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MPTC secures approval for P15-B bond offering

PANGILINAN-LED Metro Pacific Tollways Corp. (MPTC) has secured approval from the Securities and Exchange Commission (SEC) for its P15-billion fixed-rate bond offering.

In a media release on Thursday, the tollways arm of Metro Pacific Investments Corp. (MPIC) said it had received pre-effective approval from the corporate regulator for its P15-billion fixed-rate bond offering, with an oversubscription option of up to P5 billion.

“This maiden bond offering strengthens MPTC’s liquidity and diversifies its sources of capital… The proceeds will fund our ongoing investments and expansion projects, consistent with our mission to build essential infrastructure that supports nation-building and economic progress,” MPTC President and Chief Executive Officer Gilbert F. Santa Maria said.

The offer period is targeted to run from Nov. 17 to 21, while the bonds are expected to be issued and listed on the Philippine Dealing and Exchange Corp. (PDEx) on Dec. 2.

MPTC said the offer is still subject to the satisfaction of all required and applicable regulatory requirements and the receipt from the SEC of a permit to sell the bonds.

The company intends to allocate net proceeds from the offer to partially finance its continued investments in the construction and maintenance of the Manila-Cavite Expressway, Cavite-Laguna Expressway (CALAX), and Lapu-Lapu Expressway (LLEX), as well as the refinancing of its bridge facilities and other corporate purposes.

“The proceeds will fund our ongoing investments and expansion projects, consistent with our mission to build essential infrastructure that supports nation-building and economic progress,” Mr. Santa Maria said.

BPI Capital Corp. and First Metro Investment Corp. are the joint issue managers for the offer, while BDO Capital & Investment Corp., China Bank Capital Corp., PNB Capital and Investment Corp., and Security Bank Capital Investment Corp. are joint lead underwriters and joint bookrunners.

The bonds have been assigned a credit rating of PRS Aaa with a stable outlook by Philippine Rating Services Corp. (PhilRatings), the highest rating assigned by the credit watcher.

PhilRatings said the rating reflects MPTC’s growing regional footprint and project pipeline, as well as its sustained growth and increasing earnings.

MPTC is the tollways unit of MPIC, one of the three key Philippine subsidiaries of Hong Kong-based First Pacific Co. Ltd., along with Philex Mining Corp. and PLDT Inc.

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

Philippine banks to see ‘robust’ credit growth as rates go down

PHILSTAR FILE PHOTO

PHILIPPINE BANKS may see strong demand for loans until next year as the economy remains strong and as borrowing costs continue to go down amid manageable inflation, S&P Global Ratings said.

“Credit growth should stay robust,” S&P Global Primary Credit Analyst Nikita Anand said in a report released on Nov. 12. “Strong economic growth and lower inflation and interest rates will support credit demand.”

The banking sector’s loans are likely to expand by 11%-13% this year and next, mainly driven by the retail sector.

Outstanding loans of universal and commercial banks grew by 10.5% year on year to P13.704 trillion at end-September, the slowest expansion seen since the 10.4% in July 2024.

However, as banks ramp up their lending to the consumer sector, asset quality could take a hit, which would also drive up credit costs, S&P Global said.

“A rising share of higher-risk (and higher-yielding) unsecured consumer loans and global uncertainties could lead to a manageable deterioration in the nonperforming loan ratio and keep credit costs elevated,” it said. “Large corporates, which form the bulk of the sector’s loan portfolio, should remain resilient.”

“We expect the sector’s credit costs to stay elevated at 0.7%-0.8% of gross loans over the next two years. This level, while lower than peers, is slightly higher than the five-year pre-pandemic average of 0.5%.”

Philippine banks’ gross nonperforming ratio was at 3.31% in September, the lowest level seen in six months or since the 3.3% in March. It likewise eased from 3.5% in August and 3.47% in September 2024.

S&P Global also flagged risks stemming from the property market.

“Philippine banks have sizable exposure to the real estate sector at about 20% — one-third of this is housing loans and the remaining two-thirds is to the commercial real estate sector. Any significant deterioration in the sector will affect banks’ asset quality,” it said.

“We see some pockets of risk; there is an oversupply in the condominium market and office space in Metro Manila, for example. However, spillover to the broader sector will likely be limited. We believe the decline in interest rates will help borrowers and contain any spike in nonperforming loans.”

Still, lenders have enough buffers against risks, the debt watcher said.

“Philippine banks are well positioned for growth with a sound capital position (15.7% Tier 1 ratio). They also maintain adequate provisioning. These provide a buffer against indirect tariff effects such as lower global economic growth, uncertainty, and hits to confidence,” S&P Global said.

This would help boost their profits, although it expects the sector’s return on average assets to fall to 1.4% this year and in 2026 from about 1.5% last year.

“Banks’ profitability could edge down as margin expansion dissipates… A higher share of unsecured loans and cuts to operating expenses may offset the impact of potential rate cuts,” it added.

