How PSEi member stocks performed — February 10, 2021
Here’s a quick glance at how PSEi stocks fared on Wednesday, February 10, 2021.
Peso rises vs dollar on proposed stimulus
THE PESO gained against the greenback on Wednesday, supported by hopes for the timely passage of key measures that could help the economy rebound from the coronavirus crisis.
The local unit finished trading at P48.038 per dollar yesterday, appreciating by 1.1 centavos from its previous close of P48.049, data from the Bankers Association of the Philippines showed.
The peso opened the session at P48.04 versus the dollar. Its weakest showing for the session was at P48.045 while its intraday best was its close of P48.038 against the greenback.
Dollars traded increased to $897.5 million on Wednesday from $357.6 million on Tuesday.
The peso gained ground versus the dollar on the back of legislative developments seen to help in the economy’s recovery from the recession caused by the pandemic, a trader said in an e-mail.
“The peso appreciated on hopes of the eventual passage of the CREATE (Corporate Recovery and Tax Incentives for Enterprises) bill and the prospects of a Bayanihan 3 bill from the Lower House,” the trader said.
The CREATE bill looks to bring down corporate income tax to 25% from 30% and streamline fiscal incentives. It is now awaiting President Rodrigo R. Duterte’s signature.
Meanwhile, House Speaker Lord Allan Jay Q. Velasco and Marikina Representative Stella Luz A. Quimbo filed House Bill No. 8628 or the Bayanihan to Arise As One Act which could provide another P420 billion to the country’s pandemic response. Among its key features are a P108-billion cash assistance for households and P100 billion to fund capacity building of critically affected businesses.
Another factor that boosted the peso’s strength was the local stock market’s gains, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.
Local shares continued to climb on Wednesday as the rise in global coronavirus cases slowed and on expectations that the central bank will keep rates low at its meeting today (Feb. 11).
The benchmark Philippine Stock Exchange Index (PSEi) rose by 16.6 points or by 0.23% to 7,082.15, while the all shares index increased by 10.88 points or 0.25% to 4,260.81.
Bangko Sentral ng Pilipinas (BSP) Monetary Board member Felipe M. Medalla said in a briefing on Tuesday that increasing the country’s interest rate “is not in the picture.” He added that they are taking into account the impact of key rates on financial security as the country recovers from the pandemic.
The BSP will meet to review its policy settings on Thursday, Feb. 11.
For today, the trader gave a forecast range of P48 to P48.10 while Mr. Ricafort expects the local unit to play around a tighter band of P48.02 to P48.06 per dollar. — LWTN
Stocks extend climb ahead of BSP policy review
PHILIPPINE SHARES continued to climb on Wednesday as the rise in global coronavirus cases slowed and on expectations that the central bank will keep rates low at its meeting today.
The benchmark Philippine Stock Exchange Index (PSEi) rose by 16.6 points or by 0.23% to 7,082.15, while the all shares index increased by 10.88 points or 0.25% to 4,260.81.
“The PSEi continued higher today as more investors turned optimistic, brought by a decline in new global COVID-19 cases. This renewed optimism has encouraged investors that were on the sidelines to take a second look at the market. Even foreign investors were net-buyers today after months and months of heavy selling,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail on Wednesday.
Meanwhile, Timson Securities, Inc. Head of Online Trading Darren Blaine T. Pangan said in a text message that expectations of accommodative monetary policy boosted market sentiment.
“The market closed slightly higher for the fifth consecutive day as investors may have taken positively the Monetary Board’s comment that the raising of interest rate may be unlikely amid the current economic standing of the country,” Mr. Pangan noted.
Bangko Sentral ng Pilipinas (BSP) Monetary Board member Felipe M. Medalla said in a briefing on Tuesday that increasing the country’s interest rate “is not in the picture.” He added that they are taking into account the impact of key rates on financial security as the country recovers from the pandemic.
Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco also attributed the market’s movement to the BSP’s policy meeting on Thursday, Feb. 11.
“The positive sentiment was driven by hopes that the BSP would keep policy rates at accommodative levels to support the economy,” Mr. Tantiangco said.
Majority of the PSE’s sectoral indices rose on Wednesday. Holding firms increased by 100.32 points or 1.38% to 7,332.83; mining and oil rose by 112.6 points or 1.25% to 9,104.37; property added 31.64 points or 0.88% to 3,603.92; and services went up 1.75 points or 0.11% at 1,506.49.
Meanwhile, financials dropped by 38.87 points or 2.6% to 1,454.39 and industrials lost 45.08 points or 0.49% to 9,151.55.
Some 130 names advanced, while 91 declined and 44 issues closed unchanged.
Value turnover dropped to P11.67 billion with 27.5 billion issues switching hands on Wednesday from the P12.27 billion with 30.44 billion issues seen the previous day. Net foreign buying also declined to P122.87 million yesterday from the P532.56 million recorded on Tuesday.
“[Thursday] being the last trading day of the week, we’ll have to see if the index stays above the 7,000 area,” Timson Securities’ Mr. Pangan said.
“We may see more profit taking in the next trading session as it will be the last for the week due to the holiday on Friday,” AAA Southeast Equities’ Mr. Mangun added. — K.G. Valmonte
Bayanihan III backer disputes gov’t claim of limited resources
A PROPONENT of the third Bayanihan stimulus bill, Marikina Representative Stella Luz A. Quimbo, said the government has sufficient resources to implement another economic package, contrary to the Palace’s claims.
In a media forum Wednesday, Ms. Quimbo said, “As of end-November 2020, the estimated cash balance in our Treasury is P1.6 trillion… our total net borrowing is at P2.82 trillion. We have more than enough for what we need in Bayanihan III.”
She was referring to the proposed third Bayanihan economic package, which if passed in current form would be by far the biggest stimulus measure enacted during the crisis. In its current bill form, Bayanihan III calls for spending items worth P420 billion.
She was responding to remarks by Presidential Spokesperson Herminio L. Roque, Jr., who said the Palace is still evaluating the impact of the first two Bayanihan measures and the stimulus-heavy 2021 budget.
Ms. Quimbo and Speaker Lord Allan Jay Q. Velasco filed last week House Bill No. 8628, which if passed will go into the books as the Bayanihan to Arise as One Act. Mr. Velasco said the bill enjoys broad support from the chamber across all parties.
The first two stimulus measures enacted during the crisis were the Bayanihan to Heal as One Act (Bayanihan I), which was signed in March and authorized the President to divert P270 billion in budget items to the pandemic containment effort. Signed in September, the Bayanihan to Recover as One Act (Bayanihan II), authorized new spending of up to P165 billion, P25 billion of which was contingent on the availability of funds.
Ms. Quimbo called on the Palace to certify her bill as urgent, adding that the Speaker’s office is currently in the process of sending a letter formalizing such a request.
She added the economic losses of P3.2 trillion are overwhelming compared to the P165 allocated for Bayanihan II and the P250 billion in COVID-19 response funds contained in the 2021 national budget. Earlier this week, 30 legislators signed a resolution calling for an investigation into the slow release of Bayanihan II funds.
Mr. Velasco has assured that if passed, Bayanihan III implementors will expedite the process of releasing funds, according to Ms. Quimbo.
The economy in 2020 contracted by 9.5%, the largest drop since GDP (gross domestic product) records were compiled starting 1947. Ms. Quimbo has said that had Bayanihan II been rolled out more rapidly, it would have cushioned the blow on the economy.
“If we spent the P165 billion on the economy… (the effect would have been) a contraction of only 8.2%,” she said in Filipino. — Gillian M. Cortez
Palace says restraint on borrowing needed to survive long crisis
THE GOVERNMENT is not borrowing as heavily as Congress would like it to because of the need to keep resources in reserve for a long pandemic, the Presidential Spokesperson Herminio L. Roque, Jr. said.
Mr. Roque, speaking to ABS-CBN News Channel (ANC), said: “We are not following the footsteps of our neighboring countries such as Malaysia, which has borrowed heavily, because we want the flexibility to have the money when we actually need it.”
The Bureau of the Treasury (BTr) estimates the 2020 debt stock to have risen 26.7% to P9.8 trillion due to “higher funding requirements to respond to the pandemic.”
Month-on-month, the BTr said the debt stock at the close of the year fell 3.3% from its level at the end of November due to net redemptions of domestic loans. This brought the debt-to-gross domestic product ratio to 54.5% last year, from a record low of 39.6% in 2019.
“We are not actually borrowing as much as Congress would want to because we want to ensure that there will be funds to borrow in case we need it,” Mr. Roque said.
He said the Finance department wants the country to remain in the middle “as far as borrowing is concerned.”
The first two stimulus packages were initially much larger when proposed, with the final amounts whittled down after economic managers recommended moderation in enacting spending packages.
The third stimulus package has since been proposed by Speaker Lord Allan Q. Velasco and Marikina Representative Stella Luz A. Quimbo, via House Bill No. 8031 or the proposed Bayanihan to Arise as One Act. It would be the third in a series of Bayanihan economic packages and is referred to informally as Bayanihan III. Mr. Velasco said the third package is backed by most members of the House of Representatives, across all parties.
The bill provides for a fresh round of stimulus measures worth P420 billion, which if passed would be the largest economic package by far. The spending items include P108 billion for cash assistance to families affected by the pandemic, P100 billion for establishments in critically-impacted industries, P70 billion for workers in the agriculture sector, and P52 billion for small businesses.
“We are not sure if we should implement it yet because 25% of Bayanihan II has still to be spent and we have trillions of pesos in stimulus (measures) already embedded in the 2021 budget,” Mr. Roque said.
Congress earlier passed a law extending the validity of Republic Act No. 11494 or the Bayanihan to Recover as One Act (Bayanihan II), which provided P165.5 billion for measures to boost the country’s pandemic response.
The P4.5-trillion national budget for this year sets aside at least P1.1 trillion for infrastructure, the government’s preferred delivery mechanism for economic stimulus.
Senator Grace S. Poe-Llamanzares said Congress should be given a “proper accounting of what was spent in Bayanihan II” before it legislates a third stimulus.
“I agree with any initiative that will help our people reeling from this pandemic. However, let us consider the following things: Bayanihan II was extended; therefore, we still need to get proper accounting of what was spent in Bayanihan II — if there are any savings or deficit.” she told the ANC.
“Where are we exactly going to source the funding for this? I would like to know where we will be able to source the funds… because a lot (of the spending items)… even in Bayanihan II, were from unprogrammed funds. How are you going to source it? Where are we going to spend it?”
Bayanihan II called for up to P165 billion in spending, with P25 billion contingent on the availability of funds. — Kyle Aristophere T. Atienza
Philippines reports 173 new ASF outbreaks
THE PHILIPPINES recorded 173 new outbreaks of African Swine Fever (ASF), according to a report issued by the Bureau of Animal Industry (BAI).
In its 13th follow-up report to the World Organisation for Animal Health, the BAI announced that an additional 84,060 hogs were culled as a result of the new outbreaks.
The largest culls were conducted in Tagudin, Ilocos Sur at 5,352 hogs, followed by Cauayan, Isabela with 4,379, and Cabatuan, Isabela at 3,925.
On the other end of the scale, smaller culls were also recorded in Piat, Cagayan and Ambaguio, Nueva Vizcaya with two each, followed by Solano, Nueva Vizcaya and Magallanes, Cavite with four each.
Areas affected in Isabela include Quezon, Mallig, Roxas, Echague, Quirino, Luna, Aurora, Alicia, Ramon, Reina Mercedes, San Manuel, San Mateo, Angadanan, Cordon, San Isidro, Cabagan, Albano, San Guillermo, Naguillian, San Agustin, Gamu, Jones, San Mariano, Benito Soliven, Burgos, Tumauini, and Ilagan City.
Parts of Pangasinan that also recorded ASF outbreaks were Mangaldan, Lingayen, Anda, Bolinao, Alaminos, Agno, Bani, San Carlos City, Mapandan, Sual, Infanta, Laoac, Burgos, Dasol, Tayug, Mabini, Natividad, Pozorrubio, and Umingan.
Quezon province towns where the disease was detected include Macalelon, Sariaya, Mauban, Lucena City, San Antonio, Tiaong, Atimonan, General Luna, Candelaria, Catanauan, Gumaca, Unisan, Pagbilao, Pitogo, Sampaloc, Calauag, and Lucban.
Other areas that with ASF outbreaks are Santo Tomas, Lipa City, San Juan, Tanauan, Laurel, Talisay, Cuenca, San Jose, Taal, Nasugbu, Alitagtag, Taysan, Malvar, and Mataas na Kahoy, Batangas; Balbalan, Pinukpuk, Rizal, and Tabuk City, Kalinga; Cuyapo, Nueva Ecija; and Tanay, Baras, Morong, and Pililia, Rizal.
Pangil, Sta. Cruz, Mabitac, Los Baños, Alaminos, Kalayaan, Sinilaon, and Santa Maria, Laguna; Itogon and La Trinidad, Benguet; Bauang, Balaoan, Naguilian, Burgos, Luna, and Bacnotan, La Union; Casiguran, Aurora; General Emilio Aguinaldo, Alfonso, Carmona, Dasmariñas, Mendez, and Maragondon, Cavite.
In the Bicol Region, ASF was also detected in Bula, Baao, Pili, Naga City, Minalabac, Pamplona, San Fernando, Ocampo, Calabanga, Nabua, Sipocot, Iriga City, and Libmanan, Camarines Sur; Pio Duran, Polangui, Ligao City, and Oas, Albay; San Vicente, Daet, Mercedes, Vinzons, Talisay, and Sta. Elena, Camarines Norte; and Castilla, Sorsogon.
Outbreaks were also detected in Suyo, Sta. Lucia, and Sugpon, Ilocos Sur; Solana, Amulung, Iguig, Tuao, and Alcala, Cagayan; Iba, Santa Cruz, and Castillejos, Zambales; Diffun, Saguday, Aglipay, Cabarroguis, and Maddela, Quirino; Aguinaldo and Alfonso Lista, Ifugao; Kasibu, Quezon, Bagabag, Bayombong, Kayapa, Villaverde, Aritao, Dupax del Norte, Santa Fe, and Diadi, Nueva Vizcaya; and Bagac and Morong, Bataan.
As of Jan. 29, some 436,423 hogs have been culled since the detection of ASF in 2019, according to the Department of Agriculture.
ASF is a severe and highly contagious hemorrhagic viral disease in pigs that poses no health risks to humans.
Agriculture Secretary William D. Dar has blamed ASF for the depletion of the pork supply, which caused prices of pork sold in Metro Manila to top P400 per kilogram.
Mr. Dar recently announced that the Minimum Access Volume (MAV) Advisory Council has endorsed increasing the MAV allocation for pork imports to 388,790 metric tons (MT), significantly larger than the current allocation of 54,000 MT.
Pork imports inside the MAV are charged a 30% tariff rate while those outside MAV pay 40%.
A price ceiling was also ordered by President Rodrigo R. Duterte via Executive Order No. 124, which limits the price of pork shoulder (kasim) at P270 per kilogram, pork belly (liempo) at P300, and whole chicken at P160. — Revin Mikhael D. Ochave
SMC’s Ang sees Monterey revamp bringing down pork prices
A REORGANIZATION within San Miguel Corp. (SMC) that gives its Monterey meat brand control over hog sourcing is expected to realize efficiencies that will help bring down pork prices overall, SMC’s president said.
In a radio interview Wednesday, SMC President and Chief Operating Officer Ramon S. Ang justified the revamp as a measure to save on logistics costs, a significant component of meat prices, which have been rising recently, threatening a new inflation crisis.
“Our purpose to do this is to bring down the cost of pork. It will be more efficient and cheaper since the slaughterhouse to be used for the hogs will be in the local community instead. There is no need to move the live hogs,” Mr. Ang said.
Mr. Ang rejected rumors that SMC will cease operations of its Monterey brand after the transfer.
“Hindi magsasara ang Monterey. (Monterey will not close.)… Operations will not stop,” Mr. Ang said.
According to Mr. Ang, the company operates two piggeries, one in Bulacan and another in Bukidnon, and the decision to reorganize around local growers and local slaughter was due to transport issues.
“Our piggeries experienced difficulties in production due to the proliferation of African Swine Fever (ASF),” Mr. Ang said.
He said under the scheme, local growers will be able to access SMC’s piggeries in Bulacan and Bukidnon, with efficiencies expected because the growers will be “hands-on,” Mr. Ang said.
SMC’s San Miguel Foods announced earlier that it is seeking to transfer its nationwide hog inventory and facilities to local operators, allowing them to supply their respective areas.
It said the transport of pork products has been hampered by movement bans that were implemented to contain ASF.
Meanwhile, SMC said in a statement Wednesday that it will set the wholesale price of its chicken and pork products intended for wet markets at “least cost” for the duration of the 60-day price ceiling in Metro Manila.
It said SMC hopes to allow distributors and resellers an opportunity to earn a profit even while observing the price ceilings.
Recently, President Rodrigo R. Duterte signed Executive Order No. 124 which capped the prices of pork shoulder (kasim) at P270 per kilogram, pork belly (liempo) at P300, and whole chicken at P160.
Further, SMC said it will maintain the wholesale price of pork which it charges its Monterey franchisees to make the products affordable.
“We will closely monitor prices to make sure those in our chain will follow the price caps. This way, we can help ensure that prices in wet markets will go down to the level of government-mandated prices, so that more consumers will benefit,” Mr. Ang said. — Revin Mikhael D. Ochave
Senate may follow House in passing POGO tax measure
THE SENATE may also pass a measure taxing Philippine Offshore Gaming Operators (POGOs), after the House of Representatives approved on third reading a bill taxing foreign POGO staff.
Senate President Vicente C. Sotto III told BusinessWorld in a Viber message Tuesday that the Senate will “most probably” also pass a bill taxing POGO workers.
Senate President Pro Tempore Ralph G. Recto said he has filed a bill imposing a 30% tax rate on the POGO industry.
“Surely, we can reconcile both bills,” Mr. Recto said in a text message Tuesday.
“Government needs all the taxes/revenue it can collect from the industry,” he added.
Senator Juan Edgardo M. Angara, vice chairman of the Ways and Means committee, said he “personally supports a measure that will put the industry on a clearer footing fiscally since there is some debate as to which taxes are due.”
“It is better to have a regulated and supervised gaming industry rather than one that exists underground,” he said in a text message.
Mr. Recto in January 2020 filed Senate Bill No. 1295 aiming “to establish the tax regime” for POGOs, to be incorporated in the National Internal Revenue Code (NIRC).
Under the measure, which is pending at the committee level, Philippine-based and overseas POGOs are subject to an income tax rate of 30%.
The measure also seeks to impose a franchise tax equivalent to 5% of gross receipts derived from offshore gaming operations.
Mr. Recto said that in his explanatory note that “peculiarity of the nature of its business activity creates confusion in the enforcement of our existing tax laws.”
Inclusion in the Tax Code “is necessary to remove any doubt and avoid confusion whether or not POGOs are taxable in our jurisdiction,” according to the note.
The House of Representatives on Monday approved House Bill (HB) No. 5777, amending the NIRC to tax persons engaged in POGOs.
The bill will require foreigners employed by offshore gaming operators in the Philippines to pay a final withholding tax of 25% of their income.
It also wants to impose 5% excise tax on the gross revenue or receipts from POGO gaming operations.
The House of Representatives on Tuesday informed the Senate its approval of HB 5777. — Vann Marlo M. Villegas
NGCP launches Albay substation, Pangasinan transmission line
THE National Grid Corp. of the Philippines (NGCP) said Wednesday that it recently energized a load-end substation in Sto. Domingo, Albay as well as the San Manuel-Nagsaag 230-kilovolt (kV) transmission line in Pangasinan.
The NGCP said it commissioned the substation on Dec. 21. The substation is a component of the P382-million Eastern Albay 69 kV Project Stage 2 project, which aims to install circuit breakers and other equipment to allow the entry of new transmission lines and improve system reliability in Albay.
In a briefing Wednesday, NGCP Spokesperson Cynthia P. Alabanza said that the activation of the substation showed the company’s ability to execute projects even during the pandemic.
On Dec. 22, the NGCP also energized the San Manuel-Nagsaag 230-kV line.
“The San Manuel-Nagsaag 230-kV line prevents the congestion of the transmission highway in North and Central Luzon… This also improves voltage and power quality in the area, ensuring the reliability of transmission services for our customers,” the NGCP said in a statement.
The line is capable of meeting an N-1 contingency, operating even in the event of a major system disturbance.
“The San Manuel-Nagsaag line also helps with voltage. The voltage situation in Luzon is tenuous during summer time so this will definitely help… and mitigate whatever difficulties we expect to have during the summer peak,” Ms. Alabanza said.
Asked for updates on the NGCP’s Mindanao-Visayas Interconnection Project (MVIP) that was pushed back due to travel restrictions, Ms. Alabanza said that the NGCP is “doing its best to complete everything by December 2021.”
“We said that was the recovery period for the MVIP. That’s what we communicated to the DoE (Department of Energy),” she said.
Last month, power producer Global Business Power Corp., which operates power plants in Mindanao, said that the projected delay in MVIP’s completion will impact the company’s plan to sell excess capacity to wholesale and retail markets in Luzon and the Visayas.
In September, the NGCP said a critical transmission line project such as the MVIP will be further delayed due to the variable enforcement of quarantine and coronavirus disease testing protocols imposed by local government units.
A project that would typically take a month to finish would now take between two and four months to complete, the NGCP has said. — Angelica Y. Yang
DTI sees possible e-vehicle niche for PHL within RCEP
THE Department of Trade and Industry (DTI) views electric vehicle manufacturing as a possible area where the Philippines could enjoy a competitive advantage within a 15-country trade bloc which Manila joined last year.
The Philippines must carve out a niche within the bloc where it enjoys an advantage distinct from those enjoyed by other members, Trade Assistant Secretary Allan B. Gepty said at a European Chamber of Commerce of the Philippines event on Wednesday.
After eight years of negotiations, the Regional Comprehensive Economic Partnership (RCEP) trade pact was signed in November by all ten ASEAN countries and major trade partners Australia, China, New Zealand, Japan, and South Korea.
“In a way, some ASEAN member states already have advantages in certain sectors. I can mention, for example, automobiles in the case of Indonesia and Thailand,” Mr. Gepty said.
“The more specific question is: in what segment of the market shall we focus on? Because we have also strengths in automotive. So perhaps we can concentrate on e-vehicles.”
He said the Philippines has a strong electronics sector, which is part of the e-vehicle supply chain.
“This is something that we have to strategically weigh and analyze.”
The Philippines is also in talks with Indonesia and Vietnam to develop some “key industries” collaboratively, he added.
Beyond tariff reductions in the trade of goods, Mr. Gepty said that he hopes the agreement can help increase foreign direct investment.
“Other trading partners who are not… parties to this trade agreement… can also benefit from this huge free trade deal because they can locate here in the Philippines, make the country their manufacturing and research and development hub… manufacture their products here and export the same to the region.”
RCEP accounts for a third of the global economy and population, and sets rules governing intellectual property, e-commerce, small business, government procurement, and competition.
United Nations Conference on Trade and Development Senior Economist Rashmi Banga has criticized the deal, saying that a potential surge in imports could far outweigh the potential export value for the Philippines.
The DTI aims to ratify and secure Senate concurrence on the trade deal this year, in order to complete the accession process before the 2022 elections. RCEP becomes effective 60 days after six ASEAN member states and three other signatory states submit their instruments of ratification approval.
A road map developed by the Trade department and EV Association of the Philippines has set a target for electric vehicles to grab a 21% share of the car fleet in the Philippines by 2030. — Jenina P. Ibañez
Senate approves LPG bill on second reading
THE SENATE on Wednesday approved on second reading a measure outlining the regulation of the liquefied petroleum gas (LPG) industry.
The chamber approved Senate Bill No. 1955 which aims to set a national policy and regulatory framework for the LPG industry.
The bill also aims to “uphold the right of consumers to freely choose the LPG trademark or tradename they want to purchase” and improve competition in the LPG industry, which sells the leading form of cooking fuel to the consumer market.
Under the measure, the Department of Energy is tasked with the policy’s implementation, drafting the LPG Industry Development Plan, and ensuring compliance with safety standards.
The bill also provides for a program which allows “end consumers to exercise their freedom of choice in the purchase of LPG through cylinder exchange and cylinder swapping,” regardless of the brand carried by their individual cylinders.
The measure also calls for an LPG Cylinder Improvement Program, to upgrade the quality of cylinders in circulation.
The bill requires industry participants to be licensed and registered, particularly owners and operators of centralized LPG systems. It also sets penalties for underfilling, illegal refilling, and hoarding. — Vann Marlo M. Villegas
Metro Clark Waste Management plans P300-M landfill expansion
METRO CLARK Waste Management Corporation (MCWM) said Wednesday that it is investing P300 million to expand its engineered sanitary landfill in Sitio Kalangitan, Clark.
In a statement, MCWM said that it is planning to add seven more hectares to its facility in the Clark Special Economic Zone. The expansion of the sanitary landfill is targeted for completion this year.
It added that it is building an additional leachate treatment plant for waste by-products, a separate disposal cell for industrial waste, and investing in additional vehicles and equipment.
“It is very gratifying to us that we can continue to provide such an essential service to our clients; and that they don’t need to worry about the proper disposal of their waste,” MCWM Executive Vice-President and General Manager Vicky E. Gaetos said in a statement.
MCWM said that, despite the public health emergency, it processed 20% more waste last year.
In its statement, the company said it submitted an “unsolicited proposal to the government” for a $200-million integrated waste management system in Sitio Kalangitan. The investment will be fully funded by the international consortium to which MCWM belongs.
“The system will employ proven globally proven technologies involving waste sorting, and the construction of a 35 MW waste-to-energy plant, all of which will effectively expand the landfill’s capacity for another 50 years,” MCWM said.
It added that it continues to implement strict on-site protocols to ensure the safety of its workers. Some of these measures include the regular and frequent disinfection of waste collection trucks and official company vehicles and the use of personal protective equipment for its staff, including hospital-grade gear for personnel inspecting medical waste.
On its website, MCWM claims to be the country’s sole sanitary landfill operator with an ISO certification for landfill management, environmental compliance and operational health and safety.
Two weeks ago, the Department of Environment and Natural Resources ordered its regional offices to close all open dumpsites by next month. The Ecological Solid Waste Management Act of 2000 defines open dumpsites as those where solid waste is deposited without planning and consideration for environmental and health standards. They are illegal to establish or operate. — Angelica Y. Yang