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Food-to-infrastructure giant San Miguel Corp. (SMC) has listed close to P49 billion worth of preferred shares at the Philippine Stock Exchange (PSE), the first-ever preferred share exchange offer by a private company alongside a public offer in the country.

SMC’s P18.86-billion exchange covered its Series 2-P, 2-Q and 2-R preferred shares, allowing holders of its Series 2-J and 2-K shares to swap their investments.

The switch, however, was done on a one-for-one basis, instead of waiting for redemption in the future.

SMC said the exchange provides investors with greater flexibility and liquidity. It also introduces another innovation in a capital market that is traditionally limited to straightforward redemptions.

A total of 251.47 million shares were tendered during the exchange, composed of 173.76 million Series 2-J and 77.71 million Series 2-K shares. SMC still has 92.91 million Series 2-J and 106.19 million Series 2-K shares for redemption on Oct. 29 and Dec. 10, respectively.

Likewise, SMC launched a public offer of preferred shares worth P30 billion, made up of Series 2-S, 2-T and 2-U.

The offer is divided into P20 billion in base offer and P10 billion in oversubscription option, of which shares are priced at P75 a piece and which was fully subscribed.

SMC said the twin offer forms part of the conglomerate’s strategy to prepare its capital structure for long-term growth.

SMC said it wants to give investors more platforms wherein they can participate in its growth. SMC is one of the country’s largest conglomerates, with investments in industries considered critical to national development.

SMC will use the proceeds from the twin offer to refinance its short-term loans. It will also spend part of the gains for big-ticket projects, including the upgrade of the Ninoy Aquino International Airport (NAIA) and the construction of the New Manila International Airport (NMIA).

SMC’s project book is piled with capital-intensive projects like the P735.63-billion undertaking to put up the country’s largest airport, the NMIA, and the P170.6-billion rehabilitation of NAIA.

SMC handles some of the country’s biggest tollways such as the Subic-Clark-Tarlac Expressway and Skyway System, and is also engaged in food production and power generation, among others.

It was an evening of elegance and innovation as global beauty expert, DMark Beauty Corporation, under the leadership of its awe-inspiring CEO ‘beautypreneur’ Nikki Tang, hosted ‘Esplendor: The DMark Beauty Awards 2025’ at the Rigodon Ballroom of The Peninsula Manila in Makati City.

Attended by the country’s leading dermatologists and aesthetic pioneers, the gala celebrated excellence and collaboration in skin health and beauty innovation. From the Premio a la Innovación to the Premio de Excelencia, each recognition honored the visionaries shaping the future of dermatology.

In partnership with Cantabria Labs and its six pioneering ranges – Heliocare, Endocare, Neoretin, Iraltone, Biretix, and Skin Resist – DMark Beauty reaffirmed its commitment to redefining beauty, wellness, and beyond.

Where elegance meets flavor

The distinguished Inner Wheel Club of Manila (IWCM), the oldest of its kind in the Philippines and in Asia, marked its 77th induction and turnover ceremonies with much elegance and camaraderie.

Held at Manila House Private Club in Bonifacio Global City, Taguig City, the event installed award-winning fashion designer, image consultant, and author Delby Bragais as the president for 2025-2026, with the gracious turnover led by IWCM past president and Rotary Club District 3830 past district governor Dr. Mildred Vitangcol.

In her heartfelt acceptance speech, Delby highlighted her three-pronged focus on meaningful community service, strong branding initiatives, and sustainable legacy programs, ensuring that the club’s timeless commitment to ‘Service to Humanity’ continues to thrive.

Truly, this well-respected organization remains a proud home to women of substance, style, and service, who dedicate their time, treasure, and talent to uplifting lives, especially those of women and children.

The Department of Agriculture (DA) yesterday rolled out the P20-per-kilo rice program in Davao City to assist low-income households and support local farmers.

Agriculture Secretary Francisco Tiu Laurel Jr. led the launch of the program at the Bureau of Plant Industry in Barangay Bago Oshiro.

Implemented in coordination with the Kadiwa, Food Terminal Inc. and the National Food Authority (NFA), the low-cost rice program is now available in more than 376 areas across the country.

In Davao region, the affordable rice is accessible in Hagonoy, Bansalan and Digos in Davao del Sur; Panabo and Tagum in Davao del Norte, and Mati in Davao Oriental as well as in select local offices of the DA and NFA.

Tiu Laurel said the P20-per-kilo rice would strengthen national food security and ensure that every Filipino can have access to safe and affordable rice.

Authorities apprehended yesterday 39 people during a raid on a suspected love scam hub being run by foreigners in Malate, Manila.

Armed with a warrant to search, seize and examine computer data, operatives of the police Anti-Cybercrime Group (ACG) swooped down on three units of a condominium building where the suspects have been operating since last year.

Among the suspects are eight Chinese nationals and a Taiwanese citizen believed to be the leaders of the group, ACG director Brig. Gen. Bernard Yang said at a press briefing.

The other suspects are Filipinos, mostly women who are communicating with possible victims using fake accounts on dating apps.

‘The suspects are 20 to 40 years old,’ Yang said.

Thirty-six computers, 200 cell phones and 31 subscriber identity module or SIM cards were confiscated.

Police said they learned about the scam hub operations through an informant who told them that a group was running a highly organized multi-tiered cyberscam network utilizing romance and investment fraud.

Using artificial intelligence-enhanced social engineering tactics, Yang said the suspects would lure the victims to engage in online relationships.

Once they gain the victims’ trust, the suspects send links of fraudulent cryptocurrency platforms where the victims can invest their money.

The funds are then diverted through digital wallets and access devices.

Yang said among the victims are Americans and Europeans who lost their savings to the crime ring.

According to police, the arrested foreigners were previously affiliated with a Philippine offshore gaming operator, which was shut down after President Marcos banned POGOs.

‘These are disbanded POGO operators who formed smaller groups and engaged in guerrilla-type operations,’ Yang said.

Police said they are pursuing another foreigner tagged as the leader of the group.

Charges of violation of the Securities Regulation Code, SIM Registration Act and Access Devices Regulation Act, all in relation to the Cybercrime Prevention Law will be filed against the suspects.

Property builder Cebu Landmasters Inc. (CLI) has started the construction of a P9-billion tower that would serve as the maiden site of what would be Cebu’s first Japanese-inspired residence.

CLI yesterday kicked off the construction of The Wave Towers, with the initial P9.2-billion project Nagomi, a partnership with NTT Urban Development (NTT UD) Asia.

The project sets off the rise of Cebu’s first Japanese-inspired residence, enhancing the province’s status as a property hub.

In coming up with the concept of The Wave Towers, CLI formed a joint venture called CLI NUD Ventures Inc. along with NTT UD Asia. CLI chairman and CEO Jose Soberano III said his firm has combined its expertise with NTT UD Asia in pursuing the project.

CLI NUD Ventures consulted Japanese designer Nikkei Sekkei Ltd. in drawing up the project, as it wants The Wave Towers to embody the balance and precision of Japanese architecture. CLI is combining these Japanese aesthetics with Filipino warmth in building The Wave Towers.

Likewise, the project is co-designed by engineering company SY^2 Plus Associates Inc., one of the country’s leaders in structural development, assuring that the towers meet global standards on safety.

‘This partnership brings to life a shared vision, one that combines innovation, craftsmanship and respect for culture and community,’ Soberano said.

Based on CLI NUD Ventures’ plan, the first tower will be made up of 40 floors and 409 units, each of which will be equipped with a modern kitchen, built-in storage and glass-enclosed bathrooms.

The two- and three-bedroom units feature a multipurpose room and shoe cabinets to emulate the makings of a Japanese home. All units in the tower also come with intercom systems and smart locksets for safety and security.

Nagomi will be developed with a commercial podium, dedicated parking, five elevator sets and a 1.8-meter hallway. The tower’s sixth floor will offer a spa, pool, gym and a kids’ play area.

Three organizations representing government employees and retirees have expressed full support for the leadership of the Government Service Insurance System under president and general manager Jose Arnulfo ‘Wick’ Veloso, citing transparency, sound financial management and continued engagement with members.

The Philippine Government Employees Association (PGEA) with over 600,000 members, Philippine Alliance of Retired Educators (PARE) with 280,000 members and GSIS Retirees Association Inc. (GRAI) each conveyed their confidence in the direction the GSIS is taking amid recent public discussions regarding its investments and governance.

In respective statements and meetings with Veloso, the groups emphasized that they have personally witnessed the institution’s openness and responsiveness to the concerns of its members and pensioners.

‘We saw how Veloso carefully managed (the GSIS) and his honest service to government workers,’ said PGEA president Esperanza Ocampo.

The PARE, led by former Department of Education undersecretary Jesus Mateo and founder Abigael Ignacio, also met with Veloso and other GSIS officials to discuss the concerns of retirees, including dividends, pension increases and Christmas cash gifts.

‘We want to be your advocate in letting everyone know that GSIS is strong and stable,’ Mateo said, adding that the group will help disseminate accurate information about its programs and financial standing.

The GRAI also conveyed its ‘100 percent support’ for Veloso and the GSIS management, recognizing that prudent investments are essential to sustaining the fund for future generations.

‘We know that GSIS needs to invest because contributions alone are not enough to sustain the benefits of all members,’ the group said.

Veloso told the groups that reports of losses are false, as he noted that the GSIS remains financially strong as guided by the principles of safety, liquidity and yield.

He added that all investment decisions undergo multiple levels of review.

Veloso assured the groups that GSIS exercises prudence and continues to place the majority of its funds in risk-free instruments such as government securities and member loans.

‘We value the trust of our members and pensioners. That is why we welcome opportunities to clarify issues directly and explain the facts,’ Veloso said.

He noted that the recent appointment of new GSIS trustees has strengthened teamwork and stability within the institution, allowing governance and management to move forward with a shared focus on member welfare.

During the dialogue with PARE, newly appointed trustee Cenon Audencial Jr. expressed his commitment to supporting the retirees.

According to Veloso, the dialogues form part of GSIS’s continuing efforts to maintain open communication with stakeholders.

‘We thank our partners in the public service community for their continued trust and collaboration. Together, we can ensure Ginhawa for All,’ Veloso said.

Muay’s John Brix Ramiscal and Tyron Jamborillo and mixed martial arts’ Travis Ratcliff earned a shot at a potential gold medal in their respective sports yesterday in the 3rd Asian Youth Games at the Exhibition World Bahrain here.

Ramiscal and Jamborillo blew away the opposition in finishing with the best score of 9.07 in the boy’s mai muay duo that ensured them of at least a bronze and one of the four spots’ in tomorrow’s finals where they would have a crack at the gold.

For the 17-year-old Ratcliff, he made the finals without breaking a sweat after Tajikistan’s Osimi Begmuodzoda did not make the weight in the semifinals of the boys’ 60-kilogram class in traditional MMA.

The Calatrava, Negros Occidental native would battle it out for the gold tomorrow with the winner between Satria Eka Suryo of Indonesia and Amirmohammad Hatamianafshari of Iran.

Interestingly, Ratcliff’s sister, Charlie, was fighting for a finals slot against Kazakhstan’s Anelya Tsoy in the girls’ 45kg modern MMA as of presstime.

Another Filipino in Alexander Tagure Jr. wasn’t as fortunate though after losing to Uzbekistan’s Avaz Anbvarov submission-neck and settled for a bronze.

Motorists should brace for an increase in fuel prices next week, triggered by ongoing geopolitical tensions.

Oil industry experts project a potential per-liter price hike of P0.60 to P0.80 for gasoline, P1.20 to P1.40 for diesel and around P0.80 for kerosene.

The estimates reflect the trading results in the Mean of Platts Singapore – a pricing benchmark used for refined petroleum products – over the past four days.

Final price adjustments will be announced on Monday and will take effect the following day.

‘Oil soars on prospects of new US sanctions on Russian oil companies – Rosneft and Lukoil – over the war with Ukraine, as announced by President Trump,’ Rodela Romero, assistant director at the Department of Energy’s Oil Industry Management Bureau, said.

This followed Trump’s failed attempt to broker a peace deal with Russian President Vladimir Putin to end Russia’s three-and-a-half-year-long conflict with Ukraine.

‘Unresolved issues between Russia and Ukraine increase geopolitical risks,’ Romero said.

Jetti Petroleum president Leo Bellas said this development could result in ‘tighter physical flows of Russian oil.’

Farm Fresh sets out today in pursuit of a fourth straight victory against one of the most formidable teams in the PVL Reinforced Conference.

The surging Foxies put their unbeaten run on the line when they collide with the PLDT High Speed Hitters in the 4 p.m. main game of a weekend double-header as the league returns to the Ynares Center in Montalban, Rizal.

After impressive wins over Nxled, Cignal and Capital1, the Foxies have shaken up the Pool A race. Though many observers note that Farm Fresh has yet to face the league’s powerhouse squads, the team remains determined to prove it belongs among the elite.

With explosive import Eli Rousseaux leading the charge, the Foxies have made significant strides early in the conference organized by Sports Vision, mirroring the way the ZUS Coffee Thunderbelles have stamped their dominance in Pool B.

ZUS Coffee passed its toughest test yet on Thursday, stunning defending champion Creamline in four sets to all but secure a Top 3 spot heading into the second round of preliminaries.

Farm Fresh now hopes to follow that blueprint – toppling a fancied squad to gain both recognition and momentum.

And with the High Speed Hitters suddenly showing cracks in their once-vaunted armor, the Foxies enter the match brimming with confidence.

PLDT is still reeling from a shocking straight-sets loss to Cignal last Tuesday – a defeat that ended their 15-game winning streak and two-title run (PVL On Tour and Invitational). The upset was even more remarkable as the Super Spikers played all-Filipino following the management’s decision to part ways with import Eva Chantava due to underwhelming performances.

Led by Erika Santos, Ishie Lalongisip, Tin Tiamzon, Roselyn Aquino, Jackie Acuña and playmaker Gel Cayuna, Cignal took control early and never looked back, snapping both its own skid and PLDT’s dominance.

Now, the Foxies are eyeing a similar breakthrough. With Rousseaux, Trisha Tubu, Ces Molina, Rizza Cruz, Lorene Toring and setter Alohi Robins-Hardy firing on all cylinders, Farm Fresh believes it has what it takes to bring down the mighty High Speed Hitters and keep its winning streak alive in the year-ending tournament backed by ICTSI, Milcu, Mikasa and Fabriano.

But the proud PLDT side is just as eager to bounce back and spark another run – one that could lead to yet another title campaign. Expect nothing less than a high-intensity battle from the opening serve to the final rally.

Import Nastya Bavykina looks to atone for her quiet 10-point outing against Cignal, while Savi Davison, Majoy Baron, Kim Dy, Alleiah Malaluan, Dell Palomata and Jovie Prado are all raring to reassert their strength and restore PLDT’s winning form.

Meanwhile, Cignal aims to build on its resurgence when it faces Nxled, still winless in three starts, in the 2 p.m. opener.

An octopus electrical connection is being eyed as the possible cause of the fire that struck the Bureau of Research and Standards building of the Department of Public Works and Highways (DPWH) in Quezon City on Wednesday, according to the National Bureau of Investigation.

NBI Director Jaime Santiago said investigators found hazardous and improperly used extension cords as well as electrical wires at the scene.

‘The supposed octopus connection exploded,’ Santiago said, adding that faulty wiring was located inside an office socket.

Santiago, however, did not rule out arson pending the probe outcome.

He said the third floor of the Bureau of Research and Standards building sustained the heaviest damage.

Several computers and office equipment were destroyed, but the total number of affected items has yet to be determined as arson investigators have not completed processing the area.

Santiago said he deployed forensic chemists to examine debris and burned materials to check for possible traces of flammable substances.

A team from the NBI was expected to return to the site yesterday to conduct a joint electrical inspection with the Bureau of Fire Protection.

‘The investigation will determine if negligence was involved or if it was purely an accident,’ Santiago said.