Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 7137

Philippines, Indonesia eye copper tie-ups

The Philippines and Indonesia have pledged to deepen ties to boost their copper industries, according to the Trade department.

Officials from both countries met virtually on Jan. 14 to exchange information, share good practices, and present investment opportunities and areas for collaboration in the sector, the Philippine Trade department said in a statement on Friday.

During the meeting, Trade Undersecretary and Board of Investments (BoI) Managing Head Ceferino S. Rodolfo said Indonesia could help the Philippines boost its copper production, transport and storage and marketing.

BoI Executive Director Ma. Corazon Halili-Dichosa said the two countries can collaborate to boost their copper industries and improve their integration in global value chains. “This will only be one of the many bilateral initiatives for the copper industry.”

The BoI said Indonesian officials led by Randi Anwar, director of its Investment Coordinating Board, Ministry of Energy Director General Muhammad Wafid and Ministry of Industry’s acting head Bimo Pratomo “welcomed future collaboration and cooperation activities on the copper/mining industry to help each sides’ downstream copper industries.”

The BoI recently launched the Leyte Ecological Industrial Zone master development plan that will be anchored on the copper industry and other allied industries such as iron and steel and shipbuilding.

The agency said the copper industry is one of its priority sectors for investment promotion because it forms part of the country’s recovery plan.

Philex Mining Corp. President and Chief Executive Officer Eulalio B. Austin, Jr., who also attended the meeting, said pipeline copper projects that require huge capital investments include the Silangan project in Surigao del Norte, Tampakan project in South Cotabato and Kingking project in Compostela Valley.

These projects could yield “economic progress not only for Mindanao but the country in general,” the BoI said. — Arjay L. Balinbin

Philippines tightens testing for travelers

The Philippines on Friday tightened testing protocols for foreign travelers to ensure the detection of new coronavirus strains.

Passengers from countries where new COVID-19 variants have been detected must undergo a second coronavirus swab test on their fifth day of quarantine, according to an order issued by an inter-agency task force.

Co-passengers and the partner of a 29-year-old Filipino infected with a strain first detected in Britain had tested negative upon arrival in Manila from the United Arab Emirateson Jan. 7, but later tested positive. The man left the Philippines for the UAE on Dec. 27.

The man had recovered from the new virus strain and was now negative, the Quezon City local government said on Friday.

“The doctors at the quarantine facility where he is staying will make a final assessment before he is allowed to reunite with his family and reintegrate with the community,” it said in a statement. “He will remain under health monitoring for at least two weeks.”

People who get negative results in both tests may go to their local destinations, which will monitor them for the rest of their two-week quarantine, according to the task force order. A new round of COVID-19 testing must be done before they are allowed to go home.

The task force allowed foreigners with valid visas, including personnel of accredited international organizations, and the spouses and minor children of Filipino citizens, to visit the Philippines as long as they get tested upon arrival at the airports. They must also promise to get quarantined for 14 days.

The Philippines on Jan. 15 extended the travel ban on more than 30 countries with confirmed cases of the more contagious COVID-19 variant until the end of the month.

Included in the ban are the UK, Denmark, Ireland, Japan, Australia, Israel, the Netherlands, China, Hong Kong, Switzerland, France, Germany, Iceland, Italy, Lebanon, Singapore, Sweden, South Korea, South Africa, Canada, Spain, the United States, Portugal, India, Finland, Norway, Jordan, Brazil, Austria, Pakistan, Jamaica, Luxembourg, Oman, United Arab Emirates, and Hungary.

Meanwhile, the Department of Health (DoH) on Friday said it would tap the National Bureau of Investigation (NBI) in locating two co-passengers of a Filipino who tested positive for a more contagious coronavirus strain.

Health Undersecretary Maria Rosario S. Vergeire said the contact number given by one passenger was an overseas number, while the other could not be reached. Their addresses were also incomplete.

“We’ve been trying hard to find them and we’re doing everything we can,” she told an online news briefing in Filipino.

“We’ve coordinated with the Department of Justice and we will be providing these two names to the NBI through the Department of Justice today,” she added.

More than a dozen close contacts of the passenger have also tested positive for the coronavirus. Health authorities have yet to find out whether they also got infected with the new variant.

Younger kids allowed in malls

Minors as young as 10 years may go out to visit malls in areas under a general lockdown starting Feb. 1 to boost consumer spending, according to the government’s task force against the coronavirus.

“Any person below 10 years old, those who are over 65 years of age, those with immunodeficiency, comorbidity, or other health risks, and pregnant women shall be required to remain in their residences at all times,” according to a task force order.

The task force encouraged local governments under a general quarantine to adopt the relaxed rules.

The task force also approved the request of the Professional Regulation Commission to conduct and administer the licensure exams for professionals scheduled for January to March provided it observes strict health protocols. — Kyle Aristophere T. Atienza

The Department of Health (DoH) reported 2,178 coronavirus infections on Friday, bringing the total to 509,887.

The death toll rose by 20 to 10,136, while recoveries increased by 250 to 467,720, it said in a bulletin.

There were 32, 031 active cases, 83.6% of which were mild, 9.5% did not show symptoms, 4.1% were critical, 2.3% were severe and 0.42% were moderate.

Quezon City reported the highest number of new cases at 148, followed by Bulacan at 88, Cebu City at 80, Davao City at 79 and Mountain Province at 75.

The agency said eight duplicates had been removed from the tally, while five recovered cases were reclassified as deaths. Three laboratories failed to submit their data on Jan. 21.

More than seven million Filipinos have been tested for the coronavirus as of Jan. 20, according to DoH’s tracker website.

The coronavirus has sickened about 98.2 million and killed more than 2.1 million people worldwide, according to the Worldometers website, citing various sources including data from the World Health Organization.

About 70.6 million people have recovered, it said. — Kyle Aristophere T. Atienza and Vann Marlo M. Villegas

Muslim official warns of increased resistance

Splinter Muslim rebel groups might increase their resistance if the transition period toward a more independent Bangsamoro region in Mindanao is not extended, according to the region’s chief minister.

Extending the period to 2025 would ensure that the fruits of the peace process are reaped, Ahod B. Ebrahim, chief minister of the Bangsamoro Autonomous Region in Muslim Mindanao, told an online news briefing on Friday.

“If the transition is not extended, we will go back to zero,” he said. “There are groups waiting for the Bangsamoro region to fail. They will exploit the failure.”

At least three bills have been filed at the House of Representatives seeking to extend the term of the Bangsamoro Transition Council for three more years. The first regular elections for the Bangsamoro Parliament is set for May 2022.

The Bangsamoro Organic Law that took effect in 2019 established the new autonomous region that replaced the Autonomous Region in Muslim in Mindanao. It was meant to give the people of southern Philippines the right to self-determination and governance.

Mr. Ebrahim said the Transition Council needs more time to implement the region’s programs, including bringing Moro Islamic Liberation Front fighters back to civilian life. It also seeks to win over more armed groups in Mindanao.
The council has yet to disarm fighters and commanders outside the peace process.

“With the lot of tasks given to us, we cannot complete them until 2022. That is why there are calls for extension,” Mr. Ebrahim said.

Meanwhile, a lawmaker sought a review of the transition period.

Basilan Rep. Mujiv S. Hataman said the review seeks to look at allegations of corruption including “anomalous disbursements” in the region’s infrastructure projects worth P107 billion.

The International Organization for Migration, British Embassy Manila and the German government on Friday handed over medical vehicles and equipment to the region’s Ministry of Health to boost efforts against the coronavirus. — Kyle Aristophere T. Atienza

CHEd seeks dialog on academic freedom

The Commission on Higher Education (CHEd) will convene a panel to discuss academic freedom and how law enforcers can protect it, according to the agency.

This was after the Philippine military unilaterally ended a deal with the University of the Philippines (UP) banning soldiers inside the state institution.

“The implementation of the Department of National Defense-UP accord was destined to be problematic,” CHEd Chairman J. Prospero E. de Vera III said in a statement on Thursday night. “The accord has no clear detailed operational details to implement the provisions of the agreement.”

The military in a Jan. 15 letter to UP President Danilo Concepcion ended the ban on soldiers and policemen inside UP premises without a notification.

Mr. de Vera said he would start a panel of education experts to define the meaning of academic freedom and the role of security forces in student welfare.

“This definition and framework can hopefully be the starting point of a dialogue between the DND and UP in the coming days,” he said.

“CHEd is offering its offices to bring together not just UP and DND but all public and private higher educational institutions so we can find a common ground to protect the interest of our 3.1 million students while upholding academic freedom,” he added. — Charmaine A. Tadalan

Megawide, GMR turn over Clark airport’s new terminal building to gov’t

The consortium of listed builder Megawide Construction Corp. and Bangalore- based airport operator GMR Infrastructure Ltd. officially handed over to the government on Friday the new passenger terminal building of the Clark International Airport.

“This handover comes at exactly the right time when our country needs infrastructure projects to help restart our economy in light of the pandemic,” said Megawide Assistant Vice President Robert Jason Torres in a message on behalf of the company’s chairman and chief executive officer, Edgar B. Saavedra, during the ceremony.

“In Cebu, we saw firsthand the inclusive economic benefits brought by the development of the Mactan-Cebu International Airport; now, with the opening of the new Clark International Airport terminal at hand, Pampanga and Central Luzon can look forward to unlocking new opportunities in tourism, business, and more,” he added.

The Luzon International Premier Airport Development (LIPAD) Corp. will operate and maintain the new passenger terminal building, the Department of Transportation (DoTr) and the Bases Conversion and the Development Authority (BCDA) said in a statement.

LIPAD is the operator of the Clark International Airport.

The Megawide-GMR tandem won the contract to build the new terminal building in 2017, after it submitted the lowest financial proposal of P9.36 billion, or about 25% lower than the P12.55-billion auction ceiling. The consortium beat four other contenders, namely: Sinohydro Corp. Ltd. (P10.68 billion), China Harbour Engineering Co. Ltd. (P11.73 billion), China State Construction Engineering Corp. Ltd. (P12.3 billion) as well as the consortium of Tokwing Construction Corp. and China Machinery Engineering Corp. (P12.45 billion).

“The new passenger terminal building can accommodate 8 million passengers on its opening year, almost tripling the airport’s passenger capacity from the current 4.2 million to 12.2 million annually,” the Transportation department said.

The expansion project was completed in September last year.

LIPAD Chief Executive Officer Bi Yong Chungunco said the old passenger terminal building might be converted into a vaccination hub.

Clark International Airport has long been singled out as an alternative gateway to decongest Ninoy Aquino International Airport, which accommodated more than 39.5 million passengers in 2016, way above its 30.5 million designed capacity. — Arjay L. Balinbin

Premiere Horizon enters agritech sector

Listed holding firm Premiere Horizon Alliance Corp. has ventured into agriculture technology (agritech) sector via its subsidiary, PH Agriforest Inc.

In a regulatory filing on Friday, Premiere Horizon said that through PH Agriforest, it plans to leverage on the financial technology (fintech) expertise of its parnter SquidPay Technology, Inc. by using technology to increase yield and efficiency in the sectors of agriculture, forestry, and aquaculture.

“Instead of traditional agriculture practices, Premiere Horizon will utilize proven agritech methodologies that focus on comprehensive data collection, analytics and models, and other technological innovations which seek to achieve faster planting, better harvest, lower production cost and optimized market acceptance of products,” the company said.

Premiere Horizon said the planned projects of PH AgriForest will include lands focused on food production, and rubber and bamboo plantation.

The company said that it would also venture in the production of organic fertilizer that aims to encourage sustainable farming, and goes with the existing programs of the Department of Agriculture.

“Premiere Horizon’s entry into the agritech sector is in line with its vision of countryside development through pioneering technologies and innovative business models,” the company said.

In November last year, Premiere Horizon disclosed its decision to sell a total of 2.8 billion shares or 55% equity to the owners of SquidPay Technology led by businessman Marvin C. Dela Cruz.

The company said it would raise P925 million from the transaction, with the shares priced at 33 centavos each.

On Friday, shares in Premiere Horizon at the stock exchange rose 14.78% or 34 centavos to close at P2.64 apiece. — Revin Mikhael D. Ochave

AboitizPower to supply renewable energy anew to Nueva Ecija towns

A subsidiary of Aboitiz Power Corp. has renewed its power supply agreement with a Nueva Ecija-based electric cooperative for 41 megawatts (MW) of clean energy to 10 municipalities in the area for another five years, the firm said on Friday.

In a press release, AboitizPower said that its unit AP Renewables, Inc. closed its partnership with Nueva Ecija II Electric Cooperative Area 1 (Neeco II Area 1) during a ceremonial signing on Dec. 16.

For five years beginning December 2020, AP Renewables would supply its brand of clean and renewable energy or “Cleanergy” to 10 municipalities under the Neeco II Area 1’s franchise.

“This partnership with AboitizPower is definitely part of a continuing commitment to power the needs of the residents and businesses of the municipalities we serve while minimizing our carbon footprint,” Neeco II Area 1 Board President Reynaldo V. Villanueva was quoted as saying.

In March, Neeco II Area 1 opened a competitive selection process for its energy requirements. Out of the four suppliers that participated in the bidding, AP Renewables was declared the chosen power provider.

Juan Alejandro A. Aboitiz, first vice president for commercial operations, expressed his gratitude that AP Renewables was chosen to support the energy needs of Neeco II Area 1.

“This is such an energizing way to end the year, and truly a moment to be proud of as we accelerate our group-wide efforts towards integrating environmental stewardship plus pursuing partnerships for long-term growth,” Mr. Aboitiz said.

Three years ago, Neeco II inked a 33-MW power supply deal with AboitizPower. The deal covered 80% of the peak demand of the electric cooperative’s service area.

AboitizPower produces “Cleanergy” from its various hydroelectric, geothermal, and solar power generation facilities. The company looks to significantly grow its Cleanergy portfolio. By 2030, renewables are targeted to account for 65% of the listed firm’s new capacities.

AboitizPower shares on Friday were unchanged at P26 apiece. — Angelica Y. Yang

BSP raises P100 billion from 28-day bill issue

The central bank awarded in full the 28-day bill issue on offer Friday, with rates falling from the previous auction amid ample liquidity.

The Bangko Sentral ng Pilipinas (BSP) received tenders of P162.8 billion for the bills, less than the P167 billion in last week’s auction.

The bank has been making full awards of the bills since the maiden offering in September.

The average rate was 1.6362%, down from 1.6473% a week earlier. The range of accepted offers was between 1.6285% and 1.645%, against 1.6349%-1.66% a week earlier.

Investors are waiting out the official release of fourth quarter gross domestic product (GDP) data next week, according to Ruben Carlo O. Asuncion, chief economist at UnionBank of the Philippines.

The grim economic outlook and the Bangko Sentral ng Pilipinas’ (BSP) decision to pause on monetary easing may have forced markets to shift to short-term debt for the meantime, he said.

“Market has been moving sideways as recent indicators continue to reinforce a potential lackluster 4Q20 GDP print. BSP seems to be locked in with its declared pause even as inflation risks prevail and economic growth remains anemic. Biddish sentiment continued toward short tenors (like this one from BSP) this week due to reasons mentioned here,” he said via Viber Friday.

The Philippine Statistics Authority (PSA) will report GDP data on Wednesday. Economic managers are estimating that full-year GDP contracted between 8.5 and 9.5% last year. — Beatrice M. Laforga

Peso weakens on rise in new COVID cases

The peso weakened against the dollar Friday on the sustained increase in the daily tally of new coronavirus cases.

The currency closed at P48.085 to the dollar Friday, against its finish of P48.054 Thursday, according to data from the Bankers Association of the Philippines.

The peso opened at P48.07, hitting a low of P48.095. The high was P48.06.

Dollar volume surged to $1.09 billion, from $599.4 million previously.

“The peso was weaker vs. the dollar after new COVID-19 cases lingered higher, near 2,000 per day, the highest in more than a month and after some delay in the rollout of the Sinovac COVID-19 vaccine to March 2021 (from February 2021), in view of the 10-day inspection of inbound vaccine shipments,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said via Viber.

The Health department reported on Friday 2,178 new coronavirus cases, boosting the overall count to 509,887. It reported 20 new deaths, bringng the total to 10,136.

“The peso depreciated from market concerns due to the possible impact on the economic recovery prospects from new COVID-19 strains,” a trader said via e-mail.

Week-on-week, the peso appreciated by two centavos from its P48.065 finish on Jan. 15.

The peso ”was almost unchanged this week at P48.085. It remained trapped within a narrow range as the central bank still sees ample room to maintain its easy policy,” Jonathan L. Ravelas, chief market strategist at BDO Unibank Inc., said in a text message.

The Bangko Sentral ng Pilipinas reduced key policy rates by 200 basis points last year, bringing down the overnight reverse repurchase, lending and deposit rates to record lows of 2%, 2.5%, and 1.5%, respectively. — Beatrice M. Laforga

SEC clears Century Properties bond offering

THE Securities and Exchange Commission (SEC) has approved the public offering of Century Properties Group, Inc. of up to P3 billion worth of fixed rate bonds.

In a statement on Friday, SEC said it had given the green light to Century Properties’s registration that covers up to P2 billion of three-year bonds due in 2024. The bonds have an oversubscription option of up to P1 billion pesos subject to certain requirements.

According to the SEC, the company expects to raise up to P2.94 billion from the offer, as long as the oversubscription option is fully exercised.

The commission said that Century Properties would use the proceeds from the offer to refinance maturing debt and bankroll capital expenditures for ongoing projects and general corporate requirements.

“The bonds will be offered at face value, and will be listed and traded on the Philippine Dealing & Exchange Corp. (PDEx),” the SEC said.

China Bank Capital Corp. has been tapped by Century Properties as the sole issue manager, sole lead underwriter, and sole bookrunner for the bond offering.

During the third quarter of 2020, the profits of Century Properties rose 74% to P571.48 million, backed by gains from its investment properties and non-recurring losses recorded in the previous year. Its revenues for the period fell 0.9% to P3.71 billion, against P3.75 billion in 2019.

On Friday, shares in the company at the stock exchange fell 1.12% or P0.005 to close at P0.440 each. — Revin Mikhael D. Ochave

DoE endorses 149 energy projects of national significance worth P795 billion

The Department of Energy (DoE) said it has certified 149 energy projects of national significance (EPNS) to date, with the approved projects involving investment of P795.52 billion.

An EPNS designation for major projects covering power generation, transmission or ancillary services entitles the proponent to expedited permits, having been deemed in line with the DoE’s objectives as set out in the Philippine Energy Plan.

“Out of 399 received applications, 149 were certified as CEPNS while 35 applications are still under evaluation,” the DoE said on its website, citing developments as of Jan. 20.

It also found 76 to be “non-compliant” in terms of documentary requirements while 139 were rejected.

Executive Order No. 30 sets the qualifying standard for EPNS status at a capital investment of at least P3.5 billion, with the potential to contribute to economic development and the balance of payments, or have an impact on the environment.

In a separate advisory Friday, the DoE said that 49% of EPNS applications came from coal, diesel or natural gas power plants. Renewable energy plants accounted for 27%, and transmission networks 18%.

Last month, the DoE said that it suspended the issuance of the EPNS certificates to “evaluate the department’s effectiveness in securing regulatory requirements of energy projects.”

“All applications… will be automatically migrated to the Energy Virtual One-Stop Shop (EVOSS) System,” Energy Secretary Alfonso G. Cusi said in an advisory that took effect on Dec. 10. The EVOSS is a web-based monitoring system for energy applications and a repository of project-related information and permits.

In its November update, the DoE approved four projects of national significance. These are Batangas Clean Energy’s Liquified Natural Gas (LNG) Import Terminal Project and Combined Cycle Gas Turbine Power Plant Project; Bacman Geothermal Inc.’s Bacon-Manito Geothermal Expansion Project; and Excelerate Energy’s Luzon LNG. — Angelica Y. Yang

1...7,1367,1377,138...12,801Page 7,137 of 12,801
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube