Facebook Instagram Linkedin X Youtube
Home Blog Page 8487

Iñigo Pascual releases his version of Air Supply’s ‘All Out of Love’

INTERNATIONAL rock duo Air Supply, composed of Graham Russell and Russell Hitchcock, hