PAL 100% sure of building $6-B int'l airport

 Economy
Jul 112013
 

A Philippine Airlines plane at Bohol’s Tagbilaran Airport. HOAGLAND PHOTO

MANILA, Philippines – Philippine Airlines (PAL) chef executive Ramon Ang revealed Thursday night that the flag carrier is certain of pushing through with the $6 billion development of an international airport to house its planes.

“One hundred percent tuloy ‘yung airport development, timing lang,” Ang said.

There were reports that the airlines have shelved the project after PAL failed to present it to President Benigno Aquino III last February. The project would help decongest the already crowded Ninoy Aquino International Airport in Manila.

This time, however, Ang is confident that Aquino himself expressed support for the mammoth development but is only hindered by bureaucrats and critics.

“Suportado naman ‘yan ng Presidente. Siyempre, may mga little indians diyan na maraming sinasabi kaya ayaw na natin silang kulitin muna,” the tycoon, who also heads food manufacturing firm San Miguel Corporation, said.

Ang has been proposing the 2,000-hectare development to build four runways since August in 2012. He also said in previous reports that PAL will buy 54 new Airbus planes working toward acquiring 100 planes, several of which will be long-range crafts.

Business ( Article MRec ), pagematch: 1, sectionmatch: 1

According to a report by Malaysian banking firm CIMB Group, the airline company is eyeing Bulacan as a possible location for the new airport.

SMC unit allots $1.5 B for 2 power plants

 Economy
May 212013
 
SMC unit allots $1.5 B for 2 power plants

MANILA, Philippines – SMC Global Power Holdings Corp., the power generation unit of diversified conglomerate San Miguel Corp., is investing $1.5 billion for the construction of two new power plants, its top official said yesterday. In a briefing with reporters on the sidelines of Petron Corp.’s annual stockholders’ meeting, SMC president Ramon Ang said the energy unit is spending about $1 billion for the construction of a 600-megawatt coal fired-plant in Bataan in northern Luzon and $500 million for another plant in Davao. Construction for the two plants has already started, he said. He said SMC Global may construct more power plants, depending on the viability and business climate. “We’re supposed to do more. We’re still evaluating the best option,” he said. The two plants should start operating in the middle of 2015, Ang said. He said there are no plans to borrow for the funding requirements for both projects. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “The (funding) will be in-house. Madami kaming cash,” Ang said. He also confirmed plans to revive the initial public offering (IPO) of SMC Global, possibly within the year. He said there is an interested investor who wants to come in. “There’s really a very hot buyer who wants to invest in that business,” he noted. He said SMC Global may sell as much as 49 percent, equivalent to $500 to $800 million. In 2011, SMC Global filed an IPO application before corporate regulators. The power generation firm earlier planned to raise Read More …