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Filinvest Invests P16B in Ciudad BTO Project
The development of Ciudad will finally be realized after the Province of Cebu turned over Friday a parcel of the property to homegrown developer Filinvest Land, Inc. (FLI) through a build-transfer-operate (BTO) engagement. Cebu Gov. Gwendolyn Garcia and Tristan Las Marias, FLI president and CEO, formally kicked off the project in simple ceremonies onsite on […].....»»
Stable, reliable power for ARCA South Taguig
The Manila Electric Company has energized a new smart substation in Taguig City to ensure the provision of stable and reliable power for Ayala Land Inc.’s Arca South development and the adjacent communities in the area. Entailing a capital investment of P597 million, the new 115 kV-34.5 kV gas-insulated switchgear substation was commissioned with an initial capacity of 83 megavolt amperes but will ultimately house three transformer banks with a combined capacity of 249 MVA that will support the existing and future energy requirements of the Arca South development, a new business and lifestyle district in Taguig City. [caption id="attachment_182269" align="aligncenter" width="1167"] Meralco senior vice president and chief revenue officer Ferdinand O. Geluz. Ayala Land senior vice president and group head Robert S. Lao, Taguig City District 2 Councilor Alexander S. Penolio, Meralco chairman and chief executive officer Manuel V. Pangilinan and Meralco executive vice president and chief operating officer Ronnie L. Aperocho.[/caption] Aside from catering to the growing energy needs of the Ayala estate, the Arca South substation will also improve voltage regulation in parts of Taguig City, provide operational switching flexibility during contingencies and contribute to system loss reduction in the area. Some of the communities and establishments that will benefit from the new substation include AC Health’s Healthway Cancer Care Hospital, Ayala Malls Arca South, Alveo Veranda, Avida Towers Vireo, Landers Superstore Arca South, Maharlika Village, Puregold FTI Taguig, Sunshine Mall Plaza, Taguig Pateros Hospital and Technological University of the Philippines-Taguig. “As we continue to build upon the foundations of Arca South, we are ensuring that the energy needs of this community are met with efficiency and resilience. This substation represents more than just a physical structure; it represents our dedication to sustainable urban development. It is a cornerstone of progress, enabling us to power homes, businesses and innovations that will drive Arca South's growth and development,” Robert Lao, Ayala Land senior vice president and group head for Ayala Land Estates, said. Meralco executive vice president and chief operating officer Ronnie L. Aperocho, for his part, said the development of the Arca South substation forms part of Meralco’s unceasing support to commercial customers like Ayala Land that play a vital role in the country’s economic growth and development. “The opportunity to participate in the master planning of Ayala estates has allowed Meralco to serve more customers and further cement our commitment to keep the lights on. As a testament to that, this newly energized smart substation in Arca South Taguig will provide safe, adequate and reliable capacity to serve the existing and future power requirements of this particular Ayala Land development, and the adjacent communities in the area,” Aperocho said during the inauguration of the project. The Arca South project is the latest development in Meralco’s longstanding partnership with Ayala Land. Over the past several years, Meralco has energized nearly a hundred projects of Ayala Land and its subsidiary, Makati Development Corporation, including One Ayala and Seda Manila Bay. In addition, Ayala Land consistently provides a substation lot provision for its estate developments. Meralco has been investing heavily on projects that will not just improve its electricity distribution system, but also contribute to ensuring that the infrastructure to support the government’s nation-building efforts are in place. “We share a common goal, which is to uplift the lives of our people and we encourage the active participation and engagement of the private sector in the present economic programs,” Meralco chairman and chief executive officer Manuel V. Pangilinan said during the inauguration. The post Stable, reliable power for ARCA South Taguig appeared first on Daily Tribune......»»
Meralco’s P597-M substation energizes Ayala’s Arca South
The Manila Electric Company, or Meralco, the country’s largest power distributor, has powered up a P597-million smart substation that energizes Ayala Land Inc.’s Arca South development and the nearby communities in Taguig City. The new 115 kV-34.5 kV gas-insulated switchgear substation was commissioned with an initial capacity of 83 megavolt amperes but will ultimately house three transformer banks with a combined capacity of 249 MVA. “As we continue to build upon the foundations of Arca South, we are ensuring that the energy needs of this community are met with efficiency and resilience,” Robert Lao, Ayala Land senior vice president and group head for Ayala Land Estates, said. “This substation represents more than just a physical structure; it represents our dedication to sustainable urban development. It is a cornerstone of progress, enabling us to power homes, businesses, and innovations that will drive Arca South’s growth and development,” he added. Support to commercial customers Meanwhile, Meralco executive vice president and chief operating officer Ronnie L. Aperocho said the development of the Arca South substation forms part of Meralco’s support to commercial customers. “The opportunity to participate in the master planning of Ayala estates has allowed Meralco to serve more customers and further cement our commitment to keep the lights on,” he said. As a testament to that, this newly energized smart substation in Arca South Taguig will provide safe, adequate, and reliable capacity to serve the existing and future power requirements of this particular Ayala Land development, and the adjacent communities in the area,” Aperocho added during the recent inauguration of the project. The post Meralco’s P597-M substation energizes Ayala’s Arca South appeared first on Daily Tribune......»»
A journey of innovation and creativity among kiddie entrepreneurs
IDEAYALA 2023 offers an opportunity for the next generation of entrepreneurs to showcase their innovative business ideas and turn them into action. In addition to encouraging the youth’s creative thinking and problem-solving skills, the affair also aims to instill in them a sense of confidence and determination to pursue their dreams. Spearheaded by Ayala Malls in partnership with Kiddo-preneur, IDEAYALA’s commitment to supporting and recognizing the potential of these young minds exemplifies the group’s dedication to nurturing the next generation of business leaders in the Philippines. Following the launch at Greenbelt earlier this year, Ayala Malls and Kiddo-preneur continue to empower the youth, ages five to 17, as they make rounds at various Ayala Malls in the coming weeks and months: Market! Market! on 26 and 27 August, Ayala Malls Circuit on 2 and 3 September, Glorietta on 23 and 24 September, Ayala Malls Solenad on 7 and 8 October, Ayala Malls The 30th on 21 and 22 October, Ayala Malls Feliz on 11 and 12 November and Ayala Malls Marikina on 18 and 19 November. Future leaders Launched in 2014 as the brainchild of Mariana Zobel de Ayala and Paloma U. Zobel, IDEAYALA is a visionary project that aims to inspire, train and challenge young minds to innovate and create viable, sustainable and market-inclusive mall experiences or entrepreneurial concepts. Seeking to envision the “mall of the future,” some of these ideas may even hold the potential to address the country’s social and environmental concerns. Previously, IDEAYALA mostly engaged college students through talks, mentorship programs and competitions. After seeing how the pandemic affected numerous businesses, particularly the micro, small and medium enterprises, IDEAYALA took on a different shape. This year’s IDEAYALA initiative focused on developing a new generation of strong business leaders by engaging entrepreneurs as young as five years old. This shift in approach sparked a partnership between IDEAYALA and Kiddo-preneur, a socially oriented non-profit organization dedicated to nurturing entrepreneurship among the youth. Together with Ayala Malls, Kiddo-preneur is driving meaningful change by propelling the next generation of young entrepreneurs forward. “IDEAYALA was created by our need to define the ‘mall for the future,’” shared Mark Sablan, vice president and head of Leasing of Ayala Malls. “Fast forward to today, after the pandemic, we revisited the concept of IDEAYALA together with Kiddo-prener because we believe these young minds will be the source of inspiration and new concepts that we’ll be discovering in the next coming years.” IDEAYALA co-founder Zobel de Ayala added, “It’s exciting to be in the midst of all this creativity. It’s also impressive to see kids this young conceptualizing and executing fresh ideas and new solutions. Our goal now at IDEAYALA is to nurture this mindset and encourage the kids to keep imagining new and sustainable business models and ideas for the future.” Opportunities Hundreds of kids launched their businesses through IDEAYALA. Some of the businesses showcased at recently concluded events in Greenbelt, TriNoma and Fairview Terraces were eight-year-old Mariella Oreta’s Science in a Jar, an education-oriented business that sold live caterpillars; Zara, Zree and Zac Chua’s Cafe de Slime, which sold slime sets; and siblings Vino and Bella Bugayong’s VB Pantry, which sold treats and refreshments to hungry mallgoers. Other notable highlights were the Build-A-Brand Workshop, where 50 young kiddo-preneurs were challenged to get creative and create and present their very own shampoo brand. The kids also got the chance to listen and learn from industry titans: Jollibee Foods Corporation president and chief executive officer Ato Tanmantiong and the founder and namesake of the well-loved Mary Grace Café, Mary Grace Dimacali, who shared their humble beginnings and how they grew their businesses into the empires they are today. The post A journey of innovation and creativity among kiddie entrepreneurs appeared first on Daily Tribune......»»
Ayala now BYD’s local dealer
Ayala Corp., or AC, the country’s largest conglomerate, is now the country’s official distributor of BYD’s hybrid and pure electric vehicles, or EVs. In a stock report on Friday, the company disclosed that it already finalized a deal to become a BYD deal — a move that would help drive up the country’s EV adoption. AC Motors head Jaime Alfonso Zobel de Ayala said the partnership will provide a major boost to the Ayala Group’s goal of accelerating the future of mobility in the country. “Our long-term vision is for AC Motors to become the leading platform for EVs and other new energy vehicles in the Philippines. This includes building up BYD to become a key brand in the Philippine market, with a leading share among EV brands and a meaningful presence in the automotive market as a whole,” he added. Long-term value The entire Ayala Group through its assets in renewable power generation, automotive distribution and dealerships, property development and management, manufacturing, financing and insurance, and digital connectivity targets to provide long-term value to EV customers. Ayala, as the official dealer, will offer the luxury executive sedan, BYD Han; the spacious 7-seater family SUV, BYD Tang; and the compact hatchback, BYD Dolphin. By the end of this year, Ayala will also introduce the BYD ATTO 3, a highly awarded EV model that is globally hailed for its outstanding design, comfort, quality, practicality and performance. Meanwhile, for James Ng, managing director of BYD Philippines and Singapore, the tie-up with the Ayala will “create a greener, more sustainable and brighter future, as we embark on this exciting journey.” The China-based BYD has an expansive line-up of both passenger and commercial vehicles at competitive price points, allowing the vehicles to be deployed at a larger scale. Fully integrated operations Its operations as an automotive manufacturer are also fully integrated, with capabilities not only in designing and assembling the final vehicles, but even in battery technology, electric powertrain development and semiconductors. The company also has a presence in the automotive space, as well as investments in rail transit, renewable energy and battery storage. Under the short-term period from 2023 to 2028, the Philippine government targets to roll out 2,454,200 electric vehicles comprising cars, tricycles, motorcycles and buses nationwide. It plans to build 65,000 EV charging stations that will be installed nationwide. As for the medium term or from 2029 to 2034, it will push for additional 1,851,500 EVs and 42,000 EV charging stations. The post Ayala now BYD’s local dealer appeared first on Daily Tribune......»»
Ayala now local dealer of BYD hybrid, electric cars
Ayala Corp. or AC, the country’s largest conglomerate, is now the country’s official distributor of BYD’s hybrid and pure electric vehicles, or EVs. In a stock report on Friday, the company disclosed that it already finalized a deal to become a BYD dealer — a move that would help drive up the country’s EV adoption. AC Motors head Jaime Alfonso Zobel de Ayala said the partnership will provide a major boost to the Ayala Group’s goal of accelerating the future of mobility in the country. “Our long-term vision is for AC Motors to become the leading platform for EVs and other new energy vehicles in the Philippines. This includes building up BYD to become a key brand in the Philippine market, with a leading share among EV brands and a meaningful presence in the automotive market as a whole,” he added. The entire Ayala Group — through its assets in renewable power generation, automotive distribution and dealerships, property development and management, manufacturing, financing and insurance and digital connectivity — targets to provide long-term value to EV customers. Ayala, as the official dealer, will offer the luxury executive sedan, BYD Han; the spacious 7-seater family SUV, BYD Tang; and the compact hatchback, BYD Dolphin. By the end of this year, Ayala will also introduce the BYD ATTO 3, a highly awarded EV model that is globally hailed for its outstanding design, comfort, quality, practicality, and performance. Meanwhile, for James Ng, managing director of BYD Philippines and Singapore, the tie-up with the Ayala will “create a greener, more sustainable and brighter future, as we embark on this exciting journey.” The China-based BYD has an expansive line-up of both passenger and commercial vehicles at competitive price points, allowing the vehicles to be deployed at a larger scale. Its operations as an automotive manufacturer are also fully integrated, with capabilities not only in designing and assembling the final vehicles, but even in battery technology, electric powertrain development and semiconductors. The company also has a presence in the automotive space, as well as investments in rail transit, renewable energy and battery storage. Under the short-term period from 2023 to 2028, the Philippine government targets to roll out 2,454,200 electric vehicles comprising cars, tricycles, motorcycles and buses nationwide. It plans to build 65,000 EV charging stations that will be installed nationwide. As for the medium term or from 2029 to 2034, it will push for additional 1,851,500 EVs and 42,000 EV charging stations. The post Ayala now local dealer of BYD hybrid, electric cars appeared first on Daily Tribune......»»
Sy siblings assume Forbes’ top spot
Siblings of the late taipan Henry Sy Sr. regained the status of being the richest in the country, overtaking Manuel Villar in the Forbes’ 2023 list of the Philippines’ 50 Richest. The Forbes list showed the Sys of the SM Mall chain having a net worth of $14.4 billion against real estate kingpin Villar’s $9.7 billion. International port magnate Enrique Razon Jr. is fourth in the list, $8.1 billion; San Miguel Corp. president Ramon Ang, $3.4 billion; Fastfood tycoon Tony Tan Caktiong and family, $3.2 billion; Aboitiz family, $3.15 billion: Lance Gokongwei and siblings, $3 billion; Isidro Consunji and siblings, $2.9 billion; property mogul Jaime Zobel de Ayala and family, $2.8 billion and industrialist Lucio Tan, $2.6 billion. Featured in the cover of the Forbes Special Edition is business leader Sabin Aboitiz, who the magazine said is transforming the Philippines’ second-largest electricity producer into a banking, infrastructure and technology powerhouse. Sabin gets focus “Sabin Aboitiz is spearheading a P380-billion-peso makeover of Aboitiz Equity Ventures, or AEV, a century-old Philippine power and banking behemoth controlled by his extended family, into a wider group focused on banking, infrastructure and technology,” it said. It added in the next seven years, the president and CEO of AEV plans to expand into renewable energy generation and build airports, cellular towers and data centers to tap demand from a young population in one of Southeast Asia’s fastest growing economies. “Shortly after taking over the reins of the company from his older brother Erramon in January 2020, Sabin witnessed the fallout of Aboitiz Equity’s reliance on electricity generation for almost 60 percent of its profit as a nationwide lockdown to curb the pandemic decimated demand,” Forbes indicated. The post Sy siblings assume Forbes’ top spot appeared first on Daily Tribune......»»
The new landlord: Renting out property
It is no small task to take on the role of a "landlord." Renting out your house comes with challenges and responsibilities, especially for first-time landlords. There are plenty of issues to consider, like getting good tenants, marketing your property, rental payments, addressing tenant issues, and many more. Committed to providing investors with sound investment opportunities, SM Development Corporation (SMDC) has officially launched its leasing and tenancy management arm, SMDC Good Stays, and opened its very first office last July 21 at Air Mall, right within the complex of SMDC's Air Residences off Ayala Avenue in Makati City. Intending to help investors realize the potential of their real estate investments, SMDC Good Stays provides end-to-end leasing and tenancy management services that allow unit owners to maintain and monetize their units professionally. A partner in enriching lives Renting out a property comes with the responsibility of curating a functional and enjoyable living experience for tenants. To ensure higher occupancy rates, lessors must provide tenants feel support during their stay. Whether they rent to relocate for work, move closer to school, build their family roots, or go through life's transitions. [caption id="attachment_169481" align="aligncenter" width="624"] SMDC Good Stays offers comprehensive leasing and tenancy management services to ensure a prosperous and hassle-free investment experience with SMDC.[/caption] With SMDC Good Stays, investors no longer have to worry about the complexities of attracting reliable tenants, preparing for tenant occupancy, or ensuring that their property and tenants are cared for. The leasing arm takes charge of all aspects — from property marketing, tenant sourcing, unit fit-out assistance, contract preparation, and documentation to facilitating general cleaning, repairs, and maintenance. Opportunities abound According to a Q2 2023 Leechiu Property Consultants (LPC) Inc report, the residential sector will remain resilient. As more and more companies revert to a work-from-office set-up, and thanks to the increased office take-up from the BPO and IT-BPM industries, demand from renters is likely to remain strong. Boundless opportunities, therefore, await investors who choose to ride this growth momentum. According to David Leechiu, Co-Founder and CEO of LPC, data shows rental rates of SMDC developments are competitively-priced, making SMDC properties the top choice in the rental market. At the core of this strong stance is SMDC's award-winning business model that continues to make SMDC properties appealing to renters — prime locations; spacious, hotel-like lobbies; health-oriented, resort-style amenities; professional property management services; and most of all, streamlined and efficient customer experience. Tried and tested A professional leasing management partner is a must, especially for investors who want to minimize the stress of renting out a unit. Jeremias Delos Reyes, a Hawaii-based engineer and investor of Air Residences, says the peace of mind, convenience, and returns of having a credible team to manage your leasing business is incomparable. "As an overseas Filipino, having a trustworthy leasing management arm for my home property was paramount. SMDC Good Stays not only had a physical office [ensuring legitimacy], but their responsive agents also ensured a smooth process [and] took care of everything [for me]. Within two to three months, my property was generating passive income," Delos Reyes shared. Embark on a fulfilling investment journey with SMDC, and discover why SMDC Good Stays is your trusted and dependable partner in your real estate success. The post The new landlord: Renting out property appeared first on Daily Tribune......»»
MMDA clears obstacles at EDSA bypass
The Metropolitan Manila Development Authority has cleared the proposed alternative routes in connection with road repairs being done on the highway. The agency said clearing operations were done at the Mabuhay Lanes, Timog, Tomas Morato and West Avenue. Citation tickets were issued to parked vehicles, as well as public vehicles loading and unloading in unauthorized areas. The MMDA said road repairs being done in the EDSA carousel will continue until 5 a.m. on 9 August. Affected roads are: Both directions of the EDSA Busway in Caloocan; the road along SM North Edsa to MRT Quezon Avenue station, in front of Corinthian Gardens past Camp Aguinaldo, in front of the BBM headquarters and near Ricoa in Mandaluyong City; and four other areas in Makati City, from the Guadalupe Bridge to Rockwell Kalayaan Footbridge. Repairs along EDSA began Friday night and resulted in traffic build-up on Saturday morning. The traffic build-up was on the northbound lane stretched from North Avenue to just before the Quezon Avenue flyover in Quezon City. Motorists are advised to take the following alternate routes during the road repairs: Caloocan — Use Rizal Avenue, A. Bonifacio Avenue, or EDSA Balintawak; Quezon City Use Commonwealth Avenue, Quezon Avenue, or Sgt. Rivera Street; Mandaluyong City — Use Boni Avenue, Shaw Boulevard, or EDSA Guadalupe; Makati City — Use Ayala Avenue, Buendia Avenue or EDSA Guadalupe. The post MMDA clears obstacles at EDSA bypass appeared first on Daily Tribune......»»
Acuzar banners house trading expo
Department of Human Settlements and Urban Development Secretary Jose Rizalino Acuzar will be the main guest at the convergence of real estate practitioners, as the National Real Estate Association holds its three-day housing trade exhibit and mid-year membership meeting this 17 July at the Activity Center, Ayala Malls, Makati City. According to NREA chairperson Imelda Magtoto, One Filipinos Worldwide Partylist Representative Marissa “Del Mar” Magsino, Makati City Mayor Abigail Binay-Campos and Glorietta Malls general manager Sherlene Cruz will also be gracing the gathering. On the other hand, National president Ruth Marie Atienza said the mid-year meeting will honor NREA officers for the successful holding of NREA’s 2023 Chairman’s Cup Golf Tournament held last 30 May at Wack-Wack Golf and Country Club, and NREA’s national convention. Both were held with DHSUD. Among the mid-year meeting awardees are NREA trustee and executive vice president Red Rosales, who served as the overall national convention chairman; adviser and golf tournament co-chairman Bansan Choa; Emie Pulido, treasurer and golf tournament co-chair; Adviser Marcelino C. Mendoza; and the NREA Secretariat — EA Lhane Sta. Juana, Aileen Garlitos, Ma. Lourdes Angeles, Paul Santos and Bernardo Ejada. Moreover, Department of the Interior and Local Government-Bureau of Local Government Development Director Anna Liza Bonagua will also be awarded for her contribution to inviting all the LGUs nationwide to join the NREA national convention. Honorary members and new NREA members will also be inducted during the event. The national convention, held last 1 and 2 June, focused on catalyzing housing sectoral convergence behind the Pambansang Pabahay Para sa Pilipino or 4PH Program of the Marcos Jr. administration. The 4PH program aims to build one million housing units annually until 2028 to address the country’s housing gap. Earlier, Acuzar expressed his support for Senate Bill 2108, filed by Senator Christopher Lawrence “Bong” Go, which aims to institutionalize the 4PH Program. The bill provides a mechanism to subsidize amortization and interest for the beneficiaries, with potential buyers. Further, the NREA convention attracted the participation of some 250 delegates, including 15 city/municipal mayors, officer-representatives of local government units (LGUs) from around the country, NREA members nationwide, partner organizations and other professionals. LGUs are the main proponents and implementers of housing projects under 4PH. Also launched during the convention were NREA’s Multi-listing System, a database of realty properties for sale, and a directory/network of NREA real estate brokers and salespersons. The event is supported by OFW Partylist; Chanti Gems; Mapecon Philippines, Inc.; Duraville Realty and Development Corporation; PHirst Park Homes, Inc.; Bria Homes, Inc.; Davies Paint Philippines, Inc.; E. Ganzon, Inc.; and SM Development Corporation. Participating exhibitors/sponsors are Ayala Land, Inc.; Pag-IBIG Fund; Federal Land, Inc.; Security Bank; Surewell Equities, Inc.; Landsquare Marketing & Development Corporation; Hausland Development Corporation/Fiesta Communities; Suntrust Properties, Inc.; Metalyte Builders & Construction Corporation; MatchMo and Center for Pop Music Philippines. The post Acuzar banners house trading expo appeared first on Daily Tribune......»»
ELECTRIFIED MOBILITY
As the world continues to shift toward sustainable and eco-friendly modes of transport, Kia Philippines is not one to be left behind. The recent transition of leadership from Manny Aligada to new chief operating officer Brian Buendia marks a new era for the company, one that is heavily focused on the adoption of electric vehicles and the transformation of the automotive landscape in the Philippines. Buendia inherits a brand that is poised for growth and innovation. Under his leadership, Kia Philippines aims to enhance the customer and ownership experience by bringing the company's corporate identity and culture to the fore. Buendia's vision is to strengthen Kia's industry rankings through the introduction of new and exciting models in relevant segments and expand the growing dealership network. In Buendia's own words: "We will build upon these accolades to further steer Kia Philippines to greater success. And we will not achieve this without your utmost support." This statement reflects his commitment to driving the brand forward and his recognition of the crucial role of stakeholders in this journey. Buendia also has his sights set on establishing Kia as a major player in the rapidly growing electric vehicle market. This is through their EV6 and the up and coming new energy vehicles. Kia Philippines, under Buendia's leadership, is already a major player in the local industry as well as in the region. The company has become one of the fastest-growing car brands locally and has been recognized by Kia Asia Pacific for achieving the highest growth rate in the region and being the number one independent dealer in retail sales in 2022. Seeing it as crucial to the brand’s growth, the team behind Kia Philippines plans to expand its dealer network to 50 dealerships nationwide by 2025, with each dealership offering the same experience and brand design. As important, efforts to improve customer experience, including face-to-face training for all frontliners and three levels of skill certification for technicians and service advisors, as well as improvements in parts availability and after-sales service, are on top of the list for the team. The latter item has currently been improved, with a fivefold increase in parts inventory and a partnership with Ayala-owned Entrego to improve delivery times to dealerships. The company's commitment to electrified mobility is also evident in its ambitious plans. Kia Global has announced its goal to produce 2 million EVs by 2030. This includes the introduction of 2 new EVs every year, culminating in a total of 15 EVs by 2027. Kia Philippines, together with parent company Ayala Corporation, is also working on building an entire EV ecosystem. This includes efforts in financing, infrastructure and software integration. As Buendia noted, Kia Philippines is not just focusing on the vehicles themselves but also on the technology that powers them. The company's global EV strategy includes a focus on connectivity, performance, autonomous driving and design. Kia sees the potential for EV adoption in the Philippines, with sales dependent on markets like China, Korea, Thailand, and Indonesia. According to AC Motors President, Toti Zara, the transition to EVs in the Philippines is seen as inevitable, with efforts being made to bust myths about EVs related to safety, range and cost. With recent developments like exemptions from import duties and excise tax, the cost of EVs is expected to achieve parity with internal combustion engine vehicles, according to Zara. The brand also announced that they are to introduce one battery-electric vehicle, one new-energy hybrid vehicle, and two more internal combustion engine vehicles this year. The transition of leadership at Kia Philippines signifies a new era for the company. With Buendia at the helm, the company is poised to drive the brand to the top spot in the Philippine market. The company's commitment to electrified mobility, coupled with its plans for dealer network expansion and improved customer experience, paints a promising future for Kia Philippines. As Buendia confidently stated, "Kia Philippines is already a major player in the local industry as well as in the region." With such a clear vision and strategic plan, there's no doubt that Kia Philippines is on the road to success. The post ELECTRIFIED MOBILITY appeared first on Daily Tribune......»»
Jaime Ponce de Leon — Art world’s man of the hour
To say that Jaime de Leon gave us his most prized treasure by sharing his “Hymen, Oh Hymenee” by Juan Luna would be an understatement. Jaime has not only made legions of art lovers happy and ecstatic; what he has achieved, by allowing the exhibition of this missing masterpiece, the holy grail of Philippine art, is an earthshaking development — one that, as it were, had ignited an intense movement of the “tectonic plate” of Philippine cultural heritage. [caption id="attachment_145553" align="aligncenter" width="525"] Photographs courtesy of leon gallery | ‘Hymen, oh Hyménée,’ in its finest details, manifests Juan Lu-na’s genius as an artist.[/caption] What had been missing for more than a century finally found its way home, right at the renowned Ayala Museum, thanks to Jaime, the trailblazing founder of the game-changing Leon Gallery, which has been responsible for the change of hands of the most valuable masterpieces of our renowned artists from the Spanish times, through antebellum Philippines and the postwar years, all the way to the new millennium. [caption id="attachment_145552" align="aligncenter" width="525"] JAIME de Leon, NCCA chairman Ino Manalo and Ayala Museum’s senior director Mariles Gustilo.[/caption] His discovery of Luna’s most sought-after painting in a royal house in Europe is a story that will be told through the coming generations of art lovers, enthusiasts, collectors and scholars. Just a few days ago, I visited Jaime in Leon Gallery, and art gallery and auction house that he founded in 2013. He shared with me his life story and how he had stumbled upon a new epicenter around which would revolve the life that he had wanted for himself. Jaime was still pursuing his business management degree in Silliman University when he was elected as the chairman of the barangay located right along the main boulevard of Dumaguete City. Realizing that politics was “not cut for me, I thought that I had bigger dreams. It’s like a fish that you put on a pond. It would only grow up to that size. I wanted to go to the big city. I wanted to live in the ocean and allow myself to be bigger. So, I moved to Manila.” In the big city, he started out as a real estate salesman, one of those guys who gave away brochures at the mall. But he would not last long, as he explored other possibilities. He next spent a year in Malaysia where he worked at the office of a construction firm. “It was a time for discovering myself,” he says. “I also learned how to be truly independent, away from the support of one’s family and home. It was an eye opener for me. After a year, when I got back to the Philippines, I thought, ‘Oh my God. What would I make of my life? I didn’t know which direction to take.” He then decided on taking up interior design at the Philippine School of Interior Design. While he admitted to not being good at drawing, he grew up appreciating “the nice things and antiques in my grandmother’ home.” In time, he was designing for clients. “Of course, when you decorate houses, you put paintings on the walls and you advise your clients and tell them this doesn’t go here. And the client would tell you that since they did not need them anymore, could I find a buyer for them? I ended up selling for clients. From those initial transactions, I started my business. In 2010, I opened a small gallery in Corinthian Plaza. So, I put everything there that I was selling from the houses of people who didn’t want them anymore because they were transferring to smaller houses or they were leaving the country. And she asked me if I was interested to help them liquidate the collection of an insurance company. “So, I said, why don’t I just broker them if all they wanted was to liquidate the art works? That would be easier. I told myself I could probably just borrow money to buy everything and I could just sell them. “But she pointed out that the mandate of their corporation required an auction. And I had zero knowledge about auctions. So, I said, ‘What can I do? I cannot lose this.’ I mean, I had nothing to lose, so should just do it. I told them, ‘I’ll do it.’” Jaime next called Cid Reyes, the art expert and critic. “And he agreed. I had to call all my friends to help. I didn’t have the resources to hire, so it was all request. And so we did our first auction in January 2013. We auctioned everything, all 54 lots.” “The rest,” Jaime said, “is history. I started to acquire my knowledge by going to Christie’s in New York to study the courses they offered. I went to London and studied Art Law. I went to the University of Arts London (UAL). Just to get the feel and just to be able to learn as much as I can. At least I would have more knowledge because I didn’t have any background in art in school. It was his knowledge, along with his network of friends, that would lead him to more breaks. One friend who would make a big difference in his life was Dr. Teyet Pascual, in his time one of the foremost collectors of the country’s masters. It was also with this friendship that his quest for the holy grail of Philippine art would be inspired until it became a lifelong longing to find it. The following is a continuation of my interview with Jaime. Daily Tribune: What is the most important for someone to succeed in the auction business? Jaime Ponce de Leon (JPDL): You know, reputation is the most important in this business. When we were starting, it was difficult to get the trust of these old families. And you know how guarded these old families are. And here comes a new kid on the block, how can he be trusted with our most prized possessions. So, I had to build trust slowly and slowly, brick by brick. DT: Have there been issues and challenges? JPDL: Definitely. When you’re in this business, sometimes you also make mistakes. These happen when things are deemed to be not it was meant to be what it is. Any dealer who says he has not gotten through that is a liar. These things happen. But for as long as you don’t do things knowingly, you know what I mean? I mean, if you don’t do such things knowingly, the world excuses people who are honest. And I think that is essential. DT: How do you go about finding all these treasures? JPDL: You know what? It’s probably through my gut and my grit. And I tend to have the personality of someone with a thick face. Not that I would just knock at anybody’s house, but I am not shy to speak to people, to introduce myself to people. Biggest finds DT: What has been your biggest find? JPDL: Well, in terms of find, of course this Luna. DT: Well, aside from this, can you mention some names? JPDL: Well, of course, in 2015, I was able to find this cachet of Zobels that people never thought existed. I found it in Boston, somewhere in New England. I remember very well there was a party at one of the galleries and I saw Paulino Que and I saw Ken Esguerra and told them, ‘Guys, I have discovered 83 pieces of Fernando Zobel.’ Sabi nila, ‘No, impossible. How come we don’t know anything about it?’ DT: Where exactly did you find it? JPDL: In an attic. The Pfeufer collection. The collector was the guardian of Fernando Zobel in Harvard and in Rhode Island. And when I found this in the attic, I couldn’t believe what I saw. I was already two years in the business. So, I auctioned them one by one. So, it was another white glove sale. Because at that time we made the world record for the most expensive Zobel. At that time, it was just P30 to 35 million in 2015. [caption id="attachment_145551" align="aligncenter" width="525"] at Harvard Business School where Jaime is pursuing his graduate studies.[/caption] So, we were selling fantastic pieces that no one could believe it was found. I mean, how can you find in one attic 80-plus pieces of Fernando Zobel, right? So, we did that. And over the years, of course, this and that. That I would find. DT: Tell me about the Magsaysay-Hos and the others. JPDL: Almost the same. The best ones are also found abroad. The last one was a world record. We sold it for P84 to P85 million. The Jim and Reed Pfeufer collection. So, this is the one I found in New England. The Joya that we sold here, P112 million. The Joya of Josie Baldovino. I’ll tell you a story. Mrs. Baldovino, the sister of Jose Joya, and I were always close. In this business, it’s all about trust. Once you establish the trust with your client, I think you’re already one step ahead. So, Mrs. Baldovino comes to me and tells me that she was already old. She felt she was nearing her run. So, she said, “Jaime, I trust you.” So, she sent me her piece. Her beautiful piece. I went to India, I had a trip and I got a call from her, “Jaime, you know, this collector came to me and offered me P50 million for my Joya.” Of course, that amount was life-changing, It was P50 million. I told Mrs. Baldovino, “Ma’am you know, I truly respect your decision on this. It’s really up to you.” She said, “Jaime, what should I do? This is already P50 million right in front of me.” We already had it with us, so I said, “Ma’am, we will do all our best to make it sell well. But please, I will not hold you to it. I will not get in the way of your decision to sell it for P50 million. But we will do everything we can to make this sell well. Just trust us.” So, finally, she called me back, “Okay, I’ll leave my trust to you. I will leave the piece.” So, three weeks after, the auction happened. And it became the highest painting ever sold in the Philippines. It was P112 million. DT: She must have been very happy. JPDL She was able to build a building in Fairview. A beautiful building, and she was so thankful. Of course, the stars aligned, the blessings were there. DT: What is your advice to anyone who wants to invest in the arts? Which artists should they buy? JPDL: You know what, a lot of them. But, you know, my advice? First, it’s never a good thing when you buy something immediately for investment purposes. When you buy something, buy first something you like. (Enjoy it). If the price goes up, (that’s a) bonus. If it doesn’t, then you enjoy the piece. ‘Taste changes’ DT: Why are some artists expensive, and why do art works of the same artist vary in peso value? JPDL: You know, art has so many factors involved. So much variables involved. There is a conglomeration of things on why an artist becomes successful. They’re all good. But it’s dependent on certain factors. Like, mister something bought the work. People see it. People feel that he’s a good artist because mister something bought the work. He’s exhibited by the right gallery. He’s exhibited in a museum, in a fair. You know, all these, once all these variables conglomerate together, and then, viola. DT: Why do some collections sell fast and some stay with you up to the next auction? JPDL: Well, sometimes there are things that really don’t sell. I mean, probably because of the prices that we put are high. Taste changes. I’ll give you an example. Manansala was very popular in the 1980s. And everybody, all these women, they all wanted to undress themselves in front of Manansala and get themselves painted. But now, it’s no longer the taste of today. People don’t buy nudes. People don’t have themselves painted in the nude. Many people are born again. They’re not allowed to put nudes on their walls. All these reasons. So, taste changes. And it’s a cycle. Editor’s note: The Leon Gallery Spectacular Mid-Year Auction 2023 takes place today June 17, 2023 starting at 2:00 PM, featuring art works from the collections of Manila’s society doyens, Zita Fernandez Feliciano and Delly Tambunting Ongsiakio The post Jaime Ponce de Leon — Art world’s man of the hour appeared first on Daily Tribune......»»
Visayan growth
This piece is being written as I traverse the Visayan region which is carrying greater prospects for future economic growth. For the past months, I’ve written on Mindanao and Central Luzon and how these regions have experienced rapid development thanks to the nationally elected political leaders who hail from their provinces, Vice President Sara Duterte and the former president now Deputy Speaker Gloria Macapagal-Arroyo, respectively. At times neglected in the discussions is the Visayas region. This time around, I was able to spend time in Iloilo and Cebu – both highly urbanized regional growth areas outside of Metro Manila. Iloilo is a wonderful city as it exists harmoniously with its bodies of water. Esplanades and walkways allow everyone to enjoy the river, which serves as a leisure area, transportation hub, and entry for goods, which is quite uncommon in the Philippines. Usually, Philippine rivers are either for people or for goods, not both, since our rivers are easily polluted. But in Iloilo, as well as neighboring Guimaras, their rivers bring life to the province. The only eyesore in Iloilo would be the “sinking” Ungka flyover located in Pavia. This project cost the government P680 million but it was closed shortly after it opened because motorists experienced a “wavy” sensation while driving on it. It was later learned that some of its pillars were sinking at the rate of two centimeters per day. A study showed it would take an estimated P250 million to repair the flyover and make it safely usable to the public. One reason to be excited about Iloilo should be the proposed revival of the Panay Railway, which was mentioned by President Bongbong Marcos Jr. in his SoNA last year and included in the Infrastructure Flagship Projects approved by NEDA. On this trip, I learned that Panay used to have a working railway that connected Iloilo City to Roxas City, and that plans for its revival would further connect Iloilo to Caticlan thus, the resort island of Boracay. Imagine having tourists land in Boracay, spend a few days there, then take a train to Iloilo where they would further be immersed in Philippine culture in one of the oldest cities of the country. Cebu is an established gem of a city, with traffic nearing Manila levels. Walking around Cebu feels like being in Alabang or BGC. One thing missing in Cebu is tollways to connect its cities and municipalities. This may change soon with the inclusion of the Metro Cebu Expressway in the NEDA-approved IFPs. The 72-kilometer project, once completed, will connect Naga City to Danao City, cutting travel time from three hours to 50 minutes. The project was started years ago, but only a reported five kilometers of it have been finished so far due to lack of funding. At this rate of budget allocation, it will take 20 years to finish it. Now, the project will continue and be finished sooner via a PPP arrangement after Metro Pacific Tollways Corp. — the same company that built the iconic Cebu Cordova Link Expressway bridge — has expressed interest in it. Whenever I visit Cebu, it seems that a major development had taken place. This time was no different. Even in Iloilo, there are new buildings erected almost monthly. One notable building is the 14-story Stronghold Insurance Building in Mandurriao, Iloilo City, an area surrounded by Ayala, SM, Vista Land, and Megaworld developments. As this Administration has heralded, this time the purpose is to “Build, Better, More” for the benefit of all Filipinos nationwide. For comments, email him at darren.dejesus@gmail.com. The post Visayan growth appeared first on Daily Tribune......»»
Globe data center readies PHL as regional technology hub
With the flood of data across the globe from the ever-growing demands of a thriving digital landscape, data has become the new gold. The more data you have, the more gold you will get, according to Ivan Uy, the Secretary of the Department of Information and Communications Technology. At the launch of the ST Telemedia Global Data Centres (Philippines), a joint venture between Globe, Ayala Corporation, and Singapore-based ST Telemedia Global Data Centres, Uy underscored the significance of harnessing the potential of data centers to catapult the Philippines’ hypergrowth and position the country as regional hub for information technology and digital innovations. “The Philippines is in a good position to take the front seat in the digital space,” Uy said, “we have the talent, the skillset, and the right motivation. Digitalization is one of the primary thrusts of the Marcos administration.” He added, “Traditional areas like Singapore and Japan are getting crowded. So the Philippines is an open field where they can see almost unlimited growth not just because of the untouched potential of our land but even our human resources.” Carlo Malana, STT GDC Philippines president, added the Philippines benefited from the geopolitical tensions in Europe and parts of the Indo-Pacific being at the heart of the ASEAN region. “Singapore has no available land and there is tension in the Taiwan Straits. But the Philippines has real estate space and power requirements to host data centers,” Malana said. The new data center campus, STT Fairview, will comprise over 83,000 square meters of gross floor area across four buildings. Once fully built, it offers a development potential of 124 megawatts of IT load capacity. It is strategically positioned within Quezon City with access to nearby substations and critical telecommunications, transportation links, and logistics, business, and industrial hubs. This data center is expected to store and manage various digital data of customers of nearly all types of businesses now operating in the digital age. Connected Filipinos with faster internet and high-technology smartphones, people now consume as much as they share data — texts, photos, audio, and videos online. According to a 2021 report by social media management firms Hootsuite and We Are Social, Filipinos have been the heaviest internet users in Southeast Asia and the world, surfing the web for an average of 10 hours each day, longer than that of Colombia, Thailand, and Indonesia. “Data is the fuel that will drive everything we do, from social to e-commerce. Data centers are growing at a phenomenal pace in the region. Still, the Philippines will be the center of growth in Southeast Asia,” Bruno Lopez, president and CEO of ST Telemedia Global Data Centres-International, said. In addition, Uy said the Philippines has the labor force, land area, and regulations to build the country as an efficient data center location. Uy said the government had launched programs to upskill Filipinos in data management, tapping the youth’s higher interest and knowledge absorption in technology. “Other countries’ aging population cannot cope with the future demand.” Half of the Philippine population is aged 25, while that of Japan is 48. Level of expertise Manala added, “There’s a different level required for running a critical facility. For example, a mechanic fixing your car and the other a Formula One are different mechanics.” For data protection and cybersecurity regulations, Uy said authorities would strictly implement data privacy laws and anti-cybercrime measures. “The DICT will provide companies guidelines for compliance and training to build their capacities. We will put these as our priorities for reliable data interoperability.” With these critical elements for operating an efficient data center, Lopez believes there will be at least 28,000 jobs for Filipinos and $5 billion more in national income for every 20-megawatt data center. “Data now is the new gold, and the data center is your vault. The bigger the data center, the more gold you have,” Manala explained. In the next three years, Lopez said there could be ten other data center providers in the Philippines as the digitalization of activities is accelerated by hyper scalers, which are companies engaged in various businesses like e-commerce, entertainment, and research. “I’ve worked with Microsoft, Amazon, and Google. Before, each of them wanted just five megawatts. With data centers and mobile applications growing phenomenally, 124 megawatts is a drop in the bucket.” Aside from a significant land area, hyper scalers are looking for high power capacity to run their data-centric computers 24/7. Uy said the demand for more data centers and the interest in electric vehicles or EVs would rise. “I’m also initiating programs to retool our mechanics to become EV mechanics because our automobile industry will have a profound transformation in the next ten years because computers will power these EVs.” Located along Regalado Avenue in West Fairview, Quezon City, the data center’s first phase is expected to rise in 2025, while the rest in eight years or less. “We’ll scale the growth of the rest of the facility as the demand comes in. As the customers come in, we’re prepared to give them a strategic highway for their development and growth in their countries,” Manala said. The post Globe data center readies PHL as regional technology hub appeared first on Daily Tribune......»»
DB Schenker signs with ALLHC
Logistics solutions and supply chain management DB Schenker has signed an agreement with AyalaLand Logistics Holdings Corp. to lease the latter’s ready-built facility in ALogis Calamba in Laguna. The logistics company is set to take up 18,000 sqm of space, primarily for contract logistics servicing an automotive company. The area has already been turned over and is expected to commence operations by June 2023. The ceremonial signing with DB Schenker marks both groups’ first partnership together. DB Schenker Contract Logistics director Irma Diaz-Guevara said: “ALogis is viewed by DB Schenker as one of our strategic partners in this market. The Ayala Land brand is synonymous with excellence, quality and reliability, consistent with DB Schenker’s values as a global organization. We are confident that ALogis can build strategic facilities that intend to showcase the quality of operations of DB Schenker in contract logistics.” “ALogis was meant to support and energize businesses like DB Schenker. As we continue to create effective and impactful solutions in real estate and supply chains, respectively, we look forward to a great synergy that benefits communities,” shares ALLHC chief operating officer Patrick Avila. He continued: “We are very thankful to DB Schenker for choosing ALogis as a trusted partner, and we look forward to serving them as one of our valued tenants.” The two companies are united in being the frontrunners in the logistics space, sourcing and providing the ideal facilities to support the growing Philippine economy. Apart from ALogis Calamba, other ALogis sites are located in Biñan, Naic, Porac and Santo Tomas, collectively contributing over 309,000 sqm of leasable industrial space. Expansion is ongoing at ALogis Naic for 11,000 sqm more warehouse leasable area. The post DB Schenker signs with ALLHC appeared first on Daily Tribune......»»
Ayala putting up $1 billion data center, biggest in Philippines
The Ayala Group and its Singaporean partner are investing at least $1 billion to build the largest data center in the Philippines as they prepare for the entry of tech giants locating here......»»
Integrated clinics and hospitals provide holistic approach to healthcare
Ayala Healthcare Holdings Inc. launches Healthway Medical Network, marking the integration of all its hospitals and clinics under the Healthway brand. With the promise to deliver “Care Beyond Cure,” HMN aims to create a comprehensive patient journey across all its touchpoints, focusing on holistic and patient-centric healthcare. The new identity of AC Health’s hospitals and clinics group was announced last 8 May at the ceremonial signage lighting of Healthway QualiMed Sta. Rosa. It was attended by executives from Ayala Corporation, AC Health and HMN, as well as local government officials, representatives from various sectors of the community and existing patrons of QualiMed Sta. Rosa. “At Healthway, we believe that care beyond cure is not simply an empty slogan, but a guiding principle,” said Jimmy Ysmael, president and chief executive officer of HMN. “We understand that our patients are more than just a set of symptoms or a medical condition. They are people with unique stories, experiences and emotions. Through the integration of our clinics and hospitals, we will strive to provide the highest quality of care, focusing on treating the whole person, not just the illness.” During the event’s round table discussion, Dr. Rizzy Alejandro, AC Health chief public health officer and QualiMed Manila chief operating officer, shared how Healthway plans to deliver on its brand promise through its “Connected Care Circles.” “We want to provide holistic care to our patients, and this is where ‘Connected Care Circles’ come in,” explained Dr. Alejandro. “Our goal is to provide seamless care from one point to another, regardless of where the patient is in their healthcare journey.” Aside from HMN, AC Health’s subsidiaries include Generika Drugstore, IE Medica and MedEthix and KonsultaMD in partnership with Globe’s 917 Ventures. “When AC Health was founded in 2015, our vision was to build and connect various businesses into an integrated ecosystem that would allow us to address fundamental gaps in Philippine healthcare,” said Paolo Borromeo, president and CEO of AC Health. “Healthway Medical Network remains a crucial component of this ecosystem and AC Health will continue to explore even more opportunities to drive synergies within our network, offering a differentiated experience for our Healthway doctors, employees, and of course our patients.” In 2022, the network successfully inaugurated three new multispecialty centers. This year, HMN plans to open three additional clinics in Cebu, Cagayan de Oro and Davao, expanding its network to a total of 15 outpatient centers. Apart from this, the long-awaited Healthway Cancer Care Hospital, the first of its kind in the country, is also set to open in September 2023. Present at the event was Ayala Corporation’s Fernando Zobel de Ayala, who reaffirmed the group’s commitment to continue investing in healthcare. “The integration and launch of the HMN and its promise to deliver care beyond cure exemplifies Ayala’s relentless pursuit of excellence in its unwavering commitment to nation-building,” said Zobel. “At Ayala, we believe that every Filipino deserves access to quality healthcare and we are committed to help make this a reality.” The post Integrated clinics and hospitals provide holistic approach to healthcare appeared first on Daily Tribune......»»
Ayala unit, US firm to build Philippines’ first e-motorcycle factory
In a statement, the Marcos Jr. administration said that the signing of the memorandum of agreement between the two firms will support the country’s push into EV production......»»
10 Metro Manila officials in study tour of bike-friendly Netherlands
Filipino bicycle community, rejoice: Metro Manila mayors are taking you seriously. At least enough to fly to the Netherlands to study how the nation became the most bicycle-friendly country. Top city officials represented the Metro Manila Development Authority in a study tour of the European nation that has integrated the use of bicycles into its daily life as well as in its culture. Since the 1920s, the Netherlands developed the bicycle culture and the bike has become “the patriotic means of transportation.” There, traffic rules take cyclists into consideration that they don’t have to wear helmets. Infrastructure is also planned out with bicycles in mind. The Metro Manila city officials also sought to learn things about water management, flood control, inclusive and sustainable mobility, and circular economy. The official delegation includes Mayor Joy Belmonte of Quezon City, Mayor Ruffy Biazon of Muntinlupa, and other officials from San Juan, Caloocan, Malabon, Navotas, Pasay City, Valenzuela, Mandaluyong, and Pateros The officials visited two modern bicycle parking facilities built under canals and rivers in Amsterdam. One is the Stationsplein Underwater Bike Parking Facility which opened on 26 January. It is the largest bicycle parking facility in the city. It can store almost 7,000 bicycles. Taking four years to build at a cost of 65 million euros or approximately P3.67 billion, the bike garage was constructed under the river in front of the Amsterdam Central Train Station. The city officials also visited another underwater parking that can accommodate 4,000 bikes along IJ Boulevard in Amsterdam. Biazon cited the design which allows easy parking and promotes cycling as “last-mile transportation” for train commuters. Belmonte said there are a lot of pointers she can apply for Quezon City which has the largest bicycle road network in the country with 93 kilometers of bike lanes. Quezon City has also installed bike ramps on 40 footbridges and underpasses, milestones already for the local bike community but still a long way to go compared to that of the Netherlands. Based on Dutch Cycling Embassy data, roughly 63 percent of Amsterdam citizens ride a bike daily on 767 km of cycle paths and bicycle lanes throughout the city. The Netherlands has more bicycles than people, with over 22 million bicycles for its 18 million residents. Bicycles saw a massive popularity rise during the pandemic, causing improvements in the infrastructure, especially along Edsa, Macapagal Ave., C5 and Ayala Ave. In 2021, the Department of Transportation and the Department of Public Works and Highways completed 313.12 kilometers of bike lanes passing through 12 cities in Metro Manila. In total, the country now has 497 km of bike lane network that can handle 1,250 cyclists per hour per meter of bike lane. According to the DPWH, there is a plan to build 1,778 km more bike lane projects across the entire country. The post 10 Metro Manila officials in study tour of bike-friendly Netherlands appeared first on Daily Tribune......»»
ACEN earmarks P70B for RE dev’t
ACEN Corp., the listed energy platform of the Ayala Group, is planning to spend as much as P70 billion this year to bankroll the development of renewable energy across its global markets. “We expect to invest around P50 billion or possibly up to about P70 billion in capital expenditures for this year,” ACEN President Eric Francia said in a press briefing on Monday. “We also have more than P30 billion in cash from our consolidated balance sheet to help finance our capex. Obviously, we will deploy quite a bit of that cash with that level,” he added. Capital requirement To fund the balance of the company’s capital requirement, ACEN chief finance officer Maria Corazon Dizon said the company will borrow about P30 billion. “We are also looking at equity offering by way of the preferred shares (on top of the) P30 billion borrowing,” she said. ACEN targets to build 8,000 megawatts of renewable energy locally by 2030 to help augment clean energy take-up in the country’s energy mix. It is part of a larger plan to develop a total of 20,000 MW of RE across all the markets where it operates. International expansion “International expansion is a part of our strategy to accelerate growth and diversify our portfolio. However, the Philippines shall remain our home market and shall continue to be our core and largest market,” Francia said. Under the updated Philippine Energy Development Plan, the government is now gunning to increase the share of renewable energy in the country’s total energy mix to 35 percent by 2030 and 50 percent by 2040. Last year, renewable energy only took up 22.8 percent of the total mix. ACEN ended 2022 with over 4,000 MW of net attributable capacity, with 98 percent coming from renewable technologies across its key markets in the Philippines, Australia, Vietnam, India and Indonesia. It is part of a larger plan to develop a total of 20,000 MW of RE across all the markets where it operates. Meanwhile, it has around 2,400 MW of capacity under construction, 1,000 MW of which is in the Philippines. ACEN said the majority of these ongoing developments will be operational by the end of the year. ACEN aims to deliver reduction-led decarbonization by 2040, with an interim target for 2030, and a net zero status by 2050. The post ACEN earmarks P70B for RE dev’t appeared first on Daily Tribune......»»