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Slow growth to keep BSP on hold despite oil price shocks

A vendor waits for customers inside the Commonwealth Market in Quezon City. — PHILIPPINE STAR/MIGUEL DE GUZMAN

By Katherine K. Chan, Reporter

TEPID ECONOMIC GROWTH will likely force the Bangko Sentral ng Pilipinas (BSP) to stand pat until yearend even as oil price shocks amid the Middle East war are expected to stoke inflation, Fitch Solutions unit BMI said. 

In a commentary on Monday, BMI said oil price pressures may push inflation beyond the central bank’s 2-4% target in the coming months, bringing it to a full-year average of 3.2%. This was slightly higher than its previous estimate of 3.1%.

“While we had previously expected the BSP to cut rates at its April meeting, the US-Iran conflict upended this view,” BMI said. “Inflation is likely to breach the BSP’s 2-4% inflation target range in the coming months, but sluggish growth will keep the BSP on hold rather than tighten.”

This came after the BSP maintained its policy rate in an off-cycle meeting last week as it looked past first-round inflation effects of the ongoing oil crisis, adding that tightening now may delay the economy’s recovery.

The BSP is scheduled to hold a regular policy review on April 23.

The Middle East war continues to escalate a month after the US and Israel’s initial attacks on Iran, with Iran still denying US President Donald J. Trump’s claims of resolution.

Locally, pump prices remain elevated as ongoing disruptions jeopardize the country’s oil supply. The Philippines imports over 90% of its oil from the Middle East, making it vulnerable to current oil shocks.

Last week, the central bank likewise revised its macroeconomic forecasts, with inflation now seen to reach 5.1% this year from 3.6% previously. 

It also trimmed its growth forecast to 4.4% from 4.6% for 2026 but maintained its 5.9% projection for 2027.

For BMI, tightening this early would be a “premature” move by the central bank as price pressures prove supply-driven and with growth still sluggish.

“All that said, we think it is premature to forecast rate hikes from the BSP,” it said. “While inflation will probably rise significantly, the BSP notes that it will be supply-driven and monetary policy is not well placed to tackle that. Moreover, softer growth will weaken the case for rate hikes.”

The BSP last raised its rates in October 2023 in an off-cycle move. It has followed an easing path since August 2024, reducing key borrowing costs by a total of 225 basis points (bps) to an over three-year low of 4.25%.

Its last few cuts came amid the flood control corruption fallout which dragged growth to a post-pandemic low of 4.4% last year.

Marco Antonio C. Agonia, an economist at the University of Asia and the Pacific, also sees the BSP pausing at its April meeting as he noted that second-round price effects will likely manifest within the second quarter.

“For now, we see another rate hold at the BSP’s April meeting as the fundamental supply issue remains unresolved and the economy keeps posting tepid performance,” Mr. Agonia told BusinessWorld in an e-mail.

“The upcoming March inflation reading will largely see first-round effects in the headline print. So far, we’re seeing early signs of second-round effects in transportation, food, and to some extent, food service activities,” he added.

Jonathan L. Ravelas, a senior adviser at Reyes Tacandong & Co., also noted that second-round inflation may be felt after two to three months, with major risk looming from wages.   

“Second‑round inflation effects usually show up after two to three months, with early pressure now visible in transport, logistics, food distribution, and power‑intensive industries — the key risk to watch is wages,” he said via Viber. 

On the other hand, Deutsche Bank Research still expects the BSP to raise its benchmark rate by 25 bps to 4.5% next month to prioritize its price stability mandate as escalating inflation pressures weigh on the policy outlook.   

“First-round effects on inflation may show in the data as soon as March and begin to breach the upper limit from April as second-round spillover effects emerge,” it said.

“A gradual tightening in policy settings from April would provide a strong signal of BSP’s commitment to proactively manage inflationary pressures and maintain macroeconomic stability,” it added.

BMI also warned about a possible rate hike later this year, particularly if the second-round price pressures worsen amid a prolonged Middle East war.

“Given that fuel prices largely dictate the cost of logistics that underpin the modern economy, a prolonged conflict even beyond our ‘Extend to End’ scenario would leave strong, broad-based second-round inflationary pressures in its wake, prompting the BSP to hike,” it said.

However, Pantheon Macroeconomics Chief Emerging Asia Economist Miguel Chanco and Asia Economist Meekita Gupta said the BSP’s move last week has raised the bar higher for any rate hike.   

“Our main takeaway from this anticlimactic off-cycle meet is that the scheduled sit-down in three weeks is no longer ‘live’ — assuming global oil prices don’t reach a new high — as the Board has set a very high bar for any action,” they said in a separate note on Monday.   

While they see the BSP standing pat until end-2027, Mr. Chanco and Ms. Gupta noted that risks remain of potential tightening later this year or early next year.

Back to WFH? Oil crisis reignites debate over hybrid work schemes

Employees work at a government agency in Pasig City in this file photo. President Ferdinand R. Marcos, Jr. earlier this month ordered the implementation of a four-day workweek in some government offices. — PHILIPPINE STAR/MIGUEL DE GUZMAN

By Justine Irish D. Tabile, Senior Reporter and Beatriz Marie D. Cruz, Reporter

PHILIPPINE COMPANIES are weighing a return to flexible work arrangements to cushion employees from the impact of soaring fuel costs.

But some experts caution that while work-from-home (WFH) schemes can ease energy demand, they must be applied selectively to avoid hurting productivity.

“Organizations should begin revisiting their COVID (coronavirus disease 2019) playbooks and be ready to activate flexible arrangements if conditions worsen, even if not immediately,” Management Association of the Philippines President Donald Patrick L. Lim told BusinessWorld in a Viber message.

The International Energy Agency on March 20 recommended the adoption of WFH protocols to reduce energy demand amid a looming global oil crisis.

While the pandemic has prepared Filipinos for flexible work arrangements, readiness is not uniform across all sectors, Financial Executives Institute of the Philippines (FINEX) President Carlo Enrico B. Lazatin said in an e-mailed reply to questions.

As an example, financial services and other knowledge-driven firms can work remotely, but industries like manufacturing, energy, logistics, and agriculture remain on-site dependent, he said.

“Work-from-home should be deployed where it delivers measurable gains in productivity and cost, without disrupting core operations,” Mr. Lazatin said.

He noted that FINEX members’ business continuity plans included investments in digital infrastructure, cloud-based systems, cybersecurity, and secure remote access.

“For roles where output can be delivered remotely without compromising quality, hybrid arrangements become a practical response,” Mr. Lazatin said, adding this would help protect employees’ purchasing power, sustain engagement, and reduce commute-related fatigue.

However, Mr. Lazatin noted that some micro, small, and medium enterprises may find it difficult to adopt WFH protocols due to limited digital infrastructure.

While some firms are considering WFH arrangements, they are pressured to balance costs, productivity, and client service requirements, American Chamber of Commerce of the Philippines (AmCham) Executive Director Ebb Hinchliffe said via Viber.

“No industry indicated any desire to return to a 100% WFH setting,” he said, citing talks with AmCham members.

He said that companies’ level of readiness for WFH depends on factors like digital infrastructure, workforce composition, and prior experience with hybrid work.

Angelito “Lito” M. Villanueva, founding chairman of FinTech Alliance.PH, said the Philippine financial sector is “far more prepared” to adopt WFH policies amid the fuel crisis.

He noted that adopting hybrid work arrangements is now a strategic lever amid energy and economic volatility.

“The real barriers are no longer technology but cybersecurity assurance, and management mindset,” he said in a Viber message.

ENERGY CONSERVATION
The Philippine government has adopted energy conservation measures to soften the impact of soaring oil prices. President Ferdinand R. Marcos, Jr. last week declared a national state of energy emergency and ordered the implementation of a four-day workweek in some government offices.

However, the Palace on Friday said it is up to private sector firms to decide whether to implement WFH arrangements for their employees.

“Working from home can meaningfully cut energy use during a crisis because transport is the biggest lever — nearly half of oil demand comes from moving people and goods,” said Reyes Tacandong & Co. Senior Adviser Jonathan L. Ravelas told BusinessWorld via Viber.

“Fewer commutes mean immediate fuel savings and some relief on transport-driven inflation,” it added.

Mr. Ravelas said that the policy could be a “temporary shock absorber” to ease price pressures without stalling growth.

Peter Lee U, an associate professor and dean of the School of Economics of the University of Asia and the Pacific, said that some offices have never returned to the 100% on-site arrangement since the pandemic.

“It can certainly help reduce fuel demand,” he said in a Viber message. “And consider that it won’t only be the Philippines that will resort to more work from home.”

“The whole world has learned from COVID-19 that it can be done and has learned how to make adjustments to minimize loss of efficiency or productivity from remote work. Thus, the whole world will reduce demand for oil, and this will alleviate the reduced oil supply,” he added.

PwC Philippines Chair Roderick M. Danao said that implementation of hybrid work schemes is being done to address demand from customers.

“Until now, we use hybrids because our clients need it, our customers need it, and our people also need it,” he told BusinessWorld on the sidelines of the Philippine Infrastructure Summit 2026.

Meanwhile, analysts said that the policy should be enforced on a case-to-case basis so as not to affect productivity.

“Productivity doesn’t necessarily suffer if this is done selectively: knowledge-based sectors like finance, information technology, business process outsourcing, and government back offices can maintain output with little disruption, while location-dependent sectors obviously can’t,” said Mr. Ravelas.

“The key is targeting, not blanket rules. If applied where it makes sense, the inflation relief from lower fuel and logistics costs can outweigh the limited production losses,” he added.

Mr. U said that the WFH arrangements are better left on a voluntary basis for private sector firms.

“They can judge better which workers need to be on-site to minimize efficiency or productivity losses. This would also guard against production losses,” he said.

Mr. U said some firms may extend transport allowances, but this may raise expenses and lower profits.

Mr. Danao said that for professional services firms like PwC Philippines, he does not recommend a full virtual setup.

“In our industry, we need to interact meaningfully with our clients and team members, especially as quality is our number one priority across all engagements,” he said.

“History will show that during the initial weeks of the pandemic when we, as well as some of our clients, implemented a 100% virtual work setup, timelines were affected, as the nature of professional services requires full compliance with applicable standards and client requirements,” he added.

For this reason, he said that the WFH scheme should be voluntary and tailored from entity to entity.

“Every entity, every industry, has a different operating model. For business process outsourcing firms, partly yes; in our case, partly yes; but for manufacturing, how can you do that, right? Also in healthcare and retail,” he added

Debt service bill jumps in January

A government worker hands out cash aid to a driver in Quezon City, Philippines, March 24, 2026. — REUTERS/ELOISA LOPEZ

By Justine Irish D. Tabile, Senior Reporter

THE NATIONAL Government’s (NG) debt service bill jumped by nearly 30% to P137.67 billion in January amid higher interest payments, the Bureau of the Treasury (BTr) said.

The latest data from the Treasury showed that the debt service bill increased by 29.3% in January from P106.51 billion in the same month last year.

Month on month, the debt service bill surged by 75% from P78.64 billion in December.

Debt service refers to the payments made by the government on domestic and foreign borrowings.

Ateneo Center for Economic Research and Development Director Ser Percival K. Peña-Reyes told BusinessWorld that the higher debt service bill in January is due to “more expensive debt amid higher interest rates, larger total debt stock, and frontloading of repayments early in the year.”

“These factors combined pushed total debt servicing higher even if some components (like principal) did not increase dramatically,” he said in a Viber message.

The bulk, or 92.8% of debt payments, was made up of interest payments, the BTr data showed.

In January, interest payments went up by 22.4% to P127.82 billion from P104.44 billion in the same month a year ago.

Domestic interest payments also increased by 30.9% to P94.6 billion in January from P72.29 billion in the same month last year.

Broken down, P85.4 billion went to fixed-rate Treasury bonds, P3.68 billion to Treasury bills, P3.58 billion to retail Treasury bonds, and P1.95 billion to others.

Interest payments for foreign borrowings inched up by 3.3% to P33.2 billion in January from P32.15 billion in the same month in 2025.

As interest rates remain elevated, Mr. Peña-Reyes said interest payments will continue to make up the bulk of the debt service bill in the near term.

“What we are seeing is most likely a mix of structural pressures, which are persistent, and timing or base effects, which are not,” he added.

Jose Enrique “Sonny” A. Africa, executive director of the think tank IBON Foundation, said the higher debt servicing is the “inevitable outcome of inexorably rising debt stock compounded by higher rates and foreign exchange effects.”

“External interest payments will definitely keep rising, especially as the peso weakens further,” he added.

The local currency hit a new record low, weakening by 14 centavos to close at P60.69 from its P60.55 finish on Monday, data from the Bankers Association of the Philippines showed.

Meanwhile, amortization payments soared by 374.8% to P9.85 billion in January from P2.08 billion in the same month a year ago.

This was mainly composed of principal payments on domestic debt, which surged by 2,453.9% to P8.1 billion in January from P317 million in the same month last year.

Amortization paid on foreign debt was flat at P1.76 billion in January.

“Higher domestic amortization in January 2026 mainly implies scheduled repayments and active debt rollover, not necessarily fiscal stress,” said Mr. Peña-Reyes.

“Combined, however, with rising interest payments, it also highlights a heavier overall debt service burden, even if the month-to-month composition looks volatile,” he added.

IBON Foundation’s Mr. Africa said that the higher domestic amortization signals growing rollover dependence and liquidity pressure.

“The Philippines is in the right strategic direction with its long-standing bias for domestic borrowing, made even more sensible amid volatility like now when external markets should be used selectively,” he added.

However, he said that the country needs to fix structural fiscal gaps to avoid compounding debt service.

“The emphasis shouldn’t just be on debt management mechanics but more on who bears the burden of the current shock and how to prevent amplification of inequality and slowdown,” he added.

The NG debt stock increased to P18.13 trillion at the end of January due to frontloaded financing programs, up by 2.41% from the P17.71 trillion seen as of end-December.

“Frontloading looks immediately sound but may lock in high interest rates, and in a way just shifts today’s oil shock into tomorrow’s fiscal crisis,” said Mr. Africa.

“There’s an unstated policy bias toward protecting creditors over people in need, where relying on borrowing instead of progressive taxes such as on billionaire wealth or windfall profits is a form of socializing the costs of supply-side shocks while privatizing gains,” he added.

DoE says 900,000 barrels of diesel to arrive next month

Motorcycle riders queue at a gasoline station in Quezon City. — PHILIPPINE STAR/MIGUEL DE GUZMAN

ENERGY SECRETARY Sharon S. Garin on Monday said that a new batch of diesel orders totaling 900,000 barrels are set to arrive in the country next month.

In a virtual press briefing on Monday, Ms. Garin said the Philippine government will receive 300,000 barrels coming from Malaysia and Singapore by early April, another 300,000 barrels from India by the middle of the month, and another 300,000 barrels from Oman by the end of April.

The new supply is expected to boost the country’s petroleum reserves, extending the current average supply to approximately 50.94 days.

“Even though we know that we have enough time to order or look for additional supply, we would like to remind the public that we need to be very prudent because we don’t know how long the war will last,” Ms. Garin said.

Monitoring from the Department of Energy (DoE) showed some oil companies are set to reduce gasoline prices by as much as P2.35 per liter, while some fuel retailers may raise gasoline prices by as much as P2.90 per liter. Diesel prices will increase by P4.50-P12.90 per liter while kerosene prices will go up by P1-P2.40 per liter.

Seaoil Philippines, Inc. will implement a one-time price increase of P12.50 per liter for diesel and P2 per liter for kerosene, beginning Tuesday morning. It will not adjust gasoline prices.

“For now, we’re holding off on gasoline price increases to give motorists a bit of relief where we can,” the company said.

Unioil Petroleum Philippines, Inc. and Petro Gazz will raise diesel prices by P12.50 per liter and gas prices by P2.50 per liter.

Petron Corp. will hike gasoline prices by P1.90 per liter, diesel by P11.90 per liter, and kerosene by P1.40 per liter, while Jetti Petroleum, Inc. will raise the price of diesel by P12.90 per liter and gasoline by P1 per liter.

The latest price adjustments have put a break on double-digit hikes for gasoline for the past three weeks. Diesel and kerosene, on the other hand, continue to see a steady uptrend in prices.

The rise in fuel prices will push the prevailing gasoline prices in the National Capital Region to nearly P115 per liter and diesel prices to as high as P156 per liter.

The Philippines is a net importer of crude oil and sources most of its supply from the Middle East, making the country vulnerable to global crude price swings.

To boost the country’s oil buffer, the government has moved to procure two million barrels of oil, with a budget allocation of P2 billion.

Last week, the Department of Energy (DoE) announced the arrival of the first shipment carrying 142,000 barrels of diesel, part of the 1.04 million diesel the government secured.

The Philippines has been under a state of national energy emergency due to global fuel supply disruptions and rising oil prices. — Sheldeen Joy Talavera

Petron turns to Russian oil, secures 2.48 million barrels amid disruptions

PETRON.COM

PETRON CORP., the country’s sole oil refiner, said it has secured 2.48 million barrels of crude oil from Russia to boost its petroleum product inventory until June.

In a statement on Monday, Petron said it may consider buying Russian crude again if the fuel supply disruption persists and it cannot source sufficient crude from other suppliers to augment the country’s fuel supply.

The company said procuring Russian crude oil is not its usual practice and that the purchases were made “out of extreme necessity” as an “extraordinary energy measure amid supply chain disruptions.”

It said it turned to sourcing from one of the world’s top exporters “only after exhausting all commercially and operationally viable alternatives.”

Petron said it encountered shipping constraints for a previous two-million-barrel crude oil order following the closure of the Strait of Hormuz, a key global oil transit route, amid escalating tensions in the Middle East.

The company said the first shipment was unable to pass through the strait, while the second shipment was canceled due to heightened risks in the Strait of Hormuz and the Red Sea.

As the country’s largest downstream oil player and sole refiner, Petron said the disruption in a key shipping route constrained it to procure Russian crude to help secure domestic fuel supply.

Petron’s refinery in Bataan has a capacity of 180,000 barrels per day and supplies about a third of the country’s fuel demand.

“A refinery shutdown for failure to secure crude would lead to serious nationwide fuel shortages, sharp price spikes, panic buying, disruption to transportation and logistics, and broader economic dislocation-outcomes that would have had serious consequences for households, businesses, and critical public services in a country that is highly dependent on imported fuel,” the company said.

The company said it coordinated with the Department of Energy and the Department of Finance, which encouraged oil firms to secure alternative sources of crude oil and finished products.

Petron also said it received confirmation from the Bangko Sentral ng Pilipinas in a March 12 letter that there are no domestic legal prohibitions on importing Russian crude oil.

The Philippines has been seeking alternative fuel sources as supply from the Middle East, a major oil-producing region, faces disruptions due to the ongoing conflict involving Iran.

The United States has temporarily eased certain sanctions on Russian oil to help increase global supply amid disruptions in key shipping routes.

Russian Deputy Prime Minister Alexander Novak earlier instructed the energy ministry to draft a resolution banning gasoline exports from April 1 to July 31, Reuters reported, citing state-run TASS news agency.

The Philippines was placed under a state of national energy emergency starting March 24 in response to risks to the country’s energy supply.

Petron President and Chief Executive Officer Ramon S. Ang earlier renewed an offer to sell the company back to the government as the country deals with supply issues and rising fuel prices. — Sheldeen Joy Talavera

MTerra Solar starts exporting power to grid

MGEN

MTERRA SOLAR, the world’s largest battery-integrated solar power project, has begun exporting an initial 250 megawatts (MW) to the grid, Meralco PowerGen Corp. (MGEN) said.

In a statement on Monday, MGEN said MTerra Solar has also energized the first tranche of its battery energy storage system, allowing the plant to deliver up to 450 megawatt-hours (MWh) of energy to the grid at night.

“The project’s phased energization enables earlier delivery of capacity to the grid, helping ease supply constraints and supporting efforts to maintain stable electricity prices amid evolving global conditions,” MGEN President and Chief Executive Officer Emmanuel V. Rubio said.

MTerra Solar was initially authorized to export up to 85 MW of firm power to the grid as part of testing and commissioning activities.

Located across Bulacan and Nueva Ecija, the P200-billion MTerra Solar project is expected to generate up to 3,500 megawatt-peak (MWp) of solar power, supported by a 4,500-MWh battery energy storage system.

The project is being developed in phases, with full commercial operations targeted by 2027.

Once completed, the project is expected to generate enough clean energy to supply about 2.4 million households.

In a separate statement, the Department of Energy  said the project supports efforts to strengthen the country’s energy security amid continued volatility in global oil markets driven by developments in the Middle East.

“Every megawatt of domestic capacity that we bring into the grid strengthens our ability to withstand external shocks, protect consumers, and preserve system reliability,” Energy Secretary Sharon S. Garin said.

“Amid the Middle East conflict, accelerating the development of renewable energy and storage is both a strategic necessity and a national imperative,” she added.

MGEN is the power generation arm of Manila Electric Co. (Meralco), the country’s largest private electric distribution utility, serving more than 8.2 million customers in Metro Manila and nearby provinces.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

SEC to stand its ground on 9-year independent director term limit

Philippine Securities and Exchange Commission Chairperson Francis Ed. Lim

THE SECURITIES and Exchange Commission (SEC) said it will stand its ground on its nine-year term limit for independent directors, as it considers its response to a petition challenging the rule, which it said is meant to raise governance standards and restore investor confidence.

“We will stand our ground. Our people clamor against political dynasties — so our public companies must reject boardroom entrenchment. No double standards. We must raise our governance standards to restore investor confidence,” SEC Chairperson Francisco Ed. Lim said in a Viber message on Monday.

He said the regulator is preparing its response to the petition filed by GMA Network, Inc.

Last week, GMA Network said it filed a petition before a Makati court seeking to nullify the SEC’s rule imposing a nine-year term limit on independent directors of publicly listed companies.

“We must raise our governance standards to restore investor confidence. Our stock market has been falling behind. The time to act is now — and we call on everyone to step up for the sake of our country,” Mr. Lim said.

GMA Network said it filed a petition for certiorari on March 26 seeking to set aside the SEC’s memorandum.

The company is also seeking a temporary restraining order from the court to suspend the implementation of the rule while the case is pending. It said the memorandum would require it to replace two incumbent independent directors without sufficient time to conduct a full vetting process.

SEC Memorandum Circular No. 7, signed on Jan. 26, states that an independent director is elected for a one-year term and may serve for a maximum cumulative term of nine years in the same listed company.

The circular took effect on Feb. 1. Under the memorandum, independent directors elected before its effectivity are also covered by the nine-year limit, counted starting calendar year 2012. — Ashley Erika O. Jose

An apple pie showed the way to a slice of Eden

The Sanctuary’s altar is set against fine woodwork with the tilma of Our Lady of Guadalupe overhead

Story and photos by Anna Isabel C. Sobrepeña

PARADISE was lost through the bite of a forbidden fruit, but an apple pie opened the way to a garden that might have been a passageway to Eden.

The joyride to Tagaytay with my two sisters had no schedule or definite itinerary. We just needed to pick up our fourth sibling at half past eight in the evening after her workshop was done. Whim and spontaneity determined the course of our leisurely drive through the countryside. The idea of outlet shopping or passing by supermarkets evaporated with the changing landscape. We shed the city mindset and shifted to weekend mode on a surprisingly traffic-free Saturday.

PIONEER IN COUNTERCULTURE
There were two things we needed to buy for mom back home — freshly baked bread for her breakfast, and buko pie. It wasn’t just any coconut pie; the particular one she wanted was available in only one place in these parts but by the time we got there, all were sold out. Our quick alternative was an apple pie and that determined where we would have our late lunch.

It had been a while since my last visit to Gourmet Café, now renamed Gourmet Farms. If memory serves me, my late husband and I had enjoyed meals in a romantic, rustic setting — interiors of bamboo, wood, and thatched palm leaves, with the aroma of coffee wafting through. The design was reminiscent of tropical dwellings suited to the Philippine climate. I saw that that had certainly changed as we eased into a parking space of the updated establishment, an expansion born of a vision that owner Ernest Escaler had set out to do.

Ernest believed that Philippine coffee had a place in the world market and began trading Filipino beans abroad in the 1970s. By 1988, his company built the first commercial coffee roastery in the country. Not long after, he embarked on the farm-to-table concept in the country, another pioneering effort inspired by the popularity of the California Cuisine and Healthy Eating movement. It was a counterculture shift to promote fresh, organic, and locally sourced food that aimed to reduce the distance that food travels, connect consumers with farmers, support local livelihoods, and provide highly nutritious produce free from excessive processing.

Many expansions and innovations continued to widen the enterprise, but there was an overarching spirit that has prevailed over all these efforts, and it was enshrined in a very special place somewhere in the 11-hectare property.

BEYOND FARMING
We had lunch in a commodious dining room with a mix of different dining sets and art for sale on the walls. Russell, who attended our table, was also an artist although his works were not part of the exhibit. A salad section in the pleasant salon allowed diners to select their own ingredients to complement their meals. While we were enjoying our pasta and pizza, Ernest himself walked in with company. He had just come from the Sanctuary, a place he invited us to visit after we were done. We accepted and our guide, Ray, arrived came to take us there, providing wide-brimmed hats for cover from the afternoon sun.

We walked past beds of vegetables cultivated not just for the restaurant’s consumption but also for salad greens sold in supermarkets. Marigolds, a natural pesticide, bloomed brightly in another section. The sidewalk disappeared as we wound down the paved road through an undulating terrain. There was a whiff of pine from a towering tree on one side, a scent of happy memories. We reached a steel gate marked as The Sanctuary of St. Joseph. Ray unlocked the barrier, and we stepped into the heart of Gourmet Farms, Inc.

SAINT BY THE GATE
Right by the entrance was a log bench before a statue of St. Joseph, seemingly extending an invitation to sit and marvel. It provided a view of the vegetable patches outside the Tuscan-style gate. Towering over us was the kindly image of the venerated patron of the universal church, holding a child who stood on a stool, reaching up to be carried. It was such a loving and intimate depiction of the saint tasked to care for the Holy Family.

There was a peaceful stillness that opened the heart to a quiet joy. Bougainvillea leaned against the trunks of tall trees, blooming profusely in a shower of pink blossoms. Lush greenery lined a path, punctuating the grass carpet. Seven steps up led to a view of a pond with peace lilies blooming among the red, yellow, and green leaves of Baston de San Jose and San Francisco plants. Behind it were accommodations for those who wanted to spend more than a day in prayer.

A gazebo on the opposite side was fully covered by vines with little white flowers. Beneath this outdoor pavilion were 10 chairs around a table carved out of a tree, providing a resting place to write, reflect, or maybe have a cup of coffee or tea. If this had been all, it would have been enough to dispel weariness and refresh the spirit, but there was more.

SACRED LISTENING
Steps away, the stone path leads past low walls topped with clay water jars, vessels that hold the life-giving source. An old-looking bell hangs on one side of the entrance, framed within a window in the wall. Beyond the walls stands a chapel, shaped like the octagonal Church of the Beatitude that had been built to mark where Jesus Christ gave His Sermon on the Mount.

Antique carved doors at the entrance opened into an intimate sanctum. The immediate response was to kneel before the altar, beside a tabernacle where a lighted candle burned. Even without the flame, I felt embraced by Divine Presence and serenity. A tilma of Our Lady of Guadalupe hung over the altar above the backdrop of lacework carving. The glass panel walls brought a sense of the natural world into the sacred space. Prayers of gratitude flowed, overtaking grief and tiredness.

Ernest had designed the Sanctuary. “It is the place for silence, where one can listen to God,” he said. “Nobody had more profound direct communication with God than St. Joseph.

“We do not advertise the place because we believe it is God who calls those whom He wishes to communicate with.”

I felt this truth in my heart and that He would even use an apple pie to lead the way to this holy place.

Dominion Holdings appoints Isidro Consunji as chairman

ISIDRO A. CONSUNJI — PHILSTAR FILE PHOTO

DOMINION Holdings, Inc. (DHI) said it has appointed Isidro A. Consunji as chairman of the board.

The appointment followed the board’s acceptance of former chairman Frederic C. Dybuncio, who will remain as company president, the company said in a disclosure to the stock exchange on Monday.

Mr. Consunji has served as chairman and president of DMCI Holdings, Inc. since March 1995.

He is also chairman of Semirara Mining and Power Corp. and a director of Atlas Consolidated Mining and Development Corp.

In earlier disclosures, DHI said it plans to expand its asset portfolio following the sale of all of BDO Unibank, Inc.’s shares to Monte Sur Equity Holdings, Inc.

Under its new owners and board, DHI said it intends to continue operating as a holding company focused on investments in mining corporations, including acquiring shares in firms with mining operations.

DHI, formerly BDO Leasing and Finance, Inc., previously held real estate properties, securities or shares of stock, and other assets, and engaged in investment and related business activities.

Mr. Consunji holds a Bachelor of Science in Engineering degree from the University of the Philippines. He also earned a Master of Business Economics from the Center for Research and Communication and a Master of Business Management from the Asian Institute of Management.

He also completed the Advanced Management Program at IESE Business School in Barcelona, Spain.

The board also approved the appointment of Tephanie M. Gandia as assistant corporate secretary. She will continue to serve as corporate information officer.

Ms. Gandia is a practicing lawyer specializing in corporate law, mergers and acquisitions, banking, and capital markets. She is also a partner at Serrano Law.

DHI reported a 31.05% decline in net income to P139.36 million in 2025 from P202.12 million in 2024. — Aaron Michael C. Sy

Paul McCartney charts childhood streets in 1st album in five years

AMAZON.COM

LONDON — Paul McCartney takes fans down the streets of his Liverpool childhood in his first solo album in more than five years due out in May.

The title The Boys of Dungeon Lane comes from a lyric in the album’s first single “Days We Left Behind,” released on Thursday — “a memory song for me,” Mr. McCartney said in a statement.

“I was thinking just that, about the days I left behind and I do often wonder if I’m just writing about the past but then I think how can you write about anything else? It’s just a lot of memories of Liverpool,” the 83-year-old said.

The tracks evoke his childhood in post-war Liverpool, his parents, and adventures shared with band mates George Harrison and John Lennon before the world had woken up to the Beatles, according to a statement on his website.

“It involves a bit in the middle about John and Forthlin Road which is the street I used to live in. Dungeon Lane is near there,” Mr. McCartney said about “Days We Left Behind.”

“I used to live in a place called Speke which is quite working class.  We didn’t have much at all but it didn’t matter because all the people were great and you didn’t notice you didn’t have much.”

Mr. McCartney worked with producer Andrew Watt and recorded the album, which also includes new love songs, in Los Angeles and Sussex, between legs of his global tour.

The Boys of Dungeon Lane is Mr. McCartney’s 18th solo studio album. — Reuters

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