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Poyry wins 25-MW biomass construction job in Philippines

North Negros Biopower Inc. (NNBP) has tapped Helsinki-based consulting and engineering company Poyry to design and build a 25 megawatt biomass power plant in Negros Occidental.
In a statement last week, Poyry said it was awarded the engineering, procurement and construction (EPC) contract for the biomass power plant, which will be built on a 300,000 square meter property near Victorias City.
Located in Barangay Sta. Teresa in Manapla municipality, the power plant will be fuelled with sugar cane trash, described as a “residual biomass remaining on the fields after the sugar cane has been harvested.”
Poyry did not disclose the value of the NNBP contract.
“Poyry is very active in the bioenergy sector around the world, but especially in the Philippines. With our deep knowledge of the challenges involved in implementing bioenergy projects, we are excited to be a part of the realization of the NNBP project,” Poyry Senior Vice President, Contracting, Energy Business Group Peter Heinzelmann was quoted as saying in a statement.
NNBP is one of three plants under Negros Island Biomass Holdings, Inc., which was acquired by Ayala-led AC Energy’s unit Presage Corp.
“We are proud that NNBP has seen great value in our unique EPC+ System Methodology, an approach which provides full transparency to the client throughout the project execution and the sharing in any savings from the agreed ceiling price at the close-out of the project. We continue to see great interest in our EPC+ approach as an alternative to the traditional EPC implementation approach, particularly in the bioenergy sector,” Richard Pinnock, president of Poyry’s Energy Business Group, said.
Groundbreaking for the NNBP power plant was held in November 2017. When completed, the plant is expected to generate 185 million kilowatt-hours of electricity per annum
NNBP is a ThomasLloyd SICAV-SIF – Cleantech Infrastructure Fund project. — Cathy Rose A. Garcia

Labor department to check TV stations, ecozones for possible labor violations

The labor department will focus on inspecting economic zones, security agencies and television networks nationwide to check if these companies abide by general labor standards.
In a press statement on Thursday, July 12, the Department of Labor and Employment said “In Administrative Order No. 350, Labor Secretary Silvestre Bello III ordered the formation of a Special Inspection Team composed of 34 newly-appointed Labor Inspection Auditors (LIAs) to conduct inspection in the priority sectors.”
LIA’s are set to inspect television networks first. DoLE added that besides the main operations the priority companies, “their contractors, subsidiaries, and affiliates, including field, provincial, and regional operations offices, will also undergo scrutiny and thorough inspection by the LIAs.”
LIAs will then proceed to inspect economic zones and security agencies in partnership with DoLE Regional Officers. — Gillian M. Cortez

SEC advises against investing in Boss Network

The Securities and Exchange Commission (SEC) warned the public about dealing with Building our Success Stories Network, Inc. (Boss Network), saying that while the group is registered with the commission, it is not licensed to solicit investments from the public.
In an advisory posted to its website Thursday, July 11, the country’s corporate regulator said that Boss Network’s registration only allows it to directly sell goods and merchandise to consumers.
“It must emphasized that the company is NOT authorized to offer, solicit, sell or distribute any investment/securities,” the SEC said, adding that to offer, solicit, sell, or distribute investments or securities require a secondary license, with the securities supposed to be registered with the commission as well.
SEC released the advisory after receiving information that Boss Network was recruiting people into its group through the sale of packages worth P1,500 to P382,500 each. — Arra B. Francia

Taiwanese electronics firm eyes Philippines as manufacturing hub

Taiwan-based firm New Kinpo Group (NKG) is positioning the Philippines as its next main manufacturing hub in Southeast Asia, while preparing its local unit for an initial public offering (IPO) to expand its capacity.
In a statement issued Thursday, July 12, NKG’s Cal-Comp Technology (Philippines), Inc. said it is scheduled to build two new manufacturing facilities in the country, purchase new equipment, and invest in research and development (R&D) for new products.
Cal-Comp Technology expects to fund this expansion through its P6.77-billion IPO recently filed with the Securities and Exchange Commission. The company targets to sell up to 378.07 million shares to the public before year-end.
The aggressive expansion in the country forms part of NKG’s plan to shift its production capabilities to the Philippines from China.
“China will move towards higher level R&D, so its manufacturing component will slowly be transitioned to the Philippines. This IPO will allow us to raise the funds needed to support the said transition and help the Philippines enhance its manufacturing and R&D strengths,” NKG Chief Executive Officer Simon Shen was quoted as saying in a statement. — Arra B. Francia

Former Tourism chief may face graft charges over PTV ad deal

The Commission on Audit flagged a possible “conflict of interest” among the Tulfo siblings over the P120-million Memorandum of Agreement (MoA) between the Department of Tourism (DoT) and PTV.
The CoA report also cited this may be ground to file graft charges against former Tourism secretary Wanda Corazon Tulfo-Teo.
“Considering that the DoT secretary and the producer of Kilos Pronto are siblings, there is a possible conflict of interest which may be a violation of Section 3(e) of the Anti-Graft and Corrupt Practices Act,” CoA stated.
The DoT signed a deal with PTV in March 2017 to broadcast the agency’s media campaign for one year. The MoA stated in detail the ad placement, which includes 6-minute DoT segments aired during the Kilos Pronto program three times a week and a 3 minute or 6 30-second DoT spots within the program from Monday to Friday.
Sought for comment, Ferdinand S. Topacio, legal counsel of Ms. Teo, said the CoA report is “merely preliminary and inconclusive as far as the criminal liability of my client is concerned.”
“There is as as yet not even one criminal complaint against former Secretary Teo, and therefore it is not only premature but unseemly for CoA to be making such pronouncements,” Mr. Topacio told BusinessWorld in a text message, Thursday. — Charmaine A. Tadalan

BI issues new travel cards for international passengers

The Bureau of Immigration (BI) announced on Thursday, July 12, in a statement it has started issuing new arrival and departure cards for international passengers at the Ninoy Aquino International Airport (NAIA).
BI officer-in-charge Deputy Commissioner Marc Red Mariñas was cited in the statement as saying “the old arrival and departure card (were) phased out due to observations that it did not provide sufficient information about a traveler who enters or leaves the country.”
He disclosed: “[T]he distribution of the new travel cards to the different airlines commenced last July 1.” — Dane Angelo M. Enerio

GSIS extends deadline for old pensioners to reactivate their status

The Government Service Insurance System (GSIS) has extended its deadline for its old pensioners to comply with the Annual Pensioners’ Information Revalidation (APIR) requirement.
In a statement late Wednesday, July 11, the state pension fund said it has pushed back its deadline of its APIR program from end-June to July 31.
Under the APIR program, GSIS obliges its surviving pensioners to confirm if they are still alive for the continuous receipt of their pension. — Karl Angelo N. Vidal

China Bank raises P10.25 billion from LTNCD issuance

China Banking Corp. (China Bank) raised P10.25 billion from its long-term negotiable certificates of deposit (LTNCD), which it wants to use to stabilize its cost of funding and help expand its business.
At the ceremonial listing of the investment instruments on Thursday, July 12, at the Philippine Dealing System (PDS) in Makati City, the Sy-led lender said it raised P10.25 billion from the peso-denominated issue.
The notes will mature in 5.5 years and carry an interest rate of 4.55% to be paid quarterly until January 12, 2024.
The LTNCD issuance, the largest in the banking industry in 2018 to date, was twice oversubscribed, prompting China Bank to upsize the offer to P10.25 billion from the initial size of P5 billion.
The issuance is the first tranche of China Bank’s P20-billion LTNCD program approved by the central bank. — Karl Angelo N. Vidal

Experience luxury and comfort at The Manor and The Forest Lodge

With its luxury log cabin architectural design and unsurpassed hospitality, The Manor and The Forest Lodge offers exceptional and memorable stay in the country’s summer capital, Baguio City. This lean season, the two premier hotels present generous offerings every individual and group travelers can enjoy.
Located in the lush greens of Camp John Hay, The Manor is the perfect place to bond with the family, meet friends or discuss business with colleagues while savoring the verdant and soothing environment of the mountain town. Its four-story structure was designed to blend seamlessly with towering pine trees and the majestic view Cordillera Mountain.
Known not just for its impressive architecture but also for its classy interior as well, The Manor hosts 170 rooms, all equipped with modern amenities such as Wi-Fi internet access, cable television, IDD or NDD phone system, a fully stocked refrigerator, hot and cold shower, electronic in-room safe and coffee and tea making machine.
The Manor continues to set world standards for first-class hospitality since it opened its doors for business and pleasure.
Guests can savor the next-level dining experience at Le Chef, located on the hotel’s ground floor, that serves a wide range of local and international dishes and fine wines. Beside the restaurant is the Le Chef Delicatessen that offers freshly baked breads and pastries, light snacks, as well as a variety of cheeses and sausages.
For guests who simply want to enjoy fine music while sipping their favorite cocktails, they can find comfort in a cozy sitting lounge beside the fireplace at the hotel’s lobby, The Piano Bar.
A unique alfresco dining can be also enjoyed at The Greenhouse, the latest addition to the
Manor, where diners can savor delectable dishes while indulging the in the cool Baguio breeze.
The best accommodations, services and luxurious amenities by The Manor can now be availed at lower rates. From June 16 to October 15, except during holidays and long weekend holidays, the following rates apply: P3,975 for Superior Room, P4,200 for Deluxe room, P5,500 for One Bedroom Suite, and P10,250 for Two Bedroom Suite, all with a forest view.
For rooms with garden view, the rates are slightly higher at P4,200 for Superior Room, P4,375 for Deluxe Room, P5,650 for One Bedroom Suite, and P10,500 for Two Bedroom Suite.
Of all the changes and towering developments in the city, the hotel promises to offer the old-world charm of Baguio. According to Ramon C. Cabrera, The Manor general manager, the management is doing its best to deliver new offerings but at the same time preserve the character and outstanding services of the hotel.
“What we want to preserve is the service and quality of facilities that we have. Although the hotel is 17 years old already, we try to preserve that and keep that character,” Mr. Cabrera said. “Rather than worry about the upcoming competitions, we try to polish what we have, take advantage of what we have.”
Meanwhile, for individual and group travelers who are looking for a more budget-friendly
accommodation, The Forest Lodge would be a great choice. The hotel has the same vibe as The Manor, and is located within the vicinity of Camp John Hay.
True to its promise of providing the best deal in Baguio, room rates at The Forest Lodge start at P2,350 per night, valid from June 17 to October 15.
For companies in search of an affordable meeting or conference setting amidst the splendor of nature and the cool pine breeze of Baguio City, The Forest Lodge offers a special business promo called “Kompakt Meetings,” where participants would have the chance to stay at the hotel for three days and two nights for only P4,800 per person in a Superior Room on a twin sharing basis. The deal also includes one morning and one afternoon snack, two buffet breakfasts, one buffet lunch and two buffet dinners.
“Both hotels are doing well. We’re achieving over 80% occupancy over the year,” Mr. Cabrera said.
For details and bookings at The Manor, call: Baguio (074) 424-0931 to 47/50-53; Baguio hotline: (02) 584-4911, 584-4892. Email: reservations@campjohnhay.ph; sales@campjohnhay.ph or visit www.campjohnhay.ph. For reservations at The Forest Lodge, please call (074) 4222075 or its Manila Sales Office at (02) 678-6710, 687-0351 and 687-6524, or email: theforestlodge@campjohnhayhotels.ph.

Perisic hails ‘dream’ goal as Croatia reach final

Moscow, Russia — Ivan Perisic said his equalizer that helped Croatia come from behind to beat England 2-1 after extra time and reach the World Cup final was a goal that “he could only dream of” as a child.
The Inter Milan winger poked home a cross from Sime Vrsaljko to haul Croatia level midway through the second half having fallen behind to an early Kieran Trippier free-kick.
Mario Mandzukic completed the turnaround around with the winner on 109 minutes to send his country through to Sunday’s final against France.
“It was a very difficult game. We all know what was at stake and how important a semi-final is for a small country like Croatia,” said Perisic.
“We started slowly, but we showed our character just as in the previous two knockout games when we were a goal down. We didn’t use to be that resilient.”
With a population of just over four million, Croatia is the smallest nation to reach the final match of a World Cup since Uruguay lifted the title in 1950.
“I would like to thank everyone who came to support us in Moscow and everyone back home in Croatia who are sending their incredible support to us.”
The 29-year-old Perisic recalled watching Croatia’s last semi-final appearance in 1998, a game won 2-1 by eventual champions France.
“I was back in my hometown. I rooted for Croatia wearing the Croatian jersey,” said Perisic, who came through the youth teams in France with Sochaux.
“I could only dream to play for my country and to score one of the most important goals.” — AFP

Pfizer reverses some drug price hikes in US after Trump tweet

New York — Pfizer has reversed price increases on some drugs following White House pressure and the US drugmaker on Wednesday pledged to decide soon whether to sell its consumer drugs business.
A day after President Donald Trump threatened action on drug prices, and said on Twitter drug companies should be “ashamed” for boosting costs, the pharmaceutical giant said it would reverse price increases that took effect July 1.
In a news release late Tuesday, Pfizer said drug prices would return to their levels of prior to July 1 and would stay at that price until the end of the year, or until Trump enacts a “blueprint” on drug prices.
“Pfizer shares the President’s concern for patients and commitment to providing affordable access to the medicines they need,” Pfizer chief Ian Read said.
A Pfizer spokeswoman said the price hikes that have now been reversed affected about 40 medicines and included a number of instances in which prices were dropped.
The changes were in the “low single digits” and in some cases would not have affected the prices consumers pay because of rebates, the spokeswoman added.
The Trump administration in May outlined a plan for lower drug prices but critics have said it does not go far enough.
Share prices of leading pharma companies rose the day the plan was announced, suggesting investors did not view the changes as a significant worry to industry profits.
Pfizer’s stock price dipped 0.4 percent to $37.26 in afternoon trading on Wednesday, while other leading drugmakers including Merck and Bristol-Myers Squibb were off by similar amounts.
Pfizer also announced Wednesday it would reorganize the company into three divisions instead of two: innovative medicines, established medicines for legacy and generic products, and consumer healthcare, which will include over-the-counter drugs.
Pfizer said in October it was considering a possible sale or spin-off of the consumer healthcare business but some news reports have chronicled difficulties completing a deal.
Pfizer said it was expected to make a decision on the consumer healthcare business this year, reiterating a timeframe it had previously laid out. — AFP

US stocks decline as oil tumbles, dollar rallies

US stocks fell as crude plunged the most in two years and the dollar spiked higher amid renewed tensions over trade and geopolitics.
The S&P 500 dropped the most in two weeks, as energy and material producers tumbled at least 2 percent on renewed angst that the Trump administration’s trade stance will damp demand for commodities. Oil’s retreat took West Texas crude toward $70 a barrel, while metals and crop futures also slid. Caterpillar Inc. and Chevron Corp. led losses in the Dow Jones Industrial Average, and emerging-market equities fell the most since the end of June.
The dollar saw the biggest rise in a month, while the Japanese yen and Chinese offshore yuan dropped. Ten-year Treasury yields fell for the second day in a row.
“We impose tariffs last night after the close and markets across the world are just wrecked,” George Maris, Janus Henderson’s co-head of equities, said in an interview at Bloomberg’s New York headquarters. “Over the prior three days we just had quiet and markets just were green across the board. This is right now the critical issue confronting markets.”
The newest salvo in the trade war shattered the momentary calm in the markets that had allowed investors to turn their focus to earnings and growth in the economy and sent the S&P 500 to the highest close since February. Investors continue to be caught in a push and pull between corporate results, which begin to pile in this week, and the growing specter of the trade war. — Bloomberg

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