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Mandaue drug bust: P476,000 ‘shabu’ seized from HVI
CEBU CITY, Philippines — Authorities seized suspected shabu worth at least P476,000 from a 45-year-old man described as a high-value individual during an anti-illegal drugs operation in Mandaue City early on Wednesday morning, March 27, 2024. The operation took place along Realty Road in the North Reclamation Area in Barangay Subangdaku, Mandaue City, Cebu. The.....»»
Abalos: P21 billion drugs seized since BIDA’s start in 2023
At least P21 billion worth of illegal drugs were confiscated since the start of the government’s BIDA or Buhay Ingatan, Droga ay Ayawan flagship program last year, Interior Secretary Benjamin Abalos Jr. said yesterday......»»
Iloilo City fish vendor arrested; P4 Million shabu seized
Iloilo City fish vendor arrested; P4 Million shabu seized.....»»
Man-made disasters cost Philippines 164.87 mln USD in 2023
MANILA, March 26 (Xinhua) -- Man-made disasters caused the total damage in the Philippines worth 9.29 billion pesos (164.87 million U.S. dollars) in 2023, the Philippine Statistics Authority (PSA) said Tuesday. The agency said that out of the total annual damage, 4.93 billion pesos (87.5 million dollars), or 53.1 percent, was due to the oil spill. "The reported oil spill in various regions resulted in dam.....»»
P4-M smuggled cigs seized, 2 arrested
THE Bureau of Customs-Davao Region (BOC-Davao) confiscated smuggled cigarettes worth P4 million in Barangay Lacson, Calinan District, Davao City on March 22, 2024......»»
Shabu dealer linked to Dawlah Islamiya busted in Marawi
Another drug trafficker identified with the Dawlah Islamiya was arrested after selling P102,000 worth of shabu to non-uniformed policemen in a sting operation Thursday in Barangay Cabasaran in Marawi City......»»
Drug den in Brgy. Apas: Couple nabbed, P108,800 ‘shabu’ seized
CEBU CITY, Philippine — A couple was arrested for allegedly running a drug den in Barangay Apas, Cebu City on Wednesday, March 20, 2024, with call center agents and habal-habal drivers as their usual clients. A buy-bust operation at around 5:30 p.m. led to the arrest of Jonathan Roca, 44, and his common law partner,.....»»
ADB approves $2.1 billion financing for Bataan-Cavite bridge project
The Asian Development Bank has approved $2.1 billion worth of financing for the construction of the Bataan-Cavite Interlink Bridge project......»»
ADB approves 2.1 bln USD loan to build bridge in Philippines
MANILA, Dec. 12 (Xinhua) -- The Asian Development Bank (ADB) on Tuesday said it has approved up to 2.1 billion U.S. dollars in loan for the construction of a 32.15 km bridge connecting Bataan and Cavite provinces across Manila Bay to decongest Metro Manila, enabling greater mobility of labor and goods, and enhance economic productivity in the country's largest region of Luzon. The ADB said the Bataan-Cavite Inte.....»»
P5.96 billion seized illegal drugs destroyed
legal drugs seized in law enforcement operations valued at P5.96 billion were destroyed in Trece Martires City in Cavite yesterday......»»
Maynilad activates P1-B reservoir expansion
West Zone concessionaire Maynilad Water Services Inc. has mobilized P1.07 billion to augment the storage capacity of its main reservoir in Quezon City to address water supply constraints. Maynilad has 39 reservoirs across its franchise area, but the Bagbag Reservoir, which can store up to 200 million liters of treated water produced by its La Mesa Treatment Plants 1 and 2, serves as its primary reservoir. It serves around four million customers in Quezon City, Caloocan, Malabon, Navotas, Manila, Makati, Pasay, and parts of Parañaque and Cavite — representing approximately 58 percent of Maynilad’s total customer base. Maynilad said over the weekend that the expansion of Bagbag Reservoir involves the construction of a new chamber in this underground reservoir, which will add another 100 million liters to its storage capacity. Likewise, the water company said other enhancement works on the facility, including a 1,800mm-diameter inlet and outlet pipeline installation, new tank construction, and pump upgrade to improve its operating capacity. “Water demand has been increasing over the years due to population growth in urban areas. By increasing our water-storage capacity, we can address water availability issues, especially during hours of peak demand when consumption can sometimes exceed our water reserves,” said Maynilad President and CEO Ramoncito Fernandez. Based on the latest timeline provided by the company, the project is scheduled to be completed by 2027. Maynilad is the concessionaire of the Metropolitan Waterworks and Sewerage System for the West Zone of the Greater Manila Area composed of certain areas in the cities of Manila, Quezon City, Makati, Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas and Malabon. It also operates in the cities of Cavite, Bacoor, and Imus, and the towns of Kawit, Noveleta, and Rosario. The post Maynilad activates P1-B reservoir expansion appeared first on Daily Tribune......»»
FLI debt papers get top PhilRatings grade
The proposed P10-billion bond float of property developer Filinvest Land Inc., or FLI, has been assigned the highest credit ratings and stable outlooks by the Philippine Rating Services Corporation, or PhilRatings. FLI’s proposed bonds, amounting to P10 billion with a P2-billion oversubscription allowance, were assigned an issue credit rating of PRS Aaa. The high rating was also assigned to FLI’s outstanding bonds, totaling P35.4 billion. Proceeds from the issuance will be used for capital expenditures and debt refinancing. “We are delighted to receive a PRS Aaa rating from PhilRatings for our proposed bond issuance. This rating reflects our healthy fundamentals and underscores our constant focus on growth and financial sustainability,” Tristan Las Marias, FLI president and chief executive officer, said. PRS Aaa signifies the highest credit quality with minimal risk. The capacity to meet financial commitment is extremely strong under the grade. Outlook stable PhilRatings also issued a stable outlook on PhilRatings. An outlook gives a glimpse on the direction of any rating change within one year. A Stable outlook means the rating will likely be unchanged in the next 12 months. PhilRatings said it took “into account the following key considerations: FLI’s established brand name and track record, with geographically diverse real estate products and substantial land bank for future expansion; its sound growth strategies; its improved revenues and operating cash flow, supported by more than satisfactory liquidity and interest coverage” for the outlook. For 2023, FLI will launch condominium and housing developments in Antipolo City, Taytay, Angono, Calamba City, Tanauan City, Trece Martires City, Bacoor City, Dumaguete City, and the Island Garden City of Samal. FLI will also accelerate the development of its township projects in East Town in Cainta, Rizal; Timberland Heights in San Mateo, Rizal; Ciudad de Calamba in Calamba City, Laguna, The Wood Estates in Trece Martires City, Cavite, and Palm Estates in Bacolod City, Negros Occidental. The FLI townships will include residential, commercial, transportation, and school components to create a self-sufficient environment that considers the needs of residents and customers in mind. For malls, FLI is currently constructing Marina Town in Dumaguete City which will open by end-2023, and new malls in Filinvest Mimosa+ Leisure City and Activa Cubao which will open by end-2024. These will expand FLI’s retail portfolio by about 55,000 square meters in gross leasable area, or GLA, bringing FLI’s nationwide retail GLA to 300,000 square meters. The post FLI debt papers get top PhilRatings grade appeared first on Daily Tribune......»»
Filinvest Land bonds earn top credit score, stable outlook from PhilRatings
The proposed bond issuance of full-range developer Filinvest Land Inc. (FLI) has been assigned the highest issue credit ratings and stable outlooks by the Philippine Rating Services Corporation (PhilRatings). FLI’s proposed bonds, amounting to P10 billion with a P2 billion oversubscription option, were assigned an issue credit rating of PRS Aaa. The same PRS Aaa rating was also assigned to FLI’s outstanding bonds, totaling P35.4 billion. Proceeds from these bonds will be used for capital expenditures and debt refinancing. "We are delighted to receive a PRS Aaa rating from PhilRatings for our proposed bond issuance. This rating reflects our healthy fundamentals and underscores our constant focus on growth and financial sustainability. We are grateful for PhilRatings’ trust and confidence in Filinvest Land and aim to continue building the Filipino dream through our various property developments,” said Tristan Las Marias, FLI president and chief executive officer. Obligations rated PRS Aaa (the highest rating assigned by PhilRatings) are of the highest quality with minimal credit risk. The obligor’s capacity to meet its financial commitment to the obligation is extremely strong. Each of the ratings was also assigned an Outlook of Stable. An Outlook is an indication as to the possible direction of any rating change within a one-year period and serves as a further refinement to the assigned credit rating for the guidance of investors, regulators, and the general public. A "stable outlook" means the rating will likely be unchanged in the next 12 months. According to PhilRatings, the assigned credit ratings "take into account the following key considerations: (1) FLI’s established brand name and track record, with geographically diverse real estate products and substantial land bank for future expansion; (2) its sound growth strategies; (3) its improved revenues and operating cash flow, supported by more than satisfactory liquidity and interest coverage,” among other factors. For 2023, FLI will launch condominium and housing developments in Antipolo City, Taytay, Angono, Calamba City, Tanauan City, Trece Martires City, Bacoor City, Dumaguete City, and the Island Garden City of Samal. FLI will also accelerate the development of its township projects in East Town in Cainta, Rizal; Timberland Heights in San Mateo, Rizal; Ciudad de Calamba in Calamba City, Laguna, The Wood Estates in Trece Martires City, Cavite, and Palm Estates in Bacolod City, Negros Occidental. These FLI townships will include residential, commercial, transportation, and school components to create a self-sufficient environment that considers the needs of residents and customers in mind. For malls, FLI is currently constructing Marina Town in Dumaguete City which will open by end-2023, and new malls in Filinvest Mimosa+ Leisure City and Activa Cubao which will open by end-2024. These will expand FLI’s retail portfolio by about 55,000 square meters in gross leasable area (GLA), bringing FLI’s nationwide retail GLA to 300,000 square meters. FLI is also present in the industrial park and ready-built factory leasing businesses with its Filinvest Innovation Parks in New Clark City, Tarlac, and Calamba City, Laguna. Last 19 August, FLI broke ground on the 25-hectare Filinvest Innovation Park Ciudad de Calamba, an expansion of the 50-hectare Filinvest Technology Park in Ciudad de Calamba. FIP-CDC is envisioned to become a stage for new and relevant products that will catalyze progress in the local community. The post Filinvest Land bonds earn top credit score, stable outlook from PhilRatings appeared first on Daily Tribune......»»
More rice, please
The distribution of confiscated rice to approximately 5,000 underprivileged beneficiaries in the Zamboanga Peninsula on Tuesday, led by President Ferdinand R. Marcos Jr. and Department of Social Welfare and Development Secretary Rex Gatchalian, marked a significant step forward. The 5,000 bags of Jasmine rice, which accounts for approximately 11.8 percent of the total 42,180 bags of imported rice valued at P42 million confiscated by the Bureau of Customs-Port of Zamboanga in a raid on a warehouse in Barangay San Jose Gusu, Zamboanga City on 19 May, effectively addressed the immediate food requirements of some of the most impoverished beneficiaries residing in the municipalities of Tungawan, Sibuco and Zamboanga City. More indigents in the province struggling with food insecurity and lacking access to nutritious meals await the distribution of the remaining 37,180 bags. They, too, want to be assured of sustenance during times of hardship. A matter of concern, however, is the possibility that unscrupulous government officials may repurpose confiscated smuggled rice for their personal gain, instead of utilizing it for the intended public welfare. Over the weeks since August, a total of P940 million worth of smuggled rice was seized by authorities. In three warehouses in Bulacan, P500 million worth of smuggled rice was found. This was not confiscated though. The warehouses were just padlocked, and we are in the dark if charges were filed against the owners. An estimated P40 million worth of smuggled rice from Vietnam, Thailand, and China was seized in Bacoor, Cavite, and Pulang Lupa, Las Piñas, on 14 September. On 18 September, government agents raided warehouses in Tondo, Manila, where P400 million worth of suspected smuggled rice and other imported products were found. Confiscating smuggled goods, such as rice, should allow the government to tackle the illicit trade while ensuring fairness in the distribution of the seized items. We ought to exempt our country from the roster of developing nations because it is where the poor bear a disproportionate burden due to smuggling activities, making it imperative to prioritize their welfare over the interests of greedy traders in cahoots with corrupt officials. By ensuring a fair distribution of nearly a billion pesos worth of confiscated smuggled rice, the national government reduces the demand for illegal markets, discourages ongoing smuggling activities, and encourages legal channels for food distribution. Rather than going uneaten inside sealed warehouses or having them destroyed, distributing them prevents waste and maximizes their value for the benefit of those in need. While distributing them can address immediate food needs, it should only be part of a broader strategy to address poverty, promote sustainable livelihoods, and improve access to education, healthcare, and economic opportunities for disadvantaged populations. In bridging the gap between the haves and have-nots, ensuring that even the most vulnerable members of society have access to basic necessities has taken off in Zamboanga. We keep our right fingers crossed that the distribution of hundreds of thousands of 25-kilo bags of smuggled rice reaches the tables of underprivileged Filipinos to signal genuine public goodwill and trust in authorities. On the left hand, we do the same thing that the government prioritizes efforts to identify and hold corrupt officials involved in smuggling accountable, ensuring that they do not benefit from the distribution of seized rice. The post More rice, please appeared first on Daily Tribune......»»
Five groups target NAIA takeover
Five companies have signified their intention to take over the operations and management of the Ninoy Aquino International Airport or NAIA a few weeks after the Department of Transportation or DoTr opened the bidding for the P170.6-billion project. In a text message to the Daily Tribune on Wednesday, the DoTr confirmed that five potential bidders have bought bid documents for the project. As of 13 September, the interested companies include San Miguel Corp. or SMC, Spark 888 Management Inc., and Asian Airport Consortium. Two others who submitted bids — Manila International Airport Consortium or MIAC and GMR Group — have previously vied for the NAIA rehabilitation. MIAC is composed of Aboitiz InfraCapital, Inc., AC Infrastructure Holdings Corporation, Asia’s Emerging Dragon Corporation, Alliance Global — Infracorp Development Inc., Filinvest Development Corporation, and JG Summit Infrastructure Holdings Corporation along with Global Infrastructure Partners. Super consortium in running In 2018, the government awarded the Original Proponent Status for the NAIA rehabilitation to a “super-consortium” formed by seven of the country’s biggest conglomerates: Aboitiz InfraCapital Inc.; AC Infrastructure Holdings Corporation; Alliance Global Group Inc.; Asia’s Emerging Dragon Corporation; Filinvest Development Corporation; and JG Summit Holdings Inc. and Metro Pacific Investments Corp. It was, however, terminated. Thus, Megawide Construction Corp. and partner GMR Infrastructure Ltd. also submitted an unsolicited proposal to upgrade and rehabilitate the highly congested NAIA. Despite the substantial progress, the much-needed NAIA rehabilitation was back to square one after the previous administration also rejected the proposal. According to the MIAA, the Megawide consortium failed to convince the government of its financial ability to support the project. Meanwhile, the SMC., an Asian conglomerate led by businessman Ramon S. Ang, is currently taking on the P740-billion New Manila International Airport in Bulacan. Award out by December Previously, the DoTr conveyed that the contract may be awarded to the winning bidder as early as December if the government stays on schedule. The National Economic and Development Authority or NEDA, chaired by President Ferdinand R. Marcos Jr., approved the solicited bid to privatize the operations of NAIA. NEDA Secretary Arsenio Balisacan said the project will help address the long-standing issues at the country’s main air hub such as congestion and limited aircraft movements that usually cause inconvenience to passengers. The DoTr and the Manila International Airport Authority submitted a joint proposal to the NEDA Board to privatize the operations and management of NAIA within 15 years. The project is expected to improve the overall passenger experience and increase the current annual passenger capacity of NAIA to at least 62 million from the current 32 million. Previously, Transportation Secretary Jaime J. Bautista floated the possibility of closing down the airport — only if nearby airports become operational. Bautista explained that the government can have the option to close NAIA if airports in adjacent provinces like Cavite and Bulacan are ready to accommodate the travel-hungry tourists in the country — both local and international. “If there will be new airports, then the government can decide to close the Manila International Airport or MIA because it can be a valuable government asset. On the other hand, it is possible to continue its operations because of its prime location in the Metro,” Bautista told reporters. “So yes, it is possible to close, it is also possible not to close MIA,” he added. Bautista also assured that in case the airport continues its operations, SMC’s Bulacan Airport can still drive up profits despite the competition. The post Five groups target NAIA takeover appeared first on Daily Tribune......»»
MPIC, Hartasuma target transport deals
The recently signed strategic partnership between infrastructure investment firm Metro Pacific Investments Corp. or MPIC and Malaysian firm Hartasuma Sdn Bhd is anticipated to introduce new transportation modes including cable cars and monorails that would help ease gridlock conditions in the country. Hartasuma Group executive director Tan Sri Ravindran Menon and MPIC’s chairman and CEO Manuel V. Pangilinan signed an agreement on Monday, with the two parties formalizing their interest in fostering economic growth through joint ventures and cooperation. Among others, the strategic partnership paves the way for various initiatives, including rolling stock refurbishment and development projects as well as exploration of a cable car system for tourism and urban transport. “If we look at other modes of transportation, cable cars and monorails can be good. The country should be open to more efficient modes of transportation, to ease the traffic situation in the Philippines like in Manila and other urban cities,” Pangilinan told reporters. Not just a supplier “What we are looking at is that they will not just be a supplier to us for transportation projects. They (are building) new modes of transportation like monorails and cable cars in Malaysia and we’d like to explore that also to upgrade our overall transport network in the country. We would like to see whether we can invest in this company,” he said. Pangilinan, however, did not disclose how much MPIC is willing to invest in Hartasuma, adding that the plan is still in the initial stage. MPIC, through its subsidiary Light Rail Manila Corp., which operates and maintains 20 stations, is expanding its business with the construction of five new stations for the Cavite Extension Project. It assumed operations and maintenance of LRT-1 in September 2015 through a P65-billion 32-year concession agreement with the Department of Transportation and the Light Rail Transit Authority. For his part, Menon noted that Hartasuma can leverage its expertise to help build and introduce new modes of transportation in the local market. “We also build cable cars and we are going to operate one in Malaysia very soon. I think it is an area that we should look at. It’s cheaper than the rail and it can carry a lot of people so you don’t start acquiring land in the middle of the city, especially in places like Baguio where there is terrain issue. In cities like Manila, we need to look at different places. It is just a possibility,” Menon conveyed. Rail excellence center “The city of Paris has a cable car being built now. And the other thing that we want to do in the Philippines is to put up a rail excellence center. We have great talents in Malaysia and we want to replicate that in the Philippines,” he added. Citing the projected growth of the local construction market, Menon also noted that MPIC and Hartasuma collaboration will cater to the growing demand and interest in rail infrastructure projects as the government looks to improve regional connectivity through the development of transport infrastructure. The partnership will likewise support the Marcos administration’s renewed commitment to Public-Private Partnerships. Hartasuma, a leading local integrated rolling stock and rail services company, was the first Malaysian rail company to deliver fully locally assembled passenger coaches to Keretapi Tanah Melayu Bhd. To date, it has delivered more than 500 LRT cars and passenger coaches and is currently supplying 27 new LRT trains to Prasarana Malaysia, which will service the Kelana Jaya Light Rail Transit. The post MPIC, Hartasuma target transport deals appeared first on Daily Tribune......»»
Maynilad expects new water source
The P11-billion Poblacion Water Treatment Plant of the west zone concessionaire Maynilad Water Services Inc. is on track to produce an initial 50 million liters per day or MLD of potable water by December. The company said over the weekend that it already started the testing and checking of the equipment and processes of the plant, which is at an 80 percent completion rate, as early as August. Designed to produce 150 MLD at full capacity, the Poblacion Water Treatment Plant will help to improve water pressure and supply availability for Maynilad customers in Parañaque, Las Piñas, Muntinlupa and Cavite. The facility will help to enhance service reliability, as it will provide additional supply for customers in the south so their water service will not be affected despite raw water quality shifts in Laguna Lake, which have been occurring with more frequency owing to climate change effects. Full ops by 2024 The Poblacion Water Treatment Plant is targeted for full operations by the first half of 2024. Maynilad currently has two treatment plants in Barangay Putatan, Muntinlupa, that draw water from Laguna Lake and produce a combined 300 MLD of water supply for around 1.7 million customers in the south. The Poblacion Water Treatment Plant will be Maynilad’s third facility to get raw water from the same source. Maynilad is the largest private water concessionaire in the Philippines in terms of customer base. It serves the West Zone of the Greater Manila Area composed of the cities of Manila (certain portions), Quezon City (certain portions), Makati (west of South Super Highway), Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas and Malabon, all in Metro Manila; the cities of Cavite, Bacoor, and Imus, and the towns of Kawit, Noveleta and Rosario, all in Cavite Province. The post Maynilad expects new water source appeared first on Daily Tribune......»»
Megaworld raising P1.8B from project
Property developer Megaworld Corp. led by tycoon Andrew Tan is eyeing to generate as much as P1.8 billion from the third residential condominium development within its 140-hectare Maple Grove township in General Trias, Cavite. In a stock exchange report on Thursday, the company said the 14-story Maple Park Residences that it recently launched is slated to be complete within the next five years or by 2028. Maple Park Residences will offer 200 smart home units in varying unit types — studio, one-bedroom with and without balcony, and two-bedroom with and without balcony. The development will also be the first across Megaworld’s portfolio to feature a dedicated electronic vehicle charging facility in the parking area. Scandinavian-inspired “The concept behind Maple Park Residences draws inspiration from the Scandinavian countries as well as communities in Makati where residents are surrounded by lush open spaces in the middle of a modern and urban city. Maple Park Residences will offer both the excitement of urban living and the laidback setting of Cavite,” said Eugene Lozano, first vice president for sales and marketing, at Megaworld Cavite. Maple Park Residences will be accessible to future residents via the six-lane, 30-meter-wide Maple Grove Boulevard, which was recently integrated into the 12-kilometer General Trias-Tanza Bypass Road project by the local government of Cavite and the Department of Public Works and Highways. Benefitting from the recovering economy, Megaworld booked a double-digit profit growth during the first half of the year as net income hit P8.8 billion — 31 percent higher than last year’s earnings. Megaworld said the rosy numbers were also primarily driven by the 17 percent growth in consolidated revenues to P32 billion as “core businesses registered robust performance during the period.” The post Megaworld raising P1.8B from project appeared first on Daily Tribune......»»
MVP, RSA start joint road project
Tycoons Manuel V. Pangilinan and Ramon S. Ang have commenced their first tollway project together, the P72-billion highway that will connect Cavite to Batangas......»»
MPTC, SMC forges historic P72-B toll road deal
Two industry powerhouses—Metro Pacific Tollways Corp. or MPTC and San Miguel Corp. or SMC—are set to jointly develop two toll road projects with a combined cost of P72 billion that would further ease mobility in Southern Luzon. The companies signed a Memorandum of Agreement last Monday, 14 August, where they formalized their bid to design, build and operate the 87.96-kilometer Cavite-Batangas Expressway or CBEX and Nasugbu-Bauan Expressway or NBEX. According to SMC President and CEO Ramon S. Ang, the partnership is a “historic collaboration” that will deliver world-class road networks for Filipinos. “This collaboration stands as a testament to what we can achieve when we are united in purpose,” Ang said. Meanwhile, MPTC Chairman Manuel V. Pangilinan said: “Together with SMC, we envisage a future where our CBEX and NBEX can help pave the way for connectivity and economic growth in the CALABARZON region.” The CBEX is a 27.06-kilometer road that will establish a crucial link connecting CALAX’s Silang (Aguinaldo) Interchange to Batangas, Meanwhile, the 60.90-kilometer NBEX will provide seamless connectivity from Nasugbu to Bauan, Batangas. The route will traverse the townships of Silang, Amadeo, Tagaytay, Indang, Mendez, and Alfonso in Cavite before crossing into Nasugbu and finally reaching Bauan, Batangas. The groundbreaking of CBEX is scheduled for 2024, while NBEX is likely to be complete and open to the motoring public by 2027. In 2018, MPTC presented a proposal for the 50.4-kilometer Cavite-Tagaytay-Batangas Expressway project to the Department of Public Works and Highways and was granted the original proponent status. Similarly, SMC's unsolicited proposal for the CBEX and NBEX was approved by the Cavite and Batangas government. Both projects share the common goal of connecting the provinces of Cavite and Batangas through Tagaytay City and MPTC and SMC have come together as partners in this significant venture. The post MPTC, SMC forges historic P72-B toll road deal appeared first on Daily Tribune......»»