Maniolas

MANILA, Philippines – Manila Electric Co. (Meralco) is venturing deeper into the renewable energy sector by partnering with local firm Repower Energy Development Corp. (REDC) to construct hydropower projects. In a statement, REDC said it signed a joint venture agreement with the power distributor to build and develop mini-hydropower plants using run-of-river resources for renewable and efficient energy production while minimizing environmental impact. The partnership marks Meralco’s foray into mini-hydropower development. Earlier, Meralco president Oscar  S. Reyes said it is pursuing renewable energy projects, which include solar, wind, run-of-river, other hydro projects and gas. It plans of spinning off a new unit for RE investments, a separate entity from the group’s power generating unit Meralco Powergen Corp. (MGen). As for the partnership, the REDC-Meralco tie up will lead to a series of ground breaking of mini hydropower plants starting from the first half of 2016 in select regions. REDC has over 100-megawatt (MW) of mini-hydropower projects clustered in Quezon, Camarines Sur, Bukidnon, and other provinces under development with investments worth $400 million. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Earlier this month, REDC broke ground in the Rangas mini hydropower project located in Camarines Sur. It will be followed soon by the Upper Labayat project in Quezon, scheduled for the first quarter of 2016. The joint venture, which is set to have its first set of hydropower plants operational by 2019, will avail of the Feed-in-Tariff (FIT) scheme mandated by the Renewable Energy Act of 2008.

MANILA, Philippines – Manila Electric Co. (Meralco) expects to end 2015 with over five percent growth in sales volume compared to a year ago, the highest growth seen by the company, its top official said. However, the country’s largest power distributor sees softer sales in 2016 due to higher base. “On a year to date basis, we’ll see 5.3 to 5.4 growth (in sales volume in 2015),” Meralco president Oscar S. Reyes said. He noted this projection is ahead of the historic growth rate of three to four percent of power sold by the company. In November in particular, sales volume reached eight percent growth from the same month in 2014. Reyes said there are a number of factors which have helped drived the electricity sales and demand higher. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Number one, inflation has been at an all time low, resulting in consumers having a disposable income affecting the purchasing power of customers,” he said. Even businesses, because of the low inflation, the cost of doing business is lower.” November inflation was at 1.1 percent, up from a record low of 0.4 percent in October. But while the November rate increased from a record low, year-to-date inflation averaged 1.4 percent, still lower than the 4.3 percent rate from the same period last year. Reyes also highlighted the higher temperature starting June, which drove stronger demand for electricity. “It’s very peculiar but from June to November, temperature has been warmer. This is the Read More …

MANILA, Philippines – Two years after the devastation wrought by Super Typhoon Yolanda, more than 66,000 houses have been built through the help of the Philippine Red Cross, as it continues efforts to aid in the recovery and renewal in nine provinces and countless municipalities affected by the calamity. While the Philippine Red Cross embarked on massive rescue, rehabilitation and renewal operations that have been one of the most successful worldwide as attested by the International Federation of the Red Cross and Red Crescent (IFRC), it said the Yolanda experience is not just about providing shelter, medical assistance and other basic services. With the assistance of French NGO Electricians Without Borders, the Philippine Red Cross provided energy through a 33-kilowatt photovoltaic solar power plant that allows households to access electricity at half the cost of traditional sources and powers several establishments including day care centers, barangay health stations and livelihood centers.  “The Yolanda experience has transformed the Philippine Red Cross into a full service Red Cross. No longer is the Philippine Red Cross just a provider of first aid and assistance in the midst of natural calamities and disasters; it has become a partner in providing basic services and continuing assistance in giving back not only what the people have lost but more importantly helping them get back their lives and dignity,” Philippine Red Cross chairman Richard Gordon said.

MANILA, Philippines – China is importing $500 million worth of various food snacks from the Philippines for the requirements of one commercial complex alone, according to the Center for International Trade Expositions and Missions (CITEM), the export promotions arm of the Department of Trade and Industry. CITEM executive director Rosvi C. Gaetos said the order was made by China’s largest global importers association for the requirements of the Emporium City, a 71-hectare, high-end entertainment, residential and commercial complex in Pinghu, Zhejiang. “Headed by Chinese mogul Chen Jian, the association imports products from Europe, America, Australia and Asia,” Gaetos said. “The Filipino food products are very competitive and Filipino exporters are very good and friendly,” Chen told Gaetos after viewing the products at HallONE, the Philippines’ year-round sourcing facility for the global export market. Managed and operated by CITEM, HallONE drew the Chinese association’s interest during a recent business-to-business matching session participated in by 14 Filipino food manufacturers and exporters – Aisha-Fil Food, Inc., Mapagmahal Foods, Green Leaves Company, Gustazo-Alimentos Corp., Andy Albao Corp., Kwality Philfood, Inc., Grand Alphatech International Corp., Fenor Foods, RPM Pili Nuts, Philippine Moringa and More Corp., Magic Melt Foods, Inc., Monde Nissin, Nyogi Pure Coconut Water Philippines, and Big “E” Food Corp. With Chen at the meeting was Chinese businessman Jack Zhang, who also praised the Philippines’ food exports. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Each country has its own special products, and we want to bring those products to China. We are Read More …

BPO industry on track to breach $21-B revenues MANILA, Philippines – The country’s business process outsourcing (BPO) industry is expected to generate a little over $21 billion in revenues this year, higher than the $18.9 billion raised in 2014. For 2016, the sector’s revenues are seen to reach $25 billion. Revenues from the BPO industry have been growing in double digits which are seen to surpass the dollar contributions of overseas Filipinos in two to three years. Last year, personal remittances from overseas Filipinos reached $26.9 billion, maintaining the average single digit growth rate. According to Pinnacle Real Estate Consulting Services Inc., the BPO sector is expected to end the year with a total of 1.2 million employees. Next year, industry is targeted to grow to 1.3 million jobs. Apart from the BPO companies’ direct need for real estate, investors can also look to benefit via renting out to traditional offices and commercial and retail establishments intending to take advantage of the opportunities provided by the market composed of BPO employees. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Pinnacle Research also noted a brisk take-up of approximately 200,000 square meters of office space in the past three months, most of which were pre-leased. The overall vacancy rate of major business districts in Metro Manila is still below five percent even with the new buildings coming online. Makati office spaces still command the highest rents, but with the influx of modern Bonifacio Global City (BGC) buildings, there is a Read More …