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Pope Francis spent final day working, despite doctors’ orders

 – After spending more than five weeks in hospital for a bout of double pneumonia, doctors told Pope Francis he needed two months’ rest – but the leader of the world’s 1.4 billion Catholics kept working right to the end.

On Easter Sunday, the day before his death aged 88, Francis made his first prolonged public appearance since February, entering St. Peter’s Square in a white popemobile to greet cheering crowds.

And for only the second time since leaving hospital on March 23, the pope also met on Sunday with foreign leaders, welcoming U.S. Vice President JD Vance to his residence for a brief encounter.

“I was happy to see him yesterday, though he was obviously very ill,” Vance wrote on X. “May God rest his soul.”

Croatian Prime Minister Andrej Plenkovic and his family also had a brief meeting with Francis on Sunday.

“It was a brief moment, but profoundly touching, a meeting of kindness, smiles, and blessing,” Mr. Plenkovic said in a statement on Monday.

For someone in convalescence after a prolonged illness, Francis was working himself hard.

Cardinal Michael Czerny, a senior Vatican official who was close to Francis, said he did not think Francis pushed himself irresponsibly, and needed to move about.

“Absolute rest isn’t healing,” Mr. Czerny said. “He balanced convalescence with his being the Bishop of Rome.”

Mr. Czerny said the pope was devoted to his work leading the world’s Catholics.

Citing an instruction Francis often gave Catholic bishops to make sure they were close to their flocks, Czerny said: “He died with the smell of the sheep on him.”

Austen Ivereigh, a biographer of Francis who also wrote a book with the pope in 2020, said the pontiff “listened carefully to his doctors’ advice but his first priority was his mission of presence.”

Pope Francis, said Mr. Ivereigh, was “a master of timing.”

“He made sure we had a pope for Easter and kept up his mission of presence to the last,” said the biographer.

During his time in hospital, Francis had suffered severe breathing crises, which his doctors later said had nearly killed him. The Vatican said on Monday evening that the pope had died of a stroke and subsequent, irreversible cardiovascular arrest.

Cardinal Kevin Farrell, announcing the death on the Vatican’s TV channel earlier on Monday, said Francis had died at 7:35 a.m. (0535 GMT).

 

A FINAL FEW WORDS

Since returning from hospital, Francis had 24-hour care from a nurse, the Vatican said previously. The pope was receiving oxygen via a small hose under his nose overnight, and during the day as needed.

During his stay in hospital, the pope also used non-invasive mechanical ventilation, involving the placement of a mask over his face to help push air into his lungs. He was no longer using ventilation after leaving hospital, the Vatican said.

In his last public appearance on Sunday, Francis said only a few words, wishing a happy Easter in a raspy voice to about 35,000 people gathered in St. Peter’s Square.

In a traditional Easter message, read by an aide, Francis reiterated his frequent call for a ceasefire in Gaza, calling the humanitarian situation in the enclave “deplorable”.

The pope also called on Palestinian militant group Hamas to release its remaining hostages and condemned what he said was a “worrisome” trend of antisemitism in the world.

Father Gabriel Romanelli, from the Gaza parish the pope called regularly during the Israel-Hamas war, told Vatican News: “The pope called us for the last time on Saturday evening, shortly before the Easter Vigil began, while we were praying the Rosary. He told us that he was praying for us, he blessed us, and he thanked us for our prayers in his favor.”

As he toured the square in his popemobile on Sunday, people lined the aisles to get close to him, many holding aloft national flags and shouting “viva il papa!” (long live the pope!). Some offered babies for him to bless.

Italy’s Family Affairs Minister Eugenia Roccella said Francis had given his all, to the end.

The pope, she said in a statement, “chose not to spare himself, transmitting in his suffering, physical closeness, a message about his whole papacy.” – Reuters

Tariff deal talks to dominate IMF-World Bank meetings

THE International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S. — REUTERS

WASHINGTON – Hundreds of global finance leaders will descend on Washington this week, each with a singular mission: Who can I talk with to cut a trade deal?

The semi-annual gatherings of the International Monetary Fund and World Bank Group are bustling affairs with high-level multilateral policy talks, but also one-on-one meetings between finance ministers eager to broker deals on things like project financing, foreign investment back home and, for poorer economies, debt relief.

This year, rather than policy coordination on climate change, inflation and financial support for Ukraine’s struggle against Russia’s invasion, one issue will dominate: tariffs.

More specifically, how to get out from under – or at least minimize – the pain from US President Donald Trump’s unprecedented barrage of steep import taxes since his return to the White House in January.

And the focus may be largely on one man, new US Treasury Secretary Scott Bessent, who is Trump’s lead negotiator for tariff deals and whose support for the IMF and World Bank remains a question mark.

“Trade wars will dominate the week, as will the bilateral negotiations that nearly every country is trying to pursue in some way, shape or form,” said Josh Lipsky, senior director of the Atlantic Council’s GeoEconomics Center. “So this becomes a Spring Meetings unlike any others, dominated by one single issue.”

‘NOTABLE MARKDOWNS’

Trump’s tariffs are already darkening the IMF’s economic forecasts, due to be released on Tuesday, which will put more pressure on developing country debt burdens.

IMF Managing Director Kristalina Georgieva said last week that the World Economic Outlook’s growth projections will include “notable markdowns but not recession,” largely due to “off the charts” uncertainty and market volatility caused by the tariff turmoil.

Although Georgieva said the world’s real economy continues to function well, she warned that increasingly negative perceptions about the trade turmoil and concerns about recession could slow economic activity.

Lipsky said a potential new challenge for policymakers is whether the dollar will still be a safe haven asset, after Trump’s tariffs sparked a sell-off in US Treasury debt.

The IMF and World Bank meetings, along with a sideline gathering of Group of 20 finance leaders have proved crucial forums for coordinating forceful policy actions in times of crisis, such as the COVID-19 pandemic and the 2008-2009 global financial crisis.

This time, with trade ministers in tow, delegations will be aiming to shore up their own economies first, policy experts say.

“The focus of these meetings in the past couple of years, which has been heavily on multilateral development bank reform and to some extent on strengthening the sovereign debt architecture, will fall by the wayside,” said Nancy Lee, a former US Treasury official who is a senior policy fellow at the Center for Global Development in Washington.

BESSENT TARIFF TALKS

Japan, pressured by Trump’s 25% tariffs on autos and steel and reciprocal tariffs on everything else that could hit 24%, is particularly keen to sew up a US tariff deal quickly.

With talks more advanced than those of other countries and participation by Trump, Japanese Finance Minister Katsunobu Kato is expected to meet with Bessent to resume the negotiations on the sidelines of the IMF and World Bank gathering.

South Korean Finance Minister Choi Sang-mok also accepted an invitation from Bessent to meet this week to discuss trade, Seoul’s finance ministry said as the export-dependent US ally seeks to delay implementation of 25% tariffs and cooperate with the US on areas of mutual interest such as energy and shipbuilding.

But many participants in the meetings have questions over the Trump administration’s support for the IMF and the World Bank. Project 2025, the hard-right Republican policy manifesto that has influenced many of Trump’s decisions to reshape government, has called for the US to withdraw from the institutions.

“I really see a key role for Secretary Bessent in these meetings to answer some very basic questions,” Lee said. “First and foremost, does the US view support for MDBs (multilateral development banks) as in its interest?” Lee said.

US FINANCIAL SUPPORT

World Bank President Ajay Banga said last week that he has had constructive discussions with the Trump administration, but he did not know whether it would fund the $4 billion US contribution to the bank’s fund for the world’s poorest countries pledged last year by former president Joe Biden’s administration.

Banga also is expected to expand this week on the bank’s energy financing pivot from primarily renewables to include nuclear and more gas projects and a shift towards more climate adaptation projects — a mix more in line with Trump’s priorities.

Bessent did back the IMF’s new, $20 billion loan program for Argentina, traveling to Buenos Aires last week in a show of support for the country’s economic reforms and saying the US wanted more such alternatives to “rapacious” bilateral loan deals with China.

Three former career Treasury officials who later represented the US on the IMF executive board called the Fund “a great financial deal for America.”

Meg Lundsager, Elizabeth Shortino and Mark Sobel said in an opinion piece published in The Hill newspaper that the IMF offers the US, the dominant shareholder, substantial economic influence at virtually zero cost.

“If the US steps back from the IMF, China wins,” they wrote. “Our influence allows us to shape the IMF to achieve American priorities.” — Reuters

Marcos describes Pope Francis as “best pope in my lifetime”

Catholic faithful pray the rosary for Pope Francis inside the Immaculate Conception Cathedral of Cubao in Quezon City on Monday. Pope Francis died at the age of 88 on Monday, April 20. -- PHOTO BY MIGUEL DE GUZMAN, The Philippine Star

MANILA – Philippine President Ferdinand Marcos Jr on Monday described Pope Francis as the “best pope in my lifetime,” as he expressed deep sorrow over his passing.

“A man of profound faith and humility, Pope Francis led not only with wisdom but with a heart open to all, especially the poor and the forgotten,” Marcos, 67, said in a post on Facebook.

Church bells tolled across Manila on Monday following the news of Pope Francis’ death, a sombre tribute in one of the world’s largest Catholic countries. Nearly 80% of Filipinos identify as Roman Catholic, a legacy of Spanish colonisation in the Philippine archipelago for more than 300 years.

The Pope last visited the Philippines in 2015 drawing a record crowd of up to seven million people during a historic mass in the capital.

His journey included a visit to Tacloban, where he met with survivors of Typhoon Haiyan, the deadliest storm in Philippine history. During that papal visit, a volunteer, Kristel Padasas, died in an accident. Her father, Jun Padasas was heartbroken upon learning of Francis’ death.

“He is now in God’s hands. He feels no more pain and is in a better place,” he said in a phone message. “I spoke to my daughter’s picture while lighting a candle at her altar and said, ‘Pope Francis is gone. Welcome him there.'” — Reuters

BoP position swings to $2-B deficit

US dollar banknotes are seen in this illustration taken July 17, 2022. — REUTERS

By Luisa Maria Jacinta C. Jocson, Senior Reporter

THE country’s balance of payments (BoP) position swung to a $2-billion deficit in March, the Bangko Sentral ng Pilipinas (BSP) said on Monday.

Central bank data showed the BoP posted a deficit of $1.97 billion in March, a reversal from the $3.09-billion surplus in February and the $1.17-billion surfeit in the same month a year ago.

The BoP measures the country’s transactions with the rest of the world. A deficit indicates more funds exited the Philippines while a surplus means more money entered the country than left.

Philippines: Balance of Payments (BoP) Position“The BoP deficit reflected the National Government’s (NG) drawdowns on its foreign currency deposits with the BSP to meet its external debt obligations, as well as the BSP’s net foreign exchange operations,” the central bank said.

Latest data from the BSP showed the Philippines’ outstanding external debt rose by 9.8% to $137.63 billion as of end-December 2024 from a year prior.

This brought the external debt-to-gross domestic product (GDP) ratio to 29.8% at the end of 2024 from 28.7% at end-2023.

In the first quarter, the country’s BoP position registered a $2.96-billion deficit, also a reversal from the $238-million surplus in the same period a year ago.

“Based on preliminary data, the year-to-date deficit reflected mainly the widening trade in goods deficit,” the BSP said.

Latest data from the local statistics authority showed the trade-in-goods deficit widened by 4.6% to $8.28 billion in the January-February period from the $7.91-billion gap last year.

“This decline was partly muted, however, by the continued net inflows from personal remittances, foreign direct investments, and foreign borrowings by the NG,” it added.

At its end-March position, the BoP reflected a final gross international reserve (GIR) level of $106.7 billion, lower than $107.4 billion as of end-February.

Despite this, the BSP said the latest GIR provides a “robust external liquidity buffer.”

“Specifically, the latest GIR level ensures availability of foreign exchange to meet balance of payments financing needs, such as for payment of imports and debt service, in extreme conditions when there are no export earnings or foreign loans,” it added.

The dollar reserves were enough to cover 3.6 times the country’s short-term external debt based on residual maturity.

It was also equivalent to 7.4 months’ worth of imports of goods and payments of services and primary income.

An ample level of foreign exchange buffers safeguards an economy from market volatility and is an assurance of the country’s capability to pay debt in the event of an economic downturn.

John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, said the shift to a deficit position is due to several factors, such as the wider trade deficit amid higher imports.

He also cited the “larger debt service payments, or forex (foreign exchange) operations by the BSP to manage (peso) volatility.”

“It’s also possible that earlier inflows such as borrowings, remittances, or investment-related receipts moderated in March,” Mr. Rivera said.

“This underscores the sensitivity of the Philippines’ external position to global market movements and domestic financing needs. Moving forward, careful management of external debt and trade competitiveness will be crucial to maintaining external stability.”

This year, the BSP expects the country’s BoP position to end at a $4-billion deficit, equivalent to -0.8% of gross domestic product.

In 2024, the BoP position stood at a surplus of $609 million, plunging by 83.4% from the $3.672-billion surplus as of end-2023.

CAAP hikes terminal fees for air passengers

Passengers line up for the check-in counter at the Ninoy Aquino International Airport (NAIA) Terminal 3 in this file photo. — PHILIPPINE STAR/RYAN BALDEMOR

AIR PASSENGERS will have to pay higher terminal fees starting April 21 as the Civil Aviation Authority of the Philippines (CAAP) approved the collection of new passenger service charge (PSC) and other fees at its airports.

In Memorandum Circular 019-2025, CAAP Director General Raul L. Del Rosario said the PSC, also known as terminal fees, will be raised to P900 ($17) for international flights from P550 currently. This will be applied to air passengers departing from international airports as well as principal class 1 and 2 airports.

For domestic flights, the PSC is set at P350 if the passenger is departing from an international airport. It is set at P300 if departing from a principal class 1 airport; P200 for those departing from a principal class 2 airport; and P100 for those leaving via community airports.

The PSC for all domestic flight passengers is currently at P200.

“Any passenger refusing or failing to pay the required passenger service charge shall be prevented from boarding the aircraft,” the circular stated.

However, children under two years old at the time of departure, transit passengers, and passengers who were denied entry do not have to pay the PSC.

Overseas Filipino workers departing via international flights are also exempted from the PSC.

In a statement, the CAAP said the increase in the decade-old PSC was primarily adjusted based on inflation from 2015 to present.

“The adjustment supports CAAP’s efforts to enhance passenger experience and improve airport facilities and operations,” it said.

The new fees will be implemented in CAAP-operated airports starting April 21.

Privately-operated airports such as Ninoy Aquino International Airport (NAIA), Mactan-Cebu International Airport, Clark International Airport, and Caticlan Airport will not be covered by the higher fees laid out in the circular.

New NAIA Infra Corp., which took over the operations of the country’s main gateway last year, will raise the PSC to P950 for foreign departures and P390 for domestic passengers in September this year.

Sought for comment, Nigel Paul C. Villarete, senior adviser on public-private partnerships at the technical advisory group Libra Konsult, Inc, said the increase in airport fees is appropriate and timely, noting that CAAP should have a more commercial approach towards aviation services.

“Airport services should not be subsidized, when airplane fares are not,” Mr. Villarete said in a Viber message on Monday.

“Airports should be empowered to be self-sufficient not only for operations but for future expansion as well,” he added.

Aside from terminal fees, CAAP set new landing and take-off fees that are based on the maximum take-off weight (MTOW) of the aircraft.

“Aircraft that operate at CAAP-operated airports shall be levied with appropriate fees and charges for the use of various facilities such as runways, taxiways, apron areas and lighting facilities,” the circular stated.

For international flights, the minimum fee is $260 for an aircraft weighing up to 50,000 kilograms.

For domestic flights, a minimum rate is P54 per 500 kilograms for an aircraft weighing up to 50,000 kilograms.

Meanwhile, the CAAP circular also set “lighting charges,” which means an aircraft that lands and takes off between 6 p.m. and 6 a.m. will be imposed an additional 15% of the applicable landing and take-off charges.

An aircraft that parks between 6 p.m. and 6 a.m. will be imposed an additional 15% of applicable parking charges.

The CAAP also set aircraft parking fees, based on the maximum take-off weight and the number of hours parked.

For international flights, the first two hours are free, after which $30 is charged for the first 30 minutes. The subsequent rates ranging from $4.60 to $8.70 per half hour will depend on the aircraft’s MTOW.

Aircraft for domestic flights, on the other hand, will have one-hour free parking, after which the first half hour will be at P364. Rates for the additional half-hour range from P36 to P97 depending on the MTOW.

The CAAP also imposed a “tacking” fee for aircraft using loading bridges. For international flights, the fee is $30 per tube per hour, while the rate is P1,300 per tube per hour for domestic flights.

The memorandum circular was signed on April 4 and submitted to the University of the Philippines Law Center on April 7. It will take effect 15 days after the publication in two newspapers. — A.E.O.Jose

Tariff uncertainty clouds PHL growth outlook

Dark clouds hover over Metro Manila in this file photo. — PHILIPPINE STAR/MIGUEL DE GUZMAN

THE University of Asia and the Pacific (UA&P) trimmed its first-quarter Philippine growth forecast amid worries over US President Donald J. Trump’s aggressive tariff policy.

In its latest The Market Call, UA&P said it cut its first-quarter gross domestic product (GDP) projection by 0.2% to 6%.

“Uncertainty surrounding Trump’s tariffs have mildly lowered our Q1-2025 GDP forecast to 6%,” it said.

If realized, this would be slightly faster than the revised 5.9% expansion in the January-to-March period last year.

Finance Secretary Ralph G. Recto and National Economic and Development Authority Secretary Arsenio M. Balisacan both expect first-quarter GDP growth to have settled at 6%.

The Philippine Statistics Authority will release first-quarter GDP data on May 8.

Mr. Trump disrupted the global trade system with his “Liberation Day” tariffs, including a 10% duty on goods from all countries.

The Philippines has been hit with 17% tariffs on its exports to the US but these, along with most of the reciprocal tariffs, have been suspended for 90 days.

However, global uncertainty remains elevated amid Mr. Trump’s erratic tariff policies and retaliatory measures by China and the European Union.

UA&P noted election spending could provide a “hefty boost” to the economy. The midterm elections are scheduled for May 12.

“Strong infrastructure spending in Q1 should see a softening in Q2 when election-related restrictions would mostly play out,” it added.

However, National Government spending “may modestly slow down (in the second half) as what happens during election years but still add to positivity.”

UA&P noted that slowing inflation and further rate cuts by the Bangko Sentral ng Pilipinas (BSP) could boost the economy.

“Below-target inflation of 1.8% year on year in March and sharp declines in crude oil and rice prices, slower GDP growth in the second half of 2024 should coax BSP to make another 25-bp rate cut in June and stimulate more consumer and investment spending,” UA&P said.

In the first quarter, inflation averaged 2.2%, well within the 2-4% target range of the central bank.

The BSP on April 10 cut rates by 25 bps to 5.5% from 5.75% previously.

“With the plunge in crude oil prices amid an expected global economic slowdown and abundant supply and lower international rice prices, inflation will likely average 2.2% in Q2 and Q3,” UA&P said.

“Thus, we expect BSP to cut its policy rates by another 25 bps in June regardless of what the Fed does,” UA&P said. — A.R.A.Inosante

UBS sees Philippines as ‘safe haven’ amid trade war

MANILA INTERNATIONAL CONTAINER TERMINAL — ICTSI.COM

THE IMPACT of global trade uncertainties amid sweeping retaliatory tariffs on the Philippines will likely be minimal enough that it is not cause for concern, UBS Investment Bank said.

“We maintain our view that the Philippines’ direct and indirect exposure to trade and global gross domestic product (GDP) growth remains negligible,” UBS Senior ASEAN (Association of Southeast Asian Nations) and Asia Economist Grace Lim and analyst RJ Aguirre said in a commentary.

“This market may be considered a relative safe haven in the face of the ongoing trade war and global recessionary risks,” they added.

Countries have been scrambling to forge agreements, negotiate lower tariffs or even retaliate against the United States after President Donald J. Trump slapped a minimum 10% tariff on the majority of its trading partners.

However, Mr. Trump suspended the higher reciprocal tariffs for 90 days starting April 9.

The Philippines’ 17% reciprocal tariff is the second lowest in Southeast Asia, just after Singapore’s baseline 10% rate.

The UBS economists project a “significant growth downside” of around 50 basis points (bps) to 100 bps globally and a 30-bp to 120-bp drag on the region from the tariffs.

They noted the impact to the Philippines will be among the lowest in the region (30 bps), “as the risks appear to be comparatively smaller given the domestic-oriented nature of the economy.”

The UBS economists said the Philippines is among the least exposed to the US in terms of goods exports in the region, accounting for about 2% of GDP.

“The country’s total trade-to-GDP ratio is at (around) 66%, which shows that the country is still exposed if a broader global slowdown were to take place.”

On the other hand, the Philippine economy will likely be supported by expectations of further rate cuts and easing inflation this year, the UBS economists said.

“Our expectation of three more rate cuts this year and low inflation (2.4%) could be a boon to this market,” they said.

UBS projects the Bangko Sentral ng Pilipinas (BSP) to cut rates again at the Monetary Board’s policy meetings in August, October and December, in step with the US Fed.

The central bank resumed its rate-cutting cycle earlier this month, delivering a 25-bp cut to bring the key rate to 5.5%.

The BSP also this month slashed its risk-adjusted inflation forecasts to 2.3% in 2025 from 3.5% previously and to 3.3% in 2026 from 3.7%.

SUPPLY CHAINS
In a separate commentary, Moody’s Senior Director Choon Hong Chua flagged the impact of the anticipated supply chain disruption on the Asia-Pacific.

“Exporters in the Asia-Pacific region will bear the brunt of the recent developments as they now face increased costs and uncertainty in bringing their products to the US market,” he said.

“Exporters could face a decline in US demand, loss of competitive edge and shrinking market share should they increase consumer costs to cushion the impact of tariffs.”

The tariffs will put “immense” pressure on revenues, Mr. Chua said, pointing out that these will be even more damaging for “those who are unable to pivot swiftly to new markets.”

“A diminished access to the US market for companies that also serve Asia and Europe could have a domino effect on supply-chain disruptions that could destabilize businesses,” he added.

Mr. Chua advised exporters to study and analyze their supply chain and third-party businesses.

This would “enhance risk resilience that can be the difference between being caught off guard by a supply chain breakdown and being able to manage potential disruptions proactively.”

“Supply-chain visibility and agility are crucial for resilience amid tariffs and other shocks. Businesses that adapt quickly to changing trade landscapes and mitigate risks will better navigate uncertain times.” — Luisa Maria Jacinta C. Jocson

MacroAsia Corp. to conduct virtual Annual Stockholders’ Meeting on May 15

 


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Maalaala Mo Kaya returns as a limited series

CHARO SANTOS-CONCIO in the teaser for the new season of MMK.

THE popular drama anthology series Maalaala Mo Kaya, which has depicted true-to-life Filipino stories for over 30 decades on television, is back as a limited series on streaming platform iWantTFC.

Often referred to by the abbreviation MMK, the show’s new season will consist of 13 episodes, one airing each week starting April 24.

Its last run concluded in 2022.

Charo Santos-Concio, the series’ iconic host, hopes that this edition will “resonate with both younger audiences and longtime viewers.”

Masyado akong nalungkot noong nag-last-day taping kami two and a half years ago (I was so sad on our last day of taping [of the series] two and a half years ago),” she told press at the sidelines of the Film Development Council of the Philippines’ (FDCP) Parangal ng Sining on April 11.

Ms. Santos-Concio was there to receive a Lifetime Achievement award for her impactful contributions as an actress-producer.

She said that MMK is “one of the many things she is proud of in her career.”

One of the first episodes of the upcoming season will feature the inspiring story of Sofronio Vasquez III, the Filipino who won the recent season of reality singing competition The Voice USA.

Another episode will depict the story of one of the members of the P-pop girl group BINI.

“I manifested that the show will be back,” Ms. Santos-Concio said. “In my heart, sabi ko isang araw bibigyan ako ng pagkakataon muli na maglahad ng magagandang kwento ng ating mga kapwang Pilipino (I said that one day I’ll be given the chance again to share the wonderful stories of our fellow Filipinos).”

KEEPING BUSY
Alongside taping MMK episodes, Ms. Santos-Concio has been busy working on the action-drama series FPJ’s Batang Quiapo, where she plays Tindeng.

She will also return to the big screen this year, in the upcoming Star Cinema drama Only We Know. Based on a short teaser released early in April, it appears that she and Dingdong Dantes will have a May-December romance in the film.

“It’s a story about love. That’s all I can say about it,” she told the press. “Dingdong is very professional. It’s a joy to work with him.”

In her acceptance speech for the Lifetime Achievement award, Ms. Santos-Concio recalled her days as a movie fan who also loved to listen to radio dramas and read Liwayway magazine.

Nakatulong iyon sa pagkahubog sa akin na magbigay ng mga kwento na magugustuhan ng mga manonood. (It all helped shape me into someone who can relay stories that will be enjoyed by viewers),” she said.

Her career as an actress and producer has spanned the arthouse films of the Experimental Cinema of the Philippines, the mainstream movies of Regal Entertainment, the big-budgeted films of Bancom Audiovision, the small indies of her own production house Vision Films, and her previous executive role at media company ABS-CBN.

Maalaala Mo Kaya will begin streaming episodes weekly on iWantTFC starting April 24. It will also air on Kapamilya Channel, Kapamilya Online Live, and A2Z on Saturdays at 8:30 p.m., starting April 26. — Brontë H. Lacsamana

ICTSI eyes growth in Brazil with new acquisition

ICTSI.COM

INTERNATIONAL CONTAINER Terminal Services, Inc. (ICTSI) is set to expand its operations and capacity in Brazil after acquiring a stake in a marine property in Rio de Janeiro.

The listed port operator, through its wholly owned subsidiary ICTSI Americas B.V., has acquired a 47% interest in FII Inhaúma (Inhaúma Fundo de Investimento Imobiliário – FII), which holds perpetual rights to a property where ICTSI plans to develop a terminal, ICTSI said in a regulatory filing on Monday.

ICTSI said FII Inhaúma’s property is adjacent to its Rio Brazil terminal. The property spans approximately 32 hectares of an inactive shipyard, which will be used by the port operator to expand its capacity for existing operations.

“The acquisition of this property represents an investment opportunity for ICTSI for the development of the area and, thus, the potential expansion of the total operational and logistics capacity of the port region of Rio de Janeiro,” ICTSI said.

Rio Brazil Terminal is located in Brazil’s economic region, serving the import-export hubs in the area, ICTSI said.

Established in 1987, ICTSI operates 33 terminals in 20 countries across six continents.

For 2025, ICTSI has allocated approximately $580 million in capital expenditures, primarily for the development of Southern Luzon Gateway in the Philippines, as well as planned expansions at ICTSI Rio in Brazil and Mindanao Container Terminal (MCT).

This year’s capital expenditure budget is higher than that of 2024. For the January-to-September period last year, ICTSI said its capital expenditure reached $298.63 million, representing 66.4% of its $450-million allocation for 2024.

The Razon-led port operator said this year’s capital expenditure will also fund the ongoing expansion of Matadi Gateway Terminal (MGT) in the Democratic Republic of the Congo, the Phase 3B expansion at Contecon Manzanillo (CMSA) in Mexico, and equipment acquisitions and upgrades.

In 2024, ICTSI saw its attributable net income climb by 66.1% to $849.80 million from $511.53 million a year earlier, driven mainly by its operations in Asia.

Gross revenues for the period rose by 14.6% to $2.74 billion from $2.39 billion in 2023.

Breaking down the company’s revenue growth, its operations in Asia accounted for the largest share, generating $1.14 billion in 2024, up by 9.6% from $1.04 billion in 2023.

Revenues from its operations in the Americas reached $1.08 billion, up by 26% from $855.62 million in 2023, while revenues from Europe, the Middle East, and Africa (EMEA) totaled $521.02 million, an increase of 6.3% from $490.28 million.

At the local bourse on Monday, shares in ICTSI fell by 20 centavos, or 0.06%, to end at P340 apiece. — Ashley Erika O. Jose

An exhilarating blues-fueled vampire horror

PHOTO FROM WARNERS BROS. PICTURES

By Brontë H. Lacsamana, Reporter

Movie Review
Sinners
Directed by Ryan Coogler

THE PULSATING force of blues music sets the tone for one of the best blockbusters of the year, Ryan Coogler’s Sinners, which brings together the gruesomeness of vampire lore and the real horrors of so-called black assimilation in the Jim Crow South.

With this movie, Coogler successfully adds another feather to his cap of genre films exploring African American stories, coming from superhero favorite Black Panther and boxing action hero Creed — arguably even exceeding those two movies.

It presents a visceral alignment of cultures, from the takeover of a vampiric evil to the almost demonic, celebratory pull of blues music for black communities, grounded in voodoo folklore. All of this comes together to bring forth a nightmare of epic proportions set in 1930s Mississippi.

Sinners stars Michael B. Jordan in a dual role, as twin brothers Smoke and Stack, who open a jazz bar in their hometown down south as a fresh start coming from their troubled lives as gangsters in Chicago. Jordan plays the two well thanks to his intentional sense of physicality, illustrating with ease how Smoke is uptight while Stack is impulsive (a triumph akin to Robert Pattinson’s recent foray as Mickeys 17 and 18 in the sci-fi film Mickey 17).

Coogler uses the first hour of the film to build up their story and the context of the black community it’s set in, particularly through the lens of the twins’ young cousin Sammie (played by newcomer Miles Caton). His is a perspective that adds another layer, being a preacher’s son who defies the rigid confines of the church by exploring his true passion: blues music. The entire film is anchored in its reputation as something too powerful, too dangerous, as it challenges the false sense of safety that religion offers. Sammie’s brilliant guitar playing, showcased at various points, is a force of its own, backed by a riveting blues score by Ludwig Göransson (worth the price of admission to see and hear on the big screen with a solid sound system).

Everything kicks into full gear when the twins and their young cousin set up the bar, open all night for the local black community, unaware of an evil waiting to attack. Its cast of characters is just as memorable as the narrative — for one, Hailee Steinfeld shines as Mary, a white woman in love with Stack yet kept at a distance lest her 1/8 black heritage be discovered. Steinfeld is also 1/8 black in real life, through her grandfather — this is her only role to ever showcase it.

There’s also Wunmi Mosaku as Smoke’s lover Annie, who is immersed in local voodoo magic; Delroy Lindo as scene-stealing soulful blues musician (and drunkard!) Delta Slim; and Jack O’Connell as the Irish-born vampire Remmick, who leads a steadily growing pack to invade the juke joint. The scores of black bargoers who come in trucks from picking cotton on the farms have beautiful scenes of their own, the film highlighting their plight even as they are already considered “free” at this point in history.

Sinners has an enthralling pace, especially as night falls, when the music becomes relentless and the characters gradually meet their gruesome fates. Vampires and bloodshed aside, there’s one scene where the celebratory cultural landscape feels as if it pops out of the screen. The 1930s jazz bar becomes a stage for generations of music and dance, intermingling with the fascinating folkloric elements told in black history, reaching across time to grip your heart and awaken your spirit. It’s pulse-pounding, nightmarish, and reverent to the deep lineage of communities held together by music and spirituality.

The Asian characters, represented mainly by Chinese-American couple Bo and Grace Chow (played by Yao and Li Jun Li), show an oft-forgotten aspect of the times. They are a well-researched tidbit of decades-old Asian American presence in the south, speaking in southern accents and immersed in black communities as an overlooked minority. An underrated scene is when the cameras follow them walking to and from the “black side” of the road, where they live and keep goods, and the “white side,” where they run a grocery store.

Overall, Sinners is a film with a lot to say but doesn’t outright say any of it. Instead, it takes you through all the beats and the rhythms of its characters’ day-to-day lives, until everything escalates into a nightmare where racially fueled terror is transplanted by a supernatural evil. It’s a blockbuster that will actually get you feeling things, your pulse pounding with the music.

It can be described as a cautionary tale about how assimilation was a lie told so that blacks could continue to be exploited. It can also be described as an action-packed thriller where a badass group of people fight against an unstoppable evil. It’s a very American tale, driven forward by a boy’s passion for music that vampiric forces want to take for themselves. Exhilarating stuff.

MTRCB Rating: R-16

Gov’t fully awards Treasury bills at mixed rates as demand shifts

WIKIPEDIA/JUDGE FLORO

THE GOVERNMENT made a full award for the Treasury bills (T-bills) it offered on Monday at mostly higher rates as the ongoing offering of new 10-year benchmark bonds affected market demand.

The Bureau of the Treasury (BTr) raised P25 billion as planned from the T-bills it auctioned off on Monday as total bids reached P73.913 billion or nearly thrice the amount on offer. However, the demand seen was slightly below the P74.512 billion in tenders recorded on April 14.

Broken down, the Treasury borrowed the programmed P8 billion via the 91-day T-bills as tenders for the tenor reached P13.67 billion. The three-month paper was quoted at an average rate of 5.546%, rising by 12.4 basis points (bps) from the 5.422% seen at the previous auction. Tenders accepted by the BTr carried yields of 5.425% to 5.625%.

The government likewise made a full P8-billion award of the 182-day securities as bids for the paper amounted to P25.863 billion. The average rate of the six-month T-bill was at 5.675%, 1.8 bps higher than the 5.657% fetched last week, with accepted rates ranging from 5.62% to 5.696%.

Lastly, the Treasury raised P9 billion as planned via the 364-day debt papers as demand for the tenor totaled P34.38 billion. The average rate of the one-year T-bill slipped by 2.3 bps to 5.691% from 5.722% previously, with bids accepted having yields of 5.684% to 5.7%.

At the secondary market before Monday’s auction, the 91-, 182-, and 364-day T-bills were quoted at 5.4133%, 5.6308%, and 5.6841%, respectively, based on PHP Bloomberg Valuation Service (BVAL) Reference Rates data provided by the Treasury.

“The latest Treasury bill average auction yields were mostly slightly higher amid the ongoing 10-year Treasury bond offering that could siphon off some excess peso liquidity from the financial system,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Mr. Ricafort also noted that the T-bill auction yields were higher versus comparable short-term BVAL yields, as well as the policy rate of 5.5%.

“I think the average rate for the three-month paper is bound for correction as it has been awarded below the Bangko Sentral ng Pilipinas’ overnight rate for quite some time,” a trader added.

The BTr raised an initial P135 billion from the new 10-year fixed-rate Treasury notes it auctioned off last week, more than four times the initial P30-billion offering, as tenders reached P197.3 billion.

The new 10-year bonds fetched a coupon rate of 6.375%. Accepted yields ranged from 6% to 6.4%, resulting in an average rate of 6.286%.

The public offer period for the 10-year bonds, which are targeted towards institutional investors, is scheduled to end on April 24, unless closed earlier by the government.

US inflation concerns due to the Trump administration’s tariff policies also drove up debt yields, Mr. Ricafort added.

Federal Reserve Chair Jerome H. Powell and other Fed officials last week said they believe US President Donald J. Trump’s aggressive tariffs could put them in a bind with the potential for them to push up inflation while harming overall economic growth and labor markets, Reuters reported.

The Fed, after a series of rate cuts late last year, has left its benchmark policy rate on hold in the range of 4.25% to 4.5% since December. Mr. Powell last week signaled that with uncertainty elevated about what effects will arise from the tariffs and other administration policies, he and his colleagues are in no rush to change their wait-and-see posture.

The BTr is looking to raise P215 billion from the domestic market this month, or P125 billion via Treasury bills and P90 billion through T-bonds.

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