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DoE says 900,000 barrels of diesel to arrive next month

Motorcycle riders queue at a gasoline station in Quezon City. — PHILIPPINE STAR/MIGUEL DE GUZMAN

ENERGY SECRETARY Sharon S. Garin on Monday said that a new batch of diesel orders totaling 900,000 barrels are set to arrive in the country next month.

In a virtual press briefing on Monday, Ms. Garin said the Philippine government will receive 300,000 barrels coming from Malaysia and Singapore by early April, another 300,000 barrels from India by the middle of the month, and another 300,000 barrels from Oman by the end of April.

The new supply is expected to boost the country’s petroleum reserves, extending the current average supply to approximately 50.94 days.

“Even though we know that we have enough time to order or look for additional supply, we would like to remind the public that we need to be very prudent because we don’t know how long the war will last,” Ms. Garin said.

Monitoring from the Department of Energy (DoE) showed some oil companies are set to reduce gasoline prices by as much as P2.35 per liter, while some fuel retailers may raise gasoline prices by as much as P2.90 per liter. Diesel prices will increase by P4.50-P12.90 per liter while kerosene prices will go up by P1-P2.40 per liter.

Seaoil Philippines, Inc. will implement a one-time price increase of P12.50 per liter for diesel and P2 per liter for kerosene, beginning Tuesday morning. It will not adjust gasoline prices.

“For now, we’re holding off on gasoline price increases to give motorists a bit of relief where we can,” the company said.

Unioil Petroleum Philippines, Inc. and Petro Gazz will raise diesel prices by P12.50 per liter and gas prices by P2.50 per liter.

Petron Corp. will hike gasoline prices by P1.90 per liter, diesel by P11.90 per liter, and kerosene by P1.40 per liter, while Jetti Petroleum, Inc. will raise the price of diesel by P12.90 per liter and gasoline by P1 per liter.

The latest price adjustments have put a break on double-digit hikes for gasoline for the past three weeks. Diesel and kerosene, on the other hand, continue to see a steady uptrend in prices.

The rise in fuel prices will push the prevailing gasoline prices in the National Capital Region to nearly P115 per liter and diesel prices to as high as P156 per liter.

The Philippines is a net importer of crude oil and sources most of its supply from the Middle East, making the country vulnerable to global crude price swings.

To boost the country’s oil buffer, the government has moved to procure two million barrels of oil, with a budget allocation of P2 billion.

Last week, the Department of Energy (DoE) announced the arrival of the first shipment carrying 142,000 barrels of diesel, part of the 1.04 million diesel the government secured.

The Philippines has been under a state of national energy emergency due to global fuel supply disruptions and rising oil prices. — Sheldeen Joy Talavera

Petron turns to Russian oil, secures 2.48 million barrels amid disruptions

PETRON.COM

PETRON CORP., the country’s sole oil refiner, said it has secured 2.48 million barrels of crude oil from Russia to boost its petroleum product inventory until June.

In a statement on Monday, Petron said it may consider buying Russian crude again if the fuel supply disruption persists and it cannot source sufficient crude from other suppliers to augment the country’s fuel supply.

The company said procuring Russian crude oil is not its usual practice and that the purchases were made “out of extreme necessity” as an “extraordinary energy measure amid supply chain disruptions.”

It said it turned to sourcing from one of the world’s top exporters “only after exhausting all commercially and operationally viable alternatives.”

Petron said it encountered shipping constraints for a previous two-million-barrel crude oil order following the closure of the Strait of Hormuz, a key global oil transit route, amid escalating tensions in the Middle East.

The company said the first shipment was unable to pass through the strait, while the second shipment was canceled due to heightened risks in the Strait of Hormuz and the Red Sea.

As the country’s largest downstream oil player and sole refiner, Petron said the disruption in a key shipping route constrained it to procure Russian crude to help secure domestic fuel supply.

Petron’s refinery in Bataan has a capacity of 180,000 barrels per day and supplies about a third of the country’s fuel demand.

“A refinery shutdown for failure to secure crude would lead to serious nationwide fuel shortages, sharp price spikes, panic buying, disruption to transportation and logistics, and broader economic dislocation-outcomes that would have had serious consequences for households, businesses, and critical public services in a country that is highly dependent on imported fuel,” the company said.

The company said it coordinated with the Department of Energy and the Department of Finance, which encouraged oil firms to secure alternative sources of crude oil and finished products.

Petron also said it received confirmation from the Bangko Sentral ng Pilipinas in a March 12 letter that there are no domestic legal prohibitions on importing Russian crude oil.

The Philippines has been seeking alternative fuel sources as supply from the Middle East, a major oil-producing region, faces disruptions due to the ongoing conflict involving Iran.

The United States has temporarily eased certain sanctions on Russian oil to help increase global supply amid disruptions in key shipping routes.

Russian Deputy Prime Minister Alexander Novak earlier instructed the energy ministry to draft a resolution banning gasoline exports from April 1 to July 31, Reuters reported, citing state-run TASS news agency.

The Philippines was placed under a state of national energy emergency starting March 24 in response to risks to the country’s energy supply.

Petron President and Chief Executive Officer Ramon S. Ang earlier renewed an offer to sell the company back to the government as the country deals with supply issues and rising fuel prices. — Sheldeen Joy Talavera

MTerra Solar starts exporting power to grid

MGEN

MTERRA SOLAR, the world’s largest battery-integrated solar power project, has begun exporting an initial 250 megawatts (MW) to the grid, Meralco PowerGen Corp. (MGEN) said.

In a statement on Monday, MGEN said MTerra Solar has also energized the first tranche of its battery energy storage system, allowing the plant to deliver up to 450 megawatt-hours (MWh) of energy to the grid at night.

“The project’s phased energization enables earlier delivery of capacity to the grid, helping ease supply constraints and supporting efforts to maintain stable electricity prices amid evolving global conditions,” MGEN President and Chief Executive Officer Emmanuel V. Rubio said.

MTerra Solar was initially authorized to export up to 85 MW of firm power to the grid as part of testing and commissioning activities.

Located across Bulacan and Nueva Ecija, the P200-billion MTerra Solar project is expected to generate up to 3,500 megawatt-peak (MWp) of solar power, supported by a 4,500-MWh battery energy storage system.

The project is being developed in phases, with full commercial operations targeted by 2027.

Once completed, the project is expected to generate enough clean energy to supply about 2.4 million households.

In a separate statement, the Department of Energy  said the project supports efforts to strengthen the country’s energy security amid continued volatility in global oil markets driven by developments in the Middle East.

“Every megawatt of domestic capacity that we bring into the grid strengthens our ability to withstand external shocks, protect consumers, and preserve system reliability,” Energy Secretary Sharon S. Garin said.

“Amid the Middle East conflict, accelerating the development of renewable energy and storage is both a strategic necessity and a national imperative,” she added.

MGEN is the power generation arm of Manila Electric Co. (Meralco), the country’s largest private electric distribution utility, serving more than 8.2 million customers in Metro Manila and nearby provinces.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

SEC to stand its ground on 9-year independent director term limit

Philippine Securities and Exchange Commission Chairperson Francis Ed. Lim

THE SECURITIES and Exchange Commission (SEC) said it will stand its ground on its nine-year term limit for independent directors, as it considers its response to a petition challenging the rule, which it said is meant to raise governance standards and restore investor confidence.

“We will stand our ground. Our people clamor against political dynasties — so our public companies must reject boardroom entrenchment. No double standards. We must raise our governance standards to restore investor confidence,” SEC Chairperson Francisco Ed. Lim said in a Viber message on Monday.

He said the regulator is preparing its response to the petition filed by GMA Network, Inc.

Last week, GMA Network said it filed a petition before a Makati court seeking to nullify the SEC’s rule imposing a nine-year term limit on independent directors of publicly listed companies.

“We must raise our governance standards to restore investor confidence. Our stock market has been falling behind. The time to act is now — and we call on everyone to step up for the sake of our country,” Mr. Lim said.

GMA Network said it filed a petition for certiorari on March 26 seeking to set aside the SEC’s memorandum.

The company is also seeking a temporary restraining order from the court to suspend the implementation of the rule while the case is pending. It said the memorandum would require it to replace two incumbent independent directors without sufficient time to conduct a full vetting process.

SEC Memorandum Circular No. 7, signed on Jan. 26, states that an independent director is elected for a one-year term and may serve for a maximum cumulative term of nine years in the same listed company.

The circular took effect on Feb. 1. Under the memorandum, independent directors elected before its effectivity are also covered by the nine-year limit, counted starting calendar year 2012. — Ashley Erika O. Jose

An apple pie showed the way to a slice of Eden

The Sanctuary’s altar is set against fine woodwork with the tilma of Our Lady of Guadalupe overhead

Story and photos by Anna Isabel C. Sobrepeña

PARADISE was lost through the bite of a forbidden fruit, but an apple pie opened the way to a garden that might have been a passageway to Eden.

The joyride to Tagaytay with my two sisters had no schedule or definite itinerary. We just needed to pick up our fourth sibling at half past eight in the evening after her workshop was done. Whim and spontaneity determined the course of our leisurely drive through the countryside. The idea of outlet shopping or passing by supermarkets evaporated with the changing landscape. We shed the city mindset and shifted to weekend mode on a surprisingly traffic-free Saturday.

PIONEER IN COUNTERCULTURE
There were two things we needed to buy for mom back home — freshly baked bread for her breakfast, and buko pie. It wasn’t just any coconut pie; the particular one she wanted was available in only one place in these parts but by the time we got there, all were sold out. Our quick alternative was an apple pie and that determined where we would have our late lunch.

It had been a while since my last visit to Gourmet Café, now renamed Gourmet Farms. If memory serves me, my late husband and I had enjoyed meals in a romantic, rustic setting — interiors of bamboo, wood, and thatched palm leaves, with the aroma of coffee wafting through. The design was reminiscent of tropical dwellings suited to the Philippine climate. I saw that that had certainly changed as we eased into a parking space of the updated establishment, an expansion born of a vision that owner Ernest Escaler had set out to do.

Ernest believed that Philippine coffee had a place in the world market and began trading Filipino beans abroad in the 1970s. By 1988, his company built the first commercial coffee roastery in the country. Not long after, he embarked on the farm-to-table concept in the country, another pioneering effort inspired by the popularity of the California Cuisine and Healthy Eating movement. It was a counterculture shift to promote fresh, organic, and locally sourced food that aimed to reduce the distance that food travels, connect consumers with farmers, support local livelihoods, and provide highly nutritious produce free from excessive processing.

Many expansions and innovations continued to widen the enterprise, but there was an overarching spirit that has prevailed over all these efforts, and it was enshrined in a very special place somewhere in the 11-hectare property.

BEYOND FARMING
We had lunch in a commodious dining room with a mix of different dining sets and art for sale on the walls. Russell, who attended our table, was also an artist although his works were not part of the exhibit. A salad section in the pleasant salon allowed diners to select their own ingredients to complement their meals. While we were enjoying our pasta and pizza, Ernest himself walked in with company. He had just come from the Sanctuary, a place he invited us to visit after we were done. We accepted and our guide, Ray, arrived came to take us there, providing wide-brimmed hats for cover from the afternoon sun.

We walked past beds of vegetables cultivated not just for the restaurant’s consumption but also for salad greens sold in supermarkets. Marigolds, a natural pesticide, bloomed brightly in another section. The sidewalk disappeared as we wound down the paved road through an undulating terrain. There was a whiff of pine from a towering tree on one side, a scent of happy memories. We reached a steel gate marked as The Sanctuary of St. Joseph. Ray unlocked the barrier, and we stepped into the heart of Gourmet Farms, Inc.

SAINT BY THE GATE
Right by the entrance was a log bench before a statue of St. Joseph, seemingly extending an invitation to sit and marvel. It provided a view of the vegetable patches outside the Tuscan-style gate. Towering over us was the kindly image of the venerated patron of the universal church, holding a child who stood on a stool, reaching up to be carried. It was such a loving and intimate depiction of the saint tasked to care for the Holy Family.

There was a peaceful stillness that opened the heart to a quiet joy. Bougainvillea leaned against the trunks of tall trees, blooming profusely in a shower of pink blossoms. Lush greenery lined a path, punctuating the grass carpet. Seven steps up led to a view of a pond with peace lilies blooming among the red, yellow, and green leaves of Baston de San Jose and San Francisco plants. Behind it were accommodations for those who wanted to spend more than a day in prayer.

A gazebo on the opposite side was fully covered by vines with little white flowers. Beneath this outdoor pavilion were 10 chairs around a table carved out of a tree, providing a resting place to write, reflect, or maybe have a cup of coffee or tea. If this had been all, it would have been enough to dispel weariness and refresh the spirit, but there was more.

SACRED LISTENING
Steps away, the stone path leads past low walls topped with clay water jars, vessels that hold the life-giving source. An old-looking bell hangs on one side of the entrance, framed within a window in the wall. Beyond the walls stands a chapel, shaped like the octagonal Church of the Beatitude that had been built to mark where Jesus Christ gave His Sermon on the Mount.

Antique carved doors at the entrance opened into an intimate sanctum. The immediate response was to kneel before the altar, beside a tabernacle where a lighted candle burned. Even without the flame, I felt embraced by Divine Presence and serenity. A tilma of Our Lady of Guadalupe hung over the altar above the backdrop of lacework carving. The glass panel walls brought a sense of the natural world into the sacred space. Prayers of gratitude flowed, overtaking grief and tiredness.

Ernest had designed the Sanctuary. “It is the place for silence, where one can listen to God,” he said. “Nobody had more profound direct communication with God than St. Joseph.

“We do not advertise the place because we believe it is God who calls those whom He wishes to communicate with.”

I felt this truth in my heart and that He would even use an apple pie to lead the way to this holy place.

Dominion Holdings appoints Isidro Consunji as chairman

ISIDRO A. CONSUNJI — PHILSTAR FILE PHOTO

DOMINION Holdings, Inc. (DHI) said it has appointed Isidro A. Consunji as chairman of the board.

The appointment followed the board’s acceptance of former chairman Frederic C. Dybuncio, who will remain as company president, the company said in a disclosure to the stock exchange on Monday.

Mr. Consunji has served as chairman and president of DMCI Holdings, Inc. since March 1995.

He is also chairman of Semirara Mining and Power Corp. and a director of Atlas Consolidated Mining and Development Corp.

In earlier disclosures, DHI said it plans to expand its asset portfolio following the sale of all of BDO Unibank, Inc.’s shares to Monte Sur Equity Holdings, Inc.

Under its new owners and board, DHI said it intends to continue operating as a holding company focused on investments in mining corporations, including acquiring shares in firms with mining operations.

DHI, formerly BDO Leasing and Finance, Inc., previously held real estate properties, securities or shares of stock, and other assets, and engaged in investment and related business activities.

Mr. Consunji holds a Bachelor of Science in Engineering degree from the University of the Philippines. He also earned a Master of Business Economics from the Center for Research and Communication and a Master of Business Management from the Asian Institute of Management.

He also completed the Advanced Management Program at IESE Business School in Barcelona, Spain.

The board also approved the appointment of Tephanie M. Gandia as assistant corporate secretary. She will continue to serve as corporate information officer.

Ms. Gandia is a practicing lawyer specializing in corporate law, mergers and acquisitions, banking, and capital markets. She is also a partner at Serrano Law.

DHI reported a 31.05% decline in net income to P139.36 million in 2025 from P202.12 million in 2024. — Aaron Michael C. Sy

Paul McCartney charts childhood streets in 1st album in five years

AMAZON.COM

LONDON — Paul McCartney takes fans down the streets of his Liverpool childhood in his first solo album in more than five years due out in May.

The title The Boys of Dungeon Lane comes from a lyric in the album’s first single “Days We Left Behind,” released on Thursday — “a memory song for me,” Mr. McCartney said in a statement.

“I was thinking just that, about the days I left behind and I do often wonder if I’m just writing about the past but then I think how can you write about anything else? It’s just a lot of memories of Liverpool,” the 83-year-old said.

The tracks evoke his childhood in post-war Liverpool, his parents, and adventures shared with band mates George Harrison and John Lennon before the world had woken up to the Beatles, according to a statement on his website.

“It involves a bit in the middle about John and Forthlin Road which is the street I used to live in. Dungeon Lane is near there,” Mr. McCartney said about “Days We Left Behind.”

“I used to live in a place called Speke which is quite working class.  We didn’t have much at all but it didn’t matter because all the people were great and you didn’t notice you didn’t have much.”

Mr. McCartney worked with producer Andrew Watt and recorded the album, which also includes new love songs, in Los Angeles and Sussex, between legs of his global tour.

The Boys of Dungeon Lane is Mr. McCartney’s 18th solo studio album. — Reuters

ACE Medical Center – Palawan to hold Annual Stockholders’ Meeting on April 27 via Zoom

 


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Filinvest Land, Inc. to hold virtual Annual Stockholders’ Meeting on April 23

 


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Financing a renewable-powered future in the Philippines

The Opus Solar Energy Project will be located in Ilocos Norte, near Vena Group’s existing Currimao Solar Project 1.

Standard Chartered acts as mandated lead arranger, lender and hedge counterparty supporting Vena Group’s new Opus Solar Energy Project

Standard Chartered is one of seven international lenders to have participated in the project financing of Vena Group’s Opus Solar Energy Project in the province of Ilocos Norte, a large utility-scale facility expected to add new capacity to the national power grid and widen the Philippines’ renewable energy capacity.

The proceeds from the financing will support the development of a 300-megawatt-peak, ground-mounted solar photovoltaic plant in Paoay, a coastal town in northern Luzon. Once built, the facility will supply electricity to the national grid through a 230-kilovolt connection point.

Mike Samson, Chief Executive Officer of Standard Chartered Philippines, says the structure and wider regional value of the Opus Solar Energy Project made it a strong financing opportunity.

Mike Samson, CEO, Standard Chartered Philippines

“The Opus Solar Energy Project is the first fully non-recourse renewable energy financing in the Philippines executed solely with international banks. Standard Chartered is proud to be part of the project, which demonstrates our leadership in project financing in the region,” he explains.

The partnership also stands as the first US dollar (USD)-denominated renewable energy project in the Philippines supported by international banks and linked to a Green Energy Auction Program offtake. The revenue model relies on a 20-year renewable energy purchase agreement with the National Transmission Corporation, backed by the Green Energy Auction allowance fund.

Standard Chartered played crucial roles in the deal, serving as mandated lead arranger, lender and hedge counterparty. In these roles, the bank was at the centre of structuring the financing package and guiding Opus Solar Energy on approach to managing financial risks linked to the project’s long operating life.

The group driving this landmark project, Singapore-based Vena Group, ranks among the largest independent renewable energy producers in the Asia-Pacific region. The company holds a BBB-minus rating from S&P Global Ratings. This is complemented by a proven track record in developing and delivering large-scale energy projects across multiple markets.

Unlocking the potential of Ilocos Norte as a renewable energy hub

Simone Grasso, CIO of Vena Group and Global Head of Vena Nexus

Vena Group selected Ilocos Norte after evaluating solar resources and infrastructure. The province was seen as an ideal choice as it has built a reputation as a renewable energy corridor in Northern Luzon, with wind and solar facilities linked to major transmission lines.

The solar plant is part of the Philippine Government’s Department of Energy’s Green Energy Auction Program 2, which aims to add 3.4 gigawatts of renewable capacity by 2026. Once fully operational, the Ilocos Norte facility is projected to generate enough electricity to meet the annual consumption of approximately 445,000 households. Vena also estimates that the project could avoid greenhouse gas emissions by about 349,000 metric tons each year.

Beyond energy production, Vena Group has noted that renewable energy investments can contribute to both energy supply and economic activity in host communities.

“The Philippines remains as one of Vena Group’s most dynamic growth markets, with vast potential for renewable development.

We are committed to expanding our renewable energy portfolio through projects that deliver tangible value to local communities and the economy. Our full-cycle approach — from engineering to operations — creates jobs, builds infrastructure, and advances national goals for sustainable growth and energy independence,” says Simone Grasso, CIO of Vena Group and Global Head of Vena Nexus.

Establishing a blueprint for cross-border financing

Standard Chartered executed the transaction with Vena Group through coordination between its Singapore team and its Philippine office, which enabled a portion of the loan to be booked onshore. The execution demonstrates how the Bank’s integrated network played a role in enabling efficient cross-border capital deployment.

“We are committed to expanding our footprint in the rapidly developing ASEAN renewable energy sector, in particular through non-recourse project financing,” Mr. Samson added.

Both Standard Chartered and Vena Group expect the Opus Project to serve as an example for renewable energy deals in the Philippines and across the region.

“The global push towards reducing carbon emissions and combating climate change is driving countries in the Asia-Pacific region to adopt more ambitious renewable energy goals,” says Mr. Samson. “With ambitious energy targets being set by governments, we are seeing increased demand from private and public offtakers alike. We expect many other foreign developers to replicate the success of the Opus Project and explore diversification of financing sources beyond local financing.”

Get market perspectives on ASEAN from Standard Chartered by scanning the QR code.

 


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Ayala Land, Inc. to conduct virtual Annual Meeting of Stockholders on April 23

Click to enlarge

 


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AREIT, Inc.’s Annual Stockholders’ Meeting to be held virtually on April 23

 


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