Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 11978

Duterte set to force Boracay to close

PRESIDENT Rodrigo Duterte’s plan to shut Boracay island in order to clean it up could deal a blow to the nation’s plan to attract 7.4 million tourists this year.

Uncontrolled construction of too many establishments so close to the shoreline and the lack of sewerage systems have created environmental problems for the central Philippine destination famous for its powdery white-sand beaches. In February, Duterte slammed Boracay as a “cesspool,” prompting state agencies to quickly assess how to resolve the issue.

The heads of the interior, tourism and environment departments are proposing a six-month closure, and Mr. Duterte seems amenable. There were about 1 million foreign visitors in Boracay last year while the entire country had 6.6 million tourists, according to the Department of Tourism.

Some 36,000 jobs stand to be affected, with an expected shortfall of about P56 billion ($1.07 billion) in annualized revenue.

“We have already seen a lot of cancellations, particularly from China and Korea. They have opted for other destinations like Bali and Phuket,” Mary Ann Ong, a member of the Philippine Tour Operators’ Association, said in an interview.

Still, the government has hinted that the gain in the long run could more than compensate for the short-term pain.

The clean-up drive will ensure sustainability of the destination at one point touted by an international travel magazine as the best island in the world, Economic Planning Secretary Ernesto Pernia said in text message.

“That may be the minimum that needs to be done to sensitize and instill fear in violative resort owners as well as tourists who degrade the ecology,” Mr. Pernia said. — Bloomberg

NPC summons Grab PHL over Uber deal

By Patrizia Paola C. Marcelo,
Reporter

THE National Privacy Commission (NPC) has summoned ride-sharing company Grab Philippines (MyTAXI.PH, Inc.) to a meeting next week regarding its acquisition of Uber’s Southeast Asian operations.

NPC Commissioner Raymund E. Liboro said in a statement they asked Grab to “enlighten” the privacy watchdog on the transaction, particularly regarding the processing of the data of its Filipino drivers and users, and actions it will take to protect the data.

“As the biggest TNV [transport network vehicle] provider in the Philippines after the exit of Uber, we want Grab to demonstrate that they could ‘walk the talk’ when it comes to protecting personal data and upholding the data privacy rights of its drivers and users,” Mr. Liboro said in a statement.

Mr. Liboro said Grab Philippines, through counsel John Paul Nabua, assured the NPC of the company’s continued cooperation and compliance with Philippine data privacy and protection laws.

“Grab also declared to the Commission that there will be no sharing of any user data between Uber and Grab. Uber users and drivers will be required to register anew with Grab to allow them to use the Grab TNV (transport network vehicle) platform,” he said.

Uber announced on Monday that it was selling its Southeast Asian businesses, ride-sharing and food delivery, to Singapore-based rival Grab. The transaction gives Uber a 27.5% stake in Grab and Uber CEO Dara Khosrowshahi a seat on the Grab.

Mr. Liboro added the sale does not affect the NPC’s ongoing investigation into past Uber data breaches involving Filipino users. “This investigation is continuing and a report would be out soon,” he said.

Last December, Uber Philippines confirmed to the NPC that personal data of its Filipino customers and drivers were exposed in a massive data breach involving its parent company Uber Technologies, Inc.

Uber submitted a letter to the NPC, admitting that personal information of Filipinos were included in the October 2016 data breach involving 57 million users and around 600,000 drivers around the world.

NPC then reminded Uber that the concealment of a data breach has serious consequences under the Data Privacy Act of 2012.

UBER EMPLOYEES
In a statement, Grab said it will “find roles” for Uber employees and contract staff following the upcoming integration of operations.

Uber is in the process of transitioning its services to the Grab platform by April 8.

“We understand it’s been an emotional and trying day for Uber’s employees in Southeast Asia. On the part of Grab, we are committed to try to find roles for over 500 Uber employees. In addition, we will find roles for their contract staff. We will be having conversations with all +500 employees on how they would fit into Grab. In the meantime, all Uber employees are on paid leave,” the Singapore-based company said.

Grab Philippines, however, disclose how many Uber employees and staff in the Philippines would be affected. A representative for Uber Philippines was also contacted for comment.

NO FARE HIKE
Meanwhile, the Land Transportation Franchising and Regulatory Board on Tuesday said Grab cannot increase fares without going through the process.

“They cannot [increase fares] as we have hearings for fare increase,” Board Member Aileen Lourdes A. Lizada said in a text message.

A hearing is set on April 3 for fare increase petitions earlier filed by Grab and Uber.

Solar energy solutions eyed for small buildings

By Victor V. Saulon, Sub-Editor

A NONPROFIT organization has teamed up with a Dutch solar company and a German development institution to promote access to solar energy solutions for small buildings in the Philippines.

Karthik Subburaman, regional director of Asia Society for Social Improvement and Sustainable Transformation (ASSIST), said his organization’s partnership with Deutsche Investitions-und Entwicklungsgesellschaft, or KfW, and SolarNRG Netherlands seeks to pilot projects in Metro Manila, which could be replicated elsewhere in the Philippines.

“Our interest is to drive and promote sustainable development in the region. So we are committed to several sectors,” he said. “Renewable energy is one of them.”

The partnership, called accessRE, targets small and medium-sized buildings by helping them adopt sustainable power systems, such as solar panel installations. Its objective is two-pronged: provide solar installations to relevant small institutions, and develop skills for future solar energy technicians.

KfW, the other partner, is co-financing the project. The German development institution provides grants for projects with “good concepts,” Mr. Subburaman said.

“What ASSIST did was to conceptualize the idea. Along with the private partner, SolarNRG, [we] submitted a proposal to KfW and KfW decided to fund it,” he said. “So the project is partly funded by KfW [and] partly funded by SolarNRG.”

The project’s target installation within its 18-month duration is a maximum of 100 kilowatts. It estimates small-scale solar power solutions, with capacities ranging from 1 kilowatt-peak (kWp) to 5 kWp, to save about P1,500 to P7,500 a month.

These systems’ return on investment is expected within four to six years, while having an average lifespan of 25 years, making them cost-efficient and effective in mitigating losses from the limited availability of energy.

“They also start to reduce their impact on the environment in terms of greenhouse gas emissions,” he said.

Mr. Subburaman said his team would screen applicants for the project, although schools and universities have an advantage.

“The criteria is, number one, it has to be a small enterprise. So it cannot be a large enterprise,” he said, adding that these entities should have a requirement of no more than 50 kW or a consumption of about P50,000-100,000 of electricity a month.

“The second is, what is the relevance of the institution to the public or the community. In that sense, if it’s a small company that provides employment to the people of the community, if it’s a hospital, if it’s a school, they get preference,” he said.

Aside from the solar installations, the project aims to develop a customized training module for electricians, Mr. Subburaman said.

“They get skilled as a solar technician, so they will be able to do solar panel installations as well as maintenance,” he said.

“By doing this training module, making it available in one or two public schools [and] vocational schools, it becomes accessible to anyone. We will not charge them for the training during the project duration,” he said.

Mr. Subburaman said there is a “high chance” that the project will be replicated outside Metro Manila.

“It’s a matter of how soon, that’s the question. It’s not about whether it will happen. It’s about how fast we will be able to replicate it,” he said.

“If it’s the same donor, we have to finish this project before we can get another grant to do it. If we are working with other donors, then it’s possible that we can start earlier,” he added.

How Singapore-based Grab vanquished Uber in SE Asia

AS UBER TECHNOLOGIES, Inc. looked to conquer ride-sharing around the world, Grab was focused on serving the 620 million people that share its home in Southeast Asia.

Helped by the deep pockets of SoftBank Group Corp., Grab emerged the winner on Monday when Uber agreed to swap its business in the region for a 27.5% stake. The deal is a vindication for cofounder Anthony Tan’s strategy of tailoring services to local needs and working with incumbent taxi operators instead of against them.

With $4 billion raised from investors led by SoftBank, Tan has turned Grab into a ride-hailing juggernaut since it was born in a tiny Kuala Lumpur storage room about six years ago. Rich funding has helped him lure top talent and survive through the losses generated by a fierce battle with Uber to win over customers. Now the 36-year-old Harvard grad, who spurned the family’s automotive empire in Malaysia to strike out on his own, has emerged stronger as he turns to his other significant competitor in the region, Indonesia’s Go-Jek.

“Anthony is a great leader, someone that I’ve learned a lot from,” said Jeremy Kranz, head of the technology investment group at GIC Pte, Singapore’s sovereign wealth fund.

The deeply religious Tan, who still attends Bible study classes, started Grab in his native Malaysia. With Harvard classmate Tan Hooi Ling, he kicked off operations for what was then known as MyTeksi in Kuala Lumpur, allowing users to book cabs.

Grab later relocated to Singapore and now provides a host of services from Indonesia to Vietnam and the Philippines. The company is valued at $6 billion by CB Insights, making it the most valuable start-up in Southeast Asia.

Along the way Grab has been picking up talent, from engineers to product developers, as its funding helped woo them from household names in the technology world.

“In Southeast Asia, one of the most difficult things to build is tech talent,” Tan said at the Money 20/20 conference this month. “We’ve been able to build tech talent from Google, Facebook, Twitter, Microsoft. We’ve been very blessed. With that, we could build great products.”

That includes Ming Maa, a former executive at Goldman Sachs Group, Inc. and SoftBank, who was hired as group president in 2016 and oversees Grab’s fund-raising, mergers and acquisitions and other strategic issues.

Still, it’s not a clean victory. Go-Jek remains a potent rival, particularly in Indonesia as it moves beyond just ride-sharing to real-world service such as food delivery and hairdressers on demand. Also, the US company is getting a bigger slice of Grab than it did when it sold out in China. Uber got less than 18% of Didi Chuxing in that deal, although it did get 36.6% of Yandex when it retreated from Russia.

To some, Grab’s victory may also have been the result of pressure from SoftBank to consolidate a global ride-hailing empire and whittle down billions of dollars in losses.

“After investing $700 million in the region, we will hold a stake worth several billion dollars and strategic ownership in what we believe will be the winner in an important global region,” Uber CEO Dara Khosrowshahi said in a message posted on its website.

While Tan is the rare CEO to credit his success as part of God’s plan, others see more terrestrial reasons behind his rise.

“A lot of guys have the ability to succeed, but it’s people like Anthony who end up winning,” said Amit Anand, managing partner of Jungle Ventures in Singapore. “He comes from the ground up, and he never forgot what got him there, versus people who never had to hustle.”

As the company expanded, it tailored services for new markets. For Indonesia, it operates GrabBike in a country where many are comfortable traveling on a two-wheeler. In the Philippines, where Uber got into fights with regulators, Grab adopted a more cooperative approach.

“In online businesses, we would have expected big global players to dominate due to their scale of operations,” said Lawrence Loh, associate professor at National University of Singapore. “Uber’s sell-out suggests that the pendulum has swung towards the importance of business localization.”

Grab has also been effective at keeping its customers. Its reward program lets riders accumulate points that can be redeemed for everything from KrisFlyer miles, the frequent flier program of Singapore Airlines, as well as free rides to a Big Mac. In Indonesia, customers can cash them in for durian, the stinky fruit that’s popular in the region.

“Grab has done a great job building those proprietary linkages that make consumer experience more sticky, more consumer-centric,” Anand said. “Today, every great company has access to technology, people and capital. What keeps you ahead of the game is building those linkages that are difficult for other people to replicate.” — Bloomberg

A day of books and roses

THE ORGANIZERS of the annual Día del Libro — the International Book Day — once again invite bookworms to a day of fun, culture, and art-filled activities.

In Spain, Día del Libro is celebrated on St. George’s Day (April 23), with men and women exchanging books and roses. It also commemorates the demise of two of the world’s greatest writers: Spain’s Miguel de Cervantes and England’s William Shakespeare, who both died on April 23, 1616.

So on April 21, a Saturday, at the Ayala Triangle in Makati City, Instituto Cervantes, which is the Embassy of Spain’s cultural arm, will mark the day with free books and roses.

Other book purveyors who are participating in the celebration will be offering a wide range of books at a discount of 20% — and each purchase will come with a free rose.

The Instituto Cervantes first introduced the celebration to Manila in 2006.

Besides the free books and roses, there will be free Spanish classes, book presentations, poetry recitals, street art commemorating the 200 years of Madrid’s Prado Museum, games, and opportunities to meet authors.

Visitors are also invited — and challenged — to join a quixotic attempt of copying the classic novel, Don Quixote de la Mancha, by hand. The final hand-written book will be deposited in the Library of Instituto Cervantes. Participants in the handwriting chain will receive a rose, of course.

Meanwhile, the Embassy of Chile will present an exhibit on Chilean writer Nicanor Parra (1914-2018), a renowned Latin American poet of the 20th century.

The month of April is a celebration of world literature, as UNESCO declared April 23 “World Book and Copyright Day” to instill the love of reading printed materials while promoting respect for authors and their literary output. Since April is also the birth month of Filipino poet Francisco Balagtas, it is also celebrated as the country’s National Literature Month.

Among the goals of the celebration is to reinvigorate and re-establish the importance of the printed word and the library in society.

Thanks to the public’s positive reception in 2016 and 2018 to the nonprofit Pop-up Library designed by WTA Architecture & Design Studio, it will come back to the park for Dia del Libro. The library allows anyone to borrow books for free and exchange them for others.

It is not just a day of books though.

At 5:30 in the afternoon, visitors will be serenaded by the Manila Symphony Orchestra which will hold a free concert called Concierto en el parque, featuring classical pieces from the Spanish and Filipino repertoire.

La Liga, the Spanish Football League, will invite visitors to score a goal in its “Chuta-Gol,” a game where they can win prizes.

Before the celebration ends, there will also be a Silent Disco for everyone.

Spanish food will be available throughout the day.

Admission to all Día del Libro activities is free on a first-come first-served basis. For more information, call 526-1482, visit http://manila.cervantes.es or www.facebook.com/InstitutoCervantesManila.

Instituto Cervantes de Manila is at Ayala Tower One & Philippine Stock Exchange Tower Plaza, Ground Floor, Ayala Triangle, Ayala Ave., Makati City.

Street art makes splash in HK

HONG KONG — From murals made famous by Instagram to painting battles, Hong Kong’s once largely underground street art scene has exploded in recent years, and is now blossoming across the city’s walls and alleyways.

The commercial high end of the art world is at the fore in March, with gallerists, collectors and celebrities descending on Hong Kong for the annual Art Basel fair.

But English mural artist Dan Kitchener, drawn to the city’s unique geography and energy, made his third visit to Hong Kong this month to depict atmospheric urban scenes with spray paint in its narrow and steep streets.

“Hong Kong’s got that feel to me — the epic scale and the skyscrapers, and then it’s got these little tiny alleyways,” Kitchener told AFP while balancing on bamboo scaffolding as he painted on the outside wall of a city bar.

Trained for many years in watercolor and acrylic painting, 43-year-old Kitchener is particularly fond of portraying neon lights, reflections and rain — sights that first captivated him in Tokyo.

He had just finished a detailed mural of a street market in the bustling Wan Chai district, before moving on to paint outside a watering hole in downtown Central.

Just opposite the bar is a mural by graffiti artist Alex Croft said to be the city’s most photographed wall, featuring rows of old townhouses on a bright blue background.

Hong Kong lacks a world-class art museum and marquee exhibitions rarely make a stop in the southern Chinese city, where it can be difficult to secure permission for public shows.

But street art has enjoyed a boost from growing demand in Asia and an increasing number of exhibitions in recent years, giving it a higher profile and more commercial spin in the city.

In 2015, a mosaic of 1970s American cartoon character Hong Kong Phooey by French artist Invader sold at auction in Hong Kong for HK$2 million ($258,000).

The popular piece of street art had been destroyed by the city’s authorities, infuriating residents, and was later recreated for sale. — AFP

Two artists look at the effects of the ‘Build, Build, Build’ program

WHILE A beauty pageant contestant unabashedly admits she knows nothing about the government’s “Build, Build, Build” program, two Filipino artists look at its ideations and reimagine the sociopolitical effects of the policy.

On view until April 3 at the National Commission for Culture and the Arts (NCCA) Gallery, artists Ritchie C. Yee and Marvin Angelo Rafols Oloris present …As We, Constructs.

Amidst the ideals of industrialization, modernization, development, and change, the two artists created altered environments through the overlaying of plastic paints, ink, and found materials.

Despite sharing similar techniques, Oloris and Yee have made two distinct bodies of art, but with one goal: to critique the Precarity of society amidst the notion of stability and progress.

“Precarity,” a term used by sociologists, means the instability of having a livable life (i.e. unstable job, marginalization, abandonment of welfare, etc.)

Yee is focused on the tenacity and decomposition of the things we’ve always seen, made, and built but taken for granted, while Oloris’s works are fragile visions of what has yet to be built.

The two artists’ works look into the destruction of the “Build, Build, Build” dictum that plague society: martial law in Mindanao, the war on drugs, the killings, and the rise of poverty and criminality.

Through their art, these two men essay to round out a variety of social truths, no matter how base, stolid, or distressing they may seem to be, and in the process evolve into active critics of their contemporary milieus.

…As We, Constructs is on view until April 3. Viewing is from Monday to Sunday including holidays, 8 a.m.-6 p.m., at the NCCA office at 633 General Luna St., Intramuros, Manila. Appointments for viewing can be done by sending a message to the NCCA Gallery at nccagallery09@gmail.com. — Nickky Faustine P. de Guzman

An oasis of calm in shattered region, Dubai steps out as an art hub

DUBAI — As traditional centers of modern Arab art in Damascus and Baghdad have imploded amid disastrous wars, the sheeny city-state of Dubai in the United Arab Emirates has stepped into the vacuum as a major hub for art sales.

But at the annual Art Dubai fair last week, some Mideast artists among the scores of worldwide participants channeled in paint the chaos swirling around this bubble of calm luxury.

Tucked among the mostly apolitical photography, sculpture and installation art adorning the vast open-plan space, black-and-white paintings of war scenes in the Gaza Strip — devoid of people and any sharp detail — stand out.

“It’s like a monster, isn’t it?” says Palestinian artist Aissa Deebi, holding his arms menacingly above his head in the rough shape of a fireball from an Israeli war plan he painted exploding on top of building.

“I turned images from the TV into oil on canvas, which has its history in this tradition going back to Goya and Picasso,” he added, alluding to the latter’s iconic image of chaos brought on by a bloody air raid on the Spanish town of Guernica.

Myrna Ayad, Art Dubai’s director, said the event featuring artists from 48 countries did not seek to dwell on the region’s miseries, but noted that as Dubai’s star has risen in the art world the art on offer cannot flinch from harsh realities.

“The sad reality is that as Baghdad, Beirut, Damascus and even Cairo have suffered due to political and economic strife, the UAE is in a position to build on its openness and multicultural aspect to lead in the art scene.”

“Conflict and problems aren’t all there is to art in the Middle East and our exhibition celebrates modernists and visionaries from here and all over the world … artists do make incredible historians and documentarians, though,” Ayad added.

While she declined to name precise target for sales in the three-day event, she noted that works were on offer for between a few hundred and a few hundred thousand dollars: “There’s something for every pocket!”

Ead Samawi knows that well. A partner from the Ayyam Gallery, he has sold most of their handful of war-themed canvases for between $30,000 and $50,000 each to clients ranging from the United States to Lebanon, and insists profit and painful subjects can go together.

Arranged in a tense jumble of colorful shapes and splotches forming the rough shape of buildings and people, the work of Syrian artist Tammam Azzam evokes the broken cityscapes and refugee throngs from his homeland.

“It’s not commodifying, this is human life: there’s war and migration that happens all over. Artists have always had their distinct, creative way of presenting it that people have been attracted to,” Samawi said. — Reuters

Spamalot and Sa Wakas return to the stage

THANKS TO popular demand, two musicals — one a hilarious riot of a show based on a British comedy troupe’s movie, the other a bittersweet musical ode to the songs of the local band, Sugarfree — will have reruns in April.

Running from April 13 to 22 at the BGC Arts Center in Taguig City is the repeat performance of the Tony/Grammy/Drama Desk Award-winning show, Monty Phyton’s Spamalot.

Dubbed as the best-reviewed musical comedy in 2017, Spamalot once again showcases its cast’s comedic timing and great acting and singing.

The Broadway musical import is a spoof on the story of King Arthur and his quest for the Holy Grail.

Co-directed by Joel Trinidad and Nicky Triviño, Monty Python’s Spamalot features singers and actors Rachel Alejandro, Lorenz Martinez, Carla Guevara-Laforteza, Noel Rayos, Roxy Aldiosa, Reb Atadero, Rachel Coates, Domi Espejo, Rhenwyn Gabalonzo, Bibo Reyes, Dean Rosen, George Schulze, and Chino Veguillas.

Couturier Francis Libiran provides the cast member’s gowns, the Martinez sisters choreographed the show, and Onyl Torres handles the musical direction.

IN THE END
Meanwhile, the hugot musical Sa Wakas will have its third — and final — rerun from April 7 to May 26 at the PowerMac Center Spotlight in Circuit, Makati City.

The critically acclaimed Pinoy rock musical starts at the end of a relationship — a format which may bring to mind the Broadway musical The Last Five Years.

First shown in 2013 and again in 2017, Sa Wakas features the joys of a love story and the bitterness of a failed relationship.

Sa Wakas features the songs of the popular rock band, Sugarfree — the musical shares the same name of the band’s debut album released 16 years ago.

The successful Pinoy musical is co-written by Andrei Nikolai Pamintuan and Mariane Abuan, with music arranged by Ejay Yatco. Miguel Panganiban does the lighting design while Julian Vincent Cayabyab designs the set.

For tickets to the two shows, check www.ticketworld.com.ph — NFPDG

BSP requires banks to set up e-payment channels

By Melissa Luz T. Lopez
Senior Reporter

BANKS and other financial firms are required to offer electronic payment channels for all clients and should be able to put up systems that will allow fund transfers in a matter of seconds, the central bank said.

The Bangko Sentral ng Pilipinas (BSP) spelled out specific guidelines for the National Retail Payment System (NRPS) covering banks, non-banks and e-money issuers, in line with an industry-wide push towards digital transactions.

The central bank targets to shift cash-heavy transactions to digital avenues via the NRPS, which they expect to help broaden access to financial services and spur increased economic activity.

The rules spring from Circular 980 issued in November, which endorses the creation of automated clearing houses (ACHs) which would process payment and transfer instructions given through digital channels, which include online and mobile banking.

BSP Memorandum 2018-012 requires all BSP-supervised financial institutions (BSFIs) to have electronic platforms ready for public use so that they can participate in the NRPS scheme.

“The regulatory requirement is that electronic payment facilities, such as those enabled via the BSFI’s participation in ACHs, shall be available to the clients,” the rules read, as signed by Deputy Governor Chuchi G. Fonacier.

“For this purpose, non-availability of electronic payment in a delivery channel requires written justification from the BSFI addressed to their respective offsite units…”

The same rules also prohibit players to do bilateral payment arrangements, with all fund movements required to pass through the respective clearing houses. This is to preserve “free and fair competition” and maintain system-wide efficiency, the regulator said.

All BSFIs must likewise comply with “immediate credit” after electronic fund transfers (EFT) are cleared.

“The time frame of immediate credit to the payee’s account for near real-time transactions is within 2 to 3 seconds from receipt of clearing advice by the receiving institution,” the BSP said.

A two-hour window for crediting funds is provided for batched transactions, referring to the Philippine EFT System and Operations Network (PESONet) launched late last year.

The PESONet is the industry’s first attempt at rapid interbank transfers, which leapfrogs from the Philippine Clearing House Corp.’s system for bank checks to now include e-wallets.

The BSP also reminded all players that they can only impose fees and charges on money senders — if at all, with all recipients to receive amounts in full.

The central bank has set an ambitious goal to bring the share of e-payments to 20% of all financial transactions by 2020, coming from a measly one percent share back in 2013.

Yuchengco holds part 2 of Rediscovering Binondo lecture series

THE Yuchengco Museum will hold part two of “Rediscovering Binondo,” a talk on the old Manila district’s history from 1850 to 1900, particularly the arrival of the Chinese, their lifestyles; and the legacies of the Luna and Rizal families, conducted by Martin “Sonny” Tinio, Jr.

This is the second of a three-part “Tea with Tinio” series at the Yuchengco Museum.

The lecture will be held on April 7, from 9:30 a.m. to 11:30 a.m.

Mr. Tinio has written books and monographs about Philippine social history, architecture, and landscaping, among others, and co-authored Philippine Ancestral Houses, the first book on Philippine colonial architecture, and the largest-selling local coffee table book to date.

A former museum curator of the Intramuros Administration and of Malacañan Palace, he designed Casa Manila in Intramuros and has restored several period houses in Kawit, Cavite and Taal, Batangas. Most recently he served as a consultant for the San Ignacio Reconstruction Project in Intramuros.

Tickets to the lecture are P300. For reservations, call or e-mail at 889-1234 and info@yuchengcomuseum.org.

The museum is located inside RCBC Plaza, corner Ayala and Senator Gil J. Puyat Aves., Makati City.

Basic Energy raises investment in 2 Thai firms

BASIC ENERGY Corp. on Tuesday said its board of directors gave the go-signal to increase the company’s equity investment in two Thai companies to 15%.

“The equity investment will enhance the project portfolio of [Basic Energy] as a renewable energy and power company,” the listed firm told the stock exchange on Tuesday.

The company is increasing its holdings of the total capital of Vintage EPC Co. Ltd. (Thailand) (VEPC), and VTE International Construction Co. Ltd. (Thailand) (Vinter). The move was approved by its board on March 21.

Basic Energy placed the value of its investment at 106.185 million Thai baht or around P178 million. The amount is broken down as 75 million baht for VEPC, and 31.185 million baht for Vinter. It will increase their working capital and will lessen the need for advances from stakeholders or bank financing.

“The investment is expected to provide a continuing stream of revenues in the short and midterms,” Basic Energy said.

The increase is a follow through of the investment term sheet signed by the company on Nov. 9, 2017 with Vintage Engineering Public Co. Ltd. for a possible equity investment in its two Thai subsidiaries up to 12.5%, with an option to increase up to 20% of their total equity.

The companies that Basic Energy bought into are the primary engineering, procurement and construction (EPC) contractors of the 220-megawatt (MW) solar power plant located in Minbu District, Magway region, Myanmar.

The deal is subject to the compliance with certain precedent conditions resulting from the due diligence work on the investee companies and the approvals of their board of directors.

It is also subject to the mutual agreement of the parties on the provisions of the share purchase agreement and shareholders agreement to include directorship positions and minority rights provisions, among others. The agreements also rest on the final board approvals by Basic Energy and the investee companies.

The share purchase agreement is targeted to be executed within April, while the shareholders agreement is expected to be completed in April or May.

Basic Energy described VEPC as the supplier of the materials and equipment for the construction of the Myanmar solar power project, while Vinter handles the construction services required to build and complete the power plant.

“The development of the project commenced in 2016 and the power plant will be constructed in four phases, Phase 1 of which is targeted to be completed by end of 2018. Completion of all 4 phases of the project is targeted on or before 2021,” the company said. — Victor V. Saulon

1...11,97711,97811,979...13,387Page 11,978 of 13,387
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube