Category: Philippine Star

Aznar Shipping Corp. president and CEO Kyle Alexander Aznar said in June that the company had no immediate plan to go public yet, although he emphasized that it aimed to be IPO-ready.

Three months later, the company announced that it is ready to sail with a P737-million initial public offering targeted by December.

‘We decided over the time period that this is the time to expand, especially when our first half 2026 figures came out. We saw that the revenue was very promising. We did better than last year despite the economic uncertainty,’ Aznar said when asked by The STAR what changed during that time frame that made them decide to pursue a maiden public offering.

‘That’s when we realized that for our sector, the market is there, the demand is there. So that is when we decided that OK, it’s time to expand,’ he added.

Aznar Shipping, which aims to list on the small, medium and emerging board of the Philippine Stock Exchange Inc. under the trading symbol ‘ALX,’ is eyeing to debut in the market despite a challenging environment.

Aznar acknowledged that even if current market conditions are uncertain, he is confident in the company’s good story, fundamentals and business model.

‘For me, market conditions, they’re out of our control. They’re just like the sea. You can’t always hope for calm waters. What you can do is really learn to sail in rough conditions,’ he said.

‘What is in our control is really how we operate, how we run the company. And for me, I believe in our business model. I believe in our market. I believe that the fundamentals are there to help us grow. And right now, I think it’s the right time,’ Aznar said.

Aznar Shipping’s potential IPO by the end of the year will also come on the heels of what could be the biggest IPO in the country, which is Mynt Inc.’s blockbuster listing in October.

Asked if he is confident that there will still be enough investor appetite in the market following the GCash IPO, Aznar said: ‘I’m not concerned because it’s a different industry. It’s so far from us. GCash is fintech, we’re a logistics company.’

Aznar Shipping operates a short-haul, high-frequency shipping model with nine operating vessels focused on four major inter-island routes with regular port calls at eight ports across the Visayas.

The Cebu-based shipping operator’s expansion strategy is anchored on increasing vessel capacity, developing additional viable routes and strengthening the supporting capabilities needed to operate a larger regional shipping platform.

For the first half, the company reported a 155-percent surge in net income to P53.19 million. Its revenues soared by 110 percent year-on-year to P210.99 million on the back of additional vessel capacity and higher cargo and passenger revenues.

For its IPO, Aznar Shipping plans to offer of up to nine billion primary common shares, with an over-allotment option of up to 100 million secondary shares, at an indicative offer price of up to P0.67 per share, subject to a bookbuilding process.

At the maximum indicative offer price, the primary offer may generate up to P670 million in gross proceeds for the company, while secondary shares under the over-allotment option may add up to approximately P67 million.

‘I know it’s a capital-raising activity, right? But on top of that, that’s not the only reason. It’s really for long-term sustainability,’ Aznar said.

‘We’re a third-generation family business, and for me, I would want our family business to outlast me,’ he said, noting that being a public company serves as the gold standard of corporate governance.

‘That’s what really encouraged me and inspired me to undertake that endeavor, and I believe doing so would help sustain our business over many generations more to come,’ Aznar said.

Domestic shipping company Montenegro Shipping Lines Inc. has banned the loading of electric and hybrid vehicles aboard its vessels following recent findings on the ferry MV June Aster, which caught fire off Coron, Palawan last week.

In a memorandum, Montenegro Shipping Lines cited that the initial investigation on the passenger ferry indicated that the explosion and fire may have originated from an electric vehicle.

The probe also showed that the fire originated from the cargo hold while witnesses said they first heard an explosion, followed by smoke and then fire.

‘Effective immediately, all masters are hereby instructed not to allow any electric vehicle (EV) or hybrid electric vehicle (HEV) to be boarded or carried onboard our vessels whether for passenger or cargo carriage,’ the memorandum said.

It added that the measure is being implemented as a preventive safety precaution to minimize the risk of fire, explosion, thermal runaway and other potential hazards associated with electric and hybrid vehicle batteries during vessel operations.

MV June Aster was reportedly carrying five motorcycles, one electric car, one forklift, one pickup van and essential goods such as rice and eggs.

The Philippine Coast Guard (PCG) reported 77 fatalities, 43 survivors and eight missing passengers.

The PCG reactivated the Maritime Safety Investigation and Maritime Crime Investigation to determine those who are liable for the tragedy.

Government subsidies to state-owned corporations fell by 30.5 percent in July, largely reflecting lower support for the National Irrigation Administration (NIA) and the Philippine Reclamation Authority (PRA).

The Bureau of the Treasury showed subsidies to government-owned and-controlled corporations (GOCCs) totaled P6.76 billion in July, down from P9.74 billion a year earlier.

The government grants subsidies to GOCCs to cover operational expenses not supported by their own revenues.

The decline was partly due to the non-recurrence of the P4.43 billion subsidy extended to the PRA in July 2025.

The NIA still received the largest subsidy among GOCCs during the month at P2.23 billion, although this was 33.8 percent lower than the P3.38 billion it received last year.

The Philippine Crop Insurance Corp. followed with P880 million in subsidies in July from zero last year.

The National Dairy Authority came in third with P564 million in July, a large increase from P28 million it received in July 2025.

Among the top subsidy recipients during the month were the Philippine Fisheries Development Authority, National Food Authority, Cultural Center of the Philippines, Philippine Heart Center, Philippine Coconut Authority, Intercontinental Broadcasting Corp. or IBC-13, Philippine National Railways, Philippine Children’s Medical Center and National Kidney and Transplant Institute.

The Zamboanga City Special Economic Zone Authority received P4 million, the smallest subsidy during the month.

By categories, subsidies for other government corporations declined by 29.7 percent year-on-year to P3.86 billion in July, accounting for 57 percent of the total subsidies during the month.

Budgetary support for major non-financial government corporations also went down by 31.5 percent to P2.91 billion during the period.

From January to July, total subsidies surged by 95 percent to P121.34 billion from P62.23 billion in the same period in 2025, driven by the P60 billion injected to restore the Philippine Health Insurance Corp. fund.

Singer-songwriter Duncan Sheik, best known for his hit song “Barely Breathing” and composing the music of “Spring Awakening,” has passed away due to heart failure leading to cardiac arrest. He was 56 years old.

The artist’s family announced his passing on social media a day after he was hospitalized in a “critical but stable condition.”

“The world has a lost a singular talent, and deeply influential voice in music and theater,” the family said about Sheik who was “surrounded by love” at the time of his death. “Duncan’s artistry touched many and leaves an indelible mark on the cultural landscape.”

His family said Sheik would “be remembered for his sensitivity, wit, inteligence, and depth of spirit he brought to those who knew and loved him” and expressed gratitude to love from fans, friends, collaborators, and fellow musicians.

“His musical legacy will continue to inspire generations to come,” the family’s statement ended, with condolences and tributes coming in from Lea Michele, Lizzo, Mark Ronson, Melissa Barrera, Alyssa Milano and Minnie Driver.

Sheik released more than 10 albums across his career, debuting hot with his self-titled album, which carried “Barely Breathing” and earned him a Grammy nomination for Best Male Pop Vocal Performance (losing to Elton John’s “Candle in the Wind 1997”).

He composed music for numerous stage works and movie soundtracks, the most popular among them being the coming-of-age rock musical “Spring Awakening.”

The musical’s original Broadway run from 2006 won eight of its 11 Tony nominations, including Best Musical, with Sheik winning for Best Orchestrations and Best Original Score (shared with playwright Steven Slater). “Spring Awakening” also won Sheik the Grammy for Best Musical Show Album.

Senate President Sherwin Gatchalian urged his fellow lawmakers yesterday to try commuting to work, inspired by a Department of Transportation policy requiring key DOTr officials to experience the daily troubles of the riding public firsthand.

During the Senate finance subcommittee hearing yesterday on the DOTr’s proposed P300.96-billion budget for 2027, Gatchalian praised Transportation Secretary Giovanni Lopez for maintaining a memorandum order from last year that mandates transport officials to commute at least once a week.

Lopez confirmed he still adheres to the directive without posting his commutes on social media, though he admitted he cannot vouch for his subordinates.

‘To be honest, I don’t know if my subordinates are doing the same. That’s something I cannot check anymore,’ he said.

Gatchalian commended Lopez for keeping the practice low-profile and suggested that members of the upper chamber – citing Sen. JV Ejercito, who regularly bikes to the Senate – should follow suit.

‘In fact, us senators should also do this, to be honest about it,’ Gatchalian said.

Railway update

The DOTr is projecting that up to one million vehicles will be removed from the roads once the country’s major railway projects are fully operational.?

During the subcommittee hearing, Lopez said combining the North-South Commuter Railway (NSCR), Metro Manila Subway, MRT-3 and MRT-7 would eventually serve around five million daily commuters.?

He was responding to Sen. Erwin Tulfo’s frustrations that the Philippine transport system is lagging behind its ASEAN neighbors.?

‘When all that combines and is operational, we see it benefiting up to five million passengers every day using that railway system,’ Lopez said, noting that dividing this volume by an average of five passengers per car equates to one million fewer vehicles on the road.?

Meanwhile, Gatchalian flagged P295 million in commitment fees paid to foreign lenders for long-delayed transport projects.?

He pointed out that the South Commuter Railway Project incurred P91 million in fees for undisbursed loans, while the Davao Public Transport Modernization Project racked up P85 million, primarily due to years-long right-of-way disputes.?

‘Whether the project is on time or not, that is our obligation for them making the loan available to us. This P295 million, these are commitment fees that were incurred because of delayed projects,’ Gatchalian stressed, urging the DOTr to cancel unnecessary Official Development Assistance loans to avoid mounting penalties.

Recah Trinidad was one of the first people I met in sports media in the 1980s. Back then, there was a bit of a rift between the print and broadcast sportswriters. Some of the elders from the broadsheets and tabloids thought we in television were overpaid and lazy. Not Recah. He started off as welcoming and warm in his traditional gruff manner, with that ever-present twinkle in his eye, as if he had a secret he couldn’t wait to share. It was refreshing, and a relief for a newcomer like this writer.

I’m old enough to remember when Recah occasionally joined us youngsters in games of basketball. He was open to anything, spoke his truth regardless of the consequences, and kept it real. All these, of course, with the ever-present companionship of a friendly contained of alcohol. I started to think that the expression ‘hold my beer’ was created for him.

He had been a witness to so much in sports history, from his start at a powerhouse team at DZHP that was run by Larry J. Cruz and made up of giants like Joe Cantada, Ed Tipton and Ronnie Nathanielsz, among others; to his growth as a pillar of print. That trailblazing group won the equivalent of the Catholic Mass Media Awards five out of six years running. They covered the Tour of Luzon Live. On radio.

But it was in the dailies where he would forge his legend, as a reporter (which he called himself even to the end of his career), editor, writer and columnist. But he was much, much more than that. Recah had a poet’s soul, and wrote novels that reflected his love and loyalty to people and places that we seem to just pass by. I was fortunate to receive signed copies of his work, which sit proudly on my shelf.

Recah always cut through the excrement and plasticity of society, speaking his mind. When we covered boxing matches for our ABS-CBN program ‘Knockout’ in the late 1990s, he called everything as he saw it. There was no fluff, no sugar coating. He knew patsies and tomato cans when he saw them, and never minced words. You had to swallow the hard facts whole and unmarinated.

But his greatest gift to me was his family. His wife, Tita Fe, always welcomed me warmly and smiling. Of course, Chino was my brutally frank brother-in-arms, single-minded and bare bone honest, like his father, and I miss him dearly. Paolo, meanwhile, has made it his mission to release the trauma of our countrymen by pioneering laughter yoga. And Baste soothes souls as lead trainer and conductor of Mandaluyong Children’s Chorus. Every single one of them has contributed mightily to the betterment of society. Recah was his own man, and the magnificence of his family’s character ensures his legacy.

Two-time Mr. Universe Master Dondon Cortuna will be the subject of today’s episode of ‘Masters of the Game’ on IBC 13 and DWAN 1206 AM at 5:15 pm. Catch it.

All eyes will be on two rings Sunday – one in Temecula and one here.

The boxing draw for the 2026 Asian Games will be held Sunday in Aichi-Nagoya, interestingly just hours after Eumir Marcial’s crucial pro bout against American Omar Huerta in California.

And from there, the big question: Will Marcial make it here?

The condition of the Tokyo Olympics bronze medalist after the Huerta fight will determine whether he will be good to fly in and carry the fight for Team Philippines in the 80kg class starting September 23.

“Mahirap umasa. Very stressful umasa,” admitted Association of Boxing Alliances of the Philippines president Marcus Manalo.

“I think malabo na. Mabigat din ang kalaban niya. If he wins, ano ang condition niya? Kung makahabol siya, may jetlag pa siyang haharapin,” he added.

Huerta is no pushover, with the 30-year-old Mexican-American knockout artist toting a solid 15-1-1 card built on 13 KOs.

Marcial, unbeaten in seven pro outings, has his own concerns to deal with – his brittle hands.

“Laging na-i-injure, at matagal ang recovery,” said Manalo.

In the end, it’s all up to Marcial. If he can catch up with the team here, his name goes into the draw for what would be his third Asiad stint, following a bronze in 2018 Jakarta-Palembang and a silver in 2023 Hangzhou.

With or without Marcial, though, ABAP is confident of finally ending the long gold drought.

Team Philippines is bringing a crack crew bannered by Olympic medalists Nesthy Petecio, Aira Villegas and Carlo Paalam – all aching to deliver.

Their routes to glory will be known today.

The fire returned to where the dream was fulfilled.

Hidilyn Diaz-Naranjo, the mighty mite from Zamboanga City – all 4-foot-11 of pure heart and steel – found herself back on familiar ground Thursday as one of the torchbearers for the 20th Asian Games Aichi-Nagoya.

And sweet memories came flooding back.

It was five years ago over in Tokyo – 342 kilometers by Shinkansen, 384 by car from Nagoya – where Diaz-Naranjo, now 35, made history as the first Filipino to win Olympic gold, ending almost a century of drought for the country since it first joined the Games in 1924.

The Covid-delayed triumph in Tokyo was barrier-shattering. It was epic. It was the lift heard around the world.

Thursday, after completing her leg of the relay, the country’s weightlifting queen was greeted by Philippine Olympic Committee President Abraham ‘Bambol’ Tolentino – two pillars of Philippine sports sharing pleasantries on foreign soil, both beaming with pride.

The symbolism was not lost on anyone. From Olympic champion to torchbearer – a fitting reward for the woman who showed all that nothing is impossible.

Diaz-Naranjo knows the Asian Games well as she struck gold in Jakarta-Palembang in 2018, then fell short of a repeat in Hangzhou in 2023 as she moved up in weight class.

Now she is praying for Team Philippines to keep the fire burning.

‘Keep the fire burning,’ was her simple but powerful message.

Carrying that fire for the country in the relay are no less than the new generation of Filipino greats – tennis sensation Alex Eala, double Olympic gold medalist Carlos Yulo, jiu-jitsu ace Annie Ramirez, pole vault star EJ Obiena and the loaded esports squad.

From Tokyo gold to Nagoya flame. The journey continues.

Maxicare Group has rebranded MaxiLife as Maxicare Insurance as it moves to integrate its insurance business with its broader health care operations.

The rebranding strengthens Maxicare’s shift from a traditional health maintenance organization into a broader health care group integrating health plans, clinic services and insurance, the group announced in a statement.

The transition follows regulatory approval from the Insurance Commission and formally aligns the insurance business with the wider Maxicare Group.

‘This rebrand is more than a change in name. As part of one unified Maxicare Group, Maxicare Insurance extends the care we provide beyond health plans and clinic access to include financial protection for life’s unexpected moments,’ Maxicare Insurance CEO Glanvill Marquez said.

‘This allows us to support Filipinos more fully throughout their health care and protection journey,’ he added.

Maxicare Insurance will complement the group’s health care plans and nationwide network of 51 Maxicare Clinics.

The group’s broader health care network includes over 1,100 affiliated hospitals and clinics, 749 affiliated dental clinics and 22,400 partner physicians nationwide.

This gives members multiple points of access to consultations, laboratory tests, diagnostics, specialist care and other medical services. Maxicare Insurance extends that support by providing financial protection for unexpected health and life events.

‘For our members, this means being supported by one organization that understands both their health care and protection needs,’ Marquez said.

‘By bringing these services closer together, we can make it easier for more Filipinos to seek care early and prepare for unexpected events without having to navigate multiple providers,’ he added.

Meanwhile, Maxicare Insurance offers a suite of annually renewable health and life insurance products called the Ease Series.

HealthEase provides critical illness and death coverage of up to P250,000, with premiums starting at P488 annually. LifeEase offers up to P250,000 in life, accident and disability protection, starting at P388 annually.

ProtectEase provides accident coverage of up to P250,000 for workers, with premiums starting at P388 annually.

ProtectEase Professional offers enhanced coverage for gig workers, self-employed professionals and individuals in higher-risk occupations, starting at P398 a year.

Suspected stolen petroleum products valued at P2.39 million were seized during a police operation that also resulted in the arrest of two suspects in Tarlac City on Thursday.

The raid on an unauthorized fuel distribution site in Barangay San Rafael resulted in the recovery of 8,200 liters of diesel, a fuel tanker, a tractor head, fuel pumps, hoses and other equipment.

Police said the suspects failed to show documents authorizing them to sell petroleum products.

‘Sale of petroleum products is governed by rules. The raid was not all about seizure, but also about protecting legitimate businesses, consumers and the public,’ Philippine National Police chief. Gen. Jose Melencio Nartatez Jr. said.