Meralco bares plan to boost generation capacity to 3,000 MW
Power retailer Manila Electric Co. is looking at generating 3,000 megawatts in the next five years, including 1,000 MW from renewable energy......»»
Meralco bares plan to boost generation capacity to 3,000 MW
Power retailer Manila Electric Co. is looking at generating 3,000 megawatts in the next five years, including 1,000 MW from renewable energy......»»
TIIC taps Vivant unit for additional solar capacity
Cebu-based manufacturing firm Treasure Island Industrial Corp. has partnered with Corenergy, a subsidiary of Vivant Energy Corp., to boost the solar generation capacity of its packaging division by 729.3 kilowatt peak......»»
BSP, BAIPHIL to boost capacity building
The Bangko Sentral ng Pilipinas has partnered with bank accountants and auditors to boost capacity-building for the industry’s employees, officers and directors......»»
DA to unveil agriculture modernization strategy
The government is set to unveil this week its strategy to modernize agriculture and boost the farm sector’s production capacity, according to the Department of Agriculture......»»
ACEN secures sustainability-linked loan worth P11 billion
ACEN Corp., the listed energy platform of the Ayala Group, is looking to raise P11 billion from its first sustainability-linked loan, which will help boost solar energy capacity in the country......»»
EU, Phl eyes creating digital gateway pack
The European Union or EU and the Philippines are crafting a digital development program, set for launch next year to help the boost Internet speed and reach, strengthen cybersecurity, and integrate more women into the digital economy. On Thursday, the Department of Finance said the two partners, along with other countries, are creating the Digital Connectivity Global Gateway Package. “The package has key elements on capacity building, regulatory or policy support, cybersecurity, and enhanced cable connectivity,” a DoF statement said. “The package, which is being considered for launch next year, will also help address the digital gender gap in the country by empowering women in the digital economy,” the DoF added. Connectivity partnership This global partnership on digital connectivity was recently sealed during the first Global Gateway Forum hosted by European Commission President Ursula von der Leyen from 25 to 25 October in Brussels, Belgium. There were 40 government leaders who attended the forum, with Finance Secretary Benjamin Diokno representing the Philippines. Global Gateway is the EU’s largest global investment program, with funding of up to 300 billion euros to be used by partner countries from 2021 to 2027 to improve their digital, energy, and transportation infrastructure, along with health and education systems. During the forum, the EU and the Philippines signed a 60 million euros financing agreement to help the latter realize projects for climate change mitigation and digital transformation. Under its digital program, the European Commission already committed in 2021 to provide all highly populated areas of the EU’s 27 member-states with faster Internet through 5G by 2030. Less than one-third of these areas benefited from that Internet technology two years ago. Expanding use of AI The commission also aims to expand the population of the EU’s small businesses using artificial intelligence and cloud from less than half to 75 percent, and those with basic technology skills from 75 percent to 100 percent over a decade. The Department of Information and Communications Technology, or DICT, on the other hand, is developing 500 to 1,000 digitalization programs. Information and Communications Technology Secretary Mon Gutierrez said the government is doubling its efforts to realize over 10 percent of its total number of digitalization programs through public-private partnerships. Also conducted by the DICT are digital literacy campaigns for government agencies, private firms and the public to spur technological innovations and better digital policies. The post EU, Phl eyes creating digital gateway pack appeared first on Daily Tribune......»»
Wildlife rescue center set to become a world-class facility
Department of Environment and Natural Resources Secretary Antonia Loyzaga over the weekend said they are planning to transform the National Wildlife Rescue and Research Center (NWRRC) into a world-class facility, boosting its capability to protect and rehabilitate the country’s wildlife resources. The move, she added, is in line with the DENR’s thrust to enhance biodiversity conservation. “We will enhance, upgrade and redesign the NWRRC, so it can be brought up to global standards,” Loyzaga said. She added that the DENR will form an advisory group of biodiversity experts for the enhancement of NWRRC as part of an overall program to boost the country’s capacity to conserve and protect wildlife species and their habitats and to fight illegal wildlife trade and other wildlife crimes. Other plans include mobilizing over 200 Wildlife Traffic Monitoring Units in 36 airports and 131 seaports and training over 700 Wildlife Enforcement Officers. “This is very important because the Philippines is one of the mega biodiverse countries in the world. We are a hotspot, and therefore, we must make very good use of our protection and enhancement capabilities in order to stop illegal wildlife trade and all other wildlife crimes,” Loyzaga explained. According to the Biodiversity Management Bureau, the Philippines is considered an illegal wildlife trade hub and a source country of wildlife and wildlife byproducts such as pangolins and marine turtles. In 2020, the NWRRC received new ultrasound and X-ray machines that will help the center’s veterinarians and staff diagnose diseases, injuries, and conditions of wildlife and exotic animals in their care. The equipment was donated by the United States Agency for International Development, under its Project Wildlife project in the Philippines. Located within the Ninoy Aquino Parks and Wildlife Center, the NWRRC is under the management and administration of the DENR’s BMB. The center has been instrumental in retrieving, rescuing, and providing shelter to abandoned wildlife and exotic animals; as well as those illegally trafficked and traded. Its mandate includes the care and rehabilitation of rescued wildlife species that often arrive stressed, traumatized, sick, or injured. The post Wildlife rescue center set to become a world-class facility appeared first on Daily Tribune......»»
PBBM cites importance of infra as Bulacan arterial bypass road inaugurated
President Ferdinand Marcos Jr. on Monday said that infrastructure development, particularly in transportation, is crucial to the sustained progress of the economy. In a speech read by Special Assistant to the President Antonio Ernesto Lagdameo Jr. during the inauguration of the Arterial Road Bypass Project Phase III Contract Package 4 in Bulacan, Marcos said infrastructure development enhances the efficiency of logistics and transportation systems. "It improves the movement of people, goods, and services. It enhances the efficiency of our logistics and transportation systems. And it facilitates our journey towards lasting prosperity," he said. Marcos added that infrastructure projects in Bulacan would boost the productivity of farming in the province. He mentioned that the project represents a significant stride in our journey toward achieving our vision of an improved Philippines characterized by hope, abundant optimism, and a multitude of limitless possibilities. "With the enhanced road capacity and the substantially shortened travel time, this project will revolutionize not only the movement of people but also of agricultural products and services, thereby boosting the productivity of the farming industry in Bulacan," Marcos said. "In time, this will attract even more investments, create more employment opportunities, and perpetuate a positive cycle of development that will benefit the province of Bulacan and its residents," he added. The President said that he is committed to opening more transportation gateways to different corners of the country. "And this project—the ARBP III Contract Package 4—embodies the fulfillment of that commitment," he said. President Marcos assured the public that the administration remains unwavering in its commitment to complete the ARBP III by March 2024. He also thanked the Japan International Cooperation Agency for its support in the project. "JICA has long been a steadfast partner in our journey to improve our infrastructure, and we hope for continued collaboration in our future endeavors," he said. The President also recognized the Department of Public Works and Highways for its relentless efforts in ensuring the completion of the project. He urged the DPWH to ensure the timely completion of all major projects, particularly those outside Metro Manila, to bolster regional development. "The inauguration of ARBP III Contract Package 4 is a call to action, and a call to work tirelessly towards the “Bagong Pilipinas” that we envision—a Philippines that shines brightly on the world stage, a Philippines where every Filipino’s dreams are realized," he said. The post PBBM cites importance of infra as Bulacan arterial bypass road inaugurated appeared first on Daily Tribune......»»
US provides P450-M to boost disaster preparedness of vulnerable communities
The United States government, through the US Agency for International Development (USAID), is providing more than P450 million ($8 million) in additional funding to strengthen disaster preparedness and response in vulnerable communities in the Philippines. The new funding will primarily enhance typhoon preparedness and develop resilient livelihood strategies in the regions of Bicol, CARAGA, and Eastern Visayas. It will also fund partnerships with the private sector to help ensure the continuity of businesses and other critical services, such as energy and water, after disasters. Additionally, USAID’s assistance will train personnel from the Office of Civil Defense, the Department of Information and Communications Technology, the Department of Social Welfare and Development, and other relevant government agencies in setting up post-disaster logistics, emergency shelters, and emergency telecommunications. USAID will also work with local government units in Eastern Samar and the Bangsamoro Autonomous Region in Muslim Mindanao to set up referral systems for children’s welfare and protection during disasters. “Strong typhoons came earlier than expected this year, and we’re reminded of how vulnerable many Philippine communities are to the impacts of natural disasters,” said USAID Philippines Mission Director Ryan Washburn. “We are proud of our partnership with the Philippine government to help the Filipino people prepare for and respond to disasters,” The United States is a key partner of the Philippine government in preparing for and responding to disasters, as well as delivering life-saving humanitarian assistance. Since 2010, USAID has provided approximately P17 billion ($372 million) in disaster relief and recovery aid and boosted the disaster risk reduction capacity of over 100 cities and municipalities in the Philippines. The post US provides P450-M to boost disaster preparedness of vulnerable communities appeared first on Daily Tribune......»»
LRT 1 increasing train trips
Light Rail Manila Corp., or LRMC, the private operator of the LRT Line 1, is increasing the train line’s trips and trains deployed starting in October to better serve passengers. In a press statement on Thursday, the company said the service boost was driven by the notable spike in the number of commuters in Metro Manila as mobility eases, especially as the Christmas holiday season nears. “Our transport capacity will increase by almost 10 percent for weekday operations and about 20 percent on weekends,” LRMC chief operating officer Rolando J. Paulino III said. “We at LRMC are continuously thinking of ways to better serve our passengers with increased capacity and shorter waiting times,” he added. LRMC will run an expanded fleet composed of up to a maximum of 23 train sets. A new train timetable will thus be implemented, increasing the number of trips on weekdays from 410 to 460 and on weekends from 293 to 331 trips on Saturdays and 307 trips on Sundays. To date, a total of seven Generation 4 train sets are running along the main line for commercial service. However, this development entails changes in train schedules that would require passengers to plan their trips properly. During weekends and holidays, the first train is scheduled to depart from Baclaran and Fernando Poe Jr. stations at 5 a.m. The last trip leaving Baclaran Station is at 9:30 p.m., while the last train leaves Fernando Poe Jr. Station at 9:45 p.m. There will be no changes in the weekday schedule of LRT-1, with the first train leaving both Baclaran Station and Fernando Poe Jr. Station at 4:30 a.m., while the last trip is still at 10:00 p.m. and 10:15 p.m. from Baclaran Station and Fernando Poe Jr. Station, respectively. The post LRT 1 increasing train trips appeared first on Daily Tribune......»»
PBBM to focus on farm-to-market road dev’t, agri sector modernization
President Ferdinand Marcos Jr. said his administration would focus on enhancing crucial farm-to-market roads and modernizing the agricultural sector to prioritize the nation's farmers and food security. In a Facebook post on Wednesday, Marcos underscored the significance of ensuring food security for all Filipinos instead of lowering tariffs on agricultural imports. "Our farmers are the backbone of our nation, and their well-being is our utmost concern,” Marcos said. President Marcos Jr. emphasized that improving the country’s infrastructure would help reduce post-harvest losses, boost agricultural productivity, and, most importantly, improve the livelihoods of Filipino farmers. Furthermore, the administration is committed to strengthening the National Agricultural and Fisheries Modernization and Industrialization Plan (NAFMIP). President Marcos Jr. elaborated on the plan's objectives, saying, "We must embrace innovation and modernize our agricultural and fisheries sectors.” “This means investing in research and development, technology adoption, and sustainable practices that can propel us into a more secure food future,” he added. The NAFMIP aims to harness technology and sustainable farming practices to increase agricultural productivity, enhance the quality of farm products, and promote value addition in the fisheries sector. “While we understand the need for affordable food, we believe that our primary responsibility is to empower our farmers. By investing in their capacity and improving their access to markets, we can strike a balance that benefits both our farmers and consumers,” Marcos said. Meanwhile, Marcos on Tuesday thumbed down the decision not to lower tariffs on agricultural imports. Marcos, who is also the Department of Agriculture secretary, rejected the proposal after a meeting in Malacañang where the National Economic and Development Authority (NEDA) gave an update on the proposal at the meeting. “It was not the right time to lower the tariff rates because world rice prices project that it will go down. So, this is not the right time to lower tariffs,” the Chief Executive said. “Tariffs are generally lowered when the price goes up,” he added. NEDA and the Department of Budget and Management had previously proposed to temporarily stop charging taxes on imported rice to lower the cost of rice in the country. The post PBBM to focus on farm-to-market road dev’t, agri sector modernization appeared first on Daily Tribune......»»
Aboitiz unit applies SMR, G2G focus
Aboitiz Power Corp., the investment arm of the Aboitiz Group for energy-related investments, is actively pushing for more government-to-government or G2G agreements to strengthen the country’s exploration as a key enabler of energy security. Speaking at an energy forum spearheaded by the Meralco Power Academy on Monday, AboitizPower President and CEO Emmanuel Rubio said such agreements can potentially boost the country’s energy development. “We actively engage with the government to initiate discussions and develop necessary protocols. We also recognize the importance of establishing country-to-country agreements for our energy initiatives,” Rubio said. Energy initiatives pushed “Our active participation in these discussions aims to identify viable options to ensure a continuous supply of reliable energy as our nation grows and thrives,” he added. He pointed out that the industry should be open to adopting “cutting-edge, clean, and zero-emissions technologies” to generate a cleaner power supply that would cater to the needs of the consumers. “In this context, we are actively exploring Small Modular Reactors, or SMR, for quick capacity deployment and flexibility when they become commercially viable and can be deployed in the country,” he said. Unlike other power sources, SMRs can deliver affordable electricity supply in the country, especially during summer months when demand is historically higher. For instance, Rubio noted that one megawatt or MW of solar installed capacity typically requires 1.2 hectares of land. However, he said such a requirement could pose a potential downside in the country, where the average farmer holds just 1.29 hectares of land. Rubio added that pursuing clean energy goals should not lead to potential social issues. The Philippines has a vast potential for power development. With the sector’s opening for foreign investors, even the Department of Energy or DoE said it is confident it can meet its objective of increasing the contribution of clean energy in our power generation mix by 35 percent by 2030 and 50 percent by 2040. To complement this, AboitizPower also aims to expand its portfolio to support this goal by investing P190 billion until 2030 to have a portfolio of 9,200 MW evenly split between renewable energy and thermal sources. The post Aboitiz unit applies SMR, G2G focus appeared first on Daily Tribune......»»
UAE agri, energy, banking deals eyed
The Department of Finance, or DoF, on Wednesday said United Arab Emirates or UAE-based firms are keen on exploring investments in a range of industries in the Philippines, including food, water management, renewable energy, and Islamic banking. DoF said the economic team talked to executives of Brevan Howard, a technology-driven investment management platform; Arqaam Capital, a financial firm for emerging markets; and Investment Corporation of Dubai, the Dubai Government’s principal investment arm for the possible foreign investments. “The companies expressed interest in the Philippines’ renewable energy projects, port operations, water and wastewater management, waste-to-energy projects, upcoming Sukuk bond issuances, Islamic banking, and the Maharlika Investment Fund,” DoF said in a statement to the media. Middle East roadshow Investment and trade discussions surfaced during the Philippine economic team’s investor briefing in the UAE, a seven-state federation, from 11 to 12 September. The finance department said the possible foreign investments affirm the need for the Comprehensive Economic Partnership Agreement or CEPA with the UAE aimed at easing and expanding trade between the two countries. DoF said the UAE Government and the Philippines have already signed an agreement for investment protection and collaboration as part of the ongoing negotiations over CEPA. It added the UAE will soon submit to the Philippines its template for the final document on CEPA. President Ferdinand Marcos Jr. said he aims to adopt foreign water technologies, such as hydroelectric power plants, irrigation canals, and diversion dams to store and distribute more water for households, commercial establishments, and farm irrigation amid the threats of climate change. Food exports to Dubai usually include pineapples, bananas, and fresh and processed fish amounting to over $30 million. For renewable energy, the Department of Energy aims to generate power capacity of at least 20,000 megawatts through a mix of sources, such as the sun, wind and geothermal. Meanwhile, National Treasurer Rosalia de Leon said the Philippines is entering the Islamic debt market by issuing Sukuk bonds, or Islamic bonds, in the fourth quarter this year or early next year to raise $1 billion. “Sukuk bonds will diversify the Philippines’ sources of financing, widen its investor base to reach the untapped Islamic finance market, and boost investments in physical and digital connectivity,” she said. The Islamic bonds offer investors a share of profits from projects financed by the debt instrument instead of interest payments from traditional bonds. The government aims to raise $5 billion from commercial borrowing and already acquired $3 billion in January. The post UAE agri, energy, banking deals eyed appeared first on Daily Tribune......»»
Net metering catches on among power users
The Manila Electric Co. or Meralco reported a spike in the number of customers joining the net-metering scheme, which empowers them to generate their electricity for consumption and export any excess generation to the distribution grid. In his speech on the second day of the three-day Giga Summit organized by Meralco Power Academy, Meralco senior vice president and chief revenue officer Ferdinand Geluz said the annual number of net-metering customers and its capacity are “increasing rapidly.” “To date, we have 8,544 net-metering customers with 50.3 megawatts of installed capacity. Year-on-year net-metering numbers and capacity are increasing rapidly,” Geluz said. “For the whole of 2022, these customers exported 20.3 GWh, while as of July this year, 16.2 gigawatt-hours in energy export was already generated and can be projected to exceed last year’s aggregate number,” he added. Energy-efficient practice Geluz also noted that the boost in net-metering initiatives complemented Republic Act 11285 or the Energy Efficiency and Conservation Act, which institutionalizes energy efficiency and conservation, enhances the efficient use of energy, and grants incentives to energy efficiency and conservation projects. The net-metering program allows customers to export their excess electricity to the grid in exchange for electricity bill credits. To further encourage the use of cleaner and cheaper energy, the government previously said it will expand the program to more areas — especially in far-flung provinces that are not yet connected to the grid. Last Monday, Energy Secretary Raphael Perpetuo Lotilla said the adoption of modern technologies, smart grid systems, and demand-side management to bring down overall energy consumption and cut down greenhouse gas emissions will be included in the 2023-2050 Philippine Energy Plan or PEP supposed to be out this month. Lotilla disclosed that public consultations on the draft PEP are ongoing. The post Net metering catches on among power users appeared first on Daily Tribune......»»
Biden leads US tech push in Vietnam
President Joe Biden and senior executives from top US tech firms including Google and Intel met Vietnamese business leaders Monday after the two countries agreed to deepen cooperation as Washington seeks to counter China's growing clout. Biden and Vietnam's ruling Communist Party chief -- the country's paramount leader -- struck a "comprehensive strategic partnership" as Washington pushes to boost its network of allies around Asia and the Pacific. The United States sees manufacturing dynamo Vietnam as an important part of its plan to decrease reliance on China for supplies of strategic resources, and the new pact includes agreements on semiconductors and rare earths. Executives from tech behemoth Google, chip makers Intel and GlobalFoundries, and aviation giant Boeing joined Biden and Secretary of State Antony Blinken for an "innovation and investment summit". They held talks with senior figures from a host of leading Vietnamese tech and manufacturing companies including electric car maker VinFast, internet firm VNG and digital wallet Momo. At the talks, Biden announced that flag-carrier Vietnam Airlines had agreed a $7.8-billion deal with Boeing to buy 50 medium-haul 737 airliners. Other deals announced include Microsoft developing a "generative AI-based solution tailored for Vietnam" and NVIDIA teaming up with local companies to deploy artificial intelligence in the cloud, automotive and healthcare sectors. Semiconductor security The new partnership includes an agreement on semiconductors, with the United States committing to help Vietnam develop its capabilities and expand production, including by funding workforce training. Tiny semiconductors are vital to modern life, found in every electronic device from children's toys and smartphones to electric cars and sophisticated weapon systems. Biden moved last month to restrict US investment in Chinese technology in sensitive areas including semiconductors, quantum computing and AI. With Washington looking to diversify and strengthen its supply chains after a series of shocks hit the global economy, it is increasingly looking to Vietnam, which has the world's second-largest deposits of rare earths -- another strategically vital resource -- after China. The White House highlighted US investment in chipmaking in Vietnam, pointing to a new $1.6 billion factory near Hanoi due to start operations soon. China difficulties Biden insisted Sunday that he did not want to "contain" China, but accused Beijing of seeking to change the rules of the international order. And in their joint statement, Biden and Trong launched a fresh broadside at Beijing in the sprawling, multi-state territorial row over the South China Sea. They warned against "threat or the use of force", days after the latest clash involving Chinese vessels, and insisted the competing claims to the strategic waterway must be settled under international norms. Beijing claims almost the entire sea, through which trillions of dollars in trade passes annually, and has ignored an international court ruling that its assertion has no legal basis. The president met Chinese Premier Li Qiang -- the country's number two leader -- on the sidelines of the G20 summit in Delhi on Sunday. Biden said the major economic problems Beijing was wrestling with would limit its scope for action, particularly on Taiwan -- which China regards as a renegade province. "China has a difficult economic problem right now for a whole range of reasons that relate to the international growth and lack thereof and the policies that China has followed," he said, pointing to high youth unemployment and real estate issues. "I don't think it's going to cause China to invade Taiwan. As a matter of fact, the opposite -- it probably doesn't have the same capacity that it had before." Vietnam has its own squabbles with Beijing, notably over the contested South China Sea. Hanoi's state media on Monday hailed the deal with former war foe the United States as "historic". Biden will end his visit by paying his respects at a memorial to his friend John McCain, the former US Senator shot down in Hanoi as a pilot during the Vietnam War. The post Biden leads US tech push in Vietnam appeared first on Daily Tribune......»»
An eBiz bazaar
PLDT and its wireless subsidiary Smart, together with TikTok Philippines, recently joined the Provincial Government of Laguna, Laguna Chamber of Commerce and Industry, Department of Trade and Industry Provincial Office of Laguna, and Enchanted Kingdom in the first-ever province-wide summit for MSMEs. This platform has enabled attendees and partners to collaborate and to access learning opportunities on market reach, e-commerce, and financial technology. The PLDT Group showcased its “eBiz Buy Local Bazaar” on TikTok Shop initiative, a digital upskilling-to-e-commerce program designed to equip local business owners with the right digital tools to enhance their online business expansion. Laguna-based MSMEs sign up for the eBiz Bazaar on TikTok Shop Speaking before an audience of over 500 local entrepreneurs at Laguna MSME Summit, Euan Rex Toralballa, Customer Relationship Management Head for SMBiz at PLDT Enterprise, underscored the commitment of PLDT and Smart to boost livelihood opportunities through technology. “Part of the PLDT Group’s thrust is digital inclusion and we want to help as many local businesses as possible thrive through technology. With our joint efforts with TikTok Philippines and our partners from the public and private sector, we will continue to find avenues to uplift local MSMEs through livelihood opportunities,” he said. “We at PLDT and Smart continuously explore inclusive and sustainable tech-enabled tools. We believe that technology can help boost efficiency and productivity that can expand livelihood opportunities for MSMEs,” added Stephanie Orlino, AVP and head of Stakeholder Management at PLDT and Smart. “Our partnership with the government and private sector including PLDT, Smart, and TiKTok Shop can help Laguna MSMEs grow their business and expand their market reach. With the advent of technology, the possibilities are limitless. Through capacity development, we can assist local enterprises take advantage of the digital tools available so they can quickly get their products out there,” said Atty. Rose-Lyn Coloma, LCCI president. The post An eBiz bazaar appeared first on Daily Tribune......»»
ASEAN leaders agree on 5PC to address Myanmar crisis
JAKARTA, Indonesia – President Ferdinand Marcos Jr. on Thursday called for the complete implementation of the Five-Point Consensus (5PC) in Myanmar, a set of principles agreed upon by the Association of the Southeast Asian Nation leaders in April 2021 to address the political crisis in the country. Speaking at the 18th East Asia Summit (EAS) here, Marcos said that the Philippines believes that the key to any solution in Myanmar is the inclusive participation of all parties. He also reiterated the Philippines' support for the Special Envoy of ASEAN in pushing the Five-Point Consensus forward. "We maintain that endeavors by other parties to address the crisis should support and complement ASEAN's efforts, and should be done in consultation with the ASEAN Chair," Marcos said. The Five-Point Consensus calls for an immediate cessation of violence, constructive dialogue among all parties, an inclusive political process, the appointment of a Special Envoy of ASEAN, and the provision of humanitarian assistance. Marcos also called for the urgent realization of the Loss and Damage Fund (LDF) to help countries address the impacts of climate change. He said that countries with the smallest carbon footprints disproportionately bear the heaviest burden of climate change. "Climate financing, complemented by viable and effective technology transfer and country-specific capacity-building, is needed to expedite a just transition to a climate-resilient economy," Marcos said. He also sought the support of other EAS leaders for the development of the Philippines' strategic minerals supply and value chains. He said that this would boost the Philippines' efforts to ensure a resilient and sustainable future for the region. Marcos concluded his intervention by reaffirming the Philippines' commitment to an open and inclusive regional order where the rule of law and ASEAN Centrality remain the bedrock of an evolving regional architecture. The East Asia Summit is a regional forum held annually by leaders of, initially, 16 countries in the East Asian, Southeast Asian, South Asian, and Oceanian regions, based on the ASEAN Plus Six mechanism. Membership expanded to 18 countries including Russia and the United States at the Sixth EAS in 2011. The post ASEAN leaders agree on 5PC to address Myanmar crisis appeared first on Daily Tribune......»»
ACEN raises P25 billion from preferred shares offering
ACEN Corporation has formally listed its Series A and Series B preferred shares through a bell ringing ceremony held at the Philippine Stock Exchange on Friday, 1 September 2023. ACEN raised P25 billion from the sale of firm offer shares and over-subscription option shares during its follow-on offering (FOO). PSE president and CEO Ramon S. Monzon lauded ACEN on its oversubscribed FOO. He also commended the energy firm for continuously tapping the equities market as a funding source to boost its renewable energy portfolio. The company raised Php 30.32 billion and P11.58 billion from the stock market in 2021 and 2022, respectively. “This oversubscribed offering, at a time when other companies are putting off their capital raising plans, speaks of the level of trust that investors have in ACEN, and their confidence at how the company is working towards the achievement of its vision and strategic initiatives, including its target of having 20 gigawatts of renewable capacity by 2030,” Mr. Monzon said. The post ACEN raises P25 billion from preferred shares offering appeared first on Daily Tribune......»»
Zambales sets new capitol building construction
Iba, Zambales — The provincial government here is eyeing the construction of a P500-million capitol building that will replace the current establishment. According to Governor Hermogenes Ebdane Jr., the new Capitol building in this town is set to replace a structure that was reconstructed at least two times from a building built in the 1870’s by the Spanish Civil Government. Ebdane said that the new “modernized” building will have tech upgrades that will boost the provincial government’s capacity to provide better-quality public service and enable greater access to residents and customers. “We have to build a new seat of government that would be in keeping with the needs of the times and with our mandate to elevate public service to a new level,” Ebdane said. “If our physical facilities stay in antiquated condition, it would not be surprising if government services remain as outdated. That’s why we need to bring the Zambales Capitol up-to-date. Our people need and deserve this upgrade,” he added. The new building will be constructed at the People’s Park across the old capitol building, around four stories high, with basement parking and a total floor area of 15,475 square meters. The project would be funded out of a P2.6-billion borrowing from the LGU-Omnibus Term Loan Facility Program of the Land Bank of the Philippines to finance priority development projects of the province. The loan was approved by the Zambales provincial board in October last year through Resolution No. 2022-283. The existing Capitol building is a two-storey structure that was renovated in 1979 under the administration of then Gov. Vicente P. Magsaysay. It houses the administrative and financial offices of the provincial government. The legislative department had since moved into a new building completed in January 2021 under the Ebdane administration. The original building where the Capitol now stands was constructed by the Spanish Civil Government in 1875 to 1878. This was used as a provincial prison and later as the general headquarters of the Revolutionary Government of Zambales in 1899. The post Zambales sets new capitol building construction appeared first on Daily Tribune......»»
OTOP bill seen helping MSMEs, local products
Senator Mark Villar on Tuesday thanked President Ferdinand Marcos Jr. for signing the One Town, One Product, or OTOP, bill which will greatly help the Micro, Small and Medium Enterprises Development Sector or MSMEs in the country. Villar said the newly enacted OTOP law will also boost the promotion of local products. Marcos signed the OTOP bill on 24 August which authorizes the Department of Trade and Industry to establish the OTOP Philippines Trustmark, an assurance that the products under the program represent the country’s best merchandise. Villar said the OTOP Philippines Trustmark signifies business and products are “excellent in terms of quality, design, value and marketability.” The law covers all the OTOP Philippines programs including local delicacies, agricultural-based products, artisanal crafts, and skills-based services that can only be found in the country. Bill seeks rural upliftment Villar underscored that the OTOP law is also envisioned to assist rural communities in growing the local economy and promote the convergence of initiatives from local government units, national government agencies, and the private sector in developing and promoting Philippine products. Under the newly enacted law, the regional and provincial offices of the DTI shall, in cooperation with the concerned LGUs, determine the beneficiaries of the OTOP Program based on the qualifications and standards in place. Beneficiaries will be provided a comprehensive package of assistance covering areas of product development, product design, packaging and labeling assistance, technology updating, and product enhancement. On the other hand, the DTI and the Department of Science and Technology will be in charge of providing capacity building through training opportunities, standards and market compliance, market access, and product promotion. Villar said all LGUs must establish their own local OTOP Hub in any location that has high foot traffic of consumers, preferably in the city or municipal hall. The post OTOP bill seen helping MSMEs, local products appeared first on Daily Tribune......»»