DOE eyes 5,905 MW from new RE projects

 Economy
Aug 112013
 
DOE eyes 5,905 MW from new RE projects

An example of a renewable energy project. MANILA, Philippines – The Department of Energy (DOE) expects an additional 5,905 megawatts of potential capacity from 347 new projects under the Renewable Energy law. These projects will have an installed capacity of 2,334 MW, according to the DOE. Of the 347 renewable energy projects, 177 are hydropower projects, 39 are geothermal ventures and 37 are wind farms. There are also 34 solar projects, 29 biomass projects and three projects that would utilize ocean energy, the DOE said. There are also 249 pending projects under the RE law, with a potential capacity of 3,301 MW and 20.75 MW of installed capacity. The Energy department is focused on solving the short-term power supply problem in Mindanao. The Mindanao Development Authority (MinDa), has been urging renewable energy investments in the region to help address the current power supply crunch. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The government has been encouraging players in the renewable energy sector through feed-in-tariffs. The FIT regime is a form of incentives for renewable energy players. Feed-in tariffs offer cost-based compensation to renewable energy players among other perks.

PLDT completes P2.5-B fiber optic project

 Economy
Aug 112013
 
PLDT completes P2.5-B fiber optic project

MANILA, Philippines – Dominant carrier Philippine long Distance Telephone Co. (PLDT) has completed a P2.5-billion expansion project involving the installation of over 5,000 kilometers of fiber optic cables to support the aggressive roll-out of high-speed data services on its fixed and mobile networks.  PLDT president and chief executive officer Napoleon Nazareno said the PLDT Group’s fiber optic network is now over 71,000 kilometers including 7,200 kilometers of submarine-international fiber, over 4,000 kilometers of submarine-domestic fiber, and 4,000 kilometers of wireless access network.  The PLDT managed to expand its domestic fiber optic network (DFON) to over 60,000 kilometers as of end-June this year from 54,000 kilometers as of end-2012.    “If we include our international fiber optic links and leased facilities, the PLDT Group now has more than 71,000 kilometers of fiber assets. This fortifies our already formidable network advantage as we cover more areas, increase data speeds and provide enhanced redundancies for improved resiliency,” Nazareno stressed.  The project that was completed ahead of schedule is accelerating the deployment of PLDT’s fiber-to-the-home (FTTH) service and the fourth-generation mobile data service called Long Term Evolution (LTE) of its wireless subsidiary Smart Communications Inc.  “We have built early and we continue to expand as the demand for broadband heavy applications continues to surge. This is what we call future-proofing our network. We want to make sure that the capacity, speed, and reliability are there when our customers need them,” he added.  Business ( Article MRec ), pagematch: 1, sectionmatch: 1 For his part, Read More …

DTI pushes higher Northern Mindanao exports to Asean

 Economy
Aug 102013
 
DTI pushes higher Northern Mindanao exports to Asean

MANILA, Philippines – The Department of Trade and Industry (DTI) aims to promote growth in Northern Mindanao through increased merchandise exports from that region to the Association of Southeast Asian Nations (ASEAN). In a statement, the DTI said it wants to encourage exporters in the region to increase their merchandise shipments to Southeast Asia by informing them of trade opportunities available there. To encourage greater trade between Northern Mindanao and Southeast Asian countries, the DTI will conduct information sessions focused on the upcoming ASEAN Economic Community (AEC) under the Doing Business in Free Trade Area (DBFTA) program next week in Cagayan de Oro City, Iligan City, and Ozamiz City. The DBFTA is a series of business information sessions to be conducted nationwide to increase exporter awareness of the country’s trade agreements. The information sessions to be held in Northern Mindanao will discuss how businesses there could increase trade with Southeast Asian countries. Through the information sessions, the DTI wants businesses, the academe and other stakeholders in Northern Mindanao “to increase their awareness as well as foster appreciation for the benefits of free trade agreements, and (learn about) how they could avail of these benefits.” Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Among the benefits offered by free trade agreements are preferential tariff rates and harmonized standards. The DTI noted that as of the end of 2012, Northern Mindanao’s merchandise exports amounted to $1.17 billion. The region’s exports include fresh and processed fruits, marine products, beverages, food products, coconut Read More …

Ind’l spaces to remain abundant – CBRE

 Economy
Aug 102013
 
Ind’l spaces to remain abundant – CBRE

MANILA, Philippines – Despite interest from foreign firms to invest in manufacturing facilities in the Philippines amid the country’s impressive economic performance, supply of industrial spaces is expected to remain abundant given the high power and labor costs here, property services firm CBRE Philippines said. “While renewed interest in the country’s industrial sector is evident, investments in these types of projects may take some time before it materializes, with supply of industrial properties to remain abundant in the short to medium term,” CBRE Philippines said in its Metro Manila MarketView report for the second quarter. Supply of industrial spaces is seen to remain healthy over the short to medium term as it noted that foreign firms are concerned over the country’s power and labor costs. “The manufacturing sector continues to be challenged by relatively high labor and power costs compared to its neighboring nations,” the CBRE report said. But while high power costs are preventing foreign firms from making investments here at the moment, the development of new power generating plants is expected to benefit companies that will locate in the country in the future. It noted that investments in the power sector have increased with foreign and local firms vying to set up power plants throughout the country. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The development of new power generating plants is anticipated to produce enough energy to address the demands of the general population and the ongoing industrialization of the economy. It is also expected Read More …

Asean countries urged to comply with EITI global standards

 Economy
Aug 102013
 
Asean countries urged to comply with EITI global standards

YANGON – ASEAN countries including the Philippines can help protect their oil, gas and mining industries by complying with the Extractive Industries Transparency Initiative (EITI), a global standard that calls for disclosure of payments and receipts, a leading anti-corruption advocate yesterday said. Erry Riyana Hardjapamekas, former chief executive officer of Indonesia’s Tambang Timah PT, the world’s largest tin producer, estimates that in ASEAN countries, at least 10 percent of government revenues from extractive industries are likely lost to corruption.  “One measure to prevent corruption is the EITI because one basic thing in combatting corruption is transparency,” he told Southeast Asian journalists here. He said that without proper disclosure, revenues from extractive industries such as oil, gas and mining, may not be maximized and instead are lost to corruption.  “It’s difficult to measure how much corruption there is in each country but we can feel it. It could be reflected on the quality of public services,” Harjapamekas said. Governments could show they are serious in combatting corruption through the EITI. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “It shows how serious governments are in combatting corruption in their extractive industries,” he said. In the region, EITI is becoming a big issue with Indonesia, the Philippines, Myanmar and Vietnam which  are all making efforts to hold companies and governments accountable for the revenues they make from extractive industries. Marie Gay Alessandra Ordenes, the national coordinator of Philippines-EITI said in an article posted on the Philippines-EITI website that efforts to join Read More …

UK eyes more investments in infra, energy and retail sectors

 Economy
Aug 082013
 
UK eyes more investments in infra, energy and retail sectors

MANILA, Philippines – The British government is looking at increasing investments in the infrastructure, energy and retail sectors in the Philippines as part of strengthening the economic ties of both countries. “Infrastructure, energy and retail, these are the areas the United Kingdom is interested to invest in (here),”newly appointed UK Trade and Investment director for Manila Iain Mansfield told reporters yesterday. He said British firms are interested in infrastructure projects under the public private partnership since they have expertise in building rails as well as airports. Some British companies, he noted, are part of the consortia which have expressed interest in the proposed P17.5 billion Mactan Cebu International Airport passenger terminal project. The UK, he also said, sees opportunities in the area of infrastructure in the country since the Philippine government is moving to hike its investments to address the lack of infrastructure here. Apart from infrastructure, he said British firms are interested in wind, hydro as well as energy efficiency projects since they have been involved in similar projects in the past. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The UK is also interested in bringing more retail brands here given the big market. Among the British retail brands active in successful franchising here are Debenhams, Marks & Spencer, Topshop and Burberry. Mansfield said as part of efforts to encourage British firms to invest in the Philippines, the UK government is planning a trade mission in September to present available opportunities here, particularly in the energy sector. Read More …

Index eases ahead of long weekend

 Economy
Aug 082013
 
Index eases ahead of long weekend

MANILA, Philippines – Local stocks barely moved yesterday as investors stayed on the sidelines ahead of a long weekend. The Philippine Stock Exchange index fell 0.26 percent or 16.56 points to settle at 6,404.23, while the broader all shares index slipped 0.13 percent or 4.93 points to 3,918.63. “The market was quiet again. It seems like most investors are already on a holiday mood given the long weekend as seen in the value turnover,” Astro del Castillo, managing director of First Grade Finance Inc. Financial markets are closed today due to Eid al-Fitr celebration. Asian bourses closed mixed, with Japan’s Nikkei 225 continuing to suffer from volatility as it declined 1.59 percent or 219.38 points to 13,605.56, while Hong Kong’s Hang Seng index inched up 0.31 percent or 67.04 points to 21,655.88. Wall Street also failed to bring good news to the local market. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The Dow Jones industrial average lost 0.3 percent or 48.07 points to 15,470.67, while the Standard & Poor’s 500 index shed 0.4 percent or 6.46 points to 1,690.91 on disappointing earnings. In the local bourse, most subindices were in the red, led by holding firms that eased 0.37 percent or 21.21 points to 5,784.31. Mining and oil bucked the trend, barely rising 0.09 percent or 13.32 points to 14,500.33. Turnover value dropped anew to P4.18 billion from P4.94 billion on Wednesday. Advancers barely outplayed decliners, 63 to 61, while 57 stocks did not change.

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