Facebook Instagram Linkedin X Youtube
Home Blog Page 90

The Velaris Residences North Tower: Living spaces that inspire an intentional life

One-and-a-Half Bedroom Suite’s Indoor Patio | Show Unit Image

More than providing basic living essentials in the best means possible, a liveable community creates an environment that can spark inspiration, excitement, and joy to its residents.

RHK Land, known for its signature intentional design philosophy, has put these considerations in mind with The Velaris Residences and its elegant North Tower.

For its second tower, the North Tower, RHK Land takes luxury to a whole new level. While rising to 40 storeys, the North Tower houses a limited collection of units, each masterfully designed to the minutest detail to reflect a lifestyle that melds together tasteful aesthetics, easy comfort, and quiet discretion.

All residences, which range from one- to four-bedroom units, are elegantly proportioned with generous floor plans. The four-bedroom, penthouse, and townhouse suites are of special note with their impressive double-volume ceilings. This bold architectural detail imbues these units with an airy grandeur, transforming them into inviting spaces that lend themselves naturally to both restful retreats and graceful entertaining.

4-Bedroom Suite’s Master Bedroom | Show Unit Image

One- and one-and-a-half bedroom units are equipped with spacious indoor patios, which enable residents to bring the outside in and create indoor oases that both calm and reinvigorate. The rest of the units feature balconies which bring the joys of outdoor living. A thoughtful approach to layouts that maximize natural light further enhances a feeling of brightness and openness in every unit.

The units are equipped with smart home features. Digital door locks with biometric fingerprint scan, PIN code, and RFID card access ensure security. Light and air-conditioning systems, which can be controlled remotely through smart devices, deliver convenience and energy efficiency. In addition, two-bedroom and larger units also have smart mirrors, which deliver news, weather reports, and even personal calendars to help residents prepare for and organize the rest of the day.

The private lifts for two-bedroom and bigger units, along with the two-units-to-one-elevator ratio on typical floors, provide North Tower residents with a high level of privacy.

These features are coupled with best-in-class amenities that are comparable to five-star hotel facilities. These include an indoor and outdoor Japanese Sento, a sculpture garden, a garden lounge with floating daybeds, a lifestyle gym with a dance studio and cycling studio, a badminton and pickleball court, a golf simulator studio, an Olympic-length infinity pool, a treetop playground, and camping grounds.

Acknowledging recent shifts in how people live and work, The Velaris Residences North Tower has a business lounge and a creative studio, both furnished for productive hybrid work arrangements.

Smart lockers and a secure mailroom, meanwhile, allow for convenient package deliveries with limited interaction.

4-Bedroom Suite’s Living Area with Double-Volume Ceiling | Show Unit Image

On top of these amenities, The Velaris Residences carries an exclusive Velaris SkyClub, which allows residents to immerse themselves in their interests and pastimes without having to take one step outside. Velaris SkyClub includes a private theater and game room for entertainment aficionados, a wine gallery and casual and gourmet dining areas for gourmands, and a cigar room for tobacco connoisseurs. The development can also host private gatherings with its SkyLounge, SkyBar, and SkyDeck areas.

Residents are also provided with a companion app to access property management services and updates. Through the app, residents can settle dues, send requests for maintenance, coordinate deliveries, and book amenities with just a few taps on their smartphones.

For such designs and features that elevate luxury living within the Metro, The Velaris Residences has achieved major recognitions at the 2025 PropertyGuru Philippines Property Awards, among them “Best Condo Development (Philippines)”, “Best Luxury Condo Development (Metro Manila)”, and “Best Condo Interior Design.”

The Velaris Residences sits in a prime spot in Bridgetowne, a 31-hectare mixed-use community that stretches across Pasig City and Quezon City. It is home to Opus Mall, the impressive Victor statue, grade A office buildings, a FIFA-preferred sports field, and the world’s biggest outdoor obstacle park. In the future, it will also feature hotels and schools. All these show that The Velaris Residences, while a thriving community in itself, is housed in a greater community that maximizes the best in urban living.

Know more about The Velaris Residences North Tower by visiting The Velaris Residences Show Gallery in Bridgetowne, calling the sales hotline at +63917 855 5033, or visiting thevelarisresidences.com.

 

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.

Leadership in uncertain times: 5 priorities for business amid the Middle East crisis

STOCK PHOTO | Image by Tirachardz from Freepik

The crisis in the Middle East may ultimately prove more difficult for business than COVID-19.

During the pandemic, there was at least a clear response. Stay home. Get vaccinated. Shift work and commerce online. Governments, businesses, and households may have struggled, but there was a playbook.

This time, there is none.

The risk today is not a virus but rising oil prices, and oil touches every aspect of the economy. When fuel prices rise, transport costs increase. Logistics costs go up. Food becomes more expensive. Electricity, manufacturing, and even the cost of doing business increase. Unlike COVID-19, where the effects were immediate but contained by restrictions, this crisis moves quietly through the entire economy.

For the Philippines, which imports most of its fuel requirements, this is particularly serious. President Ferdinand Marcos, Jr. has already recognized the danger through Executive Order No. 110 declaring a national energy emergency. The concern is not only what happens in the Middle East in the coming days. It is what happens here at home in the coming months.

Even if the conflict de-escalates, the economic effects may linger. Oil prices may remain elevated. Supply chains may take time to normalize. Food inflation may persist. Consumers may cut back spending. The pressure will be felt most sharply by lower-income Filipinos, who comprise the majority of our population and who spend a larger portion of their income on transportation, food, and electricity.

Many people keep asking when the war will end. My answer is simple: we do not know, and from a management standpoint, that is the wrong question.

Business leaders should stop waiting, forecasting, or speculating over whether the conflict will end next week, next month, or next quarter. None of us can control that. What we can control is how prepared our organizations are if uncertainty lasts longer than expected.

We are no longer operating in a world where stability can be assumed. Geopolitical conflict, inflation, supply chain disruption, cyber threats, and economic volatility are now part of the business environment. The organizations that will survive and succeed are not those that make the best predictions. They are the ones that build the greatest resilience.

The task of management today is not to guess when conditions will improve. It is to create organizations that can continue to perform even if conditions do not.

That is why many companies are beginning to revisit the protocols they adopted before and during COVID-19. Work-from-home (WFH) arrangements are again being discussed. Rotating schedules, compressed workweeks, and virtual meetings are returning. Companies are preparing not because we are facing another pandemic, but because they recognize that a prolonged energy and inflation shock requires a similar level of discipline and flexibility. Thus, I believe there are five things every company should focus on today.

First, take care of your people.

The first and most immediate effect of this crisis will be felt by employees. Higher fuel prices will eventually mean higher food prices, higher transportation costs, and greater financial pressure on households. Many employees are already managing tight budgets. For those in lower income brackets, even a modest increase in the price of gasoline or rice can create significant strain.

Companies need to be proactive and sensitive. Review transportation allowances, meal subsidies, emergency assistance, and flexible work arrangements. If certain roles can be performed remotely, then WFH or hybrid work should be seriously considered. This is no longer simply an HR issue. It is an operational and economic response to changing conditions.

Equally important is communication. Employees need to know that management understands the situation and is responding. During difficult periods, people do not expect perfection from leadership. They expect clarity, empathy, and decisiveness.

Second, preserve cash.

The lesson from every crisis is the same: cash provides options.

During COVID-19, the companies that weathered the crisis best were not always the largest or the fastest growing. They were the ones that protected their cash position early, managed expenses carefully, and prepared for the possibility that the crisis would last longer than expected.

The same discipline is required now. Companies should review expansion plans, defer non-essential capital expenditures, reduce discretionary spending, and strengthen working capital. Large investments that can wait should wait. Growth is important, but survival and stability are more important.

This is not the environment for aggressive assumptions. Business leaders should prepare for a scenario where oil prices remain high for several months and consumer spending weakens. The companies that preserve liquidity today will be in the best position to respond tomorrow.

Third, rethink operations.

The operating model that worked six months ago may no longer be the right one today.

Businesses should look at whether rotating work schedules, compressed workweeks, staggered shifts, or WFH arrangements can improve efficiency and reduce cost. Companies should review energy consumption, logistics routes, delivery schedules, and supplier relationships.

Many organizations learned during COVID-19 that productivity does not always require everyone to be physically present every day. They also learned that digital tools can reduce travel, lower costs, and improve efficiency. Those lessons remain relevant.

This may also be the right time to revisit supply chains. Companies that rely heavily on imported materials or a single supplier may be more vulnerable if the crisis deepens. Building alternative suppliers and increasing local sourcing where possible may no longer be a matter of cost. It may be a matter of resilience.

Fourth, move sales and marketing back online.

If oil prices continue to rise, consumer behavior will change. Families will reduce discretionary spending. People may travel less, dine out less, and spend less time in malls. Retail traffic may soften, particularly in sectors dependent on physical visits.

That does not mean demand disappears. It means demand shifts.

During COVID-19, many companies accelerated their move to digital platforms because they had no choice. Today, they may need to do so again, not because stores are closed, but because consumers are becoming more cautious and more value conscious.

Sales teams should strengthen online selling, virtual presentations, and customer relationship tools. Marketing should move where consumers are spending more of their time: online, on social media, and on digital commerce platforms. Businesses that remain visible and accessible digitally will have a much greater chance of protecting sales in a weaker environment.

This is particularly important for SMEs. Many SMEs survived the pandemic because they learned how to sell through Facebook, TikTok, Viber, online marketplaces, and delivery platforms. Those capabilities should not be treated as temporary. They are now part of the permanent toolkit of doing business.

Fifth, focus on resilience, not simply survival.

The tendency, in times like this, is to focus only on the immediate problem. But good management requires looking beyond the next few weeks.

Every company should ask itself a few difficult questions. What happens if oil prices rise further? What if inflation persists through the rest of the year? What if consumer demand slows more than expected? What if supply chains are disrupted again?

The strongest companies will not be the ones that merely react. They will be the ones that prepare.

That means strengthening business continuity plans, building stronger balance sheets, diversifying suppliers, investing in digital capabilities, improving energy efficiency, and developing leaders who can make decisions in uncertain conditions.

The world today is more volatile than it was five or 10 years ago. Geopolitical conflict, inflation, climate events, cyber threats, and economic disruption can happen at the same time. Stability can no longer be assumed.

We all hope the conflict in the Middle East ends soon. But even if it does, the after-effects may remain. That is why businesses cannot afford to wait.

The challenge before us is not simply to survive another crisis. It is to build organizations strong enough to withstand one.

 

Dr. Donald L. Lim is the 2026 president of the Management Association of the Philippines. He is also president and COO of DITO CME Holdings Corp.

map@map.org.ph

donaldpatricklim@gmail.com

PAL suspends Manila-Riyadh flights until April 8 amid conflict

BW FILE PHOTO

FLAG CARRIER Philippine Airlines (PAL) said it is suspending its Manila-Riyadh flights until April 8 due to the conflict in the Middle East.

“This precautionary measure is being taken considering the security situation affecting parts of the Middle East and the resulting operational uncertainties in certain regional airspace corridors and airport operations,” it said in a statement on Monday.

PAL said it will continue to monitor developments and coordinate with aviation authorities to determine when it can safely resume operations.

The airline said cargo operations on the affected routes are also disrupted and that it is exploring alternative routing options to ensure the movement of essential goods.

Meanwhile, PAL Holdings, Inc., the listed operator of Philippine Airlines, said its Ba2 rating from Moody’s Ratings is expected to expand its access to diverse funding sources, while validating gains in operational reliability and financial performance.

“This inaugural Ba2 rating is a powerful validation of progress we have made over the past five years — enhancing operational reliability, rebuilding our network with discipline, and improving our cost and capital structure,” PAL President Richard Nuttall said in a statement on Monday.

According to Moody’s March 27 rating report, the company was assigned a stable Ba2 corporate rating, reflecting its role as the national flag carrier and its consistent market share across domestic and international routes.

Moody’s said the stable outlook indicates PAL’s operating and financial metrics are expected to remain aligned with its rating over the next 12 to 18 months, allowing some flexibility to absorb potential downside risks.

“The table outlook reflects our expectations that PAL’s operating and financial metrics will remain commensurate with its rating over the next 12 to 18 months, with some flexibility to absorb potential downside risks. We also expect PAL to effectively expand its fleet and maintain or expand its market shares both for domestic and international travel,” Moody’s said.

PAL said the Ba2 rating reflects its creditworthiness and economic resilience, noting that it is three notches below the country’s sovereign credit rating of Baa2.

“Importantly, having this rating will strategically broaden our access to diverse funding sources and provide our stakeholders with independent assurance of PAL’s financial resilience in a complex global aviation landscape,” Mr. Nuttall said.

Moody’s said PAL benefits from a stable position in the aviation industry and could see a rating upgrade if it achieves significant improvements in its operating and financial profile.

“Alongside sustained or expanded market share. Demonstrated success in fleet expansion will also be necessary for an upgrade,” it said.

In January, PAL received its first Airbus A350-1000 aircraft and expects to take delivery of four more out of its nine remaining orders this year.

However, Moody’s said PAL’s rating could be downgraded if its operating and financial performance weakens, such as if its earnings before interest and taxes (EBIT) margin falls below 7%.

“The rating could also come under pressure if PAL’s domestic or international market shares deteriorate significantly or the company faces liquidity pressures. Any indication of fuel supply disruptions or restrictions could also pressure PAL’s credit profile,” it said.

Moody’s also cited risks including airport infrastructure constraints, exposure to fuel price volatility, weaker foreign exchange, and the company’s history of restructuring under Chapter 11.

“While PAL has limited direct exposure to the Middle East, it remains indirectly exposed to fuel price volatility and potential demand weakness arising from geopolitical and macroeconomic uncertainty,” it said.

At the local bourse on Monday, shares in PAL Holdings rose one centavo, or 0.29%, to close at P3.39 apiece. — Ashley Erika O. Jose

Bond market activity may slow as war drives up rates

PSE President and Chief Executive Officer (CEO) Ramon S. Monzon — PRESIDENTIAL PHOTOJOURNALISTS ASSOCIATION (PPA) POOL YUMMIE DINGDING

CORPORATE BOND issuances and trading could slow this year due to the Middle East war, which could stoke inflation and increase the possibility of monetary tightening here and abroad.

Philippine Stock Exchange, Inc. and Philippine Dealing System Holdings Corp. (PDS Group) President and Chief Executive Officer Ramon S. Monzon said reaching the record P15.9 trillion in secondary market trading volume recorded last year could be difficult amid the ongoing Iran conflict.

“Last year, we had very good trading because interest rates were going down. And now that BSP (Bangko Sentral ng Pilipinas) is talking about increasing rates, it might not be as healthy as last year,” he told BusinessWorld on the sidelines of an event last week.

“We hit about P15.9 trillion last year. So far, we’re still hitting the first three months. We’ve hit more than a trillion a month. So, it depends on where the rates go.”

He noted that no issuance has matched the P115 billion raised by BDO Unibank, Inc. via 1.5-year ASEAN Sustainability Bonds in July last year, which is the largest single corporate bond issue in the Philippines to date,

“Well, the biggest was the BDO [issue] last year. But so far, no indications of that,” Mr. Monzon said.

In 2025, trading volume at the secondary market hit a record P15.91 trillion, surging by 61% from 2024’s P9.89 trillion, as monthly volumes exceeded P1 trillion for 12 straight months, data from the PDS Group showed.

The primary market also saw 25 bond listings from 21 issuers worth P454 billion last year, up by 25% from P362.23 billion in 2024.

As of March 18, new bond listings and enrollments at the primary market reached P220.259 billion so far this year, with total tradeable corporate debt instruments now at P1.4 trillion, issued by 44 companies and made up of 168 securities. 

On Thursday, the BSP kept benchmark rates unchanged during a surprise off-cycle meeting as it sought to calm markets amid growing concerns over the impact of the Middle East war on the economy.

The Monetary Board kept the target reverse repurchase rate unchanged at 4.25% as BSP Governor Eli M. Remolona, Jr. said growth prospects remain weak and the emerging inflationary risks amid the war are largely supply-driven, “for which monetary policy has limited effectiveness.”

The central bank now expects headline inflation to average 5.1% this year — well above its 2-4% tolerance band. Annual inflation last breached the target in 2023.

Mr. Remolona said they would consider tightening their stance if it sees second-round inflation effects or if the global oil supply and price situation worsens.

The BSP last raised rates in October 2023.

The off-cycle meeting came ahead of the Monetary Board’s scheduled policy review on April 23.

Global oil prices have surged above $100 a barrel in the past weeks as the US-Israel and Iran war continues.

Secondary market yields have climbed steadily since the conflict began, with traders pricing in expectations of tighter monetary policy due to the war’s impact on energy trade.

The Asian Development Bank’s March 2026 Asia Bond Monitor report showed that outstanding Philippine local currency bonds shrank by 0.7% to $233 billion (about P13.89 trillion) at end-2025 from $237 billion as of September 2025. This was equivalent to 48.9% of gross domestic product.

This was worse than the 0.1% contraction in the previous quarter.

Year on year, the Philippine bond market expanded by 6%.

INITIAL PUBLIC OFFERINGS
Meanwhile, Mr. Monzon said he is still waiting for the applications for the planned initial public offerings (IPO) of Maya Innovations Holdings, Pte. Ltd. and GCash.

Both fintech firms are expected to launch their IPOs in the third quarter this year, with Maya eyeing a dual listing.

“I think Maya’s not going to do it here. They will do it abroad. They have not filed an application with us,” Mr. Monzon said. “I know GCash is the one that’s really working on it.”

Maya Chairman Manuel V. Pangilinan earlier said that the company is planning to list in the United States first before launching on the PSE by the second half of the year.

The PSE previously said it expects four IPOs this year, including GCash and Maya, as well as PNB Holdings Corp. — Aaron Michael C. Sy

Easter Dining In/Out

The Grand Hyatt Manila

THE Grand Hyatt Manila invites guests to celebrate the joy of Easter with a line-up of dining experiences, festive treats, and family-friendly activities. Up until April 5, Florentine is where one can get handcrafted chocolate eggs filled with prizes at P1,800 called the Grand Easter Egg Hunt Surprise. Guests can also enjoy Easter-themed cakes — whole at P2,500, mini at P550, and pralines in boxes of nine or 25 at P1,450 and P2,850, respectively. Special highlights include whimsical chocolate figures such as the Rabbit Astronaut, Rocket Chocolate, Teddy Bear, and Peacock Easter Egg, alongside seasonal pastries like Pistachio Crescent Croissants and Hot Cross Buns. On April 5, The Grand Kitchen hosts its Easter Sunday Lunch Buffet at P3,588 per person. Guests can savor live stations featuring Beef Salpicao, Ravioli ala Tartufa, Crepes, and Hot Cross Buns, alongside trolley service of Seafood Paella and Whole Poached Tasmanian Salmon. The buffet includes free-flowing wine, house lager, and cocktails, plus there will be a Kids Corner Activity for younger guests. From April 1 to 30, The Cellar presents Easter specials such as Grilled Red Snapper at P2,500 and Basque Seafood Stew with prawns, squid, barramundi, clams, and mussels. Guests may also indulge in Lobster Paella for P7,000 and the signature Braised Black Cod. Celebrate spring with the Sakura Afternoon Tea Set at P3,300 for two, inclusive of rosé wine or mocktails, available Monday to Thursday, March 23 to April 26. From March 30 to April 5, No. 8 China House highlights its signature Claypot Grouper Cooked on Trolley for P7,888 and good for six to eight persons, alongside its regular menu. Between April 1 to 5, Pool House offers family-style Easter Seafood Specials, including grouper, prawns, and squid prepared Filipino-style such as inihaw, prito, sinigang, adobo, and ginataan (barbecue, fried, in sour soup, braised with vinegar, and cooked in coconut milk) Guests can also enjoy Soft Shell Crab Salad with Mango Dressing and Soft Shell Crab Tacos Lime Cilantro for P990+ each, plus new pizzas starting at P695+. From April 1 to 31, The Peak Grill presents its Easter specials: Seafood Platter for P8,500 featuring oysters, hamachi, scallop ceviche, tuna tartare, prawn cocktail, and Nomad caviar; Roasted Dover Sole at P4,900; and Tasmanian Salmon Coulibiac priced at P5,850+ and good for two to three persons. Guests may also pair their meals with premium wines and champagnes, including Moët & Chandon Brut Rosé. Guests can order Easter items via Dine at Home. They can also call 8838-1234 or 7918-1234. Follow Grand Hyatt Manila on Instagram www.instagram.com/grandhyattmanilaph/ and on Facebook www.facebook.com/GrandHyattManilaPh.

Solaire Resort North

SOLAIRE RESORT North has an exclusive Easter family getaway with special offers this season. For family fun, book a room or suite at Solaire Resort North until April 5, and get a breakfast at Fresh for two adults and two children, starting at P9,500+++ per night. At Fresh, for P3,588++ per person, enjoy an Easter-themed buffet showcasing a carving station featuring roasted lamb and glazed ham, and special servings of mini burgers, fries, pasta, and Easter treats at an exclusive Children’s Corner Buffet section. This buffet transforms into an experience for the whole family with interactive activities such as an egg hunt and egg and face painting opportunities. At Red Lantern, indulge in an eat-all-you-can dimsum menu starting at P1,888++ per head. Lucky Noodles serves premium grilled seafood from tiger prawns to scallops, meant for sharing, for P2,099++ each. For more intimate gatherings, find authentic family-style Italian flavors with Finestra’s multi-course set menu for Easter lunch. From P4,000++ per person, feast on dishes from welcome platters all the way to a dessert station. A Japanese family-style buffet also awaits at Yakumi for a perfect Easter Sunday brunch, from P3,588++ each. There will also be a Pinoy Easter Family Fest at the Grand Ballroom done in partnership with JPI Entertainment. Spend the day with interactive shows and performances, and treat children to an Easter egg hunt alongside Filipino food and drinks with tickets for kids at P3,500 and for adults at P2,000 per head. For inquiries, visit sn.solaireresort.com/offers/rooms-suites/easter-sunny-escape, call 8888-8888, or e-mail sn.reservations@solaireresort.com.

Richmonde Hotel Ortigas

AT Richmonde Hotel Ortigas, try the Easter Break Escape room package, available from March 29 to April 6. It may be booked at rates starting at P3,500 net for room-only stays (except on April 4) and P5,100 net if with breakfast buffet for two. Guests staying on April 4 get a special treat with an extended Easter Sunday Breakfast Buffet served from 6 to 11 a.m. at Richmonde Cafe. The Easter Sunday Breakfast Buffet is also open for walk-in guests at P1,180 net for adults and P590 net for children ages six to 12 years old. Children five and below eat for free. Families can spend afternoons at the hotel’s Kitchen Lab, a series of hands-on activities where kids and kids-at-heart can create their own pizzas, decorate donuts, and design cookies for P350 net per person per activity, complete with themed snacks and drinks. For inquiries, call 8638-7777, 0917-859-7914 (Room Reservations) or e-mail stay@richmondeortigas.com, or log on to www.richmondehotelortigas.com.ph.

Eastwood Richmonde Hotel

AT the Eastwood Richmonde Hotel, the Eastwood Café+Bar’s Favorite Filipino Eats has a Lenten Merienda Buffet on April 2 and 3 at P600 net per person, and an Easter Sunday Lunch Buffet on April 5 at P1,200 net per adult and P600 net for children, with little ones five and below dining for free. They offer popular Pinoy dishes like pancit, puto bumbong, bibingka, and halo-halo for snacks and freshly grilled meats and seafood plus more local items. Meanwhile, Easter Room packages from March 29 to April 5 start at P4,000 net (room only) and P5,600 net (with breakfast for two). For those planning a full Easter weekend, packages on April 4 and 5 are available from P6,500 net (room only) and P8,100 net (with breakfast), inclusive of two tickets to the Enchanted Garden Easter Party. Happening on April 5, 1 to 6 p.m., at the ballroom which transforms into a whimsical garden. Kids can embark on an Easter egg hunt, get creative with bracelet making, and enjoy colorful face painting and sticker tattoos, while the whole family can look forward to performances, a snack buffet, and special giveaways. Tickets to the Enchanted Garden Easter Party are priced at P1,888 net per person. For inquiries, call 8570-7777, 0917-531-6867 (Room Reservations), or 0917-821-0333 (Food & Beverage), or e-mail stay@eastwoodrichmonde.com, or log on to www.eastoodrichmondehotel.com.ph.

Richmonde Hotel Iloilo

FROM March 29 to April 5, the Richmonde Hotel Iloilo holds the Eggsclusive Easter Getaway package for both locals of Western Visayas and domestic and international travelers. Rates start at P4,200 net (room only) and P4,800 net (with breakfast for two), accommodating up to two adults and two children. On Easter Sunday, families can gather at The Granary from 11:30 a.m. to 4 p.m. for the Eggstraordinary Easter Lunch Buffet, priced at P1,500 net per adult and P750 net for children, with kids five and below dining for free. A festive spread and special raffle draw add to the celebration. For inquiries and reservations, call +633-328-7888, 0917-580-9642 (Room Reservations), 0917-563-3558 (Food & Beverage), or stay@richmondeiloilo.com, or log on to www.richmondehoteliloilo.com.ph.

The oil market is moving into demand destruction mode

NURAGHIES/FREEPIK

By Javier Blas

FIVE WEEKS into the Third Gulf War, the math of oil-barrel counting is intractable: The world is short of the black stuff. Measures ranging from pipelines that bypass the Strait of Hormuz to tapping strategic reserves have offered a cushion. But unless the US and Israel’s Iran conflict ends very soon, oil consumption needs to adjust to lower supply — perhaps much lower. Enter demand destruction.

Until now the market has absorbed the shortage of crude fairly well. Despite alarmist headlines, benchmark prices are hovering around $100 a barrel, well below previous crises when they surged to $130-$150.1

This relatively muted reaction isn’t a sign that the market is underreacting to the closure of the strait, the waterway for a fifth of the world’s oil provision. Instead, it’s an indication that the layers of supply defenses have worked as a stopgap in a disruption that has lasted just a month so far. Previous crises went on for months, even years.

The gap between supply and demand is so wide that sooner or later these defenses will run out. The last time the market was so out of sync was in 2020 when the pandemic forced billions of people into lockdown. But then the problem was too much supply, this time it’s the opposite.2

In the first days of this war, the strait’s closure meant the immediate loss of 20 million daily barrels of crude and refined products. The industry went to work, activating a first layer of defense: using up stocks. The second layer came soon after as Saudi Arabia and the United Arab Emirates rerouted some exports using bypass pipelines to Red Sea and Gulf of Oman ports.

The third defense came from politicians. The richest nations tapped their strategic reserves, injecting millions of barrels into the market. US President Donald Trump also made constant — and effective — verbal interventions. His jawboning about the chance of an end to the fighting helped tame panic buying.

Measuring the contribution from these various efforts is difficult. Some, like the pipelines, are permanent. Others, such as using up inventories, are temporary. Back of the envelop math suggests that, using generous assumptions, combined they’ve probably absorbed as much as 60% of the supply loss — or about 12 million barrels a day.

This still leaves a huge shortfall, which will get bigger if the war continues and reserves are drained. And there’s only one way to address it in the absence of fresh supplies, something I see as the market’s fourth, most drastic, defense: demand destruction. This is where policymakers use emergency tools to curb energy use (the less bad version), or where sky-high prices force consumers to stop buying (worse because of the blow to the economy).

You can see why this may be becoming unavoidable. As Paola Rodriguez-Masiu, chief oil analyst at consultancy Rystad Energy, puts it: “The system has shifted from buffered to fragile.”

How fragile? Very much, I’m afraid. If my math is right, the market needs to “destroy” demand by at least 8 million barrels a day or so. That’s more than the combined consumption of Germany, France, the UK, Italy, and Spain.

The better way to do this is through politicians forcing some reduction in oil use that, while painful, does less harm to business activity. Examples include lower speed limits on highways, and less use of heating and air conditioning. Mandatory work-from-home, thereby curbing energy-hungry commuting, is another option, though politically and economically more fraught.

The International Energy Agency has already recommended such measures, although no front-rank member has implemented them, fearful of the public backlash. In the developing world, however, countries including Pakistan, the Philippines, Vietnam, and Thailand are already going down this route. I expect many others will follow unless the war ends soon.

Unfortunately, there’s a limit to how far policy makers can manage demand destruction in an energy crisis with no end in view yet. Ultimately, soaring prices will play a significant part, and the impact of this will fall unequally. In Africa and parts of southwest and southeast Asia, refined petroleum products are already expensive enough to limit purchases, reducing economic activity. Chemical and fertilizer factories are closing down there.

Poorer nations will be priced out by richer ones or peers with the means to subsidize fuel prices and impose export bans.

Look at the distribution of the oil market: The US, Canada, Europe, Japan, and China account for nearly 55% of consumption. That means six out of 10 barrels of global use is in places that usually have the wherewithal to pay up. Most of the initial demand destruction is going to happen elsewhere in places that simply can’t afford the prices. The burden will be firmly concentrated in Africa, Latin America and much of Asia. Over the next few weeks, if the war continues, fuel pumps will run dry and factories will close.

If the war lasts months, rather than weeks, this will no longer be enough. The crunch will need to move where oil is truly consumed: the industrialized nations of the world. An energy crisis is the product of two factors: the scale of the supply disruption and its length. So far, the size is immense, but the timespan is short. For the sake of people’s lives in the warzones, and for both developing and developed economies, let’s hope the conflict is close to an end.

BLOOMBERG OPINION

1 In real terms, adjusted by the cumulative impact of inflation, oil prices would need to rise even further to match previous crises. The nearly $150 a barrel all-time high set in 2008 is equal to about $220 a barrel in 2026 money, for example.

2 Global oil demand in 2020 fell to an annual average of just over 91 million barrels a day, about 8 million barrels a day lower than the preceding year.

Philippines’ air quality deteriorates in 2025, fifth worst in Southeast Asia

The Philippines placed 41st out of 143 countries and territories in the 2025 edition of the World Air Quality Report by the Swiss air quality technology company IQAir. Air quality in the country, as measured by annual average concentration of PM2.5, reached 19 micrograms per cubic meter (μg /m³), worse than the 14.8 µg/m³ in 2024 and the 5 μg/m³ annual average prescribed by the World Health Organization (WHO).

Wilcon Depot net income falls 3.24% on higher costs

WILCON DEPOT

LISTED construction supplies retailer Wilcon Depot, Inc. said its net income fell by 3.24% to P2.45 billion in 2025 from P2.53 billion a year earlier, as higher operating expenses and lower other income offset sales growth.

Net sales rose 3.7%, or P1.27 billion, to P35.44 billion, the company said in a disclosure to the stock exchange on Monday.

The company said full-year growth was driven mainly by store expansions, while comparable sales were flat at negative 0.3%.

Depot net sales, which accounted for 96.3% of total net sales, reached P34.136 billion, up 4% from 2024.

Do-It-Wilcon (DIW) stores contributed P1.123 billion, or 3.2% of total net sales, growing 12.8% mainly on the back of 6.8% same-store sales growth (SSSG) and the addition of a new outlet. Project sales declined 46.8% to P185 million.

“We are happy to announce that we were able to maintain positive same store sales growth in the fourth quarter, which resulted in a second half net income increase of 26%,” Wilcon Depot President and Chief Executive Officer Lorraine Belo-Cincochan said.

“We recalibrated some functional strategies, such as in-store organizational structure and processes, product marketing plans, store layouts, among others, which were aimed at reversing performance downturns,” she added.

In 2025, the company opened six new depots, closed two smaller-format DIW stores, and reopened one depot that had burned down in 2024, bringing the total number of operating stores to 104 by yearend.

Gross profit rose 2.5% to P13.68 billion, as higher-margin in-house and exclusive brands accounted for 52.4% of net sales, offsetting weaker margins from in-house and non-exclusive lines.

Operating expenses, which include lease-related interest, increased by 3.7% to P10.854 billion in 2025, driven mainly by higher depreciation and amortization, manpower costs, and repairs and maintenance. These were partially offset by lower trucking, supplies, taxes, and licenses.

Net other income declined by 12.3% to P424 million due to weaker supplier support and fees, although this was partly cushioned by lower calamity losses net of insurance claims and higher delivery fees.

For 2026, Wilcon Depot said it plans to accelerate its nationwide expansion with eight new stores, three of which have already opened early this year.

At the local bourse on Monday, shares in Wilcon Depot fell by 2.44% to close at P6 apiece. — Alexandria Grace C. Magno

IC sets deadlines for MBAs’ adoption of new frameworks on reserve valuation, capital

BW FILE PHOTO

THE Insurance Commission (IC) said mutual benefit associations (MBA) must adopt new regulatory frameworks on reporting, reserve valuation, and risk-based capital in their financial statements starting next year.

According to a circular dated March 25, MBAs must apply the new regulatory frameworks for their financial reporting framework (FRF), valuation of policy reserves, and risk-based capital in preparing their financial reports and annual statements beginning Jan. 1, 2027.

The IC said that prior to this mandatory application date, MBAs must use its current required regulatory frameworks.

“[The] Commission recognizes the need to provide clarity on the application date of the new regulatory frameworks to address industry concerns regarding the implementation date and the applicable framework after the transition period,” it said.

The IC also extended the transition period for MBAs, with the deadlines for parallel run requirements covering the period ending June 30 this year set on Dec. 29 and those for the period ending Dec. 31 this year scheduled for June 30, 2027.

“[The] cumulative prior-year impact of the changes arising from the adoption of the new FRF, including the shift in valuation basis from Net Premium Valuation (NPV) to Gross Premium Valuation (GPV), as well as any changes in assumptions under GPV computed based on the new valuation standards, shall be recorded in the Fund Assigned for Transition Adjustment account. This account shall be recognized only for the transition year 2027…,” it added.

The MBA industry recorded a 2.5% increase in contributions or premiums to P16.95 billion in 2025, while benefit payments and expenses rose by 6.26% to P8.23 billion. — A.M.C. Sy

D.M. Wenceslao’s Gallio Events Hall holds rates, explores expansion

GALLIOEVENTSHALL.COM

GALLIO EVENTS HALL, operated by D.M. Wenceslao & Associates, Inc., said it will keep its rates unchanged until the end of 2026 despite inflation and rising fuel costs.

“Steady rates until the end of 2026, then the next raise will be in 2027,” Gallio Events Hall Senior Operations Manager Sheila Bernardo told reporters last week.

“We don’t charge additional for this and that just because there’s inflation. Whatever prices we have throughout the year are applicable for the entire year, regardless if there’s war in Iran or America or other factors,” she added.

The company said price adjustments are typically implemented every two years.

Gallio Events Hall said it is also in talks about a possible expansion after reporting strong business growth over the past two and a half years.

“[The performance] has been great. We grew exponentially over the years. If you would consider, it’s just past 2.5 years but we are able to host other types of events, not just the typical weddings to a typical corporate event,” Ms. Bernardo said.

“Yes, there are [expansion plans], but we might take it slow. But we are in talks with the owners, and they are very happy with the performance we’ve made over the past two and a half years,” she added.

Gallio Events Hall is an event venue that incorporates Filipino architectural and design elements.

Located in Aseana City, the venue offers space for corporate events, exhibitions, and social gatherings.

The venue held its launch event last Friday, featuring a modern-contemporary Filipino-themed program.

The company said demand for modern and flexible venues is rising, as the Philippines’ MICE (meetings, incentives, conferences, and exhibitions) sector is projected to grow by about 8.5% annually through 2028.

It said Gallio Events Hall aims to cater to this demand. — Alexandria Grace C. Magno

US sends subpoenas in Warner-Paramount antitrust review as probe picks up steam

THE US Department of Justice (DoJ) has sent subpoenas in its investigation of Paramount Skydance’s acquisition of Warner Bros. Discovery, three sources familiar with the matter told Reuters.

The inquiries show the DoJ moving ahead with its probe into the $110-billion acquisition that would combine the two major studios, along with the companies’ streaming services and news operations. Hollywood and Wall Street are intensely interested in the high-stakes deal, which would bring together some of the entertainment industry’s most enduring franchises but deal a blow to film and television jobs.

The DoJ is seeking information on how the deal would affect studio output, content rights, and competition among streaming services, the sources said. The DoJ is also asking how the acquisition could affect movie theaters, two of the sources said.

Acting Assistant Attorney General Omeed Assefi told Reuters in an interview last week that Paramount will “absolutely not” have a fast track to approval because of political factors.

Paramount has been expecting authorities in many places to review the deal, Chief Legal Officer Makan Delrahim said at an antitrust conference in Washington on Wednesday.

Representatives of the DoJ, Paramount, and Warner Bros. did not immediately respond to requests for comment.

The European Commission is actively engaging with third parties on the deal, two sources said. Canada has also reached out to at least one company about the deal, one of the sources said. The California Attorney General’s office has also been eager to speak with third parties, the other two sources said.

Paramount fought aggressively to wrest the deal from Netflix and has bet on closing the deal quickly, promising to pay Warner Bros. shareholders a 25-cent-per-share quarterly “ticking fee” starting in October if the deal has not closed.

LABOR, THEATER CONCERNS IN THE US
One concern in the US is whether the merger would limit the number of buyers for films and shows.

Paramount sees $6 billion in cost “synergies” in the deal, which is often code for massive layoffs. Paramount has said it expects the majority of those savings to come from streamlining technology and real estate, and other “corporate-wide efficiencies.”

The DoJ has reached out to independent production companies asking about the proposed deal’s impact on competition, according to one industry veteran who requested anonymity because of the sensitivity of the issue.

The Teamsters union has expressed concern that the proposed merger “poses a direct threat” to employment, and urged the DoJ to block the deal unless enforceable safeguards are put in place to protect jobs and output.

Such safeguards have been negotiated before. After its unsuccessful attempt to block the merger between T-Mobile and Sprint, California secured an agreement that the merged company would maintain its California headcount for three years.

The organization representing theater owners also issued a statement in late February, noting that studio consolidation has historically led to the production of fewer movies.

“At this juncture, there is no reason to believe the outcome here will be any different,” said Cinema United President Michael O’Leary. “We continue to urge regulators to heed the lessons of the past.” — Reuters

Trump’s war and energy damage

We are now on the fifth week of US President Donald Trump’s war against Iran and things are still bad.

I have seen some good and bad news in BusinessWorld recently. The good news: “Marcos says Philippine oil supply secure beyond 45 days” (March 26), “ASEAN summit to go ahead in May, but shortened to ‘bare bones’ program due to Middle East conflict” (March 27), and, “Manila, Beijing resume talks on South China Sea, energy security” (March 29). The bad news: “PHL growth forecast cut to 4.5% — ING” (March 29), and, “Oil-shock vulnerability blamed on deregulation” (March 29).

Country leaders, especially those from East Asia, must meet in person and craft various options to sustain growth as all of them are more badly affected by the Trump war compared to Europe, or North and South America, or Africa. They can get their oil and gas from their respective continents, but East Asia is highly dependent on Middle East oil and gas.

The Philippines should prioritize energy cooperation with China, Vietnam, and Malaysia, not bickering with China. This should include wider exploration and development of offshore oil and gas resources in the South China Sea, and sharing of these resources, technology, and investments which will produce more common benefits.

And it is simply wrong to blame oil deregulation for the current oil price shocks. We would do better to blame the climate alarmism that demonizes further development of oil, gas, and coal production, which are all very useful.

The prices of all fossil fuel products have risen. People will hate the higher prices, but they cannot honestly say, “Leave fossil fuels, save the planet.” They will prefer to save their economies, jobs, and businesses — and oil, gas, and coal produce many of the industrial by-products they use, like petrochemicals, fertilizers, and coal ash for cement production.

Non-fossil fuel sources of power — solar, wind, and nuclear — have experienced contractions in prices. Meaning investors and businesses are not rushing to go there, as they are not substitutes for fossil fuels.

Among the industrial and petrochemical products are bitumen used for asphalt and road construction, methanol for adhesives and foams, naptha for producing plastics and chemicals, sulfur and urea for fertilizers, styrene and butadiene monomers to produce synthetic rubber tires for our cars, trucks, tractors and even bicycles.

These are some of the byproducts that crude oil and gas can produce. Wind, solar, and biomass cannot produce these. Hence, investors are not rushing to wind-solar amidst the current oil and gas price and supply shocks.

Executive Secretary Ralph G. Recto announced last Sunday that the government has secured a firm order of 1.04 million barrels of diesel; the first batch will arrive this week. He added that the country will receive a steady supply of coal from Indonesia. This is good. We should see more energy diplomacy, more assurances of oil, gas, and coal supply via trade, not more war mongering.

Finally, some quick comments on three issues.

1. Some big solar plants are already in place, so we should use them. Yesterday Meralco PowerGen Corp. (MGEN) announced that its affiliate, Terra Solar Philippines, Inc. (MTerra Solar), has successfully energized the first 250 megawatts (MW) of its solar capacity. So it is now starting as an electricity producer and contributing to the country’s power needs.

MTerra Solar also energized the first of its battery energy storage system (BESS). It can deliver up to 450 megawatt-hours (MWh) of energy to the grid at night. This is largest operating BESS in the Philippines.

MGEN President and CEO Manny Rubio optimistically and correctly stated that “MTerra Solar plays an important role in supporting the country’s near-term energy requirements. The project’s phased energization enables earlier delivery of capacity to the grid, helping efforts to maintain stable electricity prices amid evolving global conditions.”

2. The real purpose of the suspension of market transactions of the Wholesale Electricity Spot Market (WESM) is not clear because market suspension is normally done during calamities like strong typhoons and earthquakes, when power plants and transmission or distribution lines are knocked out resulting in power shortages. Any available power plant anywhere then must dispatch power, and these running plants can dictate pricing, so “administered pricing” by the Energy Regulatory Commission (ERC) is done. Administered price is computed by averaging the last four weeks of similar days at similar intervals in prices.

But currently all generation companies (gencos) are available except those with scheduled maintenance. An increase in their prices is due to the rise in marginal costs, the fuel costs, and not to “market abuse” because competition is still working. If the government wants to conserve fuel and shut down certain power plants like those using diesel and bunker fuel, the easiest thing to do is for the Energy department to tell them to shut down, and not suspend market operations.

3. Earth Hour 2026, which was held last Saturday, was another failure in asking the public to “celebrate darkness for one hour.” I checked the website of the Independent Electricity Market Operator of the Philippines last Saturday night and saw that there was no decline, not even a blip, in electricity demand from 8:30-9:30 p.m. that day. People want brightness, not darkness. They want energy abundance, not energy poverty.

 

Bienvenido S. Oplas, Jr. is the president of Bienvenido S. Oplas, Jr. Research Consultancy Services, and Minimal Government Thinkers. He is an internationa fellow of the Tholos Foundation.

minimalgovernment@gmail.com

1...899091...14,244Page 90 of 14,244
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube