Maniolas

MANILA, Philippines – The Philippines can still expect 27 more new power plants to be operational before the term of President Aquino ends next year, the Department of Energy said. The DOE said there are 27 committed power projects with a total capacity of 2,281 megawatts (MW) set to be commissioned during Aquino’s term, all of which are vital to meet the country’s growing power needs. Despite the amount of potential new capacity coming in, however, none can make it in time to save the country from impending rotating power outages this summer. Energy Secretary Carlos Jericho Petilla in a statement said the government continues to be proactive in its role of inviting power developers and experts in the country. “Developers can be assured that the government will extend its support for the mutual benefit of the country and their firm,” Petilla said. Since the start of President Aquino’s term, the DOE said 30 power projects have been commissioned nationwide with a combined capacity of 1,667 MW. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The agency attributed the development of power plant projects to policy reforms, improved energy contract application procedures and coordination with local government units and other government agencies. Aside from the upcoming power plants this year and next, the energy department said there are 21 more committed power projects with a total capacity of 2,413 MW scheduled to be finished by late 2016 and the succeeding years. “The DOE will continue to usher an aggressive Read More …

MANILA, Philippines – The Philippine Stock Exchange will undertake a market rehearsal of its new trading system later this month in line with its full launch in May. The operator of the country’s stock market said the market rehearsal would be the first of many cycles that will be conducted and will also cover testing for the disaster recovery site. The new trading system, called PSEtrade XTS, will replace the current trading engine of the PSE starting May this year. “We are optimistic that the first as well as the succeeding tests will be successful and that everything will proceed in time for our target launch in May,” PSE president and chief executive officer Hans B. Sicat said. To ensure preparedness for the tests, the PSE started its regular broker training on the new terminal since November last year. To date, the PSE said only a fourth of the total number of trading participants have yet to finish their training. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The PSE also started its broker system certification last Jan. 6. The exchange is working with the users of the trading system towards attaining a 100-percent certification rate. “We are pleased that the preparations for the new trading system are moving as scheduled. We are grateful for the support extended to our team by the broker community and the data vendors to make sure that all goes well,” Sicat said. The PSE has earlier assured trading participants there would be no Read More …

MANILA, Philippines – A group composed of two German firms and a Filipino-owned company has put forward a proposal to the Department of Transportation and Communications (DOTC) to rehabilitate the ageing Metro Rail Transit line 3 (MRT-3) for P4.65 billion. In a two-page letter to Transportation Secretary Joseph Emilio Abaya, the group composed of a joint venture of Schunk Bahn-und Industrietechnik GmbH, HEAG mobile GmbH, and CommBuilders & Technology Philippines Inc. has submitted a proposal to rehabilitate the mass transit system along EDSA that is P116 million cheaper than the P4.76-billion budget of the Department of Transportation and Communications (DOTC). “We, CommBuilders and Technology are pleased to submit the enclosed project proposal from these world-renowned European companies, Schunk Group, and HEAG mobile – for your review and evaluation,” the group stated in the letter signed by Schunk Bahn Group Manila authorized representative Rolf Bieri and CommBuilders authorized representative Roehl Bacar. Under the proposed Swiss challenge, the group said the basic plan is to initially mobilize rehabilitation where time and work windows are flexible and station facilities would be prioritized. Compared to the other proposals provided, the group said its proposal would address the ancillary power, considered the 48 new trains, new stabling area, new elevators and escalators, new public address system, public information system, new toilets, platform gates, CCTV, signaling system, rail replacement and rail grinding. The group is also looking at restoring two trains every 45 days to allow a lead time of eight to 12 months before the Read More …

BINMALEY, Pangasinan, Philippines – A survey among economists conducted by Bloomberg showing the Philippines being second to China as the fastest-growing economy in the world this year, will hopefully boost investor confidence in the country, Vice President Jejomar Binay said yesterday. In a speech as special guest during the inauguration of the world-class Manpower Development and Training Center here, Binay said:  “In fact, Bloomberg’s survey says the Philippines and China will be the only two economies out of 57 included in the report that will grow six percent or more this year.” He said “this is certainly good news for us, one that will hopefully boost investor confidence in our country, especially given its impending integration with our neighbors in the Southeast Asian region in this year.” He added that the Asean Integration will see the free exchange of goods and services, investment and capital, and skilled labor across Asean – a recognition that, indeed, there is strength in numbers. “Our success as a bloc can then only bode well for all the citizens of the nations involved,” he said. He, however, stressed that while job creation remains a key consideration for inclusive growth, “we should not be content with just the quantity of jobs”. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “As essential is the quality of employment that must come with them, and that will give rise to opportunities for upward mobility between economic classes,” he said. Binay said the challenge then lies in how members Read More …

People are glad to hear that some senators allied with the administration seem to be singing a different tune, at least as far as the passage of the Bangsamoro Basic Law (BBL) is concerned. The President’s insistence on having the BBL passed sooner than soon does not sit well with majority of Filipinos, especially now that questionable provisions have come under close scrutiny following the killing of 44 PNP Special Action Force troops who were sent to arrest terrorists. Aside from the creation of a separate military force, a major question is the reported P75 billion – a hell of a lot of money – that would be poured into the proposed Bangsamoro government. Professor Miriam Ferrer, who chairs the government peace panel (and has been under fire due to perceptions that she and fellow negotiator/peace adviser Ging Deles are “lawyering” for the Moro Islamic Liberation Front) disputes the reported amount, yet she has not been forthcoming either on how much the territory would get from government. Sources say that under the current and thoroughly-questioned draft of the BBL, the Bangsamoro stands to receive an annual block grant from government to be increased yearly for 10 years; will receive its share in the Internal Revenue Allotment much like other local government units; will be entitled to several billions as start-up or special development fund; and will also be allowed to generate its own revenues from other sources. Even more disturbing is that the block grant “guaranteed at P27 billion in Read More …