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UnionDigital Bank revenue grows to over P5 billion
UnionDigital Bank, the digital banking arm of Aboitiz-led Union Bank of the Philippines, saw its revenue grow to over P5 billion in 2023 mainly driven by higher deposits and loans......»»
Excise tax on single-use plastics to yield P34 billion
The move to slap excise taxes on single-use plastics is seen generating P34 billion for the government and curbing the increasing mismanagement that contributes to overall pollution......»»
Sabotaging reforms
Consumer groups have petitioned the Court of Appeals to take back its permanent injunction on the Energy Regulatory Commission ruling stopping San Miguel Corp. from breaking its supply contracts. The Power for People or P4P Coalition cited the real threat of a chain reaction in other power producers holding straight pricing contracts similar to SMC’s units to make a mockery out of the competitive selection process, or CSP since they can always go to the courts to overturn ERC decisions. The CA injunction effectively opened the door for SMC to discard the PSAs without any consequence. Under the PSA, a unilateral termination of the contract will mean heavy penalties including P255.5 billion for a “Termination in the Event of a Default.” The CA injunction took away all the safeguards in the contract against unilateral actions which was what SMC wanted. ERC issued an order blocking SMC from forcing consumers to shoulder fossil fuel volatility costs which it committed initially to absorbing during the auction for the PSAs. Based on ERC records, some 23 straight-price contracts are at risk of following the footsteps of SMC which will mean higher rates since the court injunction can undermine the regulatory powers of the ERC. P4P said consumers are now at the mercy of power companies which acquired the freedom to trick us into committing to a contract, “only to back down when it is no longer profitable for them.” Consumers are without a choice but to pay higher prices in such a situation. In the 2019 PSA auctions, SMC’s generation companies South Premier Power Corporation, or SPPC, and San Miguel Energy Corporation, or SMEC, secured 650 megawatts or MW and 330 MW supply deals, respectively. SMC in response to consumer groups’ skepticism over the ability of fossil fuel power plants operators to comply with a fixed price contract, insisted it will voluntarily shoulder risks. In May last year, SMC filed motions for price adjustment claiming that it had incurred P15 billion in losses from SPPC and SMEC. Late last year, ERC denied SMC’s motions for price adjustments. Instead of appealing the ERC order, SMEC and SPPC filed a petition for Certiorari before the Court of Appeals to suspend their PSAs and reverse the ERC’s decision. CA quickly acted with a temporary restraining order suspending SPPC’s 670 MW PSA while SMEC’s PSA remained after the 16th division of the court denied SMC a TRO. The catch, however, was that the CA consolidated the two cases into the 13th division which acted favorably to SMC. The recent injunction order, thus covered both SPPC and SMEC, thus ending the PSAs. To make up for the lost capacity of 670 MW, two emergency Power Supply Agreements, or EPSA, was bid out with SPPC cornering a supply of 480 MW. In the five months that the SPPC PSA was suspended, electricity bills have jumped from P1,370.90 to P3,363.53 for an average household. P4P described the battle between ERC and SMC as an experience in which big businesses ultimately hijack power purchase bidding systems that are in place to protect consumers. It added that SMC dared to bid for the same power requirement shortage of Meralco that it caused. The spirit of competitive selection and least-cost electricity thus went out of the window after the brazen legal maneuvers of SMC, the consequence of which will be shouldered by consumers. Reforms initiated to improve the lives of ordinary Filipinos are negated by profit greed which frequently happens with the help of the intrusive injunctions. The post Sabotaging reforms appeared first on Daily Tribune......»»
Reforms hijacked
In the Electricity Power Industry Reform Act, or Epira, the guiding principle is the least cost of power for consumers which was effectively pursued through the competitive selection process which was made permanent in the industry during the previous administration. Meralco, the power distributor, introduced the straight pricing scheme in the power supply agreements or the contracts it bids out to prevent fluctuations in electricity prices due to factors beyond the control of the generating companies, or gencos, such as spikes in fuel prices as a result of geopolitical shifts. The presumption on those who will participate in the bid for the fixed price PSAs is that they will shoulder the risks and it will be up to them to hedge or undertake measures to address upswings in costs. That was the arrangement in the PSAs with San Miguel Corp.’s gencos, Sual coal and Ilijan natural gas plants. When the price of coal surged after the conflict between Russia and Ukraine erupted, and Malampaya started to restrict supply as it was being depleted, SMC complained of piling losses to the extent of P15 billion. Stakeholders, however, said much of the ordeal of SMC in their claimed accumulated debts was self-inflicted due to poor decisions. According to a representative of a consumer group, SMC never showed proof of the losses it cited, which in turn became the basis for its petitions for price adjustments with the ERC. In October last year, the ERC dismissed the petitions of SMC and instead directed the company to fulfill its commitments in the PSA. The spurned SMC went directly to the Court of Appeals, or CA, to contest the ERC ruling instead of filing a motion for reconsideration with the regulator. Promptly, the CA issued a temporary restraining order which last month was upgraded to a permanent injunction that bars ERC from enforcing its quasi-judicial authority on SMC. SMC, with the use of the court orders, unilaterally terminated its PSA with Meralco. Since it dominated the power sector anyway, it obtained new cheaper contracts through the emergency PSAs bid out by Meralco. SMC, thus, succeeded in getting what it wanted through the injunction power of the CA. Consumer groups opposed to the rate increases that would result after SMC was freed from its contracts without any consequence branded the maneuver as SMC’s way of “ultimately hijacking power purchase bidding systems that are in place to protect consumers.” The oppositor in the ERC case, Power for the People, deplored the way SMC won the deal to supply the same power requirement of Meralco for the shortage that it itself had caused. “The spirit of competitive selection and least-cost electricity goes out of the window when companies like SMC are allowed to pull tricks like this,” P4P convenor Gerry Arances said. P4P filed a motion for reconsideration of the CA’s injunction order. The consumer coalition was the only one left on the list of oppositors that had questioned SMC’s “temporary” price adjustment petitions with ERC. The others had dropped out, including the main complainant, for reasons they only knew. “We are disappointed but not surprised at how the CA yielded to the arm-twisting of SMC so that it could hike prices and turn its back on its contracts. The decision will open the floodgates to higher electricity, as SMC and other fossil fuel power generators are now emboldened to ask for more rate hikes, and to participate and win auctions through bid prices far lower than what consumers will eventually be charged, knowing they can apply for and possibly secure price adjustments during their contracts’ lifetime,” Arances said. ERC voiced the same apprehension in rejecting the SMC petitions, saying others hold the same straight-pricing PSAs but never sought a revision in the terms of their contracts. Failed business decisions such as bidding too low just to obtain the PSAs should be the lookout and the burden of the contractor and not the electricity users who should be spared from paying for the consequences of bad business decisions. Besides, SMC as the holder of the contracts should have been penalized with the proceeds from which used to ease the plight of consumers amid the high price of electricity. The post Reforms hijacked appeared first on Daily Tribune......»»
High foreclosed properties demand seen
The Home Development Mutual Fund or Pag-IBIG Fund reported that it has seen higher demand for its foreclosed properties in Metro Manila from January to April this year as their total loan value rose by 9 percent. It said that loans for the foreclosed properties in this area amounted to P2.89 billion during the period, higher than the P2.64 billion in the same months last year. The latest figure represented 66 percent of the P4.37-billion sale of all previously foreclosed properties nationwide. Pag-IBIG said that units sold in Metro Manila increased by 3 percent to 3,574 units from 3,457 units and nationwide, there were 5,425 units sold. Pag-IBIG Fund deputy chief executive officer Benjamin Felix Jr. said that the foreclosed properties or acquired assets of Pag-IBIG allows borrowers to own a home at a cheaper cost. He added that some borrowers opted for these housing units to “partly reduce their losses from inflation and secure a good location for their homes.” Felix stressed that the loan values of foreclosed properties increased as more Filipinos prefer bigger housing units. Data from Pag-IBIG Fund show it has over 7,000 foreclosed properties that undergo either public auctions or negotiated sales for individual and bulk buyers. The agency’s foreclosed properties are sold lower than the real estate industry’s market values. Pag-IBIG offers up to 30-percent discount for cash payments from individual buyers and 45-percent discount for bulk buyers. The agency’s on-site process at its offices also ensures home-seekers are buying legally clean properties. The post High foreclosed properties demand seen appeared first on Daily Tribune......»»
Treasury ends 2022 with P65 billion borrowings
The Bureau of the Treasury ended the year with P65 billion in fresh debts for December after it decided to cancel the last two auctions before the holiday season......»»
PNB to rebid properties, sell various assets to raise P12.3 billion
Lucio Tan-led Philippine National Bank (PNB) is raising at least P12.3 billion as it rebids various acquired assets in the National Capital Region and auctions an industrial lot in Laguna......»»
Gov t to raise P140 billion from shorter Treasury papers next month
Government has set the same amount to borrow from Treasury auctions, but is resorting to debts with shorter payment terms to ensure investor appetite remains......»»
Lola Amour bassist Raymond King nibiya sa banda human sa 8 ka tuig
Raymond King, bahista sa indie-rock band Lola Amour, nipahibalo sa iyang pagbiya sa grupo. Niingon siya nga mopursue siya og “long-term plans” apan sa makasubo nga ang banda way labot niini. Si King nibutyag niini sa usa ka statement nga gibuhian niya pinaagi sa Lola Amour nga Facebook page sa Miyerkules, Marso 27. “Hey! This.....»»
Marcos: Philippines won’t be ‘cowed into silence, submission’ by China
“We seek no conflict with any nation, more so nations that purport and claim to be our friends but we will not be cowed into silence, submission, or subservience. Filipinos do not yield,” Marcos said. .....»»
Milk tariff collections rise by 31% to P2.4 billion
Revenues raised by the government from various imported milk products jumped by 31 percent to P2.36 billion in 2023, the highest in at least eight years, from P1.8 billion in 2022......»»
Sy family invests P5 billion in Megawide affiliate
The Sy family is once again playing a big brother role to a company led by businessman Edgar Saavedra, this time investing in Megawide’s affiliate renewable energy real estate investment trust......»»
Unlock business success at Franchise Asia Philippines Expo
The Franchise Asia Philippines Expo 2024 is set to hold a series of dynamic seminars designed to empower entrepreneurs, investors and business enthusiasts with the knowledge and tools needed to thrive in the ever-evolving world of franchising. Slated from April 12 to 14 at the SMX Convention Center Manila, these seminars offer invaluable insights into key aspects of franchising and business growth......»»
Cebu Pacific books P8 billion profit in 2023
Low-cost carrier Cebu Pacific found itself landing on solid ground in 2023, as it booked a profit of nearly P8 billion on the back of a resurgent demand for air travel......»»
Mega Millions Jackpot Winner of $1.13 Billio
A lucky individual in Monmouth County, New Jersey struck gold this week by winning the $1 billion Mega Millions jackpot. The winning ticket was sold.....»»
JG Summit FY23 profit: P19.6-B (up 216%)
JG Summit, the Gokongwei Family’s diversified conglomerate, teased its FY23 financial results headlined by a 216% increase in the company’s net income to P19.6 billion......»»
Globe closed on an additional P1.16-B in tower sales
Globe Telecom, the Zobel Family’s telecommunications company, disclosed that it closed on the sale of another 91 cell towers to Frontier Towers to raise approximately P1.16 billion in cash......»»
UP Diliman warns of unofficial ads about online courses
The University of the Philippines Diliman on Wednesday warned the public against the spread of advertisements claiming to offer online courses in the university's name......»»
P1.1 billion released to restore heritage school buildings
The Department of Budget and Management has released P1.1 billion to conserve and restore heritage school buildings in the country......»»
PDEA: 7 drivers yield positive results in drug testing
PDEA: 7 drivers yield positive results in drug testing.....»»