PDIC to auction lots of padlocked banks
The Philippine Deposit Insurance Corp. will put up for sale P65.6 million worth of 30 residential and commercial lots owned by closed banks......»»
PDIC to put up P133 million properties for auction
The Philippine Deposit Insurance Corp. will put up for sale P133 million worth of commercial lots owned by padlocked banks......»»
Closed banks’ agriculture lots to be sold for P189 million
State-run Philippine Deposit Insurance Corp.is set to auction P189 million worth of agricultural lots owned by padlocked banks through a public electronic bidding on Nov. 8......»»
Alternergy rechannels IPO money for wind projects
Due to the massive potentials of wind energy as a viable power source, listed renewable energy firm Alternergy Holdings Corp. is reallocating the proceeds of its initial public offering or IPO to provide additional financial support to two of its wind projects. The company informed the Philippine Stock Exchange on Friday that its Board of Directors approved the plan to expedite the development of the projects. Alternergy said the Tanay and Alabat Wind Power Projects, which won in the Green Energy Auction 2 of the Department of Energy, will receive increased funding from its maiden offering. Specific development timeline “Tanay and Alabat Wind Power Projects are following a specific development timeline under GEA 2. Alternergy is fully intent to proceed with the activities leading to immediate construction by the first quarter of 2025 and thus, the reallocation of the IPO proceeds,” Alternergy chairperson Vicente Pérez Jr. said. “The reallocation of proceeds will be a boost for now while the project funding for construction is being finalized,” Gerry Magbanua, Alternergy president, added. The IPO proceeds were supposedly for the Lamut Run-of-River Hydro Power Project and the Offshore Wind Power Projects. Despite the changes, the company assured that pre-development activities for these projects would continue despite the lower budget. “Permitting and securing endorsements and clearances as well as conduct of initial technical studies would proceed,” Pérez said. “We are already on the ground in Lamut, Ifugao engaging the local community while we are in more detailed technical studies for the offshore wind projects. As these activities progress, additional funds will be channeled to support the work programs,” he added. Three leading investment banks tapped Alternergy announced last Monday it has tapped three leading investment banks — BPI Capital, RCBC Capital, and SB Capital — as lead arrangers to raise P12-billion project finance structure for the Tanay and Alabat Wind Power Projects. Alternergy has been investing a significant amount to expand its clean energy portfolio. It aims to develop up to 1,245 MW of additional wind, offshore wind, solar and run-of-river hydro projects. Alternergy was involved in the development of the 33-MW Bangui Bay wind farm in Ilocos Norte — the first commercial wind farm in Southeast Asia at that time. The post Alternergy rechannels IPO money for wind projects appeared first on Daily Tribune......»»
Alternergy raising P12B for 2 wind power projects
Renewable power pioneer Alternergy Holdings Corp. is raising P12 billion to bankroll the construction of two wind power projects that would ramp up the local supply of renewable energy as mandated by the government. In a stock exchange disclosure on Monday, Alternergy said BPI Capital, RCBC Capital and SB Capital will assist the company in finalizing the terms and structure of the debt financing for the two projects — Tanay Wind Power Project in Rizal and the Alabat Wind Power Project in Quezon. The Tanay and Alabat Wind Projects have a capacity of up to 164 MW and are expected to be completed by 2025. Winners of DoE’s GEA-2 These projects won the Department of Energy or DoE’s second round of the Green Energy Auction Program or GEA-2 last July. Under the GEA-2, winning bidders must make their committed capacities available. The DoE conducts GEA yearly to fast-track the government’s plan of integrating 35 percent renewable energy in the energy mix by 2030 and 50 percent by 2040. Alternergy president Gerry Magbanua said the company and its partner banks will aim for financial closing before the year ends. Largest project financing deal “The total P12-billion mandate would be the largest project financing deal to be undertaken by Alternergy and we appreciate the support from RCBC Capital, BPI Capital, and SB Capital to ensure that the transactions would yield the most benefit for the Tanay and Alabat Wind Power Projects as laid out under the DoE’s GEA 2 Program,” Magbanua said. Alternergy has been investing a significant amount to expand its clean energy portfolio. It aims to develop up to 1,245 megawatts or MW of additional wind, offshore wind, solar, and run-of-river hydro projects. The total P12-billion mandate would be the largest project financing deal to be undertaken by Alternergy and we appreciate the support from RCBC Capital, BPI Capital, and SB Capital to ensure that the transactions would yield the most benefit for the Tanay and Alabat Wind Power Projects as laid out under the DoE’s GEA 2 Program. Alternergy was involved in the development of the 33-MW Bangui Bay wind farm in Ilocos Norte — the first commercial wind farm in Southeast Asia at that time. The post Alternergy raising P12B for 2 wind power projects appeared first on Daily Tribune......»»
PDIC to auction P270 million assets of closed banks
State-run Philippine Deposit Insurance Corp. aims to raise at least P270.6 million from the sale of residential and commercial lots owned by closed banks next month......»»
Menchu Katigbak: The splendid life of a society swan
Hers is a story anyone would love to tell and retell, or hear and hear again. Chances are, as in the book of Menchu, so many things are left unsaid because if these were all said, a single book would not be enough. Carmencita “Menchu” Katigbak’s story is one of love, passion, hurts and disappointments, social triumphs and power in its subtle workings, but mostly the good life and the people who live it and make it happen. She is a woman of the world in the sense of one who has lived in, explored and enjoyed New York, Bangkok, Lausanne, Paris and, her current love, Singapore. Of course, her turf is in Manila with a Capital S and Capital P (as in Power), and Lipa the hometown of her roots. [caption id="attachment_180060" align="aligncenter" width="958"] MENCHU with best friend Susie and her daughter Marivic.[/caption] At a time when the term “socialite” can come cheap, trite or even undeserved, Menchu gives the appellation dignity, respect and the awe it once inspired. Her social credentials are, of course, impeccable. For starters, she attended the Chateau Mont-Choisi, a Swiss finishing school for debutantes and pre-debs belonging to royalty and the world’s upper crust. A socialite today, in loose modern parlance, is perceived as being frivolous, one who attends parties because these men and women are party animals, or party people, as one columnist has named her weekly jottings about the social events of the day. The enjoyment of life is what defines this breed and set, and yet, while Menchu, too, knows how to enjoy, and enjoy life with gusto, there is more to her and that differentiates her from the herd. No, she does not top her charmed life with an icing of well-publicized good deeds and philanthropic beneficence, even if she actually shares her bounty with those in need. Menchu is of a different mold. She is a society swan in the manner of Truman Capote’s chums — Babe Paley, Gloria Guinness, Lee Radziwill. In our part of the world, think Chona, think Minnie, think Chito. She may well be cast in the same crème de la creme mold, glamorous denizens of the inner circles of society, at the same time, ladies who have transcended the vagaries of time. Just recently, Menchu was referred to by a diplomat friend as a global influencer, a 21st-century appellation that only a few are accorded. This one is applied to one who was once a señorita, colegiala and, yes, society girl, again in the tradition of Chona, Baby, Nelly, Chito and Ising. ‘The Katigbaks talk only to the Kalaws’ They don’t need family names, each as important as the other and of the same significance in society. Still, it’s one thing to say that she is Baby Fores, and another if she is Baby Arenas. There were two Vickys, one of national import and memory being the lovely teenager who stood as her father’s First Lady in the early 1950s, and there was the Madrigal matron, Vicky nee Abad Santos, who was low-key and the daughter of the World War II patriot, Jose Abad Santos, who refused to pledge allegiance to the flag of the enemies. Menchu shares first name distinction with Menchu delas Alas Concepcion, also of Batangueña parentage, being the daughter of banker and finance guy and public servant Don Antonio de las Alas. Both aristocrats from Batangas, the two Menchus share many distinctions beauty for one, pedigree, for the other—but that’s as far as I would say, the aforementioned traits being obvious. But to drive his point, Joe Guevarra, the humorous and well-placed columnist known for his tongue-in-cheek pronouncements, once said of the olden times, when the genealogical boundaries were well-defined, “In Lipa, the Katigbaks talk only to the Kalaws, and the Kalaws talk only to the Katigbaks.” [caption id="attachment_180057" align="aligncenter" width="998"] DINNER in Pili with Fernando and Zobel, Tessie Sy-Coson, Guilly Luchangco, Federico ‘Piki’ Lopez | photograph courtesy of MENCHU KATIGBAK[/caption] This self-confessed social climber, as his 8-to-5-and-beyond job would require him to be, admits to not having met (okay, having been introduced to…) the ebullient society hostess, traveler, culinary maven and friend-to-the-powerful Menchu Katigbak. Everything that I am writing here, I learned from the lady’s biography, Menchu, authored by lifestyle journalism icon Thelma Sioson San Juan, the two being decades-old friends. Menchu, one finds out toward the end of the book, is the inspiration for her granddaughter Isabelle’s first tome, Abu, the Sad Princess. I look back on the pages I have read, the memories of Menchu’s lifetime so far, in all its seven glorious and electrifying decades, and I dare say, the description is most apt and is true as well in real life as Menchu today is “living happily ever after” having come to terms with the many issues that confronted her at various times, but more importantly, she is today a fulfilled mother and grandmother and a believer in Jesus Christ. But that is getting ahead of the story. ‘White Matter’ by Lao Lianben Jaime Ponce de Leon, dear Jaime, the man of the hour of Philippine arts for as long as Juan Luna’s missing masterpiece, remains ensconced at the Ayala Museum – gaining for the discoverer more than a foothold in our cultural history – asked me if I was interested in writing about the socially formidable Menchu Katigbak, and I readily said yes, having seen her photographs in the select and more discriminating society pages and columns. I thought to myself it would be an opportunity to meet the lady face to face and add her to my glossary of so-called newfound friends, but that was not meant to be. I was, oh, I was treated to the next best thing – a copy of Menchu which, to someone who aspires to be a bibliophile, is all that matters in the world, except that I am first a social climber. And since I have not been allowed an audience, I take solace in the book and, as my honeyed revenge, will tell you what I feel about the lady who, I understand, could be frank and outspoken. Abrasive is too strong a word, and unfair for I am not sure if I will ever meet her in my lifetime, but I am told the lady will never mince words, that’s probably why she has legions of true friends who probably can give as much as take, or so I am imagining. [caption id="attachment_180055" align="aligncenter" width="1475"] Lunch in the kitchen in Pili with Patty Araneta (left) and Monet Recio-Schem.[/caption] A painting that Menchu has kept all these years, “White Matter” by Lao Lianben, signed and dated 1997, has been featured as one of the rare pieces to be auctioned in Leon Gallery’s forthcoming magnificent September auction, with the starting bid of P2,600,000. So, there, if you’re wondering what Jaime, who moves around the best circles, has got to do with this enigmatic swan. ‘We are not rich’ But let’s stick to what the book says. While she intersperses in her narrative personal encounters with her subject, TSJ, for the most part, devotes the pages of this book to Menchu alone, and with our cosmopolitan lady, the many friends in the upper echelons whose lives she has touched and who have touched hers in turn. Menchu, once she was ready to be told, heard it straight from her mother, “Tandaan mo, baka akala mo mayaman tayo. Hindi tayo mayaman. Kung napadala ka namin sa Switzerland at si Tita at si Tony napadala naming sa America, kasi nagpawis ako ng dugo (Remember, you may think we are rich, we are not rich. If we sent you to Switzerland and Tita and Tony to America, it was because I sweated blood). If you think you’re going to inherit something from us, banish the thought. So if you don’t study well, bahala ka sa sarili mo (you’re on your own).” The perfect words for the Asuncionista (Assumptionista) who much preferred to bake food for the gods, brownies and upside-down cakes and do naughty things like hiding the bell used to signal the start and end of class periods. Her mother, the former Charing Roxas Dimayuga, who attended Assumption Convent, dealt in buying, developing and selling homes in the gated Makati villages. She also developed horizontal and vertical commercial spaces as well as imported retazos from abroad. [caption id="attachment_180056" align="aligncenter" width="696"] Wearing the Van Cleef earrings purchased before their public launch.[/caption] Her father, Enrique Luz Katigbak, on the other hand, was a top certified public accountant, an alumnus of the Northwestern University and a director on the boards of Monte de Piedad and Philtrust banks. Of his connections, none is more eminent than his friendship with His Eminence, Rufino Cardinal Santos, archbishop of Manila and the first Filipino Cardinal of the Catholic Church. It was not a happenstance that Menchu received the sacrament of confirmation from the Cardinal himself right in the Katigbak home, the first ever that was held in a private home if any other followed at all. Like most children, Menchu recalls in the book how she detested being “slapped” by the pious prelate. If she was any pleased about her family’s closeness to the holy man, it was that the Assumption sisters did not expel her for her not-too-infrequent infractions because they went to her father if they needed something from the Cardinal. Dona Aurora Recto for a ‘guardian’ Hers was a lonely childhood since her older siblings were away. They were the triple seven, which alluded to their being born seven years apart, with Menchu as the youngest. On certain days, her parents, both busy, would deposit her in the home of the statesman Claro M. Recto where she would play with his favorite granddaughter, Techie, who had all these toys, Menchu could not help realizing her parents did not buy her a toy. She played with her jackstones while Techie had a closetful of toys, including a toy “cash register.” Techie was so generous she was giving this fancy plaything to her, but Menchu refused knowing her mother would not approve. What she remembers best of that time was the sight of Dona Aurora, the first beautiful woman she beheld in her young mind and eyes, and from her, she learned her first lessons in etiquette, because the family ate with a full complement of silverware and flatware. (To be continued) The post Menchu Katigbak: The splendid life of a society swan appeared first on Daily Tribune......»»
Auction set for assets of closed banks
The Philippine Deposit Insurance Corp. will put up for sale P151 million worth of commercial and residential lots owned by padlocked banks......»»
PDIC to auction P115 million assets of closed banks
The Philippine Deposit Insurance Corp. will put up for sale P115 million worth of agricultural and residential lots owned by padlocked banks......»»
PDIC sets auction for P93 million agricultural lots
The Philippine Deposit Insurance Corp. will put up for sale P93.2 million worth of agricultural lots owned by banks under liquidation......»»
Risky exposure (1)
In a review of banks’ exposure in energy projects, undertaken by the environmental think-tank Center for Energy, Ecology and Development, conglomerate San Miguel Corporation’s energy arm SMC Global Power Corp., which maintains a host of power plants, including those using coal as fuel, received prominent space. In the discussion, the dilemma that banks face was brought to light amid their financial exposure to SMCGP that may be affected by the maneuvers of SMC and its subsidiaries to, ironically, turn around the unfavorable state of the group. It said that apart from issues of supply, local fossil fuel companies are also feeling the impact of volatile fuel prices. SMCGP, the report said, suffered P15 billion in losses in 2022 due to the rising prices of fossil fuel. In May 2022, two of SMCGP’s subsidiaries filed motions for price adjustment before the Energy Regulatory Commission due to the rising fuel costs that they claimed they could no longer bear and wanted to pass on to consumers. The motions, according to the report, have since been denied, and SMC has brought the matter up to the Court of Appeals. Following the ERC denial of the price adjustment petitions, a Bloomberg intelligence report was released finding that SMCGP risks a funding shortfall as high as $1 billion by next June. The same intelligence report also projected that SMCGP’s current coal exposure might make refinancing more difficult and more costly, as investors increasingly shun coal-fired power plants as a result of the international effort to remove polluting fossil fuel as an energy source. Last year also saw SMC withdrawing the ECC applications for the three proposed fossil gas projects in the Visayas, including a liquefied natural gas project in Negros Occidental that had originally targeted a 2022 commissioning date. Despite its already large fossil fuel portfolio, the report said SMCGP issued Series K Bonds due in 2025, Series L. Bonds due in 2028, and Series M. Bonds due in 2032 with a principal amount of P30 billion and an oversubscription option of up to P10 billion in July 2022. Part of the proceeds of these bonds are allocated for SMCGP subsidiary-owned fossil fuel projects, including the Mariveles Power Generation Corporation’s four 150 megawatt or MW circulating fluidized bed coal-fired power plant in Mariveles, Bataan and Excellent Energy Resources Inc.’s 1.3 gigawatt or GW combined-cycle LNG power plant in Barangays Ilijan and Dela Paz Proper, Batangas. Recently, however, Manila Electric Co. or Meralco announced the termination of its power supply agreements with two subsidiaries of SMCGP, Excellent Energy Resources Inc. and Masinloc Power Partners Co. Ltd. The same power supply agreements would have secured revenue for the two SMCGP power plants to be financed by these bonds. Since the contracts were terminated, these subsidiaries would have to go through the competitive selection process again, where it will be up against fossil fuel and renewable energy or RE generation projects. According to the CEED report, the banks that purchased bonds had essentially exposed themselves and their shareholders, to whom they have a fiduciary responsibility, to fossil fuel projects “at risk of stranding.” “Changing policy, economic, geopolitical, and energy landscapes in the country and around the world demand that banks and financial institutions pay closer attention to and take the necessary action to mitigate these risks and protect their shareholders.” The report indicated that important developments show the tide turning in renewable energy’s or RE’s favor locally. According to the DoE, the Green Energy auction program will hold its second round of bids in June this year. The country will auction off rights to build 3,600 megawatts or MW of new capacity to be installed in 2024, 3,600 MW in 2025, and 4,400 MW in 2026. In all, this will result in an additional 11,600 megawatts of RE on top of the 2,000 MW auctioned off last year, an unprecedented scale of development for renewables in the country. (To be continued) The post Risky exposure (1) appeared first on Daily Tribune......»»
PDIC sets auction of closed banks’ assets
The Philippine Deposit Insurance Corp. will put up for sale P50.11 million worth of residential lots, vehicles and other assets owned by padlocked banks......»»
Another auction set for closed banks’ assets
The Philippine Deposit Insurance Corp. will put up P48.9 million worth of residential and commercial lots owned by padlocked banks for sale......»»
Another auction set for closed banks’ assets
The Philippine Deposit Insurance Corp. will put up P48.9 million worth of residential and commercial lots owned by padlocked banks for sale......»»
PDIC sets auction of closed banks’ lots
The Philippine Deposit Insurance Corp. will put up for sale P95.6 million worth of 86 residential and agricultural lots owned by padlocked banks......»»
PDIC to auction lots of padlocked banks
The Philippine Deposit Insurance Corp. will put up for sale P65.6 million worth of 30 residential and commercial lots owned by closed banks......»»
PDIC to auction closed banks’ farm lots
The Philippine Deposit Insurance Corp. will put up for sale P27.2 million worth of 19 agricultural lots owned by padlocked banks......»»
PDIC to auction lots of closed banks
The Philippine Deposit Insurance Corp. will put up for sale P123.8 million worth of 58 residential and commercial lots owned by padlocked banks......»»
BSP 28-day securities rate rises anew
MANILA - Expectations for more hikes in central banks' key policy rates again resulted in the hike in the Bangko Sentral ng Pilipinas' (BSP) 28-day securities.BSP data show that average rate of the debt paper increased to 2.6566 percent during the auction on Friday from 2.5351 percent last J.....»»
BSP 28-day securities rate rises anew
MANILA - Expectations for more hikes in central banks' key policy rates again resulted in the hike in the Bangko Sentral ng Pilipinas' (BSP) 28-day securities.BSP data show that average rate of the debt paper increased to 2.6566 percent during the auction on Friday from 2.5351 percent last J.....»»
PDIC sets auction of closed banks’ assets
The Philippine Deposit Insurance Corp. will put up for sale P92 million worth of 47 agricultural lots formerly owned by shuttered banks......»»