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Petron sees sustained profit momentum

PETRON.COM

PETRON CORP. expects to sustain its earnings momentum through yearend after posting stronger results for the first nine months, President and Chief Executive Officer Ramon S. Ang said on Tuesday.

“Our performance over the past three quarters has been a testament to our resilience despite external pressures and competition,” Mr. Ang said in a statement. “We remain optimistic about maintaining this momentum through the rest of the year.”

The country’s largest oil refiner reported a 37% jump in net income to P9.7 billion for the January-September period, driven by higher domestic sales, lower operating costs, and improved plant efficiency.

Revenue fell 10% to P594.9 billion, weighed by lower international crude prices. Dubai crude averaged $71 per barrel, up 13% from a year earlier.

Petron did not provide third-quarter financial figures.

Its Philippine and Malaysian operations sold a combined 82.6 million barrels, up 3% year on year, led by an 11% rise in Philippine retail sales as the company expanded its dominant market share.

The gains from higher local demand and stronger refinery productivity at its Limay, Bataan and Port Dickson, Malaysia plants helped offset an 11% drop in regional refining margins.

Petron retained its position as the Philippines’ top oil market player, with a 24.9% share as of June 2024, according to the Department of Energy. The company operates about 50 terminals across the region, 2,700 service stations and maintains a refining capacity of almost 270,000 barrels per day.

Petron shares closed unchanged at P2.35 apiece. — Sheldeen Joy Talavera

Wild at Heart actress Diane Ladd, 89

DIANE LADD in a scene from 2015’s Joy.

AMERICAN ACTRESS Diane Ladd, a triple Academy Award nominee for her supporting roles in Alice Doesn’t Live Here Anymore, Wild at Heart, and Rambling Rose, has died at the age of 89, her daughter said on Monday.

Ms. Ladd died at her home in California, said Laura Dern, Ms. Ladd’s daughter with ex-husband Bruce Dern. Both Bruce and Laura are also actors.

Ms. Ladd was known for playing strong, intelligent, and complex women in roles including a sassy waitress, a domineering, mentally ill mother, and an eccentric 1930s housewife during a seven-decade career that began on stage in the 1950s.

The tall blonde starred in films such as White Lightning (1973), David Lynch’s 1990 crime drama Wild at Heart (1990), the black comedy Citizen Ruth (1996), Daddy and Them (2001), and HBO’s Enlightened (2011), with her daughter. The two often played mother and daughter.

Ms. Ladd and Ms. Dern were both nominated for an Academy Award for the 1991 drama Rambling Rose. They were the first, and only, mother-daughter duo to receive Oscar nominations for the same film in the same year.

“She is just the greatest actress, ever. You don’t even use the word brave because she just shows up like that in life. She doesn’t care what anybody thinks,” Ms. Dern said of her mother.

“She leads with a boundarylessness,” she added in a 2019 interview with Inside the Actors Studio.

The mother-daughter duo’s talents extended beyond acting.

In 2023, they published a joint memoir, Honey, Baby, Mine: A Mother and Daughter Talk Life, Death, Love. The book was based on their conversations during daily walks together after Ms. Ladd was diagnosed with a lung disease and given only months to live. Her doctor recommended the walks to strengthen her lungs.

“The more we talked and the deeper and more complicated of subjects we shared, my mother got better and better and better,” Ms. Dern said in an interview with National Public Radio in 2023. “It’s been a great gift.”

SOUTHERN BELLE
Diane Ladd was born Rose Diane Lanier on Nov. 29, 1935, in the small town of Meridian, Mississippi. She was the only child of a country veterinarian and an actress and housewife.

From a young age, the precocious child who finished school at 16 knew she wanted to act.

“Somehow in my soul, even as a child, I felt I was going to be an actress,” Ms. Ladd said with a southern lilt in a 2022 talk at the Academy Museum of Motion Pictures.

She was offered a college scholarship but instead opted to try her luck in New York where she worked as a model and Copacabana dancer. She joined the Actor’s Studio, which is known for method acting.

Ms. Ladd made her New York stage debut in 1952 in the off-Broadway production of Orpheus Descending by Tennessee Williams, who was her third cousin. It was also where she met her first husband, Bruce Dern.

The actress worked in classic 1960s TV dramas such as Perry Mason, 77 Sunset Strip, and The Fugitive before being cast in Roger Corman’s 1966 motorcycle saga The Wild Angels with her husband Mr. Dern, Peter Fonda, and Nancy Sinatra.

Two years later, Ms. Ladd made her Broadway debut in Carry Me Back to Morningside Heights.

She had more than 120 TV and film credits, including Roman Polanski’s Chinatown (1974) and David O. Russell’s 2015 comedy/drama Joy, and she earned three Emmy nominations in the 1990s for guest roles in Touched by an Angel, Grace Under Fire, and Dr. Quinn, Medicine Woman.

Ms. Ladd also wrote short stories and screenplays, and directed and starred in the 1995 comedy with Bruce Dern.

Ms. Ladd, Mr. Dern, and their daughter Laura were each awarded side-by-side stars on the Hollywood Walk of Fame in a triple ceremony in 2010.

“Diane is a Renaissance woman,” film producer Barbara Boyle said during the ceremony. “She has uncanny perception and insight into people that informs her acting and directing.”

In her 2006 memoir Spiraling Through the School of Life, Ms. Ladd wrote about the high and low points of her life, including the death of her first daughter in a tragic accident in 1962 when she was a toddler.

Deeply spiritual, Ms. Ladd was a proponent of complementary and alternative medicine. After being told she would never be able to have another child, her second daughter, Laura, was born five years later.

Ms. Ladd was married three times and continued to work into her 80s.

“Art is just a mirror, and that’s why we go see movies: to learn who we are,” she told the New York Times in 2023. — Reuters

A ‘global commons’: The South China Sea as a zone of peace, stability, and inclusive prosperity

PHILIPPPINE COAST GUARD

The South China Sea is a vast body of water whose openness and shared use must be for the benefit not just of any one nation, but of all. It is called a global commons because of the opportunities, risks, and stakes that many countries around it share.

Current events show that this global commons is also a venue where the rule of law and basic decency are being tested.

As one of the nations with high stakes in the South China Sea, the Philippines must have a very clear idea of how it could best meet these challenges, protect its own interests, and be a good regional and global citizen that puts the rule of law above all else.

Indeed the Philippines, sitting at the heart of the Indo-Pacific region, holds strategic importance in terms of sea lanes, trade routes, data connectivity, critical minerals, and supply chain diversification.

The Malacca Strait, the South China Sea, and the West Philippine Sea are waterways vital to the economy of the Indo-Pacific, with more than $5 trillion in trade flowing through these waters every year. This volume represents one third of all global maritime commerce.

The Philippine Seas are also home to submarine cables connecting major economic players. Disruption or instability hinders the seamless flow not just of trade but of information.

These gain even more significance when viewed in the context of China’s adventurism and gray-zone operations in the West Philippine Sea. In recent months and years, the Philippines has seen intensified and increasingly aggressive behavior by China. China has repeatedly and intentionally rammed Filipino vessels, used water cannons and military-grade lasers, and executed blockades that have prevented resupply missions to our ships. It has also intimidated our fisherfolk and kept them away from their livelihood right within our own territory.

These are not sporadic incidents or unfortunate maritime misunderstandings. They are calculated actions designed to instill fear, disrupt lawful operations, and undermine Philippine sovereign rights. They are sustained and deliberate, designed to assert China’s claims in an area that has already been determined as ours. International law, specifically the United Nations Convention on the Law of the Sea, and the 2016 decision of the Permanent Court of Arbitration saying that China’s nine-dash claim had no basis, supports us on this.

Filipinos want to be kept abreast of these acts of bullying. Further, these actions by China must be exposed and made known to the rest of the world. A recent survey by Pulse Asia revealed that 94% of Filipinos believe we should continue our transparency policy so that the global audience could know about the coercion faced by our people at sea.

After all, similar tactics have been observed in other countries in the South China Sea. China has been trying to turn what is shared maritime space into a lake belonging to a singular power. What is happening is a far-reaching campaign to reengineer the strategic landscape of the Indo-Pacific region.

How, then, should the Philippines and the rest of the world respond to the consistent undermining of our rights and of the rule of law in a supposedly common space?

At the recent “Manila Dialogue on the South China Sea,” representatives from various sectors in the Philippines and from other nations came together in acknowledgment of their shared responsibility. That responsibility is to ensure that the South China Sea remains open, stable, and governed by international law. The recurring theme of the discussions was partnership — working together on various fronts and levels toward this end.

In another Pulse Asia survey, Filipinos were asked which countries can best assist the Philippines in addressing aggression in the West Philippine Sea. The overwhelming responses were like-minded partners such as the United States (77%), Japan (45%), Australia (30%), Canada (29%), and the United Kingdom (25%). Yet another survey asked Filipinos which countries are our partners for economic security amid global risks. It was not surprising that the same five countries — the US at 77%, Japan at 44%, Australia at 26%, the UK at 24%, and Canada at 23% — topped the list, which also included ASEAN at 29%.

This only reveals that in the minds of Filipinos, our nation’s ability to deter aggression in our waters is very closely intertwined with our ability to ensure that the economic needs of our people are sustainably met.

Issues in the South China Sea should never be viewed from a single country’s perspective, or from a purely economic or defense point of view. It is a vast body of water that is as rich in economic and trading potential as it is in marine life. Ensuring that it is free, open, and stable is crucial to its role in the Indo-Pacific region and in the greater global community. Events occurring in the South China Sea should not be seen as distant or far removed from the people. These actions have tangible effects and serious consequences in our everyday lives.

The Philippines and the rest of the world must assert that the South China Sea, as a global commons, should be a zone of peace, stability, and inclusive prosperity. Only the rule of law must prevail, and no one country should assert dominance over others. It is imperative that we actively resist and expose these actions to prevent the South China Sea from becoming a theater of Chinese expansionism.

 

Victor Andres “Dindo” C. Manhit is the president of the Stratbase ADR Institute.

PHL insurance sector seen to sustain growth

JAKUB ZERDZICKI-UNSPLASH

THE PHILIPPINE insurance sector could post double-digit growth until next year as positive economic prospects could help drive spending and as the industry’s penetration rate remains low, the top official of East West Ageas Life Insurance Corp. (EastWest Ageas) said.

EastWest Ageas President and Chief Executive Officer Sjoerd Smeets said he expects the insurance market to grow around 11% this year despite declining interest rates and the weak performance of the stock market.

“But I still believe that next year will have a growth probably in the double digits. GDP (gross domestic product) growth in the Philippines still is expected to be around 6% next year, and you normally see the insurance market outpacing that a bit because the insurance sector in the Philippines is still under-benefited versus other Asian countries,” he said at an event on Tuesday.

“The total insurance spend [versus] GDP is something like 1.7%. And in mature markets, that’s close to 5%. So, that growth will still kick in. And with more Filipinos having higher earnings potential, we definitely expect the life insurance market to still grow.”

The sector recorded higher premiums in the first semester, according to data from the Insurance Commission (IC). Total premiums paid for life and nonlife insurance products grew by 12.98% to P242.842 billion at end-June from P214.941 billion in the same period last year.

As a result, insurance penetration, or the ratio of insurance premiums to the GDP, rose to 1.79% from 1.71% a year prior.

Insurance density, or the average spending of each individual on insurance, also increased by 12.07% to P2,137.32.

Life insurers saw a 12.01% increase in premiums collected to P195.05 billion in the period from P174.14 billion a year prior.

Philippine GDP growth averaged 5.4% in the first semester, slightly below the government’s 5.5 to 6.5% goal for the year.

Meanwhile, the Bangko Sentral ng Pilipinas has now cut benchmark interest rates by a total of 175 basis points since it kicked off its easing cycle in August 2024. It is expected to deliver further reductions until next year to help stimulate the economy as a widening corruption scandal involving state flood control and infrastructure projects is expected to affect both public and private investments.

These domestic governance concerns, along with worries over trade policies and the pace of monetary easing in developed countries, have caused Philippine stocks to decline in recent months. On Tuesday, the Philippine Stock Exchange index closed at 5,867.04, down by 10.14% or 661.75 points from its end-2024 finish of 6,528.79.

Mr. Smeets said financial literacy remains a challenge in the Philippines, contributing to low insurance penetration.

“I think the education system needs to be improved to make sure that young people start to learn to deal with money and also the unexpected things in life,” he said. “If you just see people on the streets, there’s not a lot of consciousness of savings.”

“We sometimes live too much in the day to day… In the insurance sector, we’re doing quite a lot of things to also improve that consciousness. We’re trying to make more people aware about insurance — get them to be aware of the things that will happen if something happens.”

The insurer’s PURPLE Report released at the event reflected Filipinos’ lack of consciousness about savings.

The study, which it commissioned to NielsenIQ, showed that only two out of 10 Filipinos have enough emergency funds lasting over three months, with most only having P50,000 in savings.

“This leaves the average middle-class Pinoy without the buffers needed to recover from unexpected challenges,” the company said.

It also showed that long-term financial planning is an afterthought for most Filipinos as 30% of their salaries go to their household expenses, such as for food, rent, transportation, and mortgage, making it difficult for them to set aside savings.

“Despite growing awareness to prepare for emergencies, getting started is far from easy, as Filipinos still need to plan around their current day-to-day needs,” EastWest Ageas said.

“However, Filipinos still recognize it is important to stay prepared, as it can ease their worries about unexpected situations. In fact, 52% are concerned about the health of their loved ones, and 24% worry about critical illnesses and the large medical expenses tied to them.”

The study showed that some Filipinos aged 40 and above said they have more than three months’ worth of emergency funds, reflecting an improved financial stability they age.

“However, the journey towards financial preparedness is often hampered by economic pressures like inflation and income instability. To get through emergencies, Filipinos would often rely on their personal savings, receive support from their families and communities, and take out loans from informal channels,” the insurer said.

“While these highlight Filipinos’ innate resilience, resourcefulness, and generosity, they also show their vulnerability when emergencies arise. Thus, Filipinos need the extra support to help them get through these struggles without compromising their goals.”

EastWest Ageas booked a premium income of P4.97 billion and a net income of P225.49 million in 2024, based on IC data.

East West Ageas Marketing Officer Greg Martin said at the same event that they continue to grow their presence nationwide following their expansion into Davao and Cebu.

“We’ll be expanding in the Bulacan area and in the Quezon City area as well. How we do that, though, is in a very careful and very commercially orientated fashion.” — Aubrey Rose A. Inosante

Peso rises to two-week high on divided Fed, inflation bets

BW FILE PHOTO

THE PESO continued to strengthen against the dollar on Tuesday, posting a two-week high, as several US Federal Reserve officials signaled that they are open to another rate cut next month despite the cautious tone adopted by its chief.

Bets of within-target Philippine headline inflation in October also supported the currency against the greenback.

The local unit closed at P58.515 per dollar, rising by 27.5 centavos from its finish of P58.79 on Monday, Bankers Association of the Philippines data showed.

This was its best finish in nearly two weeks or since it ended at P58.41 a dollar on Oct. 22.

The peso opened Tuesday’s session stronger at P58.70 against the greenback. Its intraday best was at P58.51, while its weakest showing was at P58.75 versus the dollar.

Dollars exchanged inched up to $1.327 billion on Tuesday from $1.326 billion on Monday.

“The peso continued to appreciate after several Federal Reserve officials expressed openness towards delivering a rate cut in the December Fed meeting,” a trader said in an e-mail on Tuesday.

Fed officials continued offering competing views of where the economy stands and the risks facing it in the absence of economic data suspended due to the shutdown, Reuters reported.

The Fed cut rates last week, but Chair Jerome H. Powell suggested that might be the last cut of the year. Traders are now pricing in a 65% chance of a rate cut in December, compared with 94% a week earlier, CME FedWatch showed.

On Monday, Fed Governor Lisa Cook portrayed a tug-of-war view of the policy debate, saying elevated risks to both the central bank’s employment and inflation mandates leave the Dec. 9-10 meeting “live” for a possible rate cut, but not a lock.

Speaking earlier in the day, San Francisco Fed chief Mary Daly offered a similarly even-handed perspective, saying she viewed last week’s cut as further “insurance” against labor market weakening and has an “open mind” about the need for a similar move in December.

The peso continued to correct ahead of the release of Philippine October inflation data on Wednesday (Nov. 5), Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

He said the October consumer price index (CPI) “is expected to be slightly higher versus 1.7% in September 2025 but still considered benign or still below the BSP’s (Bangko Sentral ng Pilipinas) inflation target range of 2%-4% and could still support future local policy rate cuts.”

A BusinessWorld poll of 17 analysts yielded a median estimate of 1.8% for the October CPI, which would be up slightly from the 1.7% clip in September but slower than the 2.3% seen in the same month last year.

This would be within the BSP’s 1.4-2.2% forecast for the month and mark the eighth straight month that inflation was below its 2%-4% annual goal.

The trader said the peso may rise further on Wednesday on expectations of within-target Philippine inflation.

The trader sees the peso moving between P58.35 and P58.60 versus the greenback, while Mr. Ricafort said the local unit could trade from P58.40 to P58.65. — Aubrey Rose A. Inosante with Reuters

Netherlands to return 3,500-year-old sculpture to Egypt

THE Netherlands will return a 3,500-year-old sculpture that turned up at a Dutch art fair to Egypt, Prime Minister Dick Schoof said on Sunday during a visit to the country, where he met with President Abdel Fattah al-Sisi.

The artifact in question, which depicts a senior official from the 1479-1425 BC reign of Pharaoh Thutmose III, is believed to have been stolen and illegally exported, most likely during the unrest of the 2011 Arab Spring, before appearing on the international art market.

The “historic cultural artifact (was) confiscated at a Dutch art fair” in Maastricht in 2022, Mr. Schoof said, after someone anonymously tipped off the authorities about its illicit origin.

An investigation by Dutch police and the cultural heritage inspectorate confirmed that the sculpture had been plundered and unlawfully removed from Egypt. The dealer who had the piece voluntarily surrendered it following the inquiry.

The Dutch government said it expects to hand over the artifact to the Egyptian ambassador in the Netherlands by the end of this year, although no specific date has been set. — Reuters

The politics of nepotism: How ‘nepo babies’ rule the Philippines

THIS RESOURCE WAS GENERATED WITH AI./FREEPIK

(This piece was originally published in The Benildean, the official student publication of De La Salle-College of Saint Benilde. It received an Excellence Award at the 11th Philippine Student Quill Awards, the junior counterpart of the Philippine Quill Awards.)

Well-known personalities in the Philippines are often revealed to have ties or relations to other influential figures in certain industries, such as the Barretto clan in Filipino showbiz, the Filipino-Chinese Sy family of the SM Group, and even the lineage of the country’s current president — the Marcoses. There is nothing wrong with supporting family members and friends in their careers, but the problem arises when they’re marketed as an extension of each other’s success and given unfair advantages over more qualified candidates.

Stemming from the term “nepotism,” “nepo baby” is a Generation Z-born label referring to a person who is only successful due to their parents or familial connections. Despite the recent conception of the term, nepotism is not a new notion, especially in the Philippines. A classic example is the Padrino system, wherein favors, promotions, or political appointments are obtained through friendship or family ties rather than on the basis of merit.

Therefore, it is no surprise that Filipino society has always embraced nepo babies in various industries, as seen in political dynasties that dominate elections and relatives of successful celebrities seemingly hitting the jackpot on their first gig. Filipinos are quick to put familiar names on a pedestal while turning a blind eye toward their inadequacies and shortcomings, overestimating their abilities simply because their last name is tied to an already established one.

Society’s ignorance and complacency have led to a vicious cycle of unscrupulous governance and repetitive mishaps. As Filipinos continue to allow incompetent figures to be industry leaders, national representatives, and key persons in society, the unending cycle of nepotistic oligarchy will persist to corrupt the country.

FROM PRIVILEGE TO SUCCESS
Through their connections, nepo babies can bypass standard procedures, avoid corrupt higher-ups, and gain insider tips that give them an edge over non-nepo babies. The gap between the privileged and the less fortunate widens as it becomes more difficult for unprivileged Filipinos to penetrate an industry. Despite the unfair advantage of nepo babies, some Filipinos still fervently support them over no-name novices, forming a biased cultural perspective and reducing themselves to merely being observers of the rich and famous, rather than being a whole and balanced society.

In an interview with The Benildean, a Hotel, Restaurant, and Institution Management student, JR, commented on growing up as the grandson of one of the richest Filipino-Chinese tycoons in the country.

“I have to admit that when I was younger, I didn’t see my privilege as ‘privilege.’ I didn’t realize what was normal for me wasn’t the norm for everyone else.” He continued, “But as I got older, I was more exposed to the family business and began to understand how lucky and fortunate I am.”

While on the topic of privilege and advantages, JR shared how his parents always made sure he and his siblings worked for their success and never spoon-fed them unfair opportunities like college admissions or high-ranking company positions, forcing them to start from the bottom and work their way up. He also talked about the pressure he and his siblings face, saying, “Being the third generation, there’s a lot of expectations to do well in specific fields as my siblings and cousins, and myself included, are being prepared to take over different departments of the family business in the future.

“Yes, I’m a nepo baby by definition, but I was raised by my parents to strive for my success. Nevertheless, I’m always thankful to have a family who can celebrate my wins and support me if I fail,” he emphasized.

In another interview with The Benildean, Sign Language Interpretation student, Jiro, shared a different perspective, explaining her conflicts and struggles with being the niece of a well-known senator.

“His experience and career in politics greatly influenced my decision to rule out politics entirely as a future career path,” she explained. “Growing up hearing stories on the news of his clashes with other people was [enough] reason for me to look elsewhere for a career.”

Having been exposed to this kind of lifestyle, Jiro also disclosed her frustrations with opportunities being handed to her despite her refusal. “I almost got a scholarship slot unfairly. My uncle went as far as to contact one of the higher-ups of the school I wanted to go to and asked [them] to save me a slot. He is still under the impression that I got in because of him.

“It’s maddening enough that a lot of people with privilege shrug when confronted with the reality that many do not get these benefits. There’s indeed little that can be done immediately, but defeatist attitudes definitely do not contribute to eventual change,” she continued saying on her dissatisfaction with the system, pleading for greater change.

HISTORY REPEATS ITSELF
As elite dynasties manage to keep their success amongst themselves, the privilege, status, and wealth only circulate among the upper echelons as they compete with one another for complete domination of specific industries, while the majority can only fend for themselves to make ends meet — a recurring tale of how the rich get richer and the poor get poorer.

Today’s national leaders still carry the same family names as the powerful aristocratic Filipinos in history. A study by Oxfam International and Development Finance News showed that the top 1% of Philippine billionaires hold about 25% of Asia’s wealth as of 2022.

To exacerbate things further, nepotism and cronyism — the unfair practice of giving jobs and other favors to friends — have trickled down from the top and infiltrated every industry and sector, becoming common occurrences that Filipinos have complacently accepted. Consequently, the majority who suffer from the system have now also begun to practice it with those below them in the capitalist pyramid — creating an endless loop of power struggle and internal strife, while slowly destroying the essence of community-building and instead embodying the philosophy of “Every man for himself.”

HOPE DOWN THE ROAD
How are we meant to progress if we are unable to break free from our dishonest actions and realize the truth behind our biased society?

Regardless of the norm we’re accustomed to, it’s time to rid ourselves of our ignorance and rise above spoon-feeding government positions and give opportunities to regular individuals.

It’s easy to get caught up in glamorizing our parasocial relationships with nepo babies, but we must remember that these are only symptoms of a much more prevalent societal issue. Beyond them is a system that allows only the privileged to enter doors without lifting a single finger, while the majority work themselves to the bone simply to have a quarter of the same advantages they do.

As Filipinos, it’s our responsibility to support and appoint the best people to lead our country in the right direction. The disastrous domino effect of the Padrino system has been going on for generations as people slowly accepted a dull future as reality, complacently resigning themselves to the downturned fate of the country. However, is this truly the way we want it to end — a series of unfortunate events and poor decisions that led the country to its demise? We are battling nobody but ourselves and the system we have created.

Change can only start from the bottom, from the people, to overhaul a centuries-old system from the roots.

 

Maxine Cheung is a student of De La Salle-College of Saint Benilde.

Bacolod’s Merzci markets its way to nationwide success

MERZCI WEBSITE

By Edg Adrian A. Eva, Reporter

MERZCI, a household name in Bacolod City’s pasalubong (souvenir) food scene, credits its nationwide success to a relentless marketing push that transformed it from a small bakery into a multi-branch enterprise.

Founded in 1995 by Jonathan Manuel T. Lo, a marketing specialist turned entrepreneur, Merzci has grown from a single stall in Bacolod’s Libertad Market into a 73-branch brand recognized across the Philippines.

Its signature product, piaya — a local flatbread filled with muscovado — remains a bestseller, with daily production reaching 150,000 pieces thanks to heavy investments in automation.

“Our goal is not to be No. 1, but to be top of mind,” Neslie Anne L. Sibayan, the company’s public relations and event coordinator, told BusinessWorld in Filipino during a recent site visit to their Bacolod City factory. “When people think of pasalubong, we want them to think of Merzci.”

Ms. Sibayan said the brand’s marketing playbook is built on consistency and visibility. “We’re aggressive. We invest in advertisements, re-run ads on Facebook and other social media platforms, and stay active in business conventions,” she said.

That strategy has paid off in an increasingly competitive market dominated by heritage brands and regional players. Even during the pandemic, Merzci kept brand recall through digital engagement and community initiatives.

The company also extends its presence beyond traditional retail. It recently joined the Department of Science and Technology’s Disaster Preparedness Visayas Leg event in Bacolod as one of the featured exhibitors — part of its broader effort to align with government and institutional programs.

Apart from breads, Merzci expanded into nutritious food production in 2023, making fortified food products for schools and local government clients, Maria Alicia M. Beba, the company’s research and development manager, told BusinessWorld.

“Since they saw that we had the capacity, facilities and resources, they decided to invest in us to make products like fortified rice,” she said, referring to their supply partnership with the Department of Education.

One of its Bacolod factories now produces iron-fortified rice, fit bars and cheese curls designed to support school feeding programs.

For the 2025–2026 school year, the company is set to produce five million fit bars, with three million more to be completed by March.

Aboitiz Group Q3 profit hits P8.9B

TARI Estate, Tarlac City, Tarlac — ABOITIZINFRACAPITAL.COM

ABOITIZ EQUITY VENTURES, INC. (AEV) reported a consolidated net income of P8.9 billion in the third quarter, driven by stronger performance from its energy and food units.

“AEV’s results this quarter reflect the resilience of our portfolio and the dedication of our teams across all our businesses,” President and Chief Executive Officer Sabin M. Aboitiz said in a statement on Tuesday.

For the first nine months of 2025, AEV posted a net income of P17.3 billion, down 7.97% from a year earlier, as robust third-quarter earnings were offset by a softer first half. The company did not disclose comparative figures.

Its power arm, Aboitiz Power Corp., accounted for 60% of group earnings, contributing P12.5 billion for the nine-month period. The company attributed the gains to higher generation margins, improved hydropower inflows and the addition of solar capacity.

The food and beverage segment, operated under Aboitiz Foods Pte. Ltd., contributed P5.2 billion or a quarter of total earnings, bolstered by flour, farms and trading operations as well as contributions from Coca-Cola Europacific Aboitiz Philippines.

Union Bank of the Philippines added P3.2 billion, while Aboitiz Land, Inc. and Aboitiz InfraCapital, Inc. posted earnings of P879 million and P137 million, respectively.

“AEV remains well-positioned for growth as we advance our transformation into the Philippines’ first ‘techglomerate,’” Mr. Aboitiz said, referring to the group’s digital and operational modernization program across its core businesses.

The group reported a gross revenue of P141.69 billion in the first half, according to its most recent financial statement.

Aboitiz Power remains the biggest contributor to group income, accounting for almost a quarter of the country’s generation capacity as of mid-2025. The unit has been expanding its renewable energy portfolio through hydro and solar investments, in line with the group’s goal of reaching 4,600 megawatts of renewables by 2030.

AEV shares rose 0.36% or 10 centavos to close at P28.25 apiece at the local bourse. — Ashley Erika O. Jose

Worker trapped under collapsed medieval tower in Rome dies, media says

COMMONS.WIKIMEDIA.ORG

ROME — A Romanian worker trapped for hours under rubble in Rome on Monday following the partial collapse of a medieval tower near the Colosseum has died, local media said.

The man was rescued by emergency services late on Monday and taken to hospital in a serious condition, Rome police chief Lamberto Giannini had previously said.

Parts of the 29-meter Torre dei Conti crashed to the ground on at least two occasions, videos posted on social media and Reuters video showed. The first collapse took place at around 1030 GMT, the second about 90 minutes later.

Clouds of dust came billowing out of the windows, along with the sound of collapsing masonry. The second incident took place while firefighters were working on the structure with aerial ladders.

A second worker, also Romanian, was pulled out almost immediately and hospitalized with serious but not life-threatening head injuries, while two more workers suffered minor injuries and declined hospital treatment.

None of the firefighters was injured.

Authorities have seized the construction site, Italian daily Corriere della Sera reported.

TOWER BUILT BY 13TH CENTURY POPE
The tower, which was due to be converted into a museum and conference space, is located halfway along the Via dei Fori Imperiali, the broad avenue that leads from central Piazza Venezia to the Colosseum.

The building was still standing, but showing significant internal damage.

It once hosted city hall offices but has not been in use since 2006 and was being worked on as part of a four-year renovation project due to end next year, according to Rome city authorities.

Due to the European Union-funded restoration work, the area around the tower was closed off to pedestrians.

The building was erected by Pope Innocent III for his family in the early 13th century, and was originally twice as high, but was scaled down after damage from earthquakes in the 14th and 17th centuries. — Reuters

Determining stockholder status in a corporation

STOCK PHOTO | Image by Pressfoto from Freepik

One of the common disputes within corporations is the matter of stock ownership, which is material to determine quorum, voting rights, right to dividends, right to inspect corporate records, and preemptive rights, among others.

In determining stockholder status, the stock and transfer book still remains as the primary basis. This is the pronouncement of the Supreme Court in the recent case of Lopez v. Lopez, et al. (Lopez).1

STOCK AND TRANSFER BOOK VS GENERAL INFORMATION SHEET
In Lopez, the petitioner, together with her children, filed two separate complaints for election contest before separate lower courts to nullify the convening of special stockholders’ meetings and the elections of board of directors for several corporations, for being tainted with legal infirmities.

The petitioner and her children claimed that they were excluded from participating in the meeting and elections. Further, despite the petitioner’s children being recorded as stockholders in the General Information Sheet (GIS), their proxies were prevented from attending and participating in the special stockholders’ meeting and elections of the board of directors by the respondents. The petitioner claimed that she walked out of the venue since she was not allowed to have her lawyer present during the meetings. Thus, they alleged that their exclusion resulted in the failure to reach a quorum, and thus made the resulting meeting and elections null and void.

The respondents countered that the petitioner’s children were not considered stockholders since their names were not listed in the stock and transfer book. As such, their presence and participation were not required to attain quorum.

The lower courts ruled in favor of the petitioner and held that the special stockholders’ meetings and elections for the subject corporations were null and void. The petitioner and her children are considered stockholders considering that they appeared and are listed as such in the GIS submitted to the Securities and Exchange Commission (SEC), notwithstanding the fact that their names are not listed in the stock and transfer book.

Upon appeal, however, the Court of Appeals reversed and set aside the lower courts’ rulings and upheld the validity of the meetings and the elections conducted.

When the case reached the Supreme Court, it initially reversed the Court of Appeals’ ruling through its Decision dated June 15, 20222 and held that the subject corporations should have referred to the GIS, instead of the stock and transfer book, as the latest GIS would have given a “more accurate representation of the actual stockholdings” to determine whether or not quorum was constituted during the meeting and in view of the “undisputed findings of the court a quo that the entries [in the stock and transfer book] were of doubtful veracity.”

On motion for reconsideration and after reexamination of the records and the factual backdrop of the case, the Supreme Court, through its Resolution dated April 21, 2025 reversed its 2022 Decision and ruled that the stockholders’ meetings and resultant elections of the board of directors of the subject corporations were validly conducted and must be upheld.

In reversing itself and upholding the validity of the stockholders’ meetings and resultant elections of the board of directors, the Supreme Court reiterated the rule that the stock and transfer book of a corporation is the primary basis for determining the stockholders of a corporation, as it is only when the transfer of shares has been recorded in the stock and transfer book that a corporation may rightfully regard the transferee as one of its stockholders.

Such Resolution aligns with previous pronouncements of the Supreme Court in F & S Velasco, Co., Inc. v. Madrid3 and Lao v. Lao,4 where it consistently held that the stock and transfer book should be the primary basis in determining the shareholders of a corporation. The Supreme Court likewise emphasized that between the stock and transfer book and the corporation’s GIS, the former is controlling. The mere inclusion as a shareholder in the GIS of a corporation is, by itself, insufficient proof that such a person is a shareholder.

STOCK AND TRANSFER BOOK — NOT CONCLUSIVE
In Lao, the Supreme Court notably identified other evidence that may be presented to prove that one is a stockholder of a corporation in order to overcome corporate records: a certificate of stock issued in the stockholder’s name is prima facie evidence that the holder is a stockholder of a corporation, and, in the absence thereof, other documentary evidence, such as a deed of assignment, or any similar instrument, may be presented to establish how the alleged stockholder acquired or came into ownership of the shares of stock. Hence, while courts may give strong weight to entries recorded in a corporation’s stock and transfer book, it is not conclusive and can still be overcome by parol evidence to supply omissions, explain ambiguities, or to impugn the corporate records.

In Lopez, the Supreme Court held that, unless otherwise proven to be irregular, the general rule that the stock and transfer book is considered as the primary basis to determine stock ownership, applies. In the same case, however, the petitioner’s children failed to establish their status as stockholders by mere presentation of the subject corporations’ GIS. Likewise, they did not possess any certificates of stock issued in their names, nor did they show any document to prove their ownership of shares therein. Further, they failed to explain how they came to acquire the subject shares. Accordingly, their exclusion from the special stockholders’ meetings and the resulting elections had no effect and cannot serve as a ground to nullify the same.

DUTY OF STOCKHOLDERS AND THE CORPORATION
In light of the foregoing, it is the stockholder’s burden to prove their stockholder status in a corporation.

The stockholder must ensure that (i) his ownership is recorded in the corporation’s stock and transfer book, (ii) he is in possession of supporting documents, including but not limited to: certificate of stock, transfer documents evincing proof of purchase or acquisition, and/or proof of payment of transfer taxes.

Corollarily, it is the corporation’s duty to align and update its corporate records with actual stock ownership and to safekeep supporting documents to avoid disputes involving stockholder status.

1G.R. Nos. 254957-58, April 21, 2025 (RESOLUTION).

2G.R. Nos. 254957-58, June 15, 2022.

3G.R. No. 208844, Nov. 10, 2015.

4G.R. No. 170585, Oct. 6, 2008.

The views and opinions expressed in this article are those of the author. This article is for general informational and educational purposes only and not offered as and does not constitute legal advice or opinion.

 

Ry Jordane V. Reyes is an associate of ACCRA Cebu.

rvreyes@accralaw.com

(032) 231-1449 / (032) 231-4223

Women startup founders face capital, gender barriers

FREEPIK

By Beatriz Marie D. Cruz, Reporter

WOMEN-LED startups in the Philippines continue to face systemic barriers to growth — from limited access to funding to persistent gender bias — despite their growing influence in the country’s innovation economy, industry representatives said.

“Filipina founders and leaders are not short on ideas or grit,” Celina Francia R. Durante, head of communications at Kickstart Ventures, said in an e-mailed reply to questions. “What needs to improve are the pathways — access to investors, mentors and networks that turn their vision into reality.”

A 2025 DealStreetAsia report found that all-women founding teams in Southeast Asia raised just $94.5 million in equity funding, equivalent to only 2.1% of the region’s total — a stark reflection of how female entrepreneurs remain underfunded.

In the Philippines, women founders have made strides in industries like financial technology, health technology, sustainability and education, and many also serve as investors and mentors themselves.

Some of the country’s most successful startups are female-led: Globe Fintech Innovations, Inc. (Mynt), the operator of GCash, is headed by Chief Executive Officer (CEO) Martha Sazon, while parenting platform Edamama was co-founded by Bela Gupta D’Souza, and HR technology firm Sprout Solutions by Alex Gentry.

However, beyond these success stories, most female founders struggle with limited financing and mentorship opportunities. Niña L. Terol, co-founder and CEO at FoundHer, a platform for Filipina-led startups, said many women face a “gender capital gap.”

“There are many factors for the gender capital gap, but one big reason is the privilege gap that exists between the ‘tech bros’ and women — whether startup founders or operators — who do not come from privileged backgrounds and who lack the network to open doors for them in the tech world,” she said in a Facebook Messenger chat.

She added that women-led startups are often missing from data tracking and investment studies, making it harder for institutions to understand and support their needs.

Jessica de Mesa Lim, founder and CEO at health startup Kindred Health, Inc., said gender bias remains a quiet but persistent force that shapes how women are perceived in boardrooms and investor meetings.

“Gender bias, whether subtle or overt, still influences how women are perceived in boardrooms and investor pitches,” she said in an e-mailed reply to questions.

To close these gaps, Ms. Durante said startups should diversify their leadership teams to reflect the markets they serve, while government and private institutions can integrate gender inclusion in policies and mentorship programs.

“When women have equal access to capital, mentorship and opportunity, it doesn’t just serve them as founders or leaders,” she said. “It also elevates the entire startup ecosystem to its potential.”