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Arts & Culture (08/06/25)

Shoe exhibit opens at Yuchengco Museum

AVANT-GARDE footwear designer and art provocateur Joel Wijangco unveiled his latest exhibit at the Yuchengco Museum, blurring the line between fashion, sculpture, and social commentary. The exhibit showcases over 25 handcrafted shoes, each one acting as a sculptural narrative. From Bo-ho (Body Horror), a twisted stiletto exploring body dysmorphia, to Palengkera No. 1, inspired by the fishwife Amazons of Malabon’s wet markets, Mr. Wijangco’s work straddles art, fashion, and emotional archaeology. Blending surrealism, pop culture, Filipino folklore, and personal memory, Mr. Wijangco’s work playfully looks into identity, memory, and the absurdities of beauty. The exhibit at Yuchengco Museum, G/F RCBC Plaza, Ayala Ave. Corner Gil Puyat Ave., Makati City, is ongoing until Oct. 15. Admission is free.

Zarzuela the focus on Instituto Cervantes in Aug.

TO BE screened on Aug. 7, 3 p.m., at the Intramuros branch of Instituto Cervantes is a production by Teatro de la Zarzuela of the classic La del manojo de rosas by Pablo Sorozábal. This is part of a month-long cultural program highlighting the shared legacy of zarzuela in the Philippines, presented by the Instituto Cervantes, the Embassy of Spain, and the University of Santo Tomas (UST). From Aug. 1 to 28, the cultural celebration, entitled Zarzuela Viva, will feature weekly zarzuela screenings, a zarzuela workshop, and a zarzuela recital. Up next will be a screening of Alfredo Sanzol’s production of El barberillo de Lavapiés by Francisco Asenjo Barbieri, on Aug. 14, and a screening of El sobre verde by Jacinto Guerrero on Aug. 28. These last two screenings will take place at 3 p.m. at the Central Laboratory Auditorium of the University of Santo Tomas. From Aug. 18 to 22, a four-day Zarzuela Workshop will be conducted by Spanish pianist Ramón Grau from Teatro de La Zarzuela in Madrid, at the Conservatory of Music of UST. On Aug. 26, the zarzuela workshop participants and Mr. Grau will present a concert, Zarzuela-Sarswela, at the Education Auditorium, UST. This event is open to public, but they should register early through this link: https://forms.office.com/e/gqQYWUHzSb. For more information about Zarzuela Viva, visit Instituto Cervantes’ website at www.manila.cervantes.es, or follow it on Facebook at https://www.facebook.com/InstitutoCervantesManila/.

New group presents Sopranong Kalbo

A NEW theater company, Teatro Meron, presents Rolando Tinio’s translation of Eugene Ionesco’s Sopranong Kalbo (The Bald Soprano), a classic of the Theater of the Absurd. Directed by Ron Capinding, it will have performances on Aug. 8 to 10 at the Rizal Minitheater of the Ateneo de Manila University in Quezon City. It stars Joel Macabenta, Miren Alvarez-Fabregas, Joseph dela Cruz, Pickles Leonidas, Goldie Soon, and Yam Yuzon. Tickets come in different categories, priced from P700 to P800 and are available at Ticket2Me.

Areté presents translation of Joaquin’s Portrait of the Artist

ARETÉ ATENEO is producing a Filipino translation of Nick Joaquin’s classic A Portrait of the Artist as Filipino, entitled Quomodo Desolata Es? The translation was written by Jerry Respeto and Guelan Varela-Luarca who is also the director. The play is set in Intramuros just before World War II and follows two sisters as they see the world change around them. It stars Gan Pangilinan, Delphine Buencamino, Omar Uddin, Vino Mabalat, and John Sanchez. There will be performances from Aug. 8 to 17 at the Hyundai Hall, Areté, Ateneo de Manila University in Quezon City. Tickets range in price from P999 to P1,499 and are available via Helixpay.

Gene Paul Martin, Is Jumalon shows at MO_Space

STARTING Aug. 9, visual artists Gene Paul Martin and Is Jumalon will have solo exhibitions at MO_Space. At the main gallery is Mr. Martin’s Godhead, where his paintings are dense islands of color and abstraction. At Gallery 2 is Ms. Jumalon’s A Garden in the Chest, where she explores invented landscapes as spaces of retreat and recognition, creating images as places of personal refuge and geographies of commonality. Both exhibits run until Sept. 7 at MO_Space in Bonifacio Global City, Taguig.

Fundraising shows before play goes to theater fest

THE Cultural Center of the Philippines (CCP) and BOGT Philippines present fundraising performances of 13th of September on Aug. 10, before the show is brought to Monaco to represent the Philippines at the Mondial du Théâtre. BOGT Philippines has said that the critically acclaimed production has received its third invitation to an international theater festival, this after joining the festivals in Canada (2019) and Germany (2021, 2022). The 18th Mondial du Théâtre in Monaco will run from Aug. 20-27. The fundraising send-off performances (to help cover essential expenses for the delegation) will be on Aug. 10, 3 and 7 p.m., at the Tanghalang Ignacio Gimenez, Cultural Center of the Philippines, Pasay City. The tickets cost P1,000 and P800 and are available on Ticketworld.com. The 13th of September is an adaptation by three-time Palanca awardee Eljay Castro Deldoc from Lanie Robertson’s The Insanity of Mary Girard, about a woman who is committed to an asylum by her husband after she becomes pregnant by another man. It is directed by Riki Benedicto and star Andoy Ranay as Mary Girard, together with Lao Rodriguez and Drew Espenocilla.

Side Show: The Musical ongoing at Power Mac

ONGOING until Aug. 17 at Circuit Makati’s Power Mac Center Spotlight is the Sandbox Collective’s production of Side Show: The Musical, which revolves around the life of conjoined twins and their fellow “freaks” who live in a carnival in 1930s America. The cast features Jon Santos, Tanya Manalang, Molly Langley, and Marvin Ong. Tickets are available through Ticket2me.

Raco Ruiz mounts 4th exhibit at Secret Fresh

VISUAL ARTIST Raco Ruiz has his fourth solo exhibit, NO WORRYS, running until Aug. 8 at Secret Fresh Gallery, Ronac Art Center, Ortigas Ave., San Juan City. Known for his signature blend of pop culture and personal storytelling, Mr. Raco is introducing a new series anchored by his original character, Razzl the Clown, now joined by a dopamine-dependent dalmatian named Dopa.

Saturday Group holds 57th anniversary exhibit

ARTISTS collective Saturday Group has marked their 57th anniversary with a major exhibit, 57, at Gallery Big at Shangri-La Plaza mall in Mandaluyong City. It is running until Aug. 9. The Saturday Group members who are part of the show include Ronnie Bercero, Franklin Caña, Daisy Carlos, Salvador Ching, Buds Convocar, Nida Cranbourne, Jonathan Dangue, Anna De Leon, Robert Deniega, Ysa Gernale, Maryrose Gisbert, Amado Hidalgo, Celeste Lecaroz, Francis Nacion, Roel Obemio, Carlo Ongchangco, Anthony Palo, Tessie Picaña, Omi Reyes, Joy Rojas, Eman Santos, Aner Sebastian, Sheila Tiangco, Magoo Valencia, Lydia Velasco, Joseph Villamar, Jik Villanueva, Migs Villanueva, Gene Artango-Villasper, Inna Nanep-Vitasa, Chewy Yap, and Melissa Yeung Yap.

Dance students critique Martial Law in performance

THE DANCE production Alimuom sa Takip-Silim, based on research-driven choreography, will highlight the social injustices of the Martial Law era. The four-act drama will be staged beginning Aug. 15. It is presented by Unfolding Productions, a group of young artists from the dance program of the De La Salle-College of Saint Benilde (DLS-CSB). The public can see the production on Aug. 15 at 4 p.m. and Aug. 16 at 1 p.m. It will be staged at the 5th Floor Theater of the Benilde Design + Arts Campus, 950 Pablo Ocampo St., Malate, Manila.

Ayala Museum hosts Ambeth Ocampo lecture on WWII

THE Filipinas Heritage Library, in partnership with Purefoods Deli, presents “Cultural Casualties of World War II,” a lecture by historian and scholar Dr. Ambeth R. Ocampo. The 1945 Battle for Manila left deep scars not only on its people but also on the city’s cultural fabric. Historic sites and structures were reduced to rubble. Irreplaceable works of art, rare books, manuscripts, and invaluable records of the past were lost forever. In this lecture, Mr. Ocampo explores the cultural cost of war, examining both tangible and intangible losses. These include those captured in the poignant postwar paintings of National Artist Fernando Amorsolo. The lecture will be held on Aug. 16, 1:30-3:30 p.m., at the Ayala Museum, Makati Ave., Makati. This is one of The Roderick Hall Memorial Lectures 2025. Tickets range in price from P150 for students to P300 for regular tickets. They come with free one-day access to the Filipinas Heritage Library valid until Sept. 16.

Richard Arimado exhibits at Galerie Joaquin

RICHARD ARIMADO has used his stylized, rotund figures and vibrant palette, to focus on scenes of communal life in his paintings. Titled Chronicles, his latest exhibition presents scenic vignettes of rural life that feel less like fixed images and more like living memory. Chronicles is on view at Galerie Joaquin until Aug. 17. The gallery is located at the R3 Level of Power Plant Mall, Rockwell Center, Makati.

Anchored on national interest: Philippine foreign policy in these changing, challenging times

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If there was any confusion on what exactly independent Philippine foreign policy means to this administration, President Ferdinand Marcos, Jr. spelled it out clearly in last week’s State of the Nation Address.

“Then as now, our policy remains the same — the Philippines is a friend to all and an enemy to none,” he said.

This guiding principle states that the Philippines will not be drawn into conflict, but neither will it shy away from defending its sovereignty. The President reiterated this despite persistent — and intensifying — threats in the West Philippine Sea, and even in cyberspace, in the battle for the minds and hearts of the public.

The Philippines responds to these threats by speaking out against incursions, filing diplomatic protests, and by nurturing friendships with many nations that share our values and our commitment to the rule of law.

On this last point, much progress has been achieved in the past three years. Indeed, we are now more vigilant, more capable, and more determined to defend ourselves because of the continued strengthening of the Armed Forces of the Philippines. Our defense capabilities are being enhanced with the steady acquisition of arms, warships, and other defense equipment — aligned with the goals of modernization and a comprehensive approach to the protection of the archipelago.

We have an increasing number of allies ready to stand with us in times of urgent need. The Philippines is now backed by strengthened security alliances and growing confidence drawn from deeper international partnerships, with like-minded countries.

At a high-level forum hosted by the Stratbase Institute last month, Foreign Affairs Secretary Ma. Theresa Lazaro said the Philippines is pursuing multilateral and bilateral engagements that bolster the country’s position and broaden its capacities.

“We now have several visiting forces agreements, 11 bilateral maritime dialogues, such as with Australia, one of the most important maritime partners, a trilateral maritime dialogue, and a growing number of countries that join our multilateral maritime cooperation activities. All of this demonstrates that the Philippines does not stand alone and can rely on its partners in order to maintain regional peace and security,” she said during the event that marked the 9th anniversary of the arbitral decision largely favoring the Philippines in the dispute with China over the West Philippine Sea.

In the same event, ambassadors and representatives from 26 like-minded nations expressed their support for the Philippines and the rules-based international order.

Recent high-level engagements further illustrate the Philippines’ strategy of diversified diplomacy. Last month, President Marcos Jr.’s official visit to Washington DC showed our foreign policy in action and marked a significant milestone in the evolving Philippine-US relationship. He was the first leader in the region to be invited to the White House under President Donald Trump’s second term. This signals the importance Washington places on its relationship with the Philippines.

Amid rising aggression in the West Philippine Sea and the broader South China Sea, US officials’ pronouncements send a strong message to deter hostile actions. Beyond defense and security, President Marcos Jr.’s visit demonstrated the depth and breadth of the Philippines’ comprehensive relationship with the United States, marked by announcements of stronger partnerships in other key areas.

Following his visit to Washington, President Marcos Jr. embarked on a five-day state visit to India, reinforcing the Philippines’ commitment to building a diversified and multilateral network of partnerships. The visit is expected to advance cooperation not only in maritime security and defense, but also other key areas such as trade, pharmaceuticals, digital innovation, agriculture, and tourism.

The Philippines is also gearing up to assume the ASEAN Chairmanship in 2026, a pivotal role that will allow it to lead efforts on regional cooperation, promote collective responses to cross-border challenges, and strengthen ASEAN’s engagement with its dialogue partners.

In parallel, the country is campaigning for a non-permanent seat on the United Nations Security Council in 2026. As Foreign Affairs Secretary Lazaro noted in a post-SONA briefing, winning this seat would be a major diplomatic milestone — demonstrating the Philippines’ readiness to contribute to global peace, security, and multilateral governance.

Under the term of President Marcos Jr., the Philippines has been manifesting the essence of a truly independent foreign policy. We focus on the needs and interests of Filipinos, and base our decisions on what is most beneficial for our people and our nation. In this case, we assert our integrity and territorial rights, as backed by international law. We protect the interests of our fisherfolk rightfully earning their living in our Exclusive Economic Zone. We resist any advances by other powers that try to twist the narrative.

We cannot do this on our own. We are fortunate to have allies in numerous countries who equally believe that the rule of law must prevail. Because of this affinity, they are able to share with us their expertise in terms of beefing up our defense capabilities.

The geopolitical environment around the Philippines is becoming increasingly complex. We bank on the support of our strategic partners while keeping our national interest — and nobody else’s — at the core of our pursuits.

 

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

Wilcon Q2 income falls 19% on weaker sales

PHILSTAR FILE PHOTO

WILCON DEPOT, INC. (Wilcon) saw its second-quarter (Q2) net income fall by 18.72% to P626 million on lower sales.

For the second quarter, the company’s combined revenue decreased by 2% to P8.80 billion from P8.98 billion recorded in the same period a year ago.

“While some of the impact of the measures we’ve implemented will be spread out up to next year, we are already seeing improvements especially in trucking. If sales growth rates continue to trend upward and we are able to control increases in some expense items, we are expecting to reverse the net income decline in the first half,” Wilcon President and Chief Executive Officer Lorraine Belo-Cincochan said in a stock exchange disclosure on Tuesday.

For the first half, the company’s net income went down by 23.18% to P1.16 billion from P1.51 billion recorded in the same period in 2024.

Wilcon recorded gross revenue of P17.30 billion for the six months ending June, down by 0.69% from P17.42 billion in the same period a year ago.

“We are already seeing an upward trend in our sales and our same-store sales growth (SSSG) is already in positive territory in June. It was mainly during the long holidays in April and May that foot traffic was affected, as expected,” Ms. Belo-Cincochan said.

For the April-to-June period, Wilcon saw its total expenses rise by 1.03% to P7.87 billion from P7.79 billion incurred in the same period last year.

The company attributed the drop in its income to weaker same-store sales and rising expenses, noting that the opening of new stores also contributed to higher costs during the period.

At the stock exchange on Tuesday, shares in the company gained four centavos, or 0.41%, to end at P9.85 apiece. — Ashley Erika O. Jose

GoTyme Bank, TikTok Shop launch tailored loans for PHL microenterprises

People buy food items at a market in Quezon City, Nov. 22, 2024. — PHILIPPINE STAR/MIGUEL DE GUZMAN

GOTYME BANK has partnered with TikTok Shop to roll out customizable business loans for micro, small and medium enterprises (MSMEs) operating on the e-commerce platform, aiming to close funding gaps that traditional banks often overlook.

“Traditional lending is not built for MSMEs,” GoTyme Bank Co-Chief Executive Officer and Chief Commercial Officer Albert Raymund O. Tinio said at the launch event last month. “And that’s the gap we want to address through a partnership that reimagines how MSMEs access capital.”

The tie-up will let pre-qualified TikTok Shop sellers apply for flexible, fast-releasing loans. The loan amount, interest rate and repayment terms will be based on a seller’s transaction history on the platform.

“For TikTok Shop, it’s about deepening support for the seller community, not just helping them sell, but helping them succeed,” Mr. Tinio said.

“For GoTyme Bank, it’s about making financial services more inclusive and absolutely more beautiful. And for our valued sellers, it’s about gaining access to the kind of capital that helps you move faster, prepare smarter and take advantage of growth rates when it’s right in front of you.”

The loan is designed with MSMEs in mind, featuring a simplified application process that requires only a valid ID and business document. No collateral is required, and loan approval and disbursement can be completed in as little as three days.

Interest rates range from 1.5% to 2.5%, with repayment terms of three to 12 months. Payments can be made via InstaPay or QRPH.

Mr. Tinio said the loan product was developed to address common challenges in traditional MSME lending, including lengthy application processes, excessive documentation, high rejection rates, rigid repayment terms, slow disbursement and confusing fee structures.

“For decades, the default option of business owners in need of funding has been to approach traditional lenders like banks and other financial institutions,” he said. “But the reality is, traditional lending wasn’t built with small businesses in mind, much less digital-first entrepreneurs who operate online, create content and fulfill orders through platforms like TikTok Shop.”

GoTyme Bank President and CEO Nathaniel D. Clarke said the bank seeks to reach 20% of TikTok Shop’s seller base by year-end.

“It’s not a fixed number that we actually go for,” he told reporters. “Obviously, we’ll scale it up depending on how our performance goes. But as much as possible, we’re going to get as many merchants to be able to have the product also by the end of the year.”

Since the pilot launch, 16 merchants have availed themselves of the loan product, he added. — Aaron Michael C. Sy

PSBank closes peso bond offering after a day

PHILIPPINE Savings Bank (PSBank) has ended its peso bond offering after just one day amid strong investor demand.

The thrift unit of Metropolitan Bank & Trust Co. (Metrobank) has closed its offer of two-year peso-denominated fixed-rate bonds, which marked its return to the domestic debt market after five years.

“The initial offer period of August 4 to 8 was cut short and closed within a day due to strong investor demand from both institutional and retail clients. The total orderbook was more than six times oversubscribed, indicating the market’s continued confidence in the bank,” it said in a disclosure to the stock exchange on Tuesday.

“The net proceeds of the issuance will provide the bank with access to long-term funding to support its expansion initiatives and further diversify its funding sources.”

PSBank was looking to raise at least P2 billion through the two-year papers. It has yet to announce the final issue size.

The papers will be issued and listed on the Philippine Dealing & Exchange Corp. on Aug. 18.

The bonds will make up the third tranche of PSBank’s P40-billion bond program after the P6.3-billion issuance in July 2019 and the P4.65-billion issuance in February 2020.

They have a fixed interest rate of 5.875% per annum and were sold at a minimum investment amount of P100,000 and in increments of multiples of P10,000.

First Metro Investment Corp. and ING Bank N.V. Manila Branch were the arrangers for the transaction. They also acted as selling agents together with PSBank and Metrobank.

PSBank’s net income rose by 0.59% year on year to P1.21 billion in the first quarter amid continued loan growth and lower expenses.

Its shares closed unchanged at P58.50 each on Tuesday. — Aaron Michael C. Sy

Love-struck trucks and diggers: Estonia’s take on Romeo and Juliet

RUMMU, Estonia — A production of Romeo and Juliet in Estonia uses a cast of vehicles to tell Shakespeare’s story of star-crossed lovers, with a red Ford pickup taking on the role of Juliet, while her Romeo is a rally truck.

“I must say I came into it expecting it to be really silly, but it was really good. I really liked it,” said Maia Maisate, a spectator, after the show.

A disused limestone quarry in the Estonian countryside is the backdrop as more than a dozen vehicles, including city buses, fire engines, a lorry, and a cement truck with hearts painted on it, drive around in front of makeshift viewer stands.

Two excavators waved their mechanical arms at each other threateningly in a recreation of the fatal sword fight between Tybalt and Mercutio, and a car was thrown from a cliff.

“I would still say that even though it was cars, it felt really sweet and cute. Like when you had the scene where the cars were, you would assume, kissing, the energy was captured really well. The sweetness and the love,” said Maia Pussim, another spectator.

The production, which ended Sunday, is without dialogue, although it is accompanied by fireworks and music, including the track “Lovefool” by Swedish group The Cardigans.

“It’s basically a big experiment about what it means to do Shakespeare today and whether we can find new ways to do it,” said co-director Paavo Piik of Kinoteater, which put on the play.

“We wanted to be very gentle with these big machines. This contrast is interesting for us. Is it possible to deliver emotions like love (with big vehicles)?” — Reuters

Inflation rates in the Philippines

HEADLINE INFLATION sharply slowed to a near six-year low in July as utilities and food costs continued to ease, data from the Philippine Statistics Authority (PSA) showed. Read the full story.

Inflation rates in the Philippines

Cooperatives: In union there is strength

STOCK PHOTO | Image by Jcomp from Freepik

My adventurousness and occasional volunteer work has exposed me to different kinds of cooperatives; some successful and others failures.

It is hard to believe, but in the poor province of Negros Oriental, there are no less than two credit cooperatives worth over a billion. Another poor province, Leyte, also has two such billionaire credit co-ops. During the last century, a farmer-owned cooperative in Cavite won over the majority of the market for animal feeds in Southern Luzon from corporate giant San Miguel. When the farmers wanted to increase their incomes by going into poultry and pig raising, they also decided to produce their own feeds as the agricultural technicians were required to endorse the choice of suppliers of feeds and fertilizers to rural bank borrowers. There was a tendency for some suppliers to deliver adulterated products.

The three biggest cooperatives in asset size in the world are owned by farmers. Two are in France and one in Japan. In the Philippines, the biggest co-ops are worker-related: two credit coops in the military and one among employees of PLDT, the privately owned phone company.

There are over 20,000 co-ops registered with the Cooperatives Development Authority (CDA) in the Philippines. The CDA is currently supervised by the Department of Trade and Industry (DTI). It had earlier been part of the Department of Agriculture, and later with the Department of the Interior and Local Government.

As I am always trying to find ways that the government can reduce poverty in our country, I sat down with Edgar Comeros, one of a few activist experts in mobilizing and helping to strengthen cooperatives in our country.

When I asked him if it was a good idea for CDA to be under the DTI, he said “it doesn’t matter.” Government-sponsored cooperatives have generally failed, he explained. The Samahang Nayon to promote rice production, and electric power co-ops in many provinces provided government grants to get the cooperatives organized. In one town in Samar, there were constant brownouts. It turned out that the board members bought themselves cars and failed to provide maintenance of the electricity distribution lines.

Comeros said that the co-ops that have succeeded have been organized by individual persons who were willing to contribute their meager resources for common purposes. The main difference is their willingness to attend educational seminars prior to and in the course of their being members of cooperatives.

The billionaire credit co-ops in the Visayas had been mobilized by Christian missionaries and diocesan communities. In Negros Oriental and Leyte, the Redemptorist fathers and the Bishops’ teams helped particularly with providing education to the memberships. The education was provided and required to build strong values orientation and appreciation of the personal commitments and responsibilities of co-op members. No funding was granted to the co-ops by the missionaries.

There are three levels of cooperatives. Primary co-ops have individual persons as members. Secondary co-ops are organized among “juridical persons” or primary co-ops. And tertiary co-ops are organized by secondary co-ops as support. Comeros, who has retired, had been one of the leaders of VICTO, a secondary co-op that works mainly in the Visayas. VICTO mobilizes and organizes, then provides education to the primary co-op members. They may also provide audit services by certified public accountants.

Credit co-ops collect fees from their members. They generally charge market rates in order to build capital which is made available to members as loans for emergencies, tuition and books for education, health needs, housing, car loans, and capital for businesses. Members are oriented that as they are the owners of the co-op, the profits belong to them, and effectively the interest rates are below market rate.

What makes for greater chances of success? Of course, compliance with the education requirement. And the quality of the board members.

I found it interesting that Comeros revealed that boards that had women in them tended to do better. Why? I asked. He said matter of factly that women are multitasking, managing homes and families, and especially budgeting and working within these budgets. Unfortunately, he said, in general, only one or two out of the nine board members are women. Women should be empowered to help run cooperatives, he said.

One of the billionaire credit co-ops in Negros Oriental is run by a woman. I had a couple of opportunities to spend a few days in a hotel owned and operated by them. It was at least four-star or even five-star in quality of facilities and services. It was also certainly a good job generator.

The training and education of co-op members is paid for by the co-op, which is required by law to provide 10% of its income for education and audit and other contractual services.

The interesting trend is that productive loans for small businesses are becoming more common than consumer loans.

Entrepreneurship training should probably be provided to and by the secondary and tertiary co-ops to enable primary co-ops to generate more employment and reducing poverty among our food producers, the farmers and fishers. The billions raised by credit co-ops have great potential to generate jobs and help reduce poverty, especially among our farmers and fishers, who, after all, produce the food we eat.

Also, the less intervention by government, the better, says Comeros.

 

Teresa S. Abesamis has been a development management, social and political marketing consultant for over 20 years.

tsabesamis0114@yahoo.com

Philex Q2 profit drops 20.5% to P170.81M on lower gold, copper output

The Bulawan project in Sipalay City, Negros Occidental — PHILEXMINING.COM.PH

PANGILINAN-LED Philex Mining Corp. saw its second-quarter (Q2) attributable net income decline by 20.5% year on year to P170.81 million due to lower gold and copper output.

Operating revenues dropped by 17% to P1.86 billion, while costs increased by 3.3% to P1.77 billion for the three months ending June, the mining firm said in a stock exchange disclosure on Tuesday.

Gold production from April to June 2025 reached 6,769 ounces, down from 7,962 ounces in the same period a year earlier, Philex said.

Its copper output also fell to 4.788 million pounds from 5.133 million pounds.

Average realized gold prices in the second quarter of 2025 rose to $2,504 per ounce from $2,008 per ounce a year earlier, the company said.

Realized copper prices during the second quarter fell to $4.09 per pound from $4.45 per pound in the same period of 2024.

Philex’s attributable net income for the six-month period ended June dropped by 8.5% to P301 million.

Revenues decreased by 5.3% to P3.76 billion, while costs and expenses slightly increased by 1.8% to P3.53 billion.

Despite sluggish financial performance, the company remains “positive” about the continued development works at its Silangan Copper and Gold Project in Surigao del Norte.

“We continue to accelerate development works of the Silangan Project, as we target our first metal production by the first quarter of 2026,” said Philex President and Chief Executive Officer Eulalio Austin, Jr. “With the periphery of the Sta. Barbara I ore body (formerly Boyongan) reached last year, we’ve begun drives at the first production level.”

Mr. Austin said that the company is also building up an ore stockpile from its first production drifts that would feed a process plant it seeks to commission by yearend.

“Construction on all other ancillary facilities continues and is progressing steadily, with the tailings storage facility ready to accept tailings before the year ends and power infrastructure already in place,” he said.

At the local bourse on Tuesday, shares of the company closed unchanged at P5.79 apiece. — Sheldeen Joy Talavera and Kyle Aristophere T. Atienza

PHINMA Education eyes Vietnam expansion by 2027

PHINMA

PHINMA EDUCATION Holdings, Inc. is eyeing expansion into Vietnam by 2027 as the educational provider seeks to widen its international presence.

“We’re hoping we can enter Vietnam by 2027,” PHINMA Education President and Chief Executive Officer Chito B. Salazar told reporters on the sidelines of the Ramon V. del Rosario (RVR) Siklab Awards on Monday.

“(It is) most likely (an) acquisition. That’s our style. We were told by our investors, KKR, that they’re most interested in investment in Vietnam. Mainly tertiary schools, mainly low-income (focused),” he added.

In October last year, KKR-managed Phoenix Investments II Pte. Ltd. completed its P2.52-billion initial investment to fund PHINMA Education’s expansion.

The initial amount is equivalent to 70.22% of KKR’s total investment worth P3.59 billion.

Mr. Salazar also mentioned that Cambodia and Laos are possible locations for the company’s future expansion.

“Vietnam should be the target. After Vietnam, we’ll look at Cambodia and Laos,” he said.

Mr. Salazar said PHINMA Education is also eyeing growth in its presence in Indonesia.

The company currently operates Kalbis University in Jakarta and Horizon University in Karawang.

He confirmed that the company will search for other cities in Indonesia for potential expansion, which could happen within the year.

“We’re more excited about Indonesia because right now we’re only managing two schools. Indonesia is bigger than the Philippines. It’s two times the population. That’s why we’re hoping to continue to expand,” he said.

“We’re hoping at least a third (school) within the year maybe, whether in a different city, or we’ll expand the (current) branches,” he added.

Mr. Salazar also said PHINMA Education is eyeing 180,000 students this school year, up from the current 164,000.

For the financial year 2024-2025 (April 2024 to March 2025), PHINMA Education saw an 8% increase in net income to P1.5 billion, led by higher enrollment. Revenue grew by 14% to P6.5 billion.

PHINMA Education previously announced plans to open additional campuses in San Pablo in Laguna, Roxas City, Bacolod City, and Butuan City in the coming years to meet increasing demand.

The company also expanded its school network to 12 with the recent addition of Saint Jude College in Dasmariñas, Cavite, and Kalbis University in Jakarta.

PHINMA Education is the education subsidiary of the listed holding company PHINMA Corp.

PHINMA Corp. shares were last traded on Aug. 1, unchanged at P17.84 per share. — Revin Mikhael D. Ochave

Ateneo develops AI tool to digitize logbooks for small businesses

RESEARCHERS from Ateneo de Manila University have developed an artificial intelligence (AI) system that helps small food stalls and convenience stores digitize handwritten logbooks and analyze inventory data to improve operations.

The system, developed by the university’s Business Insights Laboratory for Development (BUILD), uses AI to scan logbook photos, recognize products, match prices and generate sales summaries.

“The system allows even someone with no digital training to grasp inventory trends with ease,” BUILD said in a statement on Monday. “This helps businesses quickly identify bestsellers or slow-moving stock, thereby making it easier to keep up with customer demand.”

Small neighborhood stores and food stalls in the Philippines have traditionally relied on pen-and-paper ledgers to manage sales, inventory and deliveries. This analog system limits data analysis and slows business decisions, according to the researchers.

The team introduced their AI “copilot” model after observing hesitation among many micro, small and medium enterprises in adopting tech due to “steep learning curves and job redundancy.”

“AI lends itself perfectly to business data analysis: it makes short work of identifying which products are performing well or poorly; tracking sales trends over time; and offering recommendations on inventory, pricing, and restocking,” they said.

The prototype system runs on Python, using Amazon Web Services for optical character recognition and Anthropic’s Claude 3 Haiku large language model to interpret handwritten logbook entries.

Initial testing was conducted at a student-run food stall in Ateneo’s enterprise center. Researchers said the system achieved moderate accuracy and showed potential for broader applications.

The team noted that the tool could be adapted to process other types of handwritten records including inventory sheets, delivery logs and payroll ledgers.

“Not unlike analog logbooks themselves, this AI tool is meant to be simple, affordable and easily upgradable,” the researchers said. “As AI accuracy improves by training on more shorthand writing, local stalls can eventually gain reliable, low-cost access to business insights once reserved for larger enterprises.”

The initiative aligns with state efforts to modernize microbusinesses. Last year, the Department of Science and Technology supported local startup Packworks in helping mom-and-pop stores nationwide adopt AI-driven inventory systems.

The Department of Trade and Industry in June said more than 1.3 million such stores across the Philippines continue to operate with minimal capital and limited access to digital tools. — Katherine K. Chan

Peso drops as inflation data bolster BSP easing hopes

BW FILE PHOTO

THE PESO weakened anew against the dollar on Tuesday on expectations that the Bangko Sentral ng Pilipinas (BSP) would cut rates again as early as this month after headline inflation hit a near six-year low in July.

The local unit closed at P57.63 per dollar, dropping by 34 centavos from its P57.29 finish on Monday, Bankers Association of the Philippines data showed.

The peso opened the session lower at P57.40 against the dollar. Its worst showing was at P57.69, while its intraday best was at P57.26 against the greenback.

Dollars exchanged jumped to $2.11 billion on Monday from $1.69 billion on Friday.

“The peso depreciated after Philippine headline inflation for July 2025 at 0.9% fueled expectations of an August policy rate cut from the BSP,” a trader said in an e-mail.

The consumer price index (CPI) rose 0.9% year on year in July, slower than the 1.4% in June and 4.4% clip a year ago. It was also within the BSP’s 0.5% to 1.3% forecast for the month.

The July CPI print was below the 1.2% median estimate in a BusinessWorld poll of 17 analysts conducted last week. This also marked the fifth straight month that the CPI settled below the central bank’s 2-4% target range.

“On balance, a more accommodative monetary policy stance remains warranted. Emerging risks to inflation from rising geopolitical tensions and external policy uncertainty will require closer monitoring, alongside the continued assessment of the impact of prior monetary policy adjustments,” the BSP said in a statement.

BSP Governor Eli M. Remolona, Jr. has said that a rate cut is “on the table” at the Monetary Board’s Aug. 28 policy meeting, which would mark the central bank’s third straight easing move this year.

This would mark the central bank’s third straight easing move this year following the rate cut in June that brought the policy rate to 5.25%.

Since starting its easing cycle in August 2024, the central bank has lowered interest rates by a cumulative 125 bps.

The peso weakened on Tuesday as the dollar also rebounded following days of decline as US jobs data revived bets of a September rate cut by the Federal Reserve, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

For Wednesday, the trader said the peso could continue to decline ahead of a potentially upbeat US services purchasing managers index report.

The trader sees the peso moving between P57.50 and P57.75 per dollar on Wednesday, while Mr. Ricafort expects it to range from P57.50 to P57.80. — Aaron Michael C. Sy

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