We are sorry, the requested page does not exist
Globe gets P5 billion from sale of towers
Telco-to-tech provider Globe Telecom Inc. raised almost P5 billion from the sale of towers in the first quarter, providing it with some of the capital needed to upgrade services and pay debts......»»
DMCI Homes earmarks P16 billion for capex in 2024
DMCI Homes, the property development arm of the Consunji Group, is allocating around P16 billion in capital expenditures this year to expand its portfolio......»»
CLI allots higher capex, partners with Japan firm
Cebu Landmasters Inc. is hiking its capital spending to P14.5 billion this year as it gears up for growth and expansion following a strong financial performance in 2023......»»
GSIS taps Maya for payments
State-run pension fund Government Service Insurance System is expanding its payment channels through a partnership with digital bank Maya Bank Inc......»»
AEV hikes capex to P153 billion
Aboitiz Equity Ventures Inc. is hiking its capital expenditures by 135 percent to P153 billion this year as it gears up for another phase of growth and innovation......»»
Converge doubling capex in 2024
Broadband provider Converge ICT Solutions Inc. is doubling its capital expenditures to as much as P19 billion this year to pay for new projects that aim to improve customer experience......»»
Jollibee spending P23 billion for capex
Jollibee Foods Corp. is spending as much as P23 billion this year to sustain its growth momentum after posting strong profitability in 2023......»»
Maynilad spending P30 billion for service improvements
West Zone concessionaire Maynilad Water Services Inc. is setting aside as much as P30 billion for capital expenditures (capex) this year to continue service improvements amid the ongoing threat of the El Niño weather phenomenon......»»
Globe sets 2024 capex at P55 billion, a 5-year low
Mobile giant Globe Telecom Inc. is bringing down its capital expenditures to a five-year low of P55 billion in 2024, as the telco works on attaining a certain cost efficiency for financial health......»»
CREC earmarks P35 billion capex for RE projects
Citicore Renewable Energy Corp. is allocating P35 billion for capital expenditures this year as it continues to bolster its renewable energy portfolio......»»
DITO confirmed that it is scaling back capex in 2024
DITO CME confirmed a report in the Manila Times that its 2024 “capex guidance will be tempered a bit” from its 2023 capex spending of P27 billion......»»
NLEX borrows P10 billion for capex, debt payments
North Luzon Expressway Corp. has signed a P10-billion loan facility from the Bank of the Philippine Islands to finance expansion projects and debt payments......»»
NLEX allots P15 billion for 2024 capex
The North Luzon Expressway Corp. is raising its 2024 capital expenditures to P15 billion to embark on new projects and complete ongoing efforts......»»
NEA wants Primelectric deal to aid consumers
The National Electrification Administration or NEA has asked Primelectric Holdings, Inc., a unit of MORE Electric and Power Corp., to ensure that its joint venture agreement or JVA with Central Negros Electric Cooperative, Inc. or CENECO will uphold consumers' interest. "I hope we can address the concerns of the opposition. We must also consider them. Regarding the participation of the Member-Consumer-Owners, it has been concluded during the plebiscite so we will put this into motion with all the required legal objectivity,” NEA Administrator Antonio Almeda said on Monday. Last week, Almeda met with Primelectric and CENECO officials to address the opposition concerns to improve the JVA of the involved parties. Primelectric and CENECO presented their joint venture to the NEA board to discuss service improvements for consumers. “This venture seeks to magnify the electric industry in Central Negros by not just streamlining the internal and external operations of concerned parties but also rehabilitating and modernizing the distribution system, which is deemed crucial in providing quality service to our consumers,” Primelectric President Roel Castro said during the hearing. For his part, CENECO acting general manager Atty. Arnel Lapore also supported the critical role the JVA plays in the area, adding that it “strongly” supports the NEA’s objective to achieve efficient service for all consumers. “I’m one with NEA in facilitating the service for the benefit of our consumers. That’s why I strongly support and cooperate through this JVA to ensure we deliver quality operations internally and externally. Rest assured that we duly consider all the suggestions raised by Admin Almeda during the hearing,” Lapore said. Primelectric has already conveyed that it is ready to pour in investments to modernize the system of CENECO. Castro highlighted that the target P2.1 billion initial investment in the capex of its operations will bankroll cutting-edge and top-of-the-line systems for a better consumer experience. Castro also emphasized that the JVA will help achieve the 100 percent total electrification target in the franchise area by 2028 “in alignment” with the present administration’s agenda of achieving sustainable and inclusive economic growth. “We need to rehabilitate the system because if you don’t put in the additional P2 billion investment or even bigger, you will be inheriting a distribution system that is just the same as now that is inefficient. That’s why we have to put (the investment) in P2.1 billion to start rehabilitating and improving the system,” he said. Primelectric and CENECO signed the JVA last 3 June purposely to improve the electricity services in Central Negros. The proposal received support from local leaders, the business sector, and consumer groups. No less than Bacolod City Mayor Albee Benitez described the partnership as “a White Knight that would save our consumers from the looming disaster.” The post NEA wants Primelectric deal to aid consumers appeared first on Daily Tribune......»»
Globe borrows P15 billion for capex, debt payments
Mobile giant Globe Telecom Inc. has borrowed P15 billion from Metropolitan Bank & Trust Co. which will be used to finance its capital expenditures and settle expiring debts......»»
Globe bankrolls P15-B expansion
Ayala-backed Globe Telecom Inc. has secured P15 billion in additional funding from Metropolitan Bank & Trust Company, a move that will strengthen the company’s financial capabilities to bankroll network improvements and expansion. In a report to the Philippine Stock Exchange, the company said it signed the term loan facilities on Monday. According to Globe, the proceeds will particularly finance Globe’s capital expenditures, debt refinancing, and/or general corporate requirements. Responding to the growing need to ramp up mobile data services amid a digital-savvy landscape, Globe has been also boosting its services to offer seamless and efficient services to users. Proceeds mostly for data network In the first half, the company invested P37.7 billion in capital expenditure, which was 25 percent lower than the similar period last year. It was also consistent with the company’s efforts to bring free cash flow back to more sustainable levels. The majority or about 90 percent of the capex spending was allocated to data network builds to meet the consumer’s escalating demand for data. As of June, Globe built 542 new cell sites and upgraded 5,087 mobile sites to LTE to meet the rising data demands of its customers. The company also deployed around 148,000 fiber-to-the-home lines, significantly lower than last year’s rollout to maximize the utilization of its existing fiber inventory. Relatedly, Globe continues to deploy 5G wireless technology nationwide, firing up 356 new 5G sites across the Philippines, increasing its 5G outdoor coverage to 97.44 percent of the National Capital Region and 91 percent of key cities in Visayas and Mindanao. The post Globe bankrolls P15-B expansion appeared first on Daily Tribune......»»
San Miguel confirms 62% increase in SLEx capex
San Miguel confirmed reports that it has raised its projected capex spending on the South Luzon Expressway by an additional P4.6 billion, to a total projected capex spend of P12 billion......»»
Davao Light allots P2.4 billion for 2023 capex
Davao Light and Power Co., a unit of Aboitiz Power Corp., is looking to sustain its high level of capital spending next year as it ramps up power capacity in its franchise area......»»
D& L expects capacity, income boost via Batangas plant
With its Batangas plant up and running since July, listed chemicals manufacturer D&L Industries, Inc. expects to double its existing manufacturing capacity in the coming years — a move that will also perk up the company’s financial backbone. “The plant that we have built is not just another plant. Specced to the highest standards and equipped with new capabilities, our Batangas plant will elevate the company to operate on a whole new level,” D&L President and CEO Alvin Lao said at a press briefing on Wednesday. D&L’s Batangas plant sits on a 26-ha property in First Industrial Township - Special Economic Zone in Batangas. It will mainly cater to D&L’s growing export businesses in the food and oleochemicals segments. The facility will also add the capability to manufacture downstream packaging; thus, allowing the company to capture a bigger part of the production chain. While the company primarily sells raw materials to customers in bulk, the new plants will allow it to “pack at the source.” This means that D&L can efficiently process the raw materials and package them closer to finished consumer-facing products. Relatedly, it will enable D&L to move a step closer to its customers by providing customized solutions and simplifying its supply chain, which is of high importance given ongoing logistical challenges. However, Lao pointed out that the high volume of orders from prior periods coupled with the lingering effects of high inflation and generally cautious consumer sentiment slightly took a toll on the company’s profits. During the first half of the year, D&L’s earnings annually declined by 28 percent to P1.24 billion. Notably, in the second quarter, there was a subtle but continued sequential recovery with quarterly earnings growth of 9 percent to P646 million. Additionally, Lao noted that incremental expenses were booked in the first semester because of the new plant in Batangas. Excluding the Batangas-related expenses, first-half income would have fallen by just 13 percent yearly to P1.5 billion. “Similar to what we have seen with the various plants that we have built over the past 60 years, the commercial operations of a new plant will mean incremental expenses that may affect near-term income,” Lao pointed out. As the company moves past peak capex with the completion of its Batangas plant, coupled with the normalization of commodity prices, the company’s free cash flows, or FCF turned positive for the first time in two years. From January to June, the company’s FCF stood at positive P2 billion vs negative P1.7 billion and negative P3.4 billion booked in 2022 and 2021, respectively. With improving FCF, falling debt levels, and continued business optimism, D&L conveyed having “the highest confidence in its ability to service bonds maturing in 2024 and 2026.” The post D&L expects capacity, income boost via Batangas plant appeared first on Daily Tribune......»»
Marcos hits NGCP over delayed transmission projects
President Ferdinand R. Marcos, Jr. has reprimanded the National Grid Corporation of the Philippines, the country’s lone transmission system operator, for the delay of numerous projects that could have further improved the power services in the country. “The one grid, one market will enable more efficient transfers and more competitive pricing of electricity throughout the country. However, 68 grid connections are much delayed according to the ERC's (Energy Regulatory Commission) count. We are conducting a performance review of our private concessionaire the NGCP,” Marcos said at his second State on the Nation Address on Monday, 24 July. Thus, the President vowed to look into the NGCP to ensure that “all of its deliverables” starting with the Mindanao-Visayas Interconnection Project or MVIP and the Cebu-Negros-Panay interconnection will be delivered. NGCP is undertaking the P52-billion MVIP, which was supposed to launch within the first half of the year. The MVIP will link together all three major Philippine islands to create one grid. The NGCP was authorized by the ERC to start building the project way back in 2017. It was initially scheduled to be completed in 2020 but it was delayed due to the pandemic. Reacting to the President’s report, the NGCP said it will “concentrate all available resources toward the completion of ongoing transmission projects while expediting others in the pipeline.” “We agree with the President’s sentiments. Even before the SONA, NGCP has already been working towards the vision that he mentioned,” NGCP President and CEO Anthony Almeda was quoted as saying in a press statement. “After hearing it straight from him -- his vision that is completely aligned with ours -- we know we are on the right track and we’re more motivated to complete all our objectives in a prompt manner,” he added. The operator said the MVIP will be “fully energized to 450MW by the third quarter of this year.” Meanwhile, ERC chairperson Monalisa Dimalanta reiterated that the NGCP’s performance review is part of the ongoing regulatory rate reset process. “We expect to complete a significant portion (for years 2016-2020) very soon. We also reported to the President, and included in his address, the efforts regarding ensuring timely implementation of transmission projects,” Dimalanta said in a text message to the Daily Tribune. “Out of the 68 delayed projects identified, ERC already issued a show cause order to NGCP issued on 4 July 2023 for 37 projects requiring explanation for the delay,” she added. The ERC recently ordered the NGCP to explain the delay of more than 30 projects supposed to enhance the country's transmission system. In a show cause order dated 14 June 2023 and issued on 4 July 2023, the ERC pointed out that the NGCP’s approved capital expenditure or capex for projects was not followed. Hence, projects have been delayed. Thus, it required the NGCP to submit a “verified explanation” within 15 days from receipt of the order “why no administrative penalty should be imposed upon it.” According to ERC, some 37 projects with many days delayed ranging from 21 to as high as 2,561 days. Among those projects with a high number of days delayed is the Tuy (Calaca)-Dasmariñas 500-kilovolt Transmission Line Project. The project was supposed to be completed on 11 July 2016, but it remains 82.48 percent complete as of date. Per ERC, the project has been delayed by 2,528 days. The Bataan-Cavite/Metro Manila Transmission Line Project (Phase 1) Feasibility Study is 2,561 days delayed, the ERC added. As mandated by the power regulator, the NGCP should submit a “detailed explanation on the cause of delay per project, as well as the actual timeline of implementation per project.” The NGCP holds a 25-year franchise to solely operate the power transmission assets of the government and secure power reserves for contingency. The post Marcos hits NGCP over delayed transmission projects appeared first on Daily Tribune......»»