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Inflation is expected to remain elevated in the next few months, the central bank said. Headline inflation hit a two-year high of 4.2% in January, as meat and vegetable prices spiked due to supply shortages. — PHILIPPINE STAR/MICHAEL VARCAS
THE CENTRAL BANK on Thursday kept its benchmark interest rate at a record low to support the Philippine economy’s recovery from the coronavirus pandemic.
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno also said inflation is likely to remain elevated but manageable over the next few months.
In its first policy setting for the year, the Monetary Board maintained the overnight reverse repurchase rate at a record low of 2%. The lending and deposit facilities were likewise kept at 2.5% and 1.5%, respectively.
“The balance of risks to the inflation outlook now appears to be broadly balanced around the baseline path in 2021 but is seen to continue leaning toward the downside in 2022,” Mr. Diokno said in an online briefing.
“Tighter supply of meat products owing in part to the African Swine Fever outbreak in the country could lend further upside pressures on inflation,” he added.
A BusinessWorld poll showed 17 out of 18 analysts expected the Monetary Board to leave policy settings unchanged at the meeting on Thursday.
Headline inflation reached a two-year high at 4.2% in January, as prices of meat and vegetables spiked due to supply shortages.
INFLATION OUTLOOK Meanwhile, the BSP raised its average inflation forecast for the year to 4%, the upper end of its 2-4% target range, from 3.2% previously.
The central bank also lowered its inflation forecast for next year to 2.7% from 2.9% previously, BSP Deputy Governor Francisco G. Dakila said in the same briefing.
“On balance, the Monetary Board is of the view that the manageable inflation outlook continues to allow the BSP to maintain an accommodative policy stance and thus complement crucial fiscal policy measures in supporting economic activity and market confidence,” Mr. Diokno said.
The BSP also raised its forecast for average Dubai crude oil prices for 2021 and 2022 to $54.65 (from $47.57) and $51.98 ($47.44) per barrel, respectively.
“We know the driver behind that recovery in oil prices, that as the global economy gains momentum, as we are able to deal with the pandemic, and as restrictions are relaxed more, then there is going to be a recovery in oil demand,” Mr. Dakila said.
Avoiding a knee-jerk reaction to raise rates was the “optimal decision at this point,” allowing the BSP to support growth, ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said in a note.
“BSP officials are cognizant of the ills of high inflation but they are also fully aware that any rate hike would have little to no impact on the price of pork or vegetables, the two main sources of the breach,” he said.
Mr. Mapa said he expects the central bank to go for a policy action once the second-round effects from inflation become apparent.
“We expect BSP to retain its accommodative stance in the medium term to support the recovery and only consider a reversal should second-round effects surface,” he added.
Alex Holmes, an economist at Capital Economics, said the pause will only be momentary and further easing will be on the table by the latter part of the year.
“The rise in inflation should prove temporary, a point the BSP stressed in Thursday’s meeting. Fuel and transport price inflation will begin to drop back in the second quarter, while the upward pressure on food prices from the disruption caused by typhoons late last year should subside,” he added.
The BSP slashed rates by a cumulative 200 basis points last year, at a time when the economy saw its worst contraction on record due to the pandemic.
Despite an unprecedented policy easing by the BSP that included massive buying of government securities, banks have remained risk-averse in extending loans.
Bank lending fell for the first time in more than 14 years in December, reflecting weak consumer and business activity.
The next Monetary Board policy meeting is scheduled on March 25. — L.W.T. NoblewithReuters
Net inflows of foreign direct investments continued to decline in November, as uncertainty over the coronavirus pandemic continued. — PHILIPPINE STAR/MICHAEL VARCAS
FOREIGN DIRECT investment (FDI) net inflows to the Philippines continued to drop in November, albeit at a slower pace, the Bangko Sentral ng Pilipinas (BSP) said.
Preliminary data from the BSP showed FDI net inflows sank 16.5% to $537 million in November from $643 million in the same month a year ago. However, this decline was slower than the 24.5% contraction seen in October.
“The recent contractions in net FDI inflows were largely affected by concerns over the resurgence of COVID-19 (coronavirus disease 2019) cases and re-imposition of quarantine measures in some advanced and emerging markets,” the central bank said in a statement.
FDI net inflows in November reached a three-month high since the August level of $637 million. This was also 27% higher than the $423 million worth of flows in October.
For the 11-month period, FDI net inflows fell 10.8% to $5.792 billion from the $6.493 billion logged a year earlier. This already surpassed the BSP’s projection of $5.6 billion for FDIs for the whole of 2020.
Among FDI components, equity other than reinvestment of earnings saw the steepest annual fall of 57.3% to $66 million in November, although this was significantly higher than the $1 million in October. This, as placements dropped 44.8% to $96 million while withdrawals jumped 57.3% to $30 million.
Equity capital placements during the month mostly came from Japan, the Netherlands, the United States, and Singapore. These inflows were mainly invested into manufacturing, real estate, and financial and insurance industries.
FDI flows to equity and investment fund shares also shrank 49.7% to $122 million in November from $243 million a year ago.
Meanwhile, reinvestment of earnings declined 36.5% to $56 million from $88 million a year ago.
Investments that went to debt instruments saw a 3.8% growth to $415 million in November from $400 million a year ago.
Recovery prospects for FDI in the coming months remain clouded by the risk-off sentiment caused by the new COVID-19 variants that appear to be more contagious, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a note.
For Asian Institute of Management Economist John Paolo R. Rivera, investors remain wary of pouring funds into the country given its handling of the pandemic, and the slow pace of securing COVID-19 vaccines.
The Philippines is planning to start vaccination within the month. Neighboring countries including Singapore, Malaysia and Myanmar have already started inoculating their citizens.
The number of COVID-19 cases reached 543,282 as of Thursday, the second highest in Southeast Asia after Indonesia.
“If we cannot project and ensure a more definite national plan relative to other economies, an increase in FDI inflows may be far fetched. We can expect a rebound once a specific inoculation plan has been established and carried out,” Mr. Rivera said in a text message. — Luz Wendy T. Noble
The Mindanao Development Authority is hoping to get a P1.35-trillion allocation in the 2022 national budget. — COURTESY OF DEPARTMENT OF PUBLIC WORKS AND HIGHWAYS
By Marifi S. Jara, Mindanao Bureau Chief
THE MINDANAO Development Authority (MinDA) will push for a P1.35-trillion allocation in the 2022 national budget, representing 27% of the proposed P5-trillion spending plan, to realize major infrastructure and other projects.
“Mindanao has been getting a share that is lower than expected. In the last four years and a half, our highest share was last year at 16%. For 2021, Mindanao will only be getting 12%,” MinDA Chair Emmanuel F. Piñol said during the Mindanao Speaks Up forum on Wednesday.
The P1.35-trillion amount was originally put forward by MinDA in 2018 for allocation over a four-year period beginning 2019.
“We have always been labeled as the ‘Land of Promise,’ but unfortunately, Mindanao has always been getting the least budget,” said Abdulghani Ajul Salapuddin, chair of the government-owned and -controlled corporation Southern Philippines Development Authority and a former congressman.
“I had been in Congress for nine years, and we fought so hard for an equitable share, and by equitable, it does not mean equal but what is needed and just (for Mindanao’s development),” Mr. Salapuddin said.
Among the planned major projects that have yet to get off the ground are the Mindanao Railway’s first segment, Samal-Davao bridge, and private-public partnerships for the expansion of airports in the main cities of Cagayan de Oro and Davao.
The six Regional Development Council heads of Mindanao also presented their respective lists of proposed projects, including those that are either pending or delayed.
Mindanao is composed of the regions of Zamboanga Peninsula (9), Northern Mindanao (10), Davao (11), Soccsksargen (12), Caraga (13), and the Bangsamoro Autonomous Region in Muslim Mindanao.
In 2019, Mindanao collectively accounted for 16.6% of the national output, based on the Philippine Statistics Authority’s rebased regional accounts. Davao and Northern Mindanao had the highest contributions at 4.6% and 4.5%, respectively.
ECOZONES Meanwhile, the Philippine Economic Zone Authority (PEZA), which co-organized the forum, will also file a resolution asking President Rodrigo R. Duterte to declare idle public lands in the country’s south as areas for the development of special economic zones.
PEZA Director General Charito B. Plaza said this would be in line with the President’s Administrative Order No. 18 issued in 2019, which aims to fast-track countryside development through ecozones.
Ms. Plaza said different types of ecozones — such as food processing, agro-industrial, medicine, apparel, tourism, and information technology —can be developed in Mindanao based on the available resources in the different regions.
There are currently 37 ecozones in Mindanao, with 17 in Davao, 10 in Northern Mindanao, eight in Soccsksargen, and one each in Zamboanga and Caraga. Of these, 12 are agro-industrial, 15 IT parks, eight manufacturing, and one tourism.
The PEZA head also said the plan is to develop these special investor areas as“smart” and “green” hubs.
“Let us not be arrogant that our government can provide the jobs that our population needs… we need investors, we need capital and we are competing with the rest of the world who are giving incentives to investors,” Ms. Plaza said in mixed English and Visayan.
“In basketball terms, we are in the last two minutes of our first Mindanaon President’s term and we need to do our best to deliver for our fellow Filipinos and the Philippines,” she added.
Private sector representatives, including regional officers of the Philippine Chamber of Commerce and Industry, generally aired disappointment during the forum even as they reaffirmed continued support to the government’s programs.
Ruben A. Vegafria, Cagayan de Oro business chamber president, said, “The share of Mindanao on agriculture, transport and DICT (Department of Information and Communications Technology) are itself very depressing.”
Senator Juan Miguel F. Zubiri, who comes from the Mindanao province of Bukidnon, assured legislative support for next year’s budget and other resolutions put forward at the multi-stakeholder gathering. “It’s not too late,” Mr. Zubiri said.
Car sales slipped by 1.4% in January, industry data showed. — PHILIPPINE STAR/MICHAEL VARCAS
THE AUTO INDUSTRY is showing hints of recovery, as car sales in January dipped by 1.4% year on year, the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and the Truck Manufacturers Association (TMA) reported on Thursday.
The joint report said that sales fell to 23,380 units in January, from 23,723 in the same month in 2020, as passenger car sales growth failed to offset the continued drop in commercial vehicle sales.
In a statement, CAMPI said the slight year-on-year decline in January sales was a “positive sign” that the industry was slowly recovering.
Car sales slumped by 39.5% to 223,793 units in 2020 compared with the previous year after restrictions declared to contain pandemic lowered demand. Sales fell by as much as 99% at the height of the strict lockdown in April.
But January 2021 sales were still 15.3% lower than December sales, which stood at 27,596 units.
To recall, sales in January last year declined by almost 12% after manufacturing plants and dealerships in Calabarzon (Cavite, Laguna, Batangas, Rizal, and Quezon) temporarily stopped operations due to the Taal Volcano eruption.
CAMPI President Rommel R. Gutierrez said the industry is cautiously optimistic.
“The pandemic still poses a challenge to the automotive industry,” he said in a statement. “We are also monitoring how the market will react with the imposition of the provisional safeguard duties starting February, which could potentially impact on the prices of imported motor vehicles.”
The Trade department slapped duties on imported cars to protect local industries after its investigation found a link between a surge in imports and the decline in local employment. Industry groups like CAMPI criticized the move, saying that it would impede auto recovery in the country.
Commercial vehicle sales, which account for 68.8% of the market, slipped 6.4% to 16,085 units in January. Broken down, sales of light commercial vehicles dropped 11.9% to 12,318 units and light trucks sales fell 8.8% to 333 units.
Asian utility vehicle sales climbed 25.8% to 3,118 units.
On the other hand, passenger car sales rose 11.5% to 7,295 vehicles.
Toyota Motors Philippines Corp. (TMP) continued to have the largest market share at 46.28% after selling 10,820 units in January. Mitsubishi Motors Corp. followed with 3,518 units sold, representing 15.05% market share, while Nissan Philippines, Inc. sold 2,321 units, representing 9.93% market share.
Nissan Philippines plants to shut its Almera assembly in Laguna next month, and will continue to sell to the country through its regional network.
Nissan said that the closure is not related to the safeguard duties or the pandemic, but is part of a global restructuring plan announced last year. — Jenina P. Ibañez
THE franchise renewal of ABS-CBN Corp. will have to wait until the next Congress as measures to address the pandemic will be the priority of lawmakers, House Speaker Lord Allan Jay Q. Velasco said on Thursday, days after the President vowed to block the network’s operations.
“Calls to revive the franchise of ABS-CBN will have to wait until the next Congress,” Mr. Velasco said, as he broke his silence on moves to grant a franchise to the media company after lawmakers last year pulled the plug on its broadcast at the height of the health crisis.
On Monday, President Rodrigo R. Duterte said he would not allow ABS-CBN to operate, even if lawmakers will grant its franchise.
On several occasions, Mr. Duterte had expressed tirades against the network, and had said that it would not “see the light of day.” He cited unaired presidential campaign ads that were never refunded. ABS-CBN apologized in 2020, which he accepted, but called for the company to donate the refund to charity.
ABS-CBN’s 25-year franchise expired on May 4, 2020. Lawmakers voted against its renewal on July 10 as the country was under a strict lockdown imposed to contain the coronavirus disease 2019 (COVID-19).
Mr. Velasco said the government was setting its focus on finishing the remaining priority measures promised by the President, whose term ends next year.
The House Speaker also said lawmakers were prioritizing measures that would help revive the economy after a pandemic-led recession. Among the priority bills is the passage of the P420-billion Bayanihan to Arise as One bill, the third economic stimulus package after the Bayanihan to Heal as One and Bayanihan to Recover as One laws.
“We would like to see the passage of Bayanihan III, as well as other economic bills geared toward rebuilding the Philippine economy shattered by the devastating impact of the global pandemic and rebuilding the lives of every Filipino disrupted by the health crisis,” he said.
Meanwhile, Deputy Speaker and Buhay Partylist Rep. Jose “Lito” L. Atienza, Jr. said lawmakers should stop its pursuit of loans availed by the Lopez group of companies that were allegedly condoned by state-led Development Bank of the Philippines (DBP).
Claims that the loans were written off were among the issues during hearings on ABS-CBN’s franchise extension before lawmakers voted against its renewal.
Mr. Atienza said that the issue is “unvalidated” since documents related to the alleged write-off were from two decades ago, with DBP saying in a House probe in January that these documents were already disposed of.
DBP also denied any condonation, saying the loans were sold to Lehman Brothers Asia Ltd. through a special purpose vehicle of the non-performing assets of the state lender.
The House Committee on Good Government and Public Accountability voted on the motion to issue a subpoena for the said documents of the transaction, even if the National Archives of the Philippines Act states the retention of documents must only be for five years.
“We should protect the integrity of this House and not allow ourselves to be used for allegations like this that have no basis whatsoever, especially since this particular transaction took place almost 20 years ago. There is always a presumption of regularity, and it is up to the accuser to prove otherwise,” Mr. Atienza said.
“And if there is proof, then let the proper agency such as the Ombudsman investigate and pursue the case. This is not Congress’ job,” he added. — Gillian M. Cortez
THE Securities and Exchange Commission (SEC) has warned the public against an unregistered “crowdfunding international platform” for cryptocurrency named BitAccelerate, BitAccelerateProject.com, BA, and BitAccelerator.
In an advisory, the commission said the entities promise returns depending on the number of referrals and membership fees collected, thus gaining new investors is crucial to the platform.
The platform claims that people may earn up to two to eight percent daily, or a total of 350% of their total investments. Investments will be sent through a robot on messaging app, Telegram.
The SEC said that investors enter a “smart contract,” where passive income may be collected as long as money is put into the platform to earn profit.
However, the commission maintains that the platform is neither registered nor does it have a license to engage in such activities.
“The public is advised not to invest or stop investing in any scheme offered by BitAccelerate/BitAccelerateProject.com/BA/BitAccelerator or any other entities using the same scheme in digital asset trading, which promises ridiculous rates of return with little or no risk,” the commission warned.
It also said penalties would be imposed on those involved as salesmen, brokers, dealers or agents and on entities engaging in unauthorized transactions and activities for violating the Revised Corporation Code.
Those recruiting for these services may face sanctions and they may be criminally liable, the commission added.
In its advisory, the SEC reminded the public of the volatile nature of cryptocurrencies.
“Digital asset trading is highly speculative and involves a higher degree of risk. Hence, any promise of [a] fixed rate of lucrative return is truly ambiguous,” it warned.
The commission said it was not discouraging the public from investing in cryptocurrency, and that it was not threatening authorized businesses and projects.
The SEC said the warnings and laws “are intended for the protection of both the registered entities and the investing public from any anomalies and/or irregularities, which tend to result from any unlawful or unauthorized operations.” — Keren Concepcion G. Valmonte
THE PHILIPPINES has to prove its revised anti-money laundering and terrorism financing measures boosted safeguards and ensure it does not go back to the “gray list” of the Financial Action Task Force (FATF), the head of the Anti-Money Laundering Council (AMLC) said.
“For technical compliance, the question is really on whether we have laws, rules, and regulations. For the AMLA (Anti-Money Laundering Act) amendments and the Anti-Terorrism Act, these laws address technical compliance,” AMLC Executive Director Mel Georgie B. Racela said in an online briefing on Thursday.
“In terms of effectiveness compliance, it’s another matter… We should indicate our effectiveness compliance in the post-observation period report,” Mr. Racela said, noting the FATF report is due for submission “at least first week of April.”
Republic Act (RA) No. 11521 which further strengthened the AMLA was signed by President Rodrigo R. Duterte on Jan. 29 with immediate effectivity, only two days before the Feb. 1 deadline given by the FATF to the country to address gaps in its anti-money laundering and counter-terrorism financing measures.
The law allowed the AMLC to enforce targeted financial sanctions such as asset freezing in relation to the proliferation of weapons of mass destruction and their financing. Its provisions also expanded covered persons to include real estate developers and brokers, as well as Philippine offshore gaming operators
On Jan. 31, the AMLC published the updated implementing rules and regulations of the amended law as well as Republic Act No. 11479 or the Anti-Terror Act of 2020.
“So anything we can add to demonstrate positive and tangible progress in implementing these laws (RA 11521 and RA 11479) before the submission may be included [in the post-observation period report],” Mr. Racela said.
The central bank last year also updated its gauge to determine “dirty money” and terrorism financing risk through the Money Laundering/Terrorism Financing Risk Assessment System. The system uses a four-point rating scale to gauge money laundering and terrorism risks, ranging from low to high.
Factors to be assessed include inherent risk, quality of risk management, self-assessment systems, and the net money laundering/ terrorism financing and proliferation risk in BSP-supervised financial institutions.
Under the new scheme, more supervisory resources will be allocated to BSP-supervised financial institutions found to have higher net risk exposures and those that pose heightened risk to the safety and soundness of the financial system. In this case, BSP Governor Benjamin E. Diokno said the system will contribute to the overall stability of the financial system.
The Philippines was removed from the FATF’s gray list of countries deemed to have lax measures against dirty money and terrorism financing in February 2005, five years after its inclusion in 2000. — Luz Wendy T. Noble
THE country’s nickel industry is projected to have a strong year in 2021 as demand from foreign markets is expected to improve despite the coronavirus disease 2019 (COVID-19) pandemic.
Philippine Nickel Industry Association President Dante R. Bravo said the group was optimistic that rising nickel consumption would continue because of the demand from the infrastructure and home appliance equipment sectors, and the electric vehicle industry.
“The mining industry has kept to employ 190,000 people in the entire country and this is very important, especially that the Philippine government is trying to implement economic recovery efforts from the impact of the pandemic,” he said in a statement on Thursday.
Citing data from the Mines and Geosciences Bureau, the industry association said the country’s nickel sector in 2020 produced 18.5 million dry metric tons (DMT), a 14% drop compared with the 21.6 million DMT output the year earlier, due to the strict quarantine measures between March and May that hampered logistics across the country.
Despite the lower output, the group said the nickel industry’s export value improved to almost P25 billion during the January-September period, from P24 billion in the same period in 2019.
Mr. Bravo said the higher export value was due to higher world nickel prices created by the steady demand in China.
For 2020, he said association members contributed almost 50% of the country’s total nickel production, producing a total of 7.9 million DMT with an export value of P11.6 billion based on the bureau’s data.
“The industry is grateful that we were able to perform well despite the pandemic and that we were able to contribute to the economy during these trying times. We’re all aware that a large number of businesses closed down in 2020 and some are closing down this year,” Mr. Bravo said.
Meanwhile, Mr. Bravo said the group’s members spent P166.8 million under the social development management program in Palawan, Zambales, and Caraga region. Under the program, the mining industry provides assistance such as livelihood and education to local communities.
He added that P49 million had been allocated by member companies in 2020 for COVID-19 efforts that were focused on providing food, protective equipment, medicines, and medical assistance to the community and neighboring local government units.
“Some of these efforts included build-up of isolation rooms and testing centers, provision for ambulance, transportation, supplemental supply of thermal scanners, test kits and personal protective equipment to local hospitals as well as provision of food packs, facemasks and hygiene kits to local health workers and frontliners,” Mr. Bravo said. — Revin Mikhael D. Ochave
GOOGLE Philippines has launched a collection of animated videos and spoken word poetry as part of its 2021 Safer Internet Day celebration which aims to teach digital responsibility and help Filipinos be better netizens and stewards of the internet.
The content — uploaded on Google Philippines’ official YouTube channel — is developed by the youth volunteers of Teach Peace Build Peace Movement (TPBPM), an NGO which aims to build peace online and in vulnerable communities nationwide.
The themes of the YouTube videos are: kindness; the value of strong passwords and online security; critical thinking, oversharing prevention, and courage online. Google aims to reach over 40 million people and teach them about digital responsibility through the program.
The animated videos were illustrated and animated by Christwin Felix, a volunteer who has been teaching multimedia arts for more than 10 years, while the stories were written by Grace Bufi, a housewife and a passionate storyteller. Ms. Bufi, together with her husband, established the Basa Bookstore and The Storytelling Project, a non-profit organization that aims to spark hope, inspiration, and imagination through storytelling.
“Everyone has a role to play in making the internet a safer environment. We can use our voice, social media accounts, and our skills to promote it to our friends, our family, and communities. All of us can teach it and all of us can actively evangelize the importance of digital responsibility,” Bernadette Nacario, country director of Google Philippines, said during a digital press conference on Feb. 9 held via Google Meet.
Actor Dingdong Dantes and YouTube creator Janina Vela took part in the videos in voiceover roles.
“YouTube creators play an important role in teaching digital responsibility. We can use our voice and platform to raise awareness on how we can all be better stewards of the internet. I hope that beyond Safer Internet Day, we can always practice healthy digital habits online and offline,” Ms. Vela said.
During the 2019 Safer Internet Day, Google and TPBPM launched a campaign called Cyberpeace to teach at least 10,000 high school students about digital responsibility. Amid the pandemic, with the help of several volunteers, the campaign reached more than 416,000 people nationwide through digital means such as social media and webinars. — Zsarlene B. Chua
ROBINSONS BANK Corp. and Pru Life UK have renewed their bancassurance partnership amid an increase in demand for insurance products due to the coronavirus pandemic.
The bancassurance product called IPONsurance has been available to clients of the lender since the two firms inked their partnership in 2018.
“I don’t have the exact number but total balance in the product, it’s already at P500 million. That’s the take-up,” Robinsons Bank President and Chief Executive Officer Elfren Antonio S. Sarte said during the virtual signing ceremony on Thursday.
“For another three years, this alliance will benefit Robinson Bank’s customers by providing them with easy access to Pru Life UK’s solutions that meet their growing protection needs,” Pru Life UK President and CEO Antonio G. de Rosas said.
Pru Life and Robinsons Bank have been working on digitizing their operations during the pandemic and are looking forward to continuing these efforts this year amid the new normal.
“Now we’re planning on strategies to further increase this (take-up of IPONsurance) and push it through our digital channels,” Mr. Sarte said.
Ramon C. Garcia, Vice-President for Bancassurance and Business Development at Pru Life UK, said they have adjusted their operations amid restriction measures.
“It actually gave us the opportunity to fully utilize the digital resources that we have and also provide comfort to our clients who are hesitant to visit the branches. It’s been working to our advantage,” Mr. Garcia said.
Pru Life UK was the second-biggest life insurer in the country in 2019 based on premium income which hit P26.965 billion. — L.W.T. Noble
THE 1,336-megawatt (MW) supercritical coal-fired power plant of GNPower Dinginin Ltd. Co. is scheduled to begin its full commercial run by June this year, latest data from the Energy department show.
GNPower Dinginin in Mariveles, Bataan is a joint venture of AC Energy, Inc., Aboitiz Power Corp. subsidiary Therma Power, Inc. and Power Partners Ltd. Co. Its two units have an identical capacity of 668 MW each.
In its list of committed private sector-initiated projects in Luzon as of end-December, the Department of Energy (DoE) said that the first and second units of GNPower Dinginin were targeting to “start commercial operations in March and June,” respectively. The list was published on the department’s website on Thursday.
Construction of the Dinginin coal plant is underway, with around 5,060 jobs generated due to the project, according to the DoE.
“The plant and equipment is subcontracted through the EPC (engineering, procurement and construction) contractor to numerous Philippine and Chinese companies,” the department said.
It added that “technical and construction-related matters have been encountered and dealt with, as normal, during the construction phase.”
This comes around three months after AboitizPower announced that the two units of GNPower Dinginin in Bataan are scheduled to start operating commercially around the middle of 2021.
In an earlier statement, the listed firm said that the first unit of the supercritical coal plant is “set to synchronize with the grid by the end of the year (2020) and start operating by the second quarter of 2021.” It added that the second unit “will be synchronized and start earning commissioning revenues by the second quarter of next year (2021).”
BusinessWorld reached out to a source at AboitizPower who confirmed receipt of the questions, but has yet to respond to them as of writing.
Shares in AboitizPower inched down 0.57% or 0.15 centavos to close at P26.30 apiece. — Angelica Y. Yang
