The Asia Sustainability Reporting Rating (ASRRAT), a rating system initiated by the National Center for Sustainability Reporting (NCSR), recently recognized Meralco’s 2019 Sustainability Report (SR), “Sustaining the Future,” with a Gold Rank after its assessment of sustainability reports published across Asia, and covering multiple sectors.
Established in 2005, NCSR is the first independent organization to develop sustainability reporting in Indonesia and the first organization to introduce the term “sustainability report” in the country. NCSR established ASRRAT, formerly known as the sustainability Reporting Award, to acknowledge and honor companies, both domestic and overseas, for sustainability reports showcasing their performance in sustainability, various programs, and initiatives. Ranking was awarded based on criteria such as compliance with the standards of the Global Reporting Initiative, transparency of GHG disclosures, and alignment with and support of the UN SDGs.
The international award was presented during the 16th ASRRAT Forum held on December 16, 2020, in Jakarta, Indonesia. Sustaining the Future is the first maiden SR from the Philippines to be recognized by the ASRRAT.
Accenture’s 17,000 Italy-based workers will be able to work remotely three days a week, up from two pre-pandemic, it said in a statement, rising to five in case of special health needs.
Consulting and outsourcing services provider Accenture Plc said on Monday it would extend home working for its employees in Italy beyond the coronavirus emergency.
The pandemic has caused a rapid shift in working habits worldwide, with many major companies repeatedly extending the home working policies put in place last year as infections show no sign of abating and both workers and employers experience benefits.
Accenture’s 17,000 Italy-based workers will be able to work remotely three days a week, up from two pre-pandemic, it said in a statement, rising to five in case of special health needs.
Currently 98% of its workforce is working from home, although staff have been able to do so to some degree since 2009, the group added.
“For years we’ve been moving towards a more elastic and digital business environment and these past months have shown us how (this) can become a new standard,” head of human resources in Italy Anna Nozza said.
With this shift in mind, Accenture said it would start rethinking the layout of its offices and press on with its 2019 plan of refurbishing its spaces in Italy, at a total investment of 360 million euros ($434.41 million).
Last week Unilever said office workers would be largely working from home during the first three months of the year and would then move to a hybrid model splitting their time between the office and home. — Reuters
WASHINGTON — The head of the International Monetary Fund (IMF) on Monday said the global lender needed more resources to help heavily indebted countries, citing a highly uncertain global economic outlook and a growing divergence between rich and poor countries.
IMF Managing Director Kristalina Georgieva, who has long advocated a new allocation of the IMF’s own currency, Special Drawing Rights (SDRs), said doing so now would give more funds to use address both the health and economic crisis, and accelerate moves to a digital and green economy.
Under outgoing President Donald J. Trump, the United States, the IMF’s largest shareholder, has blocked such a new SDR allocation, a move akin to a central bank printing money, since it would provide more resources to richer countries since the allocation would be proportionate to their shareholding.
Swedish Finance Minister Magdalena Andersson, the new chair of the IMF’s steering committee speaking at an online news conference with Ms. Georgieva, said it was clear the need for liquidity remained great, and she would consult with member countries on options for expanding liquidity.
Ms. Andersson, the first European to head the International Monetary and Financial Committee in more than 12 years and the first woman, started her three-year term in the role on Monday.
Ms. Georgieva said the IMF had rapidly increased concessional financing to emerging market and developing economies, including through donations by member countries of some $20 billion in existing SDRs. That would continue to play an important role, but further steps were needed, she said.
“It will continue to be so important, even more important, for us to be able to expand our capacity to support countries that have fallen behind,” Ms. Georgieva said.
She said a new SDR allocation had never been taken off the table by IMF members, she said, adding that some members continued to discuss it as a possible move. A possible sale of gold from the IMF’s reserves would have “some opportunity costs” for the IMF, but would be up to members, she said.
She said she expected the Group of 20 major economies to extend the current moratorium in official debt service payments by the poorest countries, now slated to end in June, but much would depend on the pace of vaccinations in coming months. — Andrea Shalal/Reuters
China’s Sinovac Biotech Ltd. defended the efficacy of its coronavirus disease 2019 (COVID-19) shot, saying the vaccine that’s being rolled out from Indonesia to Brazil despite inconsistent data readouts is more effective in preventing the disease if the two-dose regime is administered over a longer time frame.
Nearly 1,400 of the 13,000 people who took part in clinical trials of Sinovac’s vaccine, called CoronaVac, received their doses three weeks apart, while most of the volunteers in the Brazil-based trials got the second jab two weeks after the first. The protection rate for the smaller group was nearly 20 percentage points higher than the 50.4% rate observed in the majority, Sinovac said in a written response to Bloomberg News.
The comments come after CoronaVac delivered vastly different efficacy rates in four clinical trial sites, fueling concern over whether the vaccine that’s key to the inoculation campaigns of some of the world’s COVID hotspots will be effective in stemming outbreaks. Indonesia’s President Joko Widodo got the vaccine on national TV last week, while Brazil, home to the world’s third-biggest coronavirus outbreak, authorized it for emergency use on Sunday.
In its response, Sinovac also reiterated that the participants in its Phase III trial in Brazil—the largest one for CoronaVac undertaken worldwide—were medical workers who tended to COVID patients, arguing they faced higher exposure to the highly infectious pathogen.
“The vaccine’s ability to protect medical workers in active outbreaks could significantly improve if they are administered between 21 or 28 days,” the company said in its statement to Bloomberg.
Shots developed by Pfizer Inc. and Moderna Inc. that are now being administered around the world generated much higher efficacy rates of more than 90% in final-stage trials that included a more diverse range of people, according to the companies’ statements. Sinovac earlier indicated the prevalence of medical workers in its Brazil trial was why the efficacy rate was so low.
An experimental shot must be at least 50% effective in preventing symptomatic COVID-19 to be approved for general use, a threshold widely held by major drug regulators around the world and the World Health Organization.
The fresh details provided by Sinovac indicate CoronaVac could be more than borderline effective in preventing the disease from taking hold in those who take it, but also risk adding to the general confusion around the shot. Trials in Indonesia and Turkey delivered efficacy rates ranging from 65% to more than 90% but have been deemed largely inconclusive because of the small number of participants and fewer COVID cases involved.
The rate described for the smaller group in Brazil would put the vaccine on par with results seen for the shot co-developed by AstraZeneca Plc and the University of Oxford, which is being deployed in places like India.
DOSE TIMING
As vaccines are rolled out more broadly, greater attention is being paid to dose intervals and whether the time between shots plays a role in the immune response among vaccinated people.
Yang Xiaoming, chairman of the other Chinese Covid vaccine frontrunner, China National Biotec Group Co., said in an interview with the state-run news agency Xinhua last week that its vaccine—which is already approved in China for general use—could generate more lasting immunity and higher levels of antibodies if given three or four weeks apart, compared with one or two weeks.
Earlier this month, the US Food and Drug Administration pushed back after a key health official suggested cutting dosage levels could be a way to immunize more people more quickly. The agency urged that vaccines be given according to how the FDA authorized them, saying changes may not guarantee the high level of protection observed in trials and risk endangering public health.
DEAL PIPELINE
Despite the inconsistencies in its publicly announced efficacy rates, CoronaVac continues to be approved for use, with Brazil the latest country to endorse its administration on an emergency basis. Turkey authorized Sinovac’s shot on Jan. 13 and it was given to President Recep Tayyip Erdogan, according to the company.
Chile, the Philippines, Thailand, Hong Kong, and Singapore also have deals or agreements to buy and distribute CoronaVac. Regulators in the Philippines and Hong Kong have asked for more complete data before receiving their shipments. Hong Kong, where a panel of experts on Monday recommended the Pfizer vaccine be approved for use, plans to offer people a choice of which shot to take.
Meanwhile, Sinovac is submitting data for review in its home country, where the regulator endorsed CoronaVac for emergency use in July and is expected to rule soon on its viability for broader, general use. China’s National Medical Products Administration uses a slightly different standard to define COVID-19 cases in trials, which could lead to yet another efficacy rate for the shot.
The Chinese regulator’s definition of COVID-19 in clinical trials is a CT scan showing legions in the lung, or two atypical or one typical symptom for more than two days, plus a nucleic acid test detecting the virus in samples. The Brazilian trial protocol, however, only requires a positive nucleic acid test result and any symptoms lasting more than two days, according to a diagram Sinovac provided to Bloomberg. — Bloomberg
THE SENATE on Monday approved on final reading a version of the bill strengthening the government’s regulations against money laundering that deviates from the version backed by President Rodrigo R. Duterte.
With 21 affirmative votes, no negative and abstention, Senate Bill (SB) No. 1945, which amends Republic Act No. 9160 or the Anti-Money Laundering Act (AMLA), was approved on third and final reading.
“The amendments to the AMLA are responsive to emergent risks and challenges facing our financial system and at the same time, protective of the money of the people, including hard-earned cash of overseas Filipino workers,” Senator Grace S. Poe-LLamanzares said in a statement on Monday.
The Bicameral Conference Committee is scheduled to be convened today.
Mr. Duterte certified the bill as urgent on Dec. 15, but the Senate did not use this certification because of certain conditions included.
The President wanted the bill to set the threshold for tax crimes at P20 million, similar to the approved House Bill No. 7904.
However, the Senate raised the threshold to P25 million under SB 1945.
Mr. Duterte also asked the Senate to adopt the House version’s provisions that gave additional powers for the Anti-Money Laundering Council (AMLC). This includes granting AMLC investigative powers available to other law enforcement agencies as well as subpoena powers. The House also provided that upon approval of the court, AMLC may conduct search and seizure.
Under SB 1945, the AMLC is authorized to implement targeted financial sanctions in relation to proliferation of weapons of mass destruction and its financing.
In both versions, AMLC may preserve, manage or dispose of assets pursuant to freeze order, asset preservation order and judgment of forfeiture.
The Senate and House versions prohibited the courts, except the Supreme Court and the Court of Appeals, from issuing a temporary restraining order or a writ of injunction against a freeze order and asset preservation order.
Further, SB 1945 included Philippine offshore gaming operators and service providers as covered persons, and real estate developers and brokers with single transactions amounting to at least P5 million, as covered transactions.
The House proposed the same threshold on real estate transactions, but only proposed to cover real estate developers and brokers.
AMLC Executive Director Mel Georgie B. Racela had said the Senate version needs more tweaking to comply with the recommendation of the Financial Action Task Force (FATF), particularly on the provisions on AMLC powers and the tax crime thresholds.
“If we fail to act now, the FATF Asia Pacific Joint Group or AP-JG will place the Philippines in the so-called ‘gray list’ along with countries like Albania, Pakistan, Panama, Syria, Uganda, and Zimbabwe,” Ms. Poe-Llamanzares said in the same statement.
The approval comes less than two weeks from the Feb. 1 deadline of the FATF, which sets the standards against money laundering and terrorist financing, to address gaps in the AMLA. Failure to enact and implement the AMLA amendments puts the Philippines at risk of being gray-listed.
Ms. Poe-Llamanzares had warned that if the Philippines is put on the “gray list,” the European Union and other countries will conduct enhanced due diligence on Filipino nationals and businesses.
This will translate to additional cost, higher interest rates and processing fees for Filipinos doing business abroad. — Charmaine A. Tadalan
BANGKO SENTRAL ng Pilipinas (BSP) Governor Benjamin E. Diokno is on leave after undergoing a medical procedure after a “minor” head accident.
In a statement, the BSP said Mr. Diokno designated Deputy Governor Francisco G. Dakila, Jr. as the officer-in-charge as he recovers from the medical procedure on Sunday.
“The governor is on medical leave after undergoing a successful procedure to address a blood clot caused by a minor head accident,” the BSP said.
Mr. Diokno is expected to be discharged from the hospital in four to five days, and subsequently return to work.
The BSP said the prognosis for Mr. Diokno’s complete recovery is “very good,” because he was awake and able to converse for an hour after the procedure.
In a message to the Monetary Board, Mr. Diokno said: “The procedure went well and I’m now on my way to recovery.”
As deputy governor, Mr. Dakila heads the central bank’s Monetary and Economics Sector which mainly deals with activities and operations related to monetary policies and managing inflation. — L.W.T. Noble
Trade Secretary Ramon M. Lopez said retention of the 5% tariff on imported deboned meat would help keep costs down for local processed meat manufacturers and avoid big price increases of canned and processed meat products. — PHILIPPINE STAR/MICHAEL VARCAS
By Revin Mikhael D. Ochave, Reporter
THE PHILIPPINE government kept the tariff on imports of mechanically deboned meat (MDM) of chicken and turkey at 5% until end-2022.
President Rodrigo R. Duterte signed Executive Order (EO) No. 123 on Jan. 15, which retained the most favored nation (MFN) tariff rates on chicken and turkey MDM imports until Dec. 31, 2022. A copy of the order was released on Monday.
“It is necessary for the government to provide an enabling environment that ensures the continued supply of essential food products at stable prices, helps businesses recover and sustain their operations, and preserves and creates employment opportunities, all for the purpose of supporting the economy in bouncing back and resuming its growth momentum,” the order stated.
EO No. 82, which reduced the tariff rate for MDM imports to 5% from the previous rate of 40%, expired on Dec. 31, 2020.
“This is a decision of the Tariff Commission to maintain the low price of processed products much more when the pandemic is still here,” Agriculture Secretary William D. Dar said in a mobile phone message.
The Cabinet Committee on Tariff and Related Matters, co-chaired by the Trade department and the National Economic and Development Authority (NEDA) had recommended the retention of the tariff at 5%.
In a separate statement on Monday, Trade Secretary Ramon M. Lopez said the new executive order would help keep costs down for local processed meat manufacturers and avoid big price increases of canned and processed meat products amid the pandemic.
“There is no need to increase the tariff to 40% because there are no local producers to protect. Since MDM is a main cost component in low-priced canned and processed meat products, any tariff increase will only lead to the inflation of cost and prices of most canned meat products that are also part of basic goods in our SRP,” Mr. Lopez said.
MDM is a raw material used in processing low-priced canned goods.
“These products are what the majority of the Filipino consumers buy, and during these challenging times, we want to ensure that their access to these basic goods will not be affected by tariffs and price increases,” Mr. Lopez added.
Philippine Association of Meat Processors, Inc. (PAMPI) President Felix O. Tiukinhoy, Jr. said the decision to retain the tariff rate on MDM would help producers of processed meats such as hotdogs and sausages.
“MDM is not locally produced. Canned products using MDM are among the ‘must’ items in relief food packs that are produced by PAMPI members and distributed by government agencies to our people during national emergencies arising from natural calamities or disease outbreaks,” Mr. Tiukinhoy said.
Meanwhile, Samahang Industriya ng Agrikultura (SINAG) Chairman Rosendo O. So said it is “unfortunate” that the Philippine government has opted to forfeit possible revenues.
In a statement, Mr. So said the possible revenues from higher tariffs could have helped the government’s effort in giving free coronavirus disease 2019 (COVID-19) vaccines for the local agriculture sector.
“Kung sino pa ang nasa harapan ng laban sa COVID-19, ang mga lumilikha ng pagkain sa ating hapag kainan, sila pa ang napabayaan, (People who are included in the frontlines on the country’s battle against COVID-19, those who make food, they are the ones still left out,)” Mr. So said.
SINAG recently said the Philippine government can earn an additional P5 billion in revenues, which could be used to vaccinate local farm workers if the 40% tariff on chicken MDM is implemented.
“MDM importation last year was (at) 254 million kilograms, at an average of P50 per kilogram. Reverting to the 5% tariff will deprive the government of much needed revenues,” SINAG said.
The group added that consumers will only need to pay an additional P1.20 for a 350-gram luncheon meat and an increase of P0.53 for a 150-gram meat loaf.
For Jesus C. Cham, president of the Meat Importers and Traders Association (MITA), the executive order should last five years, instead of two.
“Processors will have to go through this again after two years, expending needlessly valuable energy and resources. A realistic assessment would show that the Philippines will not be able to produce MDM competitively in the next 5 years,” Mr. Cham said in a mobile phone message.
Fewer families had adequate access to water, sanitation, and hygiene facilities in 2020, data from the statistics agency showed. — PHILIPPINE STAR/MICHAEL VARCAS
FEWER FAMILIES had adequate access to water, sanitation, and hygiene (WASH) facilities last year, according to the Philippine Statistics Authority’s (PSA) Annual Poverty Indicators Survey (APIS).
The 2020 APIS indicates 92.1% of 24.449 million families had access to basic-service level handwashing facilities or handwashing facilities on premises with soap and water last year, down from 92.9% in 2019.
Those with “limited” access, defined as having a handwashing facility on premises without soap and/or water, fell to 3.7% from 4.2% previously.
The PSA said the survey questions related to WASH were done primarily to monitor the Sustainable Development Goals (SDGs), particularly SDG No. 6, which aims to “ensure availability and sustainable management of water and sanitation for all.”
Around 66.7% of families had a handwashing facility in the form of a fixed facility (sinks or taps) in the dwelling unit in 2020, down from 69.9% in 2019. Meanwhile, those with “mobile objects” such as buckets and fixed facilities in yards and plots account for 12.6% (from 13.1%) and 11.3% of households (from 10.7%), respectively.
Those with no access to handwashing facilities made up 4% of all families, up from 2.8% in 2019. In terms of the availability of soap, 87.8% of families had a bar or liquid soap, 37.8% had detergent soap, while 0.6% had “other,” and 0.2% said they used ash, soil, or sand. On the other hand, around 6.7% reported soap to be unavailable, albeit this was down from the previous year’s 14.2%.
In urban areas, 93.3% of families had access to handwashing facilities, compared with 91.1% in rural areas.
Households in Davao Region had the highest share of families with handwashing facilities with limited service in 2020 at 7.9% from 8.1% in 2019. Meanwhile, the highest share of those with no handwashing facilities was Soccsksargen with 10.6% from 9.5% previously.
DRINKING WATER The survey showed that 97.5% of 25.848 million families had access to an improved source of drinking water, compared with 95.8% of 25.310 million families in the previous survey.
The top three sources of drinking water were water refilling stations from an improved source, which accounted for 47.8% (up from 45.2%) of the total, followed by piped water into dwellings at 20.3% (from 20.4%), and tube wells or boreholes at 9.2% (from 9.7%).
Of the families surveyed, 91.3% said water was always sufficient. For others, it was either that water was “not available from source” (6.4%), “not accessible” (1%), or that it was “too expensive” (0.4%).
Meanwhile, 80.2% of families did not treat their water prior to drinking, higher than 78.8% reported previously.
SANITATION The report surveyed for sanitation facilities, those defined by the PSA as “designed to hygienically separate excreta from human contact.”
In 2020, 80.4% had improved facilities not shared with other households, slightly down from 81.6% the previous year.
The proportion of families using basic sanitation level services ranged from 39.3% in the BARMM to 87.5% in the Cagayan Valley.
“[T]he deterioration in sanitary conditions can be traced to the economic doldrums precipitated by the pandemic,” said University of Asia and the Pacific (UA&P) Senior Economist Cid L. Terosa in an e-mail.
“It was expected because when economic growth slows down, real per capita income falls and standards of living are compromised,” he added.
Latest government data show economic output declining by 11.5% in the third quarter compared with the annual declines of 0.7% and 16.9% in the first and second quarters, respectively. This brought the total contraction in GDP for the three quarters to 10%.
The government expects the economy to shrink by 8.5-9.5% for 2020.
“Future surveys will most likely show declines in many development indicators since it will take time to recover from the prolonged economic malaise brought about by the pandemic,” Mr. Terosa said, adding the gap between the rich and poor may also widen in this regard.
“[T]he revival of economic growth will turn things around, but it might take time for development indicators to rise back to pre-pandemic levels,” he said. — Michelle Anne P. Soliman
FITCH Ratings said the pace of investment in the fifth-generation (5G) technology is among the top issues for credit investors in the telecommunications sector in the Asia-Pacific region.
The global debt watcher said emerging markets in the Asia-Pacific region like the Philippines are “likely to pace 5G investments over the next few years to support cash flow, and enable investments to meet proven demand.”
“Capex (capital expenditure) intensity in these markets typically hover around 25%-40%, above the region’s average in the low 20s,” it said in a non-rating action commentary e-mailed to reporters on Monday.
In advanced markets like South Korea, China, Taiwan, Singapore, and Australia, telecommunications companies are likely to position 5G as a “network differentiator to strengthen their competitiveness.”
The debt watcher expects operating cash flow to significantly “lag behind 5G investments, keeping free cash flow (FCF) constrained over the next three years,” Fitch Ratings added.
Near-term uplift from 5G revenue is unlikely to be significant, Fitch Ratings said further, citing a lack of “compelling” applications that differentiate 5G services from 4G.
“Our forecasts assume staggered 5G capex and spectrum costs as these become certain, with low visibility on returns over the next three years. The impact will, however, be uneven across the portfolio in light of the asymmetrical developments,” it explained.
PLDT, Inc. Chief Revenue Officer Alfredo S. Panlilio said at a virtual briefing in October last year that the telco may set a higher budget for 5G in 2021.
PLDT’s wireless arm Smart Communications, Inc. launched its 5G service commercially in July last year.
The company also plans to roll out more fiber lines and ports nationwide, as it aims to serve the “continuously rising demand of more Filipinos for high-speed broadband and connectivity.”
Globe Telecom, Inc. is also rolling out more 5G areas this year. Globe’s 5G is currently available in 1,045 areas in the country.
PLDT’s 5G network is available in its headquarters in Makati City, New Clark City in Pampanga, and Araneta in Quezon City.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin
“Solar will once again dominate the auction market.” — Theresa C. Capellan, SunAsia Energy, Inc. president and CEO — BW FILE PHOTO
By Angelica Y. Yang
THE Energy department’s plan to start bidding out the supply of renewable energy (RE) to consumers who prefer “green” sources should give priority to projects that failed to secure a guaranteed power rate under the feed-in tariff (FiT) system, the head of an industry association said.
“Priority should be given to those stranded under FiT… It’s not mentioned clearly that it’s like that (in the green energy auction’s guidelines),” Don Mario Y. Dia, president of Biomass Renewable Energy Alliance, Inc., told BusinessWorld.
Under the Department of Energy’s (DoE) green energy auction, which is set to start this year, qualified renewable energy developers can offer to supply a specified volume of electricity generated from their facilities. The suppliers are chosen through a competitive process or auction. In turn, eligible customers enjoy electricity prices below market values.
In July, the DoE issued a circular detailing the guidelines governing the green energy auction, helping power providers comply with their commitment under the renewable portfolio standards (RPS) program, a market-based policy that requires distribution utilities to source an agreed portion of their supply from eligible RE facilities.
In the circular, the DoE said that RE projects eligible to participate in the RPS are allowed to enter the green energy auction “without prejudice to specific qualifications for suppliers in each round.”
Eligible RE facilities under RPS rules for on-grid areas are biomass, wind, solar, hydro, ocean, geothermal, and waste-to-energy plants. They must have been commercially operating after the Renewable Energy Act of 2008 was enacted.
Mr. Dia, however, said that the green energy auction’s guidelines seemed to favor solar over other RE technologies.
“Even for solar, it appears that ‘the GEAC (green energy auction committee) favors solar rather than others, if you read through the guidelines. The RE projects will compete. How can biomass compete in that auction? There should be a price mechanism that will be palatable for both (solar and biomass),” Mr. Dia said in a mix of English and Tagalog in a phone interview on Dec. 29.
He added that the auction should be “open to all” RE technologies. Mr. Dia is also the president of the Confederation of Solar Developers of the Philippines, Inc.
Theresa “Tetchi” C. Capellan, SunAsia Energy, Inc. president and chief executive officer, said in a Viber interview that solar had a history of capturing a huge slice of the RE market because it is “fast to install, competitively priced, and modular.”
“During the FiT regime, solar consumed its allocation in no time while biomass and hydro took two more years to develop and used its allocation,” Ms. Capellan said.
The FiT scheme for solar, which ended in March 2016, saw an installation target of 500 megawatts (MW) oversubscribed by around 360 MW.
Last month, the DoE granted another deadline extension for FiT applications for developers of run-of-river hydropower projects. The department said that it would continue to receive applications until the 250-megawatt installation target is completed.
“My forecast is that solar will once again dominate the auction market. The trend will be the same as the FiT roll out where solar will be ahead of the pack,” Ms. Capellan said on Jan. 8.
In August last year, the DoE said that the auction intended to pool an initial 2,000 MW of renewable energy capacity, but this may change based on the supply requirements of power utilities.
While Ms. Capellan described the planned auction as an “excellent statement of the government’s commitment to promote renewables”, the solar developer said that its details still needed to be ironed out and clarified.
FOR its 55th anniversary, local recording company Vicor Records is reissuing vinyls of Original Pilipino Music classics including those from Ric Segreto and VST & Company.
“[This is] the first time these big-selling albums will be reprinted on vinyl,” Vicente “Vic” del Rosario, Jr., said in a statement before adding that the reissues were meant to celebrate Vicor’s more than half a century of existence.
The Vicor Records classic album reissue reproduces the classic hit albums with the original cover art. The albums are printed and manufactured in the US on 180 gram vinyl.
The albums are available online on Lazada, Shoppee, Vicor Records Facebook page and on thevivavicor.com website (via messaging). Copies can also be bought at vinyl specialty stores. Each album costs P1,900. Copies are limited.
Among the albums reissued are Segreto which includes Ric Segreto’s classic ballads such as “Don’t Know What To Say (Don’t Know What To Do),“ “Give Me A Chance,” “Loving You,” and “Kahit Konting Pagtingin.”
A similar highlight album from VST & Company is available and has songs such as “Magsayawan,” “Awitin Mo at Isasayaw Ko,” and “Ipagpatawad.”
Freddie Aguilar’s breakout album Anak will also be reissued in vinyl, while Rico J. Puno’s album Tatak Rico J includes the big hits of his career such as “Kapalaran,” “Sorry Na, Pwede Ba” as well as his take on “The Way We Were.”
Other singers whose songs will be on vinyl are Martin Nievera, Rey Valera, and Sharon Cuneta.
Vicor Records was established by Mr. Del Rosario and Orly Ilacad in 1966. The initially independent recording label signed on and released music by Filipino artists such as Freddie Aguilar, Jose Mari Chan, and Apo Hiking Society.
The company is now one of the record labels under Viva Entertainment. — Zsarlene B. Chua
LISTED exploration company The Philodrill Corp. is now the operator of petroleum service contract (SC) 53 or the onshore Mindoro natural gas exploration project, the firm said on Monday as it cited a letter from the Department of Energy (DoE).
“After thorough review of the technical, legal, and financial qualifications of the continuing partners, the request for redistribution of participating interests among the continuing partners, and the assignment of Philodrill as the operator (of SC 53), is hereby approved,” Philodrill said, quoting the DoE in a regulatory filing.
As a result of the new development, Philodrill and Anglo Philippine Holdings Corp. would hold 81.48% and 18.52% participating interest, respectively, in SC 53.
In 2014, the SC 53 consortium members were the UK-based Pitkin Petroleum Plc. (35%); Resource Management Associates Ltd. (35%); Philodrill (22%); Anglo (5%); and Basic Energy Corp. (3%).
SC 53, which was awarded by the DoE in 2005, covers 6,600 square kilometers of onshore areas in Mindoro within the North Palawan Micro-Continental Block.
In a separate filing on Monday, Anglo confirmed that it has received a copy of Philodrill’s disclosure but has “yet to receive official communication from the DoE on the matter.”
Philodrill’s active petroleum projects cover offshore Palawan areas and onshore Mindoro under various DoE-awarded service contracts.
Anglo is an investment holding firm that focuses on development and infrastructure activities. It held investments in Philodrill, among other companies.
Philodrill stocks climbed 46.15% to close at P0.019 apiece on Monday. Meanwhile, shares in APO improved 29.88% to finish at P1.13 apiece. — Angelica Y. Yang
