The Makati Central Business District (CBD)/Bonifacio Global City (BGC) placed 46th out of 50 of the world’s priciest retail districts in real estate services firm Cushman & Wakefield’s Main Streets Across the World 2025 report. Rents within the area rose by 1% annually to $50 per square foot (sq. ft.) per year.
By Kenneth Christiane L. Basilio, Reporter
THE PHILIPPINES’ finance and socioeconomic planning departments backed fresh moves to amend the 1987 Constitution, saying changes were needed to ease investment curbs to boost foreign capital in one of Southeast Asia’s most restrictive economies.
The government is seeking to attract more foreign investment by building on earlier economic reforms, and Charter change (Cha-cha) may help draw in capital amid shifting trade relations and growing protectionist trends in the global economy, a Department of Finance (DoF) official said on Wednesday.
“We’re at the stage where we want to encourage foreign investments through these liberalization reforms we’ve done in the past,” Undersecretary and Chief Economist Domini S. Velasquez told lawmakers at a House of Representatives hearing. “Unfortunately, we have not seen much of the fruits of these liberalization and incentive reforms just because of the uncertainty in the global environment.”
The Philippines is hard-pressed to attract foreign capital to boost jobs and funding for development projects.
Foreign direct investments (FDI) in Southeast Asia rose by less than a percent to $230 billion in 2023, the Association for Southeast Asian Nations (ASEAN) said in a 2024 report. Of the total, the Philippines drew in $9.5 billion, only better than Malaysia ($8.8 billion), Thailand ($4.5 billion), Cambodia ($4 billion), Myanmar ($2.2 billion) and Laos ($1.8 billion). Manila’s capital inflow ranked behind Singapore ($159.6 billion), Indonesia ($21.6 billion) and Vietnam ($18.5 billion).
Department of Economy, Planning and Development (DEPDev) Assistant Director Judith V. Gondra said that certain provisions of the 1987 Philippine Constitution were hampering foreign capital inflows, resulting in underdeveloped domestic industries.
“Those that restrict ownership, management, and control of certain enterprises and activities have contributed to low foreign investment, inflows and scarcity of major global enterprises in the country,” she told the same congressional hearing. “These economic restrictions, in turn, have led to limited access to economic and social opportunities and the proliferation of highly concentrated markets.”
The Constitution caps foreign ownership in key industries to 40%, requiring the remaining 60% to be held by Filipinos.
“The proposed amendments will also allow flexibility in the Constitution to respond to different political, economic, social, technological, legal, and environmental shocks accordingly and in a timely manner,” Ms. Gondra said.
Moves to amend the 38‑year‑old Constitution have been a recurring theme in Philippine politics, with lawmakers frequently pressing to liberalize provisions on public utilities, education, mass media and the exploitation of natural resources that they say restrict foreign investment.
But previous attempts have always faltered due to a lack of support from the public and the Senate, driven in part by concerns about political motives. Constitutional amendments have long been a divisive issue, with nearly every administration since the 1980s attempting to revise parts of the charter.
The House passed a resolution in 2023 supporting a constitutional convention, and a year later, pushed joint discussions on amendments by both chambers of Congress. A signature drive to support Cha-cha also fizzled amid allegations that lawmakers were behind the initiative.
Last year, congressmen brought debates to the full plenary, widely seen as the Marcos administration’s most aggressive push for constitutional amendments so far.
The House Constitutional Amendments Committee is currently reviewing several Cha-cha proposals, ranging from easing foreign ownership and strengthening territorial claims in the South China Sea to lowering the minimum age for President and Vice-President and clarifying impeachment rules.
Removing ownership caps to foreign investments would make the country more attractive to investors and streamline capital inflow into the country, Katarina Gabrielle V. Cosalan, Philippine Stock Exchange legal counsel, said in the same congressional hearing.
“The graft of authority to Congress to eliminate, or at least lessen by law, these barriers will pave the way in attracting more FDIs into the Philippines,” she said. “Openness to foreign ownership is a key criterion that investors look at when rating the quality of a market.”
But it would take more than simply opening the economy to investors to draw in sizable foreign capital, with broader reforms and stronger institutional support seen as necessary to boost inflows, Janice Utanes, DEPDev supervising economic development specialist, said.
“Lifting the foreign investment participation alone will not solve the country’s weak position in attracting strategic foreign equity, as it is one of the critical constraints that we need to address,” she said.
“There are a number of factors, such as a predictable investment environment, the market size, and the level and quality of infrastructure, peace and security, our tax regime and political institutions,” she added.
By Erika Mae P. Sinaking
ROGELIO “Babes” L. Singson, the 77-year-old former Public Works secretary, has stepped down from his post as commissioner of the Independent Commission for Infrastructure (ICI) on Wednesday, citing the intense demands of the anti-graft body’s work.
“He mentioned that the very intense and stressful nature of ICI work has taken a toll on his aging body,” ICI Chairman Andres B. Reyes, Jr. told a press briefing.
Mr. Singson’s resignation leaves a vacancy in the independent commission, which was created by the President to investigate large-scale corruption allegations linked to anomalous infrastructure projects.
According to Mr. Reyes, a replacement has yet to be discussed. The ICI also noted it is still awaiting the acceptance of President Ferdinand R. Marcos, Jr.
Mr. Singson’s resignation followed the ICI’s new case referral to the Office of the Ombudsman for the filing of criminal cases against 11 individuals, including former Senator Ramon “Bong” Revilla, Jr., whose prior high-profile plunder case resulted in an acquittal in 2018.
Possible charges include direct or indirect bribery, corruption of public officials, plunder, and administrative violations.
In a September Senate hearing, former Public Works engineer Henry C. Alcantara filed a 38-page affidavit claiming that P300 million worth of funds under the 2024 national budget were allegedly used to support Mr. Revilla’s 2025 campaign. Mr. Alcantara said then-Undersecretary Roberto R. Bernardo handled the transactions and ordered a 30% kickback. Mr. Revilla has denied any involvement.
In a statement, Mr. Revilla’s camp said the former senator has not been given an opportunity to answer allegations against him prior to the ICI’s referral.
“From the beginning, our client made himself fully available to the ICI and openly welcomed their inquiry. Yet he was never invited to speak, never given the opportunity to present the truth. He is deeply disappointed to have been denied such a fundamental right, though he still holds trust and faith in the system,” said Maria Carissa C. Guinto, his spokesperson.
“Once the Ombudsman accords Mr. Revilla his right to preliminary investigation and the proper opportunity to be heard, he will not only address these malicious accusations but will dispel the false narratives comprehensively,” she added.
The commission also submitted new evidence that could lead to additional charges against eight other individuals, including former officials of the Department of Public Works and Highways (DPWH).
CASE BUILDUP
The ICI also formally recommended that Senators Francis Joseph “Chiz” G. Escudero and Mark A. Villar, former Senators Mary Grace Natividad Poe-Llamanzares and Maria Lourdes Nancy S. Binay, now Makati City mayor, be referred to the Office of the Ombudsman for “further investigative review and case buildup” due to the seriousness of the allegations.
Mr. Bernardo earlier alleged that he delivered P160 million in kickbacks to a businessman, which were intended for Mr. Escudero, who since denied any involvement, calling the accusations “untrue” and “baseless.” Mr. Escudero and Mayor Binay had earlier denied allegations.
Former Senator Poe, who previously chaired the Finance committee, finds the referral as a “clear acknowledgement” that Mr. Bernardo’s accusations were “false.”
“There is no evidence to support the filing of charges against me. This is no surprise to me and to the people who know me because I had always conducted myself with utmost integrity,” she said in a statement.
“Rest assured that I will submit to further investigations by the Ombudsman to the end that the truth will actually be uncovered and appropriate charges are eventually brought against those who are truly responsible.”
Mr. Escudero and Mr. Villar did not respond to separate Viber messages seeking comment.
ICI HEARING
Meanwhile, the ICI conducted closed-door sessions for Pasig City Rep. Roman T. Romulo and Bulacan Rep. Danilo A. Domingo, halting the livestreaming of their testimonies.
Mr. Romulo’s legal counsel said the lawmaker’s testimony could put his life and safety at risk, as well as harm his reputation.
“Considering that once the session is live-streamed, the good congressman would have no control over how the information will then be used by the public,” said his lawyer. Mr. Reyes granted the request.
Mr. Romulo, who voluntarily appeared before the ICI to clear his name, said an Immigration Lookout Bulletin Order (ILBO) issued against him had been widely misinterpreted on social media.
“What I understand about ILBO is that you can travel as long as you give notice of where you’re going. But a lot of people, when they hear ILBO, they think that you already have a plan. So when that happens, it’s misinterpreted… It’s false and malicious,” he told ICI reporters.
He also addressed allegations linking him to DPWH officials Angelita Garrucha and Aristotle Ramos, who were named in sworn statements by contractors Pacifico F. Discaya II and Cezarah Rowena C. Discaya.
“Yes, they’re DPWH [Garrucha and Ramos] They’re not my staff. And I’ve made this clear even before. They’re in DPWH… It’s inevitable talaga na mahatak po sila (that they will get dragged). I’ve never authorized anyone… Whether government or non-government, I’ve never authorized anyone.”
During a Senate inquiry in September, the Discayas alleged that Ms. Garrucha, a DPWH project engineer, acted as a “bagman” in 2022, while Mr. Ramos, a district engineer for Metro Manila’s First District, allegedly demanded a higher cut of project funds in 2025. Both were placed under an ILBO by the Department of Justice in October.
Mr. Domingo appeared before the ICI for a closed-door session regarding alleged nonexistent flood infrastructure projects flagged by the DPWH and Commission on Audit in flood-prone Bulacan. Over the past three years, the district reportedly received P9.49 billion of the P70.3-billion flood control budget. Mr. Domingo denied the allegations.
LOSSES due to “ghost” or non-existent flood control projects were estimated at P180 billion since 2016, Senator Panfilo “Ping” M. Lacson, who heads the Senate committee probing anomalous projects, claimed on Wednesday.
“We are looking at 30,000 flood control projects since 2016. If we extrapolate based on earlier findings that more than 600 out of 10,000 projects were ghost, we estimated that 6% or higher of 30,000 projects could mean P180 billion or higher went to ghost projects,” he said in a statement.
He added that the estimates were based on the 10,000 flood control projects inspected so far, which found that about 600 of them were nonexistent.
“Imagine, we likely lost P180 billion to ghost projects, and we have not yet started counting our losses to substandard projects,” Mr. Lacson added.
He said that the estimates had rendered the number of projects tackled by the Senate Blue Ribbon Committee as “minuscule.”
“The Blue Ribbon Committee remains ready to help relevant agencies like the Independent Commission for Infrastructure, Department of Justice and Office of the Ombudsman in pursuing charges against those involved, if it gets new information,” Mr. Lacson said.
The committee has been investigating kickbacks involving multibillion-peso flood control projects, following reports that lawmakers and public officials benefited from infrastructure funds allocated since 2022.
The senator added that the Senate and the House of Representatives have agreed to simplify the bicameral conference committee (bicam) that would only tackle the disagreeing provisions of the budget bill.
“This will be simpler and more transparent and that is our intention. In the bicam, we will ensure transparency, all the way to the bill being enrolled,” Mr. Lacson said.
Malacañang announced earlier that the bicameral conference committee meetings will be livestreamed, following public calls for more transparency and accountability in the budget process.
DPWH ‘GHOST’ PROJECTS
Meanwhile, the Commission on Audit (CoA) flagged the Department of Public Works and Highways (DPWH) after some regional offices declared nearly P2 billion worth of infrastructure projects as accomplished nationwide despite the works not being completed in 2024.
State auditors gave a qualified opinion on the DPWH’s financial report due to “aggregate uncorrected misstatements” involving the agency’s billions of pesos worth of infrastructure, including P1.95 billion of projects marked as completed despite unfinished work.
“Some DPWH offices reported 100% project accomplishments in the Report on Publicized Government Programs, Projects and Activities,” CoA said in its 2024 audit report.
“However, ocular inspection and validation of the actual physical status revealed that these projects were not completed within the contract time due to defects, deficiencies requiring repairs and unfinished pay or work items,” it added.
Public Works Secretary Vivencio B. Dizon did not immediately reply to a Viber message seeking comment.
The DPWH has come under tighter scrutiny following allegations that flood control projects were tied to a multibillion‑peso kickback scheme involving politicians, officials and government contractors.
The projects, which auditors flagged as inaccurately tagged as finished, were found nationwide, with engineering offices in the Cordillera Administrative Region (CAR), Mimaropa, Western Visayas, and Northern Mindanao among those cited.
CoA also flagged that DPWH paid the “final progress billings” of 48 projects totaling P2.18 billion despite unfinished work or defects.
In CAR, the full amount of P1.3 billion was paid for 29 projects that were “not yet fully completed due to unfinished works.”
“On the other hand, it was noted in Region 3 that final payments on seven projects and the release of retention money for two projects were already made,” state auditors said, referring to 19 projects totaling P876.29 billion that faced completion delays. “The payment could be deemed ‘irregular.’”
CoA urged the DPWH to refrain from releasing project completion payments for projects not yet completed or “satisfactorily implemented.”
“Require contractors to immediately rectify or complete noted deficiencies and deliver all contractual requirements; otherwise forfeit their performance securities and consider them for blacklisting, if warranted,” state auditors said. — Adrian H. Halili and Kenneth Christiane L. Basilio
THE PALACE pushed back against criticism from allies of former President Rodrigo R. Duterte, insisting the Office of the Solicitor General (OSG) is acting strictly within its legal mandate when it reentered a case before the Supreme Court (SC) linked to the arrest and the International Criminal Court’s (ICC) probe of the former leader’s alleged crimes against humanity.
Palace Press Officer Clarissa A. Castro said the OSG is acting in accordance with the law and its mandate, without protecting the interests of a select few, adding that its current positions reflect institutional responsibilities rather than political motivations.
“The Palace cannot speak for the past actions or personal views of former Solicitor General Menardo I. Guevarra. At present, the OSG is simply performing its duty and correcting what must be corrected under the law,” she said in Filipino in a Viber message to reporters on Wednesday.
Solicitor General Darlene Marie B. Berberabe, who was appointed in May, moved to rejoin the SC proceedings involving the former president and Senator Ronald M. Dela Rosa’s petition related to the ICC investigation of the Duterte administration’s bloody campaign against illegal drugs.
The move signals a shift in the administration’s legal approach as the high court continues to assess challenges tied to potential ICC actions against Mr. Duterte and his allies.
In a manifestation filed on Dec. 1, the OSG asked the SC to furnish it with all issuances and submissions in the case, reversing its previous stance under Mr. Guevarra, who had recused the agency from similar petitions filed by Mr. Duterte’s children.
The case was lodged by Davao-based lawyer Israelito P. Torreon, who criticized the OSG’s abrupt and unexplained decision to rejoin the SC case after previously securing approval to recuse itself.
Mr. Torreon said the OSG’s return contradicts its earlier sworn position that it could not participate due to ethical concerns, conflicts of interest and its stance that the Philippines has no obligation to cooperate with the ICC following its withdrawal from the Rome Statute.
Mr. Guevarra was Mr. Duterte’s Justice secretary when the Philippines’ withdrew its membership from the Rome Statute, the founding treaty of the ICC, which came into effect in 2019.
As Marcos administration’s solicitor general, he recused the agency from defending the Philippine government, arguing the Philippines was no longer under the ICC’s jurisdiction. — Chloe Mari A. Hufana
PHILIPPINE President Ferdinand R. Marcos, Jr. on Wednesday announced a phased increase in base pay for military and uniformed personnel (MUP) starting January 2026.
The pay increase will cover personnel from the Department of National Defense, Department of the Interior and Local Government, Philippine Coast Guard, Bureau of Corrections and the National Mapping and Resource Information Authority.
The adjustment will be implemented in three tranches on Jan. 1 of 2026, 2027 and 2028, but he did not specify how much.
In addition, the subsistence allowance for all MUP will rise to P350 per day starting Jan. 1, 2026.
The administration framed the measures as part of its commitment to ensure that those defending the nation receive fair compensation and adequate government support.
The President highlighted the contribution of MUP over the past year, citing their frontline response to typhoons, consecutive earthquakes, volcanic eruptions and widespread flooding.
He emphasized their crucial role in maintaining public safety amid persistent security threats.
“Our military and uniformed personnel answer the call of duty regardless of the risks to their own safety. On land, at sea, or in the air, they do not hesitate to sacrifice for the welfare of every Filipino,” Mr. Marcos said in a video in Filipino. — Adrian H. Halili
THE Department of Labor and Employment (DoLE) said it will conduct targeted inspections of high-risk workplaces this holiday season, amid the year-end surge in economic activity.
In a statement on Wednesday, the agency said the inspections, which started on Nov. 30, will run up to Dec. 31.
“Labor checks are essential to guarantee that the holiday season’s increased economic activity does not come at the expense of worker safety and legal compliance,” said Labor Secretary Bienvenido E. Laguesma.
The inspections will prioritize workplaces identified through formal worker complaints, occupational safety and health investigations, following major disruptive events, and critical technical safety checks, including boilers and electrical systems.
High-risk establishments listed under Department Order No. 252, as well as sectors experiencing seasonal demand spikes such as manufacturing, construction, pyrotechnics, and public transportation, will also be closely monitored.
DoLE said technical and advisory visits to micro establishments will continue, while follow-up monitoring and enforcement from previous inspections will proceed under standard departmental regulations.
Meanwhile, to fast-track assistance to calamity-affected workers, DoLE said it has been providing emergency employment interventions since the Kanlaon Volcano eruption earlier this year, reaching 381,513 individuals.
Following recent typhoons in November, the agency said it mobilized the Tulong Panghanapbuhay sa Ating Disadvantaged Workers (TUPAD) program, disbursing P843 million in temporary wages to more than 160,000 beneficiaries. Typhoon Tino alone aided 68,349 workers in Western, Central, and Eastern Visayas and Caraga with over P363 million, while Super Typhoon Uwan assisted 91,699 workers in Cordillera Administrative Region, Cagayan Valley, Central Luzon, Calabarzon, Bicol, and Western Visayas with P480 million.
According to the Labor department, profiling and TUPAD orientations also continue in Central Visayas, where recovery from Typhoon Tino is ongoing. In Aurora and other areas affected by Super Typhoon Uwan, TUPAD beneficiaries have been deployed for disaster rehabilitation, including clearing operations and repairs to damaged homes.
The department also extended aid to workers impacted by recent earthquakes in Visayas and Mindanao, reaching 9,413 workers in Central Visayas (P55.9 million) and 5,726 workers in Davao and Caraga (P29 million). It added that 1,693 beneficiaries nationwide received P19.5 million in livelihood grants under the DoLE Integrated Livelihood Program.
Overall, from the Kanlaon eruption to the latest typhoons, DoLE has delivered P2.045 billion in TUPAD assistance nationwide. — Erika Mae P. Sinaking
PRESIDENT Ferdinand R. Marcos, Jr. on Wednesday said the national government will use the country’s most successful village programs as models for national policy reforms, underscoring a push to strengthen systems that promote efficiency, transparency and citizen participation across all levels of government.
Mr. Marcos said during this year’s Galing Pook Awards in Malacañang, the 10 winning village initiatives — selected from 132 entries — demonstrated how frontline communities are already pioneering solutions that can be scaled up nationwide.
“Let us strive to continue to replicate the success of these barangay initiatives on a national scale — learning what works and strengthening the systems that uphold efficiency, participation, and transparency in government,” he said.
The President highlighted projects that tackled environmental rehabilitation, disaster readiness, education access, and community engagement, including the revival of the Macabalo River in Legazpi City, solar-powered energy solutions in Santiago, earthquake-preparedness programs in Quezon City, mobile learning initiatives for out-of-school youth in Cagayan de Oro and urban gardens and recycling-for-bread exchanges in Mandaluyong.
These programs, he said, offer practical blueprints for broader policy adoption, particularly in climate resilience, social welfare, and public accountability.
Mr. Marcos said villages often develop responsive solutions more quickly than national agencies, making them a valuable source of ideas for long-term reforms. — Chloe Mari A. Hufana
THE Philippines’ anti-graft court has approved a motion by state prosecutors to merge corruption charges against a former lawmaker at the center of a brewing scandal over anomalous flood control projects.
In a three-page resolution, the Sandiganbayan Sixth Division approved a motion that would consolidate two separate graft charges involving resigned Party-list Rep. Elizaldy S. Co and several officials linked to misuse of public funds.
Lawyer Ruy Albert S. Rondain, Mr. Co’s counsel, did not immediately reply to a Viber message seeking comment.
Mr. Co’s first graft charge was initially raffled to the anti‑graft court’s Fifth Division, and the Sixth Division said in its resolution that consolidating the case would require acceptance from the Fifth.
“The two cases emanated from the same set of facts and arose from the same series of transactions, involving the same parties, and will utilize substantially the same witnesses and documentary evidence during the trial,” prosecutors said in the filing, based on the resolution.
The complaints against Mr. Co and other officials stemmed from a P289.5-million dike project running along a river in the province of Oriental Mindoro, south of Manila. The Independent Commission for Infrastructure (ICI) had flagged irregularities in the procurement, construction, and implementation of the flood control project.
“The consolidation of the two cases will promote the speedy disposition of cases, serve the convenience of the parties and the interest of justice, and prevent conflicting rulings on the same set of facts,” the resolution, signed by Associate Justices Sarah Jane T. Fernandez, Kevin Narce B. Vivero and Lord A. Villanueva. — Kenneth Christiane L. Basilio
THE PHILIPPINE Competition Commission (PCC) has partnered with the National Bureau of Investigation (NBI) to conduct a dawn raid as part of the ongoing investigation into alleged bid rigging in flood control projects.
In a statement on Wednesday, the PCC said that it has deputized the NBI to conduct a raid on premises in Bonifacio Global City, Taguig, where they suspect finding documentary and electronic records related to the ongoing investigation.
“The inspection was carried out pursuant to a court order authorizing PCC, its deputies, and agents to examine and secure information relevant to potential anti-competitive practices,” it added.
According to PCC, the operation covered premises related to Sunwest, Inc. or Eco Leisure and Hospitality Holding Co., Inc., or former Party-list Rep. Elizaldy S. Co.
The conduct of dawn raids is part of the established procedures for inspection orders under the Philippine Competition Act meant to uncover possible cartel behavior and other anti-competitive conduct.
“PCC assures the public that all procedures are undertaken with due regard to rights and safeguards under the law,” the PCC said.
“The commission underscores its cooperation with the broader efforts of the government to ensure accountability of those involved in bid-rigging in flood control projects,” it added.
The PCC is currently working with the Department of Public Works and Highways to investigate alleged anti-competitive conduct, particularly bid rigging, in the procurement of flood control projects.
This comes as the country tackles a multibillion-peso public works scam following the pronouncements of President Ferdinand R. Marcos, Jr. last July, where lawmakers were exposed for receiving kickbacks for such projects. — Justine Irish D. Tabile
NINE Filipino seafarers held hostage by Houthi rebels who attacked their ship in July are set to be released, the Department of Foreign Affairs (DFA) said.
In a statement late Tuesday, the DFA said that it has information that Filipino crewmen from the M/V Eternity C will be released and transferred from Sana’a, Yemen, to Muscat, Oman, citing reports from the Sultanate of Oman.
It added that the release of the Filipino hostages was due to the efforts of Oman, following several discussions with Philippine Foreign Affairs Secretary Ma. Theresa P. Lazaro and Omani Foreign Minister Sayed Badr bin Hamad El-Busaidi.
“The Philippines expresses its sincerest appreciation to the Sultanate of Oman,” the agency added.
In July, Houthi rebels in small boats attacked the M/V Eternity C as it sailed through the Red Sea. Eight of the 21-member crew had now arrived in the Philippines, while nine others were held hostage.
“The Philippine Embassy in Muscat and the Migrant Workers Office-Muscat will make arrangements for the safe and immediate return of the Filipinos to the Philippines,” the DFA added. — Adrian H. Halili
TWO ENERGY COMPANIES have submitted unsolicited proposals to rehabilitate the Agus-Pulangi hydropower complex in Mindanao, a decades-old asset that supplies a significant share of the region’s electricity but is running below capacity, according to the Power Sector Assets and Liabilities Management Corp. (PSALM).
“One’s a consortium, one’s not,” PSALM President and Chief Executive Officers Dennis Edward A. Dela Serna told reporters on Tuesday, noting both proponents are established industry players. He did not identify the groups.
The Agus-Pulangi facility consists of seven run-of-river hydro plants with about 1,000 megawatts (MW) in installed capacity, though only 600–700 MW are available because of aging equipment and deferred maintenance.
The government wants the next operator to restore full output and improve reliability in Mindanao’s grid.
The project follows PSALM’s work on the privatization of the Caliraya-Botocan-Kalayaan (CBK) hydro complex in Laguna.
Rehabilitation of Agus-Pulangi will be pursued through a concession arrangement aligned with the Public-Private Partnership (PPP) Code, which gives implementing agencies 90 days to evaluate unsolicited proposals once all requirements are deemed complete.
Mr. Dela Serna said a second proposal recently cleared the initial completeness check, allowing PSALM to move forward with evaluation.
If accepted, negotiations with the selected proponent would begin before the project is subjected to a competitive challenge.
Implementation of the concession is expected to start in 2027, after which the government may opt to privatize the asset outright. The project could generate as much as P90 billion in revenue once completed, he said.
First Gen Corp. earlier expressed interest in joining the rehabilitation effort. Last month, Vice-President Jay Joel Soriano said the company is open to participating in the tender once PSALM finalizes the process.
Agus-Pulangi is expected to become PSALM’s next major project after the turnover of the CBK complex to Thunder Consortium next year.
The CBK assets include the 39.37-MW Caliraya plant in Lumban, the 22.91-MW Botocan facility in Majayjay and the 366-MW Kalayaan I and 368.36-MW Kalayaan II pumped-storage units.
Aboitiz Power Corp. earlier secured Philippine Competition Commission approval for the acquisition. — S.J. Talavera
