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AC Energy inks deal to acquire solar farm operator

AC Energy Philippines, Inc. has signed a share purchase agreement with Macquarie Infrastructure Holdings (Philippines) Pte. Ltd., Langoer Investments Holding B.V., and the Government Service Insurance System for the acquisition of their ownership interest in Negros Island Solar Power Inc. (Islasol).

Islasol owns and operates an 80-megawatt (MW) solar farm in Negros Occidental.

“By acquiring a controlling interest in [Islasol], [AC Energy Philippines] will increase its ownership interest in a generating asset with stable cash flows at a reasonable cost,” the listed company said.

It added that the acquisition expands the company’s “strategic objective” to achieve at least 2 gigawatts of attributable renewable energy capacity by 2025.

Based on the agreement, the Islasol shareholders will transfer all of their shares of stock to the AC Energy Philippines. Islasol is engaged in the business of exploring developing and utilizing renewable energy resources such as solar energy.

“Completion of the transaction is subject to approval by the Philippine Competition Commission. Completion is expected to occur on or before 31 March 2020,” the company said.

The acquisition of Islasol was one of the matters approved by the board of directors of AC Energy Philippines during a meeting last month.

On Nov. 11, the board also ratified the executive committee’s approval to enter into a share purchase agreement with the Philippine Investment Alliance for Infrastructure (PINAI) fund for the acquisition of the latter’s ownership interest in Philippine Wind Holdings Corp., the parent company of North Luzon Renewables Energy Corp.

The board also approved the purchase of up to 100% of PINAI fund’s ownership interest in San Carlos Solar Energy, Inc. (Sacasol), which owns and operates a 45-megawatt (MW) solar farm in San Carlos City, Negros Occidental. The solar farm is operating under the feed-in-tariff (FiT) regime.

On Tuesday, shares in AC Energy Philippines rose 2.89% to close at P2.49 each. — Victor V. Saulon

Gilas Pilipinas plunges into SEA Games action

THE Philippine men’s basketball team get its 30th Southeast Asian Games campaign rolling today, taking on Singapore on opening day of the 5-on-5 hoops competition at the Mall of Asia Arena in Pasay City.

Bannered by an all-Philippine Basketball Association squad coached by many-time champion Tim Cone, Gilas Pilipinas is out to keep the country’s stranglehold of the tournament in the biennial regional sporting meet, where it has won the gold in 17 of the 19 times basketball has been staged.

Making up Team Philippines in men’s basketball are five-time PBA most valuable player June Mar Fajardo, Marcio Lassiter and Chris Ross of the San Miguel Beermen, Troy Rosario of TNT KaTropa, Japeth Aguilar, LA Tenorio, Stanley Pringle and Greg Slaughter of the Barangay Ginebra San Miguel Kings, Kiefer Ravena of the NLEX Road Warriors, Vic Manuel of the Alaska Aces, Christian Standhardinger of Northport Batang Pier and Matthew Wright of the Phoenix Pulse Fuel Masters.

The Philippines is in Group A along with Singapore, Myanmar and Vietnam.

It takes on Singapore first today at 8:15 p.m., followed by Vietnam on Dec. 6 and Myanmar on Dec. 7.

In the lead-up to the Games, Mr. Cone said they are looking to compete as a team with everybody asked to contribute the best way they can.

“We want to share the ball and the responsibility. We want to play as a team to achieve our goal of winning the gold,” said Mr. Cone.

Making up Group B of the competition, meanwhile, are 2017 silver medallist Indonesia, Cambodia, Malaysia and Thailand.

Format calls for the top two teams in each grouping after the group play advancing to the knockout semifinals.

Kicking off its campaign, meanwhile, on Dec. 5 is the Pat Aquino-coached women’s squad.

Making up the core of the team are Jack Animam, Clare Castro, Janine Pontejos and Afril Bernardino, who handed the country a gold in women’s 3×3 competition on Monday.

The Philippine women’s team is competing in a four-team field which also includes reigning gold medallist Malaysia, Indonesia and Thailand.

It plays Indonesia first today at 6 p.m., followed by Malaysia on Dec. 8 and Thailand on Dec. 10.

The team with the most win after the one-round tournament wins the gold. — Michael Angelo S. Murillo

The Wolf of Wall Street gets woke and all I got was a sticker

By Sam Potter
Bloomberg

JORDAN BELFORT puts his hand on my shoulder. His eyes are wild. He’s wearing cocaine like cologne.

“Do we have an understanding?” he asks me.

This is the man who gave himself the name Wolf of Wall Street. Actually, it’s an actor playing him (Oliver Tilney in Leo DiCaprio’s screen role). We’re in the middle of what’s called immersive theater. So I’m immersing.

I get that Belfort/Tilney doesn’t want me to rat him out, but I don’t know which debauchery he has in mind — the money or the drugs — or what relatively responsible adult I shouldn’t be ratting to — his wife or an FBI agent. It all seems plausible, like the pump-and-dump stock schemes that made the real-life Belfort infamous enough for Martin Scorsese to do a film about him.

Belfort/Tilney repeats the question. “Do we have an understanding?”

“Yes,” I tell him. “We do.”

I’m not sure I fully understand our understanding, but in immersive theater, like at Stratton Oakmont, Belfort’s erstwhile firm — where an excess of excess was expected from employees — you don’t get far saying no.

It’s make-believe, yet the reactions it evokes can be refreshingly real. The team behind the theater experience of The Great Gatsby has given the same treatment to The Wolf of Wall Street, Belfort’s titillating memoir.

TRADING FLOOR
On a recent Wednesday evening, 100 of us, maybe more, move through 24 rooms on four floors of an otherwise empty building near actual City of London bank offices. Among the performance areas are a posh bar that sells real drinks, a bedroom, a swimming pool and a police interrogation room. There’s too much going on for audience members to experience everything. But who doesn’t want to see the trading floor, where we can experience the thrill of tearing the faces off people who’ve made the idiot mistake of trusting us?

Luckily, it’s new-issue day. Stratton Oakmont is handling the initial public offering of Steve Madden shares, and the Wolf needs it to be a big success.

Belfort’s sidekick, Danny Porush (played by Jonah Hill in the movie and James Bryant here), whips the sales team and the audience into a frenzy. He has us chant Belfort’s name, starting with a whisper (“Make it sexy,” he commands) and building up. By the time Belfort takes the floor we’re at fever pitch, in a genuinely cathartic moment that for me was the high point of the show.

FRANTIC SHOW
Paper currency flutters in the air. The lighting turns hallucinatory red. Belfort is ranting about how an employee’s kids won’t have to go into debt to finish college. Perhaps it was Danny’s warm-up, or the many young people in the audience, but the speech resonates.

That’s not always the case in this often frantic show.

The story unfolds in various parts of the building at the same time. Actors randomly divide the audience into different “tracks.” So while I enjoy Stratton Oakmont, others are trying to crack the case for the FBI. That structure means a lot of time thinking I might be missing something and scenes with lesser characters that drag.

But there’s magic on the trading floor. Belfort makes Gordon Gekko sound like Greta Thunberg. His pronouncement: “There. Is. No! Nobility! In! Poverty!”

Upon hearing this, at least two audience members gasp. Their reaction is indicative of the increasingly sorry state of depravity since Belfort’s 2007 memoir and Scorsese’s 2013 film.

Licentiousness is less hip today. Many still practice it, of course, and some always will. But a bit of the gusto is gone. Growing wealth inequality makes the mantra that life is better with a Lambo-load of money seem brutal now. #MeToo has rendered whole chunks of Belfort’s story cringe-worthy.

The production has responded. Women’s roles are beefed up. The movie’s nudity is gone. The crazier office behavior has been cut. (Employees don’t play catch with small humans, for one.)

WOLF DE-FANGED
Simulating the various drug-fueled benders proves tricky, though it can be fun. Danny in his underwear rapping over Whitney Houston’s “My Love is Your Love” is surreal but brilliant, and another Danny escapade — delivering $1 million to a Belfort friend while he’s wasted — made me laugh out loud.

There also remains an unparalleled level of profanity (the movie set a Hollywood record for use of the F-word) and plenty of crudity and shouting. Apparently, thumping your chest while making an ape sound was a big part of life at Stratton Oakmont.

Soon after my “understanding” with Belfort, I move to get a better view. I wind up on another track in a different part of the narrative. What the heck, I think. Danny is here so it’s probably the place to be. They’ve drawn his character directly from the movie version of Porush (named Donnie Azoff on screen), which reportedly was a less-than-accurate portrayal. But at this point, who cares? He’s hilarious. When it comes to the legend of Belfort, who made a fortune spinning lies and who some accuse of adopting the nickname just for his book, insisting on truth seems silly.

Yet, this wolf feels de-fanged. Whatever Stratton Oakmont was, I doubt it had gender-neutral bathrooms. I don’t think they handed out stickers (yes, I got one). But it’s 2019, the wolf is woke, and this production might be as wolfish as we’re going to get.

DPWH sees NEDA board approval for TPLEx extension by first quarter

THE Department of Public Works and Highways (DPWH) said the National Economic Development Authority (NEDA) Board will “most likely” approve by first quarter of 2020 the unsolicited proposal of San Miguel Corp. (SMC) to extend the Tarlac-Pangasinan-La Union Expressway (TPLEx).

“Wino-workout lang. Nasa NEDA na ‘yun. (It’s being worked out at NEDA level) I think soon we should come out (with the approval)… hopefully first quarter next year… Most likely, first quarter next year. Public Works Secretary Mark A. Villar told reporters Sunday in Alabang when asked for an update regarding the proposed project.

Mr. Villar’s department granted in December 2018 original proponent status to SMC following its unsolicited proposal to extend TPLEx.

According to the official website of the DPWH, the proposed project was endorsed to the NEDA’s Investment Coordination Committee in August.

SMC submitted its P23.948-billion unsolicited proposal to the DPWH in February to extend TPLEx from Rosario, La Union to San Juan, La Union.

The 59.4-kilometer extension includes three segments: 18 kilometers from Rosario to Tubao, 23 kilometers from Tubao to Naguilian, and 18.4 kilometers from Naguilian to San Juan.

SMC is also in charge of the original 89.31-kilometer alignment of the TPLEx, which runs from Tarlac City to Rosario, La Union. — Arjay L. Balinbin

Hidilyn Diaz now a SEA Games gold medalist

AN Olympic silver medallist and an Asian Games gold medalist, now Filipino weightlifter Hidilyn Diaz is a Southeast Asian Games gold winner.

Achieved the feat after topping the women’s 55-kg division on Monday, Ms. Diaz, 28, said she is proud of her latest achievement more so that it happened in front of his family, friends and the hometown fans.

“I could not have done this without the support of the people here,” said Ms. Diaz as she was flanked by media and supporters after her gold medal conquest.

“I felt some nervousness but the support of the people inspired me to do well,” she added.

The Rio Olympic silver medallist on her way to the gold lifted 91 kilograms in the snatch and 120 in the clean and jerk for a total of 211, eclipsing the 207 total points she had in the last Asian Games in 2018.

Finishing with the silver was Vietnam’s Thi Thuy Nguyen (197) while Indonesia’s Juliana Klarisa (175) earned bronze.

Ms. Diaz, who had her parents watching on the stands as she went for the gold, said hard work in the lead-up really paid off for her.

“I’m happy that the hard work we put in paid off. A couple of months back I must admit I wasn’t ready because the IWF World Championships just ended but we persevered to get back in top form and now we’re here with the gold,” she said.

Ms. Diaz went on to say that she was happy with the number of people who came to watch the weightlifting event, saying it was encouraging and that hopefully more attention and support be given to the sport.

Now that her SEA Games goal had been achieved, Ms. Diaz returns her focus on being able to qualify for the Tokyo 2020 Games through a number of qualifying events next year. — Michael Angelo S. Murillo

Nomura’s incoming CEO to speed up reform with retail business in focus

TOKYO/HONG KONG — Nomura Holdings, Inc.’s incoming Chief Executive Officer (CEO) Kentaro Okuda said on Tuesday he wanted to speed up the pace of reform at the country’s largest brokerage, which has long struggled to make its mark globally and must deal with a shrinking retail business at home.

A three-decade bank veteran and currently co-chief operating officer, Mr. Okuda, 56, is tasked with remaking Nomura into a firm that can better compete with the hordes of fintech and other non-traditional rivals breaking into financial services. Never realizing its ambition of becoming a global investment bank or even gaining a strong footing after its 2008 disastrous acquisition of Lehman Brothers’ Asian and European businesses, Nomura last year posted its first annual loss in a decade.

In April, it announced $1 billion in cost cuts for its wholesale business, which serves corporations and institutional investors, and said it would shut 20% of domestic retail branches.

“I have a sense of crisis over whether today’s main players in the financial industry can remain so down the road,” Mr. Okuda told a gathering of investors, a day after he was named to succeed CEO Koji Nagai from April.

“I want to speed up our pace of reform, taking it into account the change that is affecting our customers and financial markets,” he said.

Mr. Okuda did not go into details. But a senior company source said the bank was likely to first sharpen its focus on its domestic retail business as that has the potential to be a strong source of revenue generation for the bank in the next few years.

In Nomura’s strategy update to investors in April, Mr. Okuda said the bank needed to overhaul its wholesale business structure and reduce lower growth, lower profitability businesses.

To date, he has been mainly focused on Nomura’s investment banking business, which has been hit by a shrinking fee pool as banks chase fewer deals as well as by new regulations that have increased costs.

While Nomura is expanding into China, with its majority-owned securities joint venture securing regulatory approval last month, boosting revenue from overseas businesses will remain a challenge said the company source, who was not authorized to speak on the matter and declined to identified.

Overseas, Nomura remains a midsized player seeking to compete with much larger and better established US, European and homegrown rivals in those markets. — Reuters

ABS-CBN tops nationwide ratings; GMA Network leads in Urban Luzon

ABS-CBN Corp. said it continued to lead in national television ratings in November, while GMA Network, Inc. said it beat its rival in Urban Luzon and Mega Manila, citing different ratings providers.

Citing data from Kantar Media, the Lopez-led media giant said its nationwide TV audience share stood at 42% in November, versus GMA’s 30%.

Kantar Media used a nationwide panel composed of 2,610 urban and rural homes, which it says represent 100% of the total TV viewing population of the country.

ABS-CBN said its audience share stood at 40% in Metro Manila compared to GMA’s 26%, while in Mega Manila, it had a share of 34% versus GMA’s 31%. In Total Luzon, ABS-CBN recorded an audience share of 38% against its rival’s 32%, while in Total Visayas, it had a share of 52% against GMA’s 23%. In Total Mindanao, it had a 47% share against GMA’s 28%.

On the other hand, GMA said it recorded an average of 33.3% total day people audience share in Urban Luzon last month, against ABS-CBN’s 29.6%, citing Nielsen TV Audience Management. The network said Urban Luzon accounts for 72% of all urban TV viewers in the Philippines.

For Mega Manila (with official data from November 1 to 23), GMA said it posted a 33.9% average total day people audience share, versus its rival’s 27%.

Arts & Culture (12/04/19)

The PPO’s Christmas concert

CELEBRATE the Yuletide season with a concert by the Philippine Philharmonic Orchestra (PPO) on Dec. 20, 8 p.m., at the Main Theater of the Cultural Center of the Philippines (CCP). Guest soloists are percussionist Aimee De la Cruz, child soprano Alexa Kaufman, and clarinetist Franz Jensen Andra. Maestro Herminigildo Ranera leads the PPO. The evening’s program includes two works by Samuel Barber (Adagio for Strings and Die Natali op.36), Carl Maria von Weber’s Concertino for Clarinet and Orchestra, op.26, Cesar Franck’s Panis Angelicus, Felipe De Leon’s “Payapang Daigdig”, Pietro Yon’s “Gesu Bambino,” Darius Milhaud’s Concerto for Percussion and Small Orchestra, and Peter Ilich Tchaikovsky’s Capriccio Italien op.45. Ticket prices range from P400 to P1,500 with discounts available to students, senior citizens and groups. For inquiries, call the CCP Box Office at 8832-3704.

Four exhibits at West Gallery

THE West Gallery will be opening four exhibits tonight at 6 p.m., The shows, which run until Jan. 4, are: To Scale, featuring works by Francis Bejar, Gino Bueza, Don Dalmacio, Neil DC, Nicole Tee, and Marija Vicente; Isabel Santos’ Yes, but Bigger; Carina Santos’ Here as Elsewhere; and Soler Santos’ Raw Material. The gallery is at 48 West Ave., Quezon City. For details call 3411-0336.

BenCab Museum’s last 2019 show

THE BenCab Museum in Baguio caps the year with RE:VIEW 2019, a group exhibition by 45 artists, including young emerging painters and established artists, working in diverse styles from figurative to non-figurative, and showing a wide range of subject matter and techniques. The exhibit will open at the museum’s Gallery Indigo on Dec. 7, and it will be on view until Feb. 2. The massive group show includes works by Antipas Delotavo, Azor Pazcoguin, BenCab, Charlie Co, Elmer Borlongan, Imelda Cajipe Endaya, Justin Nuyda, Kawayan de Guia, Leonard Aguinaldo, Lynyrd Paras, Mark Justiniani, Nona Garcia, Ofelia Gelvezon-Tequi, Plet Bolipata, Renato Habulan, Virgilio Almario, Winner Jumalon, and Yeo Kaa, among many others. The museum is located at 6 Asin Road, Tuba, Metro Baguio.

Experimental 360 Lens exhibit

THE Cultural Center of the Philippines (CCP) closes off the decade with a new media exhibition by Gericho Iniel Cruz. The exhibit, #AngAlamatNgMalikhaingKonsyumer or Ang Alamat ng Malikhaing Konsyumer, opens on Dec. 5, 6 p.m., at the CCP’s Pasilyo Vicente Manansala (2F Hallway Gallery). This three-part show presents 360 degree videos of different aspects of, or “spectacles” at the CCP. Viewers can experience the physical exhibits through a virtual tour using a Google cardboard virtual reality device placed on three church pews at the exhibition area. This is the first time that Cruz will exhibit his work at the CCP, and he conceptualized it to support the ongoing 50th anniversary celebration of the Center. The exhibit will run until Jan. 19. For details, contact the Visual Arts and Museum Division, Production and Exhibition Department at 8832-1125 loc. 1504/1505 and (632) 8832-3702, mobile 0917-6033-809, or e-mail ccp.exhibits@gmail.com.

Ballet Philippines book out

Ballet Philippines marked its 50th anniversary with the launch of the coffee table book, Alice Reyes & Ballet Philippines: A 50-Year Legacy in Dance, a celebration of the ballet company’s rich history and influence on Filipino culture through dance. The book, published under ABS-CBN Books, casts a spotlight upon National Artist for Dance Alice Reyes, who founded Ballet Philippines and is now back as its artistic director. It features seven personal essays that trace Reyes’ legacy. It also chronicles the ballet company with photographs of shows that have been produced since it started out as a summer dance workshop at the Cultural Center of the Philippines five decades ago. It also pays tribute to the ballet company’s former artistic directors. The book will be available soon in leading bookstores. For updates, follow @abscbnpr on Facebook, Twitter, and Instagram or visit www.abs-cbn.com/newsroom.

PRURide PH set for another exciting edition in March in Clark

THE country’s biggest cycling festival — PRURide PH — is set for another exciting staging next year in Clark, Pampanga.

Happening from March 11 to 15, the cycling festival is expected to welcome more than 2,500 cyclists, including 18 local and international professional teams, who will race in 10 categories.

Among the categories on offer are the Virtual PRURide, and PRURide Criterium which feature different races, including fixed gear, road bike, and mountain bike races.

Also to be featured are non-competitive rides, namely, the Gran Fondo, which is perfect for families, beginners and hobbyists; and the Striders Cup, for children aged two to six, who will race using non-pedal bikes.

The event next year will also include the Fun Cycle, a new cycling activity meant for Pru Life UK agents and employees.

Bannering the PRURide PH 2020 is the PRURide UCI 2.2 Stage Races, a three-day race accredited by world governing body Union Cycliste Internationale (UCI), which will allow cyclists to chalk up points to advance to bigger international competitions.

The event will mark the second year that PRURide is included in the UCI World Calendar.

“We are excited to launch PRURide PH 2020 after the success of our first three editions. Since becoming UCI 2.2-accredited in 2019, PRURide PH is expected to grow bigger and become more exciting,” said Pru Life UK Senior Vice President and Chief Customer Marketing Officer Allan Tumbaga at the event’s press launch on Nov. 28.

“It is now a five-day marquee event featuring recurring cycling activities made more thrilling with the addition of new routes in Clark and Tarlac. With these, we aim to offer the best PRURide PH yet to our recreational and professional cyclists from the Philippines and Asia,” he added.

PRURide PH was launched in 2016 and was designed by Pru Life UK to promote cycling as an avenue for leading a healthy lifestyle and a sustainable form of transportation.

Company officials said they are very satisfied with how things have panned out for their thrust and reaffirmed their commitment to it.

To register and know more about PRURide PH 2020, visit https://www.pruride.ph.

Early-bird discounts and limited-edition freebies are also offered to participants who will register on or before Dec. 31 this year. All registered participants will receive a PRURide PH 2020 race kit, while all finishers will be given a finisher medal. Over P2 million worth of cash prizes will also be given away. — Michael Angelo S. Murillo

How PSEi member stocks performed — December 3, 2019

Here’s a quick glance at how PSEi stocks fared on Tuesday, December 3, 2019.

 

Seahawks hold off Vikings, grab share of NFC West lead

LOS ANGELES — Chris Carson and Rashaad Penny combined for 176 rushing yards and totaled three touchdowns as the Seattle Seahawks held on to defeat the visiting Minnesota Vikings 37-30 on Monday night in a key NFC matchup.

Russell Wilson completed 21 of 31 passes for 240 yards and two touchdowns, including a 60-yarder to David Moore late in the third quarter, as the Seahawks (10-2) moved into a tie with the 49ers atop the NFC West. Seattle holds the tiebreaker edge based on a win at San Francisco.

Wilson, who threw one interception, improved to 9-2 in Monday night games.

Carson rushed for a game-high 102 yards and a touchdown on 23 carries. Penny had 74 yards and a score on 15 attempts, and he also caught a touchdown pass.

The Vikings (8-4) fell a game behind the Green Bay Packers in the NFC North. Quarterback Kirk Cousins, who dropped to 0-8 on Monday nights, was 22 of 38 for 276 yards with two touchdowns and one interception.

The key play came with 8:50 remaining in the third quarter and the score tied at 17.

Minnesota’s Dalvin Cook rushed up the middle, but the ball was knocked loose by Seahawks defensive lineman Rasheem Green and recovered by safety Bradley McDougald at the Vikings 26-yard line. Cook, who entered the weekend ranked second in the NFL in all-purpose yards, sustained a shoulder injury on the play and didn’t return.

Shortly thereafter, Jason Myers kicked his second 29-yard field goal of the game to give Seattle its first lead at 20-17.

Cook finished with nine carries for 29 yards and a touchdown. He also logged three receptions for 35 yards.

With Seattle trailing 17-10 at the half, Penny scored on a 1-yard run to tie it on the Seahawks’ first possession of the third quarter.

Wilson hit Moore with the 60-yard TD pass and Penny with a 13-yard scoring strike early in the fourth to extend the lead to 34-17.

Cousins found a wide-open Laquon Treadwell for a 58-yard touchdown pass early in the fourth quarter to make it 34-24. He hit Kyle Rudolph with a 3-yard score to pull the Vikings within four with 7:14 remaining after a Seattle turnover.

Myers kicked a 36-yarder to cap the scoring with 25 seconds left, and the Vikings fumbled the ensuing kickoff to effectively end the game.

Cook capped Minnesota’s first possession of the game with a 2-yard touchdown run. The Seahawks responded with an 8-minute, 1-second drive, with Carson scoring from 1 yard out.

The Vikings took a 14-7 lead on Anthony Harris’ 20-yard interception return in the second quarter. Wilson’s pass was deflected at the line by Minnesota’s Armon Watts. Wilson attempted to spike the ball out of midair, but he ran into two linemen while doing so with the ball going higher into the air and into Harris’ arms. — Reuters

DoE touts new investor-friendly policies for renewables, off-grid areas

THE Department of Energy (DoE) said it expects new policies now in place to encourage investment in renewable-powered facilities serving remote areas.

“Recognizing the need to break barriers to investment, we have put in place additional policies that will dispel fears of potential investors,” according to Energy Undersecretary William B. Fuentebella, who delivered the message of Secretary Alfonso G. Cusi on Tuesday during the DoE’s energy investment forum at the Hilton Manila Hotel in Pasay City.

The forum is the DoE’s annual event to announce investment opportunities in the energy sector.

“In October, we issued the omnibus guidelines governing the award and administration of renewable energy (RE) contracts and the registration of renewable energy developers to harmonize and enhance existing guidelines and procedures governing the transparent and competitive system of registering and awarding RE projects,” Mr. Fuentebella said.

He said the DoE has also come up with “competitive RE zones” to address investor concerns on the availability of transmission lines for power projects.

“Come and invest in our country. We are open for business. We look forward to welcoming you as our partner for development. We have the investment promotion office to guide,” he told the forum’s participants, who included representative of foreign embassies.

The DoE expects demand for power to hit 43,765 megawatts (MW) by 2040. It projects added capacity of 25,265 MW from baseload plants or those that are running continually, and 14,500 MW from mid-merit plants or facilities that can easily be switched on or off.

The department expects Luzon to require 24,385 MW of additional capacity by 2040. The forecasts for the Visayas and Mindanao are 9,180 MW and 10,200 MW.

Based on DoE figures, only 6,239.20 MW in “committed” capacity is expected in the coming years, well below the demand projections. “Indicative” projects or those that have yet to finalize their financing are estimated at 42,507.1 MW.

During the forum, Mr. Fuentebella again talked about the DoE’s policy of being technology agnostic, saying there is no “one-size-fits-all” approach for an ideal energy mix “so both conventional and non-conventional sources must be considered.”

“Developing countries, like the Philippines, will need cost-efficient and reliable energy to meet its economic potential,” he said.

He also called for investment in remote areas where electricity remains unreliable. The administration aspires for 100% electrification by 2022.

“The Philippines’ unique situation of being archipelagic and prone to natural disasters must delve into electrification options that will provide continued electricity service. In the case of off-grid areas, solutions may be the implementation of micro-grid and distributed generation system,” he said.

Mr. Fuentebella said of the country’s 7,641 islands, up to 1,702 potential off-grid sites are available for investors to develop. These sites will potentially serve 2,399,108 households.

Asked to comment, Ma. Theresa C. Capellan, who chairs the Philippine Solar and Storage Energy Alliance, said: “Mas tapos na lahat ng policies ngayon. (The policies are comprehensive). They (will end) the year on a positive note because all the policies which they started three years ago have been executed and published in a circular.”

“In the next three years before the end of the term ni Presidente (Rodrigo R. Duterte) the challenge is for them to implement it,” she said.

Ms. Capellan said challenges remain, including harmonizing the rules issued by the regulator, Energy Regulatory Commission (ERC), and policy maker DoE.

“CSP (competitive selection process), for example. There are four different versions. There is the Senate version, there is the DoE version, there is an ERC version and there is a NEA (National Electrification Administration) version,” she said.

Rufino B. Bomasang, chairman of the Philippine Petroleum Association, said times have changed since the 1990s when power developers had guaranteed buyers. But he said big investors seem to be absent in oil and gas exploration.

“I don’t see much response to the government’s call for exploration. Wala pa akong nakikita major, major oil companies, karamihan locals and small foreign companies (I do not see oil majors. Most of them are locals and small foreign countries),” he said. — Victor V. Saulon

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