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India backs Philippines in dispute with China
New Delhi has drawn a strong response from Beijing after reiterating its support for Manila in a territorial dispute India has "firmly reiterated" its support for the Philippines and its "national sovereignty," as Manila remains locked in a territorial dispute with Beijing in the South China Sea. Ten.....»»
India backs Philippines in sea dispute with China
New Delhi has drawn a strong response from Beijing after reiterating its support for Manila in a territorial dispute India has "firmly reiterated" its support for the Philippines and its "national sovereignty," as Manila remains locked in a territorial dispute with Beijing in the South China Sea. Ten.....»»
MPL PH Season 13: Smart Omega stays winless; AP.Bren takes solo lead
It's been a bad start for Smart Omega as the barangay remains winless in the 13th season of the Mobile Legends Bang Bang Professional League (MPL) Philippines......»»
Taal Volcano back to spewing high-volume of toxic gas
LUCENA CITY, Philippines – After spewing lower volumes of sulfur dioxide (SO2) for the past five days, Taal Volcano in Batangas province again emitted a high level of toxic gas on Saturday, March 23. A total of 14,287 metric tons (MT) of SO2 from Taal’s main crater was measured over the past 24 hours and.....»»
PRO-7 warns against use of marijuana-flavored vapes
CEBU CITY, Philippines — The Police Regional Office in Central Visayas (PRO-7) has issued a stern warning against the use and proliferation of marijuana-flavored vape products. Police Lieutenant Colonel Gerard Ace Pelare, the PRO-7 spokesperson, said that they will arrest individuals who sell vapes mixed with marijuana oil. The sale and use of marijuana remains.....»»
AEBC Corporate Cup: Deo tows CBM Engineering past Davies Paints
CEBU CITY, Philippines — The CBM Engineering cruised to its second straight win behind Ivan Deo’s 30-point game against Davies Paints, 88-77, in the Architects and Engineers Basketball Club (AEBC) 7th Corporate Cup 2024 on Friday evening, March 22, at the University of San Carlos (USC) main campus gymnasium. Deo erupted for 30 points, and.....»»
Philippine men’s volleyball coach puts premium on performance for 2025 worlds
Philippine men’s national volleyball team coach Sergio Veloso said that performance will be the main factor in building the team roster for the Federation Internationale de Volleyball (FIVB) men’s world championship next year......»»
Paris Olympic gold remains top priority for Marcial
More than winning his professional fight against Thai boxer Thoedsak Sinam on Saturday, a gold medal in the upcoming Paris Olympics is the bigger goal for Eumir Marcial......»»
Bahagi ng cremated remains ni Jaclyn Jose dinala ni Andi sa Siargao
KINUMPIRMA ni Gabby Eigenmann na ilang bahagi ng cremated remains ng yumaong veteran star na si Jaclyn Jose ay iniuwi ni Andi Eigenmann sa Siargao. Kuwento ni Gabby, bukod sa abo ni Jaclyn na dinala ni Andi sa isla ng Siargao ay may ibinigay din sa isa pang anak ng aktres na si Gwen Guck.....»»
Mandatory requirement
This case is about the allowance of a Last Will and Testament. The main issue answered here is whether the publication of the notice of hearing to the heirs is sufficient......»»
From the Newsrooms: March 10 to 16, 2024
THE STATE of the ruling alliance has taken back the news spotlight as the President and his predecessor engaged in yet another sharp exchange, suggesting that all is not well in Team Unity. The depth of hostility between the two remains the subject of public speculation.The media this week reported yet another back-and-forth between President Ferdinand Marcos Jr. and the former president, Rodrigo Duterte. The ex.....»»
Philippines, EU resume free trade agreement talks
MANILA, March 19 (Xinhua) -- The Philippines and the European Union (EU) resumed negotiations for a free trade agreement (FTA) on Monday, the Philippines' Department of Trade and Industry (DTI) announced Tuesday. "Strengthening economic engagement with the EU remains a priority for the Philippines," said Philippine Trade and Industry Secretary Alfredo Pascual, adding that the Philippines aims for an ambitious, b.....»»
A legacy award for Tita Helen
Our favorite charity fund raiser, the indefatigable and ageless Helen Ong, honorary consul of Angola to the Philippines, received the surprise of her life when the Board of Trustees of the Philippine Cancer Society bestowed on her the organization’s first-ever Legacy Award, which cited “her outstanding service as the chairperson of the Best Dressed Women of the Philippines from 2004 to 2023, while selflessly dedicating her precious time and worthy efforts to raise funds for the benefit of the PCS and, in so doing, alleviate the plight of cancer-stricken Filipinos.” Given during the recent “Best Dressed Women of the Philippines 2023” awarding at the Shangri La Hotel The Fort, the award underscored “her indefatigable commitment and loyal devotion to the Society for the last 20 years, even beyond the call of duty; her inspiring creativity and unparalleled perseverance in ensuring assistance was forthcoming during the Covid-19 pandemic amidst the scarcity of resources; and her unwavering belief in the compassionate hearts of her fellowmen and her steadfast faith in God.” [caption id="attachment_192151" align="aligncenter" width="525"] MEN of Great Influence 2023 (from left) David Ackerman, Noel Gonzales, Harold Co, Philippine Red Cross chairman Richard Gordon, Dr. Cecilio Kwok Pedro, Orberto Alvarez Jr., Richard Cariño and Richie Lerma.[/caption] The signatories of the award were PCS chairman of the Board of Trustees Antonio J. Ma. Guerrero and PCS president Dr. Corazon A. Ngelangel, with PCS trustee Dr. Kelly Salvador and PCS executive director Dr. Rachel Rosario handing the plaque of recognition to the awardee. Earlier, in her welcome remarks, Tita Helen, as she is fondly referred to by her friends and family, said, “This marks a day of gratitude for me as this is our 20th year. This could not have been possible without your continued help and support to our noble cause by providing financial assistance to your cancer-stricken brothers and sisters. [gallery columns="2" size="large" ids="192157,192161"] [gallery columns="1" size="large" ids="192162,192163"] Addressing the honorees, she acknowledged “every one of you here who have accepted our invitation as an awardee. Choosing one is not an easy task as we aim to recognize achievers in their own fields of work or advocacy, who are not just measured by their success and accomplishments but also by the kindness of their hearts. [caption id="attachment_192164" align="aligncenter" width="525"] Dr. Lauren Lior Liechtenstein.[/caption] [caption id="attachment_192165" align="aligncenter" width="525"] DAVID Ackerman and Mache Torres Ackerman.[/caption] [caption id="attachment_192166" align="aligncenter" width="515"] Agile Zamora receives her husband Wopsy Zamora’s award. Photographs by Yummie Dingding for the Daily Tribune [/caption] “Being beautiful has nothing to do with looks; it is how you are as a person and how you make an impact on the lives of many, especially to those who are in need. Beauty isn’t about having a pretty face, it is about having a pretty mind, a pretty heart and pretty soul.” Finally, she thanked “God who has been providing me with abundant blessings to be able to mount this event.” Major sponsors of this most special of annual awards recognizing these icons of style and philanthropy were Museo Orlina Foundation, Midas Hotel and Casino, San Miguel Foundation Inc., PAGCOR, The French Baker, SM Investments, SM Retails, Corso Como 88, Salcedo Auctions, Wilcon Depot Inc., Czarina Foreign Exchange, IPM Holdings Inc., B.A. Securities Inc., MW Travel and Tour and NEO. The post A legacy award for Tita Helen appeared first on Daily Tribune......»»
Rediscovered art gem’s curious past
A fascinating tale forms the backdrop of the “Bust of Juan Luna y Novicio,” withdrawn from a public auction yesterday that may be a prelude to a possibly long process to establish a claim. The National Museum of the Philippines, or NMP, as custodian of the country’s heritage works, is considering the recovery of the Filipino treasure. Salcedo Auctions announced on Saturday the withdrawal of the sculpture from “The Well-Appointed Life” sale. It said the bust’s owner agreed to withhold the bust from the bidding as a gesture of “goodwill.” A spokesperson, however, lamented that the NMP had never filed a claim on the bust despite its existence being public knowledge for a long time. An in-depth article in a broadsheet was even written about it. Only after the auctioneer was able to authenticate the piece of art did the NMP stake its claim to it, according to the auction house. The Fundación Mariano Benlliure assisted Salcedo Auctions in authenticating the Luna bust. The artwork has a deep history. Its creator, Mariano Benlliure y Gil, was a Spanish sculptor noted for his many public monuments celebrating notable Spanish figures, such as the ones of King Alfonso XII in Madrid and Queen Isabel la Católica in Granada. Benlliure, a friend of the Filipino patriot, was known as the last master of 19th-century realism; careful executions of everyday events and persons characterized his sculptures. In the pursuit of his dream to become a painter, Luna sailed for Europe in 1877. A year later, he accompanied his mentor, Alejo Vera, to Rome as his assistant. There, Luna made the acquaintance and friendship of Benlliure and his brother, Juan Antonio, and Spanish pensionados who were in Rome at the time for their studies. When Vera departed for home, Luna stayed behind and joined the Benlliures in an apartment on Via Marguita, where many other struggling artists lived. Theirs would be a lifelong and loyal friendship, with Luna painting a portrait of Lucrecia Arana, the sculptor’s wife, one of the most famous zarzuela singers of the time. Records show that a bronze bust of Juan Luna by Mariano, together with a copy of the Spoliarium painted by Juan Antonio, was commissioned by Don Vicente Palmori, Consul General of Spain. Palmori was a personal friend of Luna’s back in Rome in 1883, and it was written that these works were presented to the then-Philippine Governor General Leonard Wood on 21 October 1922 at the Marble Hall of the Ayuntamiento Building in Intramuros. Wood created a Committee on Arrangements through Executive Order 54 of 1922 for the ceremony of delivery of these artworks. The committee was headed by Don Fernando Zóbel, with the Spanish consul general heading the Committee on Presentations and the Governor General serving as chairman, representing the Philippine colonial government. Both works were later displayed at the Old Legislative Building on Padre Burgos but were lost during the battle for the liberation of Manila in 1945. In the aftermath of the war, a “junk collector presumably retrieved the bust from the rubble” and sold it to a junk dealer for P5 — not so much for its historical value but probably for its bronze content. The junk dealer then offered it to Elsie “Inday” Cadapan, an influential social realist Filipino artist who used to run an antique store at the Mabini Arts Center in the 1970s. It was Cadapan who, in 1979, sold the bust to East Asia Corporation for Arts & Antiquities, an affiliate of Multinational Investment Bancorporation, that was engaged in art dealership and brokerage that later merged with the institution via its managing director Amado Lacuesta. The post Rediscovered art gem’s curious past appeared first on Daily Tribune......»»
A history of storytelling through art collections
Narrative art is art that tells a story. It uses visual images of a sequence of events unfolding over time or an ongoing story to evoke emotions and capture one’s aspirations or culture. Narrative art preserves the past for future generations across diverse cultures. One of the country’s top bankers, Edwin Bautista, president of Union Bank of the Philippines, and his wife, professor Aileen Beltrano Bautista, debuted their private collections at the Salcedo Auctions titled Private Art, Public Lives, featuring A Passion for Connections: Objects and their narratives from Edwin and Aileen Bautista collection. “It’s a full story,” said Edwin when asked about the collections’ narrative. “The exhibit starts with the pre-colonial era. Basically, (Ferdinand) Magellan. There’s a portion that shows trade with China. Some ceramic pieces and gold pieces of jewelry that ancient Filipinos wore. This is like telling the story of how life was before the Spaniards came. That portion ends with the arrival of Magellan and his death at the Battle of Mactan.” The Bautistas’ collection of pre-colonial art pieces illustrating historical events of life before the Western World discovered the Philippines brings our imagination to life and provides us insights into our ancestors’ sophisticated artistry and rich culture. Philippine birth certificate An interesting collection is the map section that tells the story of the Philippines through maps and how the Philippines was seen in the eyes of the Western World. The collections trace the evolution of the Philippines through maps, Edwin said. The first Philippine map, which is also called the Birth Certificate of the Philippines, shows the first time the whole archipelago was officially named the “Philippines.” According to Edwin, there are only about three or four copies of that map. Some of the original maps do not show the island of Luzon. “Remember it was only after the third expedition of (Miguel Lopez de) Legazpi that the Spaniards landed in Luzon. Before him, there was only the Visayas. So you have Magellan and then Villalobos.” One of the most important collections in that section is the Murillo Velarde map or the Carta Hydrographica y Chorographica de las Islas Filipinas (Hydrographical and Chorographical Chart of the Philippine Islands). The map was the first map made in the Philippines and first published in Manila in 1734 by the Jesuit cartographer Pedro Murillo Velarde, the engraver Nicolás de la Cruz Bagay and the artist Francisco Suárez. The Velardo map played a critical role in the Philippines case in The Hague for our claim over the West Philippine Sea islands as the 1734 map showed that the Spratly Islands, named Los Bajos de Paragua, and Scarborough Shoal, named Panacot, were part of “Las Islas Filipinas” constituting the Philippine archipelago during the Spanish regime. There were also old Philippine flags captured by the American soldiers during the Philippine-American war. But Bautista traced most of them and bought them from private collectors. Personal collections Edwin said all of the art pieces in the exhibit were from his and his wife’s own collection. They did not even know most of the artworks existed before they started their collection. His passion for the arts was ignited when he started collecting amulets (anting-anting). “My focus then was how to make the narrative full. It’s easy to collect amulets because there is an organized group of Filipinos who believe in them.” As for the source, he used to scour eBay, visit auction houses or even get tips from Buddhists and other religious groups. But for the Salcedo Auction exhibit, the Bautista couple commissioned well-known playwright and director Floy Quintos, who also owns the Art Gallery Deus in Manila. Floy shared: “The exhibition begins with two large ivory corpus that embody the very pinnacle of both Filipino craftsmanship and spirituality. It ends with contemporary folk amulets and carvings that speak for the enduring, resilient folk spirit of the Pinoy.” “In between these objects, many narratives have unfolded. The range of objects offers perspective and insights into our history, spirituality and creativity. The collection of Edwin and Aileen Bautista brings all these objects together to tell a story of our evolving nationhood. “From the blood, sweat, tears and passion of Edwin and Aileen Bautista comes the art collections worth preserving. The art pieces are the stars of our history, but the collectors connect all their stories to create a wonderful narrative. They inspire, educate and even entertain the public with their passion for the arts and gripping perspectives on our history and heritage.” The post A history of storytelling through art collections appeared first on Daily Tribune......»»
Thousands of Freddie Mercury’s personal items go on sale
A sale of thousands of items belonging to the charismatic Queen frontman Freddie Mercury got under way Wednesday in London, with the graffiti-covered green door of Mercury's home first to go under the hammer. The door of his Garden Lodge home in west London sold for £412,750 ($516,000) including buyer's premium and fees -- far in excess of the £15,000-25,000 estimate. Other items up for grabs at the Sotheby's auction range from manuscripts of Queen's biggest hits to furniture, paintings and knick-knacks. Among the highlights of Wednesday's "evening sale", which will be followed by two other live auctions and three online sales over the next week, is Mercury's piano. The Yamaha quarter-tail piano was bought by Mercury in 1975 and was used to create almost all of his greatest songs. It is expected to sell for £2 million-£3 million ($2.5 million-$3.75 million). Also on sale is the original manuscript for epic hit "Bohemian Rhapsody", whose 15 pages of pencil and ballpoint pen remarks reveal the different directions Mercury envisaged for the track. It also reveals that it was originally going to be called "Mongolian Rhapsody". Part of the proceeds will be donated to the Mercury Phoenix Trust and the Elton John Aids Foundation, two organisations involved in the fight against AIDS. In a message read out before the auction began by auctioneer Oliver Barker, John paid tribute to his friend. "I miss Freddie to this day. He was a wonderful friend more full of love and life than anyone I've ever met, as well as a brilliant performer whose music has inspired and thrilled millions," he said. "He was kind, generous and funny and it is a tragedy that AIDS took him from the world much too soon," he added. Auction fan Paintings by Chagall, Dali and Picasso that adorned Mercury's home, as well as the last painting he bought a month before his death from AIDS in 1991 -- an oil on canvas by James Jacques Joseph Tissot -- are also going under the hammer. The entire collection is being offered for sale by Mary Austin, a close friend and one-time fiancee of Mercury's. "Mary Austin has lived with the collection and has cared for the collection for more than three decades," Gabriel Heaton, a books and manuscripts specialist at Sotheby's, told AFP. Mercury "was not interested in having a museum of his life but he loved auctions", to the point of being a regular at Sotheby's sales, said Heaton. Austin believes the artist -- who was 45 when he died -- would have "loved" this sale, he added. Some 1,469 lots are going under the hammer at the famous London auction house, whose facade has been decorated with a huge moustache for the occasion. Many reveal another side of Mercury, including his passion for cats and for Japan -- as evidenced by his collection of kimonos and prints. Moustache comb Mercury's most flamboyant stage costumes, Hawaiian shirt and Superman tank top will also find new homes along with his personal polaroids and legendary snapper Mick Rock's shots. The finest bottles from his cellar, such as Dom Perignon champagne, are up for grabs alongside more intimate items, such as a book of personally annotated poetry and a moustache comb. Among the more playful items are a set of games including travel Scrabble, at which Mercury excelled. Before the sale, the auction house hosted the collection at a month-long exhibition, open to the public free of charge. Sotheby's estimated when the auction was announced in April that the lots would fetch at least £6 million. The auction house says it is the largest collection, by volume, of a cultural icon to go to auction since the Elton John sale in 1988, when 2,000 lots sold for a total of £4.8 million. The post Thousands of Freddie Mercury’s personal items go on sale appeared first on Daily Tribune......»»
Inflation, slowdown burden global outlook
The capital markets remained volatile in August as investors weighed the risks of rising inflation and slower economic growth against the prospect of further monetary tightening by the US Federal Reserve, First Metro Investment Corp., and the University of Asia and Pacific Capital Markets Research said on Wednesday. In FMIC and UA&P’s August 2023 issue of The Market Call, economists said that the Philippine economy grew by 4.3 percent year-on-year in the second quarter of 2023, slower than the 5.7 percent growth in the first quarter. “Despite the slowdown in GDP expansion to 4.3 percent year-on-year in (the second quarter), other key economic data do not preclude a full-year growth of 6 to 7 percent,” economists said. Momentum seen to be sustained They also mentioned that sustained job growth, especially in the sectors of manufacturing, construction (for the industry), accommodation and food services, and other parts of the service sector, and a slight uptick in exports, with an added boost from the peso depreciation in August, “provide some glow” for the economy. The economists also noted that other key economic data remained positive, with inflation easing to 4.7 percent in June, a 15-month low. “Apart from inflation slowing to 4.7 percent, a 15-month low, (the National Government) will likely ramp up spending in (the second half of 2023), especially in infrastructures, which will also benefit from ongoing major PPP projects (classified as private construction),” they said. With local inflation easing to 4.7 percent in June, FMIC and UA&P said the investors flocked the short-dated bonds in both auctions and the secondary market in July, pushing down yields in the front end of the curve. The economists said the domestic yields continue their ascent as US 10-year Treasuries climb further in August as the Fed hinted more rate hikes to come. “In our view, the Fed will likely pause in its September meeting as they will have to wait for more data that show clearer signs that inflation will fall within target,” economists said. The post Inflation, slowdown burden global outlook appeared first on Daily Tribune......»»
Phl markets volatile due to rising inflation, other factors
The Philippine capital markets continued to be volatile in August as investors weighed the risks of rising inflation and slower economic growth against the prospect of further monetary tightening by the U.S. Federal Reserve, First Metro Investment Corp. (FMIC), and the University of Asia and Pacific (UA&P) Capital Markets Research said on Wednesday. In FMIC and UA&P's August 2023 issue of The Market Call, economists said that the Philippine economy grew by 4.3 percent year-on-year in the second quarter of 2023, slower than the 5.7 percent growth in the first quarter. "Despite the slowdown in GDP expansion to 4.3 percent year-on-year in (the second quarter), other key economic data do not preclude a full-year growth of 6 to 7 percent," economists said. They also mentioned that sustained job growth, especially in Manufacturing, Construction (for the industry), Accommodation and Food Services, and other parts of the service sector, and a slight uptick in exports, with an added boost from the peso depreciation in August, "provide some glow" for the Philippine economy. The economists also noted that other key economic data remained positive, with inflation easing to 4.7 percent in June, a 15-month low. "Apart from inflation slowing to 4.7 percent, a 15-month low, (the National Government) will likely ramp up spending in (the second half of 2023), especially in infrastructures, which will also benefit from ongoing major PPP projects (classified as private construction)," they said. With local inflation easing to 4.7 percent in June, FMIC and UA&P said the investors flocked the short-dated bonds in both auctions and the secondary market in July, pushing down yields in the front end of the curve. The economists said the domestic yields continue their ascent as U.S. 10-year Treasuries climb further in August as the Fed hinted more rate hikes to come. "In our view, the Fed will likely pause in its September meeting as they will have to wait for more data that show clearer signs that inflation will fall within target," economists said. "Furthermore, we see that the yields of peso bonds and U.S. Treasuries will tend to decouple as local inflation falls within (the Bangko Sentral ng Pilipinas') target range of 2 percent to 4 percent by the fourth quarter," they added. Economists added that the real 10-year yields had turned positive by June and neared normal levels in July after an abnormal, prolonged 11-month run with negative readings. The post Phl markets volatile due to rising inflation, other factors appeared first on Daily Tribune......»»
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......»»