Facebook Instagram Linkedin X Youtube
Home Blog Page 11723

Cleveland fans welcome LeBron James as he leads Los Angeles Lakers to win

LOS ANGELES — LeBron James scored 32 points, grabbed 14 rebounds and dished out seven assists to lead the Los Angeles Lakers to a come-from-behind 109-105 win on Wednesday in his return to Cleveland.
The Lakers, sparked by James, went on a 16-3 run late in the fourth quarter to erase a 99-91 Cavaliers lead.
Former Laker Jordan Clarkson scored 20 points and ignited a 13-4 fourth-quarter run in which the Cavs turned an 87-86 deficit into a 99-91 lead with 5:41 to go.
But Kyle Kuzma’s 24-foot 3-pointer cut the Cavaliers’ lead to 99-94, and then No. 23 took over — an all-too-familiar sight for Cleveland fans. Only this time, it spelled another defeat for the home crowd.
James made two free throws, connected on a 3-point jumper and made three more foul shots to put the Lakers up 102-99.
From there it was a matter of the Lakers making free throws to ice the game, and while James struggled on the night from the charity stripe, going eight-for-12, Kentavious Caldwell-Pope calmly made four straight to seal the win for the Lakers.
All five Los Angeles starters scored in double figures, and Caldwell-Pope added 13 off the bench.
Cedi Osman led Cleveland with 21 points.
James’ former teammate and good friend Tristan Thompson scored 14 points and grabbed 15 rebounds as the Cavaliers did not play like a team that entered the game at 2-13, the league’s worst record.
The sellout crowd at the Quicken Loans Arena gave James a rousing standing ovation during the team’s introduction, thanking him for bringing Cleveland its first championship — a memorable title over Golden State in 2016, ending a 52-year drought.
James received warm hugs and handshakes from his former teammates, but when it was time to play, the Cavaliers came out inspired.
After the game, James said, “To come back and get the reception that I got tonight, it means a lot to not only myself, but for my family and friends that were here tonight, and my family that’s back home in LA as well.”
James scored the first points of the game and JaVale McGee’s dunk gave the Lakers a 4-0 lead. From there, it was a see-saw affair with Cleveland holding the upper hand most of the way. In the first quarter, there would be 10 lead changes and five ties.
About four minutes into the game, the Cleveland organization honored James with an emotional video tribute thanking the native of Akron, Ohio, (about 30 minutes south of Cleveland) for all the work on the court as well as for his humanitarian work in northeastern Ohio.
Once again, it was back to work for both teams, with the Cavs being very workmanlike.
The Cavs maintained some offensive consistency in the second period as they attacked and were aggressive. Cleveland opened up an 11-point lead on a pair of free throws by Andrew Harrison. — Reuters

ONE: Vera and Folayang in ‘proving self’ fights today

LONG considered as key players in the growth of mixed martial arts in the Philippines, Brandon “The Truth” Vera and Eduard “Landslide” Folayang are in for what one local fight analyst said are “proving self” fights today at ONE Championship’s “Conquest of Champions” event.
Co-headlining the much-anticipated event at the Mall of Asia Arena, reigning ONE world heavyweight champion Vera (15-7) is returning to action after a near two-year break and is battling Italian challenger Mauro “The Hammer” Cerilli in a title clash while Mr. Folayang (20-6) is out to reclaim the lightweight gold against Singaporean Amir Khan.
Considering their pillar-like status in Philippine MMA and where they are coming from at this stage of their respective careers, Conquest of Champions has a lot of significance for Messrs. Vera and Folayang, and an exciting night of fighting should be in store, said local fight analyst Nissi Icasiano.
“The billing of being the biggest ONE Championship fight card in the Philippines so far is just fitting. When the modern MMA craze started in the mid-2000s in the country it was led by, of course, Brandon Vera when he rose to prominence in 2006 with a victory over Frank Mir in the Ultimate Fighting Championship. The craze started there. So the face of Philippine MMA then was Vera who was revered by many. On the other hand, you have Eduard Folayang who is now the face of Philippine MMA. He started in the local ranks and made his way to the international level. You have two faces that sparked the MMA revolution here. Two pillars in one card,” said Mr. Icasiano in an interview with BusinessWorld, speaking of the magnitude of ONE’s latest offering in the Philippines.
Mr. Icasiano went on to say that making the event all the more interesting are the underlying stories for it, in particular how the two revered fighters are angling to show they still have it in them to fight competitively and the circumstances they are in heading into their respective fights.
Mr. Vera is coming off a long layoff, having last fought in December 2016 and is planning to add the ONE world light heavyweight title in his resume after his upcoming fight.
Mr. Folayang, meanwhile, is on the comeback trail after losing his title in November last year to erstwhile two-division champion Martin Nguyen.
“For Brandon Vera, Mauro is going to be the toughest opponent he has faced so far. He’s (Cerilli) no joke. He’s a finisher in his own right. Vera is facing a fighter that came from the promotion that produced Conor McGregor. Vera is coming off a two-year layoff. Mauro fought last March and he stopped his opponent in 12 seconds. If Vera wants to fight for the light heavyweight title in Japan next year he needs to win this,” Mr. Icasiano said.
“Eduard, on the other hand, had a lot of doubters after he lost the lightweight belt to Martin Nguyen last year. Some said it was time for him to call it a day but amazingly in just a year he is back in the mix and is now vying for the belt again. He did his part to adapt to the changes in MMA. He trained in the States to work with the best of the best at Jackson Wink MMA and defeating two outstanding Russians this years is quite a statement to how dedicated he is in getting back the title,” he added.
Messrs. Vera and Folayang are in good positions to emerge on top but Mr. Icasiano noted that in MMA nothing is really etched in stone and every fighter should work and make things happen.
“I’m expecting a different Folayang in this fight. I’m gonna be honest, in his last two fights he showed some signs of age. I’m excited though to see what adjustments he made under Mike Winkeljohn and Greg Jackson. I’m not doubting Khan and his growing legacy but Eduard has the experience,” the analyst said.
“For Vera, speed will be a factor. He should be aware of Cerilli’s power though,” Mr. Icasiano added.
Other Filipinos seeing action in ONE: Conquest of Champions are Honorio Banario, Jeremy Miado and Rockie Bactol.
Conquest of Champions is broadcast live over ABS-CBN S+A, beginning at 8:30 p.m. — Michael Angelo S. Murillo

Kaya FC to compete in Group H at 2019 AFC Cup

By Michael Angelo S. Murillo
Senior Reporter
INAUGURAL Copa Paulino Alcantara champion Kaya FC-Iloilo is bracketed in Group H when in plays in the AFC Cup next year.
In the official tournament draw held at the Asian Football Confederation (AFC) House in Kuala Lumpur, Malaysia, on Thursday, Kaya found itself in the same grouping as Home United of Singapore, Lao Toyota FC of Laos and a still-to-be-named team from Indonesia.
The spot in the 2019 AFC Cup is part of the incentives for Kaya after winning the Copa Paulino Alcantara, the Philippines’ football cup tournament.
Kaya defeated Davao Aguilas FC in the finals in October, 1-0, in an exciting match that went to extra time.
“It’s an exciting group. It’s definitely going to be a challenge, but a challenge that the club and the players are excited for,” said Kaya General Manager Paul Tolentino following the draw.
“For supporters of Kaya FC and supporters of football in general, this is an exciting opportunity for them to see clubs from different countries, to see their level of football and to see how the Filipinos are really able to cope at this level, with what you could say are more experienced and seasoned opponents. The club is striving to bring matches home to Iloilo. Obviously there’s a lot of work to be done to get approval from AFC to be able to play in front of the Iloilo home crowd, but we’re doing our best,” he added.
Kaya is set to first play on Feb. 27 away against Lao Toyota FC and plays at home against Home United on March 13.
The rest of the schedule goes as: April 2 vs Indonesian club (away), April 17 vs Indonesian Club (home), April 30 vs Lao Toyota FC (home) and May 14 vs Home United (away).
Also competing in the tournament from the Philippines is Ceres-Negros FC, the reigning Philippines Football League champion. It plays in Group G.
During the official draw, the AFC expressed its excitement and said its looking forward to the tournament proper in 2019.
“The Cup exemplifies the continent’s love for football, a passion for the game that shows no signs of slowing down, especially when you look at the record attendances set in Indonesia this year. The AFC’s vision and mission is clear. We want to raise the standard of our competitions and we want to confirm football as the number one sport in the continent,” said AFC General Secretary Dato’ Windsor John.

MPBL: San Juan edges Manila in overtime thriller

THE family rivalry between San Juan and Manila has provided the drama more than expected in a soap opera and on Wednesday night, the two teams needed an extra five-minute stretch to settle the outcome.
In the end, San Juan, the host team, outlasted its cross city rival Manila, 84-80, to solidify its chances of staying in the upper half of the standings heading to the playoff of the MPBL Datu Cup at the Filoil Flying V Arena.
Ex-pro Larry Rodriguez completed a three-point play while Mike Ayonayon came away with a breakaway lay up in two crucial plays in the waning seconds of the extra period, allowing the Knights, supported by Go-For-Gold, to notch their 13th win in 16 meetings.
The Knights had moved up to solo second following their latest win over the Robust Energy Capsule-supported Manila Stars, who absorbed their third loss in 15 games and dropped to third spot in the tough northern conference of this tournament. With his team trailing, 80-79, Rodriguez powered his way inside and cashed in on a short stab off a foul from Chris Bitoon. He completed the three-point play with 1.05 seconds remaining in the overtime period.
The Stars had a chance of knotting the game anew after Riel Cervantes was fouled by Rodriguez with 42 seconds left. Unfortunately, the usually deadly forward missed both charities, but Manila got a new lease in life when Marcy Arellano stole the ball from Larry Muyang after the rebound scramble.
Manila got two more chances in its next offensive thrust, but failed to take advantage of it. Cervantes missed a jumper, but Aris Dionisio picked up the offensive rebound and decided to pass it out for Bitoon, who also missed a long heap. That allowed the Knights to score off a transition play as Mike Ayonayon went coast to coast for a breakaway lay up — and the insurance basket. — Rey Joble

Mendoza, Reyes rule Philcycling-Go For Gold road race trials

LIAN, BATANGAS — Marcryan Mendoza beat Efren Reyes Jr. by half a wheel in the junior category while Aljim Martin survived an early crash to rule the youth division of the Philcycling-Go For Gold National Junior and Youth Trials on Thursday.
The 17-year-old Mendoza, a second-generation rider, nosed out Reyes after zooming ahead in the final 10 meters of the 78-kilometer race that began and ended in Barangay Binubusan here.
Martin, meanwhile, picked up his bike after a spill some five kilometers into the 40-km race and broke free from the peloton to arrive solo at the finish line, more than two minutes ahead of his closest pursuer.
A cousin of veteran rider Ronald Oranza, Martin arrived two minutes and 18.59 seconds ahead of Josue Albert Decuzar and John Paul Laureta and more than three minutes faster than fourth-placer Marc Van Louie Baluyut.
Mendoza, whose father Ryan was a professional rider in his prime, actually exacted revenge on Reyes, whose maneuverings denied him the Tour de Matabungay title last month in his rivalry with Go For Gold ace Rex Krog.
Go For Gold’s Ean Cajucom placed third in the juniors, 1:51 slower than Mendoza and Reyes, while Rench Michael Bondoc and Dave Clarence Cortez checked in fourth and fifth, more than four minutes behind the winner.
Day 2 of the tryouts designed to discover new talents for the national cycling team will feature the top 24 riders in the youth and the 25 surviving cyclists in the juniors in an individual time trial race.

James feasted in Q

Yesterday proved to be a successful homecoming for LeBron James. Returning to the Q for the first time since losing in Game Four of the 2018 Finals last June, he responded to the warm reception with a solid 32, 14, and seven line in 36 minutes of play. Most importantly, he led the Lakers to victory, an outcome that remained in doubt until the final buzzer. Had they lost to the Cavaliers, who sported the worst record in the National Basketball Association heading into the match, he would have rightly deemed his visit far from a success.
To be sure, James’ performance was not tied to the multiple ovations he was treated to throughout the contest. True, fans saw fit to reward him with cheers from the moment he set foot on the court to his formal introduction as a starter to the video tribute aired during the first time out to the multiple highlights he provided. Then again, he was greeted with bitterness and vitriol when he donned colors other than the Cavaliers’ in 2010, and he still managed to come up with transcendent numbers.
Nonetheless, there can be no downplaying the significance of the geniality, even fondness, with which James was feasted yesterday. Clearly, he generated more than enough goodwill in marching the Cavaliers to the championship against all odds in 2016 to overcome the acrimony that accompanied his first departure and, yes, the disappointment that came with his second. And, if nothing else, he was thankful for the development. As the video tribute noted, “we all know it’s bigger than basketball.”
If James could change one thing yesterday, it may have been the spotty play of the Lakers, who shot well but turned the ball over too many times for comfort. And they were also often unfocused, allowing the bottom-barrel Cavaliers to post a double-digit advantage and nearly ruin the night for him. Then again, perhaps not. He knew what he was getting into when he decided to don the purple and gold last July, and he understands that there will be plenty other moments of doubt.
Bottom line, the Lakers are three games above .500 for the first time in five years. And while there are myriad factors coming into play, James’ presence is the most crucial one — just as his absence is for the Cavaliers. Needless to say, he and the wine and gold have parted in more ways than one.
 
Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994.

RMB 6-B multi-tranche ‘panda’ sale eyed

THE PHILIPPINES is looking to sell about 6 billion renminbi worth of bonds in several tranches over the next two years, after it signed a memorandum of understanding (MoU) with China providing for its return to the “panda” debt market, the Department of Finance (DoF) said in a statement on Wednesday.
Finance Secretary Carlos G. Dominguez III and Bank of China (BoC) chairman Chen Siqing signed the MoU on “panda” bond issuance on Monday, as part of the 29 agreements signed during the first day of China President Xi Jinping’s two-day state visit to Manila on Tuesday.
The DoF said the panda bond MoU provided a “general framework to facilitate cooperation between the DoF and the Chinese bank (BoC) on future issuances by the Philippines of renminbi-denominated ‘panda’ bonds in the Chinese debt capital market.”
“The MoU covers the Philippines’ plan to return to the China Interbank Bond market in 2019, with a possible application for a multi-tranche RMB 6-billion bond issuance,” the DoF said.
National Treasurer Rosalia V. De Leon told reporters after Wednesday’s Treasury bond auction that the framework covers the Philippines’ registration with Chinese authorities that allows the former to sell offshore debt papers over the next two years.
She said that the government is looking at offering tenors in “three and five” years.
“Either we avail everything or staggered, depends on market appetite We’ll see kasi depending on the rates at that time and our requirements, so we just provided for RMB 6 billion for the next two years…,” said Ms. De Leon.
“But if market conditions are not really favorable to us, we have the option to issue in 2020.”
The Philippines’ conducted its maiden renminbi bond sale in March where it raised RMB 1.46 billion, or about $230 million, in three-year debt papers. The BoC served as one of the lead underwriters for that exercise.
The issuance was successful as bids reached more than six times the government offer, bringing the coupon to the low end of the 5.00-5.60% price guidance — signaling strong investor confidence towards the Philippines.
The BoC was also among 13 other banks that led the establishment of the Philippine renminbi trading community, which put in place a direct currency conversion platform for the Philippine peso and the Chinese renminbi which is aimed at reducing costs and easing volatility in the peso-dollar exchange market.
The side from being the lead underwriter for ‘panda’ bonds, BoC also acts as the Philippines’ joint global coordinator for its upcoming global dollar bond transaction, according to the DoF.
The Philippines is also looking at returning to the yen-denominated “samurai” bond market and the euro debt market next year, as it is seeking to diversify its funding sources.
The government has programmed a 65-35 ratio in its borrowing plan for this year in favor of domestic sources, and 75-25 for 2019-2022 with local lenders still taking the larger share. — Elijah Joseph C. Tubayan

Spending on infrastructure, other capital outlays rising

STATE SPENDING on infrastructure and other capital outlays continued to surge in September, enabling the government to exceed its disbursement program for 2018’s first nine months, the Department of Budget and Management (DBM) said.
The DBM’s latest disbursement assessment report, infrastructure spending and other capital outlays stood at P65.2 billion in September, 21.6% more than the P53.6 billion spent in the same month last year.
In September, the government spent for construction of access roads to airports, seaports and tourist destinations; construction of bypass roads; road improvements; rehabilitation of damaged national roads; preventive maintenance; flood control and drainage improvement works, construction of storm surge and slope protection.
The government also disbursed funds for housing, water and electricity supply under the Bangsamoro Regional Inclusive Development for Growth and Empowerment program of the Autonomous Region in Muslim Mindanao.
Budget Secretary Benjamin E. Diokno in a media briefing at the DBM headquarters yesterday cited “swifter implementation of infrastructure projects” by the Department of Public Works and Highways and other agencies.
“This is proof that the ‘Build, Build, Build’ program is firing on all cylinders,” he said.
At the same time, he said that such disbursements dropped 4.7% from August’s P68.4 billion, as spending has begun to slow after the government front-loaded last semester most of its infrastructure requirements for 2018.
“This just reflects seasonality. The best time to spend for infra[structure] is during the first six months of the year, those dry months. That means since we have overspent in the first three quarters, then the fourth quarter will kind of slowdown. We have already released what we’re supposed to release,” said Mr. Diokno.
In the January-September period, infrastructure disbursements and other capital outlays stood at P570.8 billion, 45.9% more than the P391.2 billion in the same nine months in 2017, exceeding the P532.6-billion target for that period by 7.2%.
Infrastructure and other capital outlays represented 22.93% of the overall P2.49-trillion expenditures in the first nine months of the year.
“We are glad to report the strong momentum of government spending in the first nine months of the year. Underspending, a weakness of the bureaucracy for as long as I can remember, has virtually been eradicated. Reforms like careful budget preparation, timely implementation of line agencies, and the gradual shift to an annual cash-based budget system have made this possible,” said Mr. Diokno.
He noted that undisbursed funds settled at 2.6% of total allocations in January-September, versus 5.8% and 3.1% in the same periods in 2017 and 2016, respectively, as well as 14.5% and 15.8% in the same period in 2015 and 2014, respectively.
In the past, agencies could enter into contracts or “obligate funds” until the end of the following fiscal year without requiring actual delivery and payment of goods and services within the same year.
Since 2017, the DBM has adopted the same budgeting system, but shortened the validity of allotments to just one year.
For 2019, the government will fully shift to a cash-based budget that requires release of funds, awarding of contract, implementation and disbursements are done in the same fiscal year.
“The reforms on the fiscal sector are gradually taking hold,” said Mr. Diokno. — Elijah Joseph C. Tubayan

Philippines shines in terms of financial inclusion

THE PHILIPPINES is among the top countries in terms of financial inclusion, a global advisory group said, noting that local rules allow wider use of digital platforms to reach the unbanked.
The Philippines ranked fourth among 55 nations in terms of financial inclusion, according to the 2018 Global Microscope of the Economist Intelligence Unit (EIU), making the country the best in Asia together with India, which shared the same global rank.
Still, the Philippines saw its score slip to 72 (on a scale with 100 as best score) from 78 in 2016, when it ranked third, again together with India.
Colombia, Peru and Uruguay were the top three countries for financial inclusion.
“The Philippines’ central bank, Bangko Sentral ng Pilipinas (BSP), has been ahead of the curve in identifying opportunities and setting guidelines for financial inclusion. Its focus on creating a digital finance ecosystem has led to the introduction of a sound payments infrastructure that helps the various financial-sector players to reduce their costs and further their outreach,” the EIU said in its report.
The report cited recent reforms introduced by the BSP which allowed more non-banks to offer more financial services to Filipinos, which they said opened up more avenues for the public to use formal channels for money transfers and payments.
Among the significant changes cited in the report were the creation of “branch-lite” units, or basic branches deployed outside business districts and urban areas in order to reach more Filipinos.
Rules allowing basic deposit accounts and cash agents also helped create a more accessible formal financial system.
“The BSP has a clear regulatory framework for e-money issuers but relies on the ‘test-and-learn’ approach for other financial technology players,” the EIU added.
Under the National Retail Payment System, the BSP targets to shift cash-heavy transactions to digital avenues, which is expected to broaden access to financial services and spur economic activity.
Through this system, the central bank wants to raise the share of e-payments to 20% of all transactions in the Philippines by 2020, coming from a measly one-percent share back in 2013.
The EIU also flagged that e-money accounts, which have been steadily growing, are currently not covered by deposit insurance.
Another key barrier to inclusion is the small size of lenders which are focused on serving the retail market.
Thrift, rural and cooperative banks are dwarfed by universal and commercial banks, and thus “limits the reach,” the London-based firm added. — Melissa Luz T. Lopez

Gov’t stepping up fight against dirty money

THE GOVERNMENT is stepping up its fight against dirty money flows, as Malacañan Palace ordered the formation of a multi-agency coordinating body for this effort.
Executive Order No. 68, signed by Executive Secretary Salvador C. Medialdea on Nov. 12 and e-mailed to reporters on Wednesday, provides for the adoption of the National Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) Strategy (NACS) 2018-2022 and the formation of a National AML/CFT Coordinating Committee.
“All relevant government agencies and instrumentalities shall adopt the NACS 2018-2022 in the formulation and implementation of all their plans and programs which may have an impact on the AML/CFT efforts of the government,” the order read.
That strategy consists of action plans addressing the risks and problem areas identified in the Philippine National Risk Assessment. The latest report, covering 2015-2016 and released in December, said that the national money laundering threat remained “high”, while the US State Department described the Philippines as a “major” money laundering site in 2016.
The government has been plugging loopholes in the basic anti-money laundering law. Republic Act No. 10927, signed into law last year, further boosted defenses against dirty money flows by requiring casinos to report daily transactions worth at least P5 million to authorities. The Philippines’ gaming system was thrust to the spotlight when hackers in February 2016 used some $81 million stolen from the Bangladesh Bank’s account with the Federal Reserve Bank of New York laundered their loot in casinos. Out of the stolen $81 million, only about $15 million has been returned to the Bangladesh government.
EO 68 also forms the National AML/CFT Coordinating Committee (NACC) to provide overall policy and strategic direction and oversee NACS implementation.
The NACC will be led by the Executive Secretary as chairman, while the central bank governor will serve as vice-chairman. NACC members will consist of the secretaries of Finance, Foreign Affairs, Justice, National Defense, Trade and Industry and of Interior and Local Government; the chairman of the Securities and Exchange Commission; the Insurance Commissioner; chairman and chief executive officer of the Philippine Amusement and Gaming Corp., among others.

BusinessWorld forum zeroes in on cybersecurity

BUSINESSES today face increasingly sophisticated cybersecurity threats that can inflict substantial financial and reputational harm.
With this growing concern in mind, BusinessWorld is holding its first Cybersecurity Forum at 1-5 p.m. today at the Glass Pavilion of Dusit Thani Manila in Makati City.
The program consists of discussions by key government and private sector cybersecurity experts that should help forum participants make sense of the changing nature of cybersecurity risks, as well as safeguards needed for business organizations to operate in this threat environment.
The first part of the forum will revolve around building a cyber-resilient culture. Just yesterday, Kaspersky Lab reported that the Philippines remained among the top 10 targets of online attacks last quarter, with number of reported incidents jumping more than fourfold to 8.1 million from 1.8 million a year ago. A separate study released earlier this year estimated that the country’s losses to such attacks could be equivalent to at least one percent of gross domestic product.
Raymund Enriquez Liboro, chairman of the National Privacy Commission, will open the first part of the forum with a presentation on the state of cybersecurity in the Philippines.
He will be followed by Genalyn B. Macalinao, policy lead of the Cybersecurity Bureau of the Department of Information and Communications Technology, who will discuss cybersecurity threats and trends.
Dominic “Doc” Ligot, founder and chief technology officer of CirroLytix Research Services, will then discuss data governance and ethics.
The second part of the forum will focus on cybersecurity best practices at a time of growing Internet penetration in the country.
Raul R. Cortez, legal corporate affairs director of Microsoft Philippines, Inc., will tackle how to secure modern enterprises in an increasingly interconnected digital world.
Angel T. Redoble, ePLDT chief information officer, will discuss re-engineering cybersecurity to keep up with an ever-changing threat landscape.
The program will conclude with a talk on consumer perspectives on privacy and security by Bobby Soriano, a cyber forensic investigator and himself an ethical hacker.
Roby Alampay, editor-in-chief of BusinessWorld, will host the forum and moderate the panel discussions.
For more information about the BusinessWorld Cybersecurity Forum and to register, call 5359901 local 707 or visit bworldonline.com/cybersecurity.

Total Philippines aims to grow store network to 1,000 in 5 years

TOTAL PHILIPPINES is embarking on an aggressive expansion program. — FACEBOOK.COM/TOTALINTHEPHILIPPINES/

By Victor V. Saulon, Sub-editor
TOTAL Philippines Corp. targets to double the number of its service stations in the country from the current 500 as the company expands its reach outside the main Luzon island.
“This year we opened 50 new service stations,” Laurent Stouffe, president and managing director of the local unit of French group Total S.A., in a gathering in Makati City on Tuesday.
He said the company currently has 500 stations all over the Philippines, and that the strategy of the company is to double the size of the network to 1,000 in five years.
“It could be faster,” he said.
Mr. Stouffe said the target is achievable since Total Philippines had only about 200 stations two years ago, but was able to increase its could in a short span of time.
He did not disclose the capital expenditure for the planned expansion, saying that the cost would depend on the size of the service station, the business model, and the lease arrangement for the area where the station will be located.
“We know that the price of the rent in Manila or Quezon City is different from the north and the south of the country,” he said.
He said at present, Total Philippines has about five stations in Mindanao, with 20 more in the pipeline.
The company’s aggressive expansion is a departure from its low-key presence in the Philippines, where it also has exposure in exploration projects, and just recently, solar energy rooftop installation.
Last month, a unit of Total S.A. said it had secured contracts to install solar energy systems on the rooftop of four Gaisano malls in Luzon and the Visayas with a total capacity of 1.66 megawatts (MW).
The subsidiary Total Solar SEA said it had locked in contracts with Gaisano Capital, the entity behind the malls, for its first project in the Philippines.
Total Solar said the installation can generate around 2,257.3 MW-hour in a year. The malls in Binangonan, Calapan, Masbate and San Carlos will have an installed capacity of 536 kilowatts peak (kWp), 268 kWp, 375.2 kWp, and 482.4 kWp, respectively.
The project is expected to help Gaisano Capital cut its carbon dioxide emissions by 1.25 million tons and reduce its expenses.

1...11,72211,72311,724...14,285Page 11,723 of 14,285
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube