Category: Business Mirror

JDC One Acacia Corp., operator of JEG Tower in Cebu City, will source electricity from Vivant Energy subsidiary COREnergy for two years.

The parties recently signed a retail electricity supply (RES) contract, which allows a qualified contestable customer to buy commercial electricity directly from a licensed RES under Retail Competition and Open Access (RCOA) program of the government.

By transitioning to the RCOA framework, JEG Tower contracted 0.6 megawatt of energy capacity, while securing a fixed rate for the next two years and price stability for its commercial office building.

‘Electricity is fundamental to how we operate our building and serve our tenants,’ said Marivic Sembrano, JDC president. ‘By taking a more strategic approach to energy procurement, we’re able to better manage one of our major operating costs while continuing to provide a reliable, comfortable, and productive environment for the businesses that have chosen JEG Tower as their workplace.’

The agreement enables JEG Tower to secure predictable generation costs while gaining access to COREnergy’s customer portal, which provides daily and hourly load profiles, billing history, load factor, and historical generation charges. These insights allow building management to monitor energy consumption more effectively, make informed operational decisions, and identify opportunities to improve efficiency over time.

‘This partnership is particularly meaningful because it brings together organizations that share a longstanding commitment to serving Cebu’s business community,’ said Marko Sarmiento, COREnergy vice president and head of operations.

Through the RCOA framework, property owners are gaining greater flexibility to optimize electricity costs while improving how their buildings operate. JEG Tower’s partnership with COREnergy reflects this growing shift toward viewing energy not simply as a utility expense, but as a strategic investment that enhances building performance, supports tenant satisfaction, and strengthens long-term business competitiveness.

Vivant recently reported that its core profit fell by 19 percent year-on-year to P784 million due to market volatility in the first half.

Non-core losses, including subsidiary downtime, dragged the parent company’s net income down by 21 percent year-on-year to P757 million, despite offsetting foreign exchange gains and insurance payouts.

Consolidated revenues reached P7.6 billion at end-June this year, compared with P5.4 billion in the same period a year ago. Power generation sales, which remained the primary revenue source, jumped 53 percent to P6.3 billion, driven by six subsidiaries.

Cartographic Cinema, a collection of motion pictures which probe films as a lens through space, identity and emotion, will be screened for free at the Museum of Contemporary Art and Design (MCAD) of the De La Salle-College of Saint Benilde (DLS-CSB).

Part of the MCADxMoving Image program, it views culture, society and politics through the media of the moving image-from filmed performances and narrative experiments, to hybrid documentaries, video essays, and archival audiovisions.

Curated by professor and geographer Joseph Palis, the selection investigates films and maps as ‘powerful ideological tools that work in consort with one another,’ as Tom Conley, American scholar of literature, cartography, and film, stated in his book Cartographic Cinema (2007).

‘Whether maps are actually shown in films, or when films function as maps that situate the spectator to a landscape or space, films can be seen as an atlas that contains stories which clue the audience to the place, identity and emotion,’ Palis shared.

The lineup includes Central Station (1998), a road odyssey by Brazilian filmmaker Walter Salles; Good Bye, Lenin! (2003), a comedy-drama by German film director and screenwriter Wolfgang Becker; and Joint Security Area (2000), a thriller-mystery by Korean filmmaker Park Chan-wook.

The roster comprises films situated in the war trenches and demilitarized zones, post-socialist Berlin and the hinterlands of northeastern Brazil.

‘Each story contains the myriad lives that survive within these borders, as it interrogates how real or humanly constructed these borders are, and shows how a place can have meaning even in landscapes of despair or desolation,’ Palis added.

Palis teaches undergraduate and graduate courses at the University of the Philippines Diliman Department of Geography.

In addition to his research interests, which include countercartographies, geonarratives, island and archipelagic geographies, and cultural geography, he has likewise taught courses, such as cinematic geography and cartographic cinema. He currently serves as a co-editor of Palgrave Macmillan Pivot Series, which is devoted to media geographies.

Cartographic Cinema is free and open to the public.

It will be held at The Loop, 12th Floor of the Benilde Design + Arts Campus, 950 Pablo Ocampo Street, Malate, Manila.

The event will run from August 26 to 28, at 12 noon each day.

Megaworld Hotels and Resorts (MHR) will be welcoming two new managing directors to further drive the company’s growth strategy.

Industry sources told the BusinessMirror that the two managing directors are seasoned hotelier Socrates ‘Sonny’ S. Alvaro, who starts in September, and 31-year-old Marriott International veteran Anna Liza Vergara, who begins her stint in October.

The appointments were announced in a town hall meeting on August 13 and were confirmed by Alvaro and Vergara in separate messages to the BusinessMirror.

Asked if there could be any confusion on her co-management position with Alvaro, Vergara said: ‘No naman. We’ll have our own areas,’ without elaborating.

The two leaders have been brought in from within the Megaworld Corp./Travellers International group – both owned by the Andrew L. Tan-led Alliance Global Group Inc. – in place of Cleofe C. Albiso, who leaves her post at the end of August. She has been MD since September 2022.

Alvaro is currently the general manager of Belmont Hotel Manila, while Vergara is the GM of Sheraton Manila at the Newport City.

Also leaving at month’s end is Arturo P. Boncato Jr., MHR Group General Manager since April 2024. Aside from his stints in the private sector, Boncato is well-known for his posts in government, the last being Tourism Undersecretary from 2018 to 2020.

Announced as well, sources added, was the change in the name of MHR to Megaworld Global Hotels and Resorts.

The name change, scheduled for October, reflects the hospitality firm’s continued growth and expansion, as well as assertive moves in franchising global hotel brands, the sources added. The company currently has franchise agreements with the Accor Group and Marriott.

MHR recently opened Belmont Hotel Iloilo (405 keys) and Chancellor Hotel Boracay (554 keys), raising the number of its total rooms to some 8,700. It has seven brands across 15 properties in the National Capital Region, Batangas, Mactan in Cebu, Iloilo, and Boracay in Aklan.

Its homegrown brands also include Richmonde Hotel, Savoy, Kingsford, Hotel Lucky Chinatown, and Twin Lakes in Tagaytay, along with franchised brands Movenpick Mactan, Movenpick Westside (currently Grand Westside Manila Bay), and Courtyard by Marriott Iloilo.

In its recent investors briefing, Megaworld Corp. disclosed an 11 percent increase in MHR revenues to P3.1 billion, making the unit the fastest-growing recurring income segment for the parent firm in the first half of the year. These revenues helped lift Megaworld’s net income by 5 percent to P12.7 billion.

In celebration of History Month, Museo del Galeón at the SM Mall of Asia Complex will be open daily for 11 straight days from August 21 to 31, with 11% off regular Adult and Child admission.

Guests can journey through centuries of Philippine maritime history, explore the country’s rich seafaring identity, and discover the cultural exchanges shaped by the Manila-Acapulco galleon trade. At the heart of the museum is the Galeón Espíritu Santo, a full-scale representation of the historic vessel built in Cavite in 1603. Guests are welcome to board the vessel, walk its decks, and interact with immersive exhibits.

Located within the SM Mall of Asia Complex, Museo del Galeón adds to the destination’s diverse lineup of cultural, leisure, and lifestyle experiences. Your most loved mall, SM Mall of Asia continues to bring together attractions and experiences that give guests more reasons to visit, discover, and spend time at the complex, with Museo del Galeón offering a unique opportunity to explore the Philippines’ maritime heritage.

The offer applies to regular-priced Adult and Child admission tickets. The Child rate is available to guests under 18. The offer cannot be combined with other discounts or promotions.

Tickets may be purchased in advance at bit.ly/MuseodelGaleon. Walk-ins are also welcome.

Private-sector workers may refuse to report for work without facing administrative sanctions when severe weather or similar events pose an imminent danger to their safety and health, according to the Department of Labor and Employment (Dole).

The protection is contained in Labor Advisory No. 14, Series of 2026, which updates the rules on work suspensions during weather disturbances and other disruptive events.

Labor Secretary Francis N. Tolentino signed the advisory on Aug. 19 amid recent flooding and weather disturbances that have affected workers and communities nationwide.

Under the guidelines, workers who fail or refuse to work because of imminent danger arising from weather disturbances or similar occurrences cannot be subjected to administrative penalties.

Employers may also suspend operations when conditions threaten workers’ safety, in coordination with their safety and health committee, safety officer or another responsible company official.

However, the advisory does not automatically guarantee pay when work is suspended.

Employees who do not report because of a work suspension are generally not entitled to regular pay unless a company policy, established practice or collective bargaining agreement provides otherwise.

Workers may instead use accrued leave credits if their employer allows it.

Those who report for duty and work for at least six hours are entitled to their full regular pay.

Employees who render less than six hours will receive pay proportionate to the hours worked, unless more favorable company policies or practices apply.

Employers may also grant additional incentives or benefits to employees who still report for work during severe weather and similar disruptions.

Labor Advisory No. 14 updates guidelines issued in November 2025 covering workers exposed to imminent danger from disruptive events.

The earlier rules covered not only natural disasters but also industrial accidents and public health emergencies.

DOLE said the updated policy is intended to keep workplace safety protections in place during emergencies while allowing businesses to respond to disruptions.

DON’T ask Eumir Felix Marcial about his dream of winning an Asian Games gold medal next month, ask him instead about his eighth professional fight that’s scheduled on the very same day the games open on September 19 in Nagoya.

‘Let’s not talk about the Asian Games for the meantime,’ Marcial told the BusinessMirror on Thursday just hours after it was announced that he’ll be defending his World Boxing Council (WBC) middleweight international belt against American Omar Ulises Huerta at the Pechanga Arena in San Diego, California.

‘I’m extremely focused on this fight,’ added the 30-year-old two-time Olympian who owns a middleweight bronze medal from Tokyo 2020.

Marcial always expresses that although the Asian Games rank high in his priorities, a similarly intense dream to become a pro boxing world champion are that high, too.

‘There’s another regional belt that would be staked in this fight, and it could lead to my dream of fighting for a world title,’ he said. ‘It won’t be easy that’s why I must give my entire time and focus on this one.’

On Monday, Philippine Olympic Committee president Abraham Tolentino said Marcial remains on the list of boxers for the Asian Games and that with his fight set on September 19 and with a high confidence level that he’d win, he’ll have enough time for recovery because the boxing competitions in Nagoya start on September 24.

Tolentino said Marcial ranks as a gold medal potential-he settled for silver losing to a Chinese in the final last 2023 in Hangzhou-alongside Tokyo Olympics silver medalists Carlo Paalam and Nesthy Petecio, as well as Aira Villegas, who like Petecio, clinched bronze in Paris two years ago.

Marcial is now in deep training at the Knuckleheads Gym in Las Vegas under the tight watch of Reynaldo Galido, gold medalist at the Hiroshima 1994 Asian Games and a 1996 Atlanta Olympian.

His main trainer, American Kaye Koroma, is focused on improving the quality of the Zamboanga City pride’s power punches, speed, agility and ring smart-ingredients needed to beat Huerta, who similarly has a burning passion to become a world champion.

Huerta was on a winning streak in 15 fights-13 of his opponents he knocked out-until fellow American Vieto Mielnicki Jr. beat him via unanimous decision last April 11 in New Jersey.

That, according to Marcial, makes his opponent dangerous.

‘It’s going to be dangerous because he is coming from a loss after an undefeated streak,’ said Marcial, ‘and he’s got an experience.’

Marcial is 7-0 with four knockouts but his last fight was almost a year ago-October 29 in the ‘Thrilla in Manila II’ at the Smart Araneta Coliseum-and it was a controversial majority decision over Venezuelan Eddy Colmenares.

He was knocked down in that fight.

Marcial fought at the Bangkok Asian Games last December 19 and won the light heavyweight gold medal, 4-1, over Indonesia’s Maikhel Roberrd Muskita.

The Mandaue City Government will distribute security equipment to public schools and expand police visibility in and around campuses as part of efforts to strengthen protection against school violence.

According to the Mandaue City Public Affairs Office, the city will provide seven walk-through metal detectors, 50 handheld metal detectors and mobile phones that can be used for Zoom live streaming in public schools, Mayor Thadeo ‘Jonkie’ Ouano said following a multi-agency meeting on school safety on Wednesday, Aug. 19.

The meeting brought together the Mandaue City Police Office (MCPO), Department of Education-Mandaue City (DepEd-Mandaue), and various city government offices to discuss measures aimed at keeping students and school personnel safe.

Ouano directed the police to increase their presence in schools, particularly during periods when students are most vulnerable, including mornings, lunch breaks, afternoons, and night classes.

The mayor said stronger police visibility is necessary to deter incidents of violence and help ensure that students can exercise their right to learn in a safe environment.

The city also emphasized the need to remain prepared for violent incidents and other emergencies that could threaten students, teachers and other school personnel.

DepEd Mandaue said it continues to conduct information drives in schools on precautionary measures, including what students and school personnel should do in case of an active school shooting.

The department also noted that, following a June 24 meeting, Barangay Peacekeeping and Security Officers (BPSOs) have become more visible in schools within their respective barangays. Their presence is intended to help prevent unauthorized individuals from entering school premises.

Meanwhile, the Mandaue City Substance Abuse and Mental Health Services Office (SAMHSO) and the City Social Welfare Services Office (CSWSO) reported that they are strengthening programs and services for schools, particularly psychological interventions and other mental health support for students.

SAMHSO also plans to expand seminars for parents, with emphasis on effective communication with children and the use of positive parenting approaches.

The city government and concerned agencies also discussed the development of policies and procedures to further safeguard students and teachers while maintaining a peaceful, secure, and conducive learning environment.

Getting sick in the Philippines is no longer just a health concern. For many families, it has become a financial emergency.

This is one of the key findings of Cocolife Idea Hub’s 2026 Emergency and Medical Preparedness Study, titled Ready or At Risk?, which assessed how Filipinos prepare for medical emergencies and the financial challenges they face when illness strikes.

According to the study, only 1 in 6 Filipinos (16%) considered themselves truly prepared for a medical emergency. Nearly half said they felt uncertain or unprepared to manage the financial impact of unexpected hospitalization, suggesting a persistent gap in financial readiness among Filipino households.

The study also found that 62% of respondents had experienced at least one emergency room visit or hospitalization within the past year. For many, medical emergencies are no longer rare events but recurring experiences they must face.

However, financial safety nets remain thin. Sixty-four percent said their emergency funds would cover no more than three days of hospitalization. By comparison, data from the Philippine Institute for Development Studies (PIDS) estimates that the average inpatient stay lasts 5.18 days and costs around PHP82,000. This gap leaves families vulnerable to healthcare expenses that stretch far beyond their savings.

Beyond inpatient care, ongoing health costs add to the pressure. Seven in 10 respondents visit a doctor at least once a year, often paying for routine consultations and tests out-of-pocket due to a lack of outpatient healthcare coverage.

‘Medical emergencies should not be the source of financial ruin for Filipino families,’ said Ma. Rowena Asnan, Cocolife First Vice-President of Marketing and Research. ‘Our study underscores an urgent need to bridge the gap between healthcare reality and financial readiness, ensuring our countrymen have reliable support when they need it most.’

To address these real-world challenges, Cocolife continues to strengthen its Alagang Cocolife brand of care by bringing together its comprehensive suite of health-focused solutions, backed by nearly 48 years of serving Filipinos.

Under the Alagang Cocolife portfolio are Cocolife Aruga, the Philippines’ first results-oriented life and health insurance plan; Cocolife Agapay, an investment-linked life and health solution that combines protection with long-term savings; Cocolife Kalinga, an affordable term life and health insurance plan; and the Critical Illness Benefit Rider and Hospitalization Income Benefit Rider, which provide additional financial support during serious illness and hospital confinement.

Beyond individual protection, Cocolife Healthcare extends this commitment to organizations through more than 25 years of experience providing healthcare solutions for companies nationwide. As the country’s first ISO 9001:2015-certified healthcare program provider, it continues to partner with leading hospitals, clinics, and healthcare platforms to help support the health and well-being of Filipino employees and their families.

As Filipinos continue to navigate rising healthcare costs, the study highlights the importance of proactive financial preparation. Through Alagang Cocolife, Cocolife remains steadfast in delivering practical protection that empowers Filipinos to face the future with confidence and peace of mind.

A quarter-point rate hike looms as inflation risks ‘broaden’ and policy credibility takes priority, according to Bank of the Philippine Islands’ (BPI) Lead Economist.

In a commentary he wrote, BPI Senior Vice President and Lead Economist Emilio S. Neri Jr. said the lender expects the Bangko Sentral ng Pilipinas (BSP) to deliver a 25-basis point rate hike at next Thursday’s policy meeting, with inflation risks remaining ’tilted to the upside’ despite the recent moderation in headline inflation.

According to Neri, adverse weather remains a ‘key concern,’ with habagat-driven monsoon rains and flooding raising the risk of further crop damage just as food supply conditions were beginning to stabilize.

‘Elevated domestic fertilizer prices could further add to farm input costs as the planting season gets underway in the coming months,’ Neri said in the commentary issued last Thursday.

Looking ahead, he said the potential onset of a Super El Niño in the latter part of the year could ‘compound’ agricultural supply disruptions and keep food prices elevated into 2027.

During the Development Budget Coordination Committee (DBCC) briefing last Monday, BSP Deputy Governor Zeno Ronald R. Abenoja said the central bank will update its inflation forecasts in accordance with the ‘risk factors’ that it is currently tracking.

‘One of them is the price of crude oil in the international market. Second, the potential effect of El Niño which the peak impact will be experienced in the fourth quarter of 2026 until the first half of 2027,’ added Abenoja.

In his commentary four days later, Neri wrote that oil prices remain ‘volatile’ as US-Iran talks swing between de-escalation and renewed tensions, while rising producer prices in China add another channel for imported cost pressures.

Further, he said the approved NCR wage hike, once implemented, would add to domestic inflation pressures by raising labor costs, particularly in labor-intensive services.

‘Beyond the direct impact on prices, potential second-round effects could make inflation more persistent as businesses pass higher labor costs through to consumers,’ Neri added.

Taken together, he said these risks increase the likelihood of inflation lingering above the central bank’s target range through 2027.

APART from domestic inflation woes, Neri said a sharper depreciation in the local currency ‘would amplify’ imported inflation, which may require tighter policy even if the underlying shock remains ‘largely supply-driven.’

He cited that the country’s gross international reserves (GIR) have ‘declined significantly’ to $103 billion as of July, from $113 billion at the onset of the US-Iran war in late February.

While reserves remain ‘adequate by traditional metrics,’ Neri emphasized that ‘the sustained drawdown points to a gradual erosion of the Philippines’ external buffers.’

‘Without a rate hike, a faster depletion of GIR from spot-market intervention could add to Peso weakness and further lift inflation expectations,’ he stressed.

Within the trading session on Wednesday, the Philippine peso hit its all-time weakest intraday level of 61.995 but recovered as it closed at 61.815 against the dollar, data from the Bankers Association of the Philippines (BAP) showed. (See: https://businessmirror.com.ph/2026/08/19/rate-hike-may-be-good-defense-for-philippine-peso/)

Monetary policy

NERI also emphasized that monetary authorities staying their hands in an effort to support growth could risk allowing inflation expectations to become less anchored without addressing the underlying supply constraints.’

He said monetary policy can manage cyclical demand but cannot address constraints on potential output, hence leaving ‘limited scope’ for lower rates to offset a ‘predominantly’ supply-driven shock.

Neri explained further that the ‘binding constraint’ on Philippine growth is increasingly structural rather than cyclical, with governance challenges also weighing on economic activity, something monetary policy cannot remedy.

‘The more durable solution lies in advancing reforms across government, from infrastructure execution and agricultural productivity to energy security,’ said Neri.

A 25-basis-point hike, he said, would therefore be ‘consistent’ with the Monetary Board prioritizing price stability while ‘leaving the burden of addressing supply-side constraints where it belongs: with structural and fiscal policy.’

As such, Neri said tighter monetary policy to address inflation would therefore ‘reinforce’ the need for the fiscal side to accelerate reforms, improve spending execution, and tackle bottlenecks that monetary policy cannot resolve.

KPC Importation Services is strengthening its support for Filipino entrepreneurs through its weekly ‘Importing Masterclass: The Strategic Way to Start a Business,’ an online training program designed to help aspiring and existing business owners better understand international sourcing, supplier verification, and the importation process.

Held every Sunday at 6 p.m. via Google Meet, the masterclass forms part of KPC’s continuing commitment to educate aspiring entrepreneurs, existing business owners, working students, overseas Filipino workers, and other Filipinos who want to learn how to import smarter and start a business more efficiently.

The program covers KPC’s history and key milestones, strategic product sourcing through Alibaba, supplier negotiation and legitimacy verification, and the creation and optimization of an Alibaba account. Participants are also introduced to the process of creating a KPC account and securing a KPC Code, as well as the company’s importation routes, extended services, and the strategic advantages of importing with KPC.

The training aims to address common challenges faced by first-time importers, particularly in finding legitimate suppliers, identifying products with market potential, and understanding the processes involved before bringing goods into the Philippines. For existing business owners, the masterclass also provides an opportunity to strengthen sourcing strategies, explore new product categories, and improve supply chain operations.

KPC’s importer education initiatives extend beyond its weekly sessions. In November 2025, KPC Importation Services and Alibaba.com conducted an Advanced Workshop on Alibaba.com Trading and Global Market Expansion, attended by hundreds of business owners from across the country. The workshop provided participants with insights on international sourcing, supplier verification, and opportunities in global trade.

The initiatives reflect KPC’s broader direction as more than a traditional Freight Forwarder in the Philippines, with the company expanding its role to include sourcing education, importer training, and business development support.

‘Kilala nila si KPC as a forwarder, but we don’t just ship the products; we cater to the whole 360 part of the business. Ini-empower namin yung mga clients namin. More than their shipments, priority namin ang growth nila,’ said Mr. Khelvin P. Cruz, CPA, MBA, CEO of KPC Importation Services.

Through this approach, KPC continues to position itself as a Trusted Freight Forwarder that goes beyond importing packages, helping Filipino entrepreneurs gain access not only to logistics services but also to knowledge, sourcing opportunities, and supplier networks that can support long-term business growth.