Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 11231

SMDC prepares to build its first condominium project in Davao City

DAVAO CITY — SM Development Corp. (SMDC), the real property arm of the Henry Sy group, has started preparations for the construction of its first condominium project in the city.
Clarinda Luna-Magtulis, SMDC vice-president for marketing, said they are planning to build a residential complex of about 3,700 units, designed similar to their other “communities that are self-contained.” The project will be located within the 10-hectare SM Lanang Premier development.
“People here know city living but without losing the touch of being more relaxed,” Ms. Magtulis told BusinessWorld in an interview after the launching of their showroom last week.
Based on SMDC’s experience from other residential projects, Ms. Magtulis said the developments are usually taken up in three years. “By that time, the units are turned over to their owners immediately,” she added.
Aside from the local market, SMDC is also banking on its clientele from its Metro Manila developments since “these people might be the first to buy in this project,” Ms. Magtulis said.
SMDC, which also has a horizontal project in Pampanga and a condominium project in Bulacan, is already planning to venture in other parts of the country, including Mindanao.
“We have definite plans for other areas, but we are just waiting for the right time,” said Ms. Magtulis.
She added the company will also gauge the Mindanao market based on the reception towards the Davao project, which would mainly target middle-income buyers who are either end-users or investment purchasers.
Ms. Magtulis said when the company was just starting 12 years ago, most of the buyers were end-users, but the ratio has now become 50:50 with those who purchase for an investment.
SMDC has so far built about 30 projects and sold about 85,000 units, of which 50,000 have been turned over to the buyers. — Carmelito Q. Francisco

Fixed exchange rate ‘dangerous’ for PHL economy, BSP chief says

By Melissa Luz T. Lopez, Senior Reporter
THE BANGKO SENTRAL ng Pilipinas (BSP) will not opt to set a fixed exchange rate for the peso, with its chief calling it a “dangerous” move for the economy.
BSP Governor Nestor A. Espenilla, Jr. said the central bank remains confident that keeping a market-determined exchange rate would shield domestic players from any external shocks, or else run the risk of depleting the country’s dollar reserves just to defend the peso at a certain level.
“Part of our protection and making the economy resilient is deliberately, we are keeping our exchange rate, our peso flexibly determined by the market,” Mr. Espenilla said in a recent speech.
“Some would yearn for the day that we’d like the peso to be fixed — if we say P50, it’s always P50. But that’s a very dangerous path for a small open economy like the Philippines that is constantly being tossed and buffeted by the heavy winds of global developments.”
The peso has been trading above the P53 level against the greenback over the past few weeks, worsened by negative market sentiment towards emerging markets like the Philippines following the Turkish lira’s crisis. Turbulent relations between the United States and China — the world’s biggest economies — are likewise driving currency fluctuations.
The peso averaged P52.1623 versus the dollar from January-July, according to latest central bank data.
This compares to the government’s projection of a P50-53 peso value against the greenback this year. The peso has been described as among the worst performers in the region, having depreciated by around 6.5% so far this year.
“If we commit to something stubbornly against very strong pressures, then we will end up losing our reserves. We’ll end up borrowing more to protect a certain lifestyle,” Mr. Espenilla said.
The country’s gross international reserves slipped to $76.892 billion in July, the lowest level seen in six years as the government settled its foreign debt and as the BSP used the pile to temper sharp swings in the daily peso-dollar rate.
The BSP has been employing a “tactical” approach in managing currency swings in order to control abrupt or steep changes during trading.
“For example for businesses, if exchange rate is guaranteed, they will borrow and borrow abroad because interest rates seem to be low and that creates a path of over-indebtedness. For imports, we want to consume imported because it looks very cheap but in the end it creates deficits,” the BSP governor said.
To add, the BSP chief said exporters will also face problems expanding their operations at a fixed exchange rate regime, as they will not be able to adjust to shifting prices.
“For many good reasons, we allow the peso to move in flexible manner. And that is one of the reasons why we continue to be in stable and resilient position today,” Mr. Espenilla added.
The peso ended Monday’s trading at P53.38 per dollar, stronger than the P53.425 finish last Friday.

The music is fun in Gee Gee at Waterina


By Nickky F. P de Guzman, Reporter
THE music is queen in Gee Gee at Waterina, ang Musikal. The 11 songs, composed by Jesse Lucas, aid in the storytelling and add to the visual spectacle of the one-act play on stage.
The songs are fun and flamboyant. Upbeat songs like “Kon-si-hala,” “True Confession,” and “BFF” elicited giggles from the audience on the night that BusinessWorld watched, while melancholy songs like “Minsan Siyang Naging Akin” and “Huling Habilin” moved the audience as the leads remembered their past and shared their anxieties for the future, but without spoiling the general fun of the entire production. After all, the song and dance numbers feature an all-male ensemble who don skimpy shorts as macho dancers in one scene and then quickly change into ballgowns and blonde wigs for another scene.
Gee Gee at Waterina, ang Musikal is based on real people. Walter Dempster, Jr., better known as Waterina, had been coerced into sex servitude during the Japanese occupation (the late Comedy King Dolphy portrayed his life in the 2000 movie Markova: Comfort Gay), and much later in life Waterina he found himself living in Golden Gays, a retirement home which Pasay councilor Justo C. Justo, a.k.a. Gee Gee, put up for aging homosexual men who had no family able, or willing, to care for them.
Written by Jose Dennis Teodisio, the musical is about the two gay friends who receive a check from Dolphy as payment letting him tell their story in his movie, which was shown in the Metro Manila Film Festival. The bulk of the story revolves around Waterina’s two apprehensions: one, if the moviegoers would learn something from the movie based on his life, and, two, what to do with the paycheck.
Veteran stage actor Roeder B. Camañag is no stranger to the character of Waterina — he has played the character before and has perfected his portrayal of Waterina’s emotions, his qualms and desires, and his happiness and dreams. During the Aug. 17 performance at Arts Above Quezon City, I was made to believe that he was the real-life Waterina.
Norman Peñaflorida, meanwhile, plays Gee Gee, the gay politician who sang the funny song, “Kon-si-hala,” which literally means councilor — but with his emphasis on the last two syllables “hala,” which means to flirt, the sense of the song took a different connotation.
The play opens with Waterina, wearing an floral orange wrap-dress, looking at the mirror, admiring himself, and confirming that he is, indeed, maganda (beautiful). He is singing at the Golden Gays’ rooftop and then something downstairs catches his interest: a young man. He calls to him to come up but is ignored. After some time, Gee Gee, wearing orange jeans and a tank top, joins Waterina on the roof.
Waterina says he’ll give his money to his greatest love and the two go on to sing “Tru Lab” and reminisce about Waterina’s past lovers. To illustrate the song, one by one the ensemble members appear as: a sexy dancer, a tricycle driver, a priest, a plumber, and, lastly, an apron-clad guy whose penis (a prop) dangles in the open. Waterina’s greatest love apparently was Jumbo, who was the town’s kubrador (bet collector).
Because the musical revolves around two flamboyant gays, the jokes are the usual gay tropes we hear in comedy bars and TV shows. When discussing what happened to him during the war, Waterina describes the Japanese soldiers as sakang (bow legged), saying that if the sakang had just told him they wanted sex, he would have agreed anyway — they did not need to rape him. This is the sort of gay joke the play uses which appear funny at first, but there’s really nothing humorous about it.
Before the musical ends, Gee Gee asks his friend if he ever regretted that he chose to live as a flamboyant gay. Waterina says no and the two sing “Out and Proud” and “So What? So What!” and then the whole cast appears on stage in full make up, wigs, glittered gowns, and sky-high heels.
The one-act play closes as it opened. Waterina again sees the young man — now accompanied with another young man. Gee Gee and Waterina — giggling and giddy — call to them to come up to the roof and join them.
Gee Gee at Waterina has performances at Arts Above, West Ave., Quezon City on Aug. 25 and 26, 7 p.m. For tickets go to www.ticketworld.com.ph.
READ: Gee Gee at Waterina: More than a gay story http://www.bworldonline.com/gee-gee-at-waterina-more-than-a-gay-story/

Meralco seeks to raise power generation cost

MANILA ELECTRIC CO. has a legislative franchise to distribute electricity in the cities and municipalities of Metro Manila, Bulacan, Cavite and Rizal, and certain areas in Batangas, Laguna, Quezon and Pampanga.

MANILA ELECTRIC CO. (Meralco) is asking the Energy Regulatory Commission (ERC) for provisional authority to adjust the price of electricity in its power supply agreement (PSA) with a plant in Pagbilao after the tax reform law raised the excise tax on coal.
The rate hike application, jointly filed by Meralco and Therma Luzon, Inc., sought an increase in the power generation cost to P0.0187 per kilowatt-hour (kWh) this year, P0.0425/kWh in 2019, and P0.0667/kWh in 2020 and beyond, should the extension of their PSA is approved.
Republic Act No. 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN) Law raised the excise tax on domestic and imported coal starting on Jan. 1, 2018.
“Among other things, the TRAIN Law increased the excise tax on coal from P10.00/metric ton to P50.00/metric ton, effective January 1, 2018. This tax is to increase year-on-year, up to P150.00/metric ton for coal, effective January 1, 2020,” their joint application said.
Ahead of the ERC hearing on the application in September, the companies are asking for provisional authority to adjust the terms of their PSA, and for Meralco to start collecting the rate increase from its customers. The generation cost is collected by Meralco from its customers. It is then remitted to the power generation company.
Aside from the power plant’s generation cost, Meralco is also asking for its own captive generation cost at P0.0013/kWh for 2018, P0.0030/kWh for 2019 and P0.0047/kWh for 2020.
“It bears emphasis that in its Decision dated 17 December 2012, the Honorable Commission recognized the pass-through nature of fuel costs, which include the excise tax on coal,” the companies said.
Meralco said the increase in the excise tax for coal is a mandatory imposition of the TRAIN Law and will have to be included in the monthly fees chargeable to and payable by the distribution utility and consequently recoverable from its customers.
Meralco and Therma Luzon secured ERC approval for their PSA in 2012 for 350 megawatts (MW). They have a pending application to extend the contract when it ends next year. The extended contract from Dec. 26, 2019 to Dec. 25, 2022 is also sought to factor in the higher excise tax on coal.
Meralco has a legislative franchise to distribute electricity in the cities and municipalities of Metro Manila, Bulacan, Cavite and Rizal, and certain areas in Batangas, Laguna, Quezon and Pampanga. It is authorized to charge its customers for their electricity consumption at the rates approved by the ERC.
Therma Luzon is the independent power producer administrator that manages and controls the contracted capacity of the 700-MW coal-fired power generating facility in Pagbilao, Quezon. — Victor V. Saulon

Peso to weaken on Fed

THE PESO may decline this week on likely hawkish US Federal Reserve minutes.

THE PESO is seen to weaken against the dollar for the rest of the week as investors expect the minutes of the latest meeting of the US Federal Reserve to support further monetary policy tightening.
The local currency ended Monday’s session at P53.38 versus the greenback, 4.5 centavos stronger than the P53.425-per-dollar finish on Friday.
Land Bank of the Philippines market economist Guian Angelo S. Dumalagan said the peso might give up some of its gains as the market reopens on Wednesday due to likely hawkish minutes from the July 31-Aug. 1 Fed meeting.
“The dollar’s uptrend might continue until Thursday, as the minutes of the latest US monetary policy meeting may once again affirm views of more US rate hikes this year,” Mr. Dumalagan said in an e-mail.
The US central bank’s Federal Open Market Committee opted to leave policy rates unchanged at its last meeting. However, the Fed is widely expected to tighten its benchmark rates at its next meeting next month.
The possible recovery in US existing home sales, Mr. Dumalagan said, could further reinforce the possible hawkish tone of the Fed which will lead to the dollar’s uptick.
However, he added the dollar might move sideways with a downward bias amid positive policy meeting accounts of the European Central Bank (ECB) as well as mixed US and European economic data
“The latest policy meeting accounts may once again reiterate the ECB’s plan to end its bond buying program this year and hike its policy rates by mid-2019,” Mr. Dumalagan noted.
Meanwhile, a foreign exchange trader said the peso will likely move sideways for the rest of the week should the risk appetite among investors remain elevated due to subdued geopolitical tensions.
“The peso might trade the same way. If there’s a shift to a risk-off sentiment due to geopolitical risks, we might see the dollar-peso trading near P53.40-P53.50,” the trader said in a phone interview on Monday.
The trader added that investors are looking at the low-level talks between the United States and China later this week as well as the trade tensions between US and Russia.
China-US talks would take place in Washington on Aug. 21-22, reports suggested, just before US tariffs on Chinese exports and Beijing’s tit-for-tat action are due to take effect.
For the week, Mr. Dumalagan expects the peso to trade between P52.80 and P53.60 versus the dollar, while the trader gave a P53.30-P53.45 range. — Karl Angelo N. Vidal

Filipino film centennial marked

TO COMMEMORATE the centennial of Filipino films, the Filipinas Heritage Library has partnered with Samsung Electronics Philippines to present Hidden Cinema: The Virtual Experience of Philippine Cinema’s Centenary. The exhibit showcases the country’s rich yet unfamiliar movie heritage. “The Hidden Cinema reveals an exciting dimension in our art history. It offers refreshing perspectives and an alternative experience to mainstream movies,” said Jun Guevarra, Samsung Product Marketing Head for AV/TV in a press release. The event puts the spotlight on genres such as the short film, documentary, and propaganda. Samsung TVs take center stage in the exhibit. Curated by Nick Deocampo, the exhibit also coincides with the celebrated film artist, historian, and professor’s 35th year as a documentarist. Hidden Cinema is on view until Sept. 9 at the Ayala Museum in Makati. For details, visit the Ayala Museum’s official website and Facebook page.

Acudeen to list tokens on bitcoin exchange

FINTECH FIRM Acudeen Technologies Pte. Ltd. will be listing its tokens at the BTCEXA exchange this Friday, the first of exchange listings it looks to conduct in the following months.
In a statement issued Tuesday, the Filipino-led start-up based in Singapore said it will list its ACU tokens which serve as the native utility token for Acudeen’s blockchain network for movable assets, AssetChain Platform.
The company last May conducted a public sale of its ACU tokens at $1 per 100 coins in a bid to raise $35 million to finance its expansion in the Southeast Asian region.
The BTCEXA exchange is a digital asset trading platform that was launched last July, and is an accredited member of the Exchange Alliance. The platform features a clearing system that ensures all transactions are secured and encrypted.
Acudeen said the listing will serve as the “catalyst to create a regional ecosystem that invoice sellers and funders can fully trust and rely on.” It is also working with development partners at IBM Singapore to deliver more products by the third quarter of 2019.
Founded in 2016, the financial technology firm has so far facilitated more than $6 million worth of invoice receivable transactions in less than two years. The company’s goal is to address the US dollar credit gap for micro, small and medium enterprises (MSMEs) in Southeast Asia by providing a marketplace that will allow them to list, sell, and liquidate their pending invoices.
With this, MSMEs can invite investors to purchase their invoices ahead of maturity date.
Acudeen has recently expanded to Myanmar under the KyoPay brand with its joint venture partner Anthem Asia. It looks to further expand to Vietnam and Indonesia within the year.
The company has since integrated blockchain capabilities into its current model to further serve the needs of the global market, making use of blockhain-based ledger database Stellar, which facilitates transactions while charging minimal fees.
“This means that movable assets such as inventory, trademark, warehouse receipts, physical products and the like-not just invoices, upon completion of the whole blockchain network development, can now be listed and sold on the Acudeen Platform,” the company said. — Arra B. Francia

Reserve Bank of Australia lends stability amid turmoil

SYDNEY — Australia’s central bank is seeking to be “a source of stability and confidence” by keeping rates at record lows as the future of Prime Minister Malcolm Turnbull was put in doubt by a leadership spill and sliding voter support.
The Reserve Bank of Australia (RBA) Board agreed the next move in the cash rate would more likely be an increase, Tuesday’s minutes of its Aug. 7 policy meeting showed.
But the RBA stressed that keeping rates at 1.50% would help reduce the jobless rate and lift wage growth over time.
“Since progress on unemployment and inflation was likely to be gradual, (members) agreed there was no strong case for a near-term adjustment in monetary policy,” the minutes stated.
“Rather, members assessed it would be appropriate to hold the cash rate steady and for the Bank to be a source of stability and confidence while this progress unfolds.”
The RBA generally sounded more upbeat about the economy, citing recent strength in the labor market and strong business confidence.
A source of stability is greatly needed as growing political uncertainty takes its toll. A gauge of consumer confidence fell sharply for a third straight week, with falls across all sub-indices.
“The decline…may reflect the impact of the messy political debate locally and the associated slump in support for the current Turnbull government,” said ANZ Head of Australian Economics David Plank.
Turnbull survived a leadership challenge by Home Affairs Minister Peter Dutton on Tuesday morning but the narrow margin of the win has sparked speculation about his future. Turnbull must return to the polls by May 2019 and could break the impasse by calling an early election.
No Australian prime minister has completed a full three-year term in the past decade.
“This type of political instability impacts business investment decisions and in turn hiring decisions. And that then has an impact on consumption,” said Greg McKenna, market strategist at AxiTrader.
“If this intensifies, if it becomes real, then it will definitely weigh.”
DROUGHT A DANGER
The RBA last cut rates to 1.5% in August 2016, notching up the longest period without a change in modern history. Financial markets are wagering this steady period could extend into 2020.
The bank spent some time discussing the effects of a severe drought that has stricken vast tracts of grazing and crop land in eastern Australia, the country’s main food bowl.
“Members noted that the probability of an El Nino event, which would typically be associated with low rainfall in eastern Australia, had increased over 2018, implying downside risks to the forecasts for farm output and exports,” it said.
Droughts are not uncommon in Australia, with one every eight to nine years, according to a research by the Commonwealth Bank of Australia.
Farming produces about 2% of Australia’s A$1.8 trillion gross domestic product and economists generally expect a 0.2-0.5 percentage point hit to growth from a drop in farm output.
“While the impact can be significant, falls in farm output have never been large enough to derail an economy traveling at a decent pace,” CBA chief economist Michael Blythe said in the note. — Reuters

PSE index to consolidate as market looks for leads

By Arra B. Francia, Reporter
THE MAIN INDEX is seen to continue consolidating in the week ahead as investors look for catalysts that could sustain an upward trend in the long run.
The 30-company Philippine Stock Exchange index (PSEi) slumped 1.09% or 82.99 points to close at 7,500.53 on Monday, bucking the positive performance of international markets as investors decided to take profit ahead of trading break due to the Islam holiday Eid’l Adha on Tuesday.
Net foreign outflows persisted for the seventh straight day, amounting to P670 million on Monday, albeit lower than the previous session’s P900.63 million in net sales. Value turnover was also flat at P5.40 billion.
In contrast, markets overseas logged gains as they looked to the upcoming negotiations between United States President Donald J. Trump and Chinese President Xi Jinping to iron out trade tensions this week.
Analysts expect the local bourse to continue trading sideways in the coming days, given the lack of catalysts and the need for the government to institute reforms that would place them on track to reach economic targets.
“The market will continue to be on consolidation. The index will be hovering around 7,400 to 7,600, I think that will go on for until the early part of October because the market seems to be illiquid starting from the month of August to October,” Diversified Securities, Inc. trader Aniceto K. Pangan said in a phone interview on Monday.
“It’s illiquid until probably the much needed reforms and inflationary pressures have been reined upon to the tune of the government’s target of 2-4%, then the market can sustain going up,” Mr. Pangan added.
Online brokerage 2TradeAsia.com also noted the private sector’s contribution to help contain inflation.
“Effective supply chain management, production efficiencies are considered important elements to keep goods/service prices in check. Purchase order renegotiations might be in store, & financing arrangements may be re-tooled, to ensure working capital needs are supported,” the company said in a weekly market note.
“Unless the private sector fulfils its part on these items, pressure might run high on monetary authorities to re-check on policies (again and again),” it added.
The online brokerage added companies must follow through on their employment initiatives, as more projects are rolled out in key provincial sites.
“Expediting the [infrastructure] drive should be supported by labor measures attuned to project-based undertakings, especially if the gestation to complete is long-term,” 2TradeAsia.com said.
Regina Capital Development Corp. Managing Director Luis A. Limlingan said the PSEi’s 7,500 support level remains intact, noting in a mobile message that there may be “a possible drive come Wednesday from the returning participants.”

How much have average wages risen among economic sectors?

How much have average wages risen among economic sectors?

DoF projects P61.3B in collections from higher sin taxes in 2020

THE DEPARTMENT of Finance (DoF) said that the government may raise an additional P61.3 billion worth of revenue in the second round of increased “sin” taxes proposed under its comprehensive tax reform program.
“For 2020, estimated revenues from cigarettes and alcohol are P61.3 billion, and by 2021, P77.6 billion and increasing for the future,” Finance Assistant Secretary Antonio Joselito G. Lambino II told reporters last week.
Higher excise tax rates for alcohol and tobacco products are part of the government’s comprehensive tax reform package under “Package 2+.”
The DoF seeks to gradually raise excise tax rates for alcohol and tobacco beginning 2020 and until 2023, according to Mr. Lambino.
The DoF proposes to increase the ad valorem tax on distilled spirits to 25% from the current 20%, and increase its specific tax to P40 per proof liter in 2020 from the current P20 per proof liter, and hiking it gradually until P55 by 2023.
For sparkling wine selling for less than P500, the DoF proposed to raise the excise tax to P334.59 per 750 ml bottle in 2020, from P250 currently, further increasing annually to P445.33 by 2023
Sparkling wine selling for P500 or above meanwhile will be taxed P936.92 per 750 ml., with annual increases bringing it to P1,247 by 2023, from P700 currently.
Still and carbonated wines below 14% alcohol content will carry an excise tax of P40.15 in 2020, rising to P53.45 by 2023, from P30 currently.
Wines above 14% but below 25% alcohol content on the other hand will be taxed P80.31 in 2020, and rising to P106.89 by 2023, from P60 currently.
Still and carbonated wines with alcohol content above 25% meanwhile will be taxed at the same rate as distilled spirits.
The DoF also wants a wants a P40 excise tax per liter on fermented liquors in 2020, rising to P55 in 2023, from P23.5 per liter currently.
For tobacco products, the DoF said it will support Senator Emmanuel D. Pacquiao’s bill that seeks to increase the excise tax to P60 per pack from P35 currently, along with an annual increase of 9%, from the current 4% increase in excise tax per year.
Under the Tax Reform for Acceleration and Inclusion law, the tobacco excise tax will rise to P40 per pack by 2022.
The DoF earlier reported that taxes collected from tobacco and alcohol products hit P112.46 billion in the first six months of the year, up 41.38% from a year earlier and beating the P77.54 billion target by 45.03%.
The tax package also includes the comprehensive mining reform act that will harmonize the mining sector’s fiscal regime, while imposing royalties on all mining operations. — Elijah Joseph C. Tubayan

More airport dev’t needed after NAIA closure

THE Department of Transportation (DoTr) said the disruption to air travel caused by the airport closure caused by the botched landing of a XiamenAir jet last week highlights the need to develop alternative gateways and upgrade systems at existing airports.
The department said in a statement on Tuesday that it is “aggressively pushing for the implementation of the DoTr aviation roadmap,” which calls for the improvement of current airports, the construction of new primary gateways such as Bulacan or Sangley, the development of provincial airports and upgrades to air traffic control and management systems.
The jet’s hard landing and off-runway excursion at the Ninoy Aquino International Airport (NAIA) also brings up the need to review airline service arrangements with their passengers and coordination with the authorities in the event of emergencies, it said.
“[T]he Xiamen incident is an eye opener — a reminder for us to revisit the Air Passengers Bill of Rights (APBR), review the intervention protocols between the airlines and the airport authorities, recast our equipment inventory, enhance the training modules we do at the airport in cases of emergencies,” it added.
Late Thursday night, the Xiamen Airlines aircraft skidded off the tarmac on landing and shut down NAIA runway 06/24 until midday Saturday. Thousands of passengers were stranded at the airport due to multiple flight delays and cancellations after difficulties in extracting the aircraft.
In an interview on ABS-CBN News Channel, Manila International Airport Authority (MIAA) General Manager Ed V. Monreal said the initial estimate of expenses directly incurred during the operation to hoist the XiamenAir aircraft were about P15 million.
“Right now, we have calculated cost of damages to be in the range of P15 million. It only covers the rental for the crane, manpower and use of our equipment. We still have a lot of things to consider,” he said.
The general manager said in a briefing on Monday XiamenAir will be asked to reimburse the cost.
The government is currently reviewing a 15-year unsolicited proposal from a consortium of seven conglomerates to expand NAIA’s capacity. The proposal is now with the National Economic and Development Authority’s Investment Coordination Committee (NEDA-ICC) for evaluation.
The consortium is composed of Aboitiz InfraCapital, Inc.; AC Infrastructure Holdings Corp.; Alliance Global Group, Inc.; Asia’s Emerging Dragon Corp.; Filinvest Development Corp.; JG Summit Holdings, Inc. and Metro Pacific Investments Corp.
The Clark International Airport is also being upgraded by concession holders Megawide Construction Corp. and GMR Infrastructure Ltd.
San Miguel Corp. (SMC) has also submitted a P735-billion unsolicited proposal to build Bulacan International Airport, which is still under review by the NEDA-ICC.
The Cavite government is meanwhile proposing a P552.018-billion Sangley International Airport, which has so far earned a no-objection clearance from the DoTr.
Aside from the four airports being considered as primary gateways, the government is also reviewing unsolicited proposals from Chelsea Logistics Holdings Corp. (CLC), Aboitiz InfraCapital, Inc. and Mega7 Construction Corp. for regional airports in Davao, Bohol and Kalibo, respectively.
Transportation Undersecretary for Aviation Manuel Antonio L. Tamayo told reporters last month the DoTr is looking to issue its decision on whether to grant original proponent status for the regional airports by third quarter of the year. — Denise A. Valdez

1...11,23011,23111,232...13,389Page 11,231 of 13,389
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube