Despite lockdown, Pilipinas Shell returns to profit in Q3

November 12, 2021 | 8:32 pm

VELO_Page-5_image1_SHELL_ — Shell mobility stations combine a myriad of offerings for anyone in transit (especially bikers) from essentials, food, digital solutions and sustainable innovations, to create better customer experiences. — PHOTO FROM PILIPINAS SHELL

Pilipinas Shell Petroleum Corp. returned to profitability in the third quarter as sales rose despite the stringent lockdown in August.

In a disclosure, Pilipinas Shell said it posted a P1.14 billion net income in the quarter ending September, a reversal of the P7.13 billion net loss in the same period last year.

Net sales during the third quarter jumped by 24.3% to P42.09 billion compared to P33.86 billion a year ago.

In the first nine months of the year, Pilipinas Shell recorded a P3.37 billion net income, a turnaround from the P13.87 billion net loss it had in the similar period last year.

Net sales for the nine-month period rose 15.2% to P124.32 billion versus P107.89 billion a year ago.

“Our renewed strategy has been proven effective for our business to thrive amidst the resurgence of selected lockdowns in the country. We are continuously growing our capacity for the remainder of 2021, to prepare for the near and medium-term demand pick-up as active new coronavirus disease 2019 (COVID-19) cases decline, vaccination programs accelerate, and travel restrictions ease,” Pilipinas Shell President and Chief Executive Cesar G. Romero said in a statement.

Overall year-to-date marketing volume delivery declined by 6%, but Pilipinas Shell said its premium fuel penetration rose 31%.

The company added that its lubricants business posted a 36% increase in terms of volume as its premium products posted growth and deeper consumer penetration across the country.

“Aviation volumes continue to improve, with volume recovery in the third quarter of over 60% compared to the same period last year, driven by an increase in passenger flights as domestic and international flight restrictions ease,” it said.

Meanwhile, Pilipinas Shell’s non-fuel retail network expansion continues with 156 Shell Select stores, 219 Select Express, 72 Deli2Gos, and 424 Lube bays. Non-fuel retail operating profit increased by 28% for the period.

“The company’s capital expenditure program is on-track, with some P2.2 billion spending, approximately 68% of which is spent on network expansion. 25 new mobility sites were launched from January to September this year. The rest was used for supply chain maintenance and upgrades, in preparation for demand resurgence,” Pilipinas Shell said.

On Friday, shares of Pilipinas Shell rose by 4.78% or P1.05 to end at P23 apiece. — Revin Mikhael D. Ochave

Global Ferronickel profit slips 10% in third quarter

November 12, 2021 | 8:30 pm

GLOBAL Ferronickel Holdings, Inc. (FNI) posted a P1.22-billion attributable net income in the third quarter, 10.5% lower year-on-year as revenues dropped.

The listed mining firm told the stock exchange its revenues for the third quarter slipped 5.3% to P3.80 billion from P4.01 billion a year go.

For the first nine months of the year, FNI said its profit jumped by 19.4% increase to P1.86 billion.

Revenues for the January to September period rose 15.3% to P6.41 billion versus P5.55 billion a year ago, thanks to higher nickel ore prices.

Nickel ore sales for the nine months fell 3.4% to 4.228 million wet metric tons (WMT) compared to 4.379 million WMT in the similar period in 2020.

“This is mainly due to bad weather conditions, which allowed the group to only ship 78 vessels of nickel ore against the 80 vessels during the same period last year. The resulting sales mix was 81% low-grade ore and 19% medium-grade ore in 2021 versus the previous period’s mix of 59% low-grade ore and 41% medium-grade ore.” FNI said.

“These were exported 100% to China and consisted of 3.424 million WMT low-grade nickel ore and 0.804 million WMT medium-grade nickel ore, compared to 2.588 million WMT low-grade nickel ore and 1.791 million WMT medium-grade nickel ore for the same period in 2020,” the company added.

According to FNI, the average realized nickel price reached $30.78 per WMT for the period ending September, higher by 20.4% compared to $25.56 per WMT a year ago.

“We are happy with the results. Despite the heavy rains hampering operations and more expensive fuel prices, the continued rise of nickel ore prices driven by the strong demand from China will augur well for the industry,” FNI President Dante R. Bravo said.

On Friday, shares of FNI at the local bourse dropped 1.85% or four centavos to close at P2.12 apiece. – Revin Mikhael D. Ochave

Comelec summons Marcos over petition to cancel his candidacy

November 12, 2021 | 8:27 pm

The Commission on Elections (Comelec) has sent a summons to Ferdinand “Bongbong” R. Marcos, Jr. over the petition filed by taxpayers to cancel his candidacy for president.

The summons was issued on Nov. 11 and was set to be served on Nov. 12, the poll body’s spokesman James B. Jimenez told reporters in a Viber message.

“We are awaiting proof of service,” he said. “The respondent will have five days to file an answer.”

Mr. Jimenez on Thursday said it could take weeks to resolve a petition seeking to disqualify the namesake and only son of the late dictator, Ferdinand E. Marcos, from the presidential race.

A group of taxpayers had asked the election body to block the presidential run of Mr. Marcos, saying he is ineligible to run for office after a trial court convicted him in 1995 for failing to pay his income taxes and for material misrepresentation in his candidacy paper.

His conviction by a trial court was upheld by the Court of Appeals and was never appealed before the Supreme Court, said the petition filed at the poll body. He is thus disqualified from holding any public office as he was found guilty beyond a reasonable doubt of violating the National Internal Revenue Code (NIRC), it said.

Mr. Marcos made false material representation in his certificate of candidacy when he stated that he has not been found liable for an offense which carries with it the accessory penalty of perpetual disqualification to hold public office, the petition states.

The material misrepresentation is more than enough ground for the poll body to cancel Mr. Marcos’ candidacy, or to deny due course to the same, several professionals said separately in their motion to join the petition filed by the civic leaders.

The Comelec’s Second Division, which is composed of Commissioners Socorro B. Inting and Antonio T. Kho, Jr., will handle the case. Mr. Inting was an appellate court justice, while Mr. Kho used to be a Justice undersecretary.

Political analysts have said that Mr. Marcos might run in tandem with Davao City Mayor Sara Duterte-Carpio, who left the regional party she founded to join a national party that could pave the way for her to run for a national position via substitution.

Ms. Duterte-Carpio will likely announce her 2022 plans at the weekend, said Leyte Rep. Martin G. Romualdez, president of the Lakas-Christian Muslim Democrats (Lakas-CMD) party.

The daughter of Rodrigo R. Duterte, the current president, joined the party backed by ex-President Gloria M. Arroyo, a known power broker in Philippine politics, “for a possible run in the national arena,” the lawmaker said.

Mr. Romualdez, a cousin of Mr. Marcos, said the late dictator’s son and Ms. Duterte-Carpio “have been in talks for some time now.”

Ms. Carpio may run for a national post via substitution, which allows a political party to replace a member who filed a certificate of candidacy with another member. Filing ended on Oct. 8, but substitution is allowed until Nov. 15.

Mr. Marcos registered his presidential candidacy in October, angering activists and victims of his late father’s 14 year-long martial rule.

His family was forced to flee the country in 1986 after a people power uprising supported by military generals toppled his father’s regime. He was among the first members of the family to return to the Philippines from exile in the United States in 1991. — Kyle Aristophere Atienza

Philippines logs 1,894 new coronavirus cases as syringe shortage hampers vaccinations

November 12, 2021 | 8:24 pm

Philippine health authorities reported 1,894 coronavirus cases on Friday, bringing the total number of COVID-19 cases since the pandemic started to 2.8 million.

This as the country is struggling to obtain syringes used in administering mRNA vaccines such as those developed by Pfizer, Inc. and Moderna, Inc. due to “apparent global shortage.”

The total death toll rose to 45,035 after 170 more patients died, while recoveries increased by 1,421 to 2,738,975, the Department of Health (DoH) said in a bulletin.

The agency said there were 29,105 active cases, 63% of which were mild, 16.70% were moderate, 10.2% were severe, 6.7% were asymptomatic, and 4.4% were critical.

It said 39% of intensive care units in the Philippines were occupied, while the rate for Metro Manila was 35%.

The health department said 27 duplicates were removed from the tally, 23 of which were tagged as recoveries and one of which was reclassified as a death. It added that 145 recoveries were reclassified as deaths.

Two laboratories failed to submit data on Nov. 10.

The Philippine immigration bureau recently banned its workers assigned at international airports from going on leave during the holiday season as it anticipates an increase in passenger traffic.

SYRINGE SHORTAGE

Also on Friday, Health Undersecretary Maria Rosario S. Vergeire said that the country is struggling to obtain syringes used in administering mRNA vaccines such as those developed by Pfizer, Inc. and Moderna, Inc. due to “apparent global shortage.”

“Until now, there have been some delays and this is because of the apparent global shortage,” she said at a virtual news briefing.

She said the Philippines had already procured at least 44 million syringes early this year through the United Nations Children’s Fund for the country’s coronavirus vaccination program.

“We have anticipated this kind of shortage as early as May to June this year,” she said. “So, early part of this year, we placed our orders and our procurement process through the UNICEF.”

As of Nov. 10, 66.8 million coronavirus vaccine doses had been administered. Nearly 30.5 million people, or 39.51% of adult Filipinos, have been fully vaccinated against the coronavirus.

In the National Capital Region, 91.10% or 8.9 million of the 9.8-million residents, have been fully inoculated.

GREEN LIST
Also on Friday, the presidential palace said an inter-agency task force has updated the country’s “green list” for travel.

Countries included in the so-called green list are considered to be at low-risk for the coronavirus. Their fully vaccinated travelers can enter the Philippines without the need to undergo facility-based quarantine.

China — where the first case of the coronavirus was reported in late 2019 — and 44 other countries and jurisdictions are in the updated green list for travel.

This as China is again battling a coronavirus outbreak linked to domestic travel in the past month, the South China Morning post reported. Parts of China have already tightened mobility restrictions due to the latest outbreak, with Beijing, the capital, enforcing lockdowns in several residential compounds.

Meanwhile, American Samoa, Bhutan, Chad, the Comoros, Cote d’Ivoire (Ivory Coast), the Falkland Islands (Malvinas), the Federated States of Micronesia, Guinea, Guinea-Bissau, Hong Kong, India, Indonesia, and Japan were also placed on the green list.

Also included in the list of low-risk countries are Kosovo, Kuwait, Kyrgyzstan, Malawi, Mali, the Marshall Islands, Montserrat, Morocco, Namibia, Niger, Northern Mariana Islands, Oman, Pakistan, Palau, Paraguay, Rwanda, Saint Barthelemy, Saint Pierre and Miquelon, and Saudi Arabia.

Senegal, Sierra Leone, Sint Eustatius, South Africa, Sudan, Taiwan, Togo, Uganda, the United Arab Emirates, Zambia, and Zimbabwe are also in the green list.

The Faroe Islands and The Netherlands are the only areas that are currently in the red list. All other countries and jurisdictions not mentioned in the yellow list.

Travelers from yellow-listed countries are required to undergo facility-based quarantine until the release of a negative swab test that was taken on the fifth day from their arrival. They must quarantine at home until their 10th day.

Those who are unvaccinated or partially vaccinated and individuals whose vaccination status cannot be independently verified by Philippine authorities as valid and authentic shall go through facility-based quarantine and take a swab test on the seventh day from their arrival. Despite getting a negative result, they are required to continue home isolation until their 14th day. — Kyle Aristophere Atienza

DepEd says more schools to join pilot face-to-face classes

November 12, 2021 | 8:21 pm

THE DEPARTMENT of Education (DepEd) announced Friday that more schools will join the pilot implementation of face-to-face classes with the approval of the Office of the President.

The department said that several local government units, including those in Metro Manila, have requested that their schools be included in the program with the decrease in COVID-19 (coronavirus disease 2019) cases.

“Given the continuous improvement of the COVID-19 situation in many localities around the country, DepEd, in close coordination with the Department of Health (DoH), has assessed that there are more schools qualified to be included in the pilot list,” they said in a statement.

DepEd added that 484 out of 638 areas nationwide have passed their granular risk assessment by the DoH as minimal or low-risk.

They added that they will announce additional pilot schools for face-to-face classes once they are validated.

“The expansion of the number of pilot schools will allow a greater degree of experience among all our regions that will serve us well for the expanded phase of face-to-face classes,” DepEd said.

Pilot face-to-face classes will start in 100 public schools and 20 private schools on Nov. 15 and Nov. 22 respectively. — Russell Louis C. Ku

Philippine court drops ill-gotten wealth cases vs Danding Cojuangco

November 12, 2021 | 8:19 pm

The Philippine Supreme Court dismissed six civil cases filed against a known crony of former President Ferdinand E. Marcos, Sr., citing the snail’s pace of the Sandiganbayan proceedings, making it harder for the country to recover the ill-gotten wealth of the late dictator.

The high court’s third division ruled in April this year to junk six civil suits against Marcos crony Eduardo “Danding” M. Cojuangco, Jr. who died in June 2020.

The ruling, a copy of which was only made public on Nov. 11, barred the anti-graft tribunal from taking any further action on the cases, which involved the creation of dummy companies and purchases and disbursements related to coco levy funds which had been levied against coconut farmers.

The case was filed in 1987. The Sandiganbayan divided it into eight suits in 1999. Two of them were resolved, while the remaining six never reached the trial stage.

Mr. Cojuangco went to the high tribunal in 2019 to assert his right to a speedy trial.

“These incidents in the Sandiganbayan proceedings depict more than a perfect picture of an inordinate delay which is violative of one’s right to speedy administration of justice,” the high tribunal said in the decision.

The ruling was penned by now-retired Associate Justice Edgardo delos Santos. Associate Justice Marvic Leonen, Ramon Paul Hernando, Henri Jean Paul Inting, and Jhosep Lopez concurred.

The 34-year-old cases were originally filed by the Philippine Commission on Good Governance (PCGG), which was created in 1987 to recover the ill-gotten wealth of the Marcos family and their cronies.

The Supreme court blamed the anti-graft court, the Sandiganbayan, which did not act on the PCGG’s motion to schedule the cases in 2018, for the delay in hearing the cases. “Accordingly, the subject cases remained idle and trial therein never commenced.”

The delay violated Mr. Cojuangco’s right to a speedy disposition of cases, the Supreme Court said.

The fact that 32 years had elapsed from the time of the filing of the original complaint, and 24 years from the subdivision thereof without a trial proper being commenced constitutes a delay by any reasonable standard, the high tribunal said. “Needless to say, the delay is beyond the time periods provided in any of the rules applicable to the Sandiganbayan at any given point in time since the termination of the pre-trial hearings. Thus, the burden of proof that there was no violation of the right to speedy disposition of cases clearly lies with the Republic.”

The Philippines’ highest court said the Sandiganbayan has the habit of delaying the resolution of simple motions from months to years when it could have resolved them immediately.

“At this point, the Court recognizes that the inaction of the Sandiganbayan for more than 30 years has placed petitioner at a disadvantage in fully preparing and presenting his case,” it said.

The government has recovered about P174 billion in ill-gotten wealth, according to the PCCG.

More than 70,000 people were jailed, about 34,000 were tortured, and more than 3,000 people died under the dictator’s martial rule, according to Amnesty International. — Kyle Aristophere Atienza

Ramon Magsaysay award-winning journalists say ‘audience is not dumb’

November 12, 2021 | 8:10 pm

By Bronte H. Lacsamana

During a time where disinformation takes the form of fake news and fills traditional and social media channels with an array of conflicting accounts, the truth may be difficult to seek out. However, as an Indonesian documentary group has discovered over a decade into their operations, the general public is not as dumb as imagined by many.

“A combination of journalistic content with good cinematography can be an attraction for the audience, so documentaries can have impact and influence,” said Dandhy Laksono, co-founder of Watchdoc, an independent media production company founded in 2009. “We found that content on YouTube doesn’t have to be short and light to be watched.”

As a recipient of the 2021 Ramon Magsaysay Award for emerging leadership, the group gave a lecture in November about truth crusading in the era of fake news.

With more than 150 film titles made since their founding, Watchdoc is one of the shining examples of perseverance amidst the discouraging reality of rampant disinformation. Its business model, for example, balances both commercial work and advocacy work.

“We are a private and commercial company so we can maintain sustainability and not an NGO (non-government organization) that depends on donors [and] writes proposals for every film,” shared Mr. Laksono. “If commercial work is at odds with our advocacy work, then we will choose to prioritize advocacy agenda.”

He added that they named this the “suicide business model” due to the eventuality of limited profit opportunities from certain sectors or clients in conflict with advocacies.

For now, this approach has worked, with eight Watchdoc documentaries having each attracted more than a million views. One of them has over 35 million — an exposé on coal mining in Indonesia titled Sexy Killers.

THE WAR FOR TRUTH

Aside from the subject matter of many Watchdoc films being issues in less-covered regions, the group also organizes community screenings where audiences engage in discussions afterwards.

Cecilia “Cheche” L. Lazaro, a Filipino broadcast journalist and trustee of the Manila-based Ramon Magsaysay Award Foundation (RMAF), lauded this effort to go beyond urban cities to reach far-flung communities.

“Media content is usually metro-centric and the provinces and small areas where most of the social issues are happening are hardly touched,” she explained, likening Indonesia’s situation to the Philippines’. “Studies show that community press and radios are still preferred in the provinces because of lack of electricity and access to the internet.”

In Indonesia, the elites and political parties also interfere with traditional media, making an independent approach necessary, according to Mr. Laksono.

Ravish Kumar, who received the 2019 Ramon Magsaysay Award as the senior executive director of the New Delhi Television Network, shared that the war for truth was not much easier in India.

“It’s very tough to bring people into another reality because they are constantly being taught or filled with the ideas or agenda of the state. It’s not easy,” he said. “If you go closer to them with the facts, with the truth, they get shocked. Making them realize is not easy and it cannot be done only by plainly giving them information.”

A REVOLUTIONARY ACT

He cited the recent Nobel Prize win of Rappler founder Maria A. Ressa as a beacon of hope for journalists and truth-seekers everywhere.

“This is a fight we have to keep fighting even at the cost of being marginalized, being displaced, being thrown out of this profession,” Mr. Kumar said.

Kara Patria C. David, a journalist, television host, and award-winning I-Witness documentarist agreed that stories that matter must be fought for, so as not to undermine the public who can be an intelligent and discerning audience if given truthful content.

“Market taste should not be dictated by advertisers,” she reiterated, in agreement with Mr. Laksono’s guiding motto in leading Watchdoc. “It is shaped and should be shaped by the content producers themselves, who can make the truth palatable to audiences.”

An analogy the panelists shared was cooking vegetables. Despite being healthy, people might not be enticed to eat them — unless they are cooked and presented beautifully.

Quoting George Orwell, Ms. David stressed the necessity of taking on this challenge: “In a time of deceit, telling the truth is a revolutionary act.”

The Ramon Magsaysay Award has been given out annually since 1957, to a total of 340 people and organizations that have shown “selfless service to the peoples of Asia,” according to its website.

Pacquiao says plans to improve export of Filipino brands if elected

November 12, 2021 | 8:06 pm

PRESIDENTIAL ASPIRANT and Senator Emmanuel “Manny” D. Pacquiao, Sr. plans to increase the export of Filipino brands and broaden the selection of locally manufactured products if he is elected next year.

During a forum by the Chamber of Commerce of the Philippine Islands’ (CCPI) on Friday, Mr. Pacquiao said that he hopes to see Philippine brands supply the globe by promoting local products both domestically and internationally, adding that imports should be lessened.

The Philippines should be known for its own brand, he said, which he believed was possible given the large number of experts in the country; however, the problem is that the skilled are being pirated by other countries, he said.

“Corruption is still the root cause,” he said, noting that if there is no corruption, these Filipinos would not have left because the country would have thrived.

The forum discussed the CCPI’s Economic Compass Pillars 5 (EComP5) which includes industries and businesses as its second pillar, and global competitiveness as its goal.

The presidential aspirant supported the CCPI’s plans, which intended to prioritize locally owned companies and brands over foreign businesses and imports. It also aims to expand Filipino equity and ownership, as well as better connect the country’s islands.

Mr. Pacquiao also said that he seeks to support businesses to strengthen employment.

“The focus should not be centered only on large businesses, but also the micro-, small- and medium-sized businesses,” he said in Filipino. “The governments should look at businesses equally, with no favoritism.”

By strengthening smaller businesses, he added, those without a college diploma will have more chances of employment with less risk of discrimination.

The presidential aspirant said that he would ensure “everyone will have jobs or sustainable income and livelihood” while being assured of meals three times a day.

Also at the same forum, Mr. Pacquiao said that if he wins, he will not be bullied by China amid the West Philippine Sea disputes. His aim is to have a proper dialogue to resolve all the problems regarding China’s claims. — Alyssa Nicole O. Tan

DFA prepares to evacuate Filipinos in Ethiopia as internal conflict intensifies

November 12, 2021 | 8:04 pm

https://dfa.gov.ph/

THE DEPARTMENT of Foreign Affairs late on Thursday raised the alert level in Ethiopia due to the intensifying conflict within that country, and as a result will prepare to evacuate Philippine citizens.

“Alert Level 4 is raised when there is large-scale internal conflict or full-blown external attack,” it said in a statement, noting the conflict ongoing in the Ethiopian state of Tigray and neighboring regions.

With the imposition of Alert Level 4, the Philippine Government will proceed with the mandatory evacuation of Filipinos in that country. The 800 Filipinos in Ethiopia are expected to restrict non-essential movements and avoid public places while preparing for evacuation.

The DFA advised all Filipinos not to travel to Ethiopia at this time.

Filipinos in Ethiopia needing assistance may contact the Philippine Embassy in Cairo, Egypt, or the Philippine Honorary Consul in Addis Ababa. — Alyssa Nicole O. Tan

Centino named new AFP chief

November 12, 2021 | 8:01 pm

THE LEADER of the Philippine Army was chosen on Friday by President Rodrigo R. Duterte as the next chief of staff of the Armed Forces of the Philippines (AFP).

Malacañang confirmed the appointment of Lieutenant General Andres C. Centino as AFP chief, effective Nov. 12.

Mr. Centino would become the 57th AFP chief, replacing General Jose C. Faustino, Jr. who only served as the head of the armed forces for four months from July 2021.

Mr. Centino is a member of the Philippine Military Academy (PMA) “Maringal” Class of 1988. His term will end on February 2023 when he reaches the age of 56 which is the mandatory age of retirement.

“We are confident that Gen. Centino will continue the initiatives of his predecessors to bring lasting peace and development in the country while securing the State and upgrading our defense capability,” said Presidential Spokesperson Herminio “Harry” L. Roque, Jr. to reporters.

Meanwhile, the AFP said in a separate statement that Mr. Centino has “immense knowledge and experience” in leading the country’s troops and that this will make him a competent leader for the armed forces’ mission and response to the coronavirus pandemic.

His appointment comes after Mr. Duterte chose Police Lieutenant General Dionardo B. Carlos, who is from the same PMA class as Mr. Centino, as the chief of the Philippine National Police on Nov. 10. — Russell Louis C. Ku

EU Ambassador to visit Mindanao for project collaboration

November 12, 2021 | 7:57 pm

THE EUROPEAN Union (EU) Ambassador will visit Central and Northern Mindanao from Nov. 15 to 19 to collaborate with the locals on development and humanitarian projects.

On Nov. 15, together with the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), the EU delegation will launch the five-year P1.5-billion Support to Bangsamoro Transition (SUBATRA) Program.

The SUBATRA program seeks to help BARMM lay the foundation for lasting peace and development in the region by strengthening democratic governance during the transformation of the Moro Islamic Liberation Front camps into peaceful and productive communities.

The visit will reaffirm the commitment of the EU in the peace process and development in Mindanao through an inclusive and comprehensive approach, said Ambassador Luc Véron in a statement released on Friday.

The EU will also provide P1.4 billion to improve the social cohesion and resiliency of BARMM’s communities through the Peace and Development in the BARMM program. The ambassador is expected to meet with the region’s officials and stakeholders to implement this.

The program aims to address the health, social and economic impact of coronavirus 2019 (COVID-19) in the region, as well as consolidate the peace in the region by supporting the new administration, the parliament, the judicial system, and civil society.

The EU will provide support to the political settlement by sending a humanitarian and human rights law expert to the International Monitoring Team which oversees the enforcement of all agreements signed by parties.

Mr. Veron will engage with partners and stakeholders of humanitarian and COVID-19 response in Cotabato City and Lanao provinces. — Alyssa Nicole O. Tan

Global group eyes green investments in PHL

November 12, 2021 | 7:53 pm

THE PHILIPPINES is being considered by a private sector-led organization for a possible partnership that will quicken the country’s transition to green and renewable energy sources.

At the 26th United Nations Climate Change Conference (COP26) held at Glasgow, Ireland, Finance Secretary Carlos Dominguez III had a discussion with Dr. Rajiv Shah, the president of the Rockefeller Foundation, which is among the pioneers of the Global Energy Alliance for People and Planet (GEAPP), on the projects the latter could support, the Department of Finance said in a statement.

The group has pledged $10 billion meant to accelerate the implementation of clean energy projects in developing economies that are highly vulnerable to climate change.

The GEAPP is eyeing to grow their commitment to renewable projects in emerging markets to $50 billion in five years. By 2031, it eyes to support $100 billion worth of projects.

Mr. Dominguez, who is also chairman of the country’s Climate Change Commission (CCC), said he will relay the proposal to President Rodrigo R. Duterte. A list of “actionable” green energy initiatives can be drawn up for consideration by the GEAPP.

The Finance chief and Mr. Shah talked about how the GEAPP can assist the decommissioning and repurposing of coal-fired power plants in Mindanao.

The Philippines earlier teamed up with the Asian Development Bank to pilot an Energy Transition Mechanism (ETM)-supported project as the government is in the process of rehabilitating the Agus-Pulangi hydropower plant in Mindanao to improve its generating capacity.

The Rockefeller Foundation signed a memorandum of understanding (MOU) with the ADB on designing and establishing the ETM facility.

Once the seven hydropower plants in Agus-Pulangi see higher generating capacity, the government can proceed with its plan to gradually acquire coal-fired power plants in Mindanao and repurpose them through the ETM facility, Mr. Dominguez said.

The Philippines accounts for only 0.3% of global carbon emissions, but as an archipelago sitting on the typhoon belt and the Pacific Ring of Fire, it is among the most vulnerable to the adverse effects of climate change. — LWTN