The deal earlier struck by sovereign wealth fund Maharlika Investment Corp. to buy into National Grid Corporation of the Philippines (NGCP), the country’s privatized electricity superhighway, hasn’t been consummated more than a year after document signing.
And most likely, President Marcos will finish his term without the state getting a foothold in this much-coveted energy infrastructure.
‘They didn’t come back to us. Pataas ng pataas presyo (Share prices have been rising) but they didn’t come back anymore,’ said Henry Sy Jr., chair of NGCP parent firm Synergy Grid and Development Phils. Inc.
When Maharlika signed the agreement to acquire 20 percent of NGCP-purportedly to give the government greater influence in a critical infrastructure where a Chinese entity is a part-owner-Synergy (under the ticker GSP) was trading at just P10.98 per share at the stock market. To date, its share price has surged to P25.50 per share, which means the value of the stake committed to the government would have more than doubled in value.
But with the Marcos administration getting preoccupied with so many other concerns since then, including the flood-control corruption scandal and the political headwinds from the arrest of former President Rodrigo Duterte and the impeachment trial of Vice President Sara Duterte, it seems that closing the NGCP deal has now become the least of Malacanang’s priorities.
The deal would have been the crown jewel of Maharlika, which was incepted in 2023 and soft-launched during Mr. Marcos’ trip to Davos, Switzerland on the sidelines of the World Economic Forum.
After all, it’s a solid, high dividend-yielding infrastructure that would have set the tone for Maharlika’s investing activities.
From what we hear, the last time that Maharlika officials had spoken to NGCP counterparts was last year.
Like a groom ghosting a bride who was reluctant in the first place? It sounds like the deal is dead in the water. -Doris Dumlao-Abadilla
No done deal yet for VistaREIT
VistaREIT Inc. has no new asset deal to put in its shopping bag-at least, no definitive one.
The Villar-led real estate investment trust responded to reports concerning Vista Land and Lifescapes Inc.’s property plans, saying there was no definitive transaction involving the transfer or infusion of such assets into VistaREIT.
In a Thursday disclosure, the company said it was ‘not in a position to comment’ on reported transfers of properties owned by Vista Land or its subsidiaries to other parties.
‘Additionally, there is no definitive transaction involving the transfer or infusion of such assets into VREIT. The company will make the appropriate disclosures to the exchange in accordance with applicable disclosure requirements,’ the company said.
The clarification followed reports about a possible sale of Vista Mall Santa Rosa for P8 billion and potential transfers of commercial properties into the listed REIT.
VistaREIT issued its response after the Philippine Stock Exchange sought confirmation of the reported information.
The company said it would make the appropriate disclosures to the exchange in accordance with applicable requirements.
For investors awaiting additions to VistaREIT’s property basket, the operative word remains ‘definitive.’ -Emmanuel John B. Abris
Acevedo fills Virata seat at RCBC
Rizal Commercial Banking Corp. (RCBC) named a successor to the late Cesar Virata, filling a post the former prime minister had held for more than a quarter of a century.
Retired RCBC president and CEO Eugene Acevedo was appointed vice chair of the bank, following approval by its board on Oct. 26. His appointment took effect the same day.
Acevedo, 62, already knows his way around the Yuchengco-led bank’s boardroom, having served as its director since July 2019. He retired as president and CEO of RCBC after a six-year tenure in 2025, and was succeeded by Reginaldo Cariaso.
Acevedo’s banking career spans 35 years, with senior positions at Union Bank of the Philippines, CitySavings Bank, Philippine National Bank and Citibank. His assignments have taken him to the Philippines, Singapore and Hong Kong.
The appointment follows Virata’s death on Oct. 2.
For Acevedo, the seat comes with a considerable legacy. -Emmanuel John B. Abris
Golden arrows, familiar targets
Some companies collect trophies. This batch is counting arrows-and keeping track of winning streaks.
PNB, Ayala Corp., DandL Industries, Century Pacific Food, Shakey’s Pizza Asia Ventures and three DMCI group companies earned recognition at the Institute of Corporate Directors’ Golden Arrow Awards on Oct. 23.
The awards use the Asean Corporate Governance Scorecard to assess shareholder rights, transparency, stakeholder engagement and board responsibilities.
PNB received four Golden Arrows for the fifth consecutive year.
Ayala, meanwhile, secured five Golden Arrows, the highest distinction, for the second straight year.
Nine other group companies also received awards, including BPI and Globe Telecom, which each earned five arrows.
Globe added a bigger milestone: five consecutive years of five-arrow recognition landed it in the Golden Arrow Hall of Fame.
DandL had its own streak to protect. The food ingredients and specialty chemicals manufacturer received three Golden Arrows for the second straight year, extending its run of governance recognition to seven consecutive years.
Over at Century Pacific Group, both Century Pacific Food and Shakey’s moved up to three Golden Arrows each from two last year.
Century Pacific Food, whose brands include Century Tuna and Argentina, cited board oversight of investments in dairy, coconut and pet food.
The DMCI contingent also brought home a haul: two arrows for DMCI Holdings, three for Semirara Mining and Power Corp. and two for Concreat Holdings Philippines. For Concreat, this marked its sixth overall governance recognition.
There’s plenty of hardware for the display shelves. The next scorecard will show who keeps their aim. -Emmanuel John B. Abris
Hogs in the limelight
As local hog raisers rallied to protest an influx of pork imports, the Department of Agriculture (DA) echoed an emotional letter of support to local producers, who have been bleeding from what they deem as ‘unfair competition’ from imports.
‘Hindi makatarungang malugi ang ating mga producer dahil sa hindi patas na kompetisyon (It is unfair for our producers to suffer losses because of unfair competition),’ Agriculture Secretary Francisco Tiu Laurel Jr. said in an open letter read by DA Undersecretary Asis Perez during the rally.
For the Samahang Industriya ng Agrikultura (Sinag), now is the right time to restore pork tariffs, stressing that the industry is running out of time.
‘Every day of delay gives imported pork an unfair price advantage, further depresses local farm-gate prices, and pushes Filipino hog raisers and the entire hog industry ecosystem closer to collapse,’ Sinag executive director Jayson Cainglet said.
‘The clock is ticking. Our hog raisers are losing money. The industry cannot wait,’ said Cainglet, noting that the ripple effect could also gnaw on feed suppliers, veterinary drugs and animal health industries. -Jordeene B. Lagare
New boss, same BPI playbook
Rising inflation and borrowing costs may be making life harder for borrowers, but Bank of the Philippine Islands (BPI) is not retreating from retail lending.
And that commitment is expected to survive the bank’s upcoming changing of the guard.
BPI may tighten its credit standards and step up collection efforts, but it has no plans to deliberately scale back its exposure to the higher yielding but riskier consumer segment.
‘We believe that the consumer is the growth area of this country,’ BPI president and CEO Jose Teodoro ‘TG’ Limcaoco told reporters on Monday on the sidelines of an event hosted by BPI Wealth.
‘An economy does not always go down. You go through cycles,’ he said. ‘And the consumer is powering this economy.’
That thinking is expected to carry over to BPI’s next chief, Maria Cristina ‘Ginbee’ Go, who will take over from Limcaoco next year.
Limcaoco, who has led the bank since 2021, acknowledged that Go would have her own way of running things, but he is betting she will keep the consumer banking business going strong.
‘And I don’t expect her to lead with my style. But I think she’ll do very well,’ he said. ‘I think she will continue to power the consumer banking.’ -Ian Nicolas P. Cigaral
Good news from new SSS chief
It’s official: Social Security System (SSS) members can keep their paychecks intact, for now.
At least that’s what newly appointed Social Security System (SSS) president and CEO Victor Limlingan is standing By:no ‘insensitive’ contribution hike on his watch.
To recall, SSS members were already hit with a contribution rate increase to 15 percent last year.
‘I have no plans of asking our lawmakers to increase contributions. Life is hard. A lot of our countrymen are barely earning enough to survive,’ Limlingan said in his first media briefing since his appointment last week.
‘There’s the war in Iran and there’s the Super El Niño. The central bank governor himself said that he expects inflation to be high. So, it’s very insensitive of us to try and increase contributions,’ he added.
For now, Limlingan is betting on SSS’ investments to keep the pension fund afloat as it heads toward its projected actuarial life until 2049, with its investment portfolio now at around P1.3 trillion.
As for another contribution hike? That can wait.
Limlingan said the SSS could revisit the issue in 2028 or 2030, hopefully when workers have a little more breathing room. -Nyah Genelle C. De Leon
Manila-Singapore express
The Philippine Stock Exchange (PSE) is looking to give local companies and investors a wider runway-with Singapore as the next stop.
The PSE and Singapore Exchange (SGX) have signed their most extensive collaboration agreement yet, setting the stage for possible depositary receipts, cross-listings and easier access between the two markets.
Also being explored are exchange-traded funds based on themes shared by both countries, derivatives and other products that could expand investment choices.
The exchanges will work with regulators and market participants to clear the operational and regulatory hurdles.
For companies, the partnership could open another route to capital and regional investors.
For investors, it could provide more ways to participate in the growth of both markets.
PSE president Ramon Monzon said the initiative sought to attract more investors and deepen market liquidity.
SGX Group CEO Loh Boon Chye, meanwhile, said stronger market links could make Southeast Asia’s growth story more accessible globally.
The deal was signed on the sidelines of the Asean Capital Markets Forum, as regional regulators push for more connected capital markets.