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Subway project to boost Philippine construction sector

By Denise A. Valdez, Reporter
FITCH Solutions said it raised its growth forecast for the Philippine construction and railway sectors this year with the expected groundbreaking of the Metro Manila Subway Project within the first quarter.
In a report released on Friday, Fitch Solutions said it raised its growth forecast for construction sector to 10.9% this year and 10.5% next year, and for the railway sector to 9.1% this year and 8.6% next year, as the government begins work on the $7-billion (P355.6-billion) Metro Manila subway.
“[The] growth of the Philippines’ construction sector will be boosted by positive progress made on Phase I of Metro Manila Subway Project… The project, the largest of President Rodrigo (R.) Duterte’s ‘Build Build Build’ infrastructure programme…is expected to commence (construction) in Q1 2019. In view of these positive developments, we have raised our growth forecast,” it said.
The government is planning to build a 30-kilometer underground railway connecting Mindanao Avenue in Quezon City to the Ninoy Aquino International Airport (NAIA) in Pasay City. Its first three stations is scheduled for partial opening in 2022, and full operations by 2025.
At the same time, Fitch Solutions said it has a “positive” outlook for the Philippine transport sector in the next five years.
“We believe relative political stability within the country will be a plus for the sector as policies enacted by the current government will benefit from continuity over the next few years. The sector will be exposed to a smaller degree of political and election risks in the short term as President Rodrigo Duterte is only slated to step down after the 2022 General Elections,” it said.
Fitch Solutions noted there are 64 transportation projects in the pre-construction phase, accounting for more than 75% of the total value of construction projects in the pipeline. These include the New Manila International Airport in Bulacan; Makati City Subway; and Metro Cebu Expressway Project.
“The healthy project pipeline lends support to our positive outlook that is underpinned by political stability,” it added.
The global research firm noted the President’s move to ease ownership restrictions for foreign contractors to 40% from 25% has helped increase foreign direct investments to the construction industry.
“We believe these efforts will have a positive effect on the sector in the long term as easing restrictions will make the country a more attractive destination for foreign investment and this will encourage more inflows of foreign capital. This then allows the country to benefit from a larger pool of funding to plug the expanding financing gap in the transport sector,” it said.
Fitch Solutions said Public-Private Partnerships (PPPs) are still expected to play an important role in the government’s infrastructure program.
“Despite the numerous PPP opportunities, we believe delays as a result of financing, land acquisition and contract renegotiation issues will continue to pose a downside risk to use of PPPs…,” it said.
Based on its Key Projects Database, Fitch Solutions said 44 out of 64 transport projects are under the PPP program.
“Given tight government budgets and an increasing demand for transport infrastructure, PPPs will be used to attract private capital into the sector,” the report said.

Bangladesh sues RCBC over cyberheist at New York Fed

NEW YORK — Bangladesh’s central bank on Thursday sued a Philippine bank to recoup losses it suffered when unidentified hackers stole $81 million from its account at the Federal Reserve Bank of New York nearly three years ago.
In a complaint filed with the U.S. District Court in Manhattan, Bangladesh Bank accused Rizal Commercial Banking Corp (RCBC) and dozens of others, including several top executives, of involvement in a “massive” and “intricately planned” multi-year conspiracy to steal its money.
Bangladesh Bank said funds were stolen with the help of unnamed North Korean hackers who used malware with such names as “Nestegg” and “Macktruck” to obtain backdoor access its network.
It said funds were then funneled through RCBC accounts in New York City and to the Philippines, where much of it disappeared in that country’s casino industry.
In a statement released on Friday, RCBC said the lawsuit is “completely baseless” and “nothing more than a blatant attempt by Bangladesh Bank to shift blame and cover up their own liability.”
“If the Bank of Bangladesh was serious about recovering the money, they would have pursued their claims three years ago and not wait until days before the statute of limitations. Not only are the allegations false, they don’t have the right to file here since none of the defendants are in the US,” RCBC said, quoting its lead attorney Tai-Heng Cheng of US law firm Quinn Emanuel.
The case arose from a February 2016 incident when hackers tricked the New York Fed into sending out the $81 million.
Funds eventually landed in four accounts held in fake names at an RCBC branch in Makati City. Much of it was quickly withdrawn, and only about $15 million has been recovered.
RCBC, based in Manila, has contended that the theft was an inside job and accused Bangladesh Bank of a cover-up.
“A review of the facts shows that Bangladesh Bank’s errors, omissions, and lapses in security protocols are the cause of its loss. We believe it is telling that they have concealed information from their own investigation and despite admitting their own culpability, continue to try to blame others,” RCBC said, quoting Mr. Cheng.
Fazle Kabir, governor of Bangladesh Bank, said on Wednesday the New York Fed had signed an agreement to help with the case.
A New York Fed spokeswoman declined to discuss what support her office might offer.
The hackers sought to steal close to $1 billion, but ultimately stole $101 million, including $20 million sent to a Sri Lankan account. That transfer was reversed after a spelling error was caught.
On Jan. 10, a Philippine court found Maia Deguito, who managed RCBC’s Makati City branch, guilty of eight counts of money laundering tied to the heist. It sentenced her to a 32- to 56-year prison term and a $109 million fine.
Ms. Deguito is a defendant in Thursday’s lawsuit. Her lawyer could not immediately be reached for comment.
In August 2016, the Philippine central bank fined RCBC a record P1 billion ($19 million) for failing to stop stolen money from moving through the bank.
The case is Bangladesh Bank v Rizal Commercial Banking Corp et al, U.S. District Court, Southern District of New York, No. 19-00983. — Reuters with report from BusinessWorld

DILG Chief: Indonesian suicide bombers behind Jolo blast

INDONESIAN suicide bombers aided by the terrorist group Abu Sayyaf were behind the Sunday twin blasts at the Jolo Cathedral, Interior and Local Government Secretary Eduardo M. Año said Friday.
“Ang talagang nagpasabog doon ay Indonesian suicide bombers. Pero yung mga Abu Sayyaf ang nag-guide sa kanila, nag-aral ng target, nag-reconnaissance, surveillance at inihatid yung mag-asawa doon sa loob ng simbahan,” Mr. Año told reporters in a televised chance interview in Leyte.
(Indonesian suicide bombers are really the ones who bombed the area. But the Abu Sayyaf was the one who guided them, who studied the target, did the reconnaissance, surveillance, and brought the couple inside the church.)
The Cabinet official made the statement after he substituted for President Rodrigo R. Duterte who was scheduled to attend the Barangay Summit for Peace and Order in Leyte Friday afternoon. The President decided to skip the event because of “some pressing commitment,” Mr. Año said.
“Ang nakarating sa akin (What I received) is I should represent the President because of some pressing commitment,” Mr. Año said.
The military has considered the possibility of suicide bombers being involved in the Sunday Jolo blast, with Mr. Duterte saying after being briefed by security officials this week that the bombers were a male and a female.
The President also mentioned last Tuesday that the government was warned “by Indonesia” about the terror in Jolo.
Two bombs exploded at Jolo Cathedral last Sunday, Jan. 27 about a week after the plebiscite on the Bangsamoro Organic Law. According to authorities, the death toll from the blast has already reached more than 20. — Camille A. Aguinaldo

De Lima refuses to enter plea in drug case

By Vann Marlo M. Villegas, Reporter
DETAINED opposition Senator Leila M. de Lima on Friday refused to enter her plea in a Muntinlupa City court in connection with drug charges filed against her, saying these were fabricated.
Ms. de Lima, during her arraignment at the Muntinlupa City Regional Trial Court Branch 205, maintained that the charges against her were not true.
“How can I plead to something that is bogus, fabricated, trumped-up? I’m not at all recognizing the validity or legitimacy of this trial. I cannot, your honor,” Ms. de Lima said.
With the senator’s refusal to enter plea, the court entered a not guilty plea for her in accordance with the Rules of Court.
This is the third case in which the former justice secretary refused to enter her plea, after her first arraignment on July 27 last year and a second arraignment on Aug. 10 also last year.
Ms. de Lima, a leading critic of President Rodrigo R. Duterte’s drug war, has been detained since February 2017.
The Department of Justice charged the senator over her alleged involvement in the illegal drugs trade at the New Bilibid Prison when she was justice secretary.
The Supreme Court in October 2017 voted to dismiss for lack of merit Ms. de Lima’s petition to nullify the arrest warrant against her issued by the Muntinlupa court.

SWS: Optimism rebounds in economy, quality of life

FILIPINOS’ optimism over personal quality of life and the Philippine economy rebounded to “excellent” ratings in a fourth quarter survey by the Social Weather Stations (SWS).
The Fourth Quarter 2018 Social Weather Survey, conducted among 1,440 adults from Dec. 16 to 19, 2018, showed 45% of respondents expecting their personal quality of life to improve in the next 12 months while 5% expect it to get worse. This led to a Net Personal Optimists score of “excellent” +40, 13 points higher than the “high” +27 in the third quarter last year.
The noncommissioned survey also found 43% optimistic that the economy next year would get better, and 11% “feeling it would deteriorate,” the poll said. This led to a Net Economic Optimists score of “excellent” +32, 21 points up from a “very high” +11 in September 2018. SWS also said this is “the highest” since the “excellent” +42 in December 2017.
The survey also found 37% of respondents saying their lives improved (“gainers”) and 25% saying their lives worsened (“losers”). This led to a net gainers score of a “high” +12, which the polling group said “is a recovery from the -2 (fair) in September 2018 and +5 (high) in June 2018, after declining from the +19 to +23 (very high to excellent) levels of September 2016 to September 2018.”
SWS said net gainers rose in all areas, especially in Mindanao (from a “fair” net zero in September 2018 to a “very high” +18 in December) and Metro Manila (from a “fair” -4 in September to a “very high” +14 in December).
Net gainers also rose in all classes. Among Class E, net gainers rose from a “mediocre” -14 in September 2018 to +12 in December, “the highest since the +15 (very high) in December 2017,” SWS said.
The survey also said the 13-point rise in net personal optimists nationwide was due to increases in all areas, especially in Metro Manila (from a “fair” +19 in September 2018 to an “excellent” +44 in December) and Mindanao (from a “very high” +30 in September to “excellent” +44 in December).
Net personal optimists also rose in all classes, especially Class ABC (from a “fair” +17 in September 2018 to “excellent” +46 in December).
SWS said net economic optimists also rose in all areas, especially in the Visayas (from a “high” +1 in September 2018 to “excellent” +30 in December), and in all classes.
The survey was conducted using face-to-face interviews with respondents: 360 each in Balance Luzon, Metro Manila, Visayas, and Mindanao, with sampling error margins of ±2.6% for national percentages and ±5% each for the said areas.
In a statement, Presidential Spokesperson Salvador S. Panelo said in part that the survey “validates previous research studies showing a decline in hunger, a decrease among Filipino families who consider themselves as ‘mahirap,’ (poor) and an overwhelming number of Filipinos entering 2019 with hope.”
“This is another repudiation against the skeptics, left-leaning groups, militant Church members and the political opposition, who ignore or refuse to heed the people’s voice and see nothing good in the President’s tireless efforts to improve and bring about genuine and positive change to the nation,” Mr. Panelo also said. — V.M.M.Villegas

Israel, Russia reaffirm ties with PHL

ISRAELI Ambassador Rafael Harpaz and Russian Ambassador Igor Khovaev paid courtesy calls to President Rodrigo R. Duterte on Thursday to reaffirm ties with the Philippines, Malacañang said on Thursday night.
Both envoys have also expressed their condolences to the deaths caused by the Jan. 27 Jolo bombing.
Presidential Spokesperson Salvador S. Panelo said Mr. Harpaz reported to Mr. Duterte Israel’s ratification of agreements with the Philippines regarding the improvement of opportunities for overseas Filipinos in the Middle Eastern country.
“The Israeli Ambassador further expressed hope in forging greater PH-Israel cooperation in the industries of agriculture and trade,” Mr. Panelo said in a statement on Thursday evening.
Mr. Duterte visited Israel in September last year and signed bilateral agreements on labor, science, and trade. Among the deals secured was the memorandum of agreement on the temporary employment of Filipino Home-Based Caregivers in Israel.
Mr. Panelo said Mr. Khovaev reiterated to the President Russia’s commitment to improve the Philippines’ national defense capabilities following the twin bombings in Jolo, Sulu, last Sunday.
“The Russian Ambassador reiterated their condolences for the deaths caused by the twin explosions in Jolo and condemned the incident while reaffirming their country’s commitment to help our nation combat terrorism…. Ambassador Khovaev thereafter expressed that Russia intends to build a long-term relationship with the Philippines based on trust and confidence,” Mr. Panelo said.
“In response, PRRD (President Rodrigo R. Duterte) reaffirmed the importance placed by the Philippines on its relations with Russia and renewed the commitment to further expand and deepen our country’s cooperative ties with them,” he added.
The Department of National Defense (DND) reported last November that the Philippines and Russia have finalized a 2019 military cooperation activities plan, which included high-level visits, port visits, and training exchanges.
Russian warships docked at the Manila Port for a five-day goodwill visit on Jan. 7. In October last year, the Philippines’ BRP Tarlac made a port visit in Vladisvostok, Russia.
The courtesy calls were also attended by Executive Secretary Salvador C. Medialdea, Foreign Affairs Secretary Teodoro L. Locsin Jr., Defense Secretary Delfin N. Lorenzana, and National Security Adviser Hermogenes C. Esperon, Jr. — Camille A. Aguinaldo

Andaya flags some P50 billion in unused funds under DBM

By Charmaine A. Tadalan, Reporter
HOUSE Appropriations Committee chair Rolando G. Andaya, Jr. flagged an estimated P50 billion in public funds “lying idle” in offices under the Department of Budget and Management (DBM) and Department of Trade and Industry (DTI).
Officials of the Commission on Audit disclosed that at least P17 billion transferred to the DBM-Procurement Service remains idle and unaudited as of Dec. 2018, while P31.6 billion has been unused for years in the Philippine International Trading Corp., under DTI.
Of the P17 billion in inter-agency fund transfers (IAFTs), P16.6 billion were from National Government Agencies, P426.5 million from Government Owned and Controlled Corporations; and P49.8 million from Local Government Units, as cited by Joey Bernardino, CoA Team Leader tasked to audit the DBM-PS.
Mr. Bernardino also said P4.6 billion in the DBM-PS was transferred from the Philippine National Police, and P2.4 billion from the Department of Education.
“Ang daming pangangailangan ng PNP at DepEd, hindi naman pala nagagamit ang bilyong pondo nila at nakatago lang ito sa DBM-PS (DBM-Procurement Service),” Mr. Andaya, who represents the 1st district of Camarines Sur, said in a statement, Friday. (The PNP and DepEd are in so much need of funds, but billions remained hidden in the DBM-PS.)
He said this resulted from revisions in the implementing rules and regulation of the Government Procurement Reform Act, under Republic Act. No. 9184, as made by the Government Procurement Policy Board (GPPB), which is chaired by Budget Secretary Benjamin E. Diokno.

Roque drops out of Senate race

By Charmaine A. Tadalan, Reporter
FORMER presidential spokesperson Harry L. Roque, Jr. on Friday withdrew his senatorial bid, citing health concerns.
“I have recently undergone a percutaneous coronary intervention following the discovery of an unstable angina coronary disease earlier this week,” Mr. Roque, who was supposed to run under the People’s Reform Party, said in a statement.
“In the days since the procedure, I have been forced to confront the reality of my physical situation and what it ultimately means for my aspirations to public service.”
Mr. Roque filed his Certificate of Candidacy on Oct. 17 after previously announcing he will run for congressman as first nominee of the Luntian party-list group.
Prior to his stint as the President’s spokesman, Mr. Roque served as Kabayan party-list representative in the 17th Congress. He ranked 21st to 26th in the recent Dec. 2018 Pulse Asia’s survey on senatorial candidates in December last year.
Despite pulling out from the race, Mr. Roque said, “It is my sincere hope that I will someday again have the honor to serve the Filipino people as a legislator, or in whatever other capacity I may be of service.”
Commission on Elections (Comelec) Spokesperson James B. Jimenez said in a statement on Friday, “Once the formal and procedural requirements of the withdrawal have been fulfilled, the name of former candidate will be removed from the ballot.”
The period of substitution of candidates closed on Nov. 29. Comelec rules only allow substitution beyond the deadline if a candidate is disqualified or dies.
BUDGET
The Comelec also on Friday said enactment of the 2019 national budget is necessary for the midterm elections, despite Congress’ assurance of other fund sources.
“That has been floated as a possibility and we are certainly studying that, but in terms of how to do things, it’s incredibly superior to have a budget because the budget is specifically designed for the elections,” Mr. Jimenez said in a press briefing.
“We have a request for restoration. We are requesting that the budget, the part of the budget which was not included in the NEP (National Expenditure Program) be restored by the Bicam(eral Conference Committee),” he added.
“Kung mareenact nga ‘yung budget then parang bale wala na yung request na yun.” (If the budget is reenacted, then that disregards our request.)

World Bank official flags impact of lack of competition on PHL economy

LACK OF competition hinders the country from making significant progress in reducing poverty, according to an official from the World Bank.
“A striking fact about the Philippines economy is the contrast between the rapidity of growth and the slow pace of poverty reduction. There is fresh evidence that the slow pace of growth in real wage, which explains the slow pace of poverty reduction, is linked to limited competition,” Ndiame Diop, head of the World Bank Group’s Macroeconomics, Trade and Investment Global Practice, said at the Philippine Competition Commission’s Forum on Competition for Developing Countries held Friday in Quezon City.
“Economic theory has long predicted that lack of competition in product markets leads to weak competition in labor markets among firms, and this leads to weak demand and wage growth,” he added.
A June 2016 Poverty Assessment report by the World Bank showed that the Philippines managed to cut poverty reduction by an average of 0.9% annually from 2006 to 2015.
However, the country’s progress lagged from the 2% to 2.5% yearly rate that China and other Southeast Asian countries achieved during the period.
Citing as basis the product market regulation (PMR) indicators developed by the Organisation for Economic Co-operation and Development for the Philippines, Mr. Diop said the main areas of high product market restrictions for the Philippines are in the regulatory protection of incumbents; public ownership of firms in competitive sectors; and the administrative burdens on start-ups.
These areas with restrictions include barriers to foreign investments in utilities; price controls on more than 40 products deemed as staples; and cumbersome registration procedures for corporations that may discourage entry.
“While heavy market restrictions exist in most countries of the OECD sample, the Philippines is above the average of restrictiveness of those countries mapped in the dataset and more restrictive than comparators such as Romania, Poland and Chile,” Mr. Diop added.
The World Bank official, nevertheless, noted the progressive steps made by the government over the past year. — J.C. Lim

DoE orders review of performance of electric cooperatives

By Victor V. Saulon, Sub-Editor
THE Department of Energy (DoE) on Friday ordered the review of electric cooperatives’ (ECs) financial and technical performance and warned those that failed to deliver of the cancellation of their franchises.
However, its call for review was followed by a statement by the Philippine Rural Electric Cooperatives Association, Inc. (Philreca) claiming that the DoE had already endorsed the revocation of 17 franchises in what the group called a “treacherous” act that disregarded due process.
In its statement, the DoE quoted Energy Secretary Alfonso G. Cusi as saying: “The review will be an inclusive process. We will ask the ECs to identify their main challenges and work with them in determining long-term and sustainable solutions. For transparency purposes, the results of the review will be made available to the public.”
Task forces may be created to assist underperforming distribution utilities depending on the review findings, the department said.
For non-performing ECs, the DoE may recommend the cancellation of their franchises, it added.
The review will look into the cooperatives’ compliance with the service requirements of their respective franchises, it said, adding that the move is part of the agency’s initiatives to improve power services in the provinces by enhancing ECs’ performance.
But Philreca said Mr. Cusi, on Jan. 11, 2019, recommended to the House of Representatives through Speaker Gloria Macapagal-Arroyo the revocation of the franchise of 17 electric cooperatives.
It said the secretary had “reasoned out” that the 17 electric cooperatives had been “underperforming and financially and technically distressed.”
Sought for comment on the Philreca statement, Energy Undersecretary William Felix B. Fuentebella, who acts as DoE spokesman, said in an online message that the “earlier recommendation to Congress has been withdrawn two days ago.”
He said the DoE “sees the need to further evaluate and assess the present status and performance of the 17 electric cooperatives.”
In its earlier statement, the department said that while ECs have been the government’s long-term partners in providing electricity in far-flung areas of the country, many have failed to carry out their mandate for various reasons.
The reasons cited include inefficient management, corruption, unnecessary political interference, as well as institutional conflicts, which is the case with Davao Del Norte Electric Cooperative, Inc.
The DoE said it would also look into the rise in missionary subsidies in areas such as Occidental Mindoro, Catanduanes, Marinduque and Tablas.
It said the Energy Secretary would request the National Electrification Administration (NEA) to submit the technical and financial performance reports of ECs for the past five years. The utilities will also be asked to submit their roadmaps and strategies for improving their services, operations and economic viability in the next three years.
Philreca said recommending the revocation of the electric cooperatives’ franchises “essentially and effectively disregarded the coops’ sacrifices during the last four to five decades.”
It said the partnership of electric cooperatives and NEA successfully energized 78 provinces (100%), 1,475 cities and municipalities (100%), 36,057 barangays (99%), 123,198 sitios (83%); and 12,713 million household connections (85%).
It said if the intention is for genuine total electrification, the best approach is still to support the electric cooperatives by rehabilitating and not disenfranchising them.

DPWH starts construction of interchange near Philippine Arena

By Denise A. Valdez, Reporter
THE Department of Public Works and Highways (DPWH) started on Friday the construction of the P635-million Ciudad de Victoria Interchange near the Philippine Arena in Bocaue, Bulacan.
The project aims to ease road congestion at the Bocaue exit of the North Luzon Expressway (NLEx) and provide an alternate route from the crowded Governor F. Halili road via the 5.143-kilometer stretch of road near the Ciudad de Victoria complex which houses the Philippine Arena, and an 80-meter bridge crossing NLEx.
“The new NLEX (Ciudad de Victoria) Interchange is regarded as one of the government’s traffic decongestion projects aimed at improving the Bulacan road network, particularly Bocaue, Sta. Maria, Pandi, Norzagaray, San Jose Del Monte, and Marilao, as well as boosting the economic activities in nearby communities,” DPWH Secretary Mark A. Villar said.
Phase 1 of the project covers the 80-meter bridge, an additional two lanes in the Bocaue Municipal Road, and a 1.93-kilometer road from Ciudad de Victoria to Sta. Maria Bypass Road. This phase is scheduled to finish in October.
The second phase includes the improvement of a 1.91-kilometer road from MacArthur Highway to the Bocaue Municipal Road and the construction of 800-meter acceleration and deceleration lanes heading to the Philippine Arena.
The last phase will see the construction of a 1.3-kilometer road from Ciudad de Victoria to Patubig Road in Marilao, Bulacan.
“[T]he new NLEX Interchange is expected to further improve the accessibility of the Philippine Arena, which was tapped to host the grand opening ceremony of the Southeast Asian (SEA) Games in November,” MDC Chief Operations Officer Glicerio Santos IV said in a statement, referring to the completion of Phase 1 in October.
The DPWH said it expects the rest of the project to finish by Nov. 17, as it gave the contractor L.R. Tiqui Builders 300 days to build the interchange.

Phoenix Petroleum gives go-signal for JV with CNOOC

PHOENIX Petroleum Philippines, Inc. said on Friday that its board of directors gave the go-signal to enter into a joint venture with China National Offshore Oil Corp. (CNOOC) to operate liquefied natural gas (LNG)-related trade and services under its proposed LNG integrated hub project.
In a disclosure to the stock exchange, Phoenix Petroleum said the board also gave the green light to form a wholly owned subsidiary to manage its interest in the LNG integrated hub project, including the receiving terminal for LNG and the operation of a gas-fired power plant.
The company has also been authorized by its board to invest corporate funds initially at P250 million for the LNG project, which will include the formation and organization of the a company.
The capital outlay is subject to shareholder approval during the annual stockholders’ meeting. The company has set the meeting on March 15 at its corporate headquarters in Lanang, Davao City.
The board approval comes after Phoenix Petroleum announced on Jan. 11 that its unit Tanglawan Philippine LNG Inc. had been granted by the Department of Energy the notice to proceed to build an LNG terminal in Batangas.
Phoenix Petroleum plans to break ground within the year for the regasification and receiving terminal with a capacity of 2.2 metric tons per annum (mtpa), with commercial operations targeted to start by 2023.
Tanglawan will be the joint venture company between Phoenix Petroleum and CNOOC Gas and Power Group Co., Ltd., which it described as China’s largest LNG importer and terminal operator.
The project also aims to develop a gas-fired power generation facility with an installed capacity of up to 2,000 megawatts.
“The terminal is only stage one of our plans for the facility. We will develop it to become an LNG hub, giving Filipinos access to low-cost and environment-friendly energy supply,” Henry Albert R. Fadullon, Phoenix Petroleum chief operating officer, had said.
On Jan. 8, Phoenix Petroleum announced that its shareholders had approved the issuance and offer of perpetual preferred shares amounting to P10 billion through a public offering. — Victor V. Saulon

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