MGB stops firm from mining in Surigao

 Economy
Apr 252014
 
MGB stops firm from mining in Surigao

By Riza T. OlchondraPhilippine Daily Inquirer 12:44 am | Saturday, April 26th, 2014 Regulators have ordered a unit of publicly listed Marcventures Holdings Inc. to stop its mining operations in Surigao del Sur in light of alleged environmental and other violations, according to the Mines and Geosciences Bureau (MGB). MGB director Leo L. Jasareno told reporters that the bureau has issued a stoppage order to Marcventures and was finalizing the list of specific penalties that should be slapped on the firm under the Mining Act. The amount of penalty, however, would be up to the courts to decide, he said. A group from Cantilan town in Surigao del Sur petitioned the DENR (Department of Environment and Natural Resources) last year for the cancellation of its Mineral Production Sharing Agreement (MPSA) with Marcventures. In response, MGB formed a team to investigate. The team found that Marcventures had reportedly mined outside its approved area, had “unsystematic” operations and caused siltation in a river in Surigao del Sur, Jasareno said. A show-cause order was sent to Marcventures and the company claimed that its operations were approved by the MGB. After review of the company’s response, Jasareno said the stop order was sent to Marcventures Mining and Development Corp., a wholly owned subsidiary of the listed holding firm, this month. The company’s MPSA covers an area of 4,900 hectares. In 2010, MGB allowed the company to mine within the 300-hectare portion of the MPSA. Follow Us Other Stories: February imports up slightly to $4.72B Read More …

Alson prepares for construction of 105-MW coal power plant in Zambo

 Economy
Apr 252014
 
Alson prepares for construction of 105-MW coal power plant in Zambo

MANILA, Philippines – Alsons Consolidated Resources Inc., the investment holding company of the Alcantara Group, is preparing to start the construction of its planned coal-fired power plant in Zamboanga. Joseph Nocos, the company’s vice president for business development, said they are currently working on the approval of the plant’s contracts. “We are waiting for approval of plant contracts. Once we receive that, which we expect sometime in May, we will be proceeding with the construction of the plant,” Nocos told reporters. Alsons is planning to put up the 105-megawatt San Ramon coal-fired power plant in Zamboanga. Company officials earlier said they have signed up South Korea’s Daelim Industrial Co. Ltd. engineering, procurement and construction (EPC) contractor in Dec. of 2012.  The plant is targeted to commence operations by 2016. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The construction of the Zamboanga plant is part of Alsons’ efforts to help address the power shortage in Mindanao. It is resolved to do its share in ensuring Mindanao’s power stability for the long run, as it gears up to double the current generating capacity of Alsons subsidiaries to make it a supplier of one-fourth of Mindanao’s power demand by 2016. With two plants in Sarangani and Zamboanga, the company is looking forward to generate an aggregate of 463 megawatts – more than one-fourth of the Department of Energy’s projected 2016 Mindanao peak power demand of 1,829 MW. Engineering and construction of the first 105 MW phase of the 210-MW Sarangani Energy Read More …

Cussing and cursing

 Economy
Apr 252014
 
Cussing and cursing

I post stuff on my Facebook pages every day. Over the years the pages have built up a steady following. I post my thoughts, people “like” them, they make comments, and I learn from them. This wonderful technology was not available before and I really enjoy using it. There are so many nice and kind people expressing their feelings and insights about my posts. Many of them do not agree with my thoughts and opinions, and they argue with respect and kind words. But then again there are those who disagree violently and would begin to offend, insult and use four-letter words, cussing and cursing as if a great offense has been done against them. This made me think. Why would people use such a venue to vent their angst and use foul words to express their thoughts? Business ( Article MRec ), pagematch: 1, sectionmatch: 1 And here is another interesting observation. Once in a while I would discuss spiritual issues. When I mention God in my posts there will be people who would label me as “delusional.” I don’t mind. They are of course entitled to their own opinions about me even though they do not know me. But when I mention “Jesus Christ” that’s when certain people really get verbally violent. All these cuss and curse words come right out. All these four-letter words are sprinkled all over the conversation. I personally find them offensive. Maybe some people don’t. To them they are just words. But here Read More …

ICTSI to issue $75-M notes to fund capex

 Economy
Apr 252014
 
ICTSI to issue $75-M notes to fund capex

MANILA, Philippines – Listed International Container Terminal Services Inc. (ICTSI) of gaming and port magnate Enrique Razon Jr. is set to issue $75 million worth of notes as part of its $1 billion medium term note program to raise funds for its capital expenditures. ICTSI treasury director Arthur Tabuena informed the Philippine Stock Exchange (PSE) that the company’s board of directors ratified and approved the issuance of additional notes by ICTSI Treasury B.V. Tabuena said the new notes would be consolidated in the $207.5 million notes due 2025 issued by ICTSI Treasury BV last Sept. 17. “These new notes will be consolidated and form a single series with the $207.5 million 5.875 percent guaranteed notes due 2025 issued on Sept. 17,” he added. ICTSI vice president and treasurer Rafael Consing Jr. said the company has already issued $650 million of the note program launched early last year. According to him, proceeds of the fund raising activity would be used to bankroll the company’s capital expenditures. Business ( Article MRec ), pagematch: 1, sectionmatch: 1  “The additional issuance would be used to partially fund our capex this year,” Consing said. Last January, ICTSI raised $400 million of the $750 million medium term note program. It initially raised $300 million in the first tranche and another $100 million in the second tranche. Last Aug. 15, ICTSI through ICTSI Treasury BV launched a $450 million note exchange program after jacking up the size of its medium-term note program to $1 billion instead of Read More …

Holcim earnings climb 17% to P1.67B in Q1

 Economy
Apr 252014
 
Holcim earnings climb 17% to P1.67B in Q1

MANILA, Philippines – The ongoing construction boom continued to bouy the income and revenues of cement maker Holcim Philippines Inc. in the first quarter. In a disclosure, Holcim Philippines said its profits climbed 17 percent to P1.67 billion in the first quarter from P1.43 billion a year ago, “helped by the revenue growth along with increased operating efficiencies and effective cost management initiatives.” Revenues jumped 12.3 percent to P8.05 billion from P7.17 billion year-on-year. “Cement demand remained robust nationwide as the government ramped up infrastructure spending, while the private sector continued commercial and residential projects,” Holcim said. Cement industry demand grew 8.6 percent in the first three months of the year on the back of strong public and private construction activities nationwide. The construction phase of numerous Public-Private Partnership (PPP) projects will further boost demand in the medium term, bolstering Holcim ’s plan to put up a $550-million cement facility, a top company executive said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The strong cement demand is a positive indicator for the growing economy. It shows the government’s continued commitment to improving infrastructure and raising the country’s competitiveness,” said Holcim Philippines CEO Eduardo Sahagun. It also showed the private sector’s bullishness on the available economic opportunities, Sahagun said. Amid high demand, Holcim was able to keep the market supplied due to the good production of its plants and smooth logistics operations. With infrastructure allocations raised more than a third to P404.3 billion, various private groups planning to continue Read More …

AirAsia Zest to fly to Haneda

 Economy
Apr 252014
 
AirAsia Zest to fly to Haneda

MANILA, Philippines – Low cost carrier AirAsia Zest plans to launch flights to Haneda in Japan. AirAsia Zest chief executive officer Alfredo Yao told reporters yesterday the airline plans to start flights to Haneda. “We’ve already applied. We applied this month for flights to Haneda,” he said. According to Yao, the airline intends to have daily flights to Tokyo’s second major gateway. Yao is hopeful the airline could start flights to Japan soon citing the Philippines’ good relations with that country. The airline hopes to mount flights to Japan after the Philippine commercial aviation industry was restored to Category I status by the Federal Aviation Administration earlier this month. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The Philippines was downgraded to Category 2 status in 2008. Japan had earlier imposed restrictions on local carriers from the Philippines from mounting additional flights, citing safety and security concerns. Earlier, AirAsia Zest was looking at offering flights to Narita in Japan this year. The Philippines and Japan had concluded successful air talks just last year. The new services agreement covers an increase to 400 flights per week from 119 previously between the Ninoy Aquino International Airport (NAIA) and Narita International Airport. The new air services agreement likewise covers flights between NAIA and Haneda. AirAsia Zest’s planned flights to Japan comes on the heels also of Japan’s recent decision to remove visa requirements for Filipinos. Visa-free entry to Japan is expected to start by June this year.  

SMC to present $10-B airport plan to P-Noy

 Economy
Apr 242014
 
SMC to present $10-B airport plan to P-Noy

MANILA, Philippines – Diversified conglomerate San Miguel Corp. (SMC) is likely to forward to Malacañang next week a proposal to build a $10-billion airport that would replace the congested and more than three decades old Ninoy Aquino International Airport (NAIA). SMC president and chief operating officer Ramon S. Ang confirmed in a text message that the conglomerate is looking at presenting to President Aquino the proposed international gateway to be situated in an 800-hectare property in Manila on April 29. “Yes, April 29,” Ang replied in a text message when asked when the plan would be presented to President Aquino. Japanese news agency Nikkei reported last month that SMC plans to build the $10-billion international gateway that would have four runways and higher passenger capacity as against the single-runway of NAIA that is situated in a 400-hectare property in Pasay City. Nikkei also reported that the airport project would be offered to the government under a build-operate-transfer scheme wherein ownership would be turned over to the state after 25 years. SMC has a 49 percent stake in national flag carrier Philippine Airlines Inc. (PAL) together with taipan Lucio Tan who owns the other 51 percent. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The diversified conglomerate announced plans to put up an international airport early last year and was supposed to present the plan to President Aquino in February last year. However, Ang announced in March last year that it was postponing indefinitely the presentation of the proposed international Read More …

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