S&P Global expects the Bangko Sentral ng Pilipinas (BSP) to cut rates further to 4% until next year from 4.75% currently as inflation stays moderate.

“This should also help contain asset-quality risks emanating from rising household leverage,” it said.

The central bank has cut interest rates by 175 basis points (bps) since it began its easing cycle in August 2024.

The market widely expects a fifth straight 25-bp cut at the Monetary Board’s Dec. 11 policy meeting and more reductions next year.

BSP Governor Eli M. Remolona, Jr. has said they see the need for more policy accommodation to support the Philippine economy amid weakening consumer and investor confidence due to a corruption scandal involving government infrastructure projects.

The scandal, which caused slower government spending, was the main reason behind the weak gross domestic product (GDP) growth logged last quarter. Expansion slowed to an over four-year low of 4% in the period from 5.5% in the second quarter and 5.2% in the third quarter of 2024.

For the first nine months, GDP expansion averaged 5%, putting the government’s 5.5%-6.5% full-year growth target further out of reach.

S&P Global kept its growth forecast at 5.6% for this year and 5.8% for next year.

“Domestic consumption drives the Philippine economy,” it said. “It is less exposed to cross-border trade and, thus, to geopolitical strains that could weaken trade prospects.” — Katherine K. Chan

BPI looks to sustain 12-13% loan growth

BW FILE PHOTO

BANK of the Philippine Islands (BPI) is looking to sustain its loan growth at the mid-teens range next year as it continues to expand its consumer lending business.

“We’re hoping that next year, we’ll grow probably 12-13%. Depends on the economy. Outstanding loan volumes will continue to grow. There is sufficient liquidity in the market,” BPI President and Chief Executive Officer Teodoro K. Limcaoco told reporters late on Wednesday.

The bank wants to continue expanding its consumer lending segment for margin growth, especially with interest rates likely to go down further, he said.

“Our strategy has always been to focus on the consumer sector because, first of all, the institutional sector, the top corporates, that’s a very competitive market, and there’s a lot of banks competing in that, and the margins are small. So, as rates come down, you’ll get more compression there. Whereas if you focus on consumer loans, because the market is very wide, you have very sticky pricing. So, even when the rates come down, the margins don’t compress as much,” Mr. Limcaoco said.

He added that banks with sufficient data, reach, and technology can take advantage of the consumer sector as it remains largely untapped.

“Plus, it’s a very untapped market because the infrastructure for consumer loans is still quite nascent.”

Consumer loans currently make up 30% of BPI’s loan book, he said.

The bank is also looking to grow its middle-market segment or lending to small and medium enterprises (SMEs), which also contributes to its consumer book.

“It’s still small. Our SME loan book is probably half the size of our auto book,” Mr. Limcaoco said.

The Philippines’ growth is still expected to be faster the global economy’s expansion, which would be supportive of consumer loan demand, he added.

Philippine gross domestic product (GDP) grew 4% in the three months to September, the slowest in over four years. This was down from the 5.5% expansion in the second quarter and the 5.2% clip from a year earlier.

For the first nine months, growth averaged 5%, well below the government’s 5.5%-6.5% full-year target.

“While people might be disappointed with 4% growth, let’s remember the rest of the world is growing at 2%. So, the Philippine economy is still growing. It’s not growing as fast as it used to, but it is still growing,” Mr. Limcaoco said.

BPI’s net income rose by 5.2% year on year to P50.5 billion in the first nine months of the year as revenue growth outpaced the rise in its expenses.

Its shares closed unchanged at P102.50 each on Thursday. — Aaron Michael C. Sy

Disney eyes ESPN expansion in Asia to boost streaming content

WALT DISNEY CO. is seeking to bring its ESPN sports brand to Asia, stepping up efforts to expand in one of the world’s fastest-growing streaming markets.

The company aims to add more live sports to Disney+ and gradually roll out ESPN across Asia, Luke Kang, president of Disney Asia Pacific (APAC), said in an interview. Launch timing will vary by market, he said, as sports rights and fan bases differ by country. Disney introduced ESPN on Disney+ in Australia and New Zealand earlier this year, the sports streaming brand’s first presence on the platform in the region.

“Our long-term goal is to integrate ESPN into the platform as we do in other parts of the world and eventually become a premier destination for sports,” Mr. Kang said on the sidelines of the Disney APAC Content Showcase in Hong Kong. “We’re constantly looking at all of the sports rights to see what timing is appropriate to launch ESPN.”

Sports streaming has become a key battleground for US media companies vying for global growth. Rivals are also striking deals in Asia, where domestic platforms dominate live sports coverage. Amazon.com, Inc.’s Prime Video secured rights to stream Major League Baseball games in Japan through a partnership with South Korean broadcaster SPOTV, while Netflix, Inc. plans to stream the 2026 World Baseball Classic exclusively in the country. Disney is now weighing new licensing deals and sports events in Japan and Southeast Asia, Mr. Kang said.

Since rolling out Disney+ in major Asian countries four years ago, Disney has shifted its streaming strategy from local content investment in various Asian markets to a more selective focus on quality and cross-border hits. The company has scaled back production in Southeast Asia and merged its India business with Reliance Industries Ltd.’s entertainment business entity to create joint venture JioStar.

Disney+’s regional focus now centers on Korean dramas and Japanese animé, which have proven appeal across Asia and in Western markets. As part of that strategy, Disney recently integrated CJ ENM Co.’s platform Tving into its app in Japan, a move Mr. Kang said reflects the company’s openness to potential partnerships.

Disney+ is currently the third-largest streaming platform in Asia and is projected to end 2025 with 19 million subscribers and $1.4 billion in revenue across the region excluding India and China, according to Media Partners Asia.

“Disney+ is entering its second phase of streaming growth in Asia-Pacific,” said Vivek Couto, executive director at Media Partners Asia. “Engagement remains anchored by US franchises and children’s content, but local produc-tions — notably Korean dramas, thrillers, and Japanese animé — are driving consumption and brand affinity.” — Bloomberg

PAL to boost Manila-Los Angeles flights to 18 weekly from June 2026

PHILIPPINEAIRLINES.COM

FLAG CARRIER Philippine Airlines (PAL) is further expanding its US routes as the airline is set to increase its flagship flights between Manila and Los Angeles by next year.

“By increasing our capacity on this key route, we are opening doors for travelers to experience the world-class service and heartfelt hospitality unique to Philippine Airlines, while also supporting the dynamic economic relationship that drives opportunities between the Philippines and the US,” PAL President Richard Nuttall said in a media release on Thursday.

Starting June 1, 2026, PAL will offer nonstop Manila-Los Angeles service 18 times weekly, up from the current 14.

At present, PAL offers Manila to Los Angeles twice daily, utilizing its Boeing 777 aircraft, it said, adding that by next year it will expand its frequency to three times a day, operating every Monday, Wednesday, Friday, and Saturday.

Mr. Nuttall said this expansion will provide seamless access to PAL’s extensive domestic and regional network, further complementing its route to the US.

The airline also operates daily flights to San Francisco and Guam, thrice-weekly service to New York, and five-times-weekly flights to Honolulu.

PAL Holdings, Inc., the operator of PAL, said its attributable net income climbed 33.58% to P9.03 billion from P6.76 billion a year ago, supported by higher passenger revenues of P116.56 billion, up from P115.66 billion.

Cargo and ancillary revenues contributed P6.71 billion and P12.67 billion, respectively.

Total revenues for the nine-month period increased 2.68% to P136.01 billion from P132.45 billion, while gross expenses rose 3.96% to P124.85 billion from P120.09 billion.

At the local bourse, shares in PAL closed unchanged at P3.80 each. — Ashley Erika O. Jose

Are you listening to bots? Survey shows AI music is virtually undetectable

AI BAND The Velvet Sundown attracted one million Spotify listeners monthly before its synthetic origins were exposed. — INSTAGRAM.COM/THEVELVETSUNDOWNBAND

A STAGGERING 97% of listeners cannot distinguish between artificial intelligence (AI)-generated and human-composed songs, a Deezer-Ipsos survey showed on Wednesday, underscoring growing concerns that AI could upend how music is created, consumed and monetized.

The findings of the survey, for which Ipsos polled 9,000 participants across eight countries, including the US, Britain, and France, highlight rising ethical concerns in the music industry as AI tools capable of generating songs raise copyright concerns and threaten the livelihoods of artists.

It also showed that most listeners want clear labelling on AI-generated music, music streaming platform Deezer said.

The study found that 73% of respondents supported disclosure when AI-generated tracks are recommended, 45% sought filtering options, and 40% said they would skip AI-generated songs entirely. Around 71% expressed sur-prise at their inability to distinguish between human-made and synthetic tracks.

Deezer, which has 9.7 million subscribers, has seen daily AI music submissions rise to more than 50,000 — about a third of total uploads, up sharply from 18% in April. It has introduced tagging and excluded AI-produced tracks from editorial playlists and algorithmic recommendations to promote transparency.

“We believe strongly that creativity is generated by human beings, and they should be protected,” Deezer Chief Executive Officer Alexis Lanternier told Reuters, urging transparency.

Mr. Lanternier noted the complexity of implementing differential payout structures for AI music, stating a “massive change” in remuneration policies remains challenging. Deezer has also started excluding fake streams from royalty payments.

The issue gained attention earlier this year when AI band The Velvet Sundown attracted one million Spotify listeners monthly before its synthetic origins were exposed. Universal Music Group recently settled a copyright case with AI music company Udio. While financial terms were undisclosed, the parties plan to launch an AI-powered music creation platform in 2026, using licensed music to train the tool. On Tuesday, a Munich court ruled that OpenAI’s ChatGPT violated German copyright laws by reproducing song lyrics, a decision the company said it might appeal.

Consumer attitudes toward AI in media remain mixed. A May survey by Luminate found the majority of US audiences were indifferent or accepting of AI use in cinema tasks like visual effects, but skeptical of AI-written scripts or synthetic actors. — Reuters

What today’s Daniel would see on the wall

STOCK PHOTO | Image from FREEPIK

The Philippine Statistics Authority (PSA) has confirmed what many had feared all along: the Philippine economy is losing steam. Real gross domestic product (GDP) growth slowed sharply to 4% in the third quarter of 2025, down from 5.5% in the previous quarter and 5.2% in the same period last year. With this performance, the economy’s year-to-date average is only 5%, well below the government’s already downgraded target of 5.5-6.5%.

If a modern-day Daniel were standing in the king’s court, he would read this as the first of the writing on the wall — a warning that the country’s growth trajectory is faltering, not because of fate, but because of choices.

1ST: FADING GROWTH PROSPECTS
Department of Economy, Planning, and Development (DEPDev) Secretary Arsi Balisacan now concedes that even the lower end of the target range may be a tall order. To reach 5.5%, the economy would need to grow by 6.9% in the last quarter, a heroic and unrealistic feat given the weak macroeconomic environment. While the Philippines struggles to maintain momentum, regional neighbors such as Taiwan, South Korea, and Vietnam have posted stronger rebounds, driven by robust exports, revitalized investment, and more decisive policy execution.

The contrast is telling. These economies are immune neither to global headwinds nor to climate change, but they have built resilience through coherent planning, predictable governance, and sustained confidence from both domestic and foreign investors. The Philippines, by comparison, continues to grapple with policy uncertainty, under-execution of public programs, and a trust deficit that dampens business sentiment. This divergence in performance is not inevitable — it is the product of governance.

2ND: THE WEAKNESS  OF PUBLIC SPENDING
The second message on the wall is the failure of public expenditure to deliver growth. Government spending, especially on capital outlays, has lost vigor. Infrastructure investment, long heralded as the backbone of the country’s development agenda, has slowed to a crawl amid corruption probes and procedural paralysis.

The ongoing investigations into flood control project anomalies have had a chilling effect across multiple layers of government. Local and national agencies alike are reluctant to initiate new projects for fear of being caught in the dragnet of scrutiny. While accountability is vital, the unintended consequence has been a virtual freeze in implementation. As a result, construction output barely grew by 0.5% in the third quarter, dragging down the entire industrial sector.

Meanwhile, fiscal capacity is eroding. The Bureau of Internal Revenue (BIR) is poised to miss its P3.219-trillion collection target, widening the fiscal deficit, which already reached P1.117 trillion, or nearly 72% of the full-year ceiling of P1.56 trillion, by the third quarter. With such shortfalls, the government will have little choice but to borrow more, further swelling the national debt, which stood at P17.46 trillion, equivalent to 63.1% of GDP, as of September 2025.

Debt servicing alone absorbed P1.787 trillion in the first three quarters, P1.121 trillion in principal and P666 billion in interest payments. Every peso used to pay old debts is a peso diverted from classrooms, hospitals, and roads. This is not just a fiscal issue; it is a moral one. The inability to spend effectively, and the tendency to spend wastefully, erodes both economic capacity and public trust.

3RD: THE SOFTENING OF PRIVATE DEMAND
The third warning comes from private consumption which drives over 70% of the nation’s output. Household spending decelerated to 4.1% in the third quarter, down from 5.3% in the previous quarter and 5.2% a year earlier. Real wages have barely kept up with inflation, and cash remittances, a traditional lifeline for domestic consumption, have expanded only marginally.

Consumer sentiment has weakened under tighter financial conditions, high household debt, and uncertainty about job prospects. Business investment, too, remains cautious amid the perception of a difficult regulatory environment and a politicized bureaucracy.

Even the apparent stability in prices is fragile. The state of national calamity declared by President Ferdinand Marcos, Jr. has temporarily frozen the prices of basic commodities for 60 days starting Nov. 6, a short-term reprieve that masks deeper structural pressures on food and energy supply chains. The moderation in household consumption, the country’s primary growth engine, constitutes the third writing on the wall.

4TH: A SHRINKING PRODUCTIVE BASE
On the supply side, the story is equally sobering. The services sector continues to anchor expansion, growing at 5.5%, but agriculture remains stagnant at under 3%. The industrial sector, however, has become the real drag, eking out a meager 0.7% growth. Manufacturing barely rose 1.2%, and construction inched forward 0.5%, while mining and quarrying showed more life at 4.4%.

The share of industry in GDP declined from 26.7% to 25.9%, signaling structural weakness and waning competitiveness. Business and consumer confidence indices from the Bangko Sentral ng Pilipinas (BSP) point consistently downward. The Purchasing Managers’ Index dipped below 50, indicating a contraction in manufacturing activity. Meanwhile, the stock market continues to underperform compared with its regional counterparts, reflecting investor hesitation and, yes, fatigue.

Without renewed confidence, the Philippines risks being trapped in a low-growth equilibrium where weak demand discourages investment, low investment suppresses productivity, and low productivity ensures continued weakness in demand.

5TH: A VULNERABLE FINANCIAL SECTOR
The only sector seemingly unscathed is banking and finance, which still enjoys solid capital buffers, ample liquidity, and strong deposit growth. Non-performing loans (NPLs) remain contained, with coverage ratios near 95%. However, this stability is not immune to macroeconomic decay. If growth remains sluggish and fiscal management continues to wobble, the accumulation of bad loans could rise, undermining balance sheets and financial confidence.

History reminds us that financial resilience can erode swiftly once the real economy weakens. A sustained slowdown could expose vulnerabilities in asset quality, especially in real estate and construction lending, amplifying the distress already visible in the productive sectors.

THE FINAL MESSAGE: GOVERNANCE, CORRUPTION, AND THE PATH TO REFORM
The true roots of these problems lie not merely in statistics but in governance. Economic growth falters when institutions fail, when public funds leak through corruption, and when policy credibility collapses under the weight of corruption and political expediency.

Ghost projects, overpriced procurements, and unaccountable spending continue to haunt the national budget. They represent not isolated incidents but a systemic failure that robs the nation of its future. The cost is not just financial; it is human — measured in overcrowded hospitals, under-resourced schools, and communities vulnerable to floods that should have been prevented by honest infrastructure spending.

The country’s economic challenge, therefore, is inseparable from its governance crisis. And while floods and earthquakes and climate change could be challenging, by no means should those in authority blame them for failed leadership and failure to deliver. To reverse the decline, the Philippines needs more than stimulus packages or policy slogans. It needs meaningful reforms anchored on transparency, accountability, and efficiency.

To be sure, such reforms are not new. They have been written in countless annual reports and promised in countless speeches. What is new is the urgency, the urgency to produce results, the urgency to show integrity in public service. Without them, the economy will continue to drift, growing below potential, lagging behind neighbors, and burdened by an ever-heavier debt load.

READING THE WRITING BEFORE IT FADES
The Philippines is not doomed to simply wither away. It still has a dynamic workforce, entrepreneurial energy, and a young demographic profile that, if supported by sound and serious policies, could propel it toward inclusive prosperity. But optimism without reform is denial.

The writing on the wall is clear: slowing growth, weak spending, waning confidence, and rising debt. To ignore them is to invite the fate of kingdoms like Nebuchadnezzar’s ancient Babylon that once refused to listen until it was too late.

Economic growth is not an illusion; it is an outcome of good governance. The choice, as always, lies not in fate but in intentional leadership.

 

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.

Bank of Commerce targets to increase lending to retail sector

BANK of Commerce (BankCom) is looking to increase the share of retail loans in its portfolio to help boost its margins amid easing borrowing costs.

“Similar to many of the other banks in the Philippines, we expect a decreasing interest rate environment over the next few months at least. So, what our focus has been on is really just ensuring that we are focused on maintaining our current revenue streams. One of the things we’ve started looking at is increasing our share of retail in our loan business,” BankCom Chief Financial Officer Antonio S. Laquindanum said during the Philippine Stock Exchange, Inc.’s Investor Day held online on Thursday.

He said the retail sector accounts for just 13% of their loan book. BankCom’s consumer loans include car, housing, and salary loans, as well as credit cards.

At end-September, BankCom’s total loans and receivables grew by 10.02% to P150.18 billion  from P136.51 billion at end-December 2024.

“So, over the next few years, we plan to be growing that to become a bigger share of our loan book. That will help manage the decreasing interest rate environment for us while still being focused on credit quality, as well as expenses outside of the required investments in technology, people, and branch growth.”

Mr. Laquindanum said the bank targets to bring the share of consumer loans to above 15% of its total portfolio in the next few years through online sales and deals, where its cards business is more aggressive in offering discounts.

The bank will also be investing heavily in branch expansion outside of Metro Manila, he added.

“But in terms of branch expansion, that’s something management is going to be focused on at least in the next year in terms of capital expenditures. One of the ways we’re managing that is our initial focus on branch-lites. We’ve found that they’re about half the cost of a full branch,” he said, adding that branch-lite units bring in a “significant” amount of business at more than half of what a regular branch produces.

BankCom’s net income rose by 11.47% to P884.29 million in the third quarter amid higher revenues, bringing its nine-month profit to P2.745 billion, up 24.11% from P2.21 billion a year ago.

Its shares closed at P8.40 apiece on Thursday, up by 11 centavos or 1.33% from the previous day’s close. — Aaron Michael C. Sy

Aviation, catering drive MacroAsia’s Q3 profit to P342.6M

MACROASIACORP.COM

MACROASIA CORP., the listed aviation-support provider, saw its third-quarter (Q3) attributable net income climb 20.49% to P342.63 million, driven by steady volume gains across its business segments.

Total revenues for the third quarter reached P2.59 billion, up 20.49% from P2.22 billion in the same period last year.

“Moving forward, MacroAsia’s value proposition remains clear. A varied portfolio, global partnerships, growth visibility, and continued shareholder value creation. MacroAsia’s growth is anchored on aviation and food services, which remain our core business pillars,” MacroAsia President and Chief Operating Officer Eduardo Luis T. Luy said during the PSE STAR: Investor Day organized by the Philippine Stock Exchange on Thursday.

For the first nine months of 2025, MacroAsia posted an attributable net income of P1.02 billion, up from P975.95 million in the same period last year.

Gross revenues for the January-to-September period totaled P7.41 billion, a 5.71% increase from P7.01 billion a year earlier.

By segment, in-flight and catering services accounted for the largest share of revenues, generating P3.55 billion, followed by ground handling and aviation at P3.13 billion, water distribution at P538.9 million, and administrative fees at P187.2 million for the nine-month period.

Costs and expenses rose 12.93% to P5.85 billion from P5.18 billion a year ago, mainly due to rate adjustments and updated lease and fee structures at the Ninoy Aquino International Airport (NAIA). — Ashley Erika O. Jose

Cebu Landmasters nine-month profit rises 6% to P3.1 billion

CEBU LANDMASTERS, INC. (CLI) reported a consolidated net income of P3.1 billion for the first nine months, up 6% from P2.9 billion in the same period last year.

Revenues reached P14.3 billion, a 2% increase from P14.1 billion in 2024, with real estate sales contributing P12.4 billion, the company said in a press release on Thursday.

Recurring income from hotel and rental operations grew 72%, supported by new property openings and higher occupancy. Hotel revenues rose 101%, while rental income increased 49%.

Residential reservation sales climbed 27% to P19.3 billion, driven by new launches including One Manresa Place in Cagayan de Oro and Casa Mira Homes Gensan.

Total assets increased 18% to P128.7 billion, while the net debt-to-equity ratio stood at 1.63x.

The company’s landbank expanded to 188 hectares, including a 79-hectare property in Liloan, Cebu, intended for mixed-use development.

CLI currently manages 131 projects, comprising 102 residential developments and 16 income-generating properties, including hotels and offices. — Ashley Erika O. Jose

Stuff to Do (11/14/25)

See Teatro Meron stage Ang Medea

TEATRO MERON is presenting Ang Medea, a restaging of Euripides’ classic, translated into Filipino by the late National Artist for Theater Rolando S. Tinio. Fresh from last year’s sold-out run, this production returns with a cast of theater veterans led by Miren Alvarez-Fabregas as Medea, with Teroy Guzman, Yan Yuzon, Bryan Sy, Joseph dela Cruz, Katski Flores, Gold Soon, Pickles Leonidas, and Joel Macaventa. The director is Ron Capinding, founder and ar-tistic director of Teatro Meron. Performances run from Nov. 13 to 28 at the Special Exhibition Hall of The Mind Museum, Bonifacio Global City. Tickets and schedules are available via Ticket2Me.

Go to a PPO concert with pianist Mark Bebbington

THE Philippine Philharmonic Orchestra (PPO) is continuing its 41st season with the concert Triumph and Thanksgiving, set for Nov. 14, 7:30 p.m., at the Samsung Performing Arts Theater in Circuit, Makati City. With Grzegorz Nowak at the helm, the concert will feature works by Wolfgang Amadeus Mozart, Ludwig van Beethoven, and Modest Mussorgsky. Internationally recognized pianist Mark Bebbington will be the guest, performing Beethoven’s Piano Con-certo No. 5 in E flat Major, Op. 73. Tickets, priced from P1,500 to P3,000, are available at TicketWorld.

Go to a Ryan Cayabyab concert this weekend

THE newly opened Proscenium Theater at Rockwell will be staging its inaugural concert, the MaestroClass Concert Series, featuring the songs of National Artist for Music Ryan Cayabyab and the voices of Martin Nievera, Lani Misalucha, and the Ryan Cayabyab Singers. The three-night event is set to happen from Nov. 14 to 16. It is a celebration of Mr. C’s artistry, which has shaped Original Pilipino Music (OPM) for decades. MaestroClass Concert Series tickets are now available via TicketWorld, priced from P7,000 to P12,000.

Watch a Bruce Springsteen biopic

AYALA MALLS Cinemas has exclusively brought to Philippine cinemas the film Springsteen: Deliver Me From Nowhere. It stars Jeremy Allen White, whose performance as Bruce Springsteen has garnered awards season buzz. Based on Warren Zanes’s best-selling book of the same name, the character-driven drama chronicles the making of Nebraska, one of Springsteen’s most memorable albums. Directed by Scott Cooper, it also stars Jeremy Strong as Spring-steen’s longtime manager and producer. Springsteen: Deliver Me From Nowhere is showing exclusively in Ayala Malls Cinemas.

See Dulaang UP honor Mabesa with twin bill

A TWIN BILL, titled Para Kay Tony: Tungo sa Ginintuang Alaala, featuring classic plays will pay homage to Dulaang UP founder and National Artist for Theater Antonio “Tony” Mabesa. The first half is a staging of Kalahating Oras sa Isang Kumbento by Filipino playwright Wilfrido Ma. Guerrero as translated by Lilia F. Antonio. The story follows Yolanda, a student at a convent school, who seeks comfort and companionship after being expelled. University of the Philippines (UP) Diliman Theatre Arts student Lloyd Sarmiento Uy serves as director. The second play features National Artist Rolando Tinio’s May Katwiran ang Katwiran, about Senyor, a wealthy haciendero who persuades his servant to join him on a journey across the mountains. The staging is directed by Theatre Arts student MJ Briones. The production will run from Nov. 14 to 30 at the IBG-KAL Theater, UP Diliman.

Watch the 3rd Now You See Me movie

NOW YOU SEE ME: Now You Don’t, the third in the Now You See Me franchise, is now showing only in only at Ayala Malls Cinemas. Directed by Ruben Fleischer, the film reunites the Four Horsemen — played by Jesse Eisenberg, Woody Harrelson, Isla Fisher, and Dave Franco — with Morgan Freeman as mentor Thaddeus Bradley. Joining them to play a new batch of young illusionists are Justice Smith, Dominic Sessa, and Ariana Greenblatt, along with Rosamund Pike as the cunning and powerful villain. The film’s MTRCB rating is PG.

Listen to carols at The Pen

THE Peninsula Manila celebrates Christmas in November with some of Manila’s finest choirs performing in The Lobby. Performing on Nov. 14 are the Centro Escolar University Singers Manila, and on Nov. 21, it is the turn of the Servus Dei Vocal Ensemble. The carol-filled month will end with the Mapúa Cardinal Singers on Nov. 28. The performances will take place from 7 to 7:45 p.m. on those dates, with P1,500 as the minimum consumption amount for each guest who dines at The Lobby.

Go to Araneta City’s belen lighting

THE congregation of Our Lady of Perpetual Help Parish as well as Quezon City mayor Joy Belmonte are hosting the festive lighting of Araneta City’s nativity display on Nov. 14. It is located on Gen. MacArthur Ave., between Farmers Plaza and Farmers Garden. The program starts at 5 p.m., with the tree lighting taking place at 6 p.m.

Watch GH Mall light its official Christmas tree

GREENHILLS (GH) Mall’s annual Christmas tree lighting ceremony is happening on Nov. 14, at 5 p.m. Located in GH Mall’s East Wing Atrium in San Juan City, the event includes the tree lighting plus a performance by an orchestra. They will play Christmas songs, and a surprise dance crew will put up a dance performance during the program.

Attend the start of Glorietta’s Christmas light display

ON Nov. 15 at 6 p.m., it will be Glorietta’s turn to light their Christmas tree and Christmas lights display in Makati City. It can be found at the Glorietta Activity Center. Titled “That Holiday Feeling,” the event will include a program that will invite mallgoers to take part and snap pictures and videos of the newly lit display.

Visit Penshoppe’s pop-up at MOA

PENSHOPPE is kicking off its pop-up “All Together Now” campaign at the SM Mall of Asia’s (MOA) Main Atrium. On Nov. 14, starting 4 p.m., celebrities Brent Manalo, Vince Maristela, Josh Worsley, Charlie Dizon, and AZ Rivera will drop by. On Nov. 16, starting 7 p.m., celebrities James Reid, Darren Espanto, Cassy Legaspi, and Ysabel Ortega will grace the pop-up.

Attend Spanish singer Luis Llaneza’s masterclass

THE Embassy of Spain, through its Cultural and Education offices and the Instituto Cervantes, is welcoming a renowned Spanish baritone to the Philippines as part of its cultural program. Luis Alberto Fernandez-Llaneza is welcoming young budding singers to his masterclasses, taking place at the University of Santo Tomas (UST) on Nov. 14 and the Philippine Women’s University on Nov. 19, both at 3 p.m. The classes are for free, with registration required through each university’s social media pages. Mr. Llaneza will also perform at UST on Nov. 22.

Watch TP’s musical on Gregoria de Jesus

TANGHALANG PILIPINO’S (TP) newest production for its 39th season is a groundbreaking original musical that reimagines the life of revolutionary Gregoria de Jesus through the sound of Pinoy pop music. With music by Nica del Rosario and Matthew Chang, and a book by Nicanor Tiongson and Eljay Deldoc, the show stars Marynor Madamesila and is directed by Delphine Buencamino. It is ongoing until Dec. 14, with performances at 3 and 8 p.m., at the Tanghalang Ignacio Gimenez (CCP Black Box Theater), CCP Complex, Pasay City. VIP tickets cost P2,000 while regular tickets are P1,800.

Measuring poverty in the age of climate

By Knut Ostby and Mohamed Shahudh

How we understand and measure poverty has evolved. From early income-based definitions, Nobel laureate Amartya Sen’s “capability approach” in the 1980s broadened the concept, viewing poverty not just as a lack of income but as the absence of basic opportunities and freedoms.

Building on this, the UN Development Programme (UNDP) developed the Human Development Index (HDI) in the 1990s and, in subsequent years, formulated the Multidimensional Poverty Index (MPI). Annually released by the UNDP in partnership with the Oxford Poverty and Human Development Initiative (OPHI), the MPI measures human well-being and examines poverty through deprivations in health, education, and living standards, offering a more complete picture of poverty beyond income.

This year’s Global MPI Report 2025, “Overlapping Hardships: Poverty and Climate Hazards,” covers 109 countries representing 6.3 billion people. It finds that 1.1 billion people, or 18.3% of the global population, live in multidimensional poverty. Most of them are in Sub-Saharan Africa and South Asia, and more than half are children. For the first time, the report links poverty data with climate risk, revealing how climate change worsens the burden of poverty. Nearly 80% of the world’s poor, or around 887 million people, live in areas exposed to at least one of four major climate hazards: extreme heat, drought, flooding, or air pollution. Under high-emission scenarios, these regions could face 37 more days of extreme heat annually by mid-century, deepening existing inequalities.

In the Philippines, 3.9% of the population, or 4.47 million people, are multidimensionally poor, while another 5.2%, or 6.02 million, are at risk. Most deprivations stem from living standards, followed by education and health. The report highlights air pollution in Metro Manila and flooding in southern provinces as major climate hazards that threaten progress toward the Sustainable Development Goals (SDGs). The country’s latest Voluntary National Review identifies Climate Action as one of the SDGs now regressing, an urgent warning that climate impacts are already slowing inclusive development.

Recent events in the Philippines illustrate this growing vulnerability. Just recently, Typhoon Tino battered Central Visayas, including the province of Cebu, with torrential rains and destructive winds. Within a single day, some areas received more than 180 millimeters of rain, enough to flood entire communities. Power and communication lines were cut off in several municipalities, and emergency shelters quickly filled beyond capacity. The storm killed more than 180 people and left over a hundred missing, displacing thousands. Just as relief operations were underway, Typhoon Uwan came, threatening further rainfall and landslides in Northern Luzon. The back-to-back disasters underscored how natural and climate-induced hazards can trap already vulnerable communities in a cycle of loss and recovery.

These overlapping crises reflect what the MPI calls the “double burden” and the intersectionality of poverty and climate change. Poor households are more likely to live in areas exposed to hazards and in housing that cannot withstand extreme events. When disasters strike, they have fewer savings, weaker safety nets, and limited access to insurance or assistance. The MPI report shows that in rural areas, multidimensional poverty is more than four times higher than in urban centers. In the Philippines, where the majority of the population lives in rural barangays, according to the Listahanan 3 survey. This means that millions are exposed to both economic and environmental risks.

Breaking this cycle requires integrating climate action with poverty reduction. Programs such as the Pantawid Pamilyang Pilipino Program (4Ps) already provide a strong foundation, but systems need to become more adaptive and shock-responsive. Emergency cash transfers should be scaled up, local governments should be better coordinated during disasters, and nature-based livelihoods in agriculture, forestry, and fisheries should be expanded to strengthen rural resilience.

Governments can also modernize data systems to combine poverty mapping with climate and hazard data. These integrated systems can trigger pre-arranged budget releases when disaster thresholds are reached, allowing for faster and more targeted support. The Philippines can enhance its adaptive social protection mechanisms by incorporating these anticipatory financing tools to protect vulnerable families before disasters strike.

The stakes are high. The Philippines loses an estimated 1.2% of GDP each year due to typhoons, with losses projected to rise to 7.6% by 2030 and 13.6% by 2040 without stronger adaptation measures. Each year, nearly one million Filipinos are pushed into poverty by climate-related shocks according to the World Bank’s Philippines Country Climate and Development Report (2024). Investing in climate-resilient infrastructure, renewable energy, and adaptive social protection could offset up to two-thirds of these losses while creating jobs and strengthening communities.

As the world prepares for COP30, the 2025 Global MPI reminds us that poverty reduction and strengthening climate resilience must go hand in hand. For the Philippines and its ASEAN neighbors, aligning these priorities is essential to building a future that is resilient, inclusive, and sustainable for all.

 

Knut Ostby is the UNDP Philippines resident representative ad interim, and Mohammed Shahud is a UNDP Philippines economist.

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