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MGen nears halfway mark in P200-B MTerra solar project

TERRA-SOLAR.COM.PH

MERALCO POWERGEN CORP. (MGen), the power generation subsidiary of Manila Electric Co. (Meralco), is nearly halfway toward the completion of the P200-billion MTerra Solar Power Project, with 700 megawatts-peak (MWp) of solar panels targeted for installation by end-July, its president said.

“Probably around 44 to 45% completion,” MGen President and Chief Executive Officer Manuel V. Rubio told reporters on the sidelines of Schneider Electric Innovation Day Philippines 2025 on Tuesday.

Mr. Rubio was referring to the status of what is expected to be the world’s largest integrated solar photovoltaic and battery energy storage system (BESS) facility.

Spanning over 3,500 hectares across Nueva Ecija and Bulacan, MTerra Solar is developing a 3,500-MWp solar power plant and a 4,500-megawatt-hour (MWh) energy storage system.

Mr. Rubio said the company is on track to complete the first phase of the project by the first quarter of 2026.

MGen has already installed 90-100 MWp of solar panels.

Once operational, MTerra Solar will supply clean electricity to approximately 2.4 million households and displace an estimated 4.3 million tons of carbon dioxide per year.

For the planned MTerra Solar 2, Mr. Rubio said the company will execute the project once it secures the necessary land.

Mr. Rubio said MGen is also looking to develop up to a 40-MWh BESS in Cardona, Cebu.

The project is targeted to be operational by the third quarter of 2026.

With MGen’s pipeline projects, the company is expected to surpass its goal of 1,500 MW of renewable energy capacity by 2030.

Meanwhile, Mr. Rubio said MGen has held initial talks with energy solutions company Schneider Electric to integrate predictive analytics and distributed control systems into its coal plant units that are more than 10 years old.

“But I think one of the major opportunities is to actually use AI (artificial intelligence) in how we operate the Terra Solar 1,” he said.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

Innovative financing seen to boost PHL just energy transition

LAWRENCE ANG — LINKEDIN.COM

By Ashley Erika O. Jose, Reporter

CLIMATE SMART VENTURES Pte. Ltd. is optimistic that the Philippines can meet — and potentially exceed — its just energy transition goals through innovative financing mechanisms and stronger corporate commitments to sustainability.

“We were founded at the height of the pandemic, basically as a response to figure out ways to accelerate the shift from fossil fuels to renewables,” Climate Smart Ventures Founder and Managing Partner Lawrence Ang said in an interview with BusinessWorld.

Established in 2020, Climate Smart Ventures is a transition and transaction advisory firm assisting energy companies in Asia in decarbonizing their operations. It provides strategic guidance on financial mechanisms and transition pathways, including the development of environmental, social, and governance (ESG) policies and decarbonization roadmaps.

The firm currently operates in the Philippines, Vietnam, Singapore, Indonesia, and India.

“In emerging markets like Asia, coal is something you love to hate and hate to love. We realized that we need to do this in a just, managed, but also commercially viable way,” Mr. Ang said.

He said Climate Smart Ventures supports companies in designing business models that enable a transition from coal to renewable sources, while taking into account prevailing market conditions and regulatory structures.

“Particularly, how power purchase agreements are structured. You still have to find ways to work with that. Understanding increasing demand for power in these different jurisdictions and also understanding how financing can be used as a tool and other capital market solutions,” he said.

Some local energy firms are also exploring opportunities under a memorandum of understanding signed by the Philippines and Singapore in 2023, which seeks to jointly develop carbon credit mechanisms under Article 6 of the Paris Agreement.

The accord aims to help both countries meet their climate goals by promoting carbon markets and exchanging best practices.

The Paris Agreement commits signatories to limit the rise in global temperatures to well below 2°C from pre-industrial levels, with efforts to keep the increase below 1.5°C.

Transition credits are one example of financing mechanisms being considered. These instruments leverage carbon finance to accelerate the retirement of fossil-fuel assets and their replacement with clean energy, while promoting a just transition.

The Philippines aims to raise the share of renewable energy in its power generation mix to 35% by 2030 and to 50% by 2040. Fossil fuels continue to dominate the current energy mix.

“It is also worth recognizing that these power plant owners have ambitions to decarbonize,” Mr. Ang said. “The target is probably achievable and can even be surpassed with the right mechanism in place.”

“We help them execute a transaction that is feasible. We then come up with the correct financing structure and frameworks,” he added.

Mr. Ang said Philippine energy companies are showing greater willingness to adopt transition tools and shift to clean energy technologies.

“I think you’d be hard-pressed to find companies who aren’t committing to some kind of decarbonization. If you look at all the big companies in the Philippines, at least the big ones, the ones that are driving the power market, everyone is committed to some kind of a net-zero or a clean energy target,” he said.

He also cited the Philippines’ move to open the renewable energy sector to full foreign ownership as a major draw for global investors.

“This kind of policy openness is crucial to attracting capital and technology that will help the country meet its clean energy goals,” he said.

Revisiting the first all-female Everest traverse

Pinay mountaineers share their journey in newly launched book

THE TRIUMPH of three Filipina mountaineers — Noelle Wenceslao, Carina Dayondon, and Janet Belarmino — who conquered the legendary Mt. Everest in 2007, is the focus of a new book titled Live the Dream 2: The First and Only Traverse of Mt. Everest by Women.

A sequel to Live the Dream, which chronicled the first Philippine Mt. Everest expedition in 2006, the second book honors the legacy of the all-Pinay traverse and the vision that fueled it.

Expedition leader Art Valdez authored both books, and he shared that this one documents what was objectively “the more ambitious goal.”

“These women climbed from Tibet in the north side, crossed the summit, and extended their journey into Nepal. It was really a full traverse of the mountain,” Mr. Valdez said at the May 17 book launch in Makati City.

“Against all odds, these incredible women achieved the first and only female traverse of Mt. Everest in the world, a record-breaking feat that remains unmatched to this day,” he added.

For the team, the expedition set out to “capture the hearts and imaginations of Filipinos,” which they are proud to say they achieved. Ms. Wenceslao, Ms. Dayondon, and Ms. Belarmino, all members of the Philippine Coast Guard (PCG), continue to be invited as motivational speakers to talk about their journey, even today.

“For so many years, our story has lived in memories. Today, it finally lives in the pages of a book that can be passed on, not just to mountaineers, but including all dreamers of every kind,” said Ms. Dayondon at the launch.

The PCG commander went on to say that the book captures “the grit and the fears, the cold that bit into our bones, and the courage that brought warmth.”

“Many people think climbing Everest is about strength and skill, but what carried me up that mountain is a purpose. It’s the belief that we Filipinas belong in the highest places in anything we want to do,” she said.

The book, aside from detailing Mr. Valdez’s account of how the expedition went for his three mentees, also delved into the personal journeys of the women.

It tackled Ms. Dayondon’s struggle as a responsible sister and breadwinner, Ms. Belarmino’s unexpected situation as a new mother amid training for the expedition, and Ms. Wenceslao’s challenge of moving forward as a grieving daughter.

For Mr. Valdez, looking back at that eventful year for the book brought no doubt in his mind that “Filipinas are capable of greatness.”

“With a shared vision, good leadership, and a united team, they could overcome any challenge and achieve anything they set their mind to,” he said.

He also explained the allure of Mt. Everest — the book launch was held three days after the death of Filipino mountaineer Philipp “PJ” Santiago II, who perished on the mountain on May 14, the first casualty at Everest this climbing season. The following day, May 15, Ric Rabe summited the mountain, becoming the first Filipino to do so since 2008.

“There’s always a risk in climbing Everest. But why are we still doing it? Because it is symbolic,” Mr. Valdez said. “For us, Everest is a symbol of dreams and passion, not just a mountain climbing activity.

“It could have happened to us, because every climb has risks,” he added.

Climbing Mt. Everest, which stands at 29,031 feet above sea level, is considered highly perilous due to its extreme climate, thin air, and potential avalanches. Leo Oracion became the first Filipino to reach its summit in 2006.

Mr. Valdez concluded: “Climbing the tallest peak is seemingly impossible, but we do it because it gives us a good feeling, that we believe that we can do anything.”

For the three women whose adventure is now immortalized in the pages of the newly launched book, the hope is for Filipinas to “see themselves in their journey and be inspired to persevere.” — Brontë H. Lacsamana

JFC plans further store rollouts in Southeast Asia

JFC eyes expansion in Southeast Asia through new franchise partnerships.

JOLLIBEE Foods Corp. (JFC) is planning to expand the footprint of its flagship brand in Southeast Asia, even as the group reported an 8.1% decline in first-quarter (Q1) net income to P2.41 billion due to higher non-operating expenses.

In a statement on Tuesday, JFC said the Jollibee brand will continue growing its store network in Southeast Asia as part of its five-year strategy to triple attributable net income.

Systemwide sales from Jollibee’s operations in Southeast Asia — excluding the Philippines — rose by 27.8% in the first quarter. The brand operates in Vietnam, Malaysia, Singapore, and Brunei.

Last year, the brand opened 51 new stores in the region, including its 200th outlet in Vietnam.

“Our continued strong growth across our international markets, particularly Southeast Asia, is a testament to the hard work of our team and commitment to our five-year strategy of tripling attributable net income,” Jollibee Group Chief Executive Officer and Global President Ernesto Tanmantiong said.

Jollibee continues to see strong demand across Southeast Asian markets, particularly for its Chickenjoy fried chicken and Spicy Chickenjoy in Singapore and Malaysia.

The brand has also introduced regional menu items such as Chili Chicken in Vietnam and Spicy Spaghetti in Malaysia.

“Our commitment to delivering superior taste has fueled our growth in Southeast Asia, and we’re grateful to have passionate franchisees and partners who share in this mission,” Jollibee Europe, Middle East, Asia, and Australia President Dennis M. Flores said.

The group is also seeking new franchisees in untapped Southeast Asian markets.

As of end-March, JFC operated 9,935 stores globally — 3,393 in the Philippines and 6,542 overseas.

Its international store network includes 560 stores in China, 361 in North America, 393 in Europe, the Middle East, and Africa, 865 with Highlands Coffee, 1,246 with The Coffee Bean and Tea Leaf, 340 with Milksha, 2,700 with Compose Coffee, and 77 with Tim Ho Wan.

JFC shares rose by 0.83% or P2 to close at P242 apiece on Tuesday. — Revin Mikhael D. Ochave

NY’s ‘chaotic’ mega auction season ends on a mixed note

GERHARD RICHTER’S Korsika (Schiff)

By James Tarmy

AS SOTHEBY’S contemporary evening sale wound down last Thursday night, Charles Stewart, the company’s chief executive officer (CEO), stood in the back of the room with a look of undisguised relief.

Up until that evening, New York’s (NY) spring auction week, during which Christie’s, Phillips, and Sotheby’s planned to move more than $1 billion worth of art, had been a grind. Most of the art was selling, but often with notably meager bidding, particularly when prices were over the $5-million mark. On Thursday, though, the room came alive with real, aggressive competition for works from the estates of the dealer Barbara Gladstone and the artist Roy Lichtenstein. “This has been, I think, the high point of the week,” Mr. Stewart said. “If you want to feel good about the art market, this is the night, and this is the sale.”

A less encouraging evening session had occurred in that very same room just two nights before.

That Tuesday, during Sotheby’s modern evening auction, the most expensive lot of the sales series — a painted bronze bust by Alberto Giacometti that carried a $70-million estimate — flamed out in spectacular fashion. Over three excruciating minutes, the auctioneer Oliver Barker tried to solicit a winning bid, but finally he’d had enough. The work failed to sell (“a pass,” in auction parlance), immediately setting off audible chatter throughout the otherwise hushed salesroom. “Obviously, we would have preferred that it be [sold],” says Mr. Stewart. “But it was a real auction moment.”

A ‘CHAOTIC’ WEEK
Needless to say, this week did not exactly herald the return of a frenzied art market. “The Giacometti moment doesn’t necessarily speak to any kind of wider trend, it’s really a one-off moment,” says Matthew Newton, an art advisory specialist at UBS. “But it was a sort of punctuation mark on what has been two years of a really tough cycle for the auction houses.”

Yet there were signs the market may have turned a corner. “This season our totals are higher than last May, and we’re on target to beat November,” says Christie’s CEO Bonnie Brennan. “So the doom and gloom of ‘Oh, the market’s down’? Well, the numbers tell a different story.”

Overall, it was a week that was neither good nor bad, with success or failure varying from lot to lot. “It’s really hard to come up with one real, driving theme behind all of this — it all feels pretty chaotic,” Mr. Newton says. “You saw individual collectors choosing to buy individual works and willing to skip out on others.”

Christie’s estimated it would sell between $600 million and $811 million worth of art over the week, and it managed to total a solid $693 million. (Estimates don’t include auction house fees known as buyer’s premiums, but totals do, making it easier for auction houses to hit those projections.) Thanks in large part to the $70-million hole made by the Giacometti, Sotheby’s had a tougher time. It sold at least $400 million worth of art last week, a total that would increase after its Friday contemporary day sales were completed; its pre-week estimates were $485 million to $673.5 million. Phillips, meanwhile, totaled about $73.5 million, just missing its low estimate of $74.7 million.

THE TOP LOTS
The market for $10-million-plus artworks is always thin, but last week it felt particularly emaciated.

“The greatest depth of bidding that we saw this week was in the [lower-priced] day sales, in the $1-million to $10-million range,” says Ms. Brennan. “We have a much more cautious audience at the $20-million-plus level, and it really requires strategic and thoughtful pricing, strong marketing, and really managing expectations.”

Expectations, apparently, were managed. Not only did Christie’s yield the highest totals of the week, but it also dominated the peak of the market, selling nine of the week’s top 10 lots. With the sale of Claude Monet’s Peupliers au bord de l’Epte, crépuscule, it set a new record for the artist’s Peupliers series; and with the $13.6-million sale of Marlene Dumas’ Miss January, it set the record for a living female artist at auction.

But Ms. Brennan isn’t taking a victory lap just yet. “As we look to build future sales for the balance of the year, I think we’re going to be really careful about the composition, the size of the sales and the number of lots at certain price points, to make sure that we are being good listeners,” she says. “There’s a fair amount of uncertainty in the world right now, and our market is one that thrives on stability.”

You can see last week’s top 10 lots, which totaled about $279 million, in the list. — Bloomberg

 

1. $15.2 million for Gerhard Richter’s Korsika (Schiff) from 1968. Sold at Christie’s

(https://tinyurl.com/388pa5yx)

2. $15.9 million for René Magritte’s Les droits de l’homme from 1947-1948. Sold at Christie’s

(https://tinyurl.com/23dddyua)

3. $16.3 million for Jean-Michel Basquiat’s Untitled from 1981. Sold at Sotheby’s

(https://tinyurl.com/4fr8tnu3)

4. $17.6 million for Alberto Giacometti’s Femme de Venise I, cast in 1958. Sold at Christie’s

(https://tinyurl.com/529u2zhv)

5. $23.4 million for Jean-Michel Basquiat’s Baby Boom from 1982. Sold at Christie’s

(https://tinyurl.com/2h895u4s)

6. $28 million for Pablo Picasso’s Femme à la coiffe d’Arlésienne sur fond vert (Lee Miller) from 1937. Sold at Christie’s

(https://tinyurl.com/nersy87x)

7. $34.9 million for René Magritte’s L’empire des lumières from 1949. Sold at Christie’s

(https://tinyurl.com/3xwe4yfk)

8. $37.7 million for Mark Rothko’s No. 4 (Two Dominants) [Orange, Plum, Black] from 1950-1951. Sold at Christie’s

(https://tinyurl.com/2rstpa23)

9. $42.9 million for Claude Monet’s Peupliers au bord de l’Epte, crépuscule from 1891. Sold at Christie’s

(https://tinyurl.com/yc2fftj8)

10. $47.5 million for Piet Mondrian’s Composition with Large Red Plane, Bluish Gray, Yellow, Black and Blue from 1922. Sold at Christie’s

(https://tinyurl.com/3ud77wey)

DMW breaks ground on its biggest office development in Aseana City

DMWAI.COM

LISTED property developer DM Wenceslao and Associates, Inc. (DMW) broke ground on the first phase of its Aseana Plaza office project in Parañaque City.

Situated within the 107.5-hectare Aseana City development, Aseana Plaza will feature a total gross leasable area (GLA) of 130,000 square meters (sq.m.), making it DMW’s largest commercial undertaking to date.

The initial phase is set to offer approximately 70,000 sq.m. of GLA, the company said in a statement on Tuesday. Upon completion, DMW’s commercial portfolio will expand to over 300,000 sq.m. of GLA.

DMW aims to meet the growing demand for modern office spaces within an integrated urban community. Aseana Plaza will cater to global logistics and shipping firms, business process outsourcing companies, and traditional corporate headquarters.

It will include a central al fresco plaza connected to the adjacent Parqal greenway.

The project will also link to Aseana City’s forthcoming skywalk system, enhancing walkability and connectivity across the estate.

“We have always envisioned Aseana City as more than just a business district — it’s a community where work, leisure, and daily life intersect,” said DMW Chief Executive Officer Delfin Angelo C. Wenceslao.

“Breaking ground on Aseana Plaza is a major step toward realizing that vision, creating a destination where global industry players and local communities converge.”

For the first quarter, DMW reported a 2% increase in net profit to P562 million. Recurring revenue from rentals of land, commercial buildings, and other leasing sources rose 14% to P899 million.

Commercial building revenue grew 27% to P406 million, driven by higher occupancy, while residential revenue increased 13% to P167 million.

DMW shares closed unchanged at P5 per share on Tuesday. — Revin Mikhael D. Ochave

Arts & Culture (05/21/25)

National Museum unveils marker in Rizal Park

FOR International Museum Day, the National Museum of the Philippines (NMP) unveiled a historical marker at the renovated Sentinel of Freedom Monument in Liwasang Rizal, located at the southern section of the Rizal Park Complex. The event also marked the reopening of the main gates at Maria Orosa St. which had been closed since 2021. It now offers direct access to the National Museum Complex from Maria Orosa St. and Rizal Park – Luneta. The new marker commemorates the revised foundation date of the National Museum, acknowledging the Aug. 12, 1887 royal decree that established the Museo-Biblioteca de Filipinas as the genesis of the first museum-library of national scope, and recognized as the precursor of the NMP.

Walang Sugat staged at Paco Park

ON MAY 23, the National Parks Development Committee, in collaboration with Sound Experience Manila, brings Walang Sugat, the iconic sarswela by Severino Reyes and Fulgencio Tolentino, to the historic Paco Park in Manila. The special one-hour program in celebration of National Heritage Month begins at 6 p.m., and is open and free for everyone. At its core, Walang Sugat is a story of the love and sacrifice of Julia and Tenyong, the push and pull of the heart’s destiny and a daughter’s duty, and importantly, the perseverance of the Filipino spirit through and beyond adversity. The presentation is directed by Dr. Alegria O. Ferrer and features performances by Daniella Silab, Diego Alcudia, Abet Guande, Vianca Yu, Archibald Dalupang, and Bettina Hernandez, with Samuel Silvestre playing the keyboard. Music and additional composition are arranged and provided by Josefino Toledo.

Young artists support World Vision

WORLD VISION has teamed up with Raya Gallerie and DryBrush Gallery for Next Gen: The New Faces of Art, an exhibit and auction that supports the “Bawat Batang Pinoy Malusog” (Every Filipino Child is Healthy) campaign. It aims to rehabilitate 7,700 undernourished children by giving them access to life-saving nutrition and provide more than 919,700 individuals with access to clean drinking water by 2026. Set to happen at Dry Brush Gallery MOA in MOA Square, Mall of Asia, Pasay City, the invitation-only auction will be on May 24, at 2 p.m., with proceeds going to the campaign. An art workshop for kids is scheduled on May 25, 1 to 3 p.m. Public viewing of the exhibit is ongoing until May 30. Featured artists include Junevy Formentera Llosa, Morris Labana, and Katelyn Ann de los Santos Miñoso, among others.

