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Pentagon journalists vacate workspace as new restrictions take effect

THE PENTAGON is seen from the air in Washington, US, March 3. — REUTERS

Dozens of journalists who cover the US Defense Department vacated their offices in the Pentagon and returned their credentials on Wednesday as new restrictions on press access took effect.

The Defense Department had set a Tuesday deadline for news outlets to either sign a new Pentagon access policy or lose access to press credentials and Pentagon workspaces.

At least 30 news organizations, including Reuters, declined to sign the new policy, citing a threat to press freedoms and their ability to conduct independent newsgathering on the world’s most powerful military.

The policy requires journalists to acknowledge new rules on press access, including that they could be branded security risks and have their Pentagon press badges revoked if they ask department employees to disclose classified and some types of unclassified information.

The Pentagon Press Association, which represents more than 100 news organizations, including Reuters, said in a statement that Wednesday was “a dark day for press freedom that raises concerns about a weakening US commitment to transparency in governance, to public accountability at the Pentagon and to free speech for all.”

Chief Pentagon spokesperson Sean Parnell said in a statement on Monday: “The policy does not ask for them to agree, just to acknowledge that they understand what our policy is. This has caused reporters to have a full-blown meltdown, crying victim online. We stand by our policy because it’s what’s best for our troops and the national security of this country.”

The Pentagon declined to make additional comment on Wednesday.

Journalists described the press area at the Pentagon on Wednesday as unusually quiet, as they removed furniture, computer servers, TV studio soundproofing material and other contents.

“I’ve never seen that place not buzzing like a beehive,” said JJ Green, National Security Correspondent at Washington news radio station WTOP.

Green, who has worked as a national security correspondent for 20 years, turned in his press credential Wednesday morning. Television outlets have until Friday to remove their gear.

Credentialed reporters have traditionally been limited to unclassified spaces in the Pentagon and have worked across the hallway from the Pentagon press office, which has allowed them access to department spokespeople. Press badges signify that they have gone through a background check.

“We’ve never been allowed to just bolt right on into classified areas or people’s offices,” said Stephen Losey, a reporter who covers the Air Force for Defense News. “I don’t know anybody who would purposely eavesdrop or anything like that, which is what some people have made it seem like we’re doing.”

Some journalists interviewed by Reuters said the new restrictions won’t keep them from reporting on the US military.

“The irony of irony is that Pentagon reporters are not having conversations about controlled information in the hallways,” said a member of the Pentagon Press Association speaking on condition of anonymity. “We’re doing it over (the encrypted app) Signal.”

The Pentagon’s new policy is the latest expansion of restrictions on press access under Defense Secretary Pete Hegseth, a former Fox News host. Fox News is among the news organizations that has refused to sign on to the new press restrictions.— Reuters

Dozens still missing days after Mexico’s mass flood

Mexico President Claudia Sheinbaum — REUTERS

MEXICO CITY — Five days after historic floods that killed at least 66 people and affected 100,000 homes, Mexico is still scrambling to get help to the worst-hit communities and locate 75 missing people amid criticism of the government’s handling of the crisis.

After a year of meteoric approval ratings, the disaster is a test for Mexico’s President Claudia Sheinbaum, who has encountered rare hostile crowds and heckling on visits to affected areas.

The disaster began when torrential rains in the central and eastern parts of the country set off landslides, caused rivers to overflow and bridges to collapse. Whole streets were washed away.

Antonio Ocaranza, a political analyst based in Mexico City, said that while he has been impressed by Sheinbaum’s willingness to be on the ground during the recovery, it belies a bigger problem.

“There is a problem of competence in the initial reaction to the tragedy,” he said, adding that officials were slow in providing necessary machinery to some areas.

SCRAPPING OF DISASTER FUND
The disaster has also fueled questions about the government’s reliance on the military to handle a growing list of responsibilities, from managing airports to constructing major infrastructure projects and distributing disaster relief.

Sheinbaum’s predecessor and political mentor, Andres Manuel Lopez Obrador, spearheaded the elimination of the country’s Natural Disaster Fund (Fonden), saying it was beset by corruption. Sheinbaum defended that decision, saying on Tuesday that “defending Fonden is like defending corruption.”

But the dismantling of Fonden has raised questions of where her government will find the money needed for the response.

She said the federal government has 19 billion pesos ($1.03 billion) available for emergencies, of which around 3 billion pesos have been used. “There are sufficient resources to address the emergency.”

On Wednesday, in the state of San Luis Potosi, Sheinbaum said government aid would be given in two stages: cleanup, which she said would happen next week, followed by “support” depending on the damage suffered by each home. After that, the government would help with roads and drainage.

In 2023, following the devastating Hurricane Otis in the resort town of Acapulco, the government gave cash transfers of between $400 and $3,250 per affected household depending on the level of damage.

Deputy Gibran Ramirez of the opposition center-left Citizens’ Movement party criticized the government’s response to the latest disaster as unprepared and “lamentable.”

“There’s no capacity to respond. It’s always the same response – improvisation,” he said. “And just like in Guerrero after Hurricane Otis, the government will make direct cash transfers to calm the social anger.”

FLOODS CAME WITHOUT WARNING
The floods largely caught the government flat-footed. “There were no scientific or meteorological conditions that could have indicated to us that the rainfall would be of this magnitude,” Sheinbaum told reporters on Monday, adding that the government had been focused on two separate storms off the Pacific coast.

The torrential rains off the Gulf Coast came toward the end of the rainy season, battering land and bursting rivers that had already been soaked by months of rain. The worst-affected states are Veracruz, Hidalgo and San Luis Potosi.

On Sunday, Sheinbaum confronted an angry crowd of people searching for their relatives in the southeastern state of Veracruz, where at least 29 people have died. Some yelled that they had been in the zone for three days looking while others pushed photos of missing people at her.

Struggling to make herself heard, Sheinbaum said: “Everyone will be attended to. We are not going to hide anything.”— Reuters

Cash remittances hit $2.98B in Aug.

A man accepts Philippine peso bills at a money remittance center in Makati City, Metro Manila, Philippines, Sept. 19, 2018. — REUTERS/ELOISA LOPEZ

By Katherine K. Chan

MONEY SENT HOME by overseas Filipino workers (OFW) went up by 3.2% year on year in August, as the weaker peso drove up the value of remittances, data from the Bangko Sentral ng Pilipinas (BSP) showed.

In a statement, the BSP said cash remittances coursed through banks increased by 3.2% to $2.977 billion in August from $2.885 billion in the same month last year.

Despite the annual growth, remittances declined by 6.4% month on month from the seven-month high of $3.179 billion in July.

Overseas Filipinos’ Cash Remittances

The August tally was the lowest in three months or since the $2.658-billion remittances in May.

“Cash remittances from overseas Filipinos continued to grow… This developed on account of higher inflows from both land-based and sea-based workers,” the BSP said in a statement on Wednesday.

Money sent home by land-based workers climbed by 3% year on year to $2.35 billion in August, accounting for the bulk of cash remittances.

Remittances from sea-based workers likewise rose by 3.8% year on year to $626 million in August.

“Cash remittances rose 3.2% year on year in August to $2.98 billion, supported by steady overseas employment and resilient inflows from key markets like the US, Singapore, and Saudi Arabia,” Union Bank of the Philippines  Chief Economist Ruben Carlo O. Asuncion said in a Viber message.

Robert Dan J. Roces, an economist at SM Investments Corp., said the 3.2% year-on-year increase in cash remittances in August indicates a “modest pickup” versus the 3% growth in July.

“This suggests that remittance flows have some resilience despite global headwinds, and reflects, in part, a lower comparative base or mild fluctuations in monthly flows,” he said in a Viber message.

Mr. Roces said the weak peso drives higher remittances in dollar terms as recipients “gain more local-currency value.”

“Evidence from BSP studies have highlighted the positive role of exchange rate depreciation as a driver of remittances,” he added.

In August, the peso averaged P57.2525 versus the greenback, weakening from the P56.7523-per-dollar average in July.

On the other hand, Mr. Asuncion said the month-on-month dip in remittances reflects “seasonal normalization after back-to-school spending and a less volatile peso.”

Meanwhile, personal remittances, which include both cash coursed through banks and informal channels as well as in-kind remittances, stood at $3.307 billion in August, rising by 3.2% from $3.204 billion a year earlier.

Workers with contracts of one year and above sent home the bulk of personal remittances at $2.54 billion, up 3% year on year.

Personal remittances from workers with contracts of less than one year also rose by 4% year on year to $690 million.

EIGHT-MONTH PERIOD
In the eight months to August, cash remittances from migrant Filipinos climbed by 3.1% to $22.909 billion from the $22.217 billion posted in the same period last year.

Remittances from land-based workers grew by 3.3% year on year to $18.32 billion as of end-August, while sea-based OFW remittances rose by 2.5% to $4.59 billion.

Money sent home from the United States accounted for 40.4% of the remittances in the first eight months of the year.

This was followed by Singapore (7.1%), Saudi Arabia (6.3%), Japan (4.9%) the United Kingdom (4.8%), the United Arab Emirates (4.5%), Canada (3.4%), Qatar (2.9%), Taiwan (2.8%) and South Korea (2.6%).

Meanwhile, personal remittances went up by 3.1% to $25.51 billion in the eight-month period from $24.74 billion the previous year.

“With year-to-date growth slightly ahead of target and holiday inflows ahead, remittances remain on track to meet BSP’s full-year growth forecast,” Mr. Asuncion said.

Mr. Roces said remittances typically rise in the September-to-December period, which may boost the full-year tally.

The BSP expects cash remittances to grow by 3% to $35.5 billion this year.

DoF vows to address businesses’ tax concerns

TAXPAYERS line up at the Bureau of Internal Revenue office in Intramuros, Manila, April 18, 2022. — PHILIPPINE STAR/RUSSELL PALMA

FINANCE SECRETARY Ralph G. Recto has ordered the formation of a multi-sectoral working group to address tax woes raised by business leaders, the Department of Finance (DoF) said.

According to a DoF statement, Mr. Recto gave the order after a dialogue with the Makati Business Club on Oct. 14, where corporate executives flagged key policy concerns and proposed solutions to improve the investment climate.

The working group will be led by the DoF and include private sector representatives, giving the business community a chance to raise any tax concerns.

“We want to support the government in its quest to make this a very good business environment and investment destination. That’s our overall aim. We’re here to support you,” Makati Business Club (MBC) Executive Director Rafael ASG Ongpin was quoted as saying in the DoF statement. “We’re here because this government has been very open and very collaborative, and we really see the value of that.”

The meeting included representatives of multinational firms such as Mondelez Philippines, Inc.; Unilever; SGV & Co.; Pepsi-Cola Products Philippines, Inc.; the American Chamber of Commerce of the Philippines; Texas Instruments, Inc.; and e-commerce platform Shopee.

One of the concerns raised by business leaders was the implementation of Revenue Memorandum Circular (RMC) No. 5-2024, which outlines taxation of cross-border services involving foreign corporations.

In February last year, 10 business groups including the Philippine Chamber of Commerce and Industry and Management Association of the Philippines had urged the Bureau of Internal Revenue (BIR) to rescind the circular, which would raise the cost of doing business in the Philippines.

They had said the circular violates existing income tax treaties entered into by the Philippines with various countries.

“These treaties generally provide that business profits of a treaty resident shall not be taxed in the Philippines if the foreign treaty resident does not have a permanent establishment in the Philippines,” the business chambers had said.

In response, Mr. Recto pledged to review existing tax circulars and explore digital tools aimed at improving transparency and efficiency in tax assessments.

BIR Commissioner Romeo D. Lumagui, Jr., who also attended the meeting, acknowledged concerns raised over the mentioned tax memorandum and backed Mr. Recto’s proposal for amendments.

In addition, the Finance chief reaffirmed the government’s push to accelerate digitalization to curb corruption and increase efficiency in the delivery of public services to business leaders.

“The government is only 20% or 25% of the economy — you’re 75%. Today, you have more than 50.1 million people working, with more than 32 million in the private sector,” Mr. Recto said.

He also called for stronger private sector engagement in the DoF’s digitalization program, particularly in the BIR, Bureau of Customs and Bureau of the Treasury.

“Whatever support you think we can provide — inputs, technology, we’d be more than happy to do that,” MBC Chairman Edgar O. Chua was quoted as saying. — Aubrey Rose A. Inosante

Financial system resources jump by  6.3% at end-August

BW FILE PHOTO

THE TOTAL RESOURCES of the Philippine financial system climbed by 6.3% year on year in the first eight months, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed.

Resources held by banks and nonbank financial institutions rose to P34.577 trillion in the January-to-August period from P32.513 trillion the prior year.

However, it dipped by 0.04% from the P34.592 trillion recorded as of end-July.

These resources include funds and assets such as deposits, capital, and bonds or debt securities.

Based on preliminary central bank data, banks’ resources increased by 6.6% to P28.586 trillion as of end-August from P26.809 trillion a year ago.

Broken down, resources held by universal and commercial banks went up by 6.2% to P26.632 trillion at end-August from P25.087 trillion last year.

Thrift banks’ resources likewise jumped by 21.8% year on year to P1.38 trillion at end-August from P1.133 trillion a year ago.

On the other hand, resources of rural and cooperative banks went down by 11.3% to P424.9 billion in the eight months to August from P478.9 billion in the comparable year-ago period.

Resources of digital banks increased by 35.1% to P149 billion from P110.3 billion a year ago.

Meanwhile, the latest available data showed nonbank financial institutions’ (NBFI) resources rose by 5% to P5.991 billion as of end-March from P5.704 billion seen at end-August last year. There were no data for NBFIs as of end-August this year.

Nonbanks include investment houses, finance companies, security dealers, pawnshops, and lending companies.

Institutions such as nonstock savings and loan associations, credit card companies, private insurance firms, the Social Security System, and the Government Service Insurance System are also considered NBFIs.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort attributed the higher resources in August to the double-digit growth in bank lending, particularly consumer loans.

BSP data showed bank lending grew by 11.2% year on year to P13.62 trillion in August. This was the slowest growth since the 11.1% posted in November 2024.

“However, the slight month-on-month decline could be attributed to weather-related disruptions after the series of storms that reduced business days, thereby reducing banking and other economic transactions,” Mr. Ricafort said in a Viber message.

He noted that further easing by the BSP and the US Federal Reserve could boost the financial system’s resources in the coming months.

The central bank last week unexpectedly trimmed its benchmark interest rate by 25 basis points (bps) to 4.75%, the lowest in three years.

The Monetary Board has now reduced borrowing costs by a total of 175 bps since August last year.

BSP Governor Eli M. Remolona, Jr. said one more cut is possible at their last meeting in December. He also left the door open for policy easing next year as he sees the neutral nominal policy rate to be closer to 4% than their earlier projection of 5%.   

Meanwhile, the US Federal Reserve is expected to deliver two more cuts until yearend following its first 25-bp reduction this year in September, which brought its policy rate to 4-4.25%. — Katherine K. Chan

Gov’t urged to fulfill its commitments under CARS program

REUTERS

By Justine Irish D. Tabile, Reporter

THE GOVERNMENT should fulfill its commitments to car manufacturers to ensure that the Philippines remains a competitive investment destination for foreign investors, business groups said.

“We need investors. And if that can be another issue against us, we should settle that,” Sergio Ortiz-Luis, Jr., president of the Philippine Exporters Confederation, Inc. told BusinessWorld.

Mr. Ortiz-Luis said the government should resolve these issues surrounding car manufacturers to ensure the country can still compete for investments.

“With all the issues against us, the ease of doing business, and then this commitment, we shouldn’t allow that because we are already lagging behind in investments. Let’s not add to the issues,” he added.

The Board of Investments (BoI) told a Senate hearing on Monday that the government is yet to pay the participants of the Comprehensive Automotive Resurgence Strategy (CARS) program.

Under the CARS program, the government promised to provide the participants fixed investment support and production volume incentives, of which P1.4 billion was already paid for by the government, while P3.987 billion remains unfunded.

However, CARS program arrearages were only allocated P225 million in the proposed budget of the Department of Trade and Industry for 2026.

BoI Investment Promotions Services Executive Director Evariste M. Cagatan said that the department initially requested the full amount for the 2026 budget, but the allocation was reduced due to lack of “fiscal space.”

“We want to pay them, because the participants in CARS are also the ones that we are also targeting for the Revitalizing the Automotive Industry for Competitiveness Enhancement (RACE) program,” she said.

“If they are not paid, they will not have the confidence to [participate in] our RACE program as well as the Electric Vehicle Incentive Strategy (EVIS) for parts makers,” she added.

Senator Sherwin T. Gatchalian said he is “very concerned” over this issue as it hurts the country’s image among foreign investors.

Pag masama experience nila, kakalat ’yan sa buong mundo, wala nang maniniwala sa atin next time (If they have a bad experience, it will be known around the world and no one will believe us next time),” he said.

“We have to make sure that we always remain true to our commitments to our investors.”

Philippine Chamber of Commerce and Industry President Enunina V. Mangio said that the government should find a way to settle the payments for CARS participants.

“If our image will be damaged or will be tainted by this nonperformance of our commitment, it would not be worth it to the Filipino people, especially hearing all these kinds of problems as far as corruption is concerned,” she told BusinessWorld. 

“So, the government must, by all means, provide and pay for this commitment,” she added.

Trade Secretary Ma. Cristina A. Roque said that she will be coordinating with Budget Secretary Amenah F. Pangandamanan to find out ways on how the government can address this matter.

“We really plan to get it from the budget, so I am in talks with the Department of Budget and Management, and I am also in talks with Toyota and Mitsubishi, so everything is okay,” she told reporters on Wednesday. 

Toyota Motor Philippines Corp. and Mitsubishi Motors Philippines Corp. were participants in the CARS program.

“We have already talked about different ways to pay, and we are still coordinating. That is what we owe to them, so definitely the government will pay them,” Ms. Roque said.

SM Prime to open 89th mall in La Union on Oct. 17

SM CITY LA UNION FACEBOOK PAGE

LISTED property developer SM Prime Holdings, Inc. (SMPH) will open its new mall in La Union on Oct. 17, expanding its portfolio to 89 malls nationwide as part of its ongoing regional growth strategy.

“This is our ninth mall in Northern Luzon, and we designed it to serve as a landmark for both residents and tourists,” SM Prime President Jeffrey C. Lim said in a statement on Wednesday. “As the surfing capital of the region, La Union deserves a retail center that reflects its vibrant lifestyle and rich culture.”

The new SM City La Union, located along Diversion Road, Barangay Biday in San Fernando City, offers more than 51,000 square meters (sq.m.) of leasable space, with over 80% already taken up.

According to the company, the mall will house major tenants such as SM Store, SM Markets, Ace Hardware, Toy Kingdom, Levi’s, Watsons, Surplus, Pet Express, Adidas, Miniso, Sports Central, SM Appliance Center, Puma, Uniqlo, National Bookstore, and BDO.

A highlight of SM City La Union is the Sandbox, a 1,348-sq.m. outdoor area designed for sports tournaments, concerts, yoga, Zumba, and other community activities.

A bike lane running parallel to a manmade sandbar is also part of the development.

The mall will feature an SM Foodhall serving Ilocano, Filipino, and international dishes, and will introduce the province’s first Director’s Club cinema.

“With our diverse and unique offerings, we hope to strengthen La Union’s position as both a tourism and economic hub in Northern Luzon,” Mr. Lim said.

In 2024, La Union’s tourism industry generated over P1 billion in revenues, driven by higher visitor spending and longer average stays of 1.39 days from 1.33 days a year earlier, the company said.

The province recorded more than 500,000 tourist arrivals, with San Fernando City, San Juan, and Bauang ranking as its top destinations, it added.

Over the next five years, SM Prime plans to open a series of flagship malls, including SM Sta. Rosa in Nuvali by 2026, Harrison Plaza in Manila by 2027, SM Malolos in Bulacan by 2028, a Cavite mall by 2029, and another in Pasay by 2030.

Apart from new developments, the company is also pursuing redevelopment and expansion projects to reach its goal of 100 malls by 2027.

SM Supermalls, the retail arm of SM Prime, is among Southeast Asia’s largest mall developers.

SM Prime earlier reported a 10% increase in its second-quarter net income to P12.8 billion, bringing first-half earnings to P24.5 billion, up 11% from a year earlier. The growth was driven mainly by higher rental income, real estate sales, and ancillary revenues.

Consolidated revenues for the April-to-June period rose by 4% to P35.3 billion, while first-half revenues climbed by 5% to P68 billion from P64.7 billion a year ago.

Rental income from its malls, offices, hospitality, and MICE (meetings, incentives, conferences, and exhibitions) businesses accounted for 60% of total revenues, followed by real estate sales at 29%, and cinema, food and beverage, and amusement revenues at 11%.

Its mall business remained the main earnings contributor, accounting for 69% of total profit at P17 billion — up 14% year on year — supported by new openings, increased foot traffic, and strong occupancy rates.

On Wednesday, shares of SM Prime Holdings slipped by 0.87% or 20 centavos to close at P22.80 each. — A.G.C. Magno

Megawide bags Megaworld deals for Uptown Bonifacio, Newport projects

MEGAWIDE.COM.PH

SAAVEDRA-LED Megawide Construction Corp. (MWIDE) has secured two new contracts from property developer Megaworld Corp. to build residential towers in its township developments in Taguig and Pasay.

The contracts cover civil, structural, architectural, and mechanical, electrical, plumbing, and fire protection works, Megawide said in a disclosure to the stock exchange on Wednesday.

The projects include Uptown Modern, a high-rise residential tower in Uptown Bonifacio in Taguig City, and One Portwood, a condominium development in Newport City, located near the Ninoy Aquino International Airport (NAIA) in Pasay City.

“These will also be among the numerous developments both companies have worked on in the past,” Megawide President and Chief Executive Officer Edgar B. Saavedra said, noting that the partnership with Megaworld “is built on the shared pursuit of sustainability, excellence, and speed-to-market.”

Megawide said it will apply its pre-cast and integrated construction technologies to the projects, similar to those used in previous Megaworld developments such as The Worldwide Plaza, Albany Luxury Suites, Newport Link, International Finance Tower, and Gentry Manor.

The new contracts form part of the P20 billion worth of projects Megawide has been negotiating to raise its order book to P50 billion by yearend.

Other potential clients include Trans Aire Development Holdings Corp., a subsidiary of San Miguel Corp.; DoubleDragon Properties Corp.; 8990 Holdings, Inc.; Landers Superstore; and Citicore Power, Inc.

The company said it continues to pursue a mix of residential, commercial, industrial, and infrastructure projects to maintain a balanced, sustainable, and diverse order book that supports long-term revenue visibility.

Shares in Megawide rose by 7.49% or 23 centavos to close at P3.30 apiece on Wednesday. — A.G.C. Magno

Cebu Pacific says Q3 passengers up 2.6%

JGSUMMIT.COM.PH

CEBU AIR, Inc., the listed operator of budget carrier Cebu Pacific, said its passenger volume rose by 2.6% to 1.83 million in the third quarter (Q3), supported by strong domestic travel demand.

“The airline is entering the fourth quarter with stronger aircraft availability and greater capacity — adding flight frequencies and deploying widebody aircraft on high-demand routes — to better capture the anticipated surge in holiday travel and optimize revenue performance,” Cebu Pacific President and Chief Commercial Officer Alexander G. Lao said in a statement on Wednesday.

The company attributed the growth in domestic passenger volume to higher capacity and sustained demand across its network.

Cebu Pacific’s seat load factor, which measures the percentage of occupied seats, stood at 81.1% in the third quarter, slightly lower than the 82.6% a year earlier, following a 4.4% expansion in total seat capacity.

Broken down, domestic passenger traffic rose by 1.3% to 1.38 million from 1.36 million a year earlier, while international traffic increased by 6.7% to 446,000 from 418,000 previously.

“September’s results reflected the typical lean travel period in the Philippines, which we use strategically to complete aircraft maintenance and prepare our fleet for the peak season,” Mr. Lao said.

For the nine months to September, passenger traffic climbed by 13.9% to 19.95 million from 17.51 million in the same period last year.

Domestic passengers rose by 12.7% to 14.88 million, while international passengers grew by 17.7% to 5.07 million.

For the first half, Cebu Air’s attributable net income more than doubled to P8.97 billion from P3.55 billion a year ago, as gross revenues rose by 23.1% to P63.33 billion.

Passenger revenues accounted for P44.23 billion, while cargo and ancillary revenues contributed P3.51 billion and P15.59 billion, respectively.

At the local bourse on Wednesday, shares in Cebu Air slipped by 1.11% or 35 centavos to close at P31.05 apiece. — Ashley Erika O. Jose

Haus Talk board approves P1-B bond offering

The Granary in Biñan, Laguna — HAUSTALK.COM.PH

LISTED affordable housing developer Haus Talk, Inc. (HTI) has approved a P1-billion peso-denominated fixed-rate bond offering, with an oversubscription option of up to P1 billion.

In a disclosure to the stock exchange on Wednesday, Haus Talk said its board of directors approved the planned issuance of Securities and Exchange Commission (SEC)-registered fixed-rate bonds with a base offer of up to P1 billion.

The company also approved the listing of the bonds with the Philippine Dealing and Exchange Corp. (PDEx).

“The board delegated to the management the authority to determine the final issue amount, interest rate, offer price, tenors, and other terms and conditions of the bond offering, including the appointment of the parties that will be involved in the bond offering, with the chairman of the board and/or the president as the authorized signatories,” Haus Talk said.

Security Bank Capital Investment Corp. will serve as lead issue manager, lead underwriter, and bookrunner for the offer.

Haus Talk mainly develops affordable horizontal and vertical residential projects in select cities across Metro Manila, Rizal, Laguna, and Cavite.

For the full year 2024, the company reported a 51% increase in net income to P365 million, supported by an income tax holiday and operational efficiencies.

Revenue rose 39% to P1.4 billion, led by projects such as Southview Homes Calendola in San Pedro, Laguna, and The Granary in Biñan, Laguna.

On Thursday, Haus Talk shares rose by 4% or four centavos to close at P1.04 apiece. — Beatriz Marie D. Cruz

FLI pours P597M into housing, retail developments

FUTURA MONTE in Naga, Camarines Sur — FILINVESTLEGACY.COM

GOTIANUN-LED Filinvest Land, Inc. (FLI) said it has used P596.98 million from last year’s share buyback proceeds to finance several residential and retail developments across the country.

In a disclosure to the stock exchange, the listed property developer said the funds were applied between July and September, including P138.65 million for the Studio N residential tower in Muntinlupa City and P105.52 million for the Futura Monte project in Naga, Camarines Sur.

It also allocated P70.84 million for the Mimosa Lifestyle Mall in Clark, Pampanga, and for The Levels, a four-tower development in Muntinlupa City.

Other allocations include P67.39 million for Futura Centro, a mid-rise condominium in Metro Manila; P61.4 million for Futura Bay in General Santos City; P51.79 million for Futura One Fora Dagupan in Pangasinan; P40.18 million for Mimosa Golfridge Residential in Clark; P30.17 million for Futura Vinta in Zamboanga; and P27.12 million for 8 Spatial Davao.

As of Sept. 30, about P95.04 million from the buyback proceeds remains available for future projects, FLI said.

The total amount forms part of the P1.86 billion raised from the buyback of FLI shares last year, excluding taxes and transaction costs.

The transaction involved 597.12 million common shares of Filinvest REIT Corp. (FILRT).

Previous disbursements for reinvestment were made in December 2024 (P171.6 million), the first quarter of this year (P537.61 million), and the second quarter (P439.83 million).

FLI, the real estate arm of the Filinvest group, develops housing projects across various market segments, including socialized, affordable, middle-income, and high-end units. It also engages in retail and office leasing.

The company’s attributable net income declined by 3.7% to P1.81 billion in the first half from P1.88 billion a year earlier due to higher costs and expenses.

Meanwhile, FILRT’s first-half net income rose by 8.3% to P1.57 billion on improved operations and the addition of Festival Main Mall in Muntinlupa City to its portfolio.

On Tuesday, FLI shares closed unchanged at 76 centavos apiece, while FILRT shares slipped by 0.31% or one centavo to P3.20 each. — Beatriz Marie D. Cruz

Two Philippine culinary classics get a second life

RIDING on a renaissance of Filipino food (the first list of Michelin stars awarded to the Philippines is set for release later this month), Exploding Galaxies, the publishing house known for reviving lost classics, relaunched the books Sarap: Essays on Philippine Food by authors Doreen Fernandez and Edilberto Alegre, and Palayok: Philippine Food Through Time, On Site, In the Pot by Ms. Fernandez.

Ms. Fernandez’ name is still said with reverence in food circles, having made her mark through her long-running food column in the Philippine Daily Inquirer and numerous books. Despite her passing in 2002, she is still remembered fondly by proteges, and in fact a food writing award seeking to emulate the magic created by the columnist is named after her.

As the late Clinton Palanca wrote in 2018 in an essay that serves as the foreword to the new edition of Sarap, “Doreen’s fame came from her power as a reviewer, and the legacy of her restaurant criticism overshadows the scholarship of Edilberto Alegre, whom she collaborated with on many of her books, not just on food. But his participation in their joint exploration of the many facets of Philippine food gives it an academic and scholarly weight that anchors Fernandez’ effervescent memories of her hometown in Silay or her metaphysical musings on Filipino identity as seen through food (though this is not meant in any way to diminish her own rigor as a researcher).”

Mr. Alegre, a BusinessWorld columnist for nearly 19 years until his passing in 2009, was a poet, writer, and researcher whose special concern was the shape and shaping of Philippine culture as revealed in language and literature, and as manifested in popular culture. He propounded the theory of indigenization based on his linguistic study of Filipino and developed a decolonized framework to better understand identity in the domain of food.

He wrote extensively — poems, stories, articles, columns, and books: Inumang Pinoy, Pinoy Forever: Essays on Culture and Language, Pinoy na Pinoy: Essays on National Culture, and Biyaheng Pinoy: A Mindanao Travelogue, released posthumously (he passed in 2009; related story: https://tinyurl.com/3zpsv4ay).

THE BOOKS GET NEW LOOKS
In their new incarnations, the books come with revamped illustrations and photographs. Sarap (first published in 1988), features the work of Gianne Encarnacion, Kitty Jardenil, Elle Shivers, and Eva Yu; the book itself was designed by Kristian Henson. Palayok (2000) now comes with photographs by Jilson Tiu, documenting “the eateries and arteries of Manila, of first catches and ferments, of kitchens, tables, and fiestas all over the country,” according to a statement. The book was designed by Miguel Mari.

During the book’s launch at Karrivin Plaza on Oct. 11, Exploding Galaxies’ publisher Mara Coson talked to BusinessWorld about giving new life to the previously lost classics: Sarap had not been seen on shelves for 40 years; Palayok, for 25.

“I like to say that we’ve kind of remained within the orbit of fiction,” said Ms. Coson of the publishing house’s focus. They are behind the republishing of Wilfrido D. Nolledo’s But for the Lovers, Linda Ty-Casper’s The Three-Cornered Sun, and most recently Erwin E. Castillo’s The Firewalkers. “Because a lot of people have really — even my sister, everyone I know — been looking for a copy of Sarap, and also Palayok, I thought: ‘well you know what? We’re here to print the lost classics of Philippine literature, let’s go with food.’”

She also discussed the decision on revamping the book with new images and illustrations: “I guess it was my excitement to work with Miguel Mari and Kristian Henson.

“I wanted to keep, maintain the text as it is. But then, I thought, working with designers, I also wanted to give them freedom to reimagine and figure out what they wanted to do,” she said. “It was interesting because it was two books done in parallel by two different designers, but they had to somehow come together side by side and make sense.

“It was an interesting evolution,” she said, but emphasized, “The text is still the same — it’s still the same words that people looked for. That’s timeless. We just repackaged it.”

SAYING YES
“We had stops and starts already, several times before,” Maya Besa Roxas, niece of Ms. Fernandez and representative of her estate, told BusinessWorld when explaining why she said yes to this republication of her aunt’s books. According to her, management issues from Palayok’s previous publishers (along with the other publishing houses she had approached) had stalled the book’s revival (Palayok in particular, which was her aunt’s last). “I felt like it should be perpetuated, but plans kept going awry,” she said.

According to Ms. Coson, photographer Neal Oshima connected her to Ms. Roxas. After a few meetings concerning Palayok, they also agreed to republish Sarap. “She was able to manage, she was able to negotiate,” said Ms. Roxas regarding Ms. Coson.

When these books were written in their day, few could imagine how the food scene would be shaped in the future, and the books provide a slice of what food then looked, felt, and tasted like. Both sources, however, discussed the timelessness of the books.

Ms. Coson pointed out that while several places (and prices) written in the books no longer exist, “It still feels really contemporary. I don’t think that there was that big a bridge for them to cross,” she said. “A lot of people are looking for somebody to talk about food in terms of language, in terms of the adjectives we use, the body parts we use… there are people looking for that.”

Ms. Roxas said that one of the issues she faced with previous publishers was that “They kept trying to update it.”

“I said the point is not… it’s not a restaurant guide,” she said (Ms. Fernandez and Mr. Alegre had collaborated on the Lasa series of dining guides including 1989’s Lasa: a guide to 100 restaurants. — Ed.). “The point is not whether these places (still) exist or not. It’s how they talk about food, as a reflection of culture, not just as entertainment.”

As we’ve mentioned, the books’ reissue comes during a pivotal moment for Filipino food: the Michelin Guide has finally arrived here, and in years past, we’ve seen Filipino food in focus at the food congress Madrid Fusion, and Filipino chefs have garnered international recognition. Here at home, meanwhile, Filipino food and its accompanying aesthetics have become, well, cool.

The book launch was held in Makati’s Karrivin Plaza, which is also symbolic; aside from housing the Exploding Galaxies offices, it is the home to restaurants that are always contenders for the country’s best restaurants, as recognized abroad. All these combined, in a way, are a triumph for the authors beyond the grave.

“For me, that’s the most relevant point, the most powerful point that makes it still relevant. It’s because she [Fernandez] teaches us to love ourselves through food.

“I think the word is ‘prescient,’” said Ms. Roxas. “She was right.”

Sarap and Palayok are available to purchase via the website, www.explodinggalaxies.com, and in select branches of National Book Store, Fully Booked, Kultura, Mt. Cloud Bookshop (Baguio), and Everything’s Fine (Makati). They can also be purchased as a boxed set. — Joseph L. Garcia