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Banks must beef up cyber resilience as financial phishing attacks increase

STOCK PHOTO | Image from Freepik

PHILIPPINE BANKS should improve their cybersecurity posture amid a rise in phishing attacks targeting the industry as more Filipinos shift to online transactions, global cybersecurity firm Kaspersky said.

“Banks must view phishing as a strategic risk. It’s not just about blocking suspicious e-mails anymore, it’s about building cybersecurity awareness across all levels of the organization and hardening digital infrastructure against deception,” Sam Yan, head of Sales for Asia Emerging Countries at Kaspersky, said in a statement.

“Cybercriminals are adapting fast, but so can we. Through proactive investment in cybersecurity technologies and a culture of digital vigilance, Philippine institutions can stay one step ahead,” Mr. Yan said.

Last year, Kaspersky said it blocked over 10.7 million phishing attempts worldwide linked to financial scams involving cryptocurrency, an 83% jump from the 2023 figure.

In the Philippines alone, around 38,370 of these blocked attacks targeted financial institutions, it said.

The share of digital payments in monthly retail transactions stood at 57.4% in terms of volume and 59% in value terms in 2024, latest data from the Bangko Sentral ng Pilipinas showed. These are up from 52.8% and 55.3%, respectively, in 2023.

Last year, the volume of digital payments was at 3.307 billion, higher than the 2.45 billion in non-digital transactions.

Meanwhile, the value of online transactions stood at $135.95 billion, more than the $94.54 billion in non-digital payments.

Mr. Yan said financial phishing is not just a consumer issue as it can affect banks’ credibility and operational integrity.

“In Southeast Asia, where mobile banking and digital wallets have become part of everyday life, phishing tactics are becoming more convincing. Scammers now use fake bank websites, SMS phishing messages, and bogus investment platforms to target users more effectively,” Kaspersky said.

“The Philippines faces added risk due to low public awareness and the increasing number of scam messages imitating banks and government agencies,” it said.

Cyber attackers use various methods for financial phishing, including credential harvesting, where fake sites trick users to steal usernames and passwords.

Meanwhile, social engineering schemes use fake messages to fool consumers into verifying accounts or claiming refunds.

Attackers also impersonate government services, especially during tax filing periods or aid rollouts, Kaspersky said.

The company said banks must update their systems and software to shield themselves against known vulnerabilities. They should also educate their staff through the use of simulated phishing tests and training.

Institutions should also use strong passwords, restrict remote access, and never expose their ports to public networks.

For consumers, they should use two-factor authentication and strong and unique passwords for account logins and only download apps or software from official sources, Kaspersky said. — Beatriz Marie D. Cruz

Sorry Elon, there’s already a third party and it’s called MAGA

STOCK PHOTO | Image from Freepik

By Nia-Malika Henderson

ELON MUSK just can’t seem to make up his mind.

Either he has “done enough” when it comes to political spending and will focus on his businesses or he will spend more money to start a new political party to take on the “uniparty.”

“By a factor of 2 to 1, you want a new political party and you shall have it!” Musk wrote on X after posting a poll on July 4.

The world’s richest man is right. For years, Americans have stated a desire for another party beyond red or blue. An October Gallup poll showed support for a third party at 58%. The numbers speak to an overall discontent with a lack of choice and distaste for rank partisanship. Third-party support ebbs and flows, but the desire for more choices is a constant.

Nevertheless, while voters claim to want more choices, once they cast their ballots, third-party candidates haven’t broken through in any meaningful way. In 2020, 1.79% voted for a third-party candidate for the White House. In 2024, 1.85% of voters backed a candidate not named Kamala Harris or Donald Trump. A group called No Labels tried and failed to identify a credible White House candidate in 2024. Typically, third party candidates have only acted as spoilers; see Ross Perot in 1992, Ralph Nader in 2000 and Jill Stein in 2016. Part of the problem is the very high structural hurdles the two existing parties have put in place to keep rival parties from forming.

There is also this to consider: A third party kind of already exists. It’s called the Republican Party under Trump, otherwise known as MAGA. Rather than run on a third-party line, as he explored doing in 2000 with Perot’s Reform Party, Trump rode populist discontent to power within an existing political party.

He hijacked the GOP and remade it in his own image with ideas from both parties.

He is pro-union, more isolationist than a hawk, and against free trade. And he doesn’t care about the debt and deficits — he agrees with Massachusetts Senator Elizabeth Warren that the debt ceiling “should be thrown out entirely.” 

As one headline from Reason Magazine put it, “Donald Trump Sounds Like a Democrat From the 1980s.”

Musk, with his billions and his influence, might be better off bankrolling candidates within the two-party system who offer a similar ideological blend.

But for now, he seems set on doing what others before him have tried and failed to do. So let’s take him at his word and assume that the world’s richest man will show some focus and play in the 2026 midterms via a third party.

“One way to execute on this would be to laser-focus on just 2 or 3 Senate seats and 8 to 10 House districts,” he posted. “Given the razor-thin legislative margins, that would be enough to serve as the deciding vote on contentious laws, ensuring that they serve the true will of the people.”

His strategy actually isn’t a bad one and aligns with what some other groups are doing.

“Elon, I don’t know what he is going to do, but I believe some of these candidates he would want to give some cash to,” said Adam Brandon, senior advisor to The Independent Center, a group that will back a handful of independent candidates in the midterms. “If we do this in 2026, this sets up a different conversation in 2028.”

The group is hosting what they are billing as the largest independent event in Washington DC later this month and predicts that 2026 will see an independent surge.

But Musk may be a tainted messenger. He once enjoyed a level of support among a wide array of people with differing political views as a kind of real-life Tony Stark, but his approval ratings have dipped in recent months, as has his brand. In December, according to a YouGov poll, Musk was even among independent voters, with 42% liking and disliking him. His unfavorable rating is now 59% among that group. His numbers are also down among Democrats and Republicans.

It’s true that some people tend to like Musk’s products, even though they dislike him. Witness the Anti-Elon Tesla Club stickers affixed to his signature product.

What is missing, however, is the real reason for Musk’s latest version of the disruptive third party. Musk is a political contradiction, with no consistent ideas about policy. He says the America Party is about freedom, yet it seems to be about his own personal grievances with Trump. He claims to care about ballooning deficits yet is happy to take billions from the federal government to foot the bill for his projects. He claims to care about the environment yet also claims that global depopulation is a bigger threat than climate change.

What would the America Party platform look like, and what candidates would it attract? What story would they tell about the big problems the country faces and what would the solutions be? That kind of narrative coherence is necessary, as party affiliation has become an extension of identity. In choosing to back a party, voters are telling a story about who they are, what they believe and how they think the government should operate. It’s akin to joining a club.

Musk has billions. But he has few resonant answers to that standard question that can be paraphrased this way when it comes to political parties: What are you and why are you here? Absent that, his third-party ambitions are likely to run aground.

BLOOMBERG OPINION

PLDT’s Smart reallocates 3G network to boost 5G capacity

STOCK PHOTO | Image by Kabiur Rahman Riyad from Unsplash

SMART Communications, Inc. has started reallocating its 3G network resources to expand the capacity of its 5G network, a company official said on Monday.

“By focusing our efforts on strengthening our 5G footprint, we’re empowering more Filipinos with faster and more reliable mobile connectivity,” PLDT and Smart Chief Technology Officer Menardo G. Jimenez, Jr. said in a media release.

Smart said it is accelerating its 5G rollout, particularly in areas with growing demand for mobile data.

The company said it is also working to make 5G-capable devices more accessible to consumers.

Additionally, Smart said it continues to upgrade its network infrastructure as part of its commitment to improve service quality.

The company earlier reported that its active mobile user base reached 40.9 million year-to-date, supported by increased 5G data traffic and wider adoption of 5G devices.

Smart said 5G data traffic rose by 80% year-on-year, while 5G device usage increased by 60% quarter-on-quarter, driven by the availability of affordable 5G handsets and ongoing improvements to its network.

For the first quarter, PLDT reported an 8.04% decline in attributable net income to P9.03 billion, as rising expenses outpaced modest revenue growth. Total revenues increased by 1.95% to P55.28 billion in the January-to-March period, from P54.22 billion a year earlier.

Smart is the wireless subsidiary of PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., holds a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose

Entertainment News (07/15/25)

HBO Max is back

STREAMING platform HBO Max is back this July, coming from the name Max. Originally launched as HBO Max back in 2020, it was briefly rebranded as Max in 2023 following the merger of Warner Media and Discovery which formed Warner Bros. Discovery, in an effort to broaden its appeal and highlight its diverse offerings.

GIVĒON releases sophomore album

THE second studio album of R&B artist GIVĒON, titled BELOVED, is out now, via Epic Records. The album is executive-produced by Sevn Thomas and contains 14 tracks, led by singles “Twenties” and “Rather Be.” Various producers have worked on the different tracks, including Jahaan Sweet. BELOVED is out now on all digital music platforms.

Eastwood City mounts collector’s pop-up

EASTWOOD CITY is inviting collectors and fans to explore the 52Toys and Mattel Pop-Up Store at Eastwood Mall Atrium, open from July 9 to 20. This special collaboration features Mattel brands like Barbie, Hot Wheels, and Jurassic World alongside 52Toys’ Disney-themed blind boxes, for pop culture enthusiasts of all ages. Shoppers can enjoy exclusive promos, including a free Jurassic Guidebook for those who download the Jurassic Play app, and join the 52Toys photo contest for a chance to win a full blind box series.

Indonesian surf rock band The Panturas to perform in Manila

INDONESIA’S acclaimed surf rock quartet, The Panturas, is set to bring their high-octane energy to Manila on July 19, at the Sari Sari bar in Makati City. Presented by Shoplifters United, the Manila show marks their first-ever performance in the Philippines and will serve as the first stop of their 2025 Asian tour before the band heads to Japan. Known for their electrifying blend of vintage surf riffs, psychedelic textures, and garage-punk energy, the Indonesian band will be joined by local acts Oh, Flamingo!, (e)motion engine, Pikoy, and We Are Imaginary. Pre-sale tickets are available at P400 for a limited time only. Updates will be posted via Shoplifters United.

Chess thriller Rematch premieres on Lionsgate Play

REMATCH, a psychological thriller based on the historic 1997 chess showdown between world champion Garry Kasparov and IBM’s Deep Blue, is coming to Lionsgate Play on July 18. The six-part French series dives deep into the tension, paranoia, and drama behind the battle of human brilliance versus machine intelligence. It stars Christian Cooke as Garry Kasparov and explores what happens when genius meets artificial intelligence.

Muri, Shigge capture the twilight in new song

FILIPINO soul-pop artist Muri and Japanese electronic producer Shigge have dropped “Golden Hour,” the first single off their upcoming joint EP, SETSUNA, to be released next month. The track serves as the entry point into the shared universe Muri and Shigge crafted together, capturing the fleeting beauty of twilight. It was first conceived during a songwriting camp at the AXEAN Festival in Bali, Indonesia last year. They will also have a five-stop tour between Tokyo and Manila, with the two Manila stops scheduled for Aug. 1 at Sari Sari and Aug. 2 at Electric Sala, both in Makati City.

Eraserheads: Combo on the Run to screen at San Diego Comic-Con

THE music documentary Eraserheads: Combo on the Run is set to make history as the first Filipino-produced film and the first music documentary to screen at the San Diego Comic-Con (SDCC). Its 2025 iteration is taking place from July 24 to 27. There will be a panel discussion at Exhibit Hall 6BCF, led by director and producer Diane Ventura and Eraserheads frontman Ely Buendia.

Hyun Bin is coming to Manila

KOREAN STAR Hyun Bin, known for his roles in Crash Landing On You, Secret Garden, and My Lovely Sam Soon, is coming to Manila on Aug. 8. Solaire will hold a raffle for this event. Every P2,000 net single-receipt spent from July 1 to 31 at any bar or restaurant in Solaire Resort Entertainment City or Solaire Resort North can earn one a chance to score a seat to “Hyun Bin Landing at Solaire.” There will be 500 lucky winners, 250 from each Solaire location. The raffle will be on July 31, 7 p.m. Tickets must be personally claimed between July 31 and Aug. 7.

Robinsons Movieworld waives online booking fees until August

UNTIL Aug. 31, Robinsons Movieworld is waiving its P20 online booking fee. Moviegoers can enjoy zero transaction fees once they book their movie tickets online, either through Robinsons Movieworld’s website or the Rmalls+ App. The promo was launched to encourage mallgoers to skip the lines and catch the biggest blockbusters without extra charge.

Janno Gibbs signs with GMA Music

GMA MUSIC has signed the Philippine King of Soul, Janno Gibbs, to the label. Mr. Gibbs, in a statement, expressed his gratitude and excitement to reunite with the record label: “It feels really good to be back home sa GMA Music. I feel really at home with these guys.” His partnership with GMA Music marks a full-circle moment in his career, since he was one of the very first artists signed by then-GMA Records back in 2004.

Comedy series Confidence Queen to premiere on Prime Video

THIS September, Prime Video will be premiering Confidence Queen, a Korean comedic caper series starring Park Min-young, Park Hee-soon, and Joo Jong-hyuk. The series follows a trio of clever swindlers who team up to take down corrupt villains through elaborate schemes. It promises a thrilling ride for global audiences, to be available in over 240 countries and territories. It is a remake of the popular Japanese series Confidence Queen, this time helmed by director Nam Ki-hoon and penned by Hong Seung-hyun.

Bitcoin scales $120,000 level for the first time

STOCK PHOTO | Image by André François McKenzie from Unsplash

SINGAPORE — Bitcoin crossed the $120,000 level for the first time on Monday, marking a milestone for the world’s largest cryptocurrency as investors bet on long-sought policy wins for the industry this week.

Bitcoin scaled a record high of $122,571.19, before pulling back slightly to last trade 2.4% higher at $121,952.61.

Later in the day, the US House of Representatives will debate a series of bills to provide the digital asset industry with the nation’s regulatory framework it has long demanded.

Those demands have resonated with US President Donald J. Trump, who has called himself the “crypto president” and urged policymakers to revamp rules in favor of the industry.

“It’s riding a number of tailwinds at the moment,” said IG market analyst Tony Sycamore, citing strong institutional demand, expectations of further gains and support from Mr. Trump as reasons for the bullishness.

“It’s been a very, very, strong move over the past six or seven days and it’s hard to see where it stops now. It looks like it can easily have a look at the $125,000 level,” he said.

The surge in Bitcoin, which is up 29% for the year so far, has sparked a broader rally across other cryptocurrencies over the past few sessions even in the face of Mr. Trump’s chaotic tariffs.

Ether, the second-largest token, scaled a more than five-month top of $3,059.60, while XRP and Solana gained about 3% each.

The sector’s total market value has swelled to about $3.81 trillion, according to data from CoinMarketCap.

“What we find interesting and are watching closely are the signs that Bitcoin is now being seen as a long-term reserve asset, not just by retail investors and institutions but even some central banks,” said Gracie Lin, OKX’s Singapore CEO.

“We’re also seeing increasing participation from Asia-based investors, including family offices and wealth managers. These are strong signs of Bitcoin’s role in the global financial system and the structural shift in how it is perceived, suggesting that this isn’t just another hype-driven rally.”

Earlier this month, Washington declared the week of July 14 as “crypto week”, where members of Congress are set to vote on the Genius Act, the Clarity Act, and the Anti-CBDC Surveillance State Act.

The most significant bill is the Genius Act, which would create federal rules for stablecoins.

Elsewhere, prices of crypto-listed exchange-traded funds (ETFs) in Hong Kong similarly surged on Monday.

Spot Bitcoin ETFs launched by China AMC, Harvest and Bosera all scaled record highs, while the three ether ETFs managed by the asset managers were up more than 2% each. — Reuters

An LGU good governance model for shared prosperity

STOCK PHOTO | Image from Freepik

At the Management Association of the Philippines (MAP), our reflections on shared prosperity sometimes drift to the public sector where there is so much potential for uplifting the lives of Filipinos. Among local government units (LGU), we saw good governance models that produce shared prosperity. Let us focus on one example. We will avoid names and present this example as a generic path available to all who wish to try it.

Our chosen good governance model consists of a three-step framework with implementation practices for each step. Step one is laying the foundation for good governance, mainly by eliminating graft and corruption. Step two is optimizing nurtured resources through projects that benefit many. Step three is institutionalizing reforms by embedding transparency, integrity and public involvement in the structure and culture of the LGU organization.

STEP 1. LAY THE FOUNDATION
Our example’s first primary practice in building a foundation for good governance is the installation of a procurement process that is devoid of overpricing, kickbacks, commissions, rigged biddings, wasteful and inefficient purchasing, low quality supplies and substandard results. A clean procurement process enables an LGU to mobilize funds for much needed projects.

Picture a water hose. A water hose peppered with punctures can only produce a trickle of water at the end of the hose. In the same manner, public resources are dissipated before they reach beneficiaries by a procurement process that is riddled with graft and corruption.

Cleansing the procurement process is a Herculean task in LGUs dominated by an ecosystem of greed and dishonesty. For instance, a mayor may have enriched himself by engaging in public works through allied construction firms and suppliers. Fish rots from the head, they say. In such an ecosystem, we see lower officials asking for blank or altered receipts from traders or hinting at bribes from companies applying for building and occupancy permits.

The second primary practice in building a foundation for good governance is the creation of a well-trained bureaucracy that is fully committed to serving the people. From one regular employee for every 10 workers, our example upped the ratio to seven regular employees for every 10 workers. Instead of being contractual workers who are beholden to a benefactor, regular employees can focus on the welfare of people whom they serve.

The third primary practice in building a foundation for good governance is leading by example. We see the head of our LGU example doing on-site inspections. This leader is no armchair general who stays in an air-conditioned office. This leader goes to where the problem is to see first hand what is happening on the ground. This act indicates humility and solidarity with ordinary employees.

STEP 2. OPTIMIZE MOBILIZED RESOURCES
In the optimization of mobilized resources for good governance, the first primary practice of our example is taking advantage of low-hanging fruits and available opportunities. Take the following instances. In the early stages of improving the procurement process, our example gave substantial assistance to its constituents during the pandemic. The rent for public market stalls was lowered. And ongoing land disputes were refereed so that more than 3,000 families were saved from moving to distant relocation sites.

The second primary practice for optimizing mobilized resources is the identification and execution of big projects that truly matter in the lives of many people. Our example initiated two vertical housing projects within its boundaries for people who must be transferred from danger zones. Our example also acquired a 12-hectare property that will feature a master-planned township for people in need of shelter.

In addition, our example put up one of the largest dialysis centers in the country and a new care facility for the elderly. The inner city hospital was expanded from 60 to 120 beds. Support for students was increased without strings attached. No more joining parades and missing classes for students who receive subsidies from the LGU.

A mind-boggling debt-free project of our example is the construction of a new city hall complex that includes a plaza and several service buildings across a two-hectare area. About 60,000 square meters of floor space will be developed. Thousands of jobs will be created. This project will cost P9.6 billion, a staggering amount generated from the elimination of corruption in the procurement process.

STEP 3. INSTITUTIONALIZE GOOD GOVERNANCE
Our example seeks to institutionalize good governance to avoid backsliding into a shameless culture of graft and corruption. The first primary practice for institutionalizing good governance is crafting a leadership pipeline dedicated to transparency, integrity, discipline and service. These values must be in the heart of political performance. Such a leadership pipeline increases the probability that good governance will endure.

The second primary practice for institutionalizing good governance is the formation of organizational mechanisms that compel virtuous performance. Our example takes seriously the participation of NGOs and concerned citizens in the monitoring of budgets and public projects from start to finish. The creation of a bureaucracy with a deeply ingrained culture of honesty and service is a bulwark against corruption.

A PATH OF LEAST RESISTANCE
The three-step good governance framework and the primary practices associated with each step brings shared prosperity to life. Politicians and officials using this framework will find it much easier to choose luminous service and a meaningful legacy instead of chasing popularity, power, pleasure and pelf.

 

Gerardo “Jun” Villacorta Cabochan, Jr. is a co-vice chairman of the MAP SP Committee. He is the managing director of Pandayan Bookshop.

map@map.org.ph

jvc@pandayan.net

Economic basis of net zero is zero, redux

Consider this as Part 2 of my earlier article in this column, “Economic basis of net zero is zero” (Sept. 5, 2023). In that paper, I compared coal consumption per capita, electricity generation per capita and GDP per capita for the period 2002 vs 2022.

The results were: one, Industrial countries that have fast “decarbonization” and are weaning themselves away from coal consumption have an overall electricity generation that either flatlines or declines, and their GDP per capita has expanded by two times at most. And two, the electricity generation of developing Asian countries that have expanded their coal consumption per capita has doubled or quadrupled, and their per capita GDP has expanded up to five times.

For simpler definition, “net zero” here refers to the goal of deliberate reduction of coal/total power generation or C/T ratio as countries transition towards more solar/wind in their electricity production.

In this column, I will compare the C/T ratio and total power generation of countries over four decades, their average inflation rate and average GDP growth.

Two industrialized countries have experienced an ironic decline in their total power generation — the UK and Germany. The UK’s electricity generation fell from 327 terawatt-hours (TWh) in 1994 to 285 TWh in 2024 or a 12.7% change. Germany’s power generation fell from 528 TWh in 1994 to 497 TWh in 2024 or a 5.9% change. The decline coincided or was indirectly caused by a huge decline in average C/T ratio — the UK from 62% in 1994 to only 5% in 2024, and Germany from 57% in 1994 to 31% in 2024.

In contrast, China and Vietnam had a 987% and 2,370% increase, respectively in total power generation from 1994 to 2024. The decadal C/T ratio was 64-77% for China and 29-43% for Vietnam. The Philippines had a 326% increase in power generation from 1994-2024 and average C/T ratio rose from7% to 56% (see Table 1).

The economic consequences of rapid “decarbonization” and mad rush to net zero for the industrial west are clear. For the period 1985-1994 to 2015-2024, average GDP growth rate was declining for the UK from 2.6% to 1.4%, for Germany from 2.8% to 0.9% and for Canada from 2.4% to 1.8%.

The average inflation rate from 1995-2004 to 2015-2024 periods for the decarbonizing and net zero countries had rising trend: from 1.6% to 3% for the UK, from 1.3% to 2.7% for Germany and from 2% to 2.6% for Canada.

In contrast, coal-heavy Asians had rising or high growth GDP from 4-10% and declining average inflation rate. This was true for the Philippines, India, Malaysia, Indonesia, China and Vietnam. Taiwan, Thailand and South Korea had modest GDP growth of 2-9% and low inflation rate (see Table 2).

So for developing, emerging and industrialization-aspiring countries like the Philippines, we should prioritize net growth and not net zero, declining inflation and not declining power generation. The economic basis of net zero is zero. So I repeat the conclusion of my earlier article on this topic: We should prioritize our national agenda — more sustained growth, more job creation, more electricity for rising demand from households and industry. The global agenda of global ecological central planning should take a backseat.

My hats off to three Philippine energy companies that have big coal plants — Aboitiz Power, Meralco Power Gen (MGEN) and San Miguel Global Power. They may be demonized by climate-obsessed activists, but they are the ones that give us 24/7 electricity in this country and keep the investors here to continue creating jobs.

 

Bienvenido S. Oplas, Jr. is the president of Bienvenido S. Oplas, Jr. Research Consultancy Services, and Minimal Government Thinkers. He is an international fellow of the Tholos Foundation.

minimalgovernment@gmail.com

Pedro Pascal: Fantastic Four reboot focuses on family and unity

PEDRO PASCAL and Vanessa Kirby in The Fantastic Four: First Steps (2025)

COLLECTIVE STRENGTH and the optimism of the 1960s are the driving forces of The Fantastic Four: First Steps, its stars Pedro Pascal and Vanessa Kirby say.

Helmed by WandaVision director Matt Shakman, the movie reboots the Fantastic Four film series, which is based on the Marvel Comics super-team. It comes ten years after the last Fantastic Four film flopped at the box office and received scathing reviews.

With a starry ensemble cast, the retro-futuristic, 60s-inspired movie introduces Marvel’s “First Family” — Mr. Pascal’s Reed Richards/Mister Fantastic, Ms. Kirby’s Sue Storm/Invisible Woman, Joseph Quinn’s Johnny Storm/Human Torch and Ebon Moss-Bachrach’s Ben Grimm/The Thing.

Drawing on their bond and superhero strengths, the foursome must take on the planet-devouring cosmic entity called Galactus, played by Ralph Ineson, and his herald, Silver Surfer, played by Julia Garner.

“It’s about family. It’s about caring for humankind. It’s about protecting human innocence and knowing that you can’t do it alone. We can only do it together,” said Mr. Pascal, launching the film in London on Thursday.

Being part of the Marvel Cinematic Universe was “an actor’s dream,” Mr. Pascal, 50, said.

“To get to step into it for the first time in an ensemble, with a vision that is very dedicated to its origins and the characters in the stories that people originally fell in love with when they were first published in 1961, and the charm of something that has optimism and a very pure heart, is everything,” he said.

Ms. Kirby, who is expecting her first child, said playing Sue Storm, who has a baby in the movie, was also a lesson in motherhood.

“She really changed my whole perspective on it, honestly,” Ms. Kirby said.

“It was so inspiring and emotional for me to play this part where she could be as much part of the team, a working mother, who was able to do everything, wasn’t sidelined. The baby became part of the journey. And it taught me that everything is possible as a woman.”

Mr. Pascal, Ms. Kirby, and Messrs. Quinn and Moss-Bachrach are on a global publicity tour to promote the movie and have praised the bond they formed through the film.

“What it means for me is that I have a really loving year,” said Mr. Moss-Bachrach, who also stars on the hit show The Bear. “I spend some of the year in Chicago working with people that I love so dearly, and then I come out to London and work with some other people that I love so dearly. I’m in a very fortunate position.”

The Fantastic Four: First Steps begins its global cinematic rollout on July 23. — Reuters

Digital platform aims to solve Metro Manila leasing woes

PHILIPPINE STAR/MICHAEL VARCAS

DORMY PH, a local property technology startup, is expanding its digital rental platform to support the entire leasing process as it seeks to simplify renting for both tenants and property owners in Metro Manila.

The company previously focused on digitizing the search and inquiry stages. With its new mobile app, Suzy Rent, it now aims to offer a fully digital, end-to-end experience for renters and landlords.

“We’re eyeing to give a fully digital renting experience to at least 3,000 Filipinos this year with our second brand, Suzy,” Kurt Lenard T. Gutierrez, co-founder and chief executive officer of Dormy PH, said in an e-mailed reply to questions.

“In previous years, we were only digitizing the search-to-inquiry portions of the transaction, this time around, we’re going full end-to-end.”

Suzy Rent, a word play on the Filipino word susi or key, is designed to cover the entire rental process digitally. It includes tenant screening, online lease signing, and online rental payments, with features supported by artificial intelligence.

“We’re currently focused on Metro Manila, for one, because it’s the majority market for renting, and two, we’ll contribute to alleviating the condo oversupply crisis,” Mr. Gutierrez said.

The capital region has around 82,800 unsold condominium units across 638 actively selling buildings, equivalent to three years’ worth of inventory, according to Leechiu Property Consultants.

“We’re lowering the barriers to renting by bringing them online and oiling the friction of rental transactions, helping demand find supply, and strengthening the precision of market data for the industry,” Mr. Gutierrez said.

Dormy PH was founded in 2022 as a college project that sought to address challenges students faced in finding near-campus housing when face-to-face classes resumed. For its pilot phase, it partnered with 18 universities to connect students with dormitories in Manila’s University Belt.

“Renting just sucked, and I knew that myself and the rest of Gen Z will probably be renting in the next decade as we move into ‘adulting,’” Mr. Gutierrez said.

He added that many renters still encounter issues such as fake or outdated listings, which the platform aims to minimize by hosting verified listings and digital tools.

With the growing use of digital payments and e-commerce platforms, Mr. Gutierrez said the shift to digital renting is a “natural progression.”

Dormy PH currently has 35,000 registered users and over 800 property hosts.

The most common transactions on the platform involve condominium units, apartments, and dormitories, particularly those located near universities in Manila and Quezon City, and in employment hubs like Makati and Bonifacio Global City.

“By building Suzy, our leasing and automation mobile app, and linking it with the marketing and rental classifieds strength or Dormy PH — the target is to let Filipinos experience how it’s like to book a rental and do everything: search, inquiry, signing, screening, payments, and landlord communication — fully online,” said Alyssa Casandra W. Wee, co-founder and chief operations officer.

Dormy PH primarily targets students and young professionals, while Suzy Rent is positioned as a general-purpose app for a wider base of renters and landlords, said Co-founder and Chief Technology Officer Bryce Ivan C. Cataran.

When searching for units, most renters prioritize three factors: price, location, and house rules, said Co-founder and Chief Marketing Officer Sean Carlo O. Francisco.

“They’re looking for units that are affordable and practical — ideally close to their school or workplace — and flexible enough to allow essential activities like cooking, laundry, and hosting visitors,” he said.

Mr. Francisco added that renters tend to respond well to clear, emotionally resonant listings.

Listings with room tours, layout visuals, and proximity to key locations tend to attract more interest, he said, while fast and clear responses from landlords are also a major factor in decision-making.

“Messaging that makes a rental feel like home rather than just another room tends to resonate more and convert better,” Mr. Francisco said. — Beatriz Marie D. Cruz

Megaworld says Cebu tower nearly sold out amid rising expat demand

By Charmaine A. Tadalan, Sub-Editor

CEBU — Megaworld Corp. has nearly sold out units at its La Victoria Global Residences in Cebu, with property prices increasing by 71% since the project’s launch in 2018.

The 20-story building, located within Megaworld’s Mactan Newtown in Lapu-Lapu City, is now being offered at an average price of P300,000 per square meter, up from the initial average price of P175,000. The company attributed the increase to developments within the township reaching advanced stages and to a growing number of foreigners seeking to settle in Cebu.

The price appreciation is “because of the completion of a lot of developments… that made this township very mature,” Megaworld Vice-President and Head for Public Relations and Media Affairs Harold Brian C. Geronimo said at a June briefing during a media tour of La Victoria.

Around 95% of the 181-unit tower has already been sold, Mr. Geronimo said, adding that Megaworld will begin turnover to unit owners within the year.

“We’ve almost sold out the units, [yet] there’s still a demand, very strong demand for units here in Mactan Newtown, on this side of Cebu,” he said.

“In Lapu-Lapu City, there is still a spike in demand not just from locals, but more importantly, from foreigners who want to settle here in Cebu.”

Mr. Geronimo linked the foreign demand to the development of the Mactan-Cebu International Airport, which is about 15 minutes from the township, and to the rise in direct international flights to Cebu.

“The airport is serving more flights [and] more passengers every year, compared to when the airport was small,” he said.

“There has been an influx of a lot of tourists coming to Cebu, not to Manila.” Among the countries that have direct flights to Cebu are Singapore, the United States, Japan, South Korea, Qatar, and the United Arab Emirates.

Data from the Cebu provincial government showed that more than 5.1 million tourists visited the island province in 2024, of whom 1.9 million were foreign visitors.

South Korean travelers accounted for most of the arrivals, with 1.028 million. They were followed by tourists from the US (234,511), Japan (226,755), China (127,084), and Taiwan (88,728). Other visitors came from Australia, Germany, France, the United Kingdom, and Canada.

Mr. Geronimo said there is strong interest in Cebu properties among foreign visitors, some of whom have already set up businesses locally.

“There has been a lot of interest in properties from a lot of foreign visitors. They’ve settled here and chosen Cebu to be their second home,” he said.

“Also, there are a lot of tourists who have established their businesses in Cebu [that’s] tourism related.” He added that the company is open to allowing residents to host Airbnb units, although final policies would be up to the homeowners’ association.

La Victoria is located at the heart of the township, across from the Savoy Hotel Mactan Newtown and the Belmont Hotel Mactan, which is being rebranded under Accor’s Mercure Hotel. Belmont will also house international dining concepts, including Gordon Ramsay Fish & Chips and Street Burger by Gordon Ramsay — marking the chef’s first location outside Metro Manila.

Mactan Newtown Beach is also within walking distance of the tower, giving residents access to the beach, an infinity pool, and a Ceremonial Garden with an open-air setting for events such as weddings and retreats, among other resort-style amenities.

Mr. Geronimo also attributed the price appreciation to the township’s location, which is surrounded by international hotels.

“If you try to look at the spike, all the international resorts are surrounding Mactan Newtown. We are just beside Shangri-La. There’s Sheraton, there’s Dusit [Thani], they’re all here,” he said.

“We are the only township so far here in Lapu-Lapu City.”

The 30-hectare Mactan Newtown offers more than 2,400 residential units across seven buildings, including La Victoria, and operates more than 80,000 square meters of office space. Educational institutions, including the Newtown School of Excellence, along with retail and service establishments, are also located within the township.

It will also house Cebu’s first standalone convention center, the Mactan Expo, which is being prepared to host the ASEAN Summit and the ASEAN Tourism Forum in 2026.

Soon, the Mactan World Museum will open within the township to showcase a collection highlighting the historical ties between the Philippines and Spain.

A NOD TO HISTORY
Much like Megaworld’s other developments, La Victoria pays tribute to significant historical events that took place on Mactan Island.

Its name is derived from Spain’s Galleon Victoria, the ship that circumnavigated the globe and brought Ferdinand Magellan to the Philippines in 1521.

“This is a very unique condo. This really celebrates the rich history of Mactan Island, which is the arrival of the Galleon Victoria, the first ever galleon that circumnavigated the globe in the 1500s,” Mr. Geronimo said.

“We are celebrating that. We are right in the area where that happened.”

The tower’s design features Spanish architectural elements. Its name, La Victoria Global Residences, is inscribed on the façade along with the phrase Viaje Español de 1519-1522.

The lobby displays three artworks depicting maps of Mactan Island, Spain, and Homonhon Island — where Magellan first landed — as well as a miniature replica of the Galleon Victoria.

La Victoria offers units ranging from 38 to 118 square meters, each with a balcony. A 79-square-meter two-bedroom unit with three bathrooms and a maid’s room sells for about P20 million. A 59-square-meter one-bedroom unit with two bathrooms is priced at P14 million, while a 38-square-meter studio unit sells for about P9 million.

All units come with a finished kitchen, air conditioning, and a video intercom system.

The third-floor amenity deck features an infinity pool, a kiddie pool with a sunbathing deck, a children’s play area, a function room, a fitness center, a jogging path, a fitness trail, and a daycare center.

Residents also enjoy panoramic views of the Hilutungan Channel, Cebu Strait, and Magellan Bay — constant reminders of Cebu’s place in Philippine history.

Japan election could hamper BoJ hiking cycle

REUTERS

TOKYO — Japan’s central bank may face political pressure to keep interest rates low for longer than it wants, as opposition parties favoring tax cuts and loose monetary policy are expected to gain influence after a July 20 election.

Opinion surveys suggest Prime Minister Shigeru Ishiba’s coalition may lose its majority in the upper house of parliament, forcing it to court an array of smaller parties pushing for easier fiscal and monetary policy.

The governing bloc led by Mr. Ishiba’s Liberal Democratic Party (LDP) is already a minority in the more powerful lower house, so a stalemate in both chambers could give opposition parties outsized influence in policy decisions.

Mr. Ishiba has supported the Bank of Japan’s (BoJ) policy of gradually lifting interest rates from near zero as inflation picks up in the world’s fourth-biggest economy, while trying to curb the biggest government debt burden in the industrial world.

But if opposition groups gain traction with their pressure on the BoJ to avoid rate hikes and for the government to cut the sales tax, that could boost bond yields and complicate the bank’s efforts to normalize monetary policy, some analysts say.

The BoJ declined to comment on the potential impact of the election on monetary policy.

“There’s a 50% chance the ruling coalition could lose its majority in the upper house, which could lead to increased debate about cutting Japan’s consumption tax rate,” said Daiju Aoki, chief Japan economist at UBS SuMi Trust Wealth Management.

“That would push up Japan’s long-term interest rates by stoking concern over the country’s finances,” he said.

DEBT SET TO RISE
Sohei Kamiya, head of the upstart right-wing party Sanseito, has criticized the BoJ for slowing its bond buying when the economy remains weak.

“The Ministry of Finance and BoJ should work hand in hand in taking aggressive steps for a few years to boost domestic demand,” Mr. Kamiya told a press conference this month.

Another small group, the Japan Innovation Party, wants the BoJ to go slow in raising rates to restrain the cost of interest on the government’s debt.

Yuichiro Tamaki, head of the Democratic Party for the People, a party seen as a strong candidate to join Mr. Ishiba’s coalition, has urged the BoJ to loosen, not tighten, monetary policy to keep the yen from rising and hurting the export-reliant economy.

Even if the coalition keeps its majority, Mr. Ishiba may need to ditch his hawkish fiscal tilt and boost spending to cushion the economic blow from threatened US tariffs and rising costs of living.

“There’s a good chance the government will compile an extra budget to fund another spending package to the tune of ¥5-10 trillion ($35 billion to $70 billion). That would push up bond yields further,” said former BoJ board member Makoto Sakurai, who expects the central bank to avoid raising rates at least until March.

Japan’s public debt is equal to 250% of gross domestic product, far above that of Greece at 165%. The government spends nearly a quarter of its budget to finance a ¥1,164-trillion ($7.9-trillion) debt pile, with the cost expected to rise steadily as the BoJ exits zero-interest rates.

‘NEED TO BRACE’
To be sure, inflation — above the BoJ’s 2% target for three years — boosts nominal tax revenues, which can help the government avoid ramping up bond issuance to fund further spending.

But cutting the sales tax rate, an idea Mr. Ishiba has ruled out for now, would leave a bigger hole in Japan’s finances. Once a fringe idea, cutting the 10% sales tax is now among Japan’s most popular economic policy proposals.

In a recent poll by the Asahi newspaper 68% of voters thought a sales tax cut was the best way to cushion the blow from rising living costs, compared with 18% who preferred cash payouts.

If the sales tax is on the chopping block after the election, it is the kind of vital issue that could prod Mr. Ishiba to dissolve the lower house and call a snap election — a move that would prolong political uncertainty.

If Mr. Ishiba were to step down, an LDP race to replace him could revive market attention to candidates like Sanae Takaichi, an advocate of aggressive monetary easing whom Mr. Ishiba narrowly beat in the party’s leadership race last year.

Unlike Mr. Ishiba, who gave a quiet nod to BoJ policy normalization, Ms. Takaichi has said it would be “stupid” for the central bank to raise rates.

All this would mean the BoJ’s rate hikes, already on pause due to uncertainty over US tariffs, could be put on hold even longer.

“We may need to brace for a long period of political uncertainty and market volatility,” said Naomi Muguruma, chief bond strategist at Mitsubishi UFJ Morgan Stanley Securities.

“That would just give the BoJ another reason to sit on the sidelines and wait for the dust to settle.” — Reuters

Copper tariffs won’t bring back US manufacturing

STOCK PHOTO | Image by Wirestock from Freepik

By Matthew Yglesias

PRESIDENT Donald Trump’s proposed 50% tariff on copper imports is emblematic of the administration’s incoherent approach to economic policy: Soaked in nostalgia for America’s industrial past, it pursues strategies that will make it harder for US manufacturers to succeed now and in the future.

In announcing his policy on Truth Social, Trump noted that copper “is necessary for Semiconductors, Aircraft, Ships, Ammunition, Data Centers, Lithium-ion Batteries, Radar Systems, Missile Defense Systems, and even, Hypersonic Weapons, of which we are building many.”

This is all more or less correct. So why would you then want to raise taxes on copper? Increasing the price Americans pay for copper makes the US a less desirable location for building aircraft, ceding advantage to competing producers in Europe, Brazil and Canada. It makes it harder to establish a domestic semiconductor manufacturing industry. It exacerbates the already dire state of the US shipbuilding industry, which is wholly reliant on protectionist policies.

The strategic value of copper might be a basis for protectionism if the US were getting its copper from hostile or unstable countries. But copper is not a rare earth mineral, for which the US must rely on Chinese suppliers, nor is it like oil in the pre-fracking era, when the US had to import it from questionable regimes in the Middle East. Most US copper imports come from Chile, and the next two major suppliers are Canada and Peru.

Meanwhile, there is also a robust domestic copper industry, which accounts for about half the copper used in the US. Much of this copper comes from the swing state of Arizona, which may offer a narrow partisan rationale for copper protectionism. But there is no strategic problem with importing copper from friendly countries in the Western Hemisphere — and every reason to worry that deliberately raising the price of a widely used production input will hamper US competitiveness in crucial industries.

This is, unfortunately, not an unusual consequence of Trump’s trade policy: By applying taxes on intermediate goods, he is encouraging the US to specialize in resource extraction and primary commodities at the expense of complicated manufactured goods.

“Industrial policy,” to the extent that it works, functions by moving a nation’s economy up the value chain. In the early days of the American Republic, for example, Alexander Hamilton worried that the US would continue to be a de facto economic colony of Europe. As a sparsely populated nation with abundant natural resources, a totally unregulated market might have caused America to specialize in exporting raw materials to Europe, which would in turn export manufactured goods back to America. As an alternative, he proposed protective tariffs to promote the growth of the US industry.

Leaders in this Hamiltonian tradition — John Quincy Adams, Henry Clay, Abraham Lincoln — believed in an active state that would invest in canals and railroads, field a powerful navy and promote industrialization. They were opposed by largely Southern political elites whose wealth was bound up with cotton exports and slavery. They had no objection to the idea of an agrarian nation.

Trump borrows the tariffs from the Hamiltonian tradition, but completely misses the larger logic of the program, as well as the altered nature of the modern economy. Over time, as the world has become richer and shipping has become cheaper, the cutting edge of manufacturing has become increasingly complicated. These days it’s common to assemble a finished product from parts made in countries all around the world, with each part containing a staggering array of raw materials.

Countries get richer by specializing at the more complex end of the spectrum. To the extent that you can boost US natural-resource production by eliminating low-benefit regulatory barriers, that’s a win. But boosting the US copper-extraction industry at the expense of US copper-using industries is a recipe for de-industrialization. And much the same applies to Trump’s obsession with protectionism for industries like steel and aluminum, which are not raw materials exactly, but inputs to the production of things like cars and airplanes. For the US to be a manufacturing powerhouse, its industries need access to the cheapest possible inputs.

It’s also worth considering that even though 19th century pro-industrialization politicians favored tariffs, Trump is likely overrating their importance in promoting the growth of factories. One important manufacturing input, after all, is workers. As the economic historian Doug Irwin has noted, the era’s growth depended on population expansion — by which he means immigration — and capital accumulation. Tariffs, he writes, “may have discouraged capital accumulation by raising the price of imported capital goods.”

Fun historical irony aside, the kind of quasi-open borders of the Gilded Age would probably not be a major boost to US manufacturing today. But a serious industrial policy would take seriously the case for a visa program for skilled workers with experience in fields such as semiconductors, batteries and shipbuilding. At a minimum, the goal should be to avoid actions that make things worse.

Trump is right that copper is an important commodity. But it’s been thousands of years since mining copper was considered an innovative economic activity. Copper is important because it’s used to make other stuff. The goal of US trade policy, not to say industrial policy, should be to help America become a better place to make stuff that the world wants and needs. Trump’s nostalgia economics is pushing the US further from that goal.

BLOOMBERG OPINION

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