ACEN partners with Indonesian firm for wind projects

August 28, 2024 | 12:01 am

AYALA-LED ACEN Corp. has entered into a partnership with PT Barito Renewables Energy Tbk, an Indonesian firm specializing in renewable energy, to advance the development of wind projects with a capacity of 320 megawatts (MW) across Indonesia.

“This exclusive collaboration, effective immediately, brings together two industry leaders, united in their vision to drive the nation’s shift towards a sustainable energy future,” ACEN said in a media release on Tuesday.

The company said that the partnership will be executed through ACEN’s subsidiary, ACEN Indonesia Investment Holdings Pte. Ltd., and Barito Renewables’ subsidiary, PT Barito Wind Energy.

The collaboration builds on the recent acquisition of three “strategically located” late-stage wind development assets in South Sulawesi, Sukabumi, and Lombok, which was announced in January.

“These assets collectively offer an impressive potential capacity of 320 MW of wind energy, supplemented by cutting-edge battery energy storage solutions, poised to enhance grid stability and efficiency across the region,” ACEN said.

Patrice Clausse, group chief investment officer of ACEN, said that the company’s partnership with Barito Renewables “not only aligns with ACEN’s growth strategy in the region but also exemplifies our dedication to fostering innovative and sustainable energy solutions.”

“Our exclusive partnership with ACEN represents a significant step toward realizing our mission of driving sustainable energy growth in Indonesia,” Barito Renewables Chief Executive Officer Hendra Tan said.

“This strategic move underscores our commitment to pioneering renewable energy solutions and contributing to a greener future,” he added.

Currently, ACEN holds about 4.8 gigawatts (GW) of attributable renewable capacity in operation and under construction, as well as signed agreements and won competitive tenders worth over one GW.

At the local bourse on Tuesday, shares in the company climbed by 4.81% to close at P5.45 each. — Sheldeen Joy Talavera

British band Oasis to reunite Definitely Maybe?

August 28, 2024 | 12:01 am

LONDON — Oasis, one of the 1990s rock bands that defined Britpop, is set to reunite as brothers Noel and Liam Gallagher teased an announcement early on Tuesday and a newspaper said they were planning shows in 2025.

The band, whose debut album Definitely Maybe was released 30 years ago, split in 2009 when lead guitarist and main songwriter Noel said he could no longer work with Liam, the band’s charismatic frontman.

Hinting at imminent news, the brothers posted the date “27.08.24” and “8am” in the style of the band’s logo on social media late on Sunday.

Liam also dedicated the Oasis track “Half the World Away” to his brother during his set at the Reading Festival on Sunday.

The Sunday Times, citing industry insiders, said shows were planned at Heaton Park in Manchester, where the band was formed in 1991, and at Wembley Stadium in London in summer 2025.

A headline performance at the Glastonbury Festival was also rumored, according to the newspaper.

A tour in 2025 would mark the 30^th anniversary of the band’s second album (What’s the Story) Morning Glory?, which included the singles “Don’t Look Back in Anger” and “Wonderwall.”

The release of “Roll with It” from the album in August 1995 put Oasis head-to-head with rival Blur’s “Country House” in a chart battle that was seized upon by the media. Blur won the coveted number one spot.

(What’s the Story) Morning Glory? went on to sell more than 22 million copies worldwide, becoming the best-selling album of the 1990s in Britain and the band’s breakthrough in the United States.

The brothers were often at loggerheads when the band toured in the 1990s and their hostility continued afterwards.

“He thinks he’s the man and I think I’m the man, do you know what I mean?” Liam said in 2017. — Reuters

At the crossroads of rigor and refinement: Evolving changes in Philippine immigration policy

August 28, 2024 | 12:01 am

Recently, the Philippines has grappled with a range of challenges in the field of immigration. Grabbing the headlines are news of a purported foreign individual unlawfully assuming a public office, and the alleged involvement of undesirable aliens in criminal activities. On a positive note, the rise in visa applications and extensions, has boosted revenue for the government. These developments prompted the Bureau of Immigration (BI) to issue two transformative policies: one that fortifies the law with newfound rigor, and another that smoothens the path with refined ease.

For the first matter, the BI issued Memorandum No. IRD-2024-024 on July 26, calling for a thorough assessment of applications for temporary visitor’s/tourist visa extension. The BI enumerated a non-exclusive list of strict assessment measures aligning with the thrust to bolster national security.

The BI’s Tourist Visa Section, Student Visa Section, and all Alien Control officers are mandated to conduct an in-depth interview of the applicants for visa extension to verify their reasons; confirm details such as the itineraries, full addresses, and activities of the applicants; document the findings in the application forms duly signed by the evaluator; conduct a careful document review, ensuring that all submitted documents are authentic and complete; and ensure that all applicants properly fill the application forms and provide in writing their justifications for their extension requests.

Another measure is to perform a records check to uncover any evidence of fraud or inconsistencies in the applications. Instances of foreign nationals exhibiting suspicious motives for extending their temporary visitor’s/tourist visa or indicating suspicious intent to stay, must be immediately reported to the BI Commissioner, through proper channels. Finally, the officers shall regularly submit the name, address, passport copy, and other relevant details of all foreign nationals who have extended their temporary visitor’s/tourist visa for more than one year.

In contrast, and in consonance with RA 110232 or the Ease of Doing Business and Efficient Government Service Delivery Act of 2018, the BI approved Resolution No. 2024-001, published on July 12, which streamlined the conditions and requirements for promoted Section 9(g) commercial visa (9(g) visa) holders. This illustrates a dynamic shift from rigidity to refinement and efficiency of immigration policies.

Under the said Resolution, a holder of a valid 9(g) visa who is promoted in rank in the same company shall no longer be required to downgrade the 9(g) visa to a temporary visitor’s/tourist visa, and thereafter apply for conversion of the latter visa to another 9(g) visa. The new policy optimized the process by requiring the company to first formally deliver a Notice of Promotion to the BI, and within 30 days from the BI’s receipt, file for the extension of the applicant’s existing and valid 9(g) visa. The duplicate original or certified true copy of the applicant’s appointment or election to the new position must be attached to the Notice to the BI.

The existing Alien Certificate of Registration Identification Card (ACR I-Card) must also be surrendered for cancellation, and a new one must be applied for with the applicant’s new position.

The validity of the period of extension of the new 9(g) visa shall be co-terminus with the validity of the new Alien Employment Permit reflecting the new position.

Among the documentary requirements include the duly accomplished Consolidated General Application Form (CGAF), the new Employment Contract, Secretary’s Certificate of Election, Appointment, Assignment, or any similar document under the promoted position, reflecting details such as the exact compensation, employment duration, and a comprehensive description of the nature and scope of the applicant’s new position.

The applicant is required to submit a copy of his/her valid passport bio page and latest admission with valid authorized stay, as well as a copy of the AEP or Certificate of Exclusion or Exemption issued by the Department of Labor and Employment which corresponds to the new position.

Meanwhile, the petitioning-company/employer must submit a BI Clearance Certificate, its current Mayor’s Permit, latest and updated General Information Sheet duly filed with the Securities and Exchange Commission, and latest Income Tax Return with corresponding proof of payment. A sworn statement on the number of foreign and Filipino employees must also be submitted.

For applicants practicing a regulated profession under the Professional Regulations Commission or for an offshore gaming operator or company, their Special Temporary Permit or a copy of their Philippine Amusement and Gaming Corp.-issued Gaming License must be presented, respectively.

Non-compliance with the above conditions shall result in the denial or disapproval of the extension applied for, and the cancellation of the applicant’s existing Section 9(g) visa, coupled with an Order to Leave.

These BI issuances underscore a fair approach when it comes to immigration policies, highlighting that heightened enforcement can coexist with efforts to enhance procedural efficiency. These issuances show that there is room for balancing rigor with refinement, as policies can be made more effective and accessible even without necessarily compromising strict standards.

The views and opinions expressed in this article are those of the author. This article is for general informational and educational purposes only and not offered as and does not constitute legal advice or legal opinion.

Jewel M. Culala is an associate of the Immigration department of the Angara Abello Concepcion Regala & Cruz Law Offices (ACCRALAW).

jmculala@accralaw.com
(632) 8830-8000

Philippines improves in M&A Attractiveness Index

August 28, 2024 | 12:00 am

The Philippines inched up six notches to 47 out of 148 countries with an index score of 52% in the 2023 edition of the M&A Attractiveness Index by Mergers and Acquisitions Research Center (MARC) at the Bayes Business School in London. The index ranks countries based on ability to attract and sustain mergers and acquisitions (M&A) business activities using six factor groups: regulatory and political; economic and ﬁnancial; technological; socioeconomic; infrastructure and assets; and environmental, social and governance.

How PSEi member stocks performed — August 27, 2024

August 28, 2024 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Tuesday, August 27, 2024.

Philippine shares inch up on Fed’s dovish shift

August 27, 2024 | 9:00 pm

PHILIPPINE SHARES inched up to a near five-month high on Tuesday after US Federal Reserve Chair Jerome H. Powell said they could begin their easing cycle next month.

The Philippine Stock Exchange index (PSEi) rose by 0.16% or 11.45 points to finish at 6,973.41 on Tuesday, while the broader all shares index improved by 0.3% or 11.55 points to end at 3,761.28.

This was the PSEi’s best close in nearly five months or since it ended at 6,979.81 on April 1.

“The PSEi followed global indices higher after Federal Reserve Chairman Powell said that the time has come for the Fed to adjust rates. However, profit taking kept the benchmark index below the key 7,000 level,” AP Securities, Inc. Research Head Alfred Benjamin R. Garcia said in a Viber message.

“Investors cheered the Fed’s dovish signals as monetary policy easing by the Fed would give more room for the Bangko Sentral ng Pilipinas (BSP) to ease their policy, too,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

Mr. Powell on Friday endorsed an imminent start to interest rate cuts, saying further cooling in the job market would be unwelcome and expressing confidence that inflation is within reach of the US central bank’s 2% target, Reuters reported.

With its policy rate currently in the 5.25%-5.5% range, the Fed has “ample room” to reduce borrowing costs to cushion the economy, Mr. Powell said.

Meanwhile, the BSP on Aug. 15 reduced its target reverse repurchase rate by 25 basis points (bps) to 6.25%. Prior to the cut, the Monetary Board kept the policy rate at an over 17-year high of 6.5% for six straight meetings following cumulative hikes worth 450 bps between May 2022 and October 2023 to combat elevated inflation.

BSP Governor Eli M. Remolona, Jr. said they could cut rates by another 25 bps within the year. The Monetary Board’s remaining policy-setting meetings this year are on Oct. 17 and Dec. 19.

“Philippine shares slowly inched towards the 7,000 level as investors start to rebalance ahead of both the MSCI and the end of month closing,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan added in a Viber message.

Majority of sectoral indices closed lower. Services declined by 0.4% or 8.95 points to 2,229.11; holding firms dropped by 0.33% or 19.45 points to 5,864.39; financials went down by 0.04% or 0.97 points to 2,121.42; and industrials slipped by 0.32 point to 9,237.62.

On the other hand, property surged by 2.71% or 73.54 points to 2,778.13; and mining and oil rose by 0.12% or 10.23 points to 8,166.20.

Value turnover slipped to P6.8 billion on Tuesday with 831.25 million shares changing hands from the P6.99 billion with 653.22 million issues traded on Thursday.

Advancers beat decliners, 110 versus 94, while 51 names were unchanged.

Net foreign buying went down to P897.83 million on Tuesday from P2.34 billion on Thursday. — R.M.D. Ochave with Reuters

Maharlika to start investing in 60-90 days, Consing says

August 27, 2024 | 8:59 pm

Rafael-Consing-MIF — Rafael D. Consing, Jr. — COURTESY OF THE PRESIDENTIAL COMMUNICATIONS OFFICE

THE Maharlika Investment Corp. (MIC) said it is poised to make its initial investments, both energy-related, within 60-90 days.

“We have about eight memoranda of agreement. Currently undertaking due diligence on two very important investments,” MIC President and Chief Executive Officer Rafael D. Consing, Jr. told a Senate hearing on Tuesday.

“Both (are) in the energy sector, and… we expect perhaps that in the next 60 to 90 days, we should be able to deploy (Maharlika funds).”

Energy is one of the priority investment areas of the sovereign wealth fund, and is expected to take up the bulk of the initial investments, Mr. Consing has said.

He said Maharlika is looking to raise $1 billion for renewable energy and sources of alternative energy to diversify the power mix and stabilize prices.

Finance Secretary Ralph G. Recto, who chairs the MIC board, has said that the first Maharlika investments will be finalized by year’s end.

Mr. Consing said that the fund has thus far earned about P1.5 billion in interest income.

“We (had) about P144 million in retained earnings last year, when we started placing the money in November… and another about P1.4 billion this year, so that’s a total of about P1.5 billion in interest income,” he said.

Mr. Consing said Maharlika’s proposed budget is about P336 million, which will primarily go to capital expenditures. It has established its headquarters in Bonifacio Global City, he added.

The fund has an authorized capital stock of P500 billion. Its initial capital of P125 billion comes from contributions from the Land Bank of the Philippines (P50 billion), Development Bank of the Philippines (P25 billion) and the National Government (P50 billion).

The Maharlika board has yet to fill one seat, Mr. Consing said.

“The board is also composed of about five individuals from the private sector out of nine. However, one seat has yet to be filled,” he added.

Apart from Mr. Recto and Mr. Consing, the board is composed of the presidents of LANDBANK and the DBP, independent directors, and regular directors.

In July, the sovereign wealth fund completed its investment and risk management framework and secured membership in the International Forum of Sovereign Wealth Funds. — Beatriz Marie D. Cruz

ASF vaccinations to roll out Friday in Batangas hot spots

August 27, 2024 | 8:58 pm

THE Department of Agriculture (DA) said it will start vaccinating hogs against African Swine Fever (ASF) by Friday, beginning in Batangas, which has reported significant new outbreaks.

“We’re going to implement the vaccination this Friday in Lobo, Batangas para magsimula na ’yung treatment ng mga dumadaming cases of ASF (to begin addressing the increase in ASF cases),” Agriculture Assistant Secretary for Poultry and Swine Constance J. Palabrica told reporters on Tuesday.

He added that the increase in ASF cases may have been caused by rainy weather, causing the disease to spread via the water supply.

“We expected that because of the rains, (ASF) has spread to areas that were previously negative,” Mr. Palabrica said.

As of Aug. 21, 115 municipalities had active ASF cases across 32 provinces, according to the Bureau of Animal Industry. There were 64 affected municipalities as of Aug. 8.

He added that culled hogs should be buried at least 10 feet below ground and covered with plastic to prevent the spread of the virus when it rains.

“(The burial spot) needs to be covered to prevent ASF from entering the water system… It could hit the water table, and the disease can spread there,” he said.

In a separate briefing, Agriculture Assistant Secretary and Spokesperson Arnel V. de Mesa said that an initial 2,000 doses of the first batch of 10,000 will be used on Batangas hogs.

“We will start in Batangas and then eventually in Quezon. If the results are okay, then we’ll move around to other areas,” Mr. De Mesa added.

The DA has initially procured 10,000 doses of the vaccine after the surge in cases in Batangas. It has allocated P350 million for 600,000 vaccine doses for the broader roll out.

The Food and Drug Administration granted a Certificate of Product Registration for the AVAC ASF Live Vaccine from Vietnam to conduct controlled DA-led trials.

He said one other factor that may have contributed to the spread was the transport of infected hogs for sale at low prices, giving the farmers at least some income in lieu of taking a loss in a hog cull.

The DA has set up checkpoints to monitor the movement of hogs outside active ASF areas.

“The vaccine is just one of the many tools available to us. So, biosecurity, border control, our repopulation program, of course, and our information dissemination are also important,” Mr. De Mesa said.

The DA has also raised the indemnification rate to P4,000 for piglets, P8,000 for medium-sized hogs, and P12,000 for sows and large hogs that have to be culled. The maximum indemnification was previously P5,000 per animal. — Adrian H. Halili

Seven former Finance secretaries back use of GOCC fund reserves

August 27, 2024 | 8:58 pm

SEVEN former secretaries of Finance declared their support for the use of excess funds held by government-owned and -controlled corporations (GOCCs), including the Philippine Health Insurance Corp. (PhilHealth), to finance important government projects.

In a joint statement, the former secretaries said transferring unused GOCC funds to the National Government does away with the need to impose new taxes or take on more debt.

The statement was signed by former secretaries Cesar E. A. Virata, Roberto F. De Ocampo, Jose T. Pardo, Alberto G. Romulo, Jose Isidro N. Camacho, Margarito B. Teves, and Cesar V. Purisima.

“We fully understand and support the DoF’s exercise of its authority to effectively utilize the excess funds of GOCCs to finance crucial government projects in areas like health, education, social services, and infrastructure,” they said.

They said the Department of Finance (DoF) faces challenges in generating sufficient revenue to support growth.

“In our view, it is in the public’s best interest for a portion of excess GOCC funds to be mobilized efficiently, rather than imposing additional taxes or increasing public debt that would burden future generations,” they said. “The taxpayers are effectively paying interest on these idle, unused funds that are benefiting no one.”

The DoF has been urged by healthcare advocates to withdraw its order to PhilHealth to transfer excess funds to the Treasury.

PhilHealth has returned P30 billion of the P89.9 billion requested by the DoF, Finance Secretary Ralph G. Recto said last week.

The signatories also noted that the DoF will only access a portion of GOCC funds, and cited safeguards in place for GOCCs to retain prudent levels of resources.

“Responsible public financing requires considering opportunity costs. If unused funds are left dormant, the potential benefits are lost. Every unused peso represents development denied for Filipinos.”

They also expressed confidence that the unused public funds will be managed with “utmost diligence and prudence” under the leadership of Mr. Recto.

During the Senate hearing, Mr. Recto said the DoF will comply with any laws or Supreme Court rulings regarding the fund transfers.

“If Congress passes a law telling us to stop and to give back the money, we will do so. If the Supreme Court says the same thing, we will do so,” he said.

Mr. Recto has said that PhilHealth would still have around P500 billion in funding after the transfers. — Beatriz Marie D. Cruz

BoI approves Monde Nissin’s P1.21-billion Davao biscuit project

August 27, 2024 | 8:58 pm

THE Board of Investments (BoI) said it approved a P1.21-billion biscuit project of listed Monde Nissin Corp., with the planted expected to incorporate high levels of automation.

“The project involves the manufacturing of butter coconut biscuits intended for distribution to the Visayas and Mindanao initially,” the BoI said in a statement.

The project, to be built in Davao City, also has the potential to expand in Indonesia and elsewhere in Southeast Asia.

Monde currently makes butter coconut biscuits in Sta. Rosa, Laguna, serving the Luzon market.

“Previously, packaging was done manually. For this project, the firm will employ advanced automation technology for the packaging and movement of finished goods, which will require highly skilled workers who will be hired locally,” the BoI said.

“Through this project, the movement of raw materials and finished goods is expected to be stimulated in the southern regions,” it added.

According to the BoI, 46% of the project cost will go towards site preparation and development, while 48% will be spent on machinery and equipment.

The remaining 6% will serve as working capital.

The project is expected to generate 111 regular jobs and to start commercial operations within the month.

The company has yet to submit pre-registration requirements and has not yet been issued an actual certificate of registration, according to the BoI.

The BoI approved 30 investment pledges worth P202.97 billion in July, which brought the total for the first seven months to P1.15 trillion.

The value of approvals in the first seven months rose 65% from a year earlier.

“The BoI surpassed the trillion-peso mark with projects in renewable energy and agribusiness, supported by investments from a US equity fund and a major food conglomerate, among others,” the investment promotion agency has said.

For 2024, the BoI is targeting approvals of P1.6 trillion. If realized, the approval total would represent a 27% rise year on year.

On Tuesday, Monde Nissin shares rose 11 centavos or 1.19% to P9.32. — Justine Irish D. Tabile

SIM card audit looms as texting scams proliferate

August 27, 2024 | 8:57 pm

THE Department of Information and Communications Technology (DICT) said it formed a task force to audit subscriber identity module (SIM) cards, which have been used in a growing number of text scams even after the government resorted to SIM registration.

In an order dated Aug. 5, the DICT said the task force will verify the authenticity of registered SIM cards and assess existing protocols and procedures.

Information and Communications Undersecretary Jeffrey Ian C. Dy said the audit task force is authorized by Republic Act No. 11934 or the SIM Registration Act.

“We are mandated to perform the security audit of the PTEs (public telecommunication entities) especially in assessing their databases,” he said.

He said with or without the proliferation of scams, the DICT still needs to assess the confidentiality and integrity of PTE databases.

The DICT has been receiving reports that “anyone, despite the implementation of the law, can register their SIMs,” Mr. Dy said.

The SIM card registration annual audit task force must submit within 60 days its comprehensive audit report that contains findings, recommendations and actions to be taken to improve the SIM Registration Act.

“We will produce an audit report. This will be made publicly available and will include how to improve the information security of the SIM card registration, and the implementation of the law,” Mr. Dy said.

In June, the National Telecommunications Commission said it will step up enforcement of the law in the face of growing text scams. — Ashley Erika O. Jose

Well-milled rice averages P56.22/kg in early Aug.

August 27, 2024 | 8:57 pm

rice-workers — PHILIPPINE STAR/KRIZ JOHN ROSALES

THE national average price of well-milled rice was P56.22 per kilogram (kg) as of early August, according to the Philippine Statistics Authority (PSA).

The PSA said prices edged lower during the Aug. 1 to 5 period, which it calls the first phase of the month, from the average P56.33 per kilo reported in the previous period of July 15-17, or the second phase of that month.

The highest retail price was reported in the Western Visayas, where the staple grain averaged P59.53 per kilo during the period.

At the low end during the period was Ilocos Region, where rice prices averaged P52.86 per kilo.

The PSA reported that regular-milled rice averaged P50.76 per kilo, down from P50.88 during the prior period.

The highest price for regular-milled rice was recorded in Davao Region at P53.46 per kilo.

At the low end was the Cagayan Valley, where regular-milled rice averaged P45.05.

The national average price for pork liempo (belly) fell to P356.3 per kilo during the period from P357.01 previously.

Pork kasim (shoulder) fell to P337.66 per kilo against the P338.37 in the prior period.

The average price for bone-in pork fell to P303.55 per kilo during the Aug. 1-5 period from P305.57 previously.

Dressed chicken averaged P205.26 per kilo in early August, up from P202.47 earlier.

The average price for chicken egg rose to P8.67 per piece from P8.54 previously. — Adrian H. Halili