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Panelo downplays Trillanes’ ‘threat’ claims

Chief Presidential Legal Counsel Salvador S. Panelo on Monday, April 2, said Sen. Antonio F. Trillanes IV’s motion to change venue is an attempt to delay the proceedings on the civil case filed against him by former Davao Vice Mayor Paolo Z. Duterte and his brother-in-law Manases R. Carpio.
Mr. Trillanes, who is facing a damage suit for his alleged libelous remarks against Messrs. Duterte and Carpio, had asked the Supreme Court to change the location of the civil case for purported unfair treatment and threat to his life from President Rodrigo R. Duterte.
The civil case is currently pending before the Davao City Regional Trial Court Branch 15. Incidentally, Mr. Trillanes was also declared persona non grata in the city in February.
“The claim of unfair treatment of Senator Trillanes is an empty rhetoric; he has not supported his claim of unfairness with credible proof. It also besmirches the authority and the independence of the court where the case is pending,” Mr. Panelo said in a statement.
“The supposed threat to his life by the President is but a phantom he has created. No attempt against his life has been reported. Neither is there a threat made by the President,” Mr. Panelo added.
Mr. Panelo also said that the same “threat” to the life of Mr. Trillanes will be present elsewhere even if the venue is changed.
“Clearly, the motion to change venue filed before the Supreme Court is intended to delay the proceedings of his case and to milk the attending publicity as well,” Mr. Panelo ended. — Minde Nyl R. Dela Cruz

Phoenix Petroleum’s market share increases to 6.2%

Phoenix Petroleum Philippines, Inc. has expanded its share in the local petroleum industry, cornering 6.2% of the market as of end-2017 and posting the biggest improvement among oil companies.
“We are proud to be an emerging major in the industry today, after having started just over 15 years ago in Davao City,” said Dennis A. Uy, Phoenix president and chief executive officer, in a statement.
“As we enter the next phase of our growth, we will continue to be passionate and committed in serving our customers’ needs and growing the business. This milestone inspires us further towards our vision of being an indispensable partner to our customers and business partners,” he added.
Based on the ranking released by the Department of Energy, Phoenix’s market share last year improved by several basis points from P5.7% in 2016.
Phoenix said it led other independent market participants as it recorded record volume sales last year. — Victor V. Saulon

Loans to small cooperatives hit nearly P1 billion in 2017 — BSP

Loans granted to small business cooperatives surged in 2017 to reach almost P1 billion, data from the Bangko Sentral ng Pilipinas (BSP) showed, supported by new rules which took effect last year.
The central bank said some P952.2 million loans were released through the credit surety fund (CSF) program from January-November 2017. Outstanding loan balances reached P1.1 billion by the end of the period, boosted by six new credit facilities which opened last year. — Melissa Luz T. Lopez

Is this ‘academy’ purveying male self-confidence or rape culture?

Love is a crazy road to navigate. And in an age of dating sites, ghosting and crumbing, where people are putting off getting married in favor of their careers, it becomes even more complicated to date.

Like the 2005 American romantic comedy Hitch, where a professional “date doctor” by the name Hitch coaches men in the art of wooing women, there’s also a “profesional (sic) dating coach” in Manila who calls himself Smooth. In a recent statement on his Facebook page, Smooth, who has been identified as Sein Meneses, narrated how his failed marriage, which left him “devastated and suicidal,” led him to seeking “the cure for loneliness.”

He now runs what is called PUA Academy, which stands for Pick Up Artists Academy: a school which, essentially, teaches men how to “pickup” women.

Posted on its website are his cures for loneliness: products that range from a P470-worth “Smooth Seduction” E-book to a 10-day “intensive, comfort zone breaking (sic) training” with a price tag of P48,000. The long list of topics includes techniques like the so-called LMR or “Last minute resistance,” where students are instructed to repeat sexual advances towards women who initially say no. The CEO says, “Women wants (sic) to be forced.”

The program commences with a thirty-hour “infield game.”

PUA Academy went under the spotlight after this Facebook post went viral:

Netizens, especially feminists, have taken to Facebook to express their dismay. The official Facebook page of the academy, however, which had since been filled with 1-star reviews, has already disappeared.

“Love is not a game. Characters are not characters in a game,” one user commented on a post. “There is no fucking game, if you want to be taken seriously, do not ever think that you are in a game.”

 
 




Is this company really purveying self-confidence or are they propagating machismo and misogyny?

Factory activity picks up despite inflation

By Elijah Joseph C. Tubayan
Reporter
FACTORY ACTIVITY in the Philippines improved last month despite higher input costs due to the tax reform law that took effect in January, according to a monthly survey IHS Markit conducted for Nikkei, Inc.
But while the improvement moved the Philippines up in this regard among monitored Association of Southeast Asian Nations (ASEAN) members, it was still not enough to enable the country to regain its previous lead in the region.
The Philippines’ Nikkei Manufacturing Purchasing Managers’ Index (PMI) logged 51.5 in March from 50.8 in February due to faster output, new order, and export growth, beating tracked ASEAN members’ 50.1 average.
The Philippines’ manufacturing sector placed third among the seven tracked ASEAN members — an improvement from fifth place in February — but still fell behind Myanmar and Vietnam with 53.7 and 51.6, respectively.
The manufacturing PMI consists of five sub-indices, with new orders having the biggest weight at 30%, followed by output (25%), employment (20%), suppliers’ delivery times (15%) and stocks of purchases (10%). A PMI reading above 50 suggests improvement in business conditions, while a score below that signals deterioration.
ASEAN Manufacturing
The Philippine reading in March signaled “further improvement in the health of the sector,” report read, with rate of output growth picking up for a second straight month despite remaining “modest overall.”
“Survey respondents cited higher client demand, increased sales and expanded production capacity as reasons for greater output,” the report said, noting that “adverse effects on demand from recent tax reforms showed signs of fading.”
Republic Act No. 10963, or the Tax Reform for Acceleration and Inclusion (TRAIN) law that took effect on Jan. 1, reduced personal income, estate and donors tax rates, but removed some value-added tax exemptions; hiked excise tax rates for automobiles, minerals, tobacco and fuel; as well as imposed new excise levies on sugar-sweetened beverages and cosmetic procedures.
“Inflation remained strongest in the Philippines as new excise taxes worked their way through to higher input prices,” the report read, noting that “the rate of increase in both input costs and selling prices climbed to the highest in the survey history.”
“Increased global prices for raw materials, in particular steel, chemicals, paper and sugar, as well as a weaker exchange rate also contributed to inflation.”
On the other hand, March saw a “slower fall in employment” even as it was the second straight month of decline, while business confidence was at “an eight-month high”.
“This encouraged firms to scale up purchasing activity and build up inventories.”
Moreover, foreign demand for Philippine goods increased in March after declines experienced in 2018’s first two months, with the improvement being “the fastest since December 2016”.
“However, there were some reports of higher selling prices eroding competitiveness.”
The report quoted Bernard Aw, IHS Markit principal economist, as saying that “the rise in the headline index points to signs that the adverse impact on demand from the new excise taxes could be fading.”
Despite the Philippines’ improvement in March, the country’s average PMI reading for the 2018’s first three months of 2018 was the lowest since the survey’s inception in January 2016.
Michael L. Ricafort, Rizal Commercial Banking Corp. economist, attributed improving demand partly to TRAIN’s personal income tax cut which “effectively increased the incomes and purchasing power of consumers.”
“Consumer spending accounts for nearly 70% of the Philippine economy. Consumer-related manufacturing industries may have benefitted directly from increased consumer incomes and spending,” he said in an e-mail.
Guian Angelo S. Dumalagan, market economist at the Land Bank of the Philippines, said “it remains to be seen, however, if this recent gain will be sustained considering that inflation could rise further until it peaks in the third quarter of 2018.”

Moody’s says overheating farfetched; FMIC, UA&P see Q1 growth past 7%

By Melissa Luz T. Lopez
Senior Reporter
THE PHILIPPINE ECONOMY is far from overheating, with growth poised to clock faster even as inflation quickens further, according to a global debt watcher and a monthly analysis released on Monday.
Moody’s Investors Service allayed fears that the Philippine economy could overheat, noting that growth can be expected to be sustained over the medium term as domestic activity is still robust.
“We believe that overheating risks in the Philippines are not yet material,” the credit rater said in a report on Monday.
“Our view is based on expectations that current inflationary pressures are in part due to transitory factors, infrastructure investment and favorable demographics will lift potential growth to meet rapid demand growth and the external position will remain roughly balanced.”
Moody’s kept its “Baa2” rating with a “stable” outlook for the Philippines in June last year, but aired concerns on whether the economy can absorb ramped up infrastructure spending under the “Build, Build, Build” program of the Duterte administration.
The debt watcher had said the P8-trillion infrastructure spending plan is “unlikely to be achieved in… entirety” but should still provide substantial boost to gross domestic product (GDP) growth.
Now, Moody’s said an increasing working-age population, rising productivity and better infrastructure should be able to “mitigate overheating risks” and boost long-term potential output.
Moody’s expects Philippine GDP to expand by 6.8% this year, faster than 2017’s 6.7% though still short of the government’s 7-8% target.
Faster price increases as well as double-digit credit growth can likewise be absorbed by strong GDP growth, as well as a sound and stable financial system.
Inflation averaged 3.7% for the first two months of 2018, factoring in higher fuel prices, a weaker peso, and the impact of the Tax Reform for Acceleration and Inclusion (TRAIN) law.
Meanwhile, bank lending jumped by another 19.5% in February from 19% the preceding month, with the additional credit flowing to production activities.
“Currently, we do not believe that strong credit growth poses material financial stability risks for the Philippines given the banking system’s buffers, including high capitalization, reliance on deposit funding and benign asset quality,” the credit rater explained, while citing a measly share of non-performing loans despite the steady rise in borrowings.
FASTER GROWTH
Robust factory output and construction likely fuelled an above-seven percent GDP growth in the first quarter, analysts at the First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P) said in a separate report.
Record foreign direct investment inflows and the local infrastructure spending push gave a “strong start” to the Philippine economy, putting it on track to hit the government’s 7-8% growth goal for 2018.
“[W]e see GDP growth accelerating to beyond seven percent pace in Q1, given the strong multiplier effects of job growth, and robust manufacturing and construction sectors,” the economists said in the March issue of The Market Call.
This compares to The Market Call’s 7-7.5% forecast for the entire year.
The Philippine Statistics Authority is scheduled to report first-quarter GDP data in the morning of May 10, hours ahead of the central bank’s third monetary policy review for 2018.
Citing government data, FMIC and UA&P said 2.4 million jobs were created in January while manufacturing output surged by 21.9% year-on-year.
At the same time, they noted that concerns have since shifted towards faster inflation driven largely by the TRAIN which took effect this year.
They see inflation clocking 4.1% for March and April, which would mark fresh three-year highs if realized.
The central bank has said that monetary authorities expect prices to keep rising in the next few months, but noted that such pressures are seen to be temporary and do not warrant interest rate adjustments for now.

Revenue loss feared under 2nd tax reform

THE HOUSE of Representatives’ version of the second tax reform package could yield a net revenue loss for at least two years, a senior Finance official has warned.
Finance Undersecretary Karl Kendrick T. Chua noted that while the corporate income tax cut to 20% from 30% will be automatic though gradual, reduction of fiscal incentives deemed redundant will start only two years after the envisioned law takes effect.
House Bill No. 7458 filed on March 21 by Reps. Dakila Carlo E. Cua of Quirino; Aurelio D. Gonzales, Jr. of Pampanga’s third district and Raneo E. Abu of Batangas’ second district provides for a percentage point cut yearly without the Finance department’s condition that each cut be premised on a corresponding revenue increase from clipped perks.
“It will be a loss because the reduction in the corporate income tax rate is automatic. However, our rationalization in fiscal incentives begins two years later because of the two-year transition. So in the first two years, 2019 and 2020, it’s a definite loss,” Mr. Chua told reporters on Tuesday last week.
“Our estimate is P30 billion in 2019 and P67 billion in 2020,” Mr. Chua added.
“And then in 2021, the loss will be P113 billion. However the rationalization will kick in, so that loss will be much lower.” — EJCT

SE Asia’s competition watchdogs train sights on Grab-Uber deal

MANILA/KUALA LUMPUR — The Philippines and Malaysia said on Monday they will look into whether Uber Technologies’ move to sell its Southeast Asian business to ride-hailing rival Grab hinders competition, days after Singapore began a probe into the deal on similar concerns.
The expanded scrutiny of the deal in Southeast Asia could pose a major hurdle to the US firm’s attempt to improve profitability by exiting its loss-making regional operation. It also comes as Grab is set to face tougher competition from Indonesian rival Go-Jek.
In a rare move, Singapore last week proposed interim measures to require Uber and Grab to maintain their pre-transaction independent pricing until it completes a review of the deal, saying it had “reasonable grounds” to suspect that competition had been infringed.
“The Grab-Uber acquisition is likely to have a far reaching impact on the riding public and the transportation services. As such, the PCC is looking at the deal closely,” the Philippine Competition Commission (PCC) said in a statement.
It said the deal will put Grab in a virtual monopoly in the ride-sharing market, and its review will determine whether the transaction substantially reduces competition, adding it would meet representatives of Grab and Uber on Monday.
Should anti-competitive concerns arise, Uber and Grab may propose commitments to remedy.
In the event they will not submit voluntarily, the commission could open a case that may block the deal, it said.
Malaysia also said on Monday that it will monitor Grab for possible anti-competitive behavior.
“We won’t take it lightly. We will monitor this because it is still early days and we don’t know what will happen next,” said government minister Nancy Shukri, whose portfolio oversees the public transport licensing authority.
“We have stressed that if there is any anti-competitive behavior, the Competition Act will come into force. We have spelt this out to them,” Ms. Nancy said, referring to a meeting with Grab representatives last Monday.
In Indonesia, the anti-monopoly agency said it can’t say yet whether it will investigate the deal, as there are 30 days after the deal is finalized to assess it.
ASSURANCES ON PRICING
Uber and Grab announced the deal a week ago, marking the US company’s second retreat from an Asian market. It earlier sold off its operations in China.
Ms. Nancy said Grab, which is valued at about $6 billion, had offered assurances during their meeting that there would be no unfair pricing, nor would it increase its fares for now.
After a costly market share battle in Southeast Asia, where Uber has invested $700 million, its move to exit the region is widely expected to give the US firm more firepower to focus on other markets including India.
But competition in the region is set to grow again, as Indonesia’s Go-Jek plans to launch its first expansion to another country in the region in coming weeks, according to an internal company email seen by Reuters.
Singapore’s Straits Times reported on Monday Go-Jek plans to launch its services in Singapore, the Philippines, Thailand and Vietnam.
Johannes Benjamin R. Bernabe, PCC commissioner, told Reuters that the Philippine government is processing at least three applications for ride-sharing services. It also caps the number of ride-sharing vehicles to 65,000 across all brands and reviews them every three months.
Grab, which operates in 195 cities in eight Southeast Asian countries, didn’t have immediate comment. — Reuters

Manila’s year in music: sold-out concerts, returning faves, and a diva finally arrives


THE PHILIPPINE capital has been steadily making a name for itself as a must-go destination for big name foreign acts as the past few years saw Manila welcome the likes of Katy Perry (who performed in her third Manila concert for her Witness The Tour yesterday), Ariana Grande, Britney Spears, and Coldplay among many others.
The rest of this year proves no different as a host of musical artists are set to come to Manila. Here’s a rundown of some of them:
APRIL
Los Angeles-based pop band LANY is returning to Manila for a third time after its successful 2017 series of mall shows and performing in the Wanderland music festival the same year. This time around, the group — known for hit singles such as “ILYSB” (I Love You So Bad) and “Bad, Bad, Bad” — is performing at the Araneta Coliseum on April 5 and 6, 8 p.m. The show is already sold-out.
British crooner Ed Sheeran is finally continuing his Asia Tour, which includes a stop in Manila, which had been suspended because of health issues. Originally scheduled for Nov. 7, 2017 at the Mall of Asia Concert Grounds, Mr. Sheeran’s 2018 World Tour concert featuring songs from his latest album Divide, has been rescheduled for April 8 at the same venue at 8 p.m. Tickets are scarce but are still available at smtickets.com.
For the fourth time, Irish rock band The Script (“The Man Who Can’t Be Moved,” “For the First Time”) is playing in Manila on April 14 at the SM Mall of Asia Arena to promote its newest album, Freedom Child. Tickets are still available at smtickets.com.
MAY
Best known for being a member of British boy group One Direction, Harry Styles is currently making a name for himself as a solo artist with the 2017 release of his self-titled debut album which spawned hits such as “Sign of the Times” and “Two Ghosts.” Mr. Styles is scheduled to perform on May 1 at the Mall of Asia Arena. The show has already sold out.
American singer Bruno Mars is bringing his 24K Magic to the Philippines for a two-day sold-out concert at the Mall of Asia Arena on May 3 and 4. So for those who managed to score tickets, hold one to them as you prepare to dance your way to hits like “Finesse” and “That’s What I Like.”
JUNE
American rock band Boyce Avenue, known for singing covers of songs such as “Closer” by the Chainsmokers, will be singing in Manila on June 1, 8 p.m. at the Smart Araneta Coliseum in Quezon City. The Manzano brothers — Alejandro Luis, Fabian Rafael and Daniel Enrique — will be joined onstage by Filipino singer Moira dela Torre, known for songs like “Malaya” and “Titibo-tibo.” Tickets are available at ticketnet.com.ph.
Meanwhile, Air Supply has made Manila a stop on its Over Asia 2018 tour. The show will be held on June 1, 8 p.m., at the Newport Performing Arts Theater at Resorts World Manila. Tickets are available at ticketworld.com.ph
Another member of One Direction who has embarked on a solo career, Niall Horan, is following the lead of Harry Styles as he will also perform in Manila on June 10 at the SM Mall of Asia Arena as part of his Flicker World Tour 2018, to promote his debut album Flicker, and its songs including “This Town” and “Too Much To Ask.” Tickets are available at smtickets.com.
Japanese rock band, SCANDAL, is performing on June 24 at the SMX Convention Center at the SM Mall of Asia. The concert promoting its newest album, Honey, will be preceded by a fan meet on June 23. SCANDAL is known for singing songs of popular animes such as Fullmetal Alchemist Brotherhood (“Shunkan Sentimental”) and Bleach (“Harukaze”). Tickets are still available on smtickets.com.
JULY
The much-anticipated concert of Canadian diva Celine Dion, will have two performances on July 19 and 20 at the SM Mall of Asia Arena. Ms. Dion was supposed to visit Manila in 2014 but the death of her husband, Rene Angelil, put a stop to those plans. Now, after four years, Filipino fans who grew up singing “My Heart Will Go On” and “The Power of Love” among many others will now have a chance to hear her sing in person. While the July 19 concert tickets are completely sold out, tickets to her July 20 performance are still available.
AUGUST
American singer Halsey is bringing her Hopeless Fountain Kingdom tour to Manila on Aug. 10 at the Smart Araneta Coliseum. Known for songs such as “Closer” which she sung with American duo The Chainsmokers, Halsey is promoting her second album Hopeless Fountain Kingdom which introduced songs such as “Bad at Love.” Ticket prices and availability are to be announced soon on ticketnet.com.ph so keep your eyes — and wallets — open.
American rock band Paramore will be holding its rescheduled Manila concert on Aug. 23. The original Feb. 18 show was canceled after lead singer Hayley Williams suffered from a throat and upper respiratory tract infection. The tour promotes the group’s newest album, After Laughter, which includes the singles “Fake Happy” and “Rose-Colored Boy.” The rescheduled show has already sold out.
“We were so ready to get back to Manila because every show we’ve played for our Filipino friends has been a wild time. We’re coming back for you so please hang on ’til August,” said Ms. Williams in the concert postponement announcement posted on the SM Tickets website.
OCTOBER
English balladeer Sam Smith, the man who made millions of people cry with his latest hit single “Too Good at Goodbyes,” is coming back to the Philippines (he first visited Manila in 2015) for the Thrill of it All tour promoting his second album of the same name. Tickets will be available starting April 11, 10 a.m., at smtickets.com.

Virtual reality meets big screen in Ready Player One

LOS ANGELES — In Steven Spielberg’s new movie Ready Player One, disgruntled citizens in the year 2045 don virtual reality headsets to enter a digital universe where they can dance at hot clubs or race fancy cars through the streets of New York.
Back in the real world in 2018, VR enthusiasts hope the fast-paced action movie which entered worldwide theaters last week will spark new interest in the technology and help boost what is now a niche market.
Ready Player One, based on a novel by Ernest Cline, features a group of teenagers who spend their days in VR goggles, suits and gloves to maneuver their avatars through a computerized wonderland called the Oasis. It is filled with infinite possibilities for working, learning, and socializing.
“You have a choice to spend all your time there, or make connections in the real world with real people, real eye contact,” Spielberg told Reuters in an interview. “In a way, our story is a cautionary tale as well as a great adventure.”
The movie’s hero, Wade Watts (Tye Sheridan), visits the Oasis to escape his miserable life in an Ohio trailer park. As his refuge comes under threat, Watts joins other avatars in a contest that could give them the power to protect the virtual world.
Existing VR capabilities are far more limited than what is portrayed in the film. For entertainment, VR’s most prevalent use is in gaming, where players can battle in 360-degree settings seen through headsets from Facebook’s Oculus unit, HTC Corp. and others.
Spielberg was among VR’s early adopters. He had been toying with a headset at home before he made Ready Player One, and he incorporated the technology behind the scenes. To appear in the Oasis, the actors had to perform in a nearly empty white room wearing motion-capture outfits so their movements could be transferred to digitally created sets. Spielberg had the Oasis sets re-built in VR.
“Everybody had a chance to put on the headsets, and suddenly, wow, there you are in the set itself,” he said. “It gave a kind of orientation so they weren’t just acting in the abstract.”
The film, which is being distributed by Time Warner, Inc.’s Warner Bros., is shown on a traditional movie screen, no headset required. VR supporters hope Ready Player One, filled with special effects and backed by an upbeat 1980s rock soundtrack, thrills audiences and piques their curiosity.
Several related VR experiences, such as a trip inside the movie’s dance club, will be offered on the HTC Vive headset through an official partnership with the film. People who do not own the equipment can head to VR arcades to try out the technology.
“We are really are excited to show people VR is not something futuristic,” said JB McRee, HTC Vive’s senior manager of product marketing. “It really is something that exists now.”
Actress Lena Waithe, who plays an auto mechanic in the Oasis, said she enjoys VR but encouraged limits to time spent in a virtual world.
“It’s fascinating, but it can be a little dangerous if you play in it too much,” she said. “There needs to be a bit of balance. I think that’s the message we are trying to get through with the film.” — Reuters

MetroPac Water gains a foothold in Vietnam

METRO PACIFIC Investments Corp. (MPIC) has expanded its footprint in Vietnam with the acquisition of a significant interest in a water company.
In a disclosure to the stock exchange on Monday, the infrastructure conglomerate announced that subsidiary MetroPac Water Investments Corp. executed a share purchase agreement (SPA) to secure 49% of Tuan Loc Water Resources Investment Joint Stock Co. (TLW) for P1.988 billion.
The completion of the transaction is subject to certain closing conditions. Under the SPA, the parties have until June 30, 2018 to close the deal.
One of the largest water companies in Vietnam, TLW has an operating capacity of 310 million liters per day (MLD) and a billed volume of approximately 87 MLD as of end 2017. Majority of its capacity is supplied to industrial parks.
TLW’s main project assets are treatment plants in Dong Nai Province, the manufacturing satellite of Ho Chi Minh City and the location of the new Long Thanh International Airport, and Nghe An Province, the largest province in Vietnam by area and has a population of about 3.1 million people.
The investment allowed MPIC to expand its business in Vietnam where it acquired a 45% stake in water company BOO Phu Ninh Water Treatment Plant Joint Stock Company (PNW) for P615 million last November.
Metro Pacific, with the expertise of its unit Maynilad Water Services, Inc., has been looking to expand its water venture in Southeast Asia.
The local conglomerate has been broadening its presence in the region, led by the tollways group which has invested in Thailand, Vietnam and Indonesia in line with plans to establish a Pan-ASEAN company.
MPIC reported a 17% rise in consolidated core net income to P14.1 billion last year from P12.1 billion in 2016 despite regulatory uncertainty as a result of delays in tariff hikes.
Earnings got a boost from an expanded power portfolio following further investment in Beacon Electric Asset Holdings, Inc., significant traffic growth on all roads held by Metro Pacific Tollways Corp.; and continuing growth in the hospital group.
MPIC is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being PLDT, Inc. and Philex Mining Corp. Hastings Holdings, Inc. — a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc. — maintains interest in BusinessWorld through the Philippine Star Group, which it controls.
Shares in MPIC added 11 centavos or 2.10% to settle at P5.35 each. — Krista Angela M. Montealegre

AboitizPower creates company for solar rooftop business

ABOITIZ Power Corp. (AboitizPower) is entering the solar rooftop business and has put up a new company that is considering projects in Luzon and Visayas this year, the power generation and distribution company told the stock exchange.
“We have been in the power industry for more than 80 years. This gives us a wealth of knowledge and technical capability that we can share to our customers who want to go into solar,” said AboitizPower President Antonio R. Moraza in a statement.
The new company, named Aboitiz Power Distributed Energy, Inc. or APX, is looking at completing several projects in 2018, “with a target to integrate it closely with the group’s existing open access customers,” the parent company said.
AboitizPower said APX is aimed at further expanding the group’s renewable energy portfolio under its renewable energy brand Cleanergy.
“The positive response from customers affirms our view that distributed energy technology such as rooftop solar complements existing products and services that the AboitizPower group provides,” said APX General Manager Jose Rafael M. Mendoza in a statement.
AboitizPower’s foray into solar energy came in 2016 with its 59-megawatt peak (MWp) San Carlos Sun Power, Inc. (Sacasun) project San Carlos City, Negros Occidental.
The company said it has 1,272 MW of net sellable capacity, together with its partners, through its Cleanergy brand.
AboitizPower’s renewable energy plants include its geothermal, run-of-river hydro, and large hydropower facilities all over the country. The company said it is pushing for a balanced mix strategy by maximizing the Cleanergy brand while taking advantage of the reliability and cost-efficiency of thermal power plants.
APX’s planned integration with AboitizPower’s open access customers comes as competition in the business segment is heightened by the continued suspension of rules that are meant to allow retail electricity suppliers to serve those whose average monthly consumption is 750 kilowatts or less.
In 2017, AboitizPower reported a 2% rise in net income to P20.4 billion, as its bottom line was affected by its decision to halt operations of Aseagas Corp. The company’s core net income grew 13% to P23.3 billion in 2017. — Victor V. Saulon

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