments Corp., which holds a majority stake in Maynilad, is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., alongside Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Revin Mikhael D. Ochave

SM Prime to expand solar energy capacity this year

SM City in Santa Rosa, Laguna — SMSUPERMALLS.COM

SY-LED property developer SM Prime Holdings, Inc. plans to expand its solar energy capacity this year as part of its sustainability initiatives.

The company aims to add 20 solar rooftop projects to optimize power consumption and enhance resilience against fluctuating energy costs, SM Prime said in a regulatory filing on Monday.

SM Prime currently operates 47 malls and properties with solar installations, with a total capacity of 63 megawatts.

In 2024, the company generated 27.6 gigawatt-hours (GWh) of clean energy, marking a 49% increase from 2023.

The continued rollout of solar panels across SM malls and developments has reduced its reliance on traditional power sources, cutting carbon emissions by 19,140.6 tons.

“Expanding our use of solar energy enhances the sustainability of our developments. This initiative also enables us to support the Interruptible Load Program (ILP) of the Department of Energy,” SM Prime President Jeffrey C. Lim said.

The ILP helps stabilize the grid during peak electricity demand by allowing distribution utilities and electric cooperatives to request large power consumers to use their own generator sets and power sources.

Participants include malls, large businesses, and factories with significant standby capacity, ensuring sufficient power supply when demand exceeds available resources.

Meanwhile, SM Prime’s parent company, SM Investments Corp. (SMIC), said it remains bullish on the country’s growth, driven by rising consumption.

“We believe that growth in the Philippines will continue to be consumption-driven. Seventy percent of our gross domestic product is consumption-driven, and our business is right within that footprint,” SMIC Executive Vice-President for Treasury, Finance, and Planning Erwin G. Pato said in an e-mail statement.

“Our offerings in retail, integrated property development, and financial services will continue to be key players in this consumption-driven growth,” he added.

SMIC recently announced a P60-billion share buyback program, the largest in Philippine corporate history, saying the conglomerate is “undervalued.”

“We’re having this buyback because we believe in our company and its growth potential,” Mr. Pato said.

In 2024, SMIC’s net income rose 7% to P82.6 billion, while its retail arm, SM Retail Inc., posted a 5% increase in net income to P20.9 billion.

“We’re a proxy of the Philippine economy because of our scale and the communities we serve. With lower interest rates, we believe this will help our macroeconomics and could lead our economic managers to achieve our inflation rate target within the 2% to 4% range. If that happens, it suggests a strong tailwind for the consumer story,” Mr. Pato said.

On Monday, SM Prime shares declined by 1.47% or 35 centavos to P23.45 apiece, while SMIC stocks rose by 0.62% or P5 to P813 per share. — Revin Mikhael D. Ochave

Sugar, renewables drag URC income down 2% to P12.5B

URC.COM.PH

GOKONGWEI-LED food and beverage manufacturer Universal Robina Corp. (URC) saw its net income decline by 2% to P12.5 billion in 2024 from P12.8 billion in 2023, weighed down by lower profit from its sugar and renewables segment.

Sales rose by 3% to P161.9 billion on volume growth across all divisions, URC said in a regulatory filing on Monday.

Operating income dropped by 4% to P16.7 billion due to weaker profits from the sugar and renewables business, following a windfall in 2023. Core net income likewise declined by 3% to P12.2 billion.

URC’s branded consumer foods (BCF) segment posted a 2% sales increase to P109.5 billion.

BCF Philippines sales remained flat at P74.7 billion as value-for-money items outpaced the rest of the portfolio.

BCF International recorded an 8% sales growth to P34.8 billion, driven by strong volume and value expansion despite generally tepid consumer sentiment across Southeast Asia.

Sales from the agro-industrial and commodities group rose by 5% to P51.3 billion, as higher volumes across most segments offset price adjustments in feeds and flour.

URC also declared a dividend of P2 per share for stockholders on record as of April 11, with payout set for May 9. The figure is 5% higher than in the same period last year.

“We delivered strong cash generation and dividend growth while pivoting to stronger volume growth recovery, as consumer sentiments improve after absorbing multi-year inflationary pressures,” URC President and Chief Executive Officer Irwin C. Lee said.

“We expect further improvements in URC’s growth momentum going forward as we continue to provide new product innovations and better value offers to delight our customers and consumers with good food choices,” he added.

URC has earmarked over P8 billion for capital expenditures this year to support its growth plans.

On Monday, URC shares gained 1.12% or 80 centavos to close at P72.30 apiece. — Revin Mikhael D. Ochave

Hollywood studios embrace live experiences amid film, TV gloom

NETFLIX’s Queen’s Ball is a touring version of its hit show Bridgerton. — NETLIX.COM/CORINA MARIE

NETFLIX, INC. has had over 70 marriage proposals at the Queen’s Ball, a touring version of its hit show Bridgerton.

The events, which involve picking an attendee to be honored by the queen, are frequently posted online, according to Greg Lombardo, who heads the live experiences business at the streaming TV service.

“It just creates such conversation out there and supports that title in between those season releases,” Mr. Lombardo said on Friday at an industry event.

Netflix, Warner Bros. Discovery, Inc., and other entertainment companies are looking beyond films and TV shows, opening hotels, restaurants, and other attractions to deepen their relationships with viewers. Unlike other parts of the industry, where participants lament budget cuts, tepid movie ticket sales, and jobs moving overseas, the attractions business is booming.

Paramount Global’s hotel portfolio has expanded to 1,500 rooms from 200 in the past three years, according to Marie Marks, who leads the company’s experiences business. Another 2,000 rooms are in development, tied to classic Paramount films and its Nickelodeon kids brand.

Warner Bros., which is building a Harry Potter studio tour attraction in Shanghai, also has a hotel adjacent to a theme park in Abu Dhabi.

“The appetite to go out and do stuff has never been higher,” said Peter van Roden, executive vice-president for themed entertainment at the company. “The hotel’s just killing it down there.”

The three were among the executives speaking at a conference run by the Themed Entertainment Association, a trade group representing attractions designers.

Walt Disney Co. said in 2023 it planned $60 billion in capital expenditures at its experiences division over the next decade. That includes introducing new cruise ships and theme-park rides. Comcast Corp.’s Universal experiences division is in the midst of its greatest expansion, which includes a $7-billion theme park opening in May in Orlando, a horror-themed attraction in Las Vegas and a park for younger kids outside of Dallas.

“We are really looking into these different markets and really expanding the product that we already deliver,” Eric Parr, a senior vice-president who leads the creative studios at Universal, said on a panel at the event.

Not everything sticks. A high-end, Batman-themed restaurant in London closed after two years.

“That was not really about money-making,” Mr. Van Roden said. “It was about how could the DC franchise do an amazing, really cool eating experience.”

Netflix has opened restaurants such as Bites in Las Vegas, which serves food tied to its TV shows, including Orange is the New Mac (and cheese) and a Love Is Blind cocktail.

The company is establishing two, year-round Netflix Houses in malls this year, one in suburban Philadelphia and another in Dallas. They’ll feature experiences like waltzing on a Bridgerton set and the glass bridge challenge from Squid Game. Touring experiences have appeared in over 100 markets and can be tweaked to include local culture, Mr. Lombardo said.

There are some Netflix programs that may not work for the immersive experience, such as Ozark, which involves money-laundering, Mexican drug cartels and the occasional body being found in a lake.

“I’d be hard pressed to expect a lot of people to go to that,” Mr. Lombardo said. — Bloomberg

CinePanalo 2025 Pocket Reviews: Diving deep and finding limitations

By Brontë H. Lacsamana, Reporter

WHILE the seven full-length films and 24 student-led shorts of the 2nd edition of Puregold’s CinePanalo Film Festival provide an exciting array of stories from all over the Philippines to see, a shadow looms over the event due to a stark omission.

Baby Ruth Villarama’s Food Delivery: Fresh From the West Philippine Sea was dropped from the line-up at the last minute, so the documentary about the situation in the West Philippine Sea (WPS) was unable to screen alongside the seven other feature films. The reason given for its removal was the rather vague “external factors,” which elicited whispers among the crowd on the film festival’s opening night, March 14, at Gateway Mall 2 Cineplex in Quezon City.

Like last year’s Cinemalaya film festival, which canceled the documentary Lost Sabungeros for security reasons and barely screened the anti-Ayala Land documentary Asog (Cinemalaya was held in an Ayala mall that year), CinePanalo is also under the mercy of its backers and sponsors. Why the festival chose not to stand by the WPS documentary it funded is a question that will probably never be answered, though speculation abounds.

But, of course, the show must go on, and the opening night’s proceedings were outwardly lively and filled with excitement for the entries having their premieres. Robbed of the chance to see the film I was most excited to watch, I opted for two others that also seemed to delve into the depths of their respective stories — figuratively and literally, as they are both also set by the sea.

Here are my reviews:

SALUM
Directed by TM Malones

Salum (meaning “to dive” in Hiligaynon) is about a father and daughter who work as scallop divers to earn a meager living in northern Gigantes Islands, in Carles, Iloilo, where shellfish is plentiful. While this setting offers great potential to educate viewers on the realities faced by divers there, this film only lightly touches on those issues and focuses on a family-oriented story.

The narrative is simple, centered on a father’s deep love for his daughter, although he is unable to provide the comforts that she deserves. Allen Dizon takes on the role of the father, Kosko, who has been left behind by his wife who is in Japan and he now struggles to provide for his only daughter. Christine Mary Demaisip plays 13-year-old Arya who is more than happy to help out her father in diving for scallops, though she wishes they could afford to buy her a phone.

Both leads, nominated for Best Actor and Actress at the festival, assume their roles with ease. The former embodies the pressures of a father who is driven mad by his limitations and by the rumors of unimaginable wealth that can ease their situation. However, it’s kind of odd that he’s the only character who speaks Tagalog while the rest speak Hiligaynon. Demaisip, though young, is as natural an actress as she is a swimmer, expressing the concern a daughter would have for a father under pressure. Both Dizon and Demaisip can be commended for actually doing the diving in the film, too, using the round flippers called yapak that real scallop divers in the region use.

The film paints the life of Filipino shellfish divers as one filled with life-threatening risk and exploitation. We briefly see compressor diving, which differs from freediving as it uses a basic form of surface-supplied assistance in the form of a battery-powered compressor that feeds air into a long hose for a diver to use underwater. This is dangerous due to the unreliable nature of the outdated, rusty equipment that can break down at a moment’s notice, and also due to the lack of technical stops done from the depths. Kosko mentions that his father was a victim of this, as many divers resorting to the method suffer from decompression sickness that can lead to blindness, paralysis, or even death.

Then there is a rumor that one of the clams Kosko and Arya sold to a rich businessman allegedly contained a pearl worth millions. Dizon then convincingly takes on a father’s feverish descent into finding treasure to give his daughter a comfortable life. The film speaks to the dangers of letting such false hopes and ambitions lead people to their downfall, similar to how the divers resort to unsafe practices like compressor diving. But the film never clearly makes this connection, instead throwing in issues of land ownership with Kosko mentioning that his father’s family used to own Silangan Island, until they were pressured to sell it for a pittance to a developer who has now turned it into a resort.

Salum honors the perseverance of those making an honest living while also depicting the circumstances that lead them to poverty. However, its attempts to dive into (excuse the pun!) certain issues feels insufficient. Kosko’s brief madness is treated as a learning experience, though he goes so far as to wastefully shuck piles of clams and scallops and even break the law by using an unregistered boat. The tragedy of his situation, while compelling, never fully serves the realities of Filipino seafood diving that were presented in the film. Ultimately though, it’s a solid representation of the kind of uplifting story that CinePanalo is going for. That people are there to help, and that an honest living is the most noble, is a great conclusion to the drama, marked by excellently filmed diving footage. But Salum also cracks open exactly what limits projects that are submitted to the control of film fests — that the stories told are toned down to fit its limiting, uplifting, family-friendly criteria.

FLEETING
Directed by Catsi Catalan

Fleeting is a beautifully filmed love letter to the short yet sweet nature of improbable romances. It appears to be the softest and gentlest film in the lineup. It follows Janella Salvador as Gem, a dreamer who moves to Mati, Davao, to attend flight school and fulfill her ambition of becoming a pilot. There, her workaholic, fully online life clashes with the slow-living mantra of RK Bagatsing’s JC, the surfer owner of the resort and café she’s staying in, who actually turns out to be the black sheep heir of a cacao farm.

Salvador and Bagatsing, also nominated for acting awards at the festival, play their parts to perfection. This being director Catsi Catalan’s debut is not obvious as she manages to bring out the best of both the leads’ talents — a mix of ferocity and vulnerability on Salvador’s part, and a blend of arrogance and mystery on Bagatsing’s — while also giving us a nice film to look at. Fleeting is a love letter to the meeting of two worlds: the calm, meandering pace of provincial Davao Oriental and the frenetic pace and pressures of the city; the reliable ebb and flow of the waves at sea (representing JC’s love for surfing) and the overwhelming vastness of the picturesque sky (representing Gem’s love for flying); the full surrender to the present moment and the yearning to connect with the rest of the world.

There are echoes of the typical romance here, not exempt to cliched lines galore, except there is no major conflict to dramatically wedge the two characters apart. The film instead has them meet, dance around each other, come together in poignant moments of understanding, and ultimately come apart. It’s all stretched out, at times to its detriment, some parts just made to entice you to visit Mati and try sikwate hot chocolate (admittedly it entices very well!). But its approach to love is as tame and natural as a beachside view of the horizon parting the heavens and the earth.

The scenery makes for a quintessential travel-oriented romance, with Gem starting out as a basic city girl tourist on the beach who pushes for JC’s café to have Wi-Fi. None of it really goes anywhere as they are shown to easily adjust to each other later on, him agreeing to have her market the café on social media, and her no longer pushing him to install Wi-Fi.

There’s also a little issue with how the guy turns out to be rich, being able to come and go to his family’s farm as he pleases (which isn’t usually how the black sheep of any family would behave). The resort-café also seems to operate on its own logic, having existed long enough for Gem to find it despite supposedly almost going bankrupt, as if JC is so incompetent as to not know the basic rules of running a business. It’s as if his being a mysterious black sheep of a rich family is an excuse for all of this to happen — as per the formula of many other romcoms before it. Fleeting turns out to not be any different when it comes to that.

It achieves its purpose, though, promoting Mati as a picturesque destination that many audience members will want to look into for their next vacation. The premise is old and bland, yet gorgeously told as the visuals of sea and sky parallel the characters’ differing paths in life. Again, it’s good enough for a debut and fully in line with the best CinePanalo has to offer.

Converge eyes up to 16% revenue growth

PHILSTAR FILE PHOTO

CONVERGE ICT Solutions, Inc. expects its revenues to grow by up to 16% this year after posting a P10.8-billion net income for 2024.

In a regulatory filing on Monday, the listed fiber internet provider said its profit rose by 18.9% to P10.8 billion from P9.09 billion in 2023.

“With the company’s strong trajectory and the industry’s broad underserved market, the company’s well-engineered products are well-positioned to capitalize on this growth potential,” Converge said.

The company’s total revenues increased by 14.8% to P40.61 billion from P35.36 billion a year earlier.

Broken down, revenues from its residential business rose by 14% to P34.42 billion, while enterprise revenues grew by 22% to P6.19 billion from P5.08 billion.

Converge said its FiberX subscriber base expanded by 196,419 during the year, 57.9% higher than the previous year.

Its small and medium enterprise segment remained the company’s fastest-growing subsegment.

“At Converge, our vision has always centered on giving amazing digital experiences,” Converge Executive Vice-President and Chief Commercial Officer Benjamin B. Azada said.

In January, Converge secured a Tier 3 design certification for its Caloocan data center, which is expected to go online this year.

The certification signifies compliance with industry standards for maintainability and redundancy, Converge said, adding that the facility is designed to accommodate 300 racks.

In a regulatory filing on Monday, the listed fiber internet provider said its profit rose by 18.8% to P10.8 billion from P9.09 billion in 2023. — Ashley Erika O. Jose

PITX says passenger traffic rose 31.7% in 2024

PHILIPPINE STAR/EDD GUMBAN

THE Parañaque Integrated Terminal Exchange (PITX) expects to serve its 200 millionth passenger within the second quarter after recording higher foot traffic last year.

PITX, which opened in 2018, had served 178.9 million passengers and recorded over 5.4 million vehicle departures as of end-2024, it said in an e-mail statement on Monday.

In 2024 alone, the landport saw a 31.7% increase in passenger traffic to 51.56 million from 39.16 million in 2023, driven by new routes and partnerships with transport operators.

PITX said the opening of the Light Rail Transit Line 1 PITX (Asia World) station in November last year contributed to foot traffic, with an estimated 20,000 passengers arriving and departing daily.

“The consistent rise in daily foot traffic since our opening in 2018 highlights the increasing reliance of commuters on PITX as a safe, seamless, and convenient transport hub. We take this as a responsibility to continuously innovate and expand our services to meet growing demand,” PITX President Jaime Raphael C. Feliciano said.

Last year, PITX launched six new routes in Luzon and two in Visayas to enhance nationwide connectivity.

It also expects a boost from the upcoming P1.87-billion Cavite Bus Rapid Transit (BRT) system, which will feature a point-to-point route spanning 42 kilometers across Imus, General Trias, Tanza, Kawit, Trece Martires, and surrounding areas. The project’s first phase is set to be operational in the second half of the year.

“Our long-term strategy is to solidify PITX as the gold standard for landports in the Philippines by expanding its intermodal capabilities, integrating emerging transport systems like the Cavite BRT, and enhancing nationwide connectivity through strategic infrastructure investments,” Mr. Feliciano said.

“By doing so, we are not just improving commuter mobility — we are actively shaping the future of the country’s transportation network,” he added.

PITX is the landport subsidiary of Saavedra-led infrastructure conglomerate Megawide Construction Corp.

The transport hub hosts various modes of transport, including city and provincial buses, modern and traditional jeepneys, and transport network vehicle services. It serves as a terminal for over 105 bus routes — 72 provincial and 33 in-city.

On Monday, Megawide shares rose by 0.88% or two centavos to P2.29 apiece. — Revin Mikhael D. Ochave

Game of Thrones actor joins biopic Quezon

IAIN GLEN (R) joins Jericho Rosales in Manuel L. Quezon biopic.

GAME OF THRONES actor Iain Glen is joining the cast of TBA Studios’ biographical historical movie Quezon, the film company announced on March 17.

Mr. Glen, whose credits include the role of Jorah Mormont in the fantasy drama TV series Game of Thrones, has been cast as Leonard Wood, the United States Army major who served as governor-general of the Philippines. Mr. Wood played a pivotal role in Manuel Quezon’s quest for Philippine independence from the United States.

The Scottish actor met the cast and crew of the film for their script reading at The Manila Hotel earlier this year.

Quezon director and co-writer Jerrold Tarog said the casting of Mr. Glen as Leonard Wood makes the film “much more alive.” “(Iain Glen) has gravitas. But at the same time, he can let loose, which is important for the role of Leonard Wood,” he said.

TBA Studios President and Chief Operating Officer Daphne O. Chiu, said: “This film is shaping up to be one of the biggest productions in Philippine cinema, with one of the largest casts ever assembled. We are excited to share with Iain — and the rest of the world — the production scale and level of artistry that Filipino filmmakers are capable of.”

Mr. Glen joins Jericho Rosales, who plays the film’s title role of Philippine President Manuel L. Quezon. Quezon, which is expected to follow the life of the Filipino lawyer and soldier who became the President of the Commonwealth of the Philippines from 1935 to 1944, is set to begin production this March.

How malls celebrate women

INTERNATIONAL Women’s Day may be over, but there are still plenty of Women’s Month events being held throughout Metro Manila. Malls, being the place many Filipinos frequent, are among the largest organizers of these events.

Whether you are in transit, whiling away the time, or finding somewhere to bond with family or friends, there are quite a few women’s events to choose from in malls around the metro.

Here they are, from north to south:

SM NORTH EDSA’S BEAUTYVERSE FAIR
Ongoing until March 31, the Beautyverse Fair at the upper ground level of SM North EDSA in Quezon City welcomes women to check out beauty finds offered by merchants throughout the area. Participants include Sunnies, Happy Skin, and BLK Cosmetics, among many others. There is also a photo spot where women can take pictures.

ROBINSONS GALLERIA’S ‘TREATS FOR HER’ OFFERING
To celebrate Women’s Month, Robinsons Galleria in the Ortigas Center, Quezon City, is offering “Treats for Her,” where shoppers get a chance to win a special treat. From March 22 to 23, they can present a single receipt of P2,500 from any food and beverage outlet to the Guest Services booth on the mall’s Level 3 and claim a prize.

SM MEGAMALL’S MEGA HUE DINER
For a space where women can sip, dine, and relax, SM Megamall in Ortigas Center, Mandaluyong City has put up a mega diner at the Mega Fashion Hall in Level 3. Running until March 31, the area offers treats from shops like Araro Gelato, Weekday Coffee, Chotto Matcha, and We Knead Pastry Shop.

Meanwhile, the Cutie Claw Machine gives visitors the chance to win beauty, fashion, and wellness gifts.

SHANGRI-LA PLAZA’S RFLXN PHOTO EXHIBIT
With RFLXN: The Many Faces of a Woman, Shangri-La Plaza in the Ortigas Center, Mandaluyong City, captures a visual narrative that celebrates the complexity, strength, and evolution of women. The photo exhibit will showcase the many faces of women’s beauty and will run from March 20 to 30 at the East Wing of the mall’s mid-level.

SM MALL OF ASIA’S WEDNESDAY SALE
For Women’s Month, the SM Mall of Asia in Pasay City is offering deals for women on Wednesdays. On March 19 and 26, mallgoers can check out buy-one, get-one and 50% off deals, applicable to various stores throughout the mall, from anti-aging skincare and fragrances to shoes, underwear, and workout clothing.

AYALA MALLS MANILA BAY’S WOMENPRENEUR FAIR
Right in the middle of the expansive Ayala Malls Manila Bay in Parañaque City is the Activity Center, where a market filled with women entrepreneurs is selling various goods and services until March 22. Titled the “Womenpreneur Fair,” it is organized by the Academy for Women Entrepreneurs and is open daily from 10 a.m. to 9 p.m.

The female health tech company Kindred also has a pop-up until March 23, where it offers 40% off on all its products and services, to promote women’s health to mallgoers.

Finally, on March 22, from 1 to 3 p.m., GoNegosyo will hold a talk on women empowerment and business insights for the women entrepreneurs in attendance.

ALABANG TOWN CENTER’S ‘BRIGHT & BEAUTIFUL’ POP-UPS
Billed as an “ode to female friendship and creativity,” the pop-up event “Bright & Beautiful” at the Alabang Town Center in Muntinlupa City will run from March 27 to 30. Held at the Activity Center, it will have stalls offering beauty finds and free makeovers from select merchants as well as a market of clothes and accessories by local creators.

Starting March 28, the sports, hobbies, and fitness area in front of Toby’s will host a series of workouts every day at 10 a.m.

Finally, on March 29 and 30, Bumi & Ashe will have pottery, rug tufting, and silver clay jewelry making workshops which will be open to all. — BHL

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