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CLI signs P3-B sustainability-linked notes deal to support projects

THE WAVE TOWERS — CEBU LANDMASTERS, INC.

LISTED property developer Cebu Landmasters, Inc. (CLI) has signed a P3-billion sustainability-linked notes facility to fund its upcoming real estate developments, it said on Thursday.

The sustainability-linked notes will have tenors of seven and 10 years from their initial issue date and will be used to finance real estate developments and general corporate purposes, CLI said in a regulatory filing.

“These qualified buyers include, among others, BPI Asset Management and Trust Corporation (“BPI Wealth”) in its capacity as trustee or investment manager for various noteholders, Sun Life Investment Management and Trust Corporation (“SLIMTC”) acting as Investment Manager on behalf of its clients,” it noted.

BPI Capital Corp. acted as sole arranger and bookrunner for the transaction, CLI said, while BPI Asset Management and Trust Corp. will serve as facility agent and paying agent for the sustainability-linked notes facility.

CLI earlier noted plans to allocate P12 billion for the initial phases of two projects in Luzon, namely a horizontal development and a condominium project. The first Luzon project is slated to launch next year.

The latest facility also marks CLI’s second sustainable fund-raising initiative, which is tied to environmental, social, and governance objectives.

In March, CLI raised P5 billion from its first sustainability-linked bond issuance to fund the construction of 16,000 affordable housing units in the Visayas and Mindanao by March 2029.

For 2025, CLI has allocated P15 billion for capital expenditures to support the expansion of its portfolio.

The company posted a 2% increase in its first-quarter attributable net income to P995 million, driven by sustained demand for its Visayas and Mindanao developments.

CLI has a portfolio of 130 projects across 17 cities, covering offices, residential developments, mixed-use projects, resorts, hotels, co-living and co-working spaces, and townships.

At the local bourse on Thursday, CLI shares closed flat at P2.50 apiece. — Beatriz Marie D. Cruz

In Freakier Friday, Lindsay Lohan gives the performance we didn’t know we needed

JAMIE LEE CURTIS and Lindsay Lohan in a scene from Freakier Friday.

By Esther Zuckerman

Movie Review
Freakier Friday
Directed by Nisha Ganatra

TO DESCRIBE just how meaningful the Lindsay Lohan-Jamie Lee Curtis remake of Freaky Friday was to a 13-year-old in 2003, I’ll use an anecdote. Shortly after seeing the movie with my mom, she asked me if I wanted to get a second piercing in my ear, a gesture that meant the world to an awkward tween desperate for some edge. My mom understood that Lohan in that movie was the pinnacle of cool, and that she could in turn gain some cred, just like Curtis on screen, if she submitted to my whims. Meanwhile, I got a little closer to approximating Lohan’s perfect teen aura. In the early 2000s she was an influencer before that was even a term, the most famous girl in the world, who seemed destined for unstoppable greatness.

That was the magic of the movie, directed by Mark Waters, which updated the body-swap plot to the early ’00s with a lot of heart and a little bit of pop punk. The movie succeeded because of how equally balanced it was to the perspectives of mother and daughter — with Curtis and Lohan both turning in genius comedic performances that were funny but never felt mocking.

Still, as much as I loved Freaky Friday, it was hard to imagine that a sequel coming more than 20 years later could recapture any of the glory of its predecessor. After all, in the interim years we watched Lohan’s very public fall from glory, hounded by tabloids as a victim of that era’s cultural misogyny. For a while she seemed to exist not as an actress but as a curio — remember Lindsay Lohan’s Beach Club, anyone? — only to tiptoe her way back to respectability by way of corny Netflix Christmas movies.

And yet Freakier Friday, directed by Nisha Ganatra, has defied the odds. It’s charming and genuinely sweet, and it made me both giggle and tear up. That alone is a win.

Of course, in many ways Curtis never left us. During a light interregnum from major film work, she remained in the public eye with her warmly incessant Activia TV commercials. Then she made a blazing return to her old Halloween stomping grounds and won an Oscar for Everything Everywhere All at Once. And her funny, outspoken social media presence — plus an “I’ll do anything” approach to roles — has made her easy to root for.

Blessedly, Lohan seems back in her old groove again playing Anna Coleman, the once rebellious teenager who’s now a single mom. She’s relatively hip but still, you know, a mom. We learn Anna’s band Pink Slip did achieve some level of fame, but Anna herself left the rock ’n’ roll lifestyle to become a manager for pop stars. Her daughter Harper (Julia Butters) is now the rebellious one, but her form of acting out is different from what her mom’s was. Harper is a surfer girl with a “no triggering” sign on her door who sneaks out of her room early to catch some waves.

Curtis’ Tess, meanwhile, has become an overly involved grandmother who podcasts on the side. The Colemans’ rhythms are put to the test when Anna falls hard for Eric (the dreamy Manny Jacinto), a British chef. He just happens to be the widower father of Harper’s high school enemy Lily (Sophia Hammons), whose fashion-obsessed snobbery doesn’t jibe with Harper’s laid-back vibes.

About a year later, Anna and Eric are about to get married, and the girls still hate each other. That resentment grows even stronger when Harper learns Anna is planning on moving them all to London. It’s a development that also irks Tess, who doesn’t want their whole family abandoning her.

So they all have a lot of stuff to work out when the body swapping happens, which it does thanks to a psychic/reiki healer/general entrepreneur who’s hired as the entertainment at Anna’s bachelorette party, played to hilariously dotty perfection by Vanessa Bayer. Anna gets Harper’s body and vice versa, while Tess gets Lily’s and so forth. The latter swap gives Curtis the chance to exercise British slang to great effect. In fact, playing a younger person in her own skin is maybe the perfect use of Curtis’ on-screen intensity.

The adults in teen bodies relish their youthful metabolisms and their ability to stand up without their joints hurting. The teens in adult bodies scheme to break up their parents by reaching out to Anna’s ex Jake (Chad Michael Murray, with unexpectedly one of the funniest bits in the whole movie). Eventually, thanks to myriad misunderstandings, they all learn something about one another’s perspective along the way.

Occasionally, the gags are a bit cringey. Harper and Lily (now looking like Anna and Tess) befriend Anna’s emotionally vulnerable client (Maitreyi Ramakrishnan) and try on hideously poofy dresses from a fashion shoot. I have a hard time believing Gen Z would think these fashions are actually cool. But the goofiness is part of the fun, and it’s offset by deeply felt performances from the cast, particularly Lohan and Butters.

Butters, who wowed audiences as the tiny girl who gives Leonardo DiCaprio the what’s what in Once Upon a Time in Hollywood…, is extraordinary in conveying the adult longings of a grown-up trapped in her daughter’s skin. As Harper-pretending-to-be-Anna, you see Lohan heartbreakingly realize just how loved her mother is by the man she wants to get rid of because of her own selfish desires. It’s an absolute pleasure to watch the actress once again turn in a performance that’s alternately as nuanced and silly as this one.

Ultimately, what makes Freakier Friday successful is that it understands what made the first one so good wasn’t just the goofy high jinks and catchy soundtrack. (Though speaking of that soundtrack: “Take Me Away” and “Ultimate,” both tracks from the original, are back and remain bangers.) Those are fun, but it was the mother-daughter connection that elevated it to modern classic. Freakier Friday adds two more generations to the mix and comes out with a touching story about how we all have to make little sacrifices for the happiness of the ones we love. — Bloomberg

Maya sees sustained profitability

MAYA GROUP PRESIDENT and Maya Bank Co-Founder Shailesh Baidwan — MAYA GROUP

MAYA GROUP expects to remain profitable this year as its digital bank continues to roll out more products to tap different market sectors.

“We became profitable in December, and we continue to be profitable month on month since then,” Maya Group President and Maya Bank Co-Founder Shailesh Baidwan told reporters on the sidelines of an event late on Wednesday.

“[It’s still] early days for our credit card business, but at this stage, we are extremely happy with the way the customers are using our products. And with the profitability profile of our products, we expect to sustain the profitability for the rest of the year,” Mr. Baidwan said.

Maya Bank on Wednesday officially launched its Maya Black credit card, which is its second card product and seeks to cater first-time credit cardholders through secured and unsecured credit lines, fast digital approval, instant virtual issuance, and full in-app control. The card also offers other perks like rewards points called Maya Miles, airport lounge access via DragonPass.

Maya Black now has over 40,000 cardholders following the card’s pilot rollout in May.

Overall, the digital bank has issued over 230,000 credit cards since August 2024, including its co-branded card with membership shopping mart Landers Superstore.

Maya Group or Maya Innovations Holdings, Pte. Ltd., formerly Voyager Innovations Holdings, Pte. Ltd., is the parent holding company of Maya Philippines, Inc. and Maya Bank, Inc.

Maya Philippines is registered with the Bangko Sentral ng Pilipinas (BSP) as an electronic money issuer, remittance and transfer company, operator of payment system, and virtual asset services provider. Meanwhile, Maya Bank is one of the six BSP-licensed digital banks in the country.

PLDT Inc., Maya Innovations’ main shareholder, said in May that the group posted a net income of P127 million in the first quarter, driven by strong lending, deposit, and payments volumes, with Maya Bank being in the black starting September 2024.

PLDT expects the group to generate about P1 billion in profit this year.

As of end-June, Maya Bank reached 8.2 million customers and over P50 billion in deposits, Mr. Baidwan said.

“As you roll out more lending products, you’ve got to make sure that the margins support the right kind of provisions and losses, so that’s what we need to work on. We’re very pleased with the current set of products,” he said.

Provisioning and the digital bank’s artificial intelligence (AI)-powered credit scoring will keep nonperforming loan levels manageable as they launch more consumer products like credit cards, with many of their clients being first-time cardholders, the official added.

“Less than 15% of Filipino adults have a credit card. So, 85% are still to receive a credit card. So, there are things that we will test and learn along the way because of things like the coverage from the credit bureau is not where we would like it to be, so we are constantly testing, learning, and then tweaking our AI engines for credit scoring and underwriting,” Mr. Baidwan said.

He added that the bank’s current product profile cushions it from the potential earnings impact of lower borrowing costs.

“We are cognizant of any softening that happens in interest rates. But at this stage, we believe — given the way our products are profiled, given the stage of growth that we are in, and the growth journey that we have ahead — we are not at a mature level in terms of our loan-to-deposit ratio, so we have more headroom to grow. We believe at this stage we will be comfortable and okay with some reductions that are expected for rates in the near future.”

Mr. Baidwan also said that Maya Bank will continue to serve underserved segments, with plans to tap the micro, small, and medium enterprise (MSME) sector by providing them with capital loans.

Meanwhile, Maya Group on Wednesday also launched Maya Black Preferred, a merchant-linked rewards program that connects its credit platform to its acquiring network. Under the program, Maya Black cardholders can earn up to 10 times Maya Miles when they shop at over 600 Maya Black Preferred merchants nationwide.

Maya Group plans to further expand this program to MSMEs by using behavioral insights from its suite of business tools Maya Checkout, Maya POS (point-of-sale) and Maya Business Manager, it said.

“We’re not just launching a credit card — we’re activating the full power of Maya’s ecosystem. With innovations like the Maya Black Preferred partner program, we will not only expand access to credit but also create even greater value for consumers and businesses alike,” Mr. Baidwan said in a speech at the launch.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — A.M.C. Sy

Okada Manila operator TRLEI names Nobuki Sato as new president, COO

NOBUKI SATO

OKADA MANILA operator Tiger Resort, Leisure and Entertainment, Inc. (TRLEI) has named Nobuki Sato as its new president and chief operating officer (COO), effective Sept. 15.

Mr. Sato will replace Byron Yip, who is set to conclude his seven-year leadership, Okada Manila said in an e-mailed statement on Thursday.

“This leadership transition reflects the company’s ongoing commitment to operational excellence and long-term value creation,” Okada Manila said.

Before his appointment, Mr. Sato served as senior executive officer and chief financial officer at TRLEI’s ultimate parent company, Universal Entertainment Corp. (UEC).

Mr. Sato brings over 20 years of extensive leadership experience in hospitality, finance, and strategic operations. He has served on the TRLEI board since March 2023.

“We extend our heartfelt appreciation for Byron’s contributions and are pleased that he will continue to support the organization to ensure a seamless transition. We are confident that Nobuki Sato’s proven expertise in operational and financial management will guide Okada Manila into its next phase of strategic growth and innovation,” UEC Representative Director and President Tomohiro Okada said.

“Mr. Yip’s leadership has been instrumental in establishing Okada Manila as a leading destination in the region, exemplified by our achievement of the Forbes 5-Star rating — the largest Forbes 5-star Integrated Resort in the Philippines to receive this distinction for the sixth consecutive year — and the successful execution of key expansion initiatives,” he added.

Okada Manila operates a 30-hectare integrated resort with hospitality, gaming, and entertainment offerings. It features 1,001 rooms, more than 40 dining venues, facilities for meetings, incentives, conferences, and exhibitions, an indoor beach club, and various shopping options. — Revin Mikhael D. Ochave

Stuff to Do (08/08/25)


Shop at the MaArte bazaar

DAILY until Aug. 10, The Peninsula Manila is once again filled with the vibrancy and ingenuity of Filipino crafts, fashion, and art at its finest as it hosts MaArte at The Pen. Now in its 15th year — with over 160 exhibitors, including 40 first-time participants — MaArte is the signature fundraising event of the Museum Foundation of the Philippines. A portion of proceeds from every purchase goes directly to the Museum Foundation of the Philippines’ programs for the National Museum and the museum community. This year, MaArte introduces a food and beverage category for the first time. Admission is free to the fair, which this year occupies the 5th Floor Guest Rooms, the 2nd Floor Meeting Rooms, The Conservatory and The Upper Lobby at the 2nd floor, the Garcia Villa and Balagtas Function Rooms, and the Rigodon Ballroom.


Look at the stars at Gateway’s Space Week

PHILIPPINE SPACE WEEK 2025 will take place from Aug. 8 to 14, at Quantum Skyview, Gateway Mall 2 in Araneta City, Quezon City. It is organized by the Philippine Space Agency, which invites visitors to explore the world of satellites, rockets, and space data. It features interactive exhibits, games, and activities for the whole family, and other events focusing exclusively for science and space enthusiasts. Admission is free.


Visit a plant bazaar at Capitol Commons

The 2nd edition of Bloom & Brew will be held at the Capitol Commons Park from Aug. 8 to 10. This unique garden and lifestyle fair will bring together 42 plant partners, showcasing a diverse collection of plants, gardening supplies, and eco-friendly finds for plant enthusiasts and green lifestyle advocates. The weekend’s highlights include the Kokedama Workshop — the Japanese art of creating moss ball planters for a stylish indoor green touch — on Aug. 9, 3-5 p.m., and a Permaculture Farming Demonstration and Talk with Sixto Bereber on Aug. 10, 3-5 p.m. There will also be a Tabletop Competition with the theme “Colorful Plants,” where participants showcase vibrant and creative plant arrangements. Participants can join by reaching out to HortiFilipina on Facebook or on Aug. 8 at the  Capitol Commons Park. The competition runs from Aug. 8-10 with the awarding ceremony happening on Aug. 10, 8 p.m.


Attend a candlelit tribute show to Filipino music

THE candlelit tribute concert DILAAB will honor the legacy of Filipino songwriter Trina Belamide, featuring live performances of songs from her new book Trilogy: The Songs of Trina Belamide. The recently launched book, collects stories, lead sheets, photos, and memories from her 30 years of songwriting. The concert will be held on Aug. 9 and 10, at 6 and 8:30 p.m. at YSpace at the Yuchengco Museum, RCBC Plaza, Makati City. Tickets are priced at P2,000, with discounted prices for seniors and PWDs at P1,600 and for students at P1,000.


Enjoy the opera at Sopranong Kalbo

A NEW theater company, Teatro Meron, presents Rolando Tinio’s translation of Eugene Ionesco’s Sopranong Kalbo (The Bald Soprano), a classic of the Theater of the Absurd. Directed by Ron Capinding, it will have performances on Aug. 8 to 10 at the Rizal Minitheater of the Ateneo de Manila University in Quezon City. It stars Joel Macabenta, Miren Alvarez-Fabregas, Joseph dela Cruz, Pickles Leonidas, Goldie Soon, and Yam Yuzon. Tickets come in different categories, priced from P700 to P800 and are available at Ticket2Me.


Attend a performance of Portrait of the Artist

ARETÉ ATENEO is producing a Filipino translation of Nick Joaquin’s classic A Portrait of the Artist as Filipino, entitled Quomodo Desolata Es? The translation was written by Jerry Respeto and Guelan Varela-Luarca who is also the director. The play is set in Intramuros just before World War II and follows two sisters as they see the world change around them. It stars Gan Pangilinan, Delphine Buencamino, Omar Uddin, Vino Mabalat, and John Sanchez. There will be performances from Aug. 8 to 17 at the Hyundai Hall, Areté, Ateneo de Manila University in Quezon City. Tickets range in price from P999 to P1,499 and are available via Helixpay.


Shop for Tefal at SM Makati

TEFAL in SM Makati is offering a wide array of exclusive deals and discounts throughout the month of August. Shoppers can enjoy 20% off on kitchen tools, and those who purchase any item from the color collections will receive 30% off. Delibake products are available at 40% off. Customers who purchase any Tefal item will get the chance to play a Pachinko game for prizes. For a minimum spend of P3,500 on Tefal products, shoppers will receive a Delibake loaf pan.


Vote on the new music countdown program Vibe

MQUEST Ventures has launched TV5’s music countdown show, Vibe, where fans have the power to decide which OPM songs top the list. It gathers some of today’s young artists as the “Vibe” jocks: Dylan Menor, Elijah Canlas, Ana Ramsey, Queenay, Paulo Angeles, Kych Minemoto, Ryle Santiago, Joao Constancia, and Maxie Andreison. Its multi-platform voting system uses SMS, website, and Messenger. Radio request voting will also be facilitated via 105.7 TrueFM. The main show airs every Sunday at 6:45 to 7:45 p.m., showcasing the Top 10 Hottest Songs of the week voted by the fans, then brought to life by artists live on the “Vibe” stage. The show officially premieres on Aug. 9, with its pilot countdown episode airing on TV5.


Support a fundraising show

THE Cultural Center of the Philippines (CCP) and BOGT Philippines present fundraising performances of 13th of September on Aug. 10, before the show is brought to Monaco to represent the Philippines at the Mondial du Théâtre. BOGT Philippines has said that the critically acclaimed production has received its third invitation to an international theater festival, this after joining the festivals in Canada (2019) and Germany (2021, 2022). The 18th Mondial du Théâtre in Monaco will run from Aug. 20-27. The fundraising send-off performances (to help cover essential expenses for the delegation) will be on Aug. 10, 3 and 7 p.m., at the Tanghalang Ignacio Gimenez, Cultural Center of the Philippines, Pasay City. The tickets cost P1,000 and P800 and are available on Ticketworld.com. The 13th of September is an adaptation by three-time Palanca awardee Eljay Castro Deldoc from Lanie Robertson’s The Insanity of Mary Girard, about a woman who is committed to an asylum by her husband after she becomes pregnant by another man. It is directed by Riki Benedicto and star Andoy Ranay as Mary Girard, together with Lao Rodriguez and Drew Espenocilla.


Go to the circus at Side Show: The Musical

ONGOING until Aug. 17 at Circuit Makati’s Power Mac Center Spotlight is the Sandbox Collective’s production of Side Show: The Musical, which revolves around the life of conjoined twins and their fellow “freaks” who live in a carnival in 1930s America. The cast features Jon Santos, Tanya Manalang, Molly Langley, and Marvin Ong. Tickets are available through Ticket2me.


Listen to Mark Feist collab with Jay R

ACCLAIMED Filipino-Australian producer Mark Feist is back in the Philippines, having produced two tracks with the Philippines’ R&B King, Jay R. Their first release, “Tunay,” which dropped end of July, delivers a refreshing New Jack Swing-inspired beat paired with an R&B hook. The second one, still under wraps and coming soon, is a duet between Jay R and rising pop newcomer Shanice.


Watch horror-thriller Weapons now in cinemas

THE horror-thriller Weapons, from writer-director Zach Cregger, is now showing in Philippine cinemas. It is set in a town where an entire class of children mysteriously vanishes on the same night at exactly the same time. It stars Josh Brolin, Julia Garner, Alden Ehrenreich, Austin Abrams, Cary Christopher, Benedict Wong, and Amy Madigan. It is in regular and IMAX cinemas nationwide. It has an MTRCB rating of R-18.


Listen to Muri, Shigge EP

FILIPINO indie pop and soul artist Muri and Japanese electronic producer Shigge have released their first joint EP, SETSUNA, on all digital music platforms worldwide. Titled after a Japanese word with Buddhist origins that means “instant,” SETSUNA aims to symbolize the beauty of fleeting yet powerful moments. The cross-cultural collaboration mixes genres like neo-soul, house, and UKG with dance-infused rhythms and drum n’ bass.

Public offer of new RTBs now limited to individual investors amid strong demand

THE GOVERNMENT’S latest tranche of retail Treasury bonds (RTBs) will only be sold to individual investors starting Friday following strong demand from the market.

“Due to the significant volume of bids received, the Bureau of the Treasury (BTr) will only accept bids for individual investors starting Aug. 8 until the end of the offer period… as such, all selling agents must limit the submission of their bids for individual investors only,” the Treasury said in a notice posted on its website on Thursday.

The BTr said an individual investor is defined as “a natural person under Philippine law.”

“For this purpose, trust accounts and/or private banking arrangements representing funds of natural persons or a group of natural persons, such as but not limited to employee retirement or trust funds, provident funds, cooperatives, associations and investment management accounts, are considered individual investors…,” it added.

The Treasury will also close its exchange offer for the RTBs on Friday, it said in the same notice, a week earlier than scheduled. Holders of government bonds maturing on Sept. 9, 2025, Feb. 4, 2026, and Feb. 14, 2026 have until 4 p.m. on Friday to swap their holdings for the new retail bonds.

The government raised an initial P210 billion from via its offer of five-year retail Treasury bonds at the rate-setting auction held on Tuesday, with tenders reaching P354.175 billion.

The notes are priced at 6% per annum, payable quarterly.

The public offer period will run until Aug. 15, while settlement is on Aug. 20.

National Treasurer Sharon P. Almanza earlier said the government is aiming to raise P300 billion in fresh funding, excluding the volume generated through the bond exchange offer program.

However, they do not target to surpass the P584.86-billion record achieved in last year’s RTB issuance.

The new RTBs are available in bank branches and digital platforms including BTr’s Online Ordering Facility, the Bonds.PH app, Land Bank of the Philippines, Overseas Filipino Bank and GCash via GBonds.

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

Disney tops earnings forecasts with streaming gains

LOS ANGELES — Walt Disney posted better-than-expected quarterly results and raised its annual profit forecast on Wednesday, led by gains in the streaming business, which is expected to be the centerpiece of its growth strategy in coming years.

In the last 24 hours, the media and entertainment company entered two major deals with the National Football League (NFL) and WWE as it readies its $29.99-per-month ESPN streaming service that will give viewers access to sporting events, including the NFL and National Basketball Association.

The entertainment giant is betting that combining its Disney+, Hulu, and ESPN services into a single streaming app will fuel growth of its profitable streaming service and help offset declines in its traditional television business. The company estimates its direct-to-consumer business will generate operating income of $1.3 billion in the fiscal year that ends in September, up 30% from its original guidance.

“We’ll bundle that trio — Disney+, Hulu, and ESPN,” Disney Chief Executive Officer Bob Iger told investors, calling it “an opportunity to lower churn (and) increase engagement.” That bundle will also be offered at $29.99 as a one-year promotion.

Disney said its pivotal deal with the NFL, in which it will acquire the NFL Network and other media assets from the league in exchange for a 10% equity stake in Disney’s ESPN sports network, will allow the company to offer a more compelling experience for football fans. The deal needs regulatory approval.

The company also negotiated exclusive rights to major wrestling events, including WrestleMania and Royal Rumble in the streaming service, set to launch Aug. 21.

“Expect the earlier-than-planned launch of Disney’s ‘ESPN’ streaming service to give Disney’s direct-to-consumer (DTC) business a notable lift in revenue,” said Forrester Vice-President  Mike Proulx.

“Disney is racing full force to sign sports rights with the company’s NFL and WWE announcements. This is yet another signal that the latest battle in the streaming war is all about live sports programming.”

Nonetheless, Disney’s stock fell 3% in early trading, reflecting investor concern about the performance of the traditional television business, which saw a 28% decline in operating income.

“Investors are aware of the decline in linear TV but it was worse than expected,” said Ben Barringer, head of technology research at Quilter Cheviot. “It is an industry-wide trend and very little can be done to arrest it.”

Sports and experiences businesses dominated Thursday’s investor call, as the company expands its global theme parks and adds more vessels to its cruise line.

Chief Financial Officer Hugh Johnston said Walt Disney World posted a record third quarter. He said bookings are up 6% for the fourth quarter. — Reuters

SM Prime retains FTSE4Good Index Series spot, cites focus on climate-resilient infrastructure

A view of the 5,760 solar panels installed on the car park building roof deck at SM City North EDSA. — SMPRIME.COM

SM PRIME Holdings, Inc. said it will expand its renewable energy initiatives and climate-resilient infrastructure following its continued inclusion in the FTSE4Good Index Series.

“As we build on our ESG (environmental, social, and governance) momentum, we remain focused on scaling our renewable energy program, advancing climate-resilient infrastructure and deepening engagement with our stakeholders to future-proof our portfolio and support broader sustainability goals,” SM Prime President Jeffrey C. Lim said in a stock exchange disclosure on Thursday.

The FTSE4Good Index Series is a semi-annually reviewed index by global index and data provider FTSE Russell, a unit of the London Stock Exchange Group that periodically distributes stock market indices.

The index series assesses and measures the performance of companies demonstrating strong ESG practices.

Companies are evaluated on corporate governance, health and safety, anti-corruption, and climate change. Businesses included in the FTSE4Good Index Series meet a variety of environmental, social, and governance criteria.

“Our continued inclusion in FTSE4Good reinforces the strength of our ESG fundamentals and validates sustainability as a core pillar of long-term value creation for the SM property group,” Mr. Lim said.

The listed real estate developer said its presence in the FTSE4Good Index is aligned with its sustainability efforts as well as global ESG benchmarks.

To date, the company has ramped up the utilization and deployment of renewables, with at least 48 of its malls and properties having solar rooftop systems installed.

For instance, its latest project at SM City Fairview has a 3.785-megawatt-peak (MWp) system, which is expected to generate around 5,960 megawatt-hours per year and help reduce 4,133 tons of carbon dioxide emissions.

For the second quarter, SM Prime’s net income rose by 10% to P12.8 billion, bringing first-half earnings to P24.5 billion, up 11% from a year earlier, on the back of higher rental income, real estate sales, and ancillary revenues.

At the stock exchange on Thursday, shares in the company closed 25 centavos, or 1.05% lower, at P23.65 apiece. — Ashley Erika O. Jose

The real existential crisis

PHILIPPINE STAR/WALTER BOLLOZOS

In November 2024, we cited in our column Francis Fukuyama’s enduring insight: democracy doesn’t often fall with a dramatic crash, but erodes slowly through complacency, compromised institutions, and the quiet retreat of accountability.

That erosion of checks, of balances, and of public faith is no longer theoretical. In the Philippines today, it is playing out on two critical fronts. The first is domestic: a subtle normalization of impunity in governance, where accountability faces a bloating of obstacles. The second is external: the enduring challenge of defending our sovereignty against persistent incursions in the West Philippine Sea.

These twin crises, the enemy within and the enemy without, reflect a deeper struggle over justice, institutional integrity, and national dignity.

Few issues in recent memory have tested the architecture of public accountability more visibly than the impeachment of Vice-President Sara Duterte. The move by the House of Representatives to adopt and transmit six articles of impeachment was both extraordinary and historic. With a resounding majority, including votes from the Vice-President’s own political base in Mindanao, the lower chamber appeared to assert a clear principle: that no official, no matter how powerful, should be beyond scrutiny.

The allegations were serious: alleged misuse of confidential funds, unexplained wealth, bribery, even incitement to sedition. And yet, they remained allegations, charges that demanded fair, impartial, and expeditious adjudication.

But the Senate, constitutionally mandated to act “forthwith” on impeachment, stalled. Deliberations dragged. Timetables shifted. Political signals grew mixed. Eventually, the issue reached the Supreme Court, which declared the impeachment complaint unconstitutional, citing the “one-year bar rule” — a legal provision meant to prevent successive, potentially harassing impeachment attempts within a single year.

The July 25 ruling clarified that the complaint, as the fourth filed within a year, was inconsistent with the Constitution, and the Senate could not acquire jurisdiction over it. The Court was careful to note that it was not ruling on the merits of the allegations themselves, but only on the procedural validity of the complaint.

As a quick response the other day, Aug. 6, the Senate agreed to archive the impeachment articles. This decision is not dismissal, and therefore the Supreme Court could still act on several pending motions for reconsideration including those filed by the House of Representatives, 1Sambayan, Tindig Pilipinas, and TAMA NA. Some viewed this as a prudent step in deference to judicial authority. Others lamented it as a lost opportunity for the Senate to uphold its constitutional duty and allow the impeachment trial to unfold, transparently and fairly, in public view.

What cannot be denied is that the process ended not with resolution, but with retreat.

To be sure, due process must be respected. Vice-President Duterte has denied wrongdoing and, like all citizens, deserves the presumption of innocence. The Supreme Court’s role in safeguarding the Constitution must likewise be acknowledged. But it is equally important to reflect on what this episode reveals about the state of our institutions.

When the mechanisms of accountability are disrupted, whether by political inertia or procedural technicalities, the perception of impunity grows. And that perception, if left unchecked, becomes corrosive. Our people begin to believe that power shields, rather than obligates. That institutions protect the powerful more than they serve the public.

Such erosion is not always visible. But it is deeply felt.

Recent surveys confirm what we already sensed: 88% of Filipinos expect accountability from public officials. An overwhelming majority believe our leaders must focus on effective governance. These are not partisan demands. They are fundamental expectations in any functioning democracy.

When those expectations are unmet, democracy doesn’t explode. It quietly implodes.

No doubt, impeachment is not vengeance. It is a constitutional mechanism designed to protect the Republic. Archiving it without a trial, however legally sound the reasoning, risks sending the wrong signal: that public trust can be broken without consequence.

While institutional questions play out at home, a far more visible and alarming struggle continues to unfold beyond, and, yes, even within, our shores.

Nine years ago, in 2016, the Philippines won a decisive arbitral ruling at The Hague. That judgment invalidated China’s sweeping claims in the South China Sea including large swathes of our own exclusive economic zone (EEZ). The ruling was clear: under international law, there is no legal basis for China’s “nine-dash line.”

And yet, the harassment continues.

As we recently wrote for GlobalSource Partners, China’s Coast Guard ships regularly shadow, block, and even ram Philippine vessels. Our supply missions to the BRP Sierra Madre in Ayungin Shoal are intercepted or delayed. Filipino fishermen are driven away from traditional fishing grounds, their livelihoods jeopardized in waters the world rightly recognize as ours.

This brings us to a compelling new documentary, Food Delivery, which we watched at Rockwell on Aug. 1. It captures the everyday courage and humiliation of this struggle. It documents the Philippine military’s effort to deliver basic supplies — food and water — to soldiers stationed at Ayungin Shoal and to Filipino fishermen near Scarborough. These are not combat operations. These are acts of sustenance and sovereignty.

The footage is harrowing. We see unarmed boats pursued by far larger Chinese vessels. We hear stories of water cannons, starvation rations, and days spent evading Chinese blockades.

The film offers no overt argument. But it forces the viewer to ask: How can a sovereign nation, with a favorable international ruling, be prevented from feeding its own soldiers in its own maritime zone?

The answer, of course, is geopolitical reality. China’s rejection of the ruling has never wavered. Its strategy is to establish control not through legal victory, but through persistent physical presence. That presence in the form of flotillas, reclamation, and militarization seeks to normalize occupation by exhausting Filipino resistance.

In his time, British-American journalist Felix Greene (The Enemy, 1971) warned of the dangers of “satellization” when powerful nations extend influence not through war, but through economic and political encirclement. In today’s context, it is not the United States but China whose actions mirror that cautionary tale.

The deeper crisis is not just the violation of our waters, but the normalization of such violation.

We proudly mark Independence Day with grand speeches. We cite the 2016 arbitral victory in diplomatic forums. Yet on the sea itself, our sovereignty is tested daily not by declarations, but by confrontations.

The parallels between the institutional and the geopolitical crises are hard to miss.

In both the archiving of the impeachment case and the slow erosion of maritime control, we see a tendency to defer, to delay action, and to prioritize caution over courage. In both, we, Filipinos bear the cost: the public servant denied due resolution, the soldier left with dwindling rations, the fisherman returning with empty nets.

These are not just policy failures. They are moral tests.

When we treat accountability as optional, we erode the rule of law. When we accept foreign intimidation as inevitable, we diminish national dignity. In the process, we reduce what it means to be a democratic republic.

And the consequences are not abstract, they are real. A weakened rule of law affects investor confidence, dampens innovation and productivity, and undermines economic growth. Our failure to stand firm in defending our seas affects not only our security, but also our food security and our regional credibility. The compulsion is to protect, and not to gamble, the future of our next generation.

The President now faces a delicate balancing act: upholding our sovereign rights against Chinese encroachment while managing relationships with strategic allies. His principled stance in the West Philippine Sea deserves support, especially as it asserts our rights without needlessly provoking conflict. But that stance must be matched by consistency in rhetoric, in diplomacy, and in material support for our frontliners.

Democracy, like sovereignty, requires active defense. Both need institutions that do not waver when tested. They need citizens who remain engaged, and leaders who prioritize the Republic above themselves and their political commitments.

Ultimately, the question is not whether we support or oppose a particular leader. It is whether we still believe that law binds power. That the sea is not just water, but patrimony. That justice is not just a slogan, but a duty.

Our Republic is still struggling. But our struggles are no excuse for weakness. Struggles should toughen us up, and not enfeeble us. We need to strengthen our institutions so that when crises come, they do not collapse under the weight of convenience or coercion.

The impeachment case may be archived, but the question of accountability remains. The sea may be patrolled by foreign ships, but the duty to defend it continues.

As citizens, we say no to cynicism. We demand justice, we insist on sovereignty, and we remind our leaders that the strength of a nation is measured not by force, but by the resolve to do what is right even when it is difficult and a lonely cause.

Because when we stop fighting for accountability and sovereignty, we stop being a nation.

And that is the real existential crisis we must confront.

 

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

Peso rebounds to P56 level on Fed easing bets, PHL GDP data

BW FILE PHOTO

THE PESO jumped back to the P56 level on Thursday as the dollar was broadly weaker on bets of monetary easing by the US Federal Reserve and as Philippine gross domestic product (GDP) growth picked up in the second quarter.

The local unit closed at P56.97 versus the dollar, appreciating by 50.5 centavos from its P57.475 finish on Wednesday, Bankers Association of the Philippines data showed.

This was its best finish in two weeks or since its P56.65 close on July 24.

The peso opened Thursday’s session stronger at P57.33 against the dollar. Its worst showing was at just P57.35, while its intraday best was at P56.97 against the greenback.

Dollars exchanged rose to $2.71 billion on Thursday from $2.49 billion on Friday.

The dollar was generally weaker on Thursday amid heightened expectations of Fed rate cuts, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“The dollar-peso closed lower… on still dovish Fed bets and stronger-than-expected local GDP,” a trader said in a phone interview.

The US dollar remained lower against major peers on Thursday, with expectations of easier policy from the Federal Reserve stoked both by some disappointing macroeconomic indicators – not least Friday’s payrolls report — and US President Donald J. Trump’s move to install new picks on the Fed board that are likely to share his dovish views on monetary policy, Reuters reported.

Focus is centering on Mr. Trump’s nomination to fill a coming vacancy on the Fed’s Board of Governors and candidates for the next chair of the central bank, with current Chair Jerome H. Powell’s tenure due to end in May.

The dollar index, which gauges the currency against the euro, sterling and four other counterparts, eased 0.2% to 98.031, extending a 0.6% drop from Wednesday.

Meanwhile, the Philippine economic grew by an annual 5.5% in the April-to-June period, slightly faster than the 5.4% growth in the previous quarter. However, this was slower than the 6.5% expansion in the same quarter last year.

This matched the 5.5% median forecast in a BusinessWorld poll of 17 economists and the lower end of the government’s 5.5%-6.5% growth target for this year.

For the first half, GDP growth averaged 5.4%, slightly below the government’s goal.

For Friday, the trader sees the peso moving between P56.80 and P57.20 per dollar, while Mr. Ricafort expects it to range from P56.85 to P57.15. — Aaron Michael C. Sy with Reuters

Groundbreaking Latin jazz pianist-composer Eddie Palmieri, 88

The photo of Eddie Palmieri used in the announcement of his death on his Facebook page. — FACEBOOK.COM/EDDIEPALMIERI

EDDIE PALMIERI, a Grammy-celebrated pianist, composer and bandleader widely recognized as a leading figure in the Latin jazz and salsa music scene, died on Wednesday at his home in New Jersey, according to his Facebook page. He was 88.

No cause of death was given.

Born in the Spanish Harlem section of Upper Manhattan to Puerto Rican parents, Mr. Palmieri began studying piano as a youngster and made his musical debut performing at Carnegie Hall at age 11.

Two years later, he grew fascinated with percussion and joined his uncle’s Latin jazz orchestra on timbales at age 13, but soon switched again to piano and never looked back, according to a biography posted on AllMusic.com.

Still, his early infatuation with percussion went on to inform his dazzling, thunderous piano style, and compositions that transcended the boundaries of Afro-Caribbean music, jazz, funk and soul.

As described by AllMusic, his technique as a pianist incorporated bits and pieces from contemporaries ranging from McCoy Tyner to Herbie Hancock and recycled them through a dynamic, Latin groove.

“His approach can be compared to Thelonious Monk’s for its unorthodox patterns, odd rhythms, sometimes disjointed phrases and percussive effects played in a manner that is always successfully resolved,” AllMusic wrote.

In 1961, Mr. Palmieri founded the ensemble La Perfecta, redefining salsa by introducing trombones in place of trumpets for a deeper, heavier brass sound that became his signature. The band’s self-titled debut album is universally regarded as a Latin music classic.

His 1965 album Azucar Pa’ Ti (Sugar for You) became a dance-floor favorite and Mr. Palmieri’s most successful release. It was added to the US National Recording Registry by the Library of Congress in recognition of its cultural significance.

Mr. Palmieri’s 1971 album Harlem River Drive, also the name of his second band, showcased a genre-crossing, politically charged collection of songs blending Latin jazz, funk, and soul that is still considered a hallmark of musical activism.

That same year, he also recorded the album Vámonos Pa’l Monte (Let’s Go to the Mountain), featuring his older brother, Charlie Palmieri, playing organ. His elder sibling, known as the “Giant of the Keyboards,” died in 1988.

Other groundbreaking releases from among a body of work spanning seven decades include the albums Justicia Sun of Latin Music (1974) and The Truth: La Verdad (1987).

Mr. Palmieri is the recipient of 10 Grammy Awards, the National Endowment of the Arts’ Jazz Master Award and a lifetime achievement award from the Latin Academy of Recording Arts and Sciences, among other accolades. — Reuters

Filinvest Land Q2 income falls 9.9% on softer property sales

FILINVEST.COM

GOTIANUN-LED property developer Filinvest Land, Inc. (FLI) saw a 9.9% drop in attributable net income for the second quarter (Q2) to P909.29 million from P1.01 billion a year earlier due to lower real estate sales.

April-to-June consolidated revenue improved by 1.4% to P6.17 billion from P6.09 billion a year ago, FLI said in a regulatory filing.

Real estate sales declined by 5% to P3.78 billion, while rental services rose by 6.6% to P2.04 billion from P1.91 billion.

For the first half, FLI said its attributable net income declined by 3.7% to P1.81 billion from P1.88 billion a year earlier as total costs and expenses increased by 9% to P9.72 billion.

Consolidated revenue rose by 6% to P12.21 billion.

Real estate sales grew by 1.3% to P7.5 billion on steady collections, ongoing project completions, and contributions from industrial lot sales.

In its residential business, FLI said the middle-income segment contributed 70% of total residential revenues in the first half.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) grew by 2% to P2.7 billion.

Leasing revenue rose by 12% to P4.1 billion on steady demand across the company’s office and retail portfolios.

Office rental revenue climbed by 8% to P2.48 billion, led by new tenant sign-ups and an 11% increase in occupied gross leasable area (GLA), bringing total occupied space to 398,000 square meters (sq.m.).

Retail leasing revenue rose by 11% to P1.32 billion due to stronger performance of assets such as Festival Mall, Il Corso in Cebu, Main Square in Bacoor, Fora Mall in Tagaytay, and Filinvest Malls Dumaguete.

In the second quarter, FLI said over 8,000 sq.m. of tenant GLA began operations, while over 10,000 sq.m. were signed for new leases.

The total operational GLA of the company’s retail portfolio stood at 257,170 sq.m.

FLI said its industrial business contributed P153 million in revenue for the first half, of which P133 million came from the sale of an industrial lot, while P20 million came from recurring rental income.

All nine ready-built factories in the Filinvest Innovation Parks in Calamba and New Clark City are now fully leased, with a total GLA of 21,956 sq.m.

“Our focused efforts on targeted rent strategies and tighter cost controls have proven effective in boosting both occupancy and EBITDA, supporting the steady growth of our leasing business,” FLI President and Chief Executive Officer (CEO) Tristaneil D. Las Marias said.

“We are optimistic that the upcoming openings of Filinvest Malls in Cubao and in Mimosa Leisure Estate in Clark will further drive this momentum. At the same time, we continue to push our residential developments in Visayas, Mindanao, and non-NCR Luzon regions, where we are seeing sustained demand,” he added.

In a separate disclosure, FLI’s real estate investment trust Filinvest REIT Corp. (FILRT) said it posted an 8.3% increase in first-half net income to P651 million as revenue climbed by 13% to P1.57 billion due to improvements in operations and the addition of Festival Main Mall to its portfolio.

FLI previously transferred the ownership of the main mall building of Festival Mall in Alabang to FILRT. The mall began contributing to FILRT’s revenue stream on May 29.

With the additional asset, FILRT’s portfolio size increased by 37% in terms of GLA to 452,310 sq.m.

“We are pleased to have infused a value-adding asset to our portfolio through Festival Main Mall,” FILRT President and CEO Maricel Brion-Lirio said.

“Having this momentum, we look forward to adding more assets and diversifying our tenant base to further the growth of the company,” she added.

On Thursday, FLI shares were unchanged at 82 centavos apiece, while FILRT stocks dropped by 0.29% or one centavo to P3.48 per share. — Revin Mikhael D. Ochave