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Oplan Harabas yields 3 drivers positive for drugs
FOLLOWING the surprise drug test conducted by the Land Transportation Office (LTO)-Davao and the Philippine Drug Enforcement Agency (PDEA) on public utility vehicles (PUVs) last March 26, 2024, two taxi drivers in Davao City were found to be positive for drugs......»»
Ati tribe fenced off in Boracay
Tension has sparked in Boracay after security guards allegedly fenced off parcels of land owned by members of the Ati tribe......»»
DOTr: 2.2 million more plastic cards to be delivered
Transportation Secretary Jaime Bautista inspected yesterday the one million delivered plastic cards to be used for the printing of driver’s licenses, at the Land Transportation Office central office in Quezon City......»»
DOF: GFIs can seek extended relief after Maharlika infusion
Government financial institutions Land Bank of the Philippines and Development Bank of the Philippines will likely seek an extension of its regulatory relief following contributions to the country’s sovereign wealth fund......»»
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 […].....»»
Solon bats for expansion of motorcycle taxis outside Metro Manila
A House lawmaker has voiced his support for expanding the government's allotment of motorcycle taxis outside Metro Manila as the Land Transportation Franchising Regulatory Board is set to greenlight the participation of more players in its pilot study......»»
Stop motorcycle taxi expansion, Marcos urged
Various transport groups yesterday appealed to President Marcos to stop the expansion of motorcycle taxis in Metro Manila amid the impending decision of the Land Transportation Franchising and Regulatory Board o authorize several companies as players in the pilot study......»»
SamPan: Making her mark
Samantha Panlilio, eldest daughter of Jose Marcel “Jocel” Panlilio, is embarking on an ambitious career path to revitalize and expand the family’s real estate investments as chief operations officer of both the family’s publicly listed Boulevard Holdings Inc. and Puerto Azul Land Inc., even as she sets a parallel course to build her own beauty line, photography studio, and a furniture business under the brand “House of Marrakesh.”.....»»
LTO-7 on high alert for Holy Week
CEBU CITY, Philippines — The Land Transportation Office in Central Visayas (LTO-7) is on high alert starting March 24 to 31, for the Holy Week. The LTO-7 announced their “Oplan Biyaheng Ayos: Semana Santa and Summer Vacation 2024” in a press release last Friday. Director Glen Galario has instructed all LTO-7 district and extension offices.....»»
LTFRB to inspect transport terminals
Land Transportation Franchising and Regulatory Board Chairman Teofilo Guadiz is scheduled to inspect transport terminals tomorrow ahead of the exodus of passengers during the Holy Week, LTFRB spokesperson Celine Pialago said yesterday......»»
‘Ormoc LGU owns San Pablo property’
Ormoc City Mayor Lucy Torres-Gomez has denied claims that the city government does not own a parcel of land in Barangay San Pablo, where the Ormoc City College will be constructed......»»
Chowking Brings Halo-Halo Land to Cebu for 2024
Chowking has officially done it again. The Filipino-Chinese fast food chain has once again reinvented summer with another year of Halo-Halo Land in partnership with SM Supermalls, showcasing their new super-sangkap, kumpletong lamig-sarap Halo-Halo Supreme. Halo-halo is a Filipino staple. Its variety of ingredients dances on the pallet of your tongue as it gives you.....»»
Gealon: Probe companies with colorum vehicles
CEBU CITY, Philippines – A citywide crackdown is being implemented against colorum vehicles or illegally operating public utility vehicles (PUVs). This after Cebu City Councilor Rey Gealon’s proposed a resolution was approved during the council’s regular session on March 20, requesting the Land Transportation Office (LTO) to conduct operations against colorum trucks operating in the.....»»
LTFRB issues over 1,000 special permits to PUVs ahead of Holy Week
To ensure the smooth travel of Filipinos during Lenten season, the Land Transportation Franchising and Regulatory Board (LTFRB) announced the approval of special permits to 1,021 public utility vehicles (PUVs)......»»
LTO summons road rage suspect
The Land Transportation Office yesterday issued a show-cause order against a motorcycle rider who slashed the tire of a delivery van in another case of road rage that went viral on social media......»»
Major oil firms raise market share in H1
The country’s major oil companies have reinforced their foothold in the local petroleum market, expanding further their market share in the first semester despite Chevron’s decline......»»
California sues oil giants, alleging climate risks deception
The US state of California sued five of the world's largest oil companies on Friday, alleging the firms caused billions of dollars in damages and misled the public by minimizing the risks from fossil fuels, according to a court filing. It follows numerous other cases brought by US cities, counties, and states against fossil fuel interests over the impact of climate change as well as alleged disinformation campaigns spanning decades. The civil case was filed in a superior court in San Francisco against ExxonMobil, Shell, BP, ConocoPhillips, and Chevron, which is headquartered in California. The American Petroleum Institute, an industry group, is also a defendant in the case. "Oil and gas company executives have known for decades that reliance on fossil fuels would cause these catastrophic results, but they suppressed that information from the public and policymakers by actively pushing out disinformation on the topic," the 135-page complaint read. "Their deception caused a delayed societal response to global warming. And their misconduct has resulted in tremendous costs to people, property, and natural resources, which continue to unfold each day." The suit seeks the creation of an abatement fund to pay for future damages caused by climate disasters in California, which is on the front lines of climate change-fueled wildfires, flooding and other extreme weather phenomena. "By downplaying the scientific consensus on climate change and emphasizing uncertainty, Defendants hoped to delay any regulatory action that might seek to reduce or control (greenhouse gas) emissions, thereby threatening the industry's profits," the complaint added. Representatives of the defendants did not immediately reply to requests for comment from AFP. "For more than 50 years, Big Oil has been lying to us -- covering up the fact that they've long known how dangerous the fossil fuels they produce are for our planet," California Governor Gavin Newsom said in a statement on Friday. "California is taking action to hold big polluters accountable," he added. Since the current wave of environmental litigation against fossil fuel firms began around 2017, the industry has sought to avoid state trials on procedural grounds. That effort received a major blow in May when the US Supreme Court declined to consider an appeal in two cases, meaning they could proceed. The lawsuits are modeled on successful cases against Big Tobacco as well as against the pharmaceutical industry over the proliferation of opioids. The post California sues oil giants, alleging climate risks deception appeared first on Daily Tribune......»»
California sues oil giants, alleging climate risks deception
The US state of California sued five of the world's largest oil companies on Friday, alleging the firms caused billions of dollars in damages and misled the public by minimizing the risks from fossil fuels, The New York Times reported. It follows numerous other cases brought by US cities, counties and states against fossil fuel interests over the impact of climate change as well as alleged disinformation campaigns spanning decades. The civil case was filed in superior court in San Francisco against Exxon Mobil, Shell, BP, ConocoPhillips and Chevron, which is headquartered in California. The American Petroleum Institute, an industry group, is also a defendant in the case, The New York Times said. The companies and their allies "intentionally downplayed the risks posed by fossil fuels to the public, even though they understood that their products were likely to lead to significant global warming," dating back to the 1950s, the suit alleged, according to the newspaper. Representatives of the defendants did not immediately reply to requests for comment, it added. The California case seeks the creation of an abatement fund to pay for future damages caused by climate disasters in the state, which is on the front lines of climate change-fueled wildfires, flooding and other extreme weather phenomena. "Oil and gas company executives have known for decades that reliance on fossil fuels would cause these catastrophic results, but they suppressed that information from the public and policymakers by actively pushing out disinformation on the topic," the 135-page complaint reads, according to the Times. "Their deception caused a delayed societal response to global warming. And their misconduct has resulted in tremendous costs to people, property, and natural resources, which continue to unfold each day." Since the current wave of environmental litigation against fossil fuel firms began around 2017, the industry has sought to avoid state trials on procedural grounds. That effort received a major blow in May when the US Supreme Court declined to consider an appeal in two cases, meaning they could proceed. The lawsuits are modeled on successful cases against Big Tobacco as well as against the pharmaceutical industry over the proliferation of opioids. The post California sues oil giants, alleging climate risks deception appeared first on Daily Tribune......»»
Graft buster clears Cusi
Citing the presumption of regularity, the Office of the Ombudsman threw out the graft complaint of a New York-based billionaire against former Energy Secretary Alfonso Cusi, other Department of Energy officials, Davao City-based executive Dennis Uy, and several others over the sale of 90 percent of the shares of the Malampaya natural gas consortium. On 18 October 2021, US-based geologist Balgamel Domingo and Filipino-American anti-Duterte leaders Rodel Rodis and Loida Nicolas-Lewis filed charges against Cusi, Uy, and the others involved in the sale of the Malampaya stake to the Udenna group of Uy. In a copy of the ruling obtained by the Daily Tribune, the Ombudsman said it could not delve into the complaint on the legality of the transaction since “the authority to make such a determination belongs to the court.” “Seemingly, this complaint is in actuality a collateral attack on the validity of the Share Sale and Purchase Agreement,” it said. The decision declared that “matters of such tenor are not determinable in a preliminary investigation before the Ombudsman’s Office.” “Without any judicial determination decreeing the illegality of the Share Sale and Purchase Agreement, this Office is left with nothing but to acknowledge its validity,” the ruling said. The Ombudsman cited a precedent in the case of Teresita Buenaventura vs Metrobank, in a ruling that stated: “The burden of showing that a contract is simulated rests on the party impugning the contract.” “This is because of the presumed validity of the contract that has been duly executed,” the Ombudsman ruling read. “Wherefore, the criminal charges for violation of Section 3(e) and of Republic Act 3019 against the respondents are dismissed for lack of probable cause.” The ruling was signed by members of a Special Panel of Investigators composed of Ronald Allan Ramos, Josephine Mae Rosapapan, Francisco Alan Molina and Bonifacio Mandrilla. Prime takes control The operation of the Malampaya project was recently assumed by the Razon group’s Prime Energy which bought a 45-percent stake from Malampaya Energy XP, or MEXP, of the Udenna group. MEXP had bought the shares of Shell Philippines Exploration B.V., or SPEX, in the consortium. The Department of Energy had branded the complaint a political move since the two Fil-Am lawyers in the suit were prominent in the “Oust Duterte” movement in the United States. The complaint alleged that Cusi and other energy officials had granted “unwarranted benefits and advantage” to Uy’s UC Malampaya in the buyout of Chevron’s share in the consortium. Udenna, through spokesperson Raymond Zorilla, said there is “no law requiring approval of the transfer of shares of companies that have an interest in Malampaya.” Zorilla said the transfer of Chevron and Shell shares underwent strict bidding processes and due diligence by both multinational oil and gas players. “The share sales were above board and legal and had to pass scrutiny by Philippine regulators, international lenders, and the said private multinationals involved,” Zorilla added. Cusi, in an interview with Daily Tribune, had said the DoE was not involved in choosing the buyer of the shares of Shell and Chevron in the Malampaya project. “The DoE did not get involved in the sale (of shares). We don’t know that they are selling. Our question was what their standards are for choosing Udenna. Why didn’t you choose the big companies, and why Udenna?” he said. Industry experts said the sale of shares was a private transaction that the accusers, who are US lawyers, should have been very familiar with. Cusi said the DoE, during his watch, went beyond its mandate by reviewing the technical, legal, and financial aspects of the transactions, the results of which were provided to the public. Political agenda The complaint, he said, had an underlying political agenda connected to his being the head of President Rodrigo Duterte’s Partido Demokratiko Pilipino-Lakas ng Bayan or PDP Laban. “It is not only political propaganda against me, but it also has a destabilization background… because I’m the president of the PDP.” The complaints, in turn, stemmed from the unending Senate inquiries on the Malampaya deals. The DoE said the Senate probes and the controversies that resulted from them had caused costly delays in the review process that would ultimately affect the country’s energy security. To refute a recent remark by Senator Sherwin Gatchalian, the DoE, in a statement said: “The inquiries of Senator Gatchalian are causing undue delay to the timeline of the consortium corporations, and this may eventually take its toll and put our energy security at risk.” The DoE’s approval of the sale of shares of stock of Chevron Malampaya LLC, one of the three corporations in the Malampaya Gas Field Project Consortium, had been dubbed by Gatchalian, chairman of the Senate Committee on Energy, as “lutong Macau.” It also backed the Udenna assessment that the deals were above-board. “When the sales were made, both Chevron Philippines, which owned Chevron Malampaya, and Shell Petroleum NV, owner of SPEX, followed rigorous global standards,” the DoE said. Nicolas-Lewis was part of a 25-person delegation from the US-Philippines Society, a private group comprising business executives and diplomats, who met with Duterte a week before his inauguration as president in 2016. Nicolas-Lewis was then accompanied by former Philippine Ambassador to the US Jose Cuisia, PLDT chair Manuel V. Pangilinan, retired American diplomats, and executives of Coca-Cola, SGV, JP Morgan, and other top corporations. Nicolas-Lewis is the sister of former National Anti-Poverty Commission chairperson Imelda Nicolas, who was one of the “Hyatt 10” Cabinet members who turned against then-President Gloria Macapagal-Arroyo in 2005. Imelda and most of the Hyatt 10 members ended up getting key posts in the administration of President Benigno “Noynoy” Aquino III. Imelda was made head of the Commission on Filipinos Overseas. Nicolas-Lewis plot bared In February 2018, former President Duterte bared intercepted conversations that indicated Nicolas-Lewis was behind efforts to push the International Criminal Court, or ICC, to probe his war on drugs. Duterte revealed a recorded conversation between Lewis and another political opponent whom he did not name. “I was listening to the tapes of their conversation. It was provided to me by another country, but the conversation was somewhere in the Philippines and New York,” Duterte said. He said that among the recordings was one in which Lewis allegedly told another person: “See you in the headquarters when the case is filed.” Duterte then said in a public address that he was aware of developments on the ICC case and that lawyer Jude Sabio, the main complainant in the case, was a paid hack of Magdalo Senator Antonio Trillanes IV and Rep. Gary Alejano, both failed putschists. Sabio withdrew his complaint before the ICC and revealed that the case was the handiwork of the dirty tricks factory of Trillanes. In 2016, Duterte pointed to Lewis as the financier of an alleged destabilization plot against his administration. Nicolas-Lewis invested heavily in the failed presidential campaigns of Liberal Party bets Mar Roxas in 2016 and Vice President Leni Robredo in 2022. The post Graft buster clears Cusi appeared first on Daily Tribune......»»
Fortman Cline declared Best M& A Advisory Team in SE Asia
Fortman Cline Capital Markets was recently named the Best Mergers and Acquisitions Advisory Team in Southeast Asia for 2023 by Capital Finance International, a premier London-based print journal and online resource for business, economics and finance. In recognition of FCCM’s work as a corporate finance advisory and consulting firm, CFI wrote that the firm has “demonstrated a track record on assisting entrepreneurs and family businesses achieve transformational growth via joint ventures, external fund-raising placements, and inorganic acquisitions.” “In addition, it has assisted a number of entrepreneurs monetize their businesses via strategic transactions with responsible partners that could transform businesses towards a larger scale. The team has also developed specialized practices in healthcare, consumer businesses, infrastructure, and logistics. It has complemented its workforce with industry professionals,” CFI further said. The CFI award program aims to demonstrate “the many ways in which the economies of the world are converging” and the awards are given to individuals and organizations “that truly add value.” This is the second time that CFI has bestowed the recognition to FCCM. The first time was in 2019. That same year, FCCM was also given the Most Innovative Solutions Provider Award from International Finance, Inc. FCCM has been ranked as one of the top M&A firms in the Philippines by Bloomberg and in Southeast Asia by Thomson Reuters. “Having meaningful dialogues with our clients over a company’s lifecycle is very important. This develops customer loyalty, and annuity like revenue streams vis-à-vis a transaction-oriented approach to business,” said FCCM president and co-founder Daniel D. Ibasco. FCCM acted as one of the two financial advisers of Professional Services Inc., the company that owns The Medical City, as it recently sealed the deal with Luxembourg-based CVC Capital Partners. The deal will involve a control entry by CVC over the hospital’s Philippine assets and operations through a combination of convertible notes and secondary share purchases via an ongoing tender offer. FCCM has also assisted PSI in refinancing $146 million worth of guaranteed obligations of its subsidiary in Guam with non-recourse long-term debt from a syndicate of South Korean lenders. FCCM has assisted TMC grow into one of the largest healthcare networks in the Philippines through a series of multiple transactions performed for TMC over the last 10 years. In November 2022, FCCM advised TMC on the issuance of up to P12.7 billion of convertible notes to Universal Healthcare Services, Pte., Ltd., which is managed by CVC. The move is part of the hospital’s recapitalization program. “The current industry environment is ripe with opportunity driven by a demand for quality healthcare services, an increase in healthcare spending, and a growing middle class population,” Ibasco said. Prior to the CVC-TMC deal, FCCM advised Mang Inasal Philippines Inc. on its sale of a 70-percent stake to Jollibee Foods Corporation, and All First Equity Holdings on its acquisition of a 60-percent equity stake in Philippine Geothermal Production Company, Inc. from Chevron Geothermal Philippines Holdings, LLC (USA). The firm was also the financial advisor of San Miguel Corporation’s acquisition of Citra Tollways’ interest in the Southern Luzon Expressway, the sale of Air 21 Group to AC Logistics Holdings Corporation, the sale of 51% of The Generics Pharmacy to Robinson Retail Holdings, Inc., Bounty Fresh Food Inc.’s $300 million acquisition of Tegel Foods Ltd. in New Zealand, Fernwood Holdings, Inc.’s acquisition of a 100-percent stake in Liquigaz Philippine Corporation, and more. Before founding FCCM along with Gary P. Cheng in 2007, Ibasco headed Asian Capital Markets and Southeast Asian Investment Banking for Bear Stearns and Co. in Singapore and Hong Kong. He has over 30 years of experience in investment banking, debt and equity capital markets, private and venture equity and special situations, specializing in emerging markets and Southeast Asia. Cheng, on the other hand, is currently the Managing Director of FCCM. He was the president and CEO of Amalgamated Investment Bancorporation and has worked with J.P. Morgan in New York, Hong Kong, and London. Ibasco and Cheng are joined in the top executive positions by Clarisse T. Tan and Michael C. Tiutan, Executive Directors for the Investment Banking Group. Earlier in the year, FCCM established a management consulting arm under the leadership of Francis S. Del Val, who has more than three decades of global executive experience. The post Fortman Cline declared Best M&A Advisory Team in SE Asia appeared first on Daily Tribune......»»