Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 876

Entertainment News (07/22/25)

PBA launches fantasy basketball game

THE Philippine Basketball Association (PBA) has launched its fantasy basketball game in partnership with Daily Fantasy, the Philippines’ first officially licensed fantasy sports provider, to usher in a new era of fan interaction and engagement. The platform enables fans to play in fantasy contests based on actual league matchups, build their virtual team lineups composed of PBA players, and make strategic decisions based on real-time player performance data. Scoring is powered by official PBA statistics. For more details or to create a team, visit www.playdailyfantasy.com.

Alex Warren releases new album

GEN Z singer-songwriter Alex Warren has dropped a new album, You’ll Be Alright, Kid, via Atlantic Records. The release is accompanied by a music video for the album’s focus track, “Eternity.” The album is largely co-written by Mr. Warren alongside Cal Shapiro and Mags Duval, with production led by Adam Yaron. It is out now on all digital music streaming platforms.

J-pop group Snow Man stars in travel docuseries

THIS July, Snow Man, one of Japan’s biggest pop groups is starring in a travel documentary series. Titled Traveling with Snow Man, the 10-part travel series premieres on July 27 on Disney+. It was filmed over several weeks across Japan, from Okinawa in the south up to Hokkaido in the north. Joining them on their adventure is the group’s unofficial 10th member, an AI robot called Tabi, who captures all the key moments from their excursions. A new episode will be released every Sunday at 4 p.m. until the season finale on Nov. 2.

MAX teams up with ENHYPEN’s Jay on new single

SINGER-SONGWRITER MAX is back with a new single, “Love Insane,” featuring Jay of ENHYPEN, released via Hundred Days Records. It is his first single since his latest album, LOVE IN STEREO, from 2024. The collaboration marks another global crossover between Western pop and K-pop. The song is a high-energy, emotionally charged anthem that blends MAX’s signature soulful vocals with Jay’s smooth delivery. It is out now on all digital music streaming platforms.

Indie rock band We Are Imaginary drops single

THE latest single of Filipino indie rock outfit We Are Imaginary, “Stockholm,” has been released, teasing their forthcoming self-titled album, which will be released on vinyl under Eikon Records in mid-2025. The single explores themes of emotional entanglement and vulnerability, meditating on toxic attachment disguised as love. The song is out now on all digital music platforms nationwide.

Remake of I Know What You Did Last Summer coming

THE story of the iconic 1990s slasher film, I Know What You Did Last Summer, will be introduced to a new generation of fans with a remake. The new film follows five friends who get into a car accident and swear to keep the incident a secret. Their past comes back to haunt them a year later as a stalker pursues them, and they turn to the two survivors of the 1997 Southport Massacre for help. I Know What You Did Last Summer is arriving in Philippine cinemas on July 30.

Lee Jae Wook returns to Manila for fan meeting

KOREAN actor Lee Jae Wook is returning to the Philippines for his 2025 Lee Jae Wook Asia fan meeting tour titled pro’log. The Manila leg is set to take place on Sept. 20, 6 p.m., at the Newport Performing Arts Theater in Pasay City. Presented by Wilbros Live, it marks the Korean actor’s second trip to Manila after his sold-out 2023 fan meeting. He is known for his roles in major K-dramas including Alchemy of Souls, Do Do Sol Sol La La Sol, Extraordinary You, and Memories of the Alhambra.

Disney Jr. Live on Tour coming in September

CUBAO’S New Frontier Theater will host the Philippine debut of Disney Jr. Live On Tour: Let’s Play!, a stage experience for the whole family. The immersive, high-energy live show will run for 10 performances from Sept. 19 to 21 and Sept. 25 to 28, at the New Frontier Theater in Araneta City, Quezon City. Tickets are now available exclusively via Ticketnet.

First Philippine Industrial Park shifts 21 facilities to renewable power under RAP

FPIP.COM

BATANGAS — Lopez-led economic zone (ecozone) developer First Philippine Industrial Park (FPIP) has joined the government’s Retail Aggregation Program (RAP) by tapping into the renewable energy (RE) supply from its sister firm, First Gen Corp.

First Gen signed a power supply agreement on Monday to deliver electricity from renewable energy plants to 21 FPIP facilities and two of its subsidiaries inside the ecozone under the RAP.

RAP is a customer choice program launched by the Energy Regulatory Commission, which allows loads from multiple end-users within the same franchise area to be aggregated to meet the 500-kilowatt threshold.

FPIP consolidated 1.27 megawatts (MW) by pooling its own power requirements with those of subsidiaries FPIP Property Developers & Management Corp. and FPIP Utilities, Inc.

These subsidiaries help FPIP manage facilities that provide support services, such as wastewater and sewage treatment, water distribution, and industrial security, for more than 150 locators in FPIP’s 600-hectare ecozone.

FPIP then negotiated with First Gen Energy Solutions (FGES), a licensed retail electricity supplier, for electricity primarily from First Gen’s 132-MW Pantabangan-Masiway and 165-MW Casecnan hydroelectric power plants in Nueva Ecija.

FPIP, a joint venture between First Philippine Holdings Corp. (FPH) and Japan’s Sumitomo Corp., houses global companies that include Collins Aerospace, Philippine Manufacturing Co. of Murata Inc., Dyson, Canon, Honda, and Nestlé.

Meanwhile, First Gen has 3,668 MW of combined capacity from its portfolio of plants that run on geothermal, wind, hydropower, solar energy, and natural gas.

“We have a diversified renewable energy portfolio and increasing demand for RE from customers to meet their sustainability and decarbonization goals. What we want to do is to demonstrate that it is possible to provide stable and steady RE supply while securing cost-efficient energy,” said Francis Giles B. Puno, president of First Gen and FPIP.

Energy Regulatory Commission Chairperson and Chief Executive Officer Monalisa C. Dimalanta said that FPIP is the first customer of First Gen under RAP.

“Today’s event is already the 10th RAP switch we have attended since February: ten switches in just six months — and counting,” she said.

“And while the numbers alone are impressive, what truly stands out is that each RAP switch is a story of success for both energy stakeholders and consumers. That is because each one means we are a step closer to the future we dream of: one where every Filipino enjoys the power of choice,” she added. — Sheldeen Joy Talavera

Sta. Lucia Land, Inc. to hold its Special Stockholders’ Meeting on Aug. 12 via Zoom

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

Roll over Beethoven: Remote highway plays ‘Ode to Joy’

STOCK PHOTO | Image by Paul Fiedler from Unsplash

FUJAIRAH, United Arab Emirates — No radio? No problem. The emirate of Fujairah has installed rumble strips along a 750-meter stretch of highway that play the “Ode to Joy” melody from Ludwig van Beethoven’s Ninth Symphony as cars roll over — part of a project to integrate music into daily life.

Similar so-called Musical Roads have already been installed in places like the United States, Japan, and Hungary. However, this is the first permanent road in the Arab world according to Ali Obaid Al Hefaiti, director of the Fine Arts Academy in Fujairah, a lesser-known emirate roughly 120 kilometers (km) from the global tourism hub of Dubai.

The technology works by carving strategically spaced grooves into the asphalt on Fujairah’s Sheikh Khalifa Street. Then, as tires hit the ridges at roughly 100 km per hour, the resulting vibrations produce a melody audible inside the vehicle.

Beethoven’s “Ode to Joy,” a tune known to almost every ear on earth, was a natural choice, Mr. Al Hefaiti said.

Mohammad Al Matrooshi, an Omani resident traveling from Sharjah, said the music relaxed him after a long journey.

“The music gives you a different mood, especially because the music is by Beethoven.” — Reuters

PHINMA accelerates Bacolod project after cash boost

PHINMAPROPERTIES.COM

PHINMA PROPERTY Holdings Corp. (PHINMA Properties) is targeting the completion of the southern portion of Phase 1 of its 21-hectare Saludad township in Bacolod City by the first quarter of 2026, following a recent capital infusion.

“With the township’s construction in full swing, the southern Phase 1 will be completed by the first quarter of 2026, while the northern Phase 2 will be finished in 2028,” PHINMA Properties Vice-President and Chief Township Officer Paolo V. Reyes said in a statement on Monday.

“PHINMA Properties looks forward to sharing more of Saludad with people in and beyond Bacolod,” he added.

The construction timeline was announced after PHINMA Properties received an additional P300-million investment from parent company PHINMA Corp. to support the development of the Saludad township.

“This new P300-million investment will enable PHINMA Properties to sustain the favorable market momentum of our Saludad project in Bacolod,” PHINMA Chairman and Chief Executive Officer (CEO) Ramon R. del Rosario, Jr. said.

“This reflects the PHINMA Group’s stronger commitment to the Bacolod community and nearby areas by supporting economic development and generating new livelihood opportunities,” he added.

Launched in October last year, Saludad is a P12-billion township being developed by PHINMA Properties in partnership with JEPP Real Estate Co. The township was master-planned by Royal Pineda+ Architecture•Design.

Saludad will feature services offered by the PHINMA Group, such as PHINMA Hospitality’s lifestyle hotel brand TRYP by Wyndham Bacolod; Southwestern University PHINMA’s first campus outside Cebu City; and building materials from the PHINMA Construction Materials Group.

“We’re creating a vibrant, sustainable community for our beloved Bacolodnons, where they can easily access essentials for dignified living,” PHINMA Properties President and CEO Raphael B. Felix said.

“Saludad brings together the best offerings of the PHINMA Group with the city’s rich heritage and scenic landscape amid its fast-growing economy — this fusion of tradition and modernity makes it distinctly Bacolod. As we say, Aton Ini,” he added.

PHINMA is a holding company with business interests in education, construction materials, real estate, and hospitality.

Shares of PHINMA declined by 0.11% or two centavos to P17.86 each on Monday. — Revin Mikhael D. Ochave

More than a plan: Why family harmony defines succession success

STOCK PHOTO | Image by Jcomp from Freepik

In many family businesses, succession is treated as a checklist: draft legal documents, name a successor, divide the shares. But beneath these formalities lies a far more fragile foundation — the relationships that hold the family together. Succession, at its core, is not just a business decision. It’s deeply personal.

And while strategy can be written on paper, family harmony determines whether that plan will stand — or shatter under pressure. In the Philippine setting, where family is both a source of strength and a web of complexities, unity is just as critical as capability.

Family-owned enterprises make up nearly 80% of all businesses in the Philippines, forming a vital backbone of the economy, according to studies from institutions such as De La Salle University and the Center for Business and Economic Research. Yet many of these businesses falter at the point of succession — often due to emotional reluctance, lack of planning, or deeply rooted cultural dynamics.

Research consistently highlights a recurring pattern: succession is postponed until a crisis strikes. As founders age and competition intensifies, the decisions made today about governance and leadership grooming will define the next chapter of Philippine entrepreneurship.

COMMON PITFALLS IN FAMILY SUCCESSION
Despite good intentions, many succession efforts in Filipino family businesses fall apart due to a lack of understanding the real obstacles:

1. Emotional Reluctance from Founders – Letting go can feel like surrendering identity or purpose. Without clear milestones, successors remain in limbo.

2. Assuming the Eldest should Lead – Leadership should be based on capability, not seniority. Defaulting to age can create resentment or power struggles.

3. Equating Ownership with Management – Heirs may own shares but not be suited to lead. Leadership and ownership must be distinct.

4. No Governance Structures – Without shareholder agreements or family constitutions, personal disputes spill into business decisions.

5. Avoiding Hard Conversations – Succession is emotional, but silence creates risk. Clarity prevents deeper fractures.

In addition to these pitfalls, here are five warning signs that a family business may not be ready for succession:

1. There is no clear timeline for the leadership transition.

2. A successor has not been identified or trained.

3. Governance documents, such as a family constitution or shareholder agreement, are missing.

4. Difficult conversations are continuously avoided.

5. Roles between ownership and leadership remain undefined.

WHAT SUCCESSION SHOULD LOOK LIKE
Succession doesn’t happen overnight — but it must happen intentionally. A strong plan includes:

1. Open Dialogue – Begin with conversations about who is best prepared to lead, what compensation is given to the predecessor, and how the family will support the process.

2. A Family Constitution – A guiding document that lays out values, leadership criteria, conflict resolution, and expectations.

3. Role Clarity – Distinguish between shareholders (owners), executives (managers), and board members (governors).

4. Leadership Development – Successors need mentoring, cross-functional exposure, and formal training to grow into the role. Families should treat leadership like any other discipline — worthy of investment, feedback, and long-term support.

5. Legal and Tax Planning – Shareholder agreements, estate plans, and trusts should be in place to prevent legal issues. It’s not just about protecting wealth, it’s about protecting relationships.

6. Periodic Review – Update the plan every few years or when major life or business events occur. A static plan can become irrelevant quickly in a fast-changing environment.

It’s also important to clarify the difference between succession and inheritance. In many Filipino families, these terms are used interchangeably — but they are not the same. Succession refers to the planned transition of leadership, focusing on choosing and preparing someone to manage the business. Inheritance, on the other hand, is the transfer of ownership or wealth, usually after death. It deals with distribution, not direction.

Confusing these two concepts can cause instability. The most capable leader may not be the largest heir, and not every heir is meant to lead. Recognizing this distinction allows families to preserve both business continuity and family relationships.

A TIME FOR COURAGE, NOT JUST PLANNING
Succession in a Filipino family business is never just a handover — it’s a handoff of vision, values, and trust. Too often, families wait until succession is forced on them by illness or crisis. But the most resilient transitions are those planned early, with clarity and respect.

Proactive succession is an act of stewardship — one that acknowledges that the business is bigger than any one person. It’s a sign of maturity in leadership, and of love in the family. Taking action now doesn’t just secure the company’s future — it strengthens the bonds between generations.

Succession is not only about leadership — it is about legacy. And that legacy will either be protected through proactive planning, or put at risk by silence.

The next generation deserves direction. Founders deserve peace of mind. And the business deserves continuity.

Ask the hard questions. Make room for open dialogue. Engage trusted professionals. Don’t wait.

“Family legacy is not what you leave behind, but what you build to last.”

 

Sarah S. Songalia is a member of the Management Association of the Philippines’s NextGen Committee. She is the founder of Saavedra Songalia & Associates, a certified public accountant and a transformation consultant who is an advocate for building lasting legacies through clarity, structure, and heart.

map@map.org.ph

email@sarahsongalia.com

Yields on Treasury bills decline across all tenors

BW FILE PHOTO

THE GOVERNMENT increased the amount of Treasury bills (T-bills) it awarded on Monday as rates dropped across the board, with players opting for shorter tenors as they remained cautious over the Trump administration’s shifting trade policies.

The Bureau of the Treasury (BTr) raised P28.4 billion from the T-bills it auctioned off, higher than the P25-billion plan, as the offer was almost four times oversubscribed, with total bids reaching P92.163 billion. However, this was lower than the P102.906 billion in tenders recorded on July 14.

The Auction Committee upsized the T-bill award as all tenors fetched average rates that were lower than those quoted at the previous auction and prevailing secondary market rates, the BTr said in a statement.

Broken down, the Treasury borrowed P7 billion as planned via the 91-day T-bills as total tenders for the tenor reached P35.648 billion. The three-month paper was quoted at an average rate of 5.422%, down by 5.3 basis points (bps) from the 5.475% seen in the previous auction, with bids accepted having rates of 5.39% to 5.422%.

Meanwhile, the government raised P11.9 billion from the 182-day securities, higher than the P8.5-billion program, as bids amounted to P27.14 billion. The strong demand prompted the BTr to double its acceptance of non-competitive bids for the tenor to P6.8 billion, it said.

The average rate of the six-month T-bill was at 5.566%, slipping by 0.9 bp from the 5.575% fetched last week, with accepted yields ranging from 5.55% to 5.574%.

Lastly, the Treasury sold P9.5 billion via the 364-day debt papers as programmed as demand for the tenor totaled P29.375 billion. The average rate of the one-year T-bill inched down by 1.9 bps to 5.631% from 5.65% previously. Accepted bids carried rates ranging from 5.6% to 5.649%.

At the secondary market before Monday’s auction, the 91-, 182-, and 364-day T-bills were quoted at 5.4506%, 5.5710%, and 5.6578%, respectively, based on PHP Bloomberg Valuation Service Reference Rates data provided by the Treasury.

The Treasury hiked its T-bill award again this week to take advantage of lower rates and strong demand as the market continued to flock to shorter tenors, a trader said in a text message.

“Uncertainty surrounding US President Donald J. Trump’s tariffs dissuaded investors from changing their cautious behavior,” the trader said.

Investors were hoping for some progress in trade talks ahead of Mr. Trump’s Aug. 1 tariff deadline, with US Commerce Secretary Howard Lutnick still confident a deal could be reached with the European Union, Reuters reported.

Philippine President Ferdinand R. Marcos, Jr. will also meet Mr. Trump this week, hoping Manila’s status as a key Asian ally will secure a more favorable trade deal before the deadline.

Mr. Marcos will be the first Southeast Asian leader to meet Mr. Trump in his second term. Mr. Trump has already struck trade deals with two of Manila’s regional partners, Vietnam and Indonesia, driving tough bargains in trade talks even with close allies that Washington needs to keep onside in its strategic rivalry with China.

The United States had a deficit of nearly $5 billion with the Philippines last year on bilateral goods trade of $23.5 billion. Mr. Trump this month raised the threatened “reciprocal” tariffs on imports from the Philippines to 20% from 17% threatened in April.

T-bill yields continued to decline as tariff uncertainties and their potential impact on the global economy could lead to more rate cuts by the US Federal Reserve this year, which would also support further policy easing by the Bangko Sentral ng Pilipinas (BSP), Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The US central bank is widely expected to hold rates steady at the 4.25%-4.5% range in its July 29-30 meeting. However, Federal Reserve Governor Christopher Waller last week repeated his call for a rate cut this month, Reuters reported.

Most of his colleagues, including Chair Jerome H. Powell, have argued a pause is warranted to judge the true inflationary impact of tariffs and markets imply almost no chance of a move in July. A September cut is put at 61%, rising to 80% for October.

Meanwhile, BSP Governor Eli M. Remolona, Jr. has said that they have room for two more rate cuts this year amid benign inflation.

In June, the central bank delivered a second straight cut, reducing benchmark borrowing costs by 25 bps to bring the key rate to 5.25%. The Monetary Board has now lowered interest rates by a total of 125 bps since it began its easing cycle in August last year.

On Tuesday, the government will offer P20 billion in reissued seven-year Treasury bonds with a remaining life of two years and nine months. — Aaron Michael C. Sy with Reuters

Colbert is latest casualty of late-night TV’s fade-out

LOS ANGELES — Late-night television had been fighting for its survival even before The Late Show with Stephen Colbert was canceled this week.

The announced end of one of the most popular broadcast late-night shows, days after host Stephen Colbert accused the network owner of bribing President Donald J. Trump to approve a merger, drew cries of political foul play from liberal politicians, artists and entertainers.

“Stephen Colbert, an extraordinary talent and the most popular late-night host, slams the deal. Days later, he’s fired. Do I think this is a coincidence? NO,” Vermont Senator Bernie Sanders, an independent, wrote on X.

CBS executives said in a statement that dropping the show was “purely a financial decision against a challenging backdrop in late night. It is not related in any way to the show’s performance, content or other matters happening at Paramount.”

Whether or not politics were at play, the late-night format has been struggling for years, as viewers increasingly cut the cable TV cord and migrate to streaming. Younger viewers, in particular, are more apt to find amusement on YouTube or TikTok, leaving smaller, aging TV audiences and declining ad revenues.

Americans used to religiously turn on Johnny Carson or Jay Leno before bed, but nowadays many fans prefer to watch quick clips on social media at their convenience. Advertising revenue for Mr. Colbert’s show has dropped 40% since 2018 — the financial reality that CBS said prompted the decision to end The Late Show in May 2026.

One former TV network executive said the program was a casualty of the fading economics of broadcast television.

Fifteen years ago, a popular late-night show like The Tonight Show could earn $100 million a year, the executive said. Recently, though, The Late Show has been losing $40 million a year, said a person briefed on the matter.

The show’s ad revenue plummeted to $70.2 million last year from $121.1 million in 2018, according to ad tracking firm Guideline. Ratings for Mr. Colbert’s show peaked at 3.1 million viewers on average during the 2017-18 season, according to Nielsen data.

For the season that ended in May, the show’s audience averaged 1.9 million.

‘SHOCKED BUT NOT SURPRISED’
Comedians like Mr. Colbert followed their younger audiences online, with the network releasing clips to YouTube or TikTok. But digital advertising did not make up for the lost TV ad revenue, the source with knowledge of the matter said.

The TV executive said reruns of a hit prime-time show like Tracker would leave CBS with “limited costs, and the ratings could even go up.”

The Late Show with Stephen Colbert is just the latest casualty of the collapse of one of television’s most durable formats. When The Late Late Show host James Corden left in 2023, CBS opted not to hire a replacement. The network also canceled After Midnight this year, after host Taylor Tomlinson chose to return to full-time stand-up comedy.

But the end came at a politically sensitive time.

Paramount Global, the parent company of CBS, is seeking approval from the Federal Communications Commission for an $8.4-billion merger with Skydance Media. This month Paramount agreed to settle a lawsuit filed by Mr. Trump over a 60 Minutes interview with his 2024 Democratic challenger, Kamala Harris.

Mr. Colbert called the payment “a big fat bribe” two days before he was told his show was canceled.

Many in the entertainment industry and Democratic politicians have called for probes into the decision, including the Writers Guild of America and Senator Edward Markey, who asked Paramount Chair Shari Redstone whether the Trump administration had pressured the company.

Paramount has the right to fire Mr. Colbert, including for his political positions, Mr. Markey said, but “if the Trump administration is using its regulatory authority to influence or otherwise pressure your company’s editorial decisions, the public deserves to know.”

A spokesperson for Redstone declined comment.

“It’s a completely new world that artists and writers and journalists are living in, and it’s scary,” said Tom Nunan, a veteran film and TV producer who is co-head of the producers program at UCLA’s School of Theater, Film and Television. “When the news came in about Colbert, we were shocked but not surprised.” — Reuters

Bloomberry unit renews education partnership with DLS-CSB

FROM LEFT: De La Salle-College of Saint Benilde (DLS-CSB) Center for Partnership Advancement Director Robin Serrano and Vice Chancellor for Academics Angelo Marco Lacson with Sureste Properties, Inc. Vice-President for Human Resources Maria Rosario Razon and Director for Human Resources Trishia Osorio.

SURESTE PROPERTIES, INC. (SPI), a subsidiary of Bloomberry Resorts Corp., has renewed its partnership with De La Salle-College of St. Benilde (DLS-CSB) to provide scholarships to students in international hospitality, cybersecurity, and business analytics.

Under the partnership, SPI will cover fees and allowances for tuition, laboratory, library, internet, and miscellaneous expenses for ten trimesters over three years, the school said in a statement.

To qualify, an applicant must be a Filipino citizen and at least 18 years old. The individual must be a high school graduate with a general weighted average (GWA) of not less than 85% or its equivalent, and must have good moral character.

Scholars may enroll in the following degree programs offered by DLS-CSB: Bachelor of Science in Cybersecurity, Bachelor of Science in Business Administration Major in Business Intelligence and Analytics, and Bachelor of Science in International Hospitality Management.

The school’s cybersecurity program helps learners gain technical and managerial expertise in key areas of information security policy and governance, digital forensics, data protection, security threat assessment, and incident response, it said.

Students in the business intelligence and analytics program are taught how to explore and maximize data through industry-grade tools and applications to enhance an organization’s economic sustainability and competitiveness, DLS-CSB also said.

Lastly, the International Hospitality Management course is the first international double bachelor’s degree under the Commission on Higher Education’s new transnational guidelines. Under the program, students can also earn both Philippine and French degrees.

Enrollees in the program also benefit from its partner, the Vatel International Business School’s global network of institutions with renowned programs in business, hotel, and tourism management.

The memorandum of agreement (MoA) was signed by SPI Vice-President for Human Resources Maria Rosario Razon, Senior Vice-President and Property Chief Financial Officer Arcan Lat, and DLS-CSB President Br. Edmundo L. Fernandez, FSC.

Mr. Lat was represented by Sureste Properties, Inc. Director for Human Resources Trishia Osorio, while Mr. Fernandez was represented by Vice Chancellor for Academics Angelo Marco Lacson and Center for Partnership Advancement Director Robin Serrano.

Bloomberry’s integrated resort portfolio includes Solaire Resort Entertainment City in Parañaque City, Solaire Resort North in Quezon City, and Jeju Sun Hotel & Casino in Jeju City, South Korea.

On Monday, Bloomberry’s stocks dropped by 3.37% or 15 centavos to P4.30 apiece. — Beatriz Marie D. Cruz

Why the world is haunted by this White House

STOCK PHOTO | Image by René DeAnda from Unsplash

By Max Hastings

DONALD TRUMP is the 14th US president of my lifetime, and he claims a unique distinction. Through all the previous White House incumbencies, months went by when even educated, informed British, German, Indian, Brazilian, French, or Australian people did not give a moment’s thought to America’s leader.

Sure, we noticed when a president visited our country or started a war or got impeached or had an incredibly beautiful wife who dressed wonderfully. We knew that the US was the richest and most influential nation on earth, and that on the big things we needed to play follow-my-leader. But even somebody like me, who lived in the US for a couple of years, and visited regularly until January 2025, did not lie awake nights wondering what our neighborhood superpower might do next.

Today, that has changed. We used to mock nervous nellies who went through life terrified that a plane might crash into their house. Now, however, we know exactly how the plane-crash neurotics feel.

We are mesmerized, haunted, by everything Trump says and does, because nobody can predict his next mood swing. This delights the man himself. All he wants from life is unimaginable wealth and the rest of us bowing to his every whim. He is the Sun King, the epicenter of global attention, because he has shown the willingness as well as the power to make rain or shine in accordance with impulse.

Nobody should be allowed to pretend that this is normal. It is absolutely abnormal. It represents political climate change in some ways more bewildering than living on a planet that is getting hotter, because on some days our country — whichever that may be — finds itself microwaved by the White House, while on others it is suddenly exposed to permafrost.

The latest example is Trump’s announcement that the US will send new air-defense systems to Ukraine, purchased by NATO members, together with long-range missiles. This is unequivocally a good thing. Ukrainian city-dwellers have been enduring a nightly battering from Russian missiles and drones against which they have become almost defenseless, as the flow of US weapons has slowed.

The big question is how serious is the president’s change of heart after months of rubbishing Ukraine and its leader — and how long it will last. He himself says he is “disappointed” by Vladimir Putin, but “not done with him.” Since the inauguration, Russian oligarchs have been freer to do business in the US, and Washington agencies charged with monitoring their activities have been shut down.

Trump has renewed support for Ukraine mostly because he feels personally snubbed by Putin. If that changes, so once again could American policy.

Then there is the global economy. Some of the smartest economists say they are unsure whether US business can survive the roller-coaster ride launched by Trump, most conspicuously through tariffs, or whether the economy will tank. Willful uncertainty about the future of Jerome Powell and the Federal Reserve, with attacks renewed this week by Trump, further rocks confidence.

The respected Martin Wolf of the Financial Times is among those who characterize the Trump tariffs as “crazy,” an adjective he reprised this week. Mohamed El-Erian, formerly a Wall Street investment whiz and now a distinguished academic, is among those who admits that he has no idea how the Trump story will play out.

We should never underestimate America’s resilience and stupendous capacity for innovation. But he writes in the current Foreign Affairs that the only rational course for other nations is to build robust financial defenses and reduce their dependence on the US, while forging new relationships, because there is no early prospect, and perhaps no prospect even after Trump, that the US will resume its historic role as a reliable partner.

El-Erian warns both nations and corporations against what behavioral scientists call “active inertia” — “when actors recognize that they need to behave differently but end up sticking to familiar patterns and approaches regardless.”

The question almost every government in the world is asking itself is whether it dares to defy Trump.  Two weeks ago, he warned Brazilian President Luiz Inacio Lula da Silva that he would impose 50% tariffs on the country’s exports to the US unless criminal proceedings are dropped against former President Jair Bolsonaro, for his 2022 attempt to stage a coup, to retain power after losing the last election.

There is no pretense that this threat is linked to trade balances. It is merely a component in what we can call Trump’s dictator protection program. He was a warm supporter of Bolsonaro, widely considered an appalling as well as corrupt national leader. Bolsonaro’s son Eduardo has close personal relations with the Trump clan.

Lula responded with outrage to Trump’s threat, saying “no one is above the law.” His country’s exports to the US amount to only 2% of its gross domestic product, but a 50% tariff will undoubtedly cause disruption.    

The European Union faces even more serious dilemmas in determining its response to lobbying by Trump, backed by tariff threats, on behalf of US Big Tech. There is an issue here that goes beyond mere commerce. The tech giants profit mightily from running almost open-hou  se content policies, which some of us consider deeply corrupting, especially of the young.

Brussels has been striving to regulate social media, and to punish companies that spread anti-social material. But Trump is batting for the tech giants to enjoy free rein — “free speech” as he and his acolytes call it — and to be spared from EU retribution. So great is Europe’s fear of a wider trade war, that its regulators may yet bow to Washington. It is highly debatable whether the EU will risk deploying its Anti-Coercion Instrument against America, even though tariff blackmail offers an obvious justification for it.

Then there is Iran. Will the US attempt to parley with the mullahs about their nuclear program, or revert to bombing? My friends, including one very well-informed Israeli, say that Benjamin Netanyahu suckered Trump into joining his war; that the Iranians, though unquestionably a malign force, were not about to produce a nuclear weapon; and that force alone cannot resolve the problems and threats posed by Iranian regional aggression.

But whether Trump will fall out of love with Netanyahu as he now professes to have fallen out of love with Putin, we cannot tell. The president himself does not know what he might do, or not do, next Tuesday.  It is the not knowing that scares the world so much — and which makes us talk about Donald Trump almost every day.

BLOOMBERG OPINION

BDO’s sustainable finance portfolio hits P1.04 trillion

BW FILE PHOTO

BDO Unibank, Inc. has funded over P1 trillion worth of projects under its Sustainable Finance Program launched in 2010.

The bank said its sustainable financing has reached P1.04 trillion to date, including projects in the energy, infrastructure, water, transportation, and community development sectors.

“Championing sustainable infrastructure is more than financing. It is about laying the groundwork for a sustainable and climate-resilient future. At BDO, we take pride in partnering with companies that drive innovation, uplift communities and fuel national progress,” BDO Executive Vice-President and Head of the Institutional Banking Group Charles M. Rodriguez said in a statement.

The bank’s Sustainable Finance Framework includes green, blue, social, and gender financing, with 29 eligible categories certified by Morningstar Sustainalytics.

One of the projects is San Miguel Global Power Holdings Corp.’s Battery Energy Storage System. BDO was the anchor lender for the project’s syndicated term loan facility.

BDO also provided project financing for the development of Citicore Renewable Energy Corp.’s Citicore Solar Batangas 1 project. It was also the biggest lender among six banks for the P150-billion project finance facility for the Meralco Terra (MTerra) Solar integrated solar and battery storage facility.

“BDO Trust and Investments Group serves as the facility agent and security trustee while BDO Capital Corp. acts as the sole Mandated lead arranger and bookrunner for this landmark transaction. BDO also functions as MTerra Solar’s main account bank, reinforcing its expertise in structuring large-scale sustainable energy projects,” the bank said.

“The bank also continues to support green buildings, solar rooftop installations, and resource-efficient infrastructure, helping clients reduce energy use and emissions while boosting operational performance,” BDO added.

The bank last week closed its fourth peso-denominated ASEAN Sustainability Bond offering ahead of schedule amid strong demand. BDO wanted to raise at least P5 billion from the issuance but has not announced the final issue size.

The latest tranche follows its P55.7-billion ASEAN Sustainability Bond issue in July 2024, a P63.3-billion issue in January 2024, and a P52.7-billion issue in January 2022.

BDO’s net income rose by 6.49% to P19.7 billion in the first quarter amid the sustained performance of its core businesses.

Its shares closed at P149.90 each on Monday, down by P1.10 or 0.73% from Friday’s finish. — AMCS

MICE sector in focus as PHL prepares for ASEAN events

PHILIPPINE STAR/RUDY SANTOS

By Beatriz Marie D. Cruz, Reporter

HOSPITALITY INDUSTRY experts expect the Philippines’ hosting of major Association of Southeast Asian Nations (ASEAN) events next year to boost the country’s position as a key player in the region’s meetings, incentives, conferences, and exhibitions (MICE) market.

“Hosting these events will improve our brand visibility on the international stage and position the Philippines as a destination for business and leisure travel,” Ma. Celeste B. Romualdo, director for membership at the Hotel Sales and Marketing Association International, Inc. (HSMA), said in an e-mail.

The Philippines will host the ASEAN Summit and ASEAN Tourism Forum next year, events that are expected to draw increased visitor traffic to key destinations such as Manila, Boracay, and Cebu.

“If the hosting of the events is successful, it can create long-term benefits by encouraging repeat visits and positive word-of-mouth marketing,” said Ms. Romualdo, who also serves as the general manager of The Linden Suites.

“The ASEAN Summit in 2026 will put us better in the map and it will drive home our position as a MICE player, and we’re building many hotels in the next five years,” Agnes Pacis, director for education at HSMA and vice-president-commercial of SM Hotels and Convention Corp., told reporters last week.

“That’s a signal that we will be welcoming more and more international arrivals.”

The upcoming events offer a platform to showcase how the Philippine tourism industry has recovered and developed since the pandemic, according to Alfred Lay, director for hotels, tourism, and leisure at Leechiu Property Consultants.

“Events like this put the Philippines on the map in a way regular tourism campaigns can’t,” Mr. Lay said in a Viber message.

“You’ve got tourism ministers, buyers, media, and regional influencers all in one place, seeing what the country has to offer.”

The tourism industry was one of the hardest-hit sectors due to the pandemic lockdowns. The share of tourism in the country’s gross domestic product (GDP) dropped to 5.4% in 2020 from 12.8% in 2019.

Its contribution to GDP has since recovered to 8.89% in 2024, but this remains below pre-pandemic levels.

To prepare the industry for such high-level events, hotels should further improve their offerings, such as dining options, leisure amenities, and conference rooms, Ms. Romualdo said. Hotel staff must also be trained to elevate their services.

“Highlighting unique local experiences can also draw interest from attendees looking to immerse themselves in the destination,” she noted.

Ahead of the events, hotels should also target potential attendees through their digital marketing channels to drive bookings, Ms. Romualdo also said.

“Hotels should lean into storytelling — highlight local design, food, service — and make sure guests leave talking about more than just the conference,” Mr. Lay also said.

Ms. Romualdo also cited the need for improvements in local infrastructure and services in time for the summit and for the industry in the medium term.

Mr. Lay added that hotels should also work closely with the Department of Tourism and other tourism groups to co-host and support events related to the summit.

“If we treat this as more than a booking bump and more like a stage to sell the Philippine product, we’ll get much more out of it in the long term,” Mr. Lay said.

1...875876877...13,852Page 876 of 13,852
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube