POWER SUPPLY will remain adequate between now and the next four years but beyond 2021, the country will be needing 700 megawatts (MW) more each year to meet the rising demand of a growing economy, the head of Ayala Corp.’s energy arm said.
THE power subsidiary of listed conglomerate Ayala Corp. (AC) expects to bring in an additional 370 megawatts (MW) to the Luzon grid by the end of next year.
MANILA, Philippines (Xinhua) – The Philippine stock market retreated for the sixth time toMonday as investors continued to unload their shares over fears that the local equities market’s fortune has been reversed. The bellwether Philippine Stock Exchange index is threatening to break below the 6,000-level after shedding another 1.32 percent, or 80.58 points, on Monday to settle at 6,004.26. Similarly, the all-share index retreated by 0.97 percent, or 35.96 points, to 3, 681.67. Trading volume reached 552.94 million shares worth P7.16 billion ($163.4 million) with 92 stocks declining, 64 advancing, and 28 were unchanged. Of the six counters, only the financials and the mining and oil sectors bucked the trend. “The conviction that pushed the market to 31 fresh all-time records in the first five months of the year has completely evaporated and fears that the bull-market has probably reached a point of reversal begins to spread,” said analyst Justino Calaycay of Accord Capital Equities Corp. The analyst noted that the composite index is just a couple hundred points above the 2012 close and any further drops will wipe out all the year’s gains. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Calaycay said there is an increasing number of “unbelievers” and that any further slide will pull down the index to the 5,812. 73-mark. This, he said, will strengthen the bears’ claims. On the other hand, a recovery that restores the index to at least between the 6, 200-6,300 range should lend some credence to the bull’s proposition Read More …
MANILA, Philippines – Globe Telecom’s board has approved the declaration of cash dividend for holders of its preferred shares during its meeting held last Nov. 8. The amount of the cash dividend will be based on the average 30-day PDST-F (formerly MART1) as computed by the Philippine Dealing and Exchange Corp. plus two percent, Globe president and CEO Ernest Cu said. Record date is on Nov. 22, 2013 while payment date has been set on Dec. 8, 2013. The telecommunications provider reported its core net profit in the first nine months of the year rose nine percent to P9.5 billion, underpinned by robust revenues, which reached a total P67.3 billion, up 10 percent from P61.3 billion a year. Globe counts Philippine conglomerate Ayala Corp. and Singapore Telecom as its major shareholders.
MANILA, Philippines – The country’s top conglomerates have expressed renewed interest in participating in the country’s largest Public-Private Partnership (PPP) project to date following the government’s move to revise the concession deal. San Miguel Corp. (SMC), Metro Pacific Investments Corp. (MPIC), DMCI Holdings Inc. and Ayala Corp. are now looking to bid for the previously failed auction of the P60-billion Light Rail Transit Line 1 (LRT 1) Cavite extension project, executives said. “We will look at what the conditions are but the revised terms look good,” DMCI chief finance officer Herbert Consunji said in a phone interview. “Yes, we would,” MPIC chief finance officer David Nicol said in a text message when asked if the Pangilinan-led infrastructure conglomerate will join the LRT 1 bidding anew. SMC president and chief operating officer Ramon S. Ang said the diversified conglomerate is also interested in the LRT 1 project. Early this week, Transportation Secretary Joseph Emilio Abaya said the agency revised the concession agreement for LRT 1. The changes addressed five major issues: real property tax, power rates, warranty on the structure, fare adjustments, and the negative bid. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “We’re just waiting for government to reissue the new bid documents,” Noel Eli Kintanar, executive vice-president of the Ayala conglomerate’s AC Infrastructure Holdings Corp., said yesterday. “I think [the revision] addresses many of the issues that led the bidders not to put in a bid,” Kintanar said. In August, only MPIC submitted a bid without partner Read More …
MANILA, Philippines – Four groups led by conglomerates Metro Pacific Investments Corp. (MPIC), San Miguel Corp., Ayala Corp., are set to slug it out for the P35.4-billion Cavite-Laguna Expressway (CALAX) project, the Department of Public Works and Highways (DPWH) said yesterday. Public Works Assistant Secretary Eugenio Pipo Jr. said a total of four groups submitted prequalification documents for the CALAX project yesterday afternoon. “All the bidders submitted their prequalification documents before the 2 p.m. deadline,” Pipo stressed. He pointed out that Alloy MTD Philippines Inc. was the first to submit at 11:04 in the morning. AlloyMtd is the merger between MTD of Malaysia and Alloy with a long established track record in civil engineering and construction, manufacturing, infrastructure concessions, energy, port operations, real estate and property development. It completed the 36 kilometer portion of South Luzon Expressway. The group led by conglomerate Ayala Corp. through Team Orion followed at 12:15 p.m. It is led by AC Infrastructure Holdings Corp. that tied up with Cebu-based Aboitiz Group, Macquarie Infrastructure Holdings Philippines as well as contractors Bouygues Travaux, Egis Road Operations, and Korea Expressway Corp. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Pipo said the third to submit at 12:39 p.m. was the group of businessman Manuel V. Pangilinan through MPIC’s Metro Pacific Tollways Development Corp. and partner Leighton Contractors (Philippines) Inc. The tandem formed MPCALA Holdings Inc. Diversified conglomerate San Miguel Corp. through Optimal Infrastructure Development Inc. submitted prequalification documents for the project at 12:58 p.m. Prior to the Read More …
MANILA, Philippines – Conglomerate Ayala Corp., through its power subsidiary AC Energy Corp., and the Phinma Group’s Trans-Asia Oil and Energy Development Corp. will start operating their P12-billion power plant joint venture in Calaca, Batangas in the third quarter of 2014, a top official said yesterday. In an interview, Trans-Asia president Francisco Viray said the two companies are on track with their Calaca project, with construction ongoing. “We are on track. It will be for commission in the third quarter of 2014,” Viray said. The two companies signed the joint venture agreement in 2011 to develop and operate the 135-megawatt coal power plant in Calaca. Ayala Corp. and Trans-Asia agreed to incorporate a joint venture company, South Luzon Thermal Energy Corp., equally owned by them and which had an initial capitalization of P200 million. The 135-MW thermal power plant in Batangas had an estimated cost of P12 billion to be financed by debt and equity. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Viray said the project has been fully funded already and is just awaiting completion. “The project has been fully funded. It’s really just the construction that we are waiting for,” Viray said. He is also optimistic on business prospects of the plant because open access regime, which would soon be in place. “We’re optimistic that there will be enough market because of the open access will be ready in June so there will be a market,” Viray said. Under the open access scheme, large power users Read More …