Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 7302

US firm to restore geothermal well in EDC’s 180-MW Leyte plant

US-BASED GreenFire Energy, Inc. said on Thursday that it entered into an agreement with Lopez-led Energy Development Corp. (EDC) to restore an idle geothermal well within the local firm’s 180-megawatt (MW) project in Leyte.

In a press release, GreenFire said it would install and commission a heat mining system in EDC’s Mahanagdong geothermal facility by the fourth quarter. The system is said to help correct the “high level of non-condensable gases produced from the geothermal well when flowing.”

EDC’s public relations department confirmed the development.

GreenFire, which is headquartered in California, uses GreenLoop technology — a patented, closed-loop energy system — which generates power from geothermal sources where conventional geothermal systems cannot effectively operate.

“We have been looking at GreenFire Energy’s closed-loop approach to geothermal for some time and are happy to see the progress. While we see potential for the technology in large greenfield projects too, we see the fast payback on well retrofits as the easiest way to start,” EDC Senior Vice-President and Head of Facilities Operations and Maintenance Group Liberato S. Virata said in a statement.

Mr. Virata added that being able to generate steam from EDC’s idle geothermal wells will allow the firm to supply clean, reliable and stable power.

Joseph Scherer, GreenFire Energy’s chief executive officer said, “We really appreciate EDC’s willingness to consider and implement new solutions to geothermal wells and resources that have excellent potential but with production issues that can’t be addressed by conventional technology. Many geothermal operators around the world have similar needs, but EDC is one of the most innovative so we’re pleased to have the opportunity to work with them.”

In its media release, GreenFire said that it is also working with EDC to analyze unproductive geothermal wells and less productive geothermal fields “where the potential for using the technology will be of the greatest technical and economic benefit.”

EDC has a total installed capacity of over 1,400 MW, which account for 20% of the country’s installed renewable energy capacity. The firm also has an installed geothermal portfolio of over 1,200 MW, which make up 62% of the country’s total installed geothermal capacity.

Shares of EDC’s parent firm First Gen Corp. in the local bourse improved 1.69% or 50 centavos to finish at P30 each on Thursday. — Angelica Y. Yang

NFT artwork by humanoid robot sells at auction for nearly $700,000

FACEBOOK.COM/REALSOPHIAROBOT

HONG KONG —  A digital artwork by humanoid robot Sophia was sold at auction on Thursday for $688,888 in the form of a Non-Fungible Token (NFT).

NFTs, a digital signature saved on blockchain ledgers that allows anyone to verify the ownership and authenticity of items, have become the latest investment craze, with one artwork selling this month for nearly $70 million.

Sophia, who was unveiled in 2016, produced her art in collaboration with 31-year-old Italian digital artist Andrea Bonaceto, known for colorful portraits, some of which depict famous people, such as Tesla’s chief executive, Elon Musk.

The robot has combined elements from Mr. Bonaceto’s works, art history, and her own physical drawings or paintings on various surfaces multiple times in a process her creator David Hanson describes as “iterative loops of evolution.”

Titled Sophia Instantiation, the digital work is a 12-second MP4 file showing the evolution of Mr. Bonaceto’s portrait into Sophia’s digital painting, and is accompanied by a physical artwork, painted by Sophia on a printout of her self-portrait.  — Reuters

Basic Energy secures contract for 50-MW wind project in Mabini

LISTED firm Basic Energy Corp. said that it had received from the Energy department a service contract for its planned 50-megawatt (MW) wind project in Mabini, Batangas.

In a disclosure to the local bourse on Thursday, Basic Energy said that the wind energy service contract (WESC) provides for a non-extendible, five-year, pre-development stage and a 25-year development stage, counted from contract signing.

The development stage may be extended for another 25 years, subject to the approval of the Department of Energy (DoE).

The wind project will be undertaken by Mabini Energy Corp., a wholly owned unit of Basic Energy. The parent firm said that the planned project, which will cover over 4.860 square meters of land in the Mabini Peninsula, is targeted to begin its commercial run by 2027 or five years from the date of the WESC awarding.

A WESC is awarded to eligible applicants that pass the legal, technical and financial evaluations on proposed wind power projects, which are meant for commercial use, the DoE said in its work program on on-shore wind projects.

In a separate disclosure on Thursday, Basic Energy said that it had amended its articles of incorporation to double its authorized capital stock to P5 billion from the P2.5 billion.

The firm said that it added two more provisions in its amended by-laws, including conferring the honorary title of chairman emeritus to a former chairman, and the deletion of the profit-sharing provisions for directors and officers.

Last month, Basic Energy said that the board of directors of the Mabini Energy Corp. gave the go signal for Oscar L. de Venecia, Jr., the parent firm’s president, to sign the service contract.

Shares of Basic Energy in the local bourse improved 24.66% or 18 centavos to finish at P0.91 apiece on Thursday. — Angelica Y. Yang

DBP net profit down by 30.4%

THE Development Bank of the Philippines (DBP) posted a lower net profit of P3.9 billion in 2020 on higher credit loss provisions and operating expenses.

The state lender’s net income decreased by 30.4% last year from P5.6 billion recorded in 2019, DBP Executive Vice-President for Corporate Services and Concurrent Head of Operations Marietta M. Fondevilla said in a statement on Thursday.

“DBP’s financial standing mirrors the general trend in the industry as the majority of the banks amplified actions in ensuring ample reserves to cover probable losses as a result of dwindling economic activity,” Ms. Fondevilla said.

The bank’s loan portfolio rose 19% to P423.32 billion as of December from P356.75 billion a year earlier.

More than half (53.4%) of the loans or P225.9 billion were disbursed for infrastructure and logistic projects. Meanwhile, the bank also facilitated loans meant for social services and community development (P78.9 billion); environmental projects (P44.8 billion); and micro, small and medium enterprises (P32.8 billion).

“We remain committed to the collective and purposive efforts of the National Government to bolster resiliency and carve a steady path to recovery and growth especially of our traditional customer segments,” DBP President and Chief Executive Officer Emmanuel G. Herbosa was quoted as saying.

DBP’s deposits also jumped 47.6% to P817.9 billion last year from P554.18 billion in 2019, while investments increased 26% to P260.1 billion from P206.57 billion.

These brought the bank’s total assets to P1.04 trillion at end-2020, rising by 37% from P761.24 billion in the prior year.

Meanwhile, the bank’s gross margin increased 5% to P20.91 billion from P19.9 billion in 2019.

In December, DBP listed P21 billion in two-year peso-denominated bonds with a coupon rate of 2.5%. Proceeds from the fundraising exercise will be used to support its lending activities.

DBP is the sixth-largest bank in the country in terms of assets and has been designated as the country’s infrastructure bank by the National Government. — L.W.T. Noble

‘No Zoom’ Oscars causes backlash, Hollywood media reports

LOS ANGELES —  The “No Zoom” policy for this year’s Oscars ceremony is proving a headache for multiple nominees who live outside the United States and who are still under pandemic restrictions, according to Hollywood publications.

Variety and Deadline Hollywood reported on Wednesday that publicists and some studio executives have complained to the film academy about logistics, costs, and quarantine issues raised by the decision to bar nominees from taking part in the ceremony remotely.

The Academy of Motion Picture Arts and Sciences, which organizes the ceremony, did not return a request for comment on the reports.

Due to the coronavirus pandemic, the Apr. 25 show to hand out the highest honors in the movie industry will be held both at Union Station in Downtown Los Angeles and the traditional home of the Academy Awards at the Dolby Theater in Hollywood.

Producers said last week that there will “not be an option to Zoom in for the show” and encouraged nominees to attend in person.

At least nine nominees, including Promising Young Woman director Emerald Fennell and star Carey Mulligan, live in Britain. England next week is expected to ban nonessential international travel until mid-May.

Representatives of the five international feature films — submitted by Denmark, Hong Kong, Romania, Tunisia, and Bosnia — could also face hurdles getting to Los Angeles, Variety and Deadline noted.

Some of the other 200 or so nominees will be working on productions that require quarantine or living in restricted “bubbles” with cast and crew, the publications said.

Visitors to California are currently expected to quarantine for 10 days. Travelers to nations outside the United States are also subject to varying quarantine requirements.

Variety said a meeting this week to discuss the issues between the Academy, movie studio executives and publicists had been canceled.

Other awards shows in recent months have replaced the usual in-person gatherings at gala dinners and on stage with pre-recorded appearances or virtual events, or a combination of those with small in-person gatherings.

But television audiences have slumped, with the Golden Globes and the Grammys attracting the smallest numbers in decades. — Reuters

Globe to also launch 5G in North America, Europe

GLOBE TELECOM, Inc. said on Thursday it would also be launching fifth-generation (5G) roaming services in North America and Europe.

To recall, the Ayala-led telco announced on March 10 that it would be launching 5G in more parts of Asia and the Middle East for its customers traveling abroad, especially overseas Filipino workers.

On Thursday, Globe said in an e-mailed statement: “The recent launch of Globe’s 5G roaming services in the United Arab Emirates and Thailand are set to continue with upcoming launches across Asia, Middle East, North America, and several countries in Europe.”

Globe, the first telco to offer the latest generation of wireless technology in the Philippines, said its 5G is currently available in 1,200 areas in the country.

Globe previously reported a 13.04% decline in its core net income for 2020, mainly because of the impact of the coronavirus pandemic on its businesses except for the home broadband segment.

The company’s EBITDA (earnings before interest, taxes, depreciation and amortization) for 2020 totaled P73.51 billion, down 3.31% from P76.03 billion in the previous year.

The company set a capital expenditure (capex) budget of about P70 billion for 2021, higher than the previous year’s revised capex guidance of P50 billion.

Globe Telecom shares closed 0.52% lower at P1,900 apiece on Thursday. — Arjay L. Balinbin

House OK’s PDIC charter amendments

THE HOUSE of Representatives has approved a bill on the revised charter of the Philippine Deposit Insurance Corp. (PDIC), which will include allowing the agency to adjust its insurance limit per depositor.

Lawmakers on Thursday voted 185 affirmative to six negative and one abstention for the approval of House Bill 8818 or the proposed law that aims to strengthen the powers of the PDIC and expand the maximum deposit insurance coverage in the country.

If enacted, the revised charter will make the PDIC an attached agency of the Bangko Sentral ng Pilipinas (BSP) to streamline overlapping functions of both entities. The PDIC is currently under the Department of Finance.

The bill will also give the PDIC the authority to increase the maximum deposit insurance coverage subject to review every three years, with the amount determined by the PDIC indexed to inflation and other economic factors. The current maximum deposit insurance amount is P500,000 per depositor per bank.

The revised charter will also allow the PDIC to have access to records, books of accounts and depository reports if there are issues of fraud or unsafe banking activities related to deposits. The BSP shall have access to the examination reports of the PDIC.

Both the PDIC and the BSP may look into deposit records of a bank, with bank officials and employees required to disclose the information.

Bayan Muna Rep. Carlos Isagani T. Zarate, who voted against the bill’s approval, said the new charter of the PDIC expands the BSP’s powers to examine deposit accounts and “indirectly amends the Bank Deposit Secrecy Law.”

“If the bill passes, the confidential nature of bank deposits are no longer effectual. This practically opens the floodgates to the examination or investigation of bank records by any person the BSP would authorize. The confidentiality of bank deposits is no longer essentially true,” he said during the plenary on Thursday. — G.M. Cortez

House OK’s bill setting freelance payment deadlines

A PROPOSED LAW that will require freelance workers in the gig economy to work under contract with specific payment deadlines was unanimously approved by the House of Representatives, sitting as a plenary body.

House Bill 8817 or the proposed Freelance Workers Protection Act was designed to increase the legal protections available to freelancers, and will require employers to pay freelancers their fee no later than 15 days after the payment date set out in the contract.

If enacted, the bill will require a written contract between the freelance workers and the hiring party before any services will be given by the freelancer. In the absence of a written contract, the fee is due immediately after the agreed services were rendered.

Freelancers will be eligible for night shift differential pay if physically present in the workplace or are on field assignment. They will be entitled to hazard pay if warranted.

The proposed law also grants a tax amnesty to freelance workers earning less than P1 million annually. A rate of 2% of gross receipts above the first P250,000 will apply.

Representative Jose Ma. Clemente S. Salceda said in a statement Thursday that the measure will benefit over two million freelance workers, which he said will have grown due to the pandemic.

“Freelancing has become the lifeline for millions of Filipinos, especially those who lost their regular jobs during the pandemic. As the economy becomes more digital, there will be more freelancing. Without legal protections, we will also see more labor exploitation,” he said.

He added that the tax amnesty will allow freelance workers “steer clear of any pending tax liabilities that could prevent them from having better contracts.” — Gillian M. Cortez

Stuff to do (03/26/21)

Muni-Muni Stories recaps season

FILIPINAS Heritage Library and the OPM Archive present the 12th episode of Muni-Muni Stories: A Podcast on Filipino Music on Mar. 26, 6 p.m. The episode is a Recap Finale with Moy Ortiz and Krina Cayabyab. This recap episode of Muni-Muni Stories contemplates the nature of the OPM (Original Pilipino Music) Archive: a living, advocacy-driven, and crowd-sourced repository that links creators and lovers of Philippine music. By recording and analyzing the songs and their stories, this living archive studies the aural evolution of Filipino culture. Moy Ortiz and Krina Cayabyab track that evolution as they recall the past episodes’ highlights. On the way, they discover new directions in the making and reception of music, reaching past the times of crisis. The podcasts are available on Spotify and Apple Podcasts.

PPO Chamber Music concert focuses on strings

THE PHILIPPINE Philharmonic Orchestra (PPO) streams its fourth Chamber Music Concert on Mar. 26, 8 p.m., via the Cultural Center of the Philippines (CCP) and PPO Facebook pages and the CCP YouTube Channel. The focus of this concert is string instruments. Cello player Giuseppe Andre Diestro and double bassist Ariston Payte III will play Sonata for Cello and Double Bass in B-flat Major K.292 by Wolfgang Amadeus Mozart. It will be followed by Quartet for Four Violins Op.107 by Ignaz Lachner, to be performed by violinists Berny Dulce Payte, Ma. Angelica Uson, Ayesa Cruz, and Gemma Bicaldo. For more information, visit the CCP website (www.culturalcenter.gov.ph) or follow the official CCP and PPO Facebook pages.

Araneta City celebrates Earth Hour

ARANETA City is taking part in this year’s celebration of Earth Hour, holding several activities promoting sustainability and environmental welfare. The Trash to Cashback program is being held at Araneta City until Mar. 27. This is being done in partnership with Basic Environmental System and Technologies, Inc. and the Environmental Protection and Waste Management Department of Quezon City. Araneta City is also accepting recyclable waste materials like PET bottles and old newspapers at the kiosk located at the Araneta City Bus Station in exchange for bXTRA environmental points that can be used in select establishments. Araneta City will be marking Earth Hour on Mar. 27, 8:30 p.m., by turning off the lights. It will also present the Earth Hour Virtual Spotlight which will feature a special video produced by the World Wildlife Foundation on all social media channels. For more information on the activities, visit https://aranetacity.com/.

KCON:TACT 3 virtual festival runs until Sunday

SMART Communications, Inc.’s KCON:TACT 3 virtual festival is ongoing until Mar. 28, via GigaFest.Smart. KCON:TACT 3 is a K-Culture and pop music celebration featuring nine days of Korean content, with live concerts and meet and greets with dozens of K-Pop artists. Catch the performances and meet and greet sessions by visiting MegaFest.Smartone (http://gigafest.smart/) your mobile browser. The featured K-pop acts include AB6IX, A.C.E, Dreamcatcher, Loona, SF9, Stray Kids, Too, and Woodz (Cho Seung Youn).

Jack Nicklaus apparel available at Lazada’s Birthday Sale

CELEBRATE Lazada’s Birthday Sale — which runs until Mar. 27 — and visit Jack Nicklaus’ Flagship Store to enjoy up to 50% off on select styles. Jack Nicklaus Apparel, named after the golf legend Jack Nicklaus, is now available at LazMall. Jack Nicklaus offers men’s knits in an assortment of colors which are made from either mercerized cotton or polyester and Spandex. Men’s woven shirts come in multi-colored mini plaid that are made from cotton, nylon and spandex with classic colors to choose from. The brand also offers water-resistant full-zip jackets and vests that are both lightweight and breathable. Each piece is crafted with the CoolPlus Moisture-Wicking feature. There are also stylish and comfortable bottoms with striking colors like Paradise Pink and Brilliant Blue. Complete the look with accessories like belts and caps that will match any outfit.

House approves FICTAP franchise

PHILIPPINE STAR/MICHAEL VARCAS

LAWMAKERS on Thursday approved the proposed congressional franchise of newly organized corporation FICTAP Telecommunications, Inc.

In a plenary session, the House of Representatives approved House Bill 8972 or an act that will grant new player FICTAP a telecommunication franchise valid for 25 years.

If signed into law, FICTAP will be granted the authority to “construct, establish, install, operate, and maintain for commercial purposes and in the public interest, within the Philippines and between the Philippines and other countries and territories, wired and wireless telecommunications systems.”

FICTAP must obtain a Certificate of Public Convenience and Necessity and other required permits and licenses from the National Telecommunications Commission (NTC) in relation to the company’s construction and operation of its telecommunication systems and facilities.

The NTC will also review the proposed rates for FICTAP’s telecommunications services that will be offered to the public.

As an obligation to the public, FICTAP must maintain its services in a satisfactory way at all times and improve its systems to keep up with the advances in science and technology.

FICTAP should also improve and extend its services in areas that are yet to be served and in disaster-prone areas as determined by the NTC.

FICTAP President Estrellita Juliano-Tamano told BusinessWorld in a phone interview on Thursday that the corporation is “very happy” that the franchise application is seeing progress before the House of Representatives.

“We are different from other telecommunication companies applying for a franchise… we are seeking a congressional franchise to compete with the big telco players,” said Ms. Juliano-Tamano. — Gillian M. Cortez

Cebuana Lhuillier’s rural bank records increase in savings account openings

CEBUANA LHUILLIER Rural Bank, Inc. saw its Micro Savings accountholders jump to more than five million Filipinos since its launch in 2019 after it added features for digital transactions.

The banking arm of microfinancial services giant Cebuana Lhuillier said more clients applied for its Micro Savings account in December last year after features such as cashless payments, mobile applications, access to automated teller machines (ATMs) through BancNet, and the use of QR codes, were introduced.

“We are elated that there are more and more Filipinos every day who are realizing the importance of saving and are taking charge of their future. It is very exciting that these 5 million Micro Savings account holders are not only on the first step to financial wellness, but because of our amped up product, are also Financially Mobile individuals,” Cebuana Lhuillier President and Chief Executive Officer Jean Henri D. Lhuillier said in a press release on Thursday.

The rural bank said the savings account was introduced in February 2019 as a basic deposit account that streamlines the documentary requirements needed to open an account. It does not require a maintaining balance or apply dormancy charges.

The account was initially available in Cebuanna Lhuillier’s 2,500 branches nationwide, but access was expanded through BancNet’s network of 21,000 ATMs and 114 member banks.

Its tie-up with global payments network UnionPay also allowed clients to make debit payments through 350,000 point of sale terminals and partner businesses.

Cebuana Lhuillier Rural Bank’s mobile application “eCebuana” likewise facilitates digital money transfer via Instapay and other online payment transactions such as settling bills and buying load. It also includes QR codes for faster transactions, it said.

The coronavirus pandemic and mobility restrictions enforced to curb the spread of the virus prompted a massive shift to online transactions and digital payments.

The volume of PESONet transfers surged by 376% from a year ago to 15.3 million in 2020, while the value nearly tripled to P951 billion, according to central bank data. Meanwhile, the InstaPay transactions climbed by 459% to 86.7 million year on year, for a total amount of P463 billion, up 340%.

The Bangko Sentral ng Pilipinas wants 50% of transactions done digitally by 2023. — B.M. Laforga

Phoenix looks at ‘maximizing’ value of non-core assets

Phoenix Petroleum Philippines, Inc. is exploring how it can maximize the value of its non-core assets after its board greenlit the unloading of certain assets to manage its debts, an official of the Dennis A. Uy-led listed firm said.

“Nothing is definitive yet, but one of the things we are exploring is how we can maximize the value of assets that are outside the core of [the] business of marketing. We are also looking at potential partnerships that could support and accelerate growth of our various businesses,” Alan Raymond T. Zorrilla, Phoenix Petroleum’s senior vice-president for external affairs, business development and security, told BusinessWorld in a mobile message on Wednesday.

He did not, however, disclose what the specific assets were.

According to Mr. Zorrilla, the firm decided to secure internal approvals to assure potential buyers or investors that the management is authorized to negotiate with them.

He said Phoenix Petroleum will disclose potential transactions at the appropriate time.

On Tuesday, the firm gave its management the go signal to enter into negotiations with any interested entity for the “possible transfer, sale, mortgage or disposition of certain corporate properties, assets and investments.”

The firm added that the transactions must also be “under reasonable and acceptable terms and conditions that are advantageous to [Phoenix Petroleum].”

Phoenix Petroleum clarified on Monday that, like any business, the company or any of its units are “open to consider any investor willing to invest and believes in the operations [of Phoenix Petroleum] and can further add value to its business activities.”

It reiterated that the offers are “nothing new”, and it has been “open to all investors who believed in its core business and can bring in value to its operations, finances, and to its shareholders.”

Shares of Phoenix Petroleum in the local bourse shed 4.01% or 46 centavos to finish at P11 apiece on Thursday.

CNOOC AND TANGLAWAN LNG PROJECT
Meanwhile, Phoenix Petroleum and its top official have distanced themselves from a liquefied natural gas (LNG) import terminal project whose regulatory notice to proceed was earlier canceled.

The oil firm, the country’s third-largest in terms of market share, told the stock exchange on Thursday it was its Chinese partner that had registered the project entity.

“First off, Tanglawan is an SPV [special purpose vehicle] registered by CNOOC with the Commission,” Phoenix Petroleum said in its disclosure, which was prompted by a letter from the Philippine Stock Exchange seeking clarification.

Tanglawan Philippines LNG, Inc. was disclosed in January 2019 by Phoenix Petroleum as the entity that had been granted the notice to proceed (NTP) to build an LNG terminal in Batangas.

The oil company said back then that it had planned to break ground for the project by that year.

“The company plans to break ground by 2019 for the regasification and receiving terminal with a capacity of 2.2 mtpa [million metric tons per year], with commercial operations targeted to start by 2023,” Phoenix Petroleum said at that time.

“The LNG facility will help support the demand for a clean and reliable energy source in Luzon and contribute to the sustainable development of the Philippine economy.” it added.

It also said that Tanglawan “will be a joint venture between the Philippine’s fastest-growing oil company, Phoenix Petroleum, and China’s largest LNG importer and terminal operator, CNOOC Gas and Power Group Co., Ltd.”

“The integrated long-term project plan also aims to develop a gas-fired power generation facility with up to 2,000 megawatts installed capacity,” .

However, on Thursday, Phoenix Petroleum said that the company nor Mr. Uy “is not part nor do they own shares, directly or indirectly, in Tanglawan.”

“Please note that Phoenix Petroleum supported CNOOC in Tanglawan’s NTP application with the view that Phoenix Petroleum will later join Tanglawan venture company led by CNOOC,” it said in its disclosure.

But as early as February 2019, Phoenix Petroleum said that its board had approved and granted the company or its subsidiaries the authority to enter into a joint venture/cooperation with CNOOC to establish and operate various LNG-related trade and services under a so-called LNG integrated hub project.

The board also approved the creation of a wholly owned subsidiary to manage Phoenix Petroleum’s LNG interest in that hub, including the receiving terminal for the fuel and the operation of a gas-fired power plant.

It also authorized the company to invest P250 million for the project.

But in December 2019, Phoenix Petroleum confirmed that Tanglawan requested “to hold in abeyance” the LNG project after the former’s parent firm acquired the stake of Chevron Malampaya LLC in the Malampaya gas-to-power project, the country’s only source of natural gas.

The confirmation came after DoE Secretary Alfonso G. Cusi said that the entities behind Tanglawan requested to withdraw their application for the LNG terminal. But he also said that they planned to submit a new concept.

In January this year, a DoE official said the agency was “constrained to cancel” the notice to proceed. — Angelica Y. Yang and VVS

1...7,3017,3027,303...13,233Page 7,302 of 13,233
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube