NUCLEAR power will be a “good part” of the country’s energy mix, but issues need to be resolved on how it can work in a deregulated environment, a former Energy secretary said.
Sep 132016
Sep 132016
MANILA, Philippines – State-run think tank Philippine Institute for Development Studies (PIDS) said grants for water supply and sanitation projects in the municipalities must be redesigned to expand coverage and ensure the sustainability of investments. In a new policy note, PIDS said current regulations for the the water supply and sanitation sector are insufficient to drive investments in local government units (LGUs). “The current state of economic regulations for the water supply and sanitation sector is not effective enough to compel LGUs and water districts to expand, improve the quality of their services, and upgrade their service standards,” said PIDS. “This situation is most pronounced in LGU-run utilities given their conflicting proprietary and regulatory mandates. Without a regulatory stick, the realistic option for government to drive investments in the medium term is to offer financing incentives. Grant resources, therefore, will still be necessary to achieve the goal of universal coverage for water supply by 2025 and sanitation services by 2028,” it added. Addressing the water supply and sanitation requirements of the country has been a key component in the development plans of previous administrations. The medium term development plans of the past two administrations laid down mechanisms for the attainments of the Millenium Development Goals (MDGs) for water supply and sanitation. The Philippine Water Supply Sector Roadmap 2010 Update laid down the direction for attaining universal water coverage in the country by 2025. The Philippine Sustainable Sanitation Roadmap also provides for means to universal access to water sanitation by 2028. Read More …
Sep 132016
MANILA, Philippines – Listed companies performed better in the first half of the year compared to the first quarter, leading online brokerage firm COL Financial said. COL said 40 percent or 21 of the 53 listed companies it monitors performed better than expectations. “This is an improvement compared to the first quarter earnings season where only 25 percent performed better than expected,” COL vice president and research head April Lynn Tan said in a report. Out of the 21 companies that reported better than expected earnings, nine outperformed due to the strength of their core operations. These include EastWest Bank, Union Bank, GMA-7, Aboitiz Equity Ventures, Concepcion Industrial Corp., Robinsons Retail Holdings Inc., Melco Crown, Resorts World and SM Prime. On the other hand, seven listed companies outperformed due to one off factors such as trading gains. Among these firms were GT Capital Holdings Inc., Metro Pacific Investments Corp., BPI, Ayala Corp. First Gen Corp., First Philippine Holdings and China Banking Corp. However, three companies that outperformed expectations are still expected to suffer from downgrades due to factors that will negatively affect their future profits. These are FPH, First Gen and Manila Water Corp. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 According to COL, only 11 or 20.8 percent of companies monitored performed below expectations, lower than the 32.7 percent share during the first quarter. Companies that performed below expectations underperformed for varying reasons, mostly due to company specific factors. Notable underperformers were Universal Robina Corp., after its Read More …
Sep 132016
“There will be more cancellations, without a doubt. We will announce on Thursday but [I’m sure], there will be more,” Environment Secretary Gina Lopez told reporters in a chance interview. ABS-CBN PR/File/Released MANILA, Philippines – The Department of Environment and Natural Resources (DENR) warned more mining firms would face suspension following the end of a month-long audit on the industry. “There will be more cancellations, without a doubt. We will announce on Thursday but [I’m sure], there will be more,” Environment Secretary Gina Lopez told reporters in a chance interview. Last July, Lopez issued her first memorandum order subjecting all operating and suspended mines to an audit to determine their compliance with environmental standards. In particular, the audit was aimed at determining the adequacy and efficiency of environmental protection measures, identify gaps in protection measures and determine appropriate penalties in case of violations. The Mines and Geosciences Bureau (MGB) aimed to raise the bar on responsible mining in the country with a stricter set of criteria in the audit of around 40 metallic mines nationwide. Since then, 10 mining firms had been suspended including all operations in Zambales – Benguet Corp. Nickel Mines Inc., Zambales Diversified Metals Corp., LNL Archipelago Minerals Inc. and Eramen Minerals Inc. – for breach of environmental standards. Other firms that were suspended include the country’s only iron-producing mine Ore Asia Mining and Development Corp., Samar-based operations Mt. Sinai Exploration Mining and Development Corp., EMIR Mineral Resources Corp., Berong Nickel Corp., Claver Mineral Development Corp., and Citinickel Read More …
Sep 132016
MANILA, Philippines – The Departmenty of Energy plans to spearhead the establishment of a liquified natural gas (LNG) terminal, whether the Malampaya deep water gas-to-power project gets extended or not, to ensure continued supply in the country. The DOE will put up a LNG terminal to ensure LNG supply in the country, Energy Secretary Alfonso Cusi said in an interview on the sidelines of a Senate hearing yesterday. “Continuity of the operation is important because we have a huge requirement of at least 2,700 megawatts (MW),” he said. “We will make that LNG (terminal) in Batangas to supply gas to power plants.” Currently, the Philippine National Oil Co. (PNOC), the DOE’s corporate arm, is initiating a study for the project, which has garnered interests from the private sector, the Energy chief said. “There are a lot of interest in the private sector. As for us, we are open to that. Whatever is best for the country, that’s our direction,” Cusi said. The LNG terminal is aimed to meet the country’s requirements beyond the life of the Malampaya deep water gas-to-power project offshore Palawan. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Earlier, Cusi said government is eyeing to build a 200-megawatt (MW) LNG plant in the same location to provide an emergency source of power when the Luzon grid loses supply due to plant outages. The license for Service Contract (SC) 38 that allows the exploration of the Malampaya gas field in northwest Palawan will expire in 2024 but Read More …
Sep 132016
MANILA, Philippines – Rep. Carlos Zarate of party-list group Bayan Muna warned the public yesterday that the administration’s tax reform program would result in an increase in fuel prices of P6 to P10 per liter. Such a huge adjustment would certainly hurt the poor, he said. “We hope the Department of Finance (DOF) will follow President Duterte’s instruction to lift anti-poor and gender-biased taxes and not add more tax burden to the public,” he said. Under the tax reform package unveiled by Finance Secretary Carlos Dominguez, the government seeks to impose an excise tax of P6 per liter on diesel and P10 on gasoline. Zarate said oil companies would just pass on the tax to their customers. This means the retail price of diesel and gasoline would go up by P6 and P10 per liter, respectively, he said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 He said that since most, if not all passenger buses and cargo trucks use diesel, higher diesel prices would translate into higher fares and increased cost of consumer products like rice, fish, meat, and vegetables. Diesel is currently excise-tax free. The tax reform program also seeks to impose an excise tax on kerosene and liquefied petroleum gas (LPG). Zarate disagreed with the DOF’s view that the plan would hurt the rich more than the poor. He said higher fuel and consumer prices would hurt the poor sectors of society and middle-income groups more than the rich and corporate executives. “Diesel, LPG and kerosene Read More …
Sep 132016
MANILA, Philippines — Economic relations between the US and the Philippines are “unlikely” to suffer as a result of President Rodrigo Duterte’s comments against the country’s long-time ally, lender and development partner. “(It’s) unlikely to have impact,” Socioeconomic Planning Secretary Ernesto Pernia said in a text message on Tuesday. Budget Secretary Benjamin Diokno agreed. “There is unlikely to be any problem since investors are usually looking at macrofundamentals,” he said in a phone interview. Admitting he is not a “fan” of the US, Duterte said Monday that he intentionally missed a summit with US President Barack Obama but not before he criticized the US president over the possibility of raising human rights issues in the Philippine government’s war on drugs. Obama, as a result, cancelled his first bilateral talks with Duterte, who, upon returning to the country also called for a pullout of US troops in Mindanao. A Palace spokesperson later on clarified that no official policy has been made to such effect. According to separate official data, the US is the biggest source of equity foreign direct investment (FDI) last year, accounting for 61.8 percent of total at $271.72 million. “Most investors will focus more on the economy’s strong fundamentals. For as long as we are performing well, then that will be fine,” Diokno said. The US is also the largest holder of Philippine debt at $13.29 billion, equivalent to 17.11 percent as of the first quarter this year, but the Budget official said even this should not be Read More …
Sep 122016
Regus Philippines now has 25 business centers, providing workspace solutions for both local and international companies in the Philippines. MANILA, Philippines – Regus, the global workplace provider, has announced that it has launched its first business center in Davao City. A rapidly developing and growing second-tier city, Davao City is expected to be the Philippines’ next up and coming hub for commerce, education and manufacturing – supporting and serving the Southern territories of the country and neighboring region. “With the rapid development of the Information Technology Business Process Outsourcing (IT-BPO) sector in the city, Davao is today one of the top BPO centers in the region. As we anticipate the influx of investors into the city, we are confident that this is the time to invest and grow with the city and the region. Regus will support as an‘incubator for investors,’ to establish and expand operations in Davao,” Regus Philippines country manager Lars Wittig said. Regus is partnering with Damosa Land Inc., the real estate arm of Anflo Management and Investment Corp., to lease the property for the new business center. Ricardo Floirendo Lagdameo, vice president of Damosa Land, added that such a collaboration would inevitably bolster Davao’s development. “We’ve received inquiries in the past from organizations interested in Davao, but they were unsure about the investment climate and landscape.This partnership with Regus reiterates the confidence that a global multinational has for Davao and the surrounding region in Mindanao,” Lagdameo said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Read More …
Sep 122016
THE Energy Regulatory Commission (ERC) is looking into a possible arrangement with the Philippine Competition Commission (PCC) that will allow the two agencies to work together in a crackdown on anti-competitive behavior across the energy sector, an official said.
Sep 122016
NATIONAL government borrowing fell by more than half in July from a year ago as it paid maturing foreign loans more than it borrowed, according to data from the Bureau of Treasury.