Judy Sibayan at Calle Wright

JUDY FREYA SIBAYAN returns to Calle Wright with the exhibit Early Philippine Contemporary Art (1969-1985), Works and Documents from the Collection of Judy Freya Sibayan. It will run from May 25 to Aug. 31. There will be a “Reframing Art” performance with the audience during the opening reception on May 25. The performance will be at 4:30 p.m., while the reception itself will be from 5-8 p.m. Revolving around the works of Huge Bartolome, Roberto Chabet, Ray Albano, and Johnny Manahan, the exhibit features a collection of gifts from these artists who were critical in Sibayan’s early years of artmaking. Also included are Sibayan’s own works. The five artists were often involved in the same exhibitions and projects at the Cultural Center of the Philippines Art Museum in the 1970s and early ’80s. Materials from her self-archive document these interconnections. Also on view will be works by Nap Jamir II, Fernando Modesto, Bencab, Marciano Galang and Ben Maramag who, together with Albano, Bartolome, Manahan, and Sibayan, were all recipients of the Thirteen Artists Award. Calle Wright is an art house at 1890 Vasquez St., Malate, Manila. It is an initiative of Isa Lorenzo and Rachel Rillo of Silverlens.

Galerie Jose marks 1st anniversary

A BROAD coalition of young, mid-career, and seasoned practitioners, with various approaches to art, have contributed works now on display at Galerie Jose, marking the gallery’s first anniversary. Titled COALESCE, the group exhibit highlights a range of critiques on the state of humanity, politics, and social interactions. It features works by Lydia Velasco, Ram Mallari, Jr., Richard Buxani, Hermes Alegre, Jose Tence Ruiz, Cid Reyes, Rico Lascano, Otto Neri, Emmanuel Nim, Marko Bello, Ted Peñaflor, Ambit Mendoza, Nestor Abayon, Jr., Lara Latisa, Meneline Wong, Cezar Arro, Edwin Martinez, Nino Cris Odosis, Govinda Jean, Mary Christie, Nemesis Manahan, Obet Tiaño, Vincent Diñoso, Krishnamurti, Win Castillo, Adrian Trijo, Efren Carpio, and Eduardo Perreras. Galerie Jose is located at 22 Yale St., Brgy E. Rodriguez, Cubao, Quezon City. COALESCE is on view until May 30.

Silverlens opens Collectors Plus

THE 6th edition of Collectors Plus, featuring a selection of works from the 1980s up to the present, is now on view at Silverlens Gallery. Highlights of the exhibit include Pacita Abad’s Baguio Fruit, one of her earliest trapuntos; Corinne de San Jose’s prints from 2013 showing the influence of sound in her artistic practice; a collaboration between Gregory Halili and Nona Garcia that is a dialogue in response to the shared call of the seas; and Ryan Villamael’s works made of paper tackling colonial and contemporary mapmaking. Also on view are paintings by Jonathan Ching, Mariano Ching, Paolo Icasas, Geraldine Javier, Hideaki Kawashima, Yayoi Kusama, Maya Muñoz, Elaine Navas, and Rodel Tapaya; mixed media works by James Clar, Gregory Halili, Bernardo Pacquing, and Luis Antonio Santos; and a lithograph by Yoshitomo Nara. Collectors Plus runs until June 7 at the Silverlens Gallery, Chino Roces Ave. Ext., Makati.

14 artists explore time in MCAD exhibition

MOMENTS OF DELAY, the forthcoming exhibition of the Museum of Contemporary Art and Design (MCAD) of the De La Salle-College of Saint Benilde, brings together the diverse practices of 14 interdisciplinary artists, who navigate the tensions and contradictions in response to the fluidity of time, plural realities, and urgent concerns of the present. Curated by Arianna Mercado and James Tana, the exhibit builds upon the 2015 exhibition The Vexed Contemporary. The participating artists are: Neo Maestro, Christian Tablazon, Allan Balisi, Miguel Lorenzo Uy, Christina Lopez, Corinne de San Jose, Lesley-Anne Cao, artist collective Tambisan ng Sining, Ronyel Compra, Rocky Cajigan, Uri de Ger, Tropikalye (led by Nice Buenaventura), Joar Songcuya, and Celine Lee. Moments of Delay opens on May 27, 5:30 p.m., and runs until Aug. 24. The exhibition and its public programs are free and open to the public at MCAD located at De La Salle-College of Saint Benilde (DLS-CSB) Design + Arts Campus, Dominga Street, Malate, Manila.

The M holds masterclass in relief printing

THERE will be a three-day workshop on the basics of relief printing at the Metropolitan Museum of Manila. The step-by-step, guided process will see participants create their very own original prints — professionally executed, in both editions and color variations. Facilitated by Ambie Abaño, a multi-awarded Filipino artist and printmaker, the workshop will take place on June 7, 14, and 21, from 1 to 5 p.m., at the 3rd floor art studio of The M. It is open to participants ages 13 and above. The workshop fee is P12,500, inclusive of all materials and tools, snacks during the workshop, and access to all the museum’s exhibits. The M is at the MK Tan Center, 30th St., BGC, Taguig, Metro Manila.

Patis Tesoro to host a special lunch

A LUNCH titled “BLOOM” will be held by cultural icon Patis Tesoro at her garden café in Laguna on June 15. The couturier, who specializes in Filipiniana and is a great supporter of the traditional crafts behind it, will be welcoming visitors to step into her garden of heritage and creativity in an intimate gathering starting at 10 a.m. The day of art and conversation — with sketching and painting inspired by Philippine flora, guided by botanical artist Hazel Scott – includes a traditional Filipino lunch. Guests will also be able to explore her atelier and shop. Materials for the art session will be provided. Limited seats are available. For details, message patisboutique@gmail.com. The Patis Tito Garden Café is located in San Pablo, Laguna.

The Mind Museum launches ‘Cool Learning Adventures’

UNTIL June 29, visitors to The Mind Museum can enjoy all-day access for four persons for a special price of P2,300. This is part of the museum’s new lineup of activities called “Cool Learning Adventures.” Residents and workers of Bonifacio Global City can get an exclusive rate of P500 for all-day access to the museum upon presentation of valid proof of residency or employment. Tickets must be booked via www.themindmuseum.org/buy-tickets or at the onsite Ticket Booth. Mind Moving Studios is also presenting Why does the Philippines have only two seasons?, a show on how weather and atmosphere affect everyday life through lively demonstrations and experiments led by The Mind Museum’s resident scientists, the Mind Movers. This is open on all Fridays, Saturdays, and Sundays of May and June, at 11 a.m., 2 and 5 p.m.

Circuit Makati welcomes back Bawat Bonggang Bagay

FOR Pride Month, The Sandbox Collective is restaging Bawat Bonggang Bagay, which is Palanca awardee Guelan Luarca’s Filipino adaptation of Duncan Macmillan and Johnny Donahoe’s Every Brilliant Thing, starring Jon Santos. The one-man play tackles the unspoken truths about mental health, especially within the LGBTQIA+ community, where struggles remain alarmingly prevalent. The limited run, to take place at the Power Mac Center Spotlight Blackbox Theater in Circuit, Makati, runs from June 14 to 22. Tickets will be available soon at Ticketworld.

Japan presents TOKYO Before/After exhibit

AT Estancia Mall, TOKYO Before/After, a traveling photography exhibit, is enjoying its debut in Manila. Curated by photography critic Kotaro Iizawa, the free exhibit features approximately 80 works that capture life in Tokyo from the 1930s to 1940s, juxtaposed with images taken after 2010. The comparison of these two distinct periods brings Tokyo to life in the past, present, and future lenses. The “Before” section includes shots from photography magazine KOGA, the NIPPON photobook, and Kineo Kuwabara’s snapshots of downtown Tokyo. Featured in the “After” section are works by celebrated Japanese photographers Nobuyoshi Araki, Mika Ninagawa, Natsumi Hayashi, and Shinya Arimoto, among many others. The exhibit is on the third floor East Wing of the Estancia Mall at Capitol Commons, Pasig City, until July 31.

Metro Retail posts 73% plunge in Q1 income, pushes store expansion

METRORETAIL.COM.PH

LISTED Metro Retail Stores Group, Inc. saw its first-quarter (Q1) net income fall 73.4% to P13.4 million from P50.3 million last year, weighed down by non-cash charges linked to its expansion program.

Despite the decline, the company is actively expanding its store network, reaching 72 outlets with the opening of a new Metro Value Mart in Talisay City, Cebu last month.

“Through 2025, Metro Retail will continue to elevate customer experience, optimize operations, and strategically expand to strengthen its market position and deliver sustainable growth,” President and Chief Operating Officer Joselito G. Orense said.

Net sales rose 2% to P8.9 billion, driven by growth in food retail and general merchandise, but same-store sales dropped 1.7%.

Blended gross margin improved 4.4% to P1.9 billion, with gross margin as a percentage of sales rising to 21.3% from 20.8%.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 6.1% to P413 million, while operating expenses rose due to higher utilities and labor costs.

Metro Retail operates formats including Metro Supermarket, Metro Department Store, Super Metro Hypermarket, Metro Value Mart, and Metro Home and Lifestyle.

Shares rose 0.81% to close at P1.24 on Tuesday. — Revin Mikhael D. Ochave

In Indonesia, fears grow that dark past may be rewritten with government’s new history books

STOCK PHOTO | Image by jorono from Pixabay

JAKARTA — The Indonesian government’s plan to release new history books has sparked concerns that some of the country’s darkest chapters could be recast to show President Prabowo Subianto and late authoritarian ruler Suharto in a favorable light.

The 10-volume series would have an Indonesia-centric narrative and aims “to reinvent the Indonesian identity,” Culture Minister Fadli Zon told Reuters in an interview.

Several historians said the commissioning of the books presents an opportunity for historical revisionism at a time when Indonesia’s younger generations — largely responsible for Mr. Prabowo’s resounding election victory last year — have little or no memory of Mr. Suharto’s 1966-1998 New Order era.

Mr. Prabowo openly praises Mr. Suharto, who was once his father-in-law, and is increasingly turning to the military to carry out his government’s vision.

Mr. Prabowo has also been accused of rights abuses while in the military, including involvement in the kidnapping of student activists during riots in 1998 — allegations he has repeatedly denied and which Mr. Fadli said had been debunked.

Asvi Warman Adam, a leading historian who used to work at the National Research and Innovation Agency, said he was calling on academics to lobby lawmakers to scrutinize what he said would be “propaganda.”

“I suspect there is an intention to legitimise the ruling regime … such as by excluding gross human rights violations in 1998 linked to Prabowo,” he said, adding that he expected the government would soon confer the posthumous title of “National Hero” on Mr. Suharto.

Asked about concerns by some analysts and historians that the books could be used as propaganda, be politicised, and omit human rights abuses that have been linked to Mr. Prabowo and Mr. Suharto, Mr. Fadli said: “History will be written correctly.”

The president’s office did not immediately respond to a request for comment on the new books. Mr. Prabowo has previously said that former activists were his supporters.

Mr. Fadli, who has authored a book that defended Mr. Prabowo’s actions as a special forces commander during Mr. Suharto’s 32-year rule, added that neither he nor Mr. Prabowo would be involved in the editorial process.

The books, which Mr. Fadli said were commissioned last year, will chronicle the history of humankind in Indonesia from homo erectus to Dutch colonization to Mr. Prabowo’s election. They will be authored and edited by about 100 historians and Mr. Fadli says he wants them ready by Aug. 17, Indonesia’s Independence Day.

MASS KILLINGS IN FOCUS
Made Supriatma, a visiting fellow at the ISEAS-Yusof Ishak Institute in Singapore, said he believes the government will use the same playbook as Mr. Suharto, who released a six-volume book series in 1975 titled The National History of Indonesia that he said glorified the military and was fraught with inaccuracies.

“Prabowo’s history within this republic is not good, to be frank … Do they dare to write that?” said Made.

Jajat Burhanuddin, a historian involved in the project, said so far there has been no state intervention. The 1998 kidnappings and torture of student activists would be included, he said, although he declined to say whether Mr. Prabowo would be mentioned in those accounts.

Another key focus for historians will be how the books portray the mass killings of communists and sympathizers in 1965 and 1966, led by military and Islamic leaders. Some historians estimate more than half a million people were killed.

No investigation has been conducted into the killings, which were in response to the murder of generals by the communist party in an abortive coup.

Mr. Suharto rose to power in the aftermath and remained president until 1998, when he stepped down during a popular uprising and economic crisis after allegations of corruption and nepotism.

The 1965 events continue to be debated in Indonesia. Mr. Fadli said the new books would not take a deeper look into the massacres.

Mr. Fadli, who was among the student activists who demonstrated against Mr. Suharto, now speaks highly of the former ruler, highlighting economic achievements in his early presidency, including slashing poverty and tackling inflation.

“My opinion has always been for a long time that Suharto should be considered a national hero,” he said.

On Monday, several historians and rights activists met with a parliamentary committee overseeing the Ministry of Culture, rejecting the new history books.

“This project could be used as a tool to wash away the sins of the existing regime or New Order era,” Marzuki Darusman, a rights advocate told the committee.

The committee would soon summon the minister to convey these concerns and seek more explanation about the books’ content. — Reuters

Telcos seen to post mixed Q2 results amid rising costs

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By Ashley Erika O. Jose, Reporter

LISTED telecommunications (telcos) and information and communication technology (ICT) companies are projected to deliver mixed second-quarter (Q2) results amid rising operational costs and heightened competition, analysts said.

“Telecommunications companies are likely to face a mixed profitability landscape by the second quarter despite increased demand for digital connectivity,” Globalinks Securities and Stocks, Inc. Head of Sales Trading Toby Allan C. Arce said in a Viber message.

Mr. Arce noted that the increasing demand for digital connectivity will drive remote work and digital transformation across industries, thereby boosting companies’ revenue streams.

“Philippine telecom and ICT firms [are expected] to deliver modestly higher aggregate profits in the second quarter, though the improvement will be uneven across players,” said Jayniel Carl S. Manuel, equity trader at Seedbox Securities, Inc.

Andrei Jorge G. Soriano, research associate at China Bank Securities Corp., said mobile and data revenues may remain pressured as discretionary spending continues to face challenges amid economic uncertainties.

Globe Telecom, Inc. posted a 2.65% rise in first-quarter attributable net income to P6.98 billion, driven by one-off gains, despite a 3.42% decline in combined revenues to P43.76 billion from P45.31 billion a year ago.

Service revenues, which comprise most of Globe’s topline, fell by 3.16% to P39.85 billion from P41.15 billion, while non-service revenues dropped 6.25% to P3.9 billion from P4.16 billion.

Home broadband service revenues remain key growth drivers for telecommunications and ICT firms, Mr. Soriano said.

“With respect to costs, we expect to see elevated depreciation and financing expenses to sustain amid telcos’ respective expansion pipelines,” he added.

PLDT Inc.’s attributable net income fell 8.04% to P9.03 billion in the first quarter, as rising expenses outpaced modest revenue growth.

Total revenues increased 1.95% to P55.28 billion from P54.22 billion in the same period last year.

Service revenues grew 2.34% to P53.42 billion from P52.2 billion, while non-service revenues declined 8.38% to P1.86 billion from P2.03 billion.

Fiber internet service provider Converge ICT Solutions, Inc. recorded an 18.43% increase in first-quarter attributable net income to P3.02 billion, mainly supported by growth in its residential business.

Converge’s total revenues for the period rose 13.21% to P10.8 billion from P9.54 billion a year earlier.

“Demand for data and enterprise connectivity remains structural, with mobile data traffic still growing in the mid-20% range and fiber subscriptions continuing to climb,” Mr. Manuel said.

He noted this would help offset slower service-revenue growth as consumers become more value conscious.

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

“I would characterise the second quarter as a ‘steady-to-slightly-better’ quarter for Philippine telcos. Core connectivity remains a cash-generating utility, and the BSP (Bangko Sentral ng Pilipinas) rate cut throws them a lifeline on financing costs,” Mr. Manuel said.

Mr. Arce added that telecom and ICT companies are well-positioned to benefit from emerging technologies and artificial intelligence solutions.

“Those with robust digital infrastructure and strong consumer bases could potentially outperform their peers. But sustained profitability growth across the sector hinges on their ability to navigate economic challenges and maintain competitive differentiation,” he said.

Shang Properties, Inc. to hold Annual Meeting of Stockholders on June 17

 

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BTr fully awards reissued 10-year bonds

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THE GOVERNMENT made a full award of the reissued Treasury bonds (T-bonds) it auctioned off on Tuesday as investors flocked to higher-yielding assets after Moody’s downgraded the United States’ sovereign credit rating.

The Bureau of the Treasury (BTr) raised P30 billion as planned via its offering of reissued 10-year bonds as total bids reached P109.504 billion, or more than thrice the amount on the auction block.

The papers are part of the P300 billion in new benchmark fixed-rate Treasury notes (FXTN) priced on April 15 and issued on April 28.

“The 10-year Treasury bond FXTN 10-73 reissuance attracted strong demand, prompting the Auction Committee to fully award the security at today’s auction… With its decision, the Committee initially raised the full program of P30 billion while accepting further subscription through the tap facility. The total outstanding volume for the series is currently at P330 billion,” the BTr said in a statement on Tuesday. It offered another P10 billion of the same bonds via the tap facility.

It added that it made a full award as the average rate fetched for the bonds was lower than the issue’s coupon and the prevailing secondary market yield for the security.

The bonds, which have a remaining life of nine years and 11 months, were awarded at an average rate of 6.226%. Accepted bid yields ranged from 6.21% to 6.24%.

The average rate for the reissued papers was 14.9 basis points (bps) lower than the 6.375% coupon and 6 bps below the 6.286% average fetched for the bond series when it was first issued on April 28.

This was likewise 2 bps below the 6.246% quoted for the same bond series but 3.4 bps above the 6.192% seen for the 10-year bond at the secondary market before Tuesday’s auction, based on PHP Bloomberg Valuation Service Reference Rates data provided by the BTr.

The BTr fully awarded the bond offer as demand was strong, with market sentiment supported by US Treasury yield movements overnight, a trader said in a text message.

US Treasury yields recently rose as the market continued to react to Moody’s Ratings’ move to cut its rating for the world’s largest economy, stripping it of its last “Aaa” status, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“That could lead to higher financing costs for governments, corporates, and other borrowers since their debt are priced at a spread above the comparable US Treasury yields,” he said.

Longer-dated Treasury yields gained amid concerns about the US debt load and a tax-cut bill, following Moody’s downgrade of the country’s sovereign credit rating, Reuters reported.

The 30-year Treasury yield hit an 18-month high before backing off those levels. Investors were concerned that the tax bill will increase the debt load by more than previously expected.

The 30-year bond yield gained 3.7 bps to 4.934% after touching 5.037%, the highest since November 2023. The yield on benchmark US 10-year notes rose 3 bps to 4.469%, having earlier reached 4.564%, the highest since April 11.

On Friday, Moody’s lowered the US government’s credit rating one notch amid mounting concerns over deficits and interest costs that remain on an unsustainable pace. It was the last of the major ratings agencies to cut the US sovereign rating from the highest level.

US Federal Reserve officials speaking on Monday took on cautiously the ramifications of the latest downgrade of the US government’s credit rating and unsettled market conditions as they continued to navigate a very uncertain economic environment.

While not an imminent issue for the Fed, over time, higher market borrowing costs tied to a deteriorating US financial position make credit generally more expensive and create restraint on economic activity. In turn, that becomes a consideration for how the Fed sets monetary policy and its expectations for the longer-run path of economic activity.

After a brief sell-off in Treasuries on Monday, they stabilized by Asian trading hours on Tuesday.

The 30-year bond yield was 2.8 bps lower at 4.912% after hitting an 18-month high of 5.037% in the previous trading session.

The BTr is looking to raise P260 billion from the domestic market this month, or P100 billion via Treasury bills and P160 billion through T-bonds

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

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