AYALA-LED Integrated Micro-Electronics, Inc. (IMI) inaugurated its newest manufacturing facility in Serbia last week, as the company expands its global footprint in anticipation of more demand for its products.
The listed subsidiary of AC Industrial Technology Holdings, Inc. said the factory covers 14,000 square meters of manufacturing space in the City of Nis, located in the southeastern part of Serbia. The facility will serve as the extension of its Bulgaria factory in order to support the growing demand market for automotive products in the European region.
“As a partner-of-choice in building technologies like sensing cameras, advanced driver assistance systems, lighting, body control modules, battery management and displays, IMI will be a significant contributor to the digital car of tomorrow,” IMI Chief Executive Officer Arthur R. Tan said in a statement.
Mr. Tan, who also sits as the chief executive officer of AC Industrials, said this will boost the company’s efforts to build a global manufacturing platform that rides on trends such as increased electronics in vehicles, autonomous driving, shift to electric power, and shared mobility.
This will be IMI’s 21st factory across the world, following its production facilities in the Philippines, China, Bulgaria, Czech Republic, Germany, Japan, Mexico, the United Kingdom, and the United States.
The company provides engineering, manufacturing, support, and fulfillment capabilities to various industries such as automotive, industrial electronics, and the aerospace market. It also offers customized solutions for safety and security features in the automotive segment. — Arra B. Francia
THE PHILIPPINE Educational Theater Association (PETA) is devoting its 51st season to shows that tackle the current state of the nation: the extrajudicial killings, the rise of trolls and fake news, and historical revisionism, among other topics.
The “Stage of the Nation” season, which runs until June 2019, will feature three returning shows and one new musical.
PETA will also share the stage with other organizations which have the same vision.
These informative and timely productions are part of PETA’s mission because “theater is a platform for important social issues,” said PETA executive director Beng Santos-Cabangon during a Sept. 21 press conference announcing the new season’s offerings.
“When there are important matters that are happening around us, every day is an opportunity for us to reach out and to dialogue with people using our arts and to make people more sensitive on what’s happening. It’s not exactly telling them ‘Do this. Vote for this. Make this decision.’ Rather, it’s giving them space for critical reflection… So many things are happening that we should be talking about. It’s crucial at this time to be out and be counted,” she said. RERUNS
Returning to the PETA stage are its productions of Ang Buhay ni Galileo (Sept. 28 to Oct. 7), A Game of Trolls (Oct. 13, 14, 20, 21), and Tagu-Taguan Nasaan ang Buwan (Nov. 14-29).
Starring Joel Lamangan, Ang Buhay ni Galileo tells the life of the scientist Galileo Galilei. The rerun is a timely reflection on what it means to pursue the truth despite persecution. Performances will be at PETA’s theater — last year it was staged at PETA’s old stage in Fort Santiago. (READ: PETA’s Ang Buhay ni Galileo https://www.bworldonline.com/petas-ang-buhay-ni-galileo-returns-fort-santiago/)
Meanwhile, A Game of Trolls combines music and humor as it tackles false heroes, fake news, and disinformation. (READ: Trolling the Trolls http://www.bworldonline.com/trolling-the-troll/) Tagu-Taguan Nasaan ang Buwan is a children’s musical about a young boy who goes on an adventure where he finds the power of imagination, courage, and friendship. The play took the Outstanding Original Libretto prize at the 10th Gawad Buhay Philstage Awards for Performing Arts. TRUMPERTE
PETA will also play host to shows by other producers which also tackle the state of the nation.
One of them is Trumperte, a satire featuring comic Jon Santos who will impersonate a number of political personalities. As the name implies, a chunk of the show will satirize Presidents Donald Trump and Rodrigo Duterte, with Mr. Santos going on stage as “Ronald McDonald Trump” and “Pangulong DuThirty.” He will be making fun of Mocha Uson, Bong Go, and other characters while his iconic interpretations of Erap Estrada, Imelda Marcos, and Vilma Santos, will, of course, also appear on stage. Trumperte will have performances on Oct. 26 and 27. 2019’S PERFORMANCES
The season continues in 2019 with Charot, a PETA original, which will have performances from Feb. 1 to March 17. Slang for “just kidding,” Charot imagines Philippine society under federalism while tackling its consequences.
PETA will also run a Human Rights Film Festival, with screenings on Feb. 27, March 6, 13, and 20. To be shown are films by Chito Roño, Chuck Escasa, and many more.
Meanwhile, in partnership with Third World Improv, PETA presents the Manila Improv Fest on March 27-31. The shows will include live and unscripted performances from improvisational performers from all over the world.
On April 27, Words Anonymous will celebrate its anniversary with a show that features spoken word poetry about human rights, mental health, LGBTQ issues, women’s empowerment, the plight of the farmers, and other social issues.
The “Stage of the Nation” will end with the rerun of Dulaang UP’s production of Kundiman Party on May 24-26, 31, June 1 and 2. This is a bittersweet comedy about how a group of Titas of Manila choose to deal with the society we live in.
Part of this party is a reunion concert of Buklod — the 1980s progressive musical group composed of Noel Cabangon, Rom Dongeto, and Rene Boncocan, who popularized songs like “Tatsulok,” “Kanlungan,” and “Pagbabagong Nagbabago.”
Tickets to the PETA performances are available on www.ticketworld.com.ph. — Nickky Faustine P. de Guzman
ROCKWELL Land Corp. is set to launch a 63-hectare mixed use estate in Laguna by the middle of 2019, after securing approval from the Philippine Competition Commission (PCC) for its partnership with the Yulo family.
In a disclosure to the stock exchange on Tuesday, the Lopez-led property firm said the PCC approved its joint venture with Carmelray Property Holdings, Inc. (CPHI) for the development of the estate in Canlubang, Laguna.
Rockwell Land will subscribe to P450 million worth of CPHI common and preferred shares as part of its initial investment, giving it a 14.7% ownership in the joint venture company.
“We will develop a 63-hectare mixed-use project in Canlubang, set to launch by mid-2019,” a Rockwell Land representative told BusinessWorld.
In a Sept. 27 resolution, the PCC said the Rockwell Land-Carmelray deal “does not result in the substantial lessening of competition in the relevant market of luxury residential developments in Region IV.”
“No horizontal overlaps were found between the parties and there were sufficient number of other competitors in the said market,” the competition watchdog said.
Carmelray Property is part of the Carmelray Group of Companies which is engaged in the integrated development of industrial estates, townships and ancillary environmental infrastructure and services.
Rockwell Land is engaged in the residential development of high-rise condominiums as well as retail and office leasing. Its flagship project is the Rockwell Center, located next to the Makati central business district.
The PCC is mandated by Republic Act 10667 or the Philippine Competition Act of 2015 to review mergers and acquisitions to ensure that these deals do not compromise the interest of consumers.
The Rockwell Land-Carmelray joint venture (JV) is the 148th transaction approved by anti-trust body. — Arra B. FranciaandJanina C. Lim
XURPAS, Inc. is forming a subsidiary for remittances and money transfers. — PHILSTAR/MIGUEL DE GUZMAN
XURPAS, Inc. is forming a new subsidiary that will focus on remittances, money transfers and operate as a virtual currency exchange (VCE).
The mobile content provider said in a disclosure to the stock exchange on Tuesday its board of directors has approved on Monday the incorporation of CTX Technologies, Inc., which will be a wholly owned subsidiary of Xurpas.
“CTX has secured an endorsement clearance from the Bangko Sentral ng Pilipinas (BSP) with respect to its proposed primary purpose wherein it will engage as a remittance and transfer company, operating as a Virtual Currency Exchange,” it said.
It added that its new remittance subsidiary will be designed to process cryptocurrency payments.
Xurpas said it will now need the approval of the Securities and Exchange Commission (SEC) to proceed with the incorporation of CTX. Its operations may only begin after completing the BSP registration process.
“We are in a position to create and deploy more products that can add value to our company,” Xurpas President Raymond Gerard S. Racaza told BusinessWorld in a text message.
Asked how it is expected to impact the company in terms of revenue, a representative from the Xurpas said they “cannot make forward-looking financial statements yet for this endeavor.”
In a regulatory filing, Xurpas said it has three wholly owned subsidiaries as of June: Xurpas Enterprise, Inc.; Art of Click Pte. Ltd. (AOC) and ODX Pte. Ltd.
It also has stakes in eight other companies, namely Xeleb Technologies, Inc.; Xeleb, Inc.; Seer Technologies, Inc.; Codesignate, Inc.; Storm Technologies, Inc.; Pt. Storm Benefits Indonesia; Yondu, Inc. and Yondu Software Labs, Inc.
The listed company booked an attributable net loss of P137.04 million in the first half from last year’s net profit of P108.72 million. It said the decline was due to the continued fallout of revenues from its mobile consumer services business.
Shares in Xurpas closed at P2.31 apiece on Tuesday, up nine centavos or 4.05%. — Denise A Valdez
WHILE it has concluded its run, the Manila staging of Henry David Hwang’s M Butterfly isn’t ready to hang up the costumes, the intrigues, and the scandalous love story of Rene Gallimard and Song Liling, as its producer Jhett Tolentino announced that they will be taking the butterfly on tour next year through five cities in the Philippines.
“We will be following the tour route of the original M Butterfly Philippine tour,” Mr. Tolentino said at a press conference on Sept. 28 at the Seda hotel in Bonifacio Global City.
The tour will commence in January in Iloilo, with stops in Davao, Cebu, Dumaguete, and Baguio before returning to Manila in February for a 21-show run.
Tickets for the tour are expected to be available by “mid-October or early November,” said Mr. Tolentino. PERFECT TIMING
Almost three decades ago, M Butterfly was staged in Manila featuring the then 18-year-old Raymond “R.S.” Francisco as Song Liling. A five city tour followed the play’s successful 1990 run.
Mr. Francisco reprised his role 28 years later with this production, commenting during the press conference that his Song Liling now is one “who has gone through so much in life.” He said this is the “perfect time for me [to play Song Liling].”
Mr. Tolentino told BusinessWorld that they are partnering with SM Cinema for the play’s venues during the tour.
“We’re just dealing with casting and availability,” he said before assuring the leads Mr. Francisco and Olivier Borten (who played Rene Gallimard) will remain the same.
The idea of going on tour, entered Mr. Tolentino’s mind after the first week of performances at the Maybank Theater in BGC.
“Then I met with SM right away and asked them if they want to be on board. They saw the show and they wanted to a part of the promotion of the arts in country, especially theater,” he said.
“The key element here is to reach out and I’m all about the audience development program in this country. I care for those who are not in Metro Manila, those who do not have access to theater,” he said, noting that as a youth growing up in Iloilo, he would often lament that shows in Manila were never brought to his hometown.
A Broadway producer, Mr. Tolentino has won several Tony Awards — for 2013’s Vanya and Sonia and Masha and Spike (Best Play), 2014’s A Gentleman’s Guide to Love and Murder (Best Musical), and A Raisin in the Sun (Best Revival of a Play). He is also the first Filipino to win a Grammy Award for Best Musical Theater Album for The Color Purple. AUTHOR, AUTHOR! M Butterfly’s author, Henry David Hwang, who came from the US to catch the productions last performances, said during the press conference that he was excited over the play going on tour and said he might catch the Cebu leg because he grabs at any chance to visit the city where he has relatives.
Mr. Hwang currently sits as the chairman of the American Theatre Wing, an organization “dedicated to supporting excellence and education in theater,” according to its website. The organization also created and sponsors the Tony Awards. As the chairman, Mr. Hwang told the press that he wants “to further the conversation on inclusivity.”
Aside from M Butterfly, Mr. Tolentino told BusinessWorld that there are four plays he is considering producing in the Philippines.
“I don’t want to preempt [anything] but I have about four I’m thinking of — two plays and two musicals,” he said before adding that of the four, two of his prospects are ones that he already produced on Broadway.
“[There’s] one play and one musical I produced on Broadway that’s near and dear to my heart [that I want to stage in Manila] and I’m very willing to do it. It just comes down to working with the right partner,” he said. — Zsarlene B. Chua
VIOLINIST Kristine Clair “KayCee” Uchi Galano is the featured performer in the PPO’s next concert on Oct. 12.
PPO performs with violinist Galano
THE Philippine Philharmonic Orchestra (PPO) gears up for its second concert of the season on Oct. 12, 8 p.m., at the Main Theater of the Cultural Center of the Philippines. Under the baton of Yoshikazu Fukumura, PPO’s music director and principal conductor, the company will perform H. Berlioz’s Le Corsaire Overture and P.I. Tchaikovsky’s Symphony no. 4, Op. 36, F minor. Featured guest soloist will be violinist Kristine Clair “KayCee” Uchi Galano, playing M. Bruch’s Violin Concerto no.1, Op. 26, G minor.
Hans Brumann goes from jewelry to art
A LANDSCAPE by Hans Brumann in wood and Mother of Pearl.
IN Paysage, Hiraya Gallery presents the recent sculptures and watercolors of Hans Brumann at the Makati Shangri-la Manila from Oct. 4-30. The artist is the famed Swiss jeweler who has made the Philippines his home for the past five decades. In recent years, Brumann has produced sculptures invested with the same degree of elegance and refinement as his jewelry, especially in the woodwork. He also explores an unexpected material: Mother of Pearl. For more information, call 523-3331 or e-mail dididee@hiraya.com or visit www.hiraya.com.
Atlantis revisits Angels in America for 20th anniversary
ATLANTIS Theatrical Entertainment Group’s first major production for its 20th Anniversary Season in 2019 will be Tony Kushner’s masterpiece Angels in America: Millennium Approaches, the first of the two-part Tony Award and Pulitzer Prize winning play. Set in 1980s New York City, a gay man is abandoned by his lover when he contracts the AIDS virus, and a closeted Mormon lawyer’s marriage to his pill-popping wife stalls. It received the most Tony Award nominations in Broadway history and is the winner of 10 Tonys including Best Play and Best Revival of a Play. Atlantis’ Artistic Director, Bobby Garcia, who will be directing the production says, “I first directed Angels in America in 1995 when I was 25 years old. I look forward to revisiting the play almost 25 years later from a whole different perspective on life and death, heaven and hell. The play remains as timely as ever which is the true testament of a classic.” Angels in America: Millennium Approaches will run at the Carlos P. Romulo Auditorium, RCBC Plaza, Makati from March 22 to April 7, 2019. For details call 650-5144 or e-mail shows@atlantistheatrical.com.
Pagkaliwangan drawings at the Bencab Museum
DETAIL of a drawing by Henrielle Pagkaliwangan.
FRAGMENTARY CONVERSATIONS, an exhibit of drawings by Henrielle Pagkaliwangan, will open on Oct. 13, 4 p.m., at the Gallery Indigo of the Bencab Museum, Km. 6 Asin Road, Tuba, Metro Baguio. The exhibition will be on view until Dec. 2. Philippine Views, an exhibition of 18th to 19th Century prints, will also be on view at the museum’s Sepia Gallery.
Concert in honor of Senator Edgardo J. Angara
THE Cultural Center of the Philippines, Philippine Philharmonic Orchestra Society, Inc. in cooperation with the University of the Philippines pay tribute to the life and work of the late Senator Edgardo J. Angara in an invitational concert on Oct. 17 at the Main Theater of the Cultural Center of the Philippines (CCP). A four-time Senator, Mr. Angara authored and helped established important laws related to cultural and the arts including those creating the National Living Treasures Award and the National Commission for Culture and the Arts. In 1985, he established the Philippine Philharmonic Orchestra Society, Inc (formerly PPSI, now PPOSI) to improve the welfare of the orchestra members. He set up gratuity funds for the retiring members of the PPO. Six months before he passed away in May this year, Mr. Angara awarded study grants to two PPO members. National Artist for Music Dr. Ramon Santos will lead the orchestra in a performance of “Awit ng Pagdiriwang” which he composed for the inaugural of Mr. Angara as UP President in 1981. Soprano Stephanie Quintin, tenor Dondi Ong and the UP Singing Ambassadors, UP Concert Chorus, and the UP Cherubim and Seraphim will join the PPO. Pianist Raul Sunico also will perform Gershwin’s Concerto in F with the PPO.
Busy October for the MSO
THE Manila Symphony Orchestra (MSO) will have a busy month with four concerts in October. The first is The Virtuoso Guitarist on Oct. 4, 6:30 p.m., at the Ayala Museum. The MSO’s concert master, Gina Medina-Perez, and the MSO String Quartet will be performing with Jacob Cordover and the Sparrow Music Guitar Ensemble for a night of Spanish and South American guitar music. On the same day, at 7:45 p.m., the MSO under the baton of Ryan Cayabyab with the Ryan Cayabyab Singers, will perform in a fund-raising concert at the St. James Church, Alabang called 20 Seasons of Love. And on Oct. 28, 8 p.m., the MSO will perform the soundtrack of the critically acclaimed film, Call Me By Your Name, in a live score performance at the Samsung Hall of SM Aura. For tickets to The Virtuoso Guitarist, call Ticketworld at 891-9999 or the Ayala Museum at 759-8288 loc. 8272. For tickets to 20 Seasons of Love, call 842-6369; and for tickets to Call Me By Your Name, go to ticketworld.com.ph.
Art for smiles
CELEBRATE World Smile Day with cleft charity, Smile Train, which, along with Centuria Medical Makati, will host an art exhibit on Oct. 5, 5 p.m., at Centuria Medical Makati, Century City, Kalayaan Ave. cor. Salamanca St., Makati City. The exhibit, which will benefit the patients of Smile Train, will feature work from artists such as Jon Ray Fernandez, Roberto Sanchez, Ivy Lim, Jirawat Pramphet, and Arthit Pansuay.
Jollibee Foods Corp. (JFC) opened the first branch of its Jollibee fastfood chain in the Macau Special Administrative Region last week, as it continues to ramp up its global expansion. “Macau is home to over 40,000 Filipinos and we are only too happy to bring them ‘a taste of home,’ as well as share Jollibee’s signature brand of great tasting food and friendly service with the warm people of Macau,” Ernesto Tanmantiong, JFC chief executive officer, was quoted as saying during the store opening. JFC said it employed overseas Filipino workers (OFWs) and Filipino permanent residents in Macau for the store.
IRAN is developing a range of new financial products, from Islamic bonds to warrants and insurance-linked securities, in an effort to give local firms more funding options as sanctions put pressure on the economy.
The Iranian rial has plunged 70% against the US dollar in the free market this year, inflation has risen and foreign trade has been disrupted after Washington repudiated an agreement on Tehran’s nuclear program and reimposed sanctions.
But Iran’s financial system has been able to ride out past periods of sanctions, and officials say they are working on new products to stimulate capital markets activity. All the products are structured to obey Islamic principles, such as a ban on interest payments.
The capital market regulator, the Securities and Exchange Organization (SEO), said it had started work on a new structure for Islamic bonds.
The sukuk will use an agency format known as wakala, which is widely used in Asia and the Middle East but not yet offered in Iran, said Majid Pireh, senior Islamic finance expert in the SEO’s research, development and Islamic studies department.
“This will be a new financing instrument for companies,” Pireh said by telephone, adding that regulations could be ready in six to nine months.
Wakala sukuk pay a variable rate, giving them equity-like features compared with other sukuk in Iran, which pay fixed rates, he added.
The SEO also plans to introduce warrants — contracts giving the option to buy underlying shares at a later date — following the earlier introduction of put and call options. The SEO’s religious board is reviewing a proposal for warrants, which must be structured to obey Islam’s ban on pure monetary speculation.
“The derivatives market has a lot of room to grow. Options were introduced in 2013, but the first trades were done in 2016,” said Payam Afzali, managing partner and head of investment banking at Tehran-based Kian Capital Management.
Warrants may not attract major investment in the short term but could be used to make bonds and equities more appealing to investors, he added.
Meanwhile, the SEO is considering whether to introduce insurance-linked securities so that domestic insurers can offload some portfolio risk in the capital markets, Pireh said.
ILS are typically tied to natural catastrophes such as earthquakes and offer high yields; investors can lose their principal if a catastrophe loss is triggered.
They could serve as an alternative to reinsurance cover, which is scarce as sanctions mean Iran is shut out of global reinsurance markets such as Lloyd’s of London.
In August, the SEO published rules for crowdfunding, which allows start-ups to collect small sums of money from many individuals as an alternative to bank loans. An official at an Iranian securities exchange said several applications to conduct crowdfunding exercises were under review.
There are also proposals to develop sukuk that are convertible into equity and lengthen the maturities of sukuk to 10 or 20 years. Most debt issuance in Iran currently carries four- or five-year tenors, the official said.
But the official added that the sanctions were making it impossible to develop some financial products. A proposal for foreign currency sukuk was submitted to the central bank, but Iran’s lack of access to the SWIFT global payments network caused the idea to be scrapped. — Reuters
By Melissa Luz T. Lopez Senior Reporter
THE WORLD BANK has released a $496.25-million aid package for the Philippines to help fund reconstruction and recovery in areas hit by typhoon Ompong (international name: Mangkhut).
In a statement, the bank said the package is part of a contingent credit line for natural disasters.
A week ago, President Rodrigo R. Duterte signed Proclamation No. 593 declaring a state of calamity in Regions I, II, III, and the Cordillera Administrative Region (CAR) due to “widespread destruction, substantial damage and deaths” caused by the heavy rains and winds as the storm traversed the northern Philippines in mid-September.
Cabinet officials belonging to the National Disaster Risk Reduction and Management Council (NDRRMC) have since endorsed the declaration.
Finance Secretary Carlos G. Dominguez III has said that the declaration will allow the Philippines to tap special credit line from the World Bank for relief and recovery measures.
Apart from accessing the loan facility, Mr. Duterte’s proclamation also allows local government units to impose price caps on basic goods, authorize extraordinary funding for repairs and upgrades of roads and facilities, and pursue negotiated procurement in affected regions.
“The funds accessed from the contingent line of credit — called the Second Disaster Risk Management Development Policy Loan with a Catastrophe-Deferred Drawdown Option (Cat-DDO 2) — will give the Philippine Government flexibility to help families and communities recover, reconstruct vital infrastructure (such as roads, bridges, schools and hospitals), and restore basic social services,” the World Bank said in a statement.
The Cat-DDO 2 line has been active since December 2015, with the goal of providing “immediate liquidity” to help a borrower recover from a natural disaster. It also comes with technical assistance from the lender to assist in disaster risk management.
A country can tap the credit facility within three years, renewable for a total of 15 years. Amounts repaid by the government can then be tapped for subsequent drawdowns, the World Bank added.
Cat-DDO 2 will be available until Sept. 30, 2021.
Typhoon Ompong affected nearly three million people, left 68 dead, 138 injured and two missing, according to NDRRMC’s Oct. 1 situation report.
The heavy rains also caused P26.77 billion worth of damage to agriculture and P6.923 billion to infrastructure.
In a related development, the Department of Budget and Management (DBM) said the government is “providing emergency employment” for displaced workers in Ompong-hit areas.
In a statement, DBM said P44 million has been allocated this year for affected residents via the Tulong Panghanapbuhay sa Ating Disadvantaged (TUPAD) program of the Labor department.
Some 1,160 workers in Batanes, 5,798 in Isabela, 4,348 in Cagayan, 300 in Nueva Vizcaya, 580 in Quirino and 580 in Tuguegarao City will be employed under TUPAD, with employment arrangements ranging from 10 to 30 days.
Budget for the TUPAD program will be doubled to P3.34 billion in 2019 for 289,602 beneficiaries, following a P1.62 billion allocation this year.
MALACAÑANG on Tuesday said it is “doing everything” to ensure that a joint oil exploration deal between the Philippines and China on the Service Contract (SC) 72 located in the disputed Recto (Reed) Bank in the West Philippine Sea will be signed during Chinese President Xi Jinping’s visit to Manila in November.
“We are doing everything we can to make sure that when President Xi comes here, we can sign a joint exploration [deal] for natural gas an oil to help us achieve energy security,” Palace Spokesperson Herminio L. Roque, Jr. said at a briefing Tuesday.
Mr. Roque said joint exploration would help insulate the Philippines from high global oil prices. “One of the things we are studying and wish to bring forward is joint exploration in the West Philippine Sea because according to initial studies there is natural gas and oil in the Service Contract 72 area.”
Mr. Roque also noted that the scheduled increase in the excise tax on fuel under the first package of the Tax Reform for Acceleration and Inclusion (TRAIN) law will be suspended if global oil prices hit or exceed $80 per barrel “for three consecutive months.”
“Now that it has hit $80 [per barrel]… and if it stays there for three months, excise taxes will not rise because that is what the law says. It is up to Congress if it wants to repeal the law. The President can do nothing because it’s a law,” he said.
He called for unity and the setting aside of differences in order to achieve a joint exploration deal that will reduce the country’s dependence on imports.”
The Department of Energy (DoE) issued a moratorium on all exploration and drilling works in Service Contracts 72 and 75 in December 2014 and 2015, respectively, due to the maritime dispute between the Philippines and China over the West Philippine Sea.
Mr. Roque said joint exploration will require a treaty or executive agreement because of the Chinese claim.
Asked when the Palace expects joint exploration to start, Mr. Roque said: “As soon as possible. As soon as it’s signed, we are willing to undertake further steps, although it will not be producing immediately.”
He said the government hopes it can tap an alternative energy source shortly after the production contract for the Malampaya gas field off Palawan expires in 2022.
“We are hoping that by around 2027 SC 72 will be producing,” he added.
The Recto Bank concession or SC 72 is west of Palawan and southwest of the Shell-operated Malampaya Gas Field, a deepwater gas-to-power project in SC 38. — Arjay L. Balinbin
