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NEWS BRIEFS | 26 March 2024
P101-M sea wall to rise in Surigao Sur town A P101.3 million sea wall will be constructed in Marihatag, Surigao del Sur to protect lives and properties from storm surges there. Rep. Romeo Momo (1st District, Surigao del Sur) led the ground breaking of the Marihatag Seawall Project last Sunday, March 24. “The project is a […].....»»
SMC starts works on Pangasinan tollway
Food-to-infrastructure conglomerate San Miguel Corp. (SMC) has started the civil works for the Pangasinan Link Expressway (PLEX), laying the bedrock for a P34-billion project that would improve travel and tourism in Northern Luzon......»»
Leviste firm to invest over P5 billion in Batangas
Countryside Investments Holdings Corp., a company owned by Leandro Leviste, is investing over P5 billion to help boost development in rural Batangas......»»
CPG raises P2 billion from share offer
Century Properties raised P2 billion from the listing of its Series B preferred shares on the Philippine Stock Exchange......»»
Century Properties eyes P4 billion from pref shares issue
Century Properties Group Inc. has set the preliminary terms for its planned preferred shares issuance, in which the company intends to raise as much as P4 billion......»»
President Marcos inaugurates JG Summit’s petrochem plant
President Marcos inaugurated yesterday the P150-billion expanded petrochemical facility of JG Summit Olefins Corp. (JGSOC) in Batangas City, a development that is seen to create thousands of local jobs......»»
Century Properties gets SEC OK for P5 billion share issuance
Century Properties Group Inc. has obtained the greenlight from the Securities and Exchange Commission to issue up to P5 billion worth of preferred shares......»»
ALI launches P1.9 billion Batangas township
Property giant Ayala Land Inc. is making a bet on yet another leisure destination, a 62-hectare mixed-use estate in Batangas, with an initial budget of P1.9 billion to develop the area......»»
Century Properties earns 13 percent more in nine months
Century Properties Group Inc. maintained a solid financial performance in the first nine months of 2023 as it recorded a net income of P1.3 billion, a 13 percent growth from P1.1 billion in the same period in 2022......»»
ATI profit surges to more than P3 billion in nine months
Port operator Asian Terminals Inc. net income reached more than P3 billion during the nine-month period ending September, driven by higher revenues from its businesses in Manila and Batangas......»»
Infrastructure crisis
Without infrastructure — including “info-structure” — there can be no development. And without development support, many developing countries will be starved of the infrastructure they desperately need. Infrastructure is the foundation of everyday life for people and economies. From drinking water and basic sanitation, to electricity, connectivity and Internet access. From public services like schools and hospitals, to modern roads, bridges, tunnels, harbors and railways that keep people and goods moving. And yet, billions in the developing world lack access to these basic systems. This infrastructure crisis comes as people are facing a cauldron of challenges across our efforts to advance peace, sustainable development and human rights. This includes soaring costs of living, rising inequalities and the existential threat of climate breakdown. Meanwhile, progress on the Sustainable Development Goals and the Paris Agreement is slipping into reverse. We must find and fund ways to generate economic growth, create decent jobs, transform energy systems and advance sustainable solutions for the 21st century. Infrastructure is a crucial pathway. We can and must turn the infrastructure emergency into the infrastructure opportunity. The Belt and Road demonstrates that we have a historic opportunity to build modern, green cities, communities and transportation and power systems that place resilience and sustainability at the heart. That deliver services and decent jobs for people in a sustainable manner. And I see the Belt and Road Initiative’s potential to make valuable contributions in two key areas of action. First — by advancing economic sustainability in developing countries. Many developing countries are confronting dramatic financial challenges, drowning in debt and without fiscal space to implement the sustainable development goals. It is time to make the global financial architecture truly global and fit for the 21st century. At last month’s SDG Summit, world leaders endorsed a commitment to reforming the global financial architecture to make it reflect the world economy of today, not the one of 1945. Leaders also agreed that we can take actions right now to promote effective debt relief mechanisms — including by ensuring that countries are not locked into unsustainable debt — and channeling emergency financial support toward those countries that need it most. And leaders also supported an SDG Stimulus of $500 billion per year. Now, in this context, a dramatic context for the developing countries, the relevance of the Belt and Road Initiative is undeniable. It has included nearly $1 trillion in cumulative investments across more than 3,000 projects around the world. The second key area for action is by advancing environmental sustainability. The Belt and Road Initiative recognizes that infrastructure for infrastructure’s sake is not enough. The Belt and Road is an important instrument to make key investments a reality, driven by clear domestic demand, and in line with international best practices. Investments that enable resilience and adaptation across national and local planning. Investments that can help keep our 1.5-degree global warming limit within reach. And investments that don’t leave countries with stranded assets and the polluted dead ends of the past. Many developing countries are confronting dramatic financial challenges, drowning in debt and without fiscal space to implement the sustainable development goals. It is time to make the global financial architecture truly global and fit for the 21st century. I recognize the efforts of the Green Silk Road initiative to anchor investments in sustainable solutions — an area in which the UN is poised to support. But developing countries will need massive support for a fair, equitable and just energy transition towards renewables while providing affordable electricity to all. We all agree that development cannot come at the expense of the air we breathe, the water we drink or the biodiversity that defines our planet’s health. *** Excerpts from the UN Secretary General’s remarks at the 3rd Belt and Road Forum for International Cooperation, 18 October 2023. The post Infrastructure crisis appeared first on Daily Tribune......»»
LNG a vital transition fuel, says Aboitiz Power
Industry players and government regulators should harness cost-effective liquefied natural gas or LNG as the so-called "transition fuel" in the near term to gradually displace coal and complement the variability of renewable energy. Speaking at a recent energy forum, Aboitiz Power Corp. Chief Finance Officer Liza Montelibano reiterated that the transition to clean energy should be gradual and well thought out. Otherwise, it will result in higher power prices. Montelibano pointed out that utilizing the present supply of natural gas, which is relatively cleaner than burning coal, to buy time and keep the grid stable while renewable and low-carbon technologies are being developed. “The realistic pace to do transition is underscored by the available technology that allows you to do it reliably and affordably. Given what is available today, we believe what is realistic is a practical and gradual approach that will allow for technology development,” Montelibano said. Locally, the Malampaya project is the only local facility that uses indigenous natural gas to reduce the country's oil imports. It has been powering up to 20 percent of Luzon’s total electricity requirements. It supplies natural gas to power four power generation plants in Batangas with a combined capacity of 2,011 megawatts or MW. Meanwhile, several projects, including First Gen Corp.'s integrated LNG and regasification terminal in Batangas province, are underway to easily bring in low-cost LNG from abroad into the country. The LNG facilities are a significant source of fuel diversification to complement the efforts of the Malampaya consortium to optimize the sustainability of the remaining indigenous gas in the Malampaya-Camago reservoir. The government set the target of a 35 percent share of renewable energy in the country’s energy mix by 2035 and increased it further to 50 percent by 2040. However, it is still notable that despite an aggressive stance on clean energy utilization, the Philippines still heavily relies on coal. AboitizPower, which presently has the largest and most diversified local renewable energy platform in terms of installed capacity under its operational control, aims to support the government's goal by investing P190 billion until 2030 to have a portfolio of 9,200 MW evenly split between renewable energy and thermal sources. Close to 1,000 MW of renewable energy projects — including wind and solar farms and more geothermal capacities — are currently in the company's pipeline. The post LNG a vital transition fuel, says Aboitiz Power appeared first on Daily Tribune......»»
Five things to know about Pope Francis’ Synod
Pope Francis opened the Synod of Bishops' general assembly in Rome on Wednesday, which in a historic first gives women a vote, after a vast global consultation on the future Catholic Church. Here are five things to know about the event: Input from faithful Since 2021, the world's 1.3 billion Catholics have been invited to express their views on the Catholic Church and its challenges to help guide the institution through the 21st century. The "Synod on Synodality" was launched by Francis, 86, as a way to make the Church more inclusive and transparent as it sought input from the faithful around the world. Insights from local dioceses were submitted to episcopal conferences, all contributing to a 50-page working document called the "Instrumentum Laboris" that will be used during the discussions that will take place over the next four weeks. A second session of the assembly is scheduled for October 2024, after which a final document will be given to the pope. He will then decide whether or not to incorporate its findings into a papal document known as an apostolic exhortation. "It's an important forum for reflection for the Church, on its way of being, of moving forward," Italian priest Giacomo Costa, the special secretary of this assembly, told AFP. 21st-century issues The current Synod is the first time the Vatican has waded into so many of today's contentious social issues so openly. The topics to be addressed include the place of LGBT+ people within the Church, whether women should be ordained deacons, and whether married men can serve as priests in regions with insufficient clergy, among others. While there has been consensus on some issues, "there are other issues on which we disagree in substance," said Costa. Contributing to discussions will be theologians, experts, and sociologists, he said. Women and laypeople The Synod is a consultative institution created by Pope Paul VI in 1965 that meets regularly through assemblies. Francis presided over three previous Synods: those of the Family in 2014-2015, Youth in 2018, and Amazonia 2019 -- where he rejected a proposal to open up the priesthood to married men in remote areas of the Amazon. The current Synod marks a major break from the past, however, with Francis' decision to allow women and lay people to vote. "It's a total change from Paul VI: this time, the people of God are being summoned, not representatives," a Vatican observer told AFP. The source said the laymen and women in the assembly will be trying to push past the "ecclesiastic culture" pervading the event. "They won't be satisfied with good words, there will be a demand for procedure, the will to change, efficiency," said the source. Busy calendar For four weeks, the 464 participants, including 365 voting members, will meet every day, divided into 35 working groups divided into five languages (English, Italian, Spanish, French, and Portuguese). Among them are 54 women. The Synod will open and close with a mass presided over by Francis in St. Peter's Basilica and will be marked by periods of prayer. Francis said last month that discussions during the assembly will be behind closed doors to "safeguard" the synodal climate. Dissent Although Francis has warned that there is "no room for ideology in the Synod", there are likely to be differences. Vatican observers will be closely watching the conservative wing of the Church, which is hostile to the Argentine pope. Its members, which include Germany's Cardinal Gerhard Mueller and US Cardinal Raymond Burke, maintain that Francis risks creating confusion and division in the Church, given the Synod's reflections on possible doctrinal changes on thorny issues such as gay rights or celibacy. The post Five things to know about Pope Francis’ Synod appeared first on Daily Tribune......»»
Mindoro linked to main grid by 2025
Power consumers in the off-grid island of Mindoro may soon be relieved from weathering the high power prices and lingering brownouts as the National Grid Corp. of the Philippines or NGCP rushes to finish its long-delayed transmission project that will link the province to the main grid by 2025. In an interview with reporters on Wednesday, Energy Undersecretary Rowena Cristina L. Guevara said the NGCP, the country's lone transmission system operator, agreed to fast-track the project implementation following prodding from the national government. Mindoro will be connected to the main grid through Batangas province, which already has sufficient backbone structures to facilitate the seamless interconnection. "The NGCP agreed to finish the project in two years; that will scrap the 20 percent UCME (Universal Cost for Missionary Electrification) in Mindoro. The completion of the project will be advanced to 2025 because we (the DoE) requested it and NGCP was cooperative about it," Guevara told reporters. The Electric Power Industry Reform Act of 2001, or the Republic Act No. 9136, permits UCME collection to finance the operations of the National Power Corp. or NPC, including its small power utilities group or SPUG, that caters to unconnected areas in remote locations. The NPC-SPUG, on the other hand, pays the difference between the True Cost of Generation Rate. Once Mindoro island is linked to the national grid, it can easily access surplus power supply from other islands; therefore cutting the likelihood of recurring power cuts plaguing the province. In 2021, the NGCP had proposed to build a P2.2-billion power network connecting these islands to the main Luzon grid — it included the plan to construct the Batangas-Mindoro interconnection project worth P16.87 billion. Meanwhile, the DOE had already committed to ensure the implementation of policies pushing for off-grid development such as off-grid electrification, Renewable Portfolio Standards for off-grid, and omnibus guidelines in enhancing off-grid power development, are properly enforced. Under the national energy plan, the government is vying to improve the market’s ability to coordinate investment in generation, transmission, and distribution infrastructure and achieve total electrification across the country. It will also facilitate the upgrading and modernization of transmission and distribution lines to support the efficient transition to cleaner energy. Likewise, it vowed to resolve transmission congestion, especially between Luzon and the Visayas grid, whether by adding transmission lines or avoiding subsidies that cause the build-up of excess capacity. The post Mindoro linked to main grid by 2025 appeared first on Daily Tribune......»»
Batangas offshore wind port eyed
As part of its drive to become a strategic power industry player, state-run Philippine National Oil Company or PNOC targets to convert its 19-hectare Batangas port into an Offshore Wind or OSW Power Integration Port. At a recent budget hearing of the Senate sub-finance committee last week, PNOC president Oliver Butalid said the company is currently looking for a potential partner from the private sector to complete the proposed venture. "We are exploring going into a joint venture with a port developer, and we are discussing now with the Public-Private Partnership Center. This is going to be a dedicated integration port for OSW. I think it is responding to the need rather than perceived to be changing direction," Butalid said. He noted that PNOC has also tapped the University of the Philippines National Engineering Center to "help us because the decision not to award the contract for the commercial port expansion and shift to an offshore integration port was only last month." Meanwhile, Senator Sherwin Gatchalia, vice-chairman of the Senate Committee on Energy, said that PNOC should ensure that the project would be feasible to justify using taxpayers' money for the undertaking. "I respect your corporate decision, but then I will be looking at what you have achieved after one year (because I )am accountable to our constituents on the money that is being spent on all these projects," the senator said. PNOC's proposed corporate budget for 2024 stands at P1.96 billion, 86 percent higher than this year's allocation, and 60 percent of which will be earmarked for the port project. Last year, PNOC remitted close to P1.7 billion pesos in dividends and about P1.2 billion in taxes to the government. Since 2010, the company has remitted a total of P21.12 billion to the national coffers. For PNOC, significantly investing in the Batangas facility will bankroll its conversion into becoming a dedicated OSW integration port from being just a general commercial port. The Department of Energy or DoE has been pushing for the development of OSW to ramp up local indigenous supply amid growing demand. As such, it vowed to enhance the policies on the development of offshore wind, taking into account the streamlining and stricter timeframe outlined in the Energy Virtual One-Stop Shop law on the processing and issuance of licenses and permits by the concerned national and local government entities. The Philippines OSW Roadmap launched last year showcases the country's potential OSW resources estimated at 178 GW. As of 22 June, the DOE has awarded 66 OSW Contracts with a total potential capacity of 53.85 gigawatts — enough to supply the country's future electricity demand. The post Batangas offshore wind port eyed appeared first on Daily Tribune......»»
DMCI Batangas project yields P5.6 billion reservations
The project of DMCI Homes in San Juan, Batangas has yielded P5.6 billion in reservation sales since it was launched last Aug......»»
The Murdoch business: an empire on three continents
Over the last six decades, Rupert Murdoch built a media empire well beyond his native Australia, amassing key media properties across three continents in a run that was also characterized by multiple scandals. Through his companies, News Corp and Fox Corporation, Murdoch built one of the world's most substantial portfolios of newspaper and broadcast holdings under one roof. Murdoch's wealth was estimated at $17.3 billion by Forbes on Thursday when he announced he was handing the reins to his son Lachlan while shifting to an "emeritus" status at the two companies. Here is a closer look at the two businesses. News Corp The business includes Murdoch's holdings in his birth country of Australia -- led by The Australian, the lone national daily started by Murdoch in 1964. The company also owns Australia The Daily Telegraph and news website News.com.au, as well as television station Sky News Australia and pay television company Foxtel. Murdoch's initial investment in Britain came in 1969 with the purchase of the tabloid News of the World, which was shut down in 2011 following a phone hacking scandal. In 1981, he purchased the prestigious daily The Times, along with The Sunday Times, adding to a print news business that also included The Sun. Holdings in radio and television included talkSPORT, TalkTV, and Virgin Radio UK. News Corp is also present in Ireland with local radio stations. Murdoch's push in North America dates to 1985 with his purchase of the New York Post. In 2007, News Corp landed a major acquisition of the media group Dow Jones, whose holdings include the long-respected Wall Street Journal. The company in 1987 added the publishing house HarperCollins, which originally dates to 1817. HarperCollins bought romance publisher Harlequin in 2014. News Corp also controls Rea Group, which specializes in commercial and residential real estate through websites such as realtor.com and flatmates.com.au. In fiscal 2023, News Corp reported profits of $149 million on revenues of $9.9 billion. Fox Corporation In 1984, Murdoch acquired 20th Century Fox, an entity he reorganized and remade. In 2017, he sold the movie studio, renamed 21st Century Fox, to Disney. Fox Corporation is now comprised of the national television channel Fox and several cable channels, as well as Fox News, which is known for a right-wing spin on news popular with conservative Americans. Other holdings include the entertainment news network TMZ, as well as Studio Ramsay Global, which features British celebrity chef Gordon Ramsay and the MasterChef franchise. In fiscal 2023, Fox reported profits of $1.3 billion on $14.9 billion in revenues. The post The Murdoch business: an empire on three continents appeared first on Daily Tribune......»»
BOI endorses green lane to P19 billion Batangas steel plant
The Board of Investments has endorsed the 500,000 metric ton steel project of SteelAsia Lemery Works Inc. in Lemery, Batangas for green lane processing, in line with its efforts to facilitate strategic investments......»»
BoI endorses P19-B SteelAsia steel mill
The Board of Investments has endorsed the P19.3-billion Batangas steel mill project of SteelAsia Lemery Works Inc. in Lemery, Batangas to the green lane to expedite the processing and issuance of permits and licenses as a strategic investment. In a statement on Thursday, the BoI said it endorsed the 500,000 metric tons, or MT, section mill project, through Executive Order 18 for green lane priority. The project is scheduled to start its operation in July 2024, employing 600 personnel and workers from the local town and nearby areas. BoI Governor Marjorie Ramos-Samaniego with Executive Director Bobby Fondevilla and Director Ernesto delos Reyes Jr. led the awarding of the Green Lane Certificate of Endorsement to the officials of SteelAsia on 15 September 2023. Ramos-Samaniego added that through the faster process, BoI, in collaboration with the Department of Information and Communications Technology, will come up with an online portal for Green Lane’s facilitation of strategic investments. The project is the greenfield design, erection, and commissioning of the Philippines’ first sections of production, a state-of-the-art hot-rolling production line with an upstream integrated recycling-based steelmaking. The Philippines ranked 20th among top steel importers globally, due to the lack of steel manufacturers. Imports from China In 2022 alone, the Philippines imported about $5.23 billion worth of steel, $2.18 billion of which was imported from China. Local steel manufacturing is deemed insufficient to address the growing demand for the product, especially with the increasing consumption of sections from both infrastructure projects and private developments. “Green Lane will be very helpful to the company. We consider it as a “win” for the country and we will convert this privilege into action,” said Benjamin Yao, chairperson and CEO of SteelAsia, noting that his company commits to supporting the goals of the nation of developing more infrastructure projects. SteelAsia’s project has an import-substitution strategy targeting the large and fast-growing domestic market for the sale of the mills’ output. The plant will manufacture using electric arc furnace technology to refine steel which will be used to hot-roll steel sections such as H-beams, I-beams, I-channels, and unequal leg angle bars. The presence of local manufacturers aims to lower the cost of construction, shorten construction periods, and further spur growth in domestic construction. It will also give rise to ancillary industries, such as structural steel services including design, engineering, and built-up steel structures. The post BoI endorses P19-B SteelAsia steel mill appeared first on Daily Tribune......»»
Big fuss over .02%
The Philippine Stock Exchange index is considered the gauge of the activity in the equities market and, by extension, of the economy since the direction of the line graph indicates the country’s financial health. The index tracks the price movements of a basket of select companies listed on the bourse, representing various sectors of the economy. Investors and market participants use the PSE index as a reference to evaluate the performance of their investment portfolios and make informed investment decisions. The daily movement of the index influences investor confidence and sentiment. Increased investor confidence can stimulate trading activity, attract foreign investments, and encourage local companies to raise capital through initial public offerings or secondary floats. A strong and stable PSE Index can enhance the stock market’s perception as an attractive investment destination. This could attract foreign capital inflows, increase liquidity, and contribute to developing the local capital market. Thus, the impending exit of Metro Pacific Investments Corp., or MPIC, and Aboitiz Power Corp., or APC, from the Philippine Stock Exchange index seems a bit off as both companies are major players in the country’s growth story. Replacing APC and MPIC in the exclusive blue chips club are tycoon Enrique Razon Jr.’s Bloomberry Resorts and the Po family’s Century Pacific Food. The revamp takes effect on Tuesday, 26 September. MPIC is stepping out of the index after its public float dropped to 2.78 percent as part of its program to delist by October. APC’s exclusion from the benchmark was decided on, however, after it missed by a few decimal points of the 20 percent float rule for stocks to be retained in the PSEi. The company purchased 11.4 million shares as part of its buyback program that brought the public float level to below 20 percent, the level required to stay in the PSEi. Based on APC’s report to the market, stocks owned by the public are 19.98 percent of the total listed shares of 7.35 billion. Listed companies are required to have a 10-percent public float, but the elite index members are given a more arduous 20-percent public ownership condition. APC is off by .02 percent. APC’s buyback activities increased non-public scrips to 5.886 billion, bringing the total number of publicly owned shares to 1.47 billion. “Aboitiz Power’s current public ownership levels far exceed the 10-percent minimum public ownership level required for it to remain listed in the Philippine Stock Exchange,” an APC statement to the PSE said. “Even with this stock buyback program, there is no intention to delist from the PSE, but merely to reward our existing shareholders with a larger share of a brighter future,” APC added. The PSEi must accurately reflect the stock market’s overall performance and, in the bigger picture, the economy’s strength. Its composition should go beyond the mere technical criteria to allow a more representative indicator of the daily activity of the market. APC accounts for one out of every five megawatts, or MW, of installed capacity in the country and has some 1,000 MW of renewable energy capacity in the pipeline. In the first half of the year, the company reported a P17.8-billion net income, 79 percent higher than the P10 billion recorded in the same period a year ago. In the second quarter, the company’s net income reached P10.3 billion, 46 percent higher than the P7 billion profit a year ago. The decision to remove a key bourse participant, which also has among the most active shares, is like benching your star player because he forgot to bring a matching pair of socks. The post Big fuss over .02% appeared first on Daily Tribune......»»