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Bidding for Naga power plant fails anew

 General
Nov 072013
 
Bidding for Naga power plant fails anew

MANILA, Philippines – The bidding for the 153.1-megawatt Naga power plant – the second attempt this year – failed anew after only one entity submitted a bid, the Power Sector Assets and Liabilities Management Corp. (PSALM) said yesterday. Only SPC Power Corp. submitted a bid during yesterday’s bidding, prompting PSALM to declare the second round of bidding as a failure. Under PSALM’s bidding procedures, its Privatization, Bids and Awards Committee will automatically declare a failure of bidding if only one bidder submits a bid. “With the result, PSALM said it would consult with its board of directors regarding its plans for the Cebu-based power plants,” PSALM said. PSALM also failed to sell the plant last July. For the second round of bidding, three investor groups expressed interest in the power asset. These are SPC Power, Therma Power Visayas Inc., and RD Corp. but only SPC Power proceeded to submit an offer. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Previously, four groups expressed interest in the Naga power plant, which PSALM tried but failed to sell in July. These are DMCI Holdings Inc., the Aboitiz Group, D.M. Wenceslao and SPC Power Corp. Located in Colon, Naga City, Cebu, the plant consists of two thermal power plants and one diesel-fired power plant that use a combination of coal, bunker oil, and diesel as fuel. These plants are the 52.5-MW Cebu 1 and 56.8-MW Cebu 2 coal-fired thermal power plants, and the 43.8-MW Cebu diesel power plant  composed of six 7.3-MW Read More …

PSALM resets bid for Cebu, Leyte power plants

 Economy
Nov 012013
 
PSALM resets bid for Cebu, Leyte power plants

MANILA, Philippines – The Power Sector Assets and Liabilities Management Corp. (PSALM), the agency overseeing the government’s power assets, has moved anew the bidding for the 153-megawatt Naga power plant and the Unified Leyte contracts, officials said. The bidding, which was already moved to last month, has been rescheduled to Nov. 8 for the Naga facility and on Nov. 7 and 8 for Unified Leyte. The decision to move the bidding came after interested parties requested for more time to prepare their offers. PSALM targeted to rebid the Naga facility on Oct. 15, then on Oct. 30, after a failed attempt to sell the plant last July. Three investor groups have expressed interest in bidding for the power asset. PSALM said the second round of bidding attracted SPC Power Corp., Therma Power Visayas Inc., and RD Corp. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 All three groups have completed the initial requirements for the bid, including the submission of a letter of interest, the payment of a non-refundable participation fee of P120,000 and the execution and submission of a confidentiality agreement and undertaking with PSALM. Previously, four groups expressed interest in the Naga Power Plant, which PSALM tried but failed to sell in July. These are
DMCI Holdings Inc., the Aboitiz Group, D.M. Wenceslao and SPC Power Corp.  Located in Colon, Naga City in Cebu, the facility consists of two thermal power plants and one diesel-fired power plant that use a combination of coal, bunker oil and diesel as Read More …

Get the real experts

 Economy
Nov 012013
 
Get the real experts

I have an eye for budding speakers. It’s also right to say that I have an ear as well for potential speakers trying to enter the lecture circuit. I listen to them speak and check their content. I also watch how they deliver their piece. I study their pedigree and engage them in an “ambush interview” to see how they react or respond under pressure. Then I make an assessment and decide whether I would mentor them or not. Throughout my speaking career, I’ve mentored a handful of them. One has become popular. He’s written books, and now has his own TV and radio program. Another one I challenged to write a book, and pursue speaking and training as a full-time career. This scared the pants out of him, and his wife got so concerned. But I knew that what he knows would be beneficial to many if he’d share it and teach it. I patiently explained to him his strengths and the market opportunities that await his services. It took him a long time to make the bold decision, but he eventually heeded my advice. Now he’s an acknowledged consultant and a budding “guru” in the field of finances. And his wife fully supports him too. A couple of years ago, there was this bright young kid who loves reading books. He would run after me, and during my spare time, I would have coffee with him and he’d ask me questions. I challenged him to read more books Read More …

Bad weather, aircraft situation prompt flight cancellations

 Economy
Oct 302013
 
Bad weather, aircraft situation prompt flight cancellations

MANILA, Philippines – Eight domestic flights were canceled on Thursday due to bad weather and aircraft situation, the Ninoy Aquino International Airport Media Affairs Division said. PAL Express called off its Manila to Basco, Batanes flight 2P-084 and its return flight 2P-085, along with its Manila-Tuguegarao-Manila 2P-014/015 flight. Meanwhile, Zest Air flight Z2 763 from Manila to Cebu which was supposed to depart at 7:20 a.m. and its return flight 2P-764 expected to arrive at 10:25 a.m. were also suspended, citing aircraft situation as reason. Cebu Pacific Air also had it flight 5J-504/505 Manila-Tuguegarao-Manila canceled.

CloudFone partners with Globe, MediaTek

 Economy
Oct 302013
 
CloudFone partners with Globe, MediaTek

MANILA, Philippines – CloudFone, an innovative mobile phone maker, together with Globe and MediaTek, is launching another innovative yet inexpensive smartphone.  The CloudFone Excite 501d raises the bar for smartphone design. Its body is crafted using a combination of sleek aluminum and premium plastic to form soft and curved edges for an excellent feel. Having a large 5.0 inch screen, the combination of metal and plastic provides the phone the look of a premium phone without sacrificing the feel of the phone on ones hand. “Most five-inch screen phones will be too big to handle but for the Excite 501d, We went to great lengths in making sure that the metal we used in our design will not affect how the phone handles by keeping it light, as well as, keeping the edges curved so that it fits easily in your pocket or handbag. We made sure that the phone’s design is gorgeous enough for users to show of to their friends and everyone else around them.” said Celine Lopez, head of marketing for CloudFone. The phone is equipped with a powerful dual core processor from MediaTek, and an auto focus 8-megapixel camera with flash that take sharp and clear images. “The high quality camera used by the Excite 501d will ensure that users will not miss capturing important moments that they can share with friends and loved ones” according to Nino Mendoza, head of sales for CloudFone. The CloudFone Excite 501d is available in all CloudFone kiosks and dealers Read More …

US-based fund secures 5% stake in Metro Pacific

 Economy
Oct 302013
 
US-based fund secures 5% stake in Metro Pacific

MANILA, Philippines – A Washington-based investment manager focusing on emerging markets has secured a minority stake in infrastructure conglomerate Metro Pacific Investments Corp. (MPIC). In a regulatory filing, MPIC said Cartica Management Llc has secured 5.02 percent or 1.306 billion shares of the company. The transaction is “an investment position taken in connection with Cartica’s ordinary course of business in investment management,” MPIC said. In the past two months, Cartica, which was founded in 2008, has been buying around 21 million to 141 million shares in MPIC. “Cartica is an emerging markets fund manager employing an active ownership strategy to achieve superior returns for investors,” the company said in its web site. Its recent acquisitions and private placements include Skyware Radio Systems GmbH, India’s TTK Prestige Ltd. and The Ratnakar Bank Ltd. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Cartica manages a series of fund vehicles all investing together in a concentrated, long-only portfolio of equity securities of publicly-traded companies,” the fund manager said. Cartica manages money for large US pensions like Calpers and the State of Wisconsin Investment Board. “Cartica acquires significant stakes, usually representing two to five percent of the outstanding shares of a portfolio company,” it added. Its investment team previously worked together in the senior leadership of the World Bank Group’s International Finance Corp., which focuses on investing in emerging markets like the Philippines. For its part, MPIC is one of the top conglomerates in the Philippines focusing in the industrial sector. MPIC’s core Read More …

Aboitiz Equity earnings drop 25% to P4.6 B

 Economy
Oct 302013
 
Aboitiz Equity earnings drop 25% to P4.6 B

MANILA, Philippines – Lower selling prices of electricity and the revaluation of its dollar-denominated liabilities resulted in lower earnings for conglomerate Aboitiz Equity Ventures Inc. (AEV). In a regulatory filing, AEV said its third quarter consolidated net income sank 25 percent to P4.6 billion from a year ago. AEV said it incurred a non-recurring loss of P119.7 million in the July to September period due to the revaluation of dollar-denominated liabilities and placements. But it was partly offset by the reversal of a previous impairment provision related to the sale of a stake in an associate, as well as AEV’s share in its power unit’s one-time gain from the redemption of shares. “Adjusting for these, AEV closed the quarter with a core net income of P4.7 billion, down 25 percent year-on-year,” the holding firm said. In the third quarter, the power business accounted for 80 percent of earnings, followed by banking at 12 percent, food at seven percent and real estate at one percent. For the nine-month period, AEV’s consolidated net income slipped eight percent to P16.6 billion from P18 billion. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Power accounted for 71 percent of income, followed by the banking, food and property at 22 percent, six percent and one percent, respectively. “We remain pleased with the performance of our business units. Our challenge in the coming years is to deploy the cash flow we are generating into ventures that meet our hurdle rates,” said AEV president and CEO Read More …

Ayala Land keen on new business district in Pasay City

 Economy
Oct 302013
 
Ayala Land keen on new business district in Pasay City

MANILA, Philippines – Property giant Ayala Land Inc. (ALI) is keen on stamping a major footprint in Pasay City through the creation of a new business district. The real estate firm has expressed its intent to join the bidding for the reclamation of a 300-hectare lot in the southern city. “ALI’s proposal to reclaim the 300-hectare Manila Bay property in Pasay City may catapult the city as one of the country’s most modern business, residential, and recreational district,” the company said in a statement. “This project is important to the company as it presents an opportunity for us to have significant presence in the Manila Bay area, contribute to the growth and progress of the city of Pasay, and make the reclaimed area the country’s model of urban and sustainable development,” said ALI chief operating officer Bobby Dy. However, ALI’s plans will depend on detailed financial and technical studies that would take time to finish, Dy said. Last week, the firm confirmed its interest to submit a counter-proposal for the reclamation project. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Mall and banking conglomerate SM Investments Corp., through SM Land, earlier submitted an unsolicited proposal to the Pasay City government to reclaim the property in the next seven years for P54.5 billion. SM offered to fully finance the project including the costs of all necessary permits and clearances from government agencies as well as other expenses to comply with all government and legal requirements. “The reclamation is a local Read More …

PAL further expands int’l reach

 Economy
Oct 272013
 
PAL further expands int’l reach

MANILA, Philippines – National flag carrier Philippine Airlines (PAL), jointly owned by taipan Lucio Tan and diversified conglomerate San Miguel Corp. (SMC), is further expanding its international reach through flights to Russia and London. PAL president and chief operating officer Ramon S. Ang said the new international destinations of the full service airline would boost the government’s campaign of luring 10 million tourists to visit the Philippines by 2016.  “We recognize the growing demand from Russian tourists for a direct air link to the Philippines. Through this service, we hope to be able to serve this market and more importantly, help our government’s efforts to boost tourism,” Ang stressed. PAL yesterday mounted chartered flights between Manila and the Russian city of Vladivostok in partnership with Primorsky Agency of Aviation Companies TM Biletur. Chartered flights to and from the two cities would be scheduled throughout the year. Data from the Department of Tourism showed a 33-percent increase in the number of Russian tourists to 21,736 in the first eight months of the year. From Manila, Russian visitors would be able to fly out to PAL’s domestic destinations including Caticlan (Boracay), Cebu, Tagbilaran (Bohol), Puerto Princesa, and Legaspi. The visitors could also connect to the carrier’s regional and international hubs. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 PAL is also set to mount direct flights to London on Nov. 4 after the European Union lifted the ban on the airline from entering the European airspace last July 12. Ang said Read More …

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