Top Frontier Investment Holdings, Inc. announces Annual Stockholders’ Meeting on July 9 via remote communication

June 10, 2025 | 12:05 am

NOTICE OF 2025 ANNUAL STOCKHOLDERS’ MEETING
July 09, 2025

The 2025 Annual Stockholders’ Meeting of TOP FRONTIER INVESTMENT HOLDINGS, INC. will be held on July 09, 2025 (Wednesday) at 2:00 p.m. The Company will conduct the Meeting through remote communication.

The proceedings will be livestreamed at the Company’s website www.topfrontier.com.ph. The Chairman will preside the Meeting at 40 San Miguel Avenue, Mandaluyong City, Metro Manila, Philippines.

The Agenda of the 2025 Annual Stockholders’ Meeting is as follows:

Certification of Notice and Quorum
Approval of the Minutes of the Annual Stockholders’ Meeting held on July 09, 2024
Presentation of the Annual Report
Ratification of Acts and Proceedings of the Board of Directors and Corporate Officers
Appointment of External Auditors
Election of the Board of Directors
Approval of the Per Diem Allowance for Directors
Other Matters
Adjournment

The electronic copies of the Minutes of the Annual Stockholders’ Meeting held on July 09, 2024, the Notice of the 2025 Annual Stockholders’ Meeting, the Definitive Information Statement (together with the Management Report), the sample ballot and proxy form, the 2024 Annual Report (SEC Form 17-A), the 1st Quarter 2025 Report (SEC Form 17-Q), the summary of the resolutions of the Board of Directors since July 09, 2024, and other pertinent documents for the 2025 Annual Stockholders’ Meeting, are available at the Company’s website and can be easily accessed through this link: www.topfrontier.com.ph/index.php/investor/TFASM2025. The aforementioned Company reports and other disclosures are likewise available in the Philippine Stock Exchange Electronic Disclosure Generation Technology (PSE Edge).

Stockholders can only attend the 2025 Annual Stockholders’ Meeting by remote communication by following the procedure summarized below.

a. Stockholders may view the livestream of the meeting by accessing the link provided in the Company website www.topfrontier.com.ph. There will be an audiovisual recording of the proceedings, for future reference.

b. Attendance of the stockholders of record as of May 30, 2025 shall be counted, and their votes will be cast, through ballots submitted by the stockholders or their proxies. The deadline for the submission of ballots and proxies is on June 25, 2025. Ballots and proxies may be sent through email at stockholders@topfrontier.com.ph or by mail to the SMC Stock Transfer Service Corporation office located at the 2nd Floor, SMC Head Office Complex, No. 40 San Miguel Avenue, Mandaluyong City 1550, Metro Manila, Philippines. Validation of ballots and proxies will be on July 02, 2025 at 2:00 p.m. at the SMC Stock Transfer Service Corporation office located at the above-mentioned address.

For an individual, his/her ballot or proxy must be accompanied by a scanned copy of his/her valid government-issued identification card with photo for verification of identity. For a corporation, its ballot or proxy must be accompanied by its Corporate Secretary’s certification setting the representative’s authority to vote and/or represent the corporation in the meeting, where applicable. Ballots and proxies need not be notarized. For your convenience, a sample ballot/proxy is attached to the Definitive Information Statement. Hard copies of the ballots and proxies and notarized Secretary’s Certificates are requested to be sent to the SMC Stock Transfer Service Corporation office located at the above-mentioned address within a reasonable time thereafter.

c. The Company shall entertain questions and comments after the Presentation of the Annual Report. Questions and comments to the Board of Directors and/or Management may be sent in advance (or may be written in the ballot/proxy) by email to stockholders@topfrontier.com.ph. Questions which were not answered during the meeting shall be forwarded to the Office of the Corporate Secretary for appropriate response.

d. The requirements and procedure for the nomination for election to the Board, the pre-screening and evaluation of the qualifications of the nominees, and the voting procedure for all items in the Agenda (including the election of the members of the Board), are set out in the Definitive Information Statement.

e. Stockholders whose shares are lodged with brokers are requested to directly contact their respective brokers for guidance on their participation in the 2025 Annual Stockholders’ Meeting.

Should you have questions or requests for clarification on the procedure for the 2025 Annual Stockholders’ Meeting, please email them to stockholders@topfrontier.com.ph.

(Original Signed)
Virgilio S. Jacinto
Corporate Secretary and
Compliance Officer

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Allied Care Experts (ACE) Medical Center – Tacloban, Inc. to hold 2025 Annual Stockholders’ Meeting on July 3

June 10, 2025 | 12:04 am

NOTICE OF ANNUAL STOCKHOLDERS’ MEETING

DEAR STOCKHOLDERS:

Please be informed that the Annual Stockholders’ Meeting of Allied Care Experts (ACE) Medical Center – Tacloban, Inc. (“ACEMC-Tacloban”) will be held on July 3, 2025 (Thursday) at 8:00 o’clock in the morning, via Zoom Webinar, in light of the COVID pandemic.

For the conduct of the Webinar, please register on or before June 16, 2024, through the following link:

https://us06web.zoom.us/meeting/register/8q1X6IyZRQ67Ew7da08cCQ

Once you have successfully registered, you will receive a confirmation email containing information about the webinar meeting.

The link will provide you the process for the registration. You will receive a confirmation email once you have successfully registered in the platform, including the details and procedures in the conduct of the meeting. Voting will be done via the online tool which you can access once you have logged in to the Webinar; voting in the election of directors may also be done in absentia through the above link.

The meeting shall be recorded (visual and audio) for future reference. The Agenda:

Call to Order
Invocation
Determination of Quorum
Welcome Message
Reading and Approval of the Minutes of the Y2024 Annual Stockholders’ Meeting
Presentation and Approval of the Y2024 Audited Financial Statements
President’s Report
Ratification of the Acts and Proceedings of the Board of Directors, Officers, and Management of the Corporation for the period June 20, 2024 to July 2, 2025
Election of the Board of Directors for the year 2025-2026
Appointment of External Auditor for the year 2025
Other Matters
Adjournment

Only stockholders of record at the close of business on June 13, 2025, Friday, shall be entitled to notice of and to vote at the meeting. If you cannot personally attend the meeting, you may opt to send your proxy to attend in your behalf. Kindly submit your duly executed proxy form with the undersigned, via email, at acemctacloban2015@gmail.com not later than 5:00 p.m. on July 2, 2025, but preferably, on June 27,2025, to enable your proxy to register in the Zoom Webinar. Attached is a sample proxy form for your reference. [NOTE: Management is not soliciting proxies.]

The Information Statement and Management Report and SEC Form 17-A are available at the Corporation’s website at https://acemctacloban.com

You may contact the undersigned via email at acemctacloban2015@gmail.com through mobile number 09670124954 if you have inquiries/concerns regarding the meeting.

Very truly yours,

(Original signed)
Ma. Lourdes Opinion, MD
Corporate Secretary

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Maybe Happy Ending triumphs at Tony Awards with top musical wins

June 10, 2025 | 12:04 am

DARREN CRISS accepts the award for Best Performance by an Actor in a Leading Role in a Musical award for Maybe Happy Ending at the 78th Annual Tony Awards. — REUTERS/BRENDAN MCDERMID

1 of 2

NEW YORK — Maybe Happy Ending, a sweet and futuristic story that follows two obsolete helper robots as they navigate isolation, affection, and what it means to be human, was the big musical winner at the Tony Awards on Sunday, capping a record-grossing post-pandemic Broadway theater season.

The show won three big awards including best musical. Darren Criss won his first Tony for best leading actor in a musical for his role as the innocent Oliver, and its director Michael Arden won the award for best director of a musical.

The modern reimagining of Andrew Lloyd Webber’s classic Sunset Blvd. also won big, taking awards for best revival of a musical and for Nicole Scherzinger, who stars as the faded movie star Norma Desmond, won best actress in a musical.

The Pulitzer Prize-winning drama Purpose won the best play award. Written by Branden Jacobs-Jenkins, the play follows a family whose carefully constructed legacy unravels when their youngest son returns home with an unexpected guest, exposing buried secrets and faith-based conflict.

Host Cynthia Erivo, the Wicked film star, opened the show at Radio City Music Hall with a walk to the stage from the dressing room that mimicked actor Tom Francis’ viral post-intermission live outdoor Manhattan stroll as he sings the title song in Sunset Blvd.

Buoyed by a post-pandemic rebound, the 2024-25 season grossed a record $1.89 billion in revenue and drew 14.7 million attendees, the Broadway League said.

Cole Escola won the Tony for best lead actor in a play for his creation Oh, Mary! The show, Mr. Escola’s reimagining of Mary Todd Lincoln’s life and relationship with husband Abraham Lincoln, blends historical satire with absurd camp. The show also earned Sam Pinkleton the Tony for best director of a play.

TV’s Succession star Sarah Snook, who made her Broadway debut this season, won the award for best leading actress in a play for her tour-de-force performance of more than two dozen roles in The Picture of Dorian Gray.

HAMILTON REUNITED
The original cast of Hamilton, including the show’s creator Lin-Manuel Miranda, reunited to perform an electric medley in honor of the musical’s 10^th anniversary. The number also served as a reintroduction to Leslie Odom, Jr. as Aaron Burr, a role he will resume in the production later this year for a limited time.

Francis Jue won best actor in a featured role in a play for Yellow Face. He thanked the Asian American actors who came before him and addressed the next generation: “This community sees you and I hope that encourages you to be brave, and to dream and to dream big.”

Kara Young, who was nominated for a Tony in the role of featured actress in a play four years in a row, won for the second year in a row for her role in the 2025 Pulitzer Prize-winning drama Purpose.

Natalie Venetia Belcon won the award for best featured actress in a musical for her role as Cuban singer Omara Portuondo in Buena Vista Social Club.

Jak Malone won the award for best featured actor in a musical for Operation Mincemeat, a fast-paced World War Two spy farce based on a bizarre true British plot to trick the Nazis with a dead body.

Best revival of a play went to Jonathan Spector’s Eureka Day, a sharp comedy about well-meaning parents at a progressive school whose unity cracks open over a vaccine debate.

RISING PRODUCTION COSTS A FACTOR
Alongside the creative highs this year were economic realities plaguing producers and audiences alike.

Premium seats for some productions run upwards from $400, prompting concern that Broadway is increasingly out of reach for casual and younger theater lovers. Even with lotteries and rush ticket programs, demand-driven pricing has become the norm.

Jason Laks, president of The Broadway League, said in a statement that rising costs have affected every facet of production, making it harder and harder to bring live theater to the stage. The Broadway League presents the awards along with the American Theatre Wing.

This season showcased a wide range of voices and perspectives, with many shows being led by Asian American, Black, Middle Eastern, and Hispanic actors and resulting in some historic nominations.

Four-time Tony-winning actor and writer Harvey Fierstein received a special Tony Award for lifetime achievement in the theater. “I dedicate this award to the people in the dark,” he said, “and I offer my most profound thanks to the people in my community.” — Reuters

The Winners Are:

Best Musical: Maybe Happy Ending

Best Play: Purpose

Best Performance by an Actress in a Leading Role in a Musical: Nicole Scherzinger, Sunset Blvd.

Best Performance by an Actor in a Leading Role in a Musical: Darren Criss, Maybe Happy Ending

Best Revival of a Musical: Sunset Blvd.

Best Revival of a Play: Eureka Day

Best Performance by an Actor in a Leading Role in a Play: Cole Escola, Oh, Mary!

Best Performance by an Actress in a Leading Role in a Play: Sarah Snook, The Picture of Dorian Gray

Best Performance by an Actor in a Featured Role in a Play: Francis Jue, Yellow Face

Best Performance by an Actress in a Featured Role in a Play: Kara Young, Purpose

Best Performance by an Actor in a Featured Role in a Musical: Jak Malone, Operation Mincemeat: A New Musical

Best Performance by an Actress in a Featured Role in a Musical: Natalie Venetia Belcon, Buena Vista Social Club

Best Direction of a Play: Sam Pinkleton, Oh, Mary!

Best Direction of a Musical: Michael Arden, Maybe Happy Ending

BTr hikes T-bill award as yields drop on BSP bets

June 10, 2025 | 12:04 am

THE GOVERNMENT hiked its award of the Treasury bills (T-bills) it offered on Monday as rates dropped across all tenors, with the market pricing in further cuts by the Bangko Sentral ng Pilipinas (BSP) amid below-target inflation last month.

The Bureau of the Treasury (BTr) raised P28.6 billion from the T-bills it auctioned off on Monday, higher than the P25-billion plan.

The offer was nearly four times oversubscribed, with total bids reaching P98.259 billion. However, this was lower than the P116.316 billion in tenders recorded on June 2.

The strong demand prompted the BTr to double its acceptance of noncompetitive bids for the 364-day T-bills to P7.2 billion, it said in a statement.

It added that it made a full award as the average rates for the T-bills were all lower than those fetched at the previous week’s auction.

Broken down, the Treasury borrowed the programmed P8 billion via the 91-day T-bills on Monday as tenders for the tenor reached P20.23 billion. The three-month paper was quoted at an average rate of 5.451%, 0.1 basis point (bp) lower than the 5.452% seen in the previous auction. Tenders accepted by the BTr carried yields of 5.424% to 5.469%.

The government likewise made a full P8-billion award of the 182-day securities it auctioned off as bids amounted to P38.58 billion. The average rate of the six-month T-bill was at 5.524%, 4.1 bps lower than the 5.565% fetched last week, with accepted rates ranging from 5.522% to 5.543%.

Lastly, the Treasury raised P12.6 billion via the 364-day debt papers, higher than the P9-billion plan, as demand for the tenor totaled P39.449 billion. The average rate of the one-year T-bill declined by 2.4 bps to 5.656% from 5.68% previously, with bids accepted having yields of 5.635% to 5.673%.

At the secondary market before Monday’s auction, the 91-, 182-, and 364-day T-bills were quoted at 5.4413%, 5.6097%, and 5.6814%, respectively, based on PHP Bloomberg Valuation Service Reference Rates data provided by the Treasury.

“Treasury bill average auction yields were again slightly lower after the further easing of the latest inflation… in May 2025, which could support a possible BSP rate cut of 25 bps as early as the next rate-setting meeting on June 19,” Rizal Commercial Banking Corp., Chief Economist Michael L. Ricafort said.

The BTr hiked its T-bill award amid strong demand, investors swamping the offer as they sought to lock in still-high yields in anticipation of further monetary easing, Mr. Ricafort added.

“This time, we have a good consumer price index [print], which confirms the BSP can deliver a cut,” a trader likewise said in a text message.

Philippine headline inflation cooled to an over five-year low of 1.3% in May from 1.4% in April and 3.9% in the same month a year ago.

This brought the five-month average to 1.9%, a tad below the BSP’s 2-4% annual target band. The central bank expects inflation to average 2.3% this year.

Last month, BSP Governor Eli M. Remolona, Jr. said the Monetary Board could deliver two more rate cuts this year in “baby steps” or increments of 25 bps, with the next reduction on the table as early as next week’s policy meeting.

The BSP chief said cooling inflation gives them “plenty of room” to ease their policy stance further, although they don’t want to cut “too much” as this could stoke prices anew.

In April, the Monetary Board resumed its rate-cutting cycle with a 25-bp reduction after a surprise pause in its February review, bringing the policy rate to 5.5%.

The central bank has now reduced benchmark borrowing costs by a total of 100 bps since it began easing rates in August last year.

On Tuesday, the government will offer P30 billion in reissued 10-year Treasury bonds (T-bonds) with a remaining life of seven years and three months.

The BTr wants to raise P150 billion from the domestic market this month, or P60 billion through T-bills and P90 billion via T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.54 trillion or 5.3% of gross domestic product this year. — Luisa Maria Jacinta C. Jocson

Allied Care Experts (ACE) Malolos Doctors, Inc. to 2025 hold Annual Stockholders’ Meeting on June 24

June 10, 2025 | 12:04 am

NOTICE OF ANNUAL STOCKHOLDERS’ MEETING

Dear Stockholders,

Please be informed that the Annual Stockholders’ Meeting of Allied Care Experts (ACE) Malolos Doctors, Inc. (“ACE Malolos Doctors”) will be held on June 24, 2025 (Tuesday) at 8:00 o’clock in the morning, hybrid, via face to face at the 10^th Floor, ACE Malolos Doctors Multi-Purpose Hall, Capitol View Park, Barangay Bulihan, Malolos, Bulacan and via Zoom.

For those who will be attending via Zoom, please register on or before June 23, 2025 5:00 p.m., through the following link: https://us02web.zoom.us/meeting/register/IatK7bEkT6iTiiYx-sNyDA

The link will provide you the process for the registration. You will receive a confirmation email once you have successfully registered in the online platform, including the details and procedures for the conduct of the meeting. Voting will be done via the online tool which you can access once you have logged in to the meeting; voting in the election of directors may also be done in absentia through the above link.

The Agenda:

Call to Order
Invocation
Determination of Quorum
Welcome Message from the Chairman of the Board
Reading and Approval of the Minutes of the Y2024 Annual Stockholders’ Meeting
Audited Financial Report for Y2024
President’s Report
Ratification of the Acts and Proceedings of the Board of Directors, Officers, and Management of the Corporation
Election of the Board of Directors Y2025-2026
Appointment of External Auditor Y2025
Other Matters
Adjournment

Only stockholders of record at the close of business on May 24, 2025, Saturday, shall be entitled to notice of and to vote at the meeting. If you cannot personally attend the meeting, you may opt to send your proxy to attend in your behalf. Kindly submit your proxy form with the undersigned, via email, at ace.malolos.doctors@gmail.com not later than 5:00 p.m. on June 23, 2025 to enable your proxy to register in the Zoom Webinar. Attached is a sample proxy form for your reference. [NOTE: Management is not soliciting proxies.]

The meeting shall be recorded (visual and audio) for future reference.

The Information Statement and Management Report and SEC Form 17-A are available at the Corporation’s website www.acemalolosdoctors.com

You may contact the undersigned via email at ace.malolos.doctors@gmail.com or call 044-8167698 if you have inquiries/concerns regarding the meeting.

Very truly yours,

(Original signed)
LUZCIELO M. ROXAS, MD
Corporate Secretary

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Hotel101 says Madrid project named official partner for F1 Spanish Grand Prix

June 10, 2025 | 12:04 am

HOTEL101 Global Pte. Ltd. said its project in Madrid has been named the official hotel partner for the Formula 1 (F1) Spanish Grand Prix from 2026 to 2035, under a deal with global sports hospitality company MATCH Hospitality.

Hotel101-Madrid signed a 10-year agreement with MATCH Hospitality on June 6, Hotel101 said in an e-mail statement on Monday. MATCH Hospitality is the official hospitality provider for the Spanish Grand Prix.

Under the agreement, Hotel101-Madrid and MATCH Hospitality will deliver accommodation experiences for attendees of the 2026 F1 event and beyond. The two parties will work to ensure seamless integration of premium lodging services with the event’s VIP and hospitality offerings.

MATCH Hospitality is known for managing hospitality programs for global sporting events such as the FIFA World Cups and the F1 British Grand Prix. It has a €400-million investment in the Spanish Grand Prix.

“This partnership marks a significant milestone in our mission to establish Hotel101 as a leading global hospitality brand,” Hotel101 Global Chief Executive Officer Hannah Yulo-Luccini said.

Construction of the 680-room Hotel101-Madrid is set for completion in the fourth quarter, in time for the inaugural Madrid Grand Prix in June 2026. The property is located on a 6,593-square-meter site in Valdebebas, Madrid.

The hotel’s amenities include an all-day restaurant, pool, gym, children’s playground, 24/7 reception, business center, function rooms, and a proprietary app for seamless guest experiences — from digital check-in to personalized service requests.

Hotel101 Global is slated to list on the Nasdaq Stock Exchange this month, after the United States Securities and Exchange Commission declared its Form F-4 effective on June 2. It is the hotel subsidiary of Philippine-listed investment holding company DoubleDragon Corp. (DD).

Upon listing, the combined company will operate as Hotel101 Global Holdings Corp. and trade under the ticker symbol “HBNB.”

Once listed, Hotel101 will become the first Filipino-owned company to be listed and traded on Nasdaq.

DD shares fell by 4.38% or P0.60 to close at P13.10 each on Monday. — Revin Mikhael D. Ochave

Stranger Things play wins Tony Awards, setting stage for TV series finale

June 10, 2025 | 12:03 am

NEW YORK — With bloody body contortions, booming blasts and brooding high school angst, Stranger Things: The First Shadow, based on the 12-time Emmy-winning Netflix science fiction series Stranger Things, took home Tony Awards on Sunday for best scenic design, lighting design and sound design of a play along with a special award for its illusions and technical effects.

Miriam Buether, the scenic designer for Stranger Things: The First Shadow reflected on the journey of creating frightening moments on stage.

“We love scaring people,” she said backstage at the ceremony hosted by Wicked film star Cynthia Erivo.

The play, directed by Stephen Daldry, was nominated for five Tony Awards in total, including best performance by an actor in a leading role in a play for Louis McCartney for his performance as Henry Creel, the younger version of the main antagonist of the Stranger Things series who is later called Vecna.

Stranger Things: First Shadow is one of the expansions of the Stranger Things universe created by brothers Matt and Ross Duffer, who announced the launch of Upside Down Pictures in 2022, marking an overall deal with Netflix that will also include a live-action Stranger Things spin-off series.

The series has spawned video games, cosplay, in-person immersive experiences and merchandise licensing deals, including the January 2025 deal with the company behind the popular Squishmallow plush toys.

Last month, at Netflix’s globally livestreamed fan event called Tudum Live, it was announced that the Stranger Things TV series would have a fifth and final season split into three parts, with part one on Nov. 26, part two on Dec. 25, and the series finale on Dec. 31.

The final season of Stranger Things was delayed by dual Hollywood strikes in 2023.

Stranger Things, the story of a group of adolescent friends in rural Indiana in the 1980s who battle creatures from an alternate dimension called the “Upside Down,” premiered on Netflix in 2016 and became a smash hit created by the Duffer brothers for the streaming platform.

The play, produced by the Duffer brothers, takes audiences back in time to 1959, two decades before the period explored in the TV show.

Jim Hopper and Joyce Maldonado — adult characters in the TV show — are seen as high school classmates with normal teen concerns about cars and classes until a new student named Henry arrives.

Henry Creel is an odd and troubled boy who holds the future of the small town of Hawkins, Indiana in his hands.

The New York cast includes Harlem actor Burke Swanson as Jim Hopper, Shameless actor Alison Jaye as Joyce Maldonado and Mr. McCartney as Henry Creel, who reprised his role after being in the London production.

The monster-filled play debuted in London in 2023 at the Phoenix Theatre and made its New York Broadway debut in March 2025 at the Marquis Theatre. — Reuters

RCBC looks to raise at least P3 billion from sustainability bond offer

June 10, 2025 | 12:03 am

RIZAL COMMERCIAL Banking Corp. (RCBC) is looking to raise at least P3 billion from an offering of peso-denominated sustainability bonds this month, marking its return to the domestic debt market after over three years.

The listed bank will offer fixed-rate sustainability bonds with a tenor of two years and six months, it said in a disclosure to the stock exchange.

“The bank plans to offer a minimum of P3 billion, with the option to upsize,” RCBC said.

“The funds to be raised from the offer will be used to finance or refinance, in whole or in part, the eligible green and social categories as described in the bank’s Sustainable Finance Framework,” it added. “The bank continues to raise funding to be allocated for sustainability assets reinforcing its commitment to a greener and more sustainable future.”

The public offer is set to start on June 25 and will run until July 9, but RCBC said the timing is still subject to “final management determination, market, and other conditions.”

The bonds are expected to be issued and listed on the Philippine Dealing and Exchange Corp. on July 17.

“The bonds are intended to be issued as sustainability bonds under the ASEAN Sustainability Bond Standards subject to confirmation from the Securities and Exchange Commission (SEC). The bank has applied with the SEC for an ASEAN label to the sustainability bonds under the ASEAN Sustainability Bond Standards, and while it expects to receive such confirmation, there is no assurance that such confirmation will be obtained,” RCBC said.

The bond issuance will mark the eighth drawdown from RCBC’s P200-billion bond and commercial paper program, which was approved by its board in 2019 and upsized in 2022.

RCBC tapped Standard Chartered Bank (SCB) and RCBC Capital Corp. as the joint lead arrangers and bookrunners for the transaction.

SCB will also be a selling agent, along with RCBC.

RCBC last issued peso bonds in February 2022, raising P14.75 billion from the sale of 2.25-year ASEAN sustainability bonds.

The bank has raised P86.8 billion out of its P200-billion bond and commercial paper program, it said last month.

RCBC President and Chief Executive Officer (CEO) Eugene S. Acevedo said in November that the bank wants to tap both the onshore and offshore debt markets on a regular basis regularly starting this year as part of their new funding strategy to establish a constant presence in the capital markets.

Mr. Acevedo is set to retire within this year. RCBC Deputy CEO Reginaldo Anthony B. Cariaso, who was appointed to his post effective Jan. 1, is set to succeed him.

RCBC’s attributable net income rose by 10.26% year on year to P2.43 billion in the first quarter, driven by consumer loan growth.

Its shares dropped by five centavos or 0.2% to close at P25.10 each on Monday. — A.R.A. Inosante

Growing beyond the center: Innovation and investment in the regions

June 10, 2025 | 12:03 am

person holding smartphone beside tablet computer — STOCK PHOTO | Image by Blake Wisz from Unsplash

Economic development in the Philippines has long been concentrated in Metro Manila. The cities in the metropolis benefit more from advanced infrastructure, larger markets, and proximity to decision-makers, all of which attract business investments. But as the country works toward more balanced and inclusive growth, we are seeing promising signals from regional areas, driven by technology, entrepreneurship, and shifts in how Filipinos learn and work.

While urban hubs will continue to be important growth drivers, the rise of innovation outside Metro Manila is helping lay the groundwork for a more decentralized and resilient economy. This shift distributes opportunity more equitably and creates new pathways for investment.

REGIONAL STARTUPS ON THE RISE
A recent ecosystem mapping report conducted in partnership with the Department of Science and Technology has highlighted a significant increase in startup activity outside Metro Manila. While the National Capital Region remains the primary hub for startups, cities such as Iloilo, Davao, and Cagayan de Oro are increasingly contributing to the country’s innovation economy. These regional centers benefit from growing access to incubators, accelerators, academic institutions, and support from local government units (LGUs).

One example is Peddlr, a mobile point-of-sale app built for micro-retailers, such as sari-sari (sundry) stores. Based in Samar, Peddlr allows small entrepreneurs to track sales, manage inventory, and access financial tools through their phones. Since its launch, Peddlr has raised over $5 million and reached hundreds of thousands of users. Its growth demonstrates that successful innovation can happen outside traditional business hubs.

Another regional initiative, Rezbin from Iloilo, is using gamification and smart recycling bins to promote sustainability. Users receive points for properly segregated waste, while the system gathers data for LGUs to better manage solid waste. These ventures are rooted in local realities and address real community needs with practical, tech-enabled solutions.

Both Peddlr and Rezbin were named winners of R.G. Manabat & Co.’s (KPMG in the Philippines) Global Tech Innovator (GTI) competition, underscoring the strength and promise of startups emerging from the various regions.

ECONOMIC OPPORTUNITY THROUGH DECENTRALIZATION
The rise of startups from regions outside Metro Manila highlights the potential of decentralization as a powerful strategy for inclusive economic growth. These ventures support sustainability, aid local job creation, strengthen supply chains, and stimulate consumer activity, bringing economic vibrancy to areas that have had relatively limited access to capital and resources.

Founders based in the provinces often have a strong connection to their communities, which can translate into grounded business approaches and a long-term commitment to their local ecosystems. Their success encourages others in their area to explore entrepreneurship, creating a ripple effect of innovation and economic opportunity.

Investment capital has traditionally concentrated in urban centers where startup ecosystems are more established. However, there is growing recognition among investors of the value in exploring opportunities beyond these hubs. By considering factors like local impact, scalability, and digital readiness, investors are beginning to identify promising startups in regional areas. These ventures contribute to a more balanced and resilient economy by expanding the reach of innovation and economic activity.

A SHIFT IN LEARNING AND WORKING MODELS
Technology is also reshaping how Filipinos access education and employment. Hybrid learning and remote work arrangements have allowed more people to build skills and careers from anywhere in the country. This is helping to level the playing field, particularly for those who previously had to move to the city for work or upskilling opportunities.

Universities in the provinces are increasingly partnering with business organizations to offer programs in data analytics, entrepreneurship, financial literacy, and digital transformation. The rise of coworking spaces and local startup communities also provides young founders with access to resources that used to be available only in Metro Manila.

This shift allows more people to participate in the digital economy without having to uproot themselves. As a result, innovation becomes more inclusive, with ideas and talent coming from a broader range of backgrounds and experiences.

BUILDING AN ENABLING ENVIRONMENT
Sustaining this momentum requires a supportive ecosystem. The government, private sector, and investors must work together to provide not only the necessary infrastructure but also mentoring, capacity-building, and funding. Better connectivity, smarter policies, and more localized programs will help regional ventures grow and integrate into the national economy.

Government agencies can play a key role by streamlining business registration, improving access to digital tools, and fostering data-driven governance. Private sector partnerships with schools and LGUs can help develop future entrepreneurs. Investors must also be willing to support early-stage ventures outside familiar tech corridors that show strong potential.

Decentralization is not about shifting everything away from the cities, but about ensuring that economic progress is accessible to more people, wherever they are.

Business organizations, like the Management Association of the Philippines (MAP), also play an important role in supporting this shift. By fostering collaboration among industry leaders, government, and startups, MAP helps build the enabling environment that regional ventures need to grow.

Through initiatives, such as the MAP x KPMG Technology Summit taking place on June 17 at Shangri-La The Fort, MAP and R.G. Manabat & Co. are creating platforms for dialogue and connection. The event will feature discussions on digital transformation, data and analytics, cybersecurity, data privacy, and innovation. It will also recognize outstanding ideas and talent through the awarding of the KPMG in the Philippines Academic Innovation Challenge and the GTI winners.

These efforts reflect a shared commitment to empowering innovation across the country and to building a future where growth is inclusive, sustainable, and accessible to all.

Michael Arcatomy “Mike” H. Guarin is a member of the MAP Committees on Energy, Governance, and Health. He is partner for Advisory of KPMG R.G. Manabat & Co.

map@map.org.ph

mguarin@kpmg.com

SEC eyes to widen use of AI to boost capital markets

June 10, 2025 | 12:03 am

THE Securities and Exchange Commission (SEC) is seeking to expand the use of artificial intelligence (AI) in its operations to enhance investor protection and strengthen the domestic capital markets.

“We also see AI playing a growing role in our work — improving our ability to detect fraud, assess risk, and promote financial inclusion,” SEC Commissioner Javey Paul D. Francisco said during an event in Makati City on Monday.

“AI can help us direct capital toward sustainable enterprises, enhance market integrity, and protect investors more effectively than ever before,” he added.

Mr. Francisco said the SEC remains committed to promoting responsible and ethical practices as it pushes for broader adoption of AI.

“Innovation must go hand-in-hand with responsibility. As we hope to integrate AI into financial markets, the SEC remains committed to promoting ethical investments and strengthening disclosure standards — especially on issues of governance, equity, and human rights,” he said.

“This will be critical as we strive to build not just smarter markets — but more inclusive and humane ones,” he added.

Last week, the SEC launched the SEC AInnovation platform, designed to assist the public in understanding and navigating SEC-related laws and policies in real time.

Leveraging natural language processing, the platform’s chatbot interface can interpret user queries in multiple languages — Filipino, English, Bisaya, or even French — and provide clear, accurate, and simplified responses.

“This initiative is all about breaking barriers and making our services faster, smarter, and more accessible to everyone — not just in the Philippines, but all over the world,” Mr. Francisco said.

“This system is built to communicate the way you do, breaking language barriers and making sure that everyone feels heard and understood,” he added. — Revin Mikhael D. Ochave

Netflix Tudum fan event reflects studio investment in global streaming

June 10, 2025 | 12:02 am

LOS ANGELES — Netflix continues to add more live content for viewers hungry for real-time entertainment, including the Tyson vs. Paul boxing match, National Football League games, and, most recently, the Tudum live fan event that showcased upcoming TV shows.

“This is the first time we’ve done the show in this way, a live format,” Shelly Gillyard, vice-president of series marketing for the US and Canada, told Reuters at the Netflix Tudum fan event last Saturday.

“Previous years was on the ground fan activations,” Ms. Gillyard added.

Tudum is named after the sound that plays before each Netflix movie and series.

For Netflix, it was important to ensure that they were incorporating talent from all over the world for the global fan event.

More than 100 Netflix stars and creators appeared in the show hosted by actor Sofia Carson, who starred in the airport thriller Carry On.

The first two Tudum events took place in São Paulo, Brazil, in 2020 and in 2023. However, for 2025, it was relocated to Los Angeles, California.

The 2020 Netflix Tudum in Brazil drew 50,000 people in four days and the post-COVID numbers for the 2023 Brazil Tudum were 35,000.

Ms. Gillyard said the live event could take place somewhere else in the future and Netflix is focused less on where it is held and more on making it available globally.

With major titles like Squid Game, Stranger Things, Wednesday, and Emily in Paris, combined with a performance by Lady Gaga, the streamer capitalized on fan interest.

One of the largest draws for viewers was the premiere date announcements for Emmy award-winning series Stranger Things.

The livestreamed event revealed that Stranger Things will have a fifth and final season split into three parts, with part one on Nov. 26, part two on Dec. 25, and the series finale on Dec. 31. — Reuters

Mixed bag so far for PHL property market and what to expect beyond 2025

June 10, 2025 | 12:02 am

THE SUSTAINED pace of economic expansion makes the Philippines one of Southeast Asia’s bright spots. Consumer spending slowed in 2024 but the tempering inflation as well as the implementation of interest rate cuts should provide a boost to the household expenditure-led Philippine economy. The Philippines should benefit from economic pump-priming activities to be facilitated by direct and spillover impacts of election spending this year.

Office leasing in Metro Manila continues to see challenges, but it is important to note that pre-leasing in Metro Manila office is back.

Lower interest rates should help raise appetite for more residential projects, especially for horizontal developments outside Metro Manila. Developers should continue offering attractive payment terms.

The retail segment remains strong, with foreign brands expanding across the country and mall operators reporting the consumer traffic now is even stronger than pre-pandemic footfall.

Q1 2025 GDP BELOW GOV’T FORECAST
The Philippine economy grew by 5.4% in Q1 2025, below the projections set by the government and private sector analysts. The government’s economic planning department said the Philippines needs to grow by an average of 6.2% in the next three quarters to meet the lower-end of the government’s target of a 6%-7% GDP growth.

Colliers believes that an accelerated economic expansion for the remainder of 2025 should help support the property sector’s growth.

CENTRAL BANK RESUMES RATE CUTS AS INFLATION REACHES FIVE-YEAR LOW
The Bangko Sentral ng Pilipinas (BSP) or central bank reduced its policy rate by 25 basis points (bps) to 5.5% in April as inflation continues to ease. Analysts are projecting that the central bank will likely reduce rates by another 50 bps for the remainder of the year and this should have a positive effect on household spending.

Meanwhile, inflation slowed for the fourth consecutive month in May at 1.3%, the lowest since the 1.2% in November 2019. Average inflation reached 1.9% as of 5M 2024, below the government-projected full-year target of between 2% and 4%. Tempered inflation should eventually result in lower interest rates and this should prop up consumer appetite for the remainder of the year.

RESIDENTIAL: THE SHIFT FROM HEADWINDS TO TAILWINDS
The Philippine property market has been seeing some green shoots of recovery the past few quarters. As we always highlight at Colliers Philippines, the residential market outside of Metro Manila records strong take up, especially in key localities such as Cebu, Bacolod, Iloilo, Davao, Pampanga, Bulacan, Cavite, and Laguna.

While the condominium market within Metro Manila sees challenges, developers have been very aggressive in offering ready-for-occupancy (RFO) promos and these have been lifting take up for units either for long-term lease or sale. The results of our most recent briefing polls indicate that the preference for condominium units has been picking up, indicating that the RFO promos being launched and offered by developers left and right are bearing fruit.

Colliers believes that it is not all doom and gloom for the Metro Manila residential market. Developers have been launching fewer pre-selling units as they remain aggressive in introducing new residential projects in competitive localities outside of the capital region. Recovery will focus around launching the ideal residential product at the right location with a viable price and favorable terms.

RETAIL: FASTER THAN EXPECTED RECOVERY
It is obvious that the Philippine retail sector is getting back to full health from the establishment of new foreign retail brands to the expansion of existing brands, there’s no doubt that physical mall space take up has been reverting to pre-covid levels, resulting in lower Metro Manila retail vacancy and recovery in lease rates, especially in the more established business hubs that are recording brisk recovery.

Colliers is projecting mall vacancy to revert to pre-covid level by end-2026, indicative of Filipinos’ rising propensity to shop inside physical malls.

More malls have been lined up for completion beyond 2025 and these will also be located in thriving localities outside of Metro Manila. This proves that foreign brands are keeping an eye on key cities for expansion outside the capital region.

To continue locking in retail opportunities, mall developers should ramp up efforts in offering refreshed retail spaces and explore the viability of housing more popular retail segments that also absorb humongous retail space, including brands from home furnishing and personal accessory segments.

Joey Roi Bondoc is the director and head of research of Colliers Philippines.

joey.bondoc@colliers.com