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SEC chief wants GOCCs to list on stock market

FRANCISCO Ed. Lim assumed his post as the chairperson of the Securities and Exchange Commission (SEC) on Tuesday. — COURTESY OF THE SECURITIES AND EXCHANGE COMMISSION

By Revin Mikhael D. Ochave, Reporter

FRANCISCO ED. LIM, the new chairperson of the Securities and Exchange Commission (SEC), is hoping to encourage Philippine government-owned and -controlled corporations (GOCC) to list on the stock exchange to spur investor activity.

“It is being done in Vietnam, their state-owned enterprises (SOEs) are listing. Let’s take a look at them (SOEs) and see which are listable,” Mr. Lim said during a media briefing after officially taking the helm on the SEC on Tuesday. 

There are no GOCCs, also known as SOEs, listed on the Philippine Stock Exchange (PSE).

Mr. Lim, who also served as PSE president from 2004 to 2010, said he will also look into the implementation of laws that require the public listing of companies availing of government incentives.

“There are laws that require companies, who avail of incentives, to go public. That’s not being fully implemented. We give you incentives, but you should share your blessings with the public. Unfortunately, that has not been done,” he said.

In its Capital Market Review of the Philippines last year, the Organisation for Economic Co-operation and Development (OECD) said there are many Philippine SOEs that are candidates for public listing such as Land Bank of the Philippines and Development Bank of the Philippines.

The OECD also said the Philippines could grow its capital markets by listing the minority stakes of financially significant SOEs.

SOEs occupy a significant share of market capitalization in other ASEAN countries like Singapore, Indonesia, Malaysia, and Vietnam.

Sought for comment, AP Securities, Inc. Research Head Alfred Benjamin R. Garcia said that the proposal to push the public listing of SOEs is a viable option to boost the market.

“It’s a welcome move to increase market depth. And it will provide other sources of funding for GOCCs other than taxpayer money,” he said in a Viber message.

China Bank Capital Corp. Managing Director Juan Paolo E. Colet said there should be efforts to push the listing of “high quality” GOCC on the stock exchange.

“That would help boost our equity market and provide an alternative avenue for government fundraising. To be a viable IPO (initial public offering) candidate, a GOCC should have strong financials and prospects as well as a professional, business-oriented culture,” he said.

CHANGES?
Meanwhile, Mr. Lim plans to form task groups composed of the SEC, the PSE, and the Philippine Dealing and Exchange Corp. to determine what needs to be done to boost the capital market.

“The task groups will tell us what needs to be done, how to amend the rules, how to streamline, and so on and so forth. Simple but easy to enforce or implement,” he said.

“It’s no secret that while we are one of the oldest exchanges, our market still lags behind. It’s ensuring that the investing public will trust their money with our market,” he added.

Mr. Lim also plans to resolve all the pending applications and deliverables of the SEC.

“The law sets clear timeframes. While we recognize the complexity of our work, we must uphold the standards,” he added.

Mr. Lim will also focus on implementing current initiatives rather than push for more reforms, adding that the SEC will further streamline its processes and requirements.

“We have all the laws. We have amendments to the Real Estate Investment Trust Act… There are also amendments about the Personal Equity and Retirement Account Act. It’s just a matter of pushing them harder and harder. It’s more execution and implementation than more reforms,” he said.

Meanwhile, Mr. Lim also said he will explore reductions in the SEC’s fees to help micro, small and medium enterprises.

“Regulation must support, not suffocate,” he said.

Asked about the previously allowed lower initial public float for some IPOs, Mr. Lim said the market should be allowed to decide.

The SEC previously allowed an initial public float of 15% for some companies seeking to go public through exemptive relief.

“If an issue is attractive, it is not a problem,” he said.

Tourism projected to contribute P5.9T to Philippine GDP

Tourists visit the colorful houses in Lucban, Quezon during Pahiyas Festival. — PHILIPPINE STAR/RYAN BALDEMOR

By Justine Irish D. Tabile, Reporter

THE TRAVEL and tourism sector is expected to contribute P5.9 trillion to the Philippine economy this year, according to the World Travel & Tourism Council (WTTC).

“This new record would represent more than one-fifth (21%) of national gross domestic product (GDP), cementing travel and tourism’s place as a backbone of the Philippine economy,” the WTTC said in a statement, citing its 2025 Economic Impact Research report.

Economic managers are targeting 6-8% GDP growth this year until 2028.

The WTTC also projected the travel and tourism sector to employ 11.7 million by yearend, accounting for 23.8% of all jobs in the Philippines.

Last year, the travel and tourism sector contributed P5.3 trillion to the country’s GDP and accounted for 11.2 million jobs.

If the projections are realized, it will represent an 11.3% and 4.5% increase in GDP contribution and employment, respectively, from last year.

The WTTC said that the travel and tourism sector’s contribution for this year would be 13.5% higher than the 2019 level or before the pandemic.

“International visitor spending is also on the rise, projected to reach P709.2 billion — up 2.1% on the previous high in 2019, while domestic visitor spending is anticipated to reach P4.1 trillion — a 9.3% increase over its previous peak,” the WTTC said.

Last year, spending by domestic visitors stood at P3.6 trillion, while spending of international visitors hit P644.8 billion.

If the WTTC’s spending projections are realized, these will represent an almost 10% increase in international spending and a 13.9% increase in domestic spending.

“The Philippines is a standout example of how travel and tourism, when supported by a clear, long-term vision, can deliver real economic impact and long-term opportunity,” said WTTC President and Chief Executive Officer Julia Simpson.

“This success speaks to the country’s extraordinary appeal, its policy focus on tourism as a growth engine, and the energy of its people and private sector,” she added.

By 2035, the WTTC expects the travel and tourism sector to contribute P9.2 trillion to the Philippine economy, representing 19.8% of GDP.

It also expects the creation of 2.5 million jobs, which will bring total sector employment to 14.1 million.

“As the country continues to strengthen air connectivity, invest in infrastructure, and prioritize destination resilience, travel and tourism are positioned not just to grow but to transform the national economy,” said the global tourism body.

“WTTC calls on policymakers to continue fostering this trajectory with clear regulation, long-term investment in workforce development, and sustained global promotion of the Philippines as a world-class destination,” it added.

Sought for comment, Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said that tourism is a “low-hanging fruit” for the Philippines.

“The Philippines is yet to fully catch up with other Asian or Association of Southeast Asian Nations countries that have three to five times more foreign tourism, so this could be a major source of economic growth,” said Mr. Ricafort in a Viber message.

He said that the tourism sector has the potential to create more jobs, generate more investments, and spur business activity.

“This could be made possible with further development of the country’s infrastructure, especially airports, seaports, mass transport systems, and accommodation facilities,” he added.

Colliers Research Director Joey Roi H. Bondoc said it would be a challenge to reach the tourism targets this year.

“The 2024 figures are down compared to the target of the government, and that was even before the South Korean economic crisis. But now that you no longer have the Chinese tourists, and then the Korean figures are down, so it will be extra challenging,” he said in a phone interview.

Data from the Department of Tourism  showed that the Philippines booked 5.95 million visitor arrivals last year, missing the agency’s target of 7.7 million.

However, Mr. Bondoc said that the DoT’s initiatives are in the right direction but need to be complemented with initiatives that will address infrastructure, peace and order, and affordability, among others.

“I think they’re doing the right thing; attracting Indians and implementing visa-upon-arrival or visa-free access to the Philippines are steps in the right direction, but it needs to be complemented,” he said.

Intimate times with Arturo Luz

GREAT CAMBODIAN LANDSCAPE, acrylic on canvas, 1993, 24 x 48 inches — STREAMLINED II MONOGRAPH

IT’S HARD not to associate the works of National Artist for Visual Arts Arturo Luz (1926-2021) with grandeur, but an exhibit called Streamlined II at the Renaissance Art Gallery in SM Megamall shows more intimacy from the late artist.

Mr. Luz is best known for his grand works displayed in the grandest venues and offices in the land, but this selling exhibit — which is ongoing until June 16 — features the private collection of Edd and Malou Gaerlan.

Mr. Gaerlan befriended Mr. Luz in the 1970s, and they formed a close bond, so much so that Mr. Luz and his wife stood as principal sponsors for the couple’s 25th wedding anniversary.

The exhibit features 62 pieces. While there are some sketches and drawings of Mr. Luz’s work in the 1960s, the collection largely consists of his work from the 1990s to the early 2000s. According to Renaissance Art Gallery’s Managing Owner, Manuel Romero, Jr., in an interview during the exhibit’s June 3 opening, these consist of what the National Artist captured during his travels around Southeast Asia during that period.

“An idea of what he thinks about the place,” is how Mr. Romero put it.

In a guide published by the gallery, Mr. Luz is quoted as saying, “These architectural paintings, which I call ‘Cities of the Past,’ are imaginary landscapes, recreations of my Asian pilgrimages. They share a common element: They are not literal but rather composite images formed from memory. They are imagined, transformed, and invented. They don’t originate directly from a single source.”

Writer and artist Cid Reyes, who curated the exhibit, has over 20 hours worth of interviews with the late Mr. Luz. Of the exhibit’s title Streamlined II (they had an exhibit called Streamlined last year), he said, “It is the one single word that touches on the essence of an Arturo Luz painting.”

“The work of Mr. Luz is so devoid or stripped of all ornamentation and excessive decoration, which is the penchant of many Filipino artists — because that is our sensibility. Because the art of Luz has been so stripped bare, it can connect to any period,” he said.

The works on view range in price from about P280,000 to P8.9 million. While the answer is obvious as to why the work of a National Artist can command such a price, Mr. Reyes notes that not everyone is drawn to his art. “The works of Mr. Luz remain a mystery. Unlike the works of Manansala, Amorsolo, that are all emotionally accessible to the Filipino audience, the work of Mr. Luz are still in that limbo of appreciation. It takes a particular sensibility to appreciate his works.”

For Mr. Romero, Mr. Luz’s work still creates buzz because previous collectors of Mr. Luz’s works have largely kept their collections private. “Nothing much has come out in the market. You can only see them, buy them, in the auction houses. Now, we’re trying to present that we still have a lot. Maybe it’s his time.”

Renaissance Art Gallery is located at The Artwalk, on the 4th floor of Building A of SM Megamall at the Ortigas Center, Mandaluyong City. — Joseph L. Garcia

Filipino queer classic blossoms into new drag musical

JAMILA RIVERA from the preview of Dalaga na si Maxie Oliveros. — BRONTË H. LACSAMANA

IN A CASE of perfect timing, Dalaga na si Maxie Oliveros: A Drag Musical Extravaganza, which combines the art of drag and musical theater, will be staged during Pride Month.

A sequel to the hit 2013 production Maxie the Musical, which in turn was based on the 2005 film Ang Pagdadalaga ni Maximo Oliveros, it follows the titular Maxie who is on the verge of adulthood as she discovers the dazzling world of drag.

Presented by J+Productions and line produced by PETA Plus, this newest piece of Filipino queer pop culture will run from June 13 to 22 at Illumination Studio in Makati City.

The show features newcomer Jamila Rivera, a fresh talent hailing from Naga City, Camarines Sur, as she takes on the role of an older Maxie Oliveros, one who is ready to reclaim her story. It is set five years after the original musical and film, with the young beauty queen aspirant turning to the world of drag to fully embrace her identity.

For director Melvin Lee, the production’s hybrid identity as part-musical, part-drag revue is a challenge since it will combine live singing, lip sync performances, and video projection.

Conceptualized in February, the show will have three original songs by musical director and arranger JJ Pimpinio, with the rest being covers as is usual with the art of drag. Most importantly, it is set in 2018, during the height of former President Rodrigo R. Duterte’s war on drugs.

“We won’t just look at the facade and the fabulosity of drag. I want the audience to see the human side of the performers, to go beyond the facade, the fabulosity, to see a person behind it,” Mr. Lee told the media at a June 5 press conference.

He co-wrote the script with writers Julia Icawat Enriquez and Mikaundre Gozum Santos.

“Every performance that the drag queens do is their expression and their statement to whatever context they are in,” he added. The original musical and film depict teenage Maxie’s trauma after falling in love with a police officer who later guns down her father.

Dalaga na si Maxie Oliveros: A Drag Musical Extravaganza will see Maxie go on “a new journey in the drag community, where she will find a new family and a support system,” Mr. Lee explained.

For Ms. Rivera, who was handpicked after rigorous auditions, it is an honor to bring the beloved queer icon’s story to life.

“It’s actually a very big responsibility, but I am really happy to have a solid team who will help me,” she told the press. “Gusto namin maihatid ’yung kuwento ni Maxie, mabigyan ito ng hustisya, at maipagpatuloy at mas mapabongga ’yung buhay niya (We want to convey Maxie’s story, give it justice, and continue and even improve on the life she has).”

A newcomer, Ms. Rivera said that the originator of the role back in 2013, drag queen Maxie Andreison, served as her inspiration to pursue drag and the coveted role itself. (Ms. Andreison recently won season two of Drag Race Philippines.)

“In the show, the Maxie character is new in this world, and she is just introduced in the drag scene, which I can relate to,” Ms. Rivera added.

Joining Jamila in the cast are some of the country’s top drag performers: Zymba Ding, Corazon, Mrs. Tan, and Winter Sheason Nicole. The production also features theater actors Jem Manicad, Gerhard Krystoppher, and Gabriel Villaruel.

Dalaga na si Maxie Oliveros: A Drag Musical Extravaganza runs from June 13 to 22 at Illumination Studio, 2723 Sabio St. corner Chino Roces Ave., Makati City. Tickets, costing P2,500, are now available via https://ticket2me.net/dalaga-na-si-Maxie. — Brontë H. Lacsamana

Tracing one’s identity through the past

UNBOUND by Lee Paje — VARGAS MUSEUM

Filipino, Thai perspectives converge at Vargas Museum

FOR Filipino visual artist Lee Paje and Thai photographer Ampannee Satoh, looking to the past is an essential part of understanding one’s identity.

The former uses installations and sculptures to reflect on historical narratives that have shaped Filipino queerness, while the latter channels in photographs the lasting effects of political unrest across time and borders from the perspective of a Thai Muslim woman.

At the Vargas Museum in the University of the Philippines Diliman, their takes on inherited realities hang on the walls and from the ceiling, tracing identities inextricably linked to the past. Ms. Paje’s exhibition is titled Beyond the Edge, Embodied Horizons while Ms. Satoh’s is called Ports of Refuge.

“While completely different from each other, their respective artistic practices have a shared sense of exploration. It’s also a coincidence that both Lee and Ampannee are showing works from their residencies,” said Tessa Maria Guazon, Vargas Museum curator, at a walkthrough of the two exhibitions.

HISTORIES UNBOUND
Ms. Paje’s main installation, Unbound, is a large-scale piece that incorporates painting, printmaking, and sculpture. It was made using historical archival text from the Doctrina Christiana, repeatedly printed on a Leporello book and then painted over and cut out to form a three-dimensional work.

It was made during the artist’s Pazifik-Leipzig residency in Leipzig, Germany, where she got an opportunity to reflect on the printing press.

“The first printed book here in the Philippines is the Doctrina Christiana. I looked at a historical archive online for a digital copy of the book. On the first page, instead of prayers and sacraments, I saw the Spanish alphabet,” Ms. Paje explained.

This first page then became the printing matrix or visual motif that was printed over and over on the pages.

“It struck me because it reflects how colonialism penetrated this country, how the ways we were colonized inculcated in us the knowledge, worldviews, and power structures that are in place up to now. It has residue in how we view things like gender and identity,” she added.

In altering the form of a book, her work aims to “create possible realities not bound by the text,” she told BusinessWorld.

At the exhibit’s opening in May, a body, sound, and movement performance was held, featuring dancers Deborah Lemuel, Serena Magiliw, Opaline Santos, and Jasper Villasis. The performance had them dance and interact with the paper installation work. “My art also talks about the colonized body, being defined by others outside of ourselves, so it made sense to me to have bodies here perform and interpret that,” Ms. Paje said.

POINTS OF CONFLUENCE
Co-presented with Shutter Space Studios and Silver Fine Art Prints, Ms. Satoh’s exhibit of monochrome photographs is a sobering look at two different places with once-thriving ports of trade — the artist’s hometown of Pattani in the majority Muslim provinces of Southern Thailand, and Port de La Rochelle on the southwest coast of France.

A recurring motif in many of the photographs is a Muslim woman in a hijab, taken from behind as she faces the horizon. Similar to the case in the Philippines where Christians outnumber Muslims even in Mindanao which is home to 95% of Filipino Muslims, Muslims in Southern Thailand are a minority compared to the Buddhist majority. Both Mindanao and Southern Thailand have had problems with Muslim insurgencies.

“The photographs reflect the political state of our community, and how it affects the women,” Ms. Satoh explained. She then draws parallels with Muslims in France, who are restricted by a controversial regulation that bans wearing burkas in public places.

While little remains of the historical port of Pattani and of the old towers marking the La Rochelle slave-trade port, the artist draws from the rich, vastly different histories of both places. The photos were taken during her artist residency at Centre Intermondes in La Rochelle.

“I look back in the past and feel like I know myself better. I do that to try to see something, and when I did, I felt like I learned more,” Ms. Satoh told BusinessWorld.

The sole video in her exhibition shows a fisherman on a boat on the shores of Pattani Bay, saying his prayers.

Lee Paje’s Beyond the Edge, Embodied Horizons and Ampannee Satoh’s Ports of Refuge run until June 18 at the Vargas Museum, Roxas Ave., UP Diliman, Quezon City.

The museum has admission fees of P20 for students, P40 for seniors, PWDs, and UP staff, faculty, and alumni, and P50 for non-UP visitors. — Brontë H. Lacsamana

DoE issues award notices to 7 bidders in 3rd round of green energy auction

FIRSTGEN.COM.PH

THE Department of Energy (DoE) has issued notices of award to seven bidders in the third round of the green energy auction (GEA-3), subject to acceptance and compliance with post-auction requirements, with awarded projects expected to deliver over 6,600 megawatts (MW) of capacity.

According to the DoE’s published notice, 12 projects were awarded, comprising 300 MW of impounding hydro, 6,350 MW of pumped-storage hydro, and 30.887 MW of geothermal capacity.

The notice includes the offered capacities and green energy tariffs recommended by the Energy Regulatory Commission (ERC).

Among the winning bidders are subsidiaries of San Miguel Global Power Holdings Corp. (SMGP), Prime Infrastructure Capital, Inc. (Prime Infra), and First Gen Corp.

Pan Pacific Renewable Power Phils. Corp. secured the largest capacity at 2,300 MW, including 300 MW from two impounding hydro projects with ERC-recommended rates ranging from P4.50 to P4.75 per kilowatt-hour (kWh), and a 2,000-MW pumped-storage hydro project at P3.50 per kWh.

SMGP’s San Roque Hydropower, Inc. won contracts for three pumped-storage hydro projects totaling 1,850 MW, with tariffs ranging from P3.25 to P3.7319 per kWh.

Prime Infra’s Ahunan Power, Inc. was awarded a 1,400-MW pumped-storage hydro project at P5.4597 per kWh, while Olympia Violago Water and Power, Inc. secured a 600-MW project at P5.3561 per kWh.

Coheco Badeo Corp. also emerged as the winning bidder for a 500-MW pumped-storage hydro project at P2.5787 per kWh.

For geothermal, First Gen’s Energy Development Corp. (EDC) secured contracts for two projects totaling 9.314 MW, with rates ranging from P5.1092 to P7.6441 per kWh.

EDC’s subsidiary Bac-Man Geothermal, Inc. was awarded a 21.573-MW project at P7.6441 per kWh.

The committed capacities are scheduled for installation between 2028 and 2035.

Bidders must confirm acceptance and submit post-auction documents within 15 calendar days.

Failure to comply will result in forfeiture of the bid bond, the DoE said.

In a statement, the DoE said the awards followed “a comprehensive multi-agency evaluation process.”

“This latest round under GEA-3 marks another significant milestone in the Philippine government’s effort to accelerate renewable energy development, enhance grid reliability, and meet long-term clean energy goals,” the agency said.

Two additional auctions are scheduled this year, focusing on integrated renewable energy and energy storage systems, as well as offshore wind power. — Sheldeen Joy Talavera

DITO CME hopes to raise P26.53B by yearend

STOCK PHOTO | Image by David Arrowsmith from Unsplash

By Ashley Erika O. Jose, Reporter

DITO CME Holdings Corp. announced its plan to raise up to P26.53 billion by yearend to ramp up the operations of its telecommunications unit DITO Telecommunity Corp.

In a disclosure to the stock exchange on Tuesday, DITO CME said it plans to convert the existing shareholder advances of Udenna Corp. and China Telecommunications Corp. in DITO Telecommunity into equity.

“This approach could help the company mitigate immediate liquidity pressures and facilitate its ongoing network expansion. By leveraging equity instead of accruing more debt, DITO could reduce its interest burden and improve financial sustainability,” Globalinks Securities and Stocks, Inc. Head of Sales Trading Toby Allan C. Arce said in a Viber message.

However, this strategy comes with potential downside, Mr. Arce said, adding that share conversion might dilute existing shareholders’ equity, which could erode investor confidence and market valuation in the short term.

DITO CME also said it is targeting to raise an additional P28.83 billion over the next five years through private placements.

As of end-2023, the company had raised P1.59 billion through private placements made by third-party investors such as Xterra Ventures Pte. Ltd., Summit Telco Corp. Pte. Ltd., and Summit Telco Holdings Corp.

To recall, in 2024, DITO CME’s board of directors approved a potential investment from Summit Telco Corp. Pte. Ltd.

“The success of this plan hinges on DITO’s ability to convert these funds into tangible growth — expanding its user base and enhancing its service offerings to compete effectively in a highly saturated telecommunications market dominated by incumbents like Globe and PLDT,” Mr. Arce said.

For the first quarter, DITO CME Holdings, operator of DITO Telecommunity, reduced its attributable net loss to P1.66 billion from P4.11 billion a year earlier.

According to the company’s regulatory filing, DITO CME incurred a total comprehensive loss of P41 billion in 2024, resulting in a capital deficiency of P73.39 billion as of December 2024. The company’s capital deficiency increased to P78.04 billion as of March this year, DITO CME said.

The company attributed its losses to the pre-operating and start-up costs associated with the rollout of its telecommunications network, adding that DITO Telecommunity must fulfill its investment commitment of approximately P256.54 billion for the first five years of its rollout.

“Moreover, DITO Tel’s operating at a loss at the beginning of its operations due to large initial capital expenditures is part and parcel of the telecommunications industry… DITO Tel will still have to make continuous capital expenditures in its network in order to maintain its current network dominance,” it said.

Based on its internal projections, DITO Telecommunity expects to generate positive earnings before interest, taxes, depreciation, and amortization (EBITDA) within this year.

To recall, DITO CME has executed several financial strategies, including a follow-on offering that raised up to P2.05 billion and private placements that generated up to P14.5 billion in capital.

“In the long run, if executed efficiently, this plan could strengthen DITO’s position and profitability by fostering infrastructure development, reducing financial risk, and supporting operational stability,” Globalinks Securities’ Mr. Arce said.

At the stock exchange on Tuesday, shares in the company closed 10.74% lower at P1.08 apiece.

Arts & Culture (06/11/25)

Heneral Luna, Goyo in cinemas for Independence Day

IN celebration of Philippine Independence Day, the box office and critically acclaimed historical epics Heneral Luna and Goyo: Ang Batang Heneral are returning to the big screen from June 12 to 15. The two award-winning films — produced by TBA Studios and directed by Jerrold Tarog — chronicle the lives of two heroes of the Philippine Revolution, Generals Antonio Luna and Gregorio del Pilar. The movies will be shown in the following participating cinemas: June 12 only — Robinsons Galleria Ortigas, Robinsons Manila, Robinsons Antipolo, Shangri-La Red Carpet Cinemas, Fishermall Quezon City, Fishermall Malabon, and Sta. Lucia East Grand Mall; June 12 to 15: SM Cinema North EDSA, SM Cinema Mall of Asia, and SM Cinema Fairview. Ticket prices start at P150.

Corinne de San Jose solo exhibit at Silverlens

THE newest solo exhibition at Silverlens Manila is Corinne de San Jose’s Everyday is Like Sunday, which is ongoing until July 12. It is her 8th show with the gallery, marking her return to Manila after her fellowship in New York at the Asian Cultural Council and her residency at Civitella Ranieri Visual Arts Residency in Italy. The exhibit responds to a growing dissonance in traditional strongholds of meaning — faith, science, institutions — by turning to silence as both an act of resistance and a form of refuge, told through a collection of sound-based works that transcend conventional notions of narrative and composition. As a sound designer, Ms. San Jose has created multi-sensorial installations, giving way to new modes of storytelling. Silverlens is at 2263 Chino Roces Ave. Ext., Makati City.

Book launch features classical guitar performance

THE LAUNCH of the book Play Filipino Together will feature a live performance titled Play Filipino Together: Filipino Music for Classical Guitar Ensemble. It will be held on June 26 at the Y Space in the Yuchengco Museum at RCBC Plaza, Ayala corner Gil Puyat Ave., Makati, starting at 6:30 p.m. The performers are classical guitarist Monching Carpio and the PIMA Guitar Quartet. They will showcase folk melodies reimagined for classical guitar ensemble. Admission for the general public is P750, while the discounted rate for seniors and PWDs is P550.

Lendl Arvin exhibit at Avellana Art Gallery

VISUAL ARTIST Lendl Arvin is holding his first solo show at Avellana Art Gallery titled Sunless Room. In it, he displays his affinity for seeing beyond everyday objects that are normally taken for granted. The exhibit will immerse visitors in his workspace as he takes objects out of their natural environment into an otherworldly, transcendental realm. The exhibit opens on June 12. The Avellana Art Gallery is located at 2680 FB Harrison, Pasay City.

Manila Symphony Orchestra takes on Hollywood tunes

THE next Manila Symphony Orchestra concert is A Night in Hollywood, set for June 28, 7:30 p.m., at the Aliw Theater in the CCP Complex, Pasay City. Performing with the orchestra are Hungarian cellist Zoltán Onczay, American guest conductor Angel Velez, and composers and conductors from the Los Angeles Film Conducting Intensive who are coming to Manila for a week-long collaboration. The concert will feature a mix of new music composed for movies as well as a suite of iconic Hollywood compositions.

Delia D. gets extended run at Newport

DUE to high demand, the run of Delia D.: A Musical Featuring the Songs of Jonathan Manalo has been extended. Additional performances have been added on June 14, 8 p.m., and June 15, 3 p.m., with special encore shows on June 28, 3 and 8 p.m. The musical presents the story of Delia, a drag queen whose journey of dreams, drama, and self-discovery unfolds under the spotlight. It is staged at the Newport Performing Arts Theater in Pasay City.

Fundraising activity for UA&P auditorium renovation

THE University of Asia and the Pacific (UA&P), in partnership with Phildiz Studios and Galerie Joaquin, has launched “Giving heART: Restoring the Legacy, Transforming the Future,” an art-driven fundraising initiative supporting the renovation of the Celestino M. Dizon Auditorium at the UA&P. It aims to address the venue’s urgent need for restoration and modernization. A digital catalogue sale featuring works by emerging and established Filipino artists will be available from June to September, including in a silent auction of 10 limited-edition fine art nature photographs by photographer Philip Dizon. The initiative will culminate in an on-site exhibit in September at the Dizon Auditorium on the UA&P Ortigas Campus. All proceeds will go directly to the auditorium’s renovation.

CCP announces writing fellows of Virgin Labfest XX

THE Cultural Center of the Philippines (CCP) has announced the eight aspiring playwrights selected for the Virgin Labfest XX Writing Fellowship Program, which will take place online and onsite at the CCP Complex in Pasay City from June 17 to 29. This year’s writing fellows are: Ace Abu, Aldrine Anzures, Princess Joy Buenafe, Mark Joseph Briones, Laurence Miguel De Vera, Maleah Rae Frange, Bradley Jason Pantajo, and Qashrina Musa. Under the guidance of playwright Glenn Sevilla Mas, the program offers a platform for selected writing fellows to engage in lectures, workshops, and discussions on playwriting and script critiquing.

Gov’t fully awards bonds at slightly higher rates

BW FILE PHOTO

THE GOVERNMENT made a full award of the reissued 10-year Treasury bonds (T-bonds) it offered on Tuesday as the offer was met with ample demand, with rates broadly in line with comparable secondary market levels.

The Bureau of the Treasury (BTr) raised P30 billion as planned via its offering of reissued 10-year bonds as total bids reached P57.732 billion, or nearly twice the amount placed on the auction block.

This brought the total outstanding volume for the series to P425.6 billion, the Treasury said in a statement.

The bonds, which have a remaining life of seven years and three months, were awarded at an average rate of 6.124%. Accepted bid yields ranged from 6.075% to 6.14%.

The average rate for the reissued papers rose by 4.3 basis points (bps) from the 6.081% fetched for the series’ last award on May 6 but was 62.6 bps lower than the 6.75% coupon for the original issuance.

This was also 5.17 bps above the 6.0723% quoted for the seven-year bond — the benchmark tenor closest to the remaining life of the papers on offer — and 3.2 bps higher than the 6.092% seen for the same bond series at the secondary market before Tuesday’s auction, based on PHP Bloomberg Valuation Service Reference Rates data provided by the BTr.

A trader said the government fully awarded its offering of reissued 10-year bonds as the auction was met with “decent demand,” with rates fetched “well within market expectations.”

“The seven-year T-bond’s average auction yield was slightly higher after reduced odds of future Federal Reserve rate cuts recently amid some progress on US-China trade negotiations, better-than-expected US non-farm jobs created recently, and as global crude oil prices corrected to new two-month highs,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Federal Reserve policymakers have already signaled they are in no rush to cut interest rates, and a government report on Friday showing the labor market is far from crumbling amid big trade policy changes only cements that stance, Reuters reported.

The Labor department’s monthly employment report showed the unemployment rate held steady at 4.2% last month. Employers added 139,000 jobs, which combined with downward revisions to prior months’ estimates showed a cooling in labor demand but nothing abrupt; by comparison, job gains averaged 160,000 last year.

US President Donald J. Trump ratcheted up his calls for rate cuts.

“Go for a full point, Rocket Fuel,” Mr. Trump said in a post on Truth Social that urged the Fed to lower rates by 100 bps. The president added that the Fed could simply increase rates again if inflation reignited.

But the latest job growth reading is already giving Fed policymakers more comfort about holding the US central bank’s policy rate steady as they watch to see how higher import tariffs affect the economy.

It “was a solid report and I was pleased with it,” Philadelphia Fed President Patrick Harker told CNBC, adding that now was the time for the Fed to hold policy steady.

Fed officials have telegraphed that they intend to do just that at their June 17-18 policy meeting.

Financial markets have been betting the Fed will wait until September to cut rates and will deliver a second reduction in borrowing costs by December; after the jobs report, they trimmed their bets on a possible third rate cut by the end of this year.

Fed officials are in a blackout period ahead of the June 18 policy decision.

Meanwhile, trade talks between the United States and China were set to extend to a second day, with tentative signs that tensions between the world’s two largest economies could be easing.

Mr. Trump put a positive spin on the talks, which wrapped up for the night on Monday and were set to resume on Tuesday.

Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer were set to meet for the second day with their Chinese counterparts.

Any progress in the negotiations is likely to provide relief to markets given that Mr. Trump’s often shifting tariff announcements and swings in Sino-US ties have undermined the world’s two biggest economies, disrupted supply chains and threaten to hobble global growth.

The BTr wants to raise P150 billion from the domestic market this month, or P60 billion via Treasury bills and P90 billion via 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. — Luisa Maria Jacinta C. Jocson with Reuters

Allied Care Experts (ACE) Medical Center – Tacloban, Inc. to hold 2025 Annual Stockholders’ Meeting on July 3

NOTICE OF ANNUAL STOCKHOLDERS’ MEETING

DEAR STOCKHOLDERS:

Please be informed that the Annual Stockholders’ Meeting of Allied Care Experts (ACE) Medical Center – Tacloban, Inc. (“ACEMC-Tacloban”) will be held on July 3, 2025 (Thursday) at 8:00 o’clock in the morning, via Zoom Webinar, in light of the COVID pandemic.

For the conduct of the Webinar, please register on or before June 16, 2024, through the following link:

https://us06web.zoom.us/meeting/register/8q1X6IyZRQ67Ew7da08cCQ

Once you have successfully registered, you will receive a confirmation email containing information about the webinar meeting.

The link will provide you the process for the registration. You will receive a confirmation email once you have successfully registered in the platform, including the details and procedures in the conduct of the meeting. Voting will be done via the online tool which you can access once you have logged in to the Webinar; voting in the election of directors may also be done in absentia through the above link.

The meeting shall be recorded (visual and audio) for future reference. The Agenda:

  1. Call to Order
  2. Invocation
  3. Determination of Quorum
  4. Welcome Message
  5. Reading and Approval of the Minutes of the Y2024 Annual Stockholders’ Meeting
  6. Presentation and Approval of the Y2024 Audited Financial Statements
  7. President’s Report
  8. Ratification of the Acts and Proceedings of the Board of Directors, Officers, and Management of the Corporation for the period June 20, 2024 to July 2, 2025
  9. Election of the Board of Directors for the year 2025-2026
  10. Appointment of External Auditor for the year 2025
  11. Other Matters
  12. Adjournment

Only stockholders of record at the close of business on June 13, 2025, Friday, shall be entitled to notice of and to vote at the meeting. If you cannot personally attend the meeting, you may opt to send your proxy to attend in your behalf. Kindly submit your duly executed proxy form with the undersigned, via email, at acemctacloban2015@gmail.com not later than 5:00 p.m. on July 2, 2025, but preferably, on June 27,2025, to enable your proxy to register in the Zoom Webinar. Attached is a sample proxy form for your reference. [NOTE: Management is not soliciting proxies.]

The Information Statement and Management Report and SEC Form 17-A are available at the Corporation’s website at https://acemctacloban.com

You may contact the undersigned via email at acemctacloban2015@gmail.com through mobile number 09670124954 if you have inquiries/concerns regarding the meeting.

Very truly yours,

(Original signed)
Ma. Lourdes Opinion, MD
Corporate Secretary

 

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PSALM sets minimum bid price for CBK hydro plants but withholds amount

CBKPOWER.COM

STATE-RUN Power Sector Assets and Liabilities Management Corp. (PSALM) has set the minimum bid price for the sale of the Caliraya-Botocan-Kalayaan (CBK) hydroelectric power complex but opted not to disclose the amount.

“This development is part of PSALM’s continuing efforts to implement its privatization program in accordance with the government’s policy to encourage private sector participation and optimize asset value,” PSALM said in a statement on Tuesday.

The company said the minimum bid price, which will serve as the benchmark for evaluating offers, was determined through “a comprehensive financial valuation process and consultation with relevant government agencies,” ensuring alignment with prevailing market conditions.

“We are not disclosing the minimum bid price,” PSALM President and Chief Executive Officer Edward A. Dela Serna told BusinessWorld.

Mr. Dela Serna said that protecting the integrity of the bidding process is among the reasons for withholding the amount.

The 796.64-megawatt (MW) hydroelectric power complex is currently under a 25-year build-rehabilitate-operate-transfer agreement between independent power producer CBK Power Co. Ltd. and the National Power Corp., which will expire in 2026.

The complex consists of the 39.37-MW Caliraya hydroelectric power plant (HEPP) in Lumban, the 22.91-MW Botocan HEPP in Majayjay, and the 366-MW Kalayaan I and 368.36-MW Kalayaan II pumped-storage power plants in Laguna.

In its latest invitation, PSALM said the asset will be privatized on an “as is, where is” basis. The deadline for proposal submission is set for June 30.

Among the firms seeking to participate in the bidding are Thunder Consortium (composed of Aboitiz Renewables, Inc., J-POWER, and Sumitomo Corp.); Giga ACE 11, Inc. of Ayala-led ACEN Corp.; First Gen Prime Energy Corp. of Lopez-led First Gen Corp.; Marubeni Corp. of Japan; and Semirara Mining and Power Corp. of the Consunji Group.

Other interested parties include Hexa Philippines, the local renewable energy platform of global infrastructure manager I Squared Capital; Razon-led Prime Infrastructure Capital, Inc.; San Miguel Global Power Holdings Corp.; and Korea Water Resources Corp. — Sheldeen Joy Talavera

Day of the Jackal author Frederick Forsyth, 86

AMAZON.COM

LONDON — British novelist Frederick Forsyth, who authored best-selling thrillers such as The Day of the Jackal and The Dogs of War, has died aged 86, his publisher said.

A former correspondent for Reuters and the BBC, and an informant for Britain’s MI6 foreign spy agency, Mr. Forsyth made his name by using his experiences as a reporter in Paris to pen the story of a failed assassination plot on Charles de Gaulle.

The Day of the Jackal, in which an English assassin, played in the film by Edward Fox, is hired by French paramilitaries angry at Mr. De Gaulle’s withdrawal from Algeria, was published in 1971 after Mr. Forsyth found himself penniless in London.

Written in just 35 days, the book was rejected by a host of publishers who worried that the story was flawed and would not sell as Mr. De Gaulle had not been assassinated. Mr. De Gaulle died in 1970 from a ruptured aorta while playing Solitaire.

But Mr. Forsyth’s hurricane-paced thriller complete with journalistic-style detail and brutal sub-plots of lust, betrayal, and murder was an instant hit. The once poor journalist became a wealthy writer of fiction.

“I never intended to be a writer at all,” Mr. Forsyth later wrote in his memoir, The Outsider – My Life in Intrigue. “After all, writers are odd creatures, and if they try to make a living at it, even more so.”

So influential was the novel that Venezuelan militant revolutionary Illich Ramirez Sanchez, was dubbed “Carlos the Jackal.”

Mr. Forsyth presented himself as a cross between Ernest Hemingway and John le Carre — both action man and Cold War spy — but delighted in turning around the insult that he was a literary lightweight.

“I am lightweight but popular. My books sell,” he once said.

His books, fantastical plots that almost rejoiced in the cynicism of an underworld of spies, criminals, hackers, and killers, sold more than 75 million copies.

Behind the swashbuckling bravado, though, there were hints of sadness. He later spoke of turning inwards to his imagination as a lonely only child during and after World War Two.

The isolated Mr. Forsyth discovered a talent for languages: he claimed to be a native French speaker by the age of 12 and a native German speaker by the age of 16, largely due to exchanges.

He went to Tonbridge School, one of England’s ancient fee-paying schools, and learned Russian from two emigre Georgian princesses in Paris. He added Spanish by the age of 18.

He also learned to fly and did his national service in the Royal Air Force where he flew fighters such as a single seater version of the De Havilland Vampire.

THE REPORTER
Impressing Reuters’ editors with his languages and knowledge that Bujumbura was a city in Burundi, he was offered a job at the news agency in 1961 and sent to Paris and then East Berlin where the Stasi secret police kept close tabs on him.

He left Reuters for the BBC but soon became disillusioned by its bureaucracy and what he saw as the corporation’s failure to cover Nigeria properly due to the government’s incompetent post-colonial views on Africa.

It was in 1968 that Mr. Forsyth was approached by the Secret Intelligence Service, known as MI6, and asked by an officer named “Ronnie” to inform on what was really going on in Biafra.

By his own account, he would keep contacts with the MI6, which he called “the Firm,” for many years. His novels showed extensive knowledge of the world of spies and he even edited out bits of The Fourth Protocol (1984), he said, so that militants would not know how to detonate an atomic bomb.

His writing was sometimes cruel, such as when the Jackal kills his lover after she discovers he is an assassin.

“He looked down at her, and for the first time she noticed that the grey flecks in his eyes had spread and clouded over the whole expression, which had become dead and lifeless like a machine staring down at her.”

THE WRITER
After finally finding a publisher for The Day of the Jackal, he was offered a three-novel contract by Harold Harris of Hutchinson.

Next came The Odessa File in 1972, the story of a young German freelance journalist who tries to track down SS man Eduard Roschmann, or “The Butcher of Riga.”

After that, The Dogs of War in 1974 is about a group of white mercenaries hired by a British mining magnate to kill the mad dictator of an African republic — based on Equatorial Guinea’s Francisco Macias Nguema — and replace him with a puppet.

The New York Times said at the time that the novel was “pitched at the level of a suburban Saturday night movie audience” and that it was “informed with a kind of post-imperial condescension toward the black man.”

Divorced from Carole Cunningham in 1988, he married Sandy Molloy in 1994. But he lost a fortune in an investment scam and had to write more novels to support himself. He had two sons — Stuart and Shane — with his first wife.

His later novels variously cast hackers, Russians, al Qaeda militants, and cocaine smugglers against the forces of good — broadly Britain and the West. But the novels never quite reached the level of the Jackal.

A supporter of the United Kingdom’s exit from the European Union, Mr. Forsyth scolded Britain’s elites for what he cast as their treachery and naivety.

In columns for The Daily Express, he gave a host of withering assessments of the modern world from an intellectual right-wing perspective.

The world, he said, worried too much about “the oriental pandemic” (known to most as COVID-19), Donald Trump was “deranged,” Vladimir Putin “a tyrant,” and “liberal luvvies of the West” were wrong on most things.

He was, to the end, a reporter who wrote novels.

“In a world that increasingly obsesses over the gods of power, money and fame, a journalist and a writer must remain detached,” he wrote. “It is our job to hold power to account.” — Reuters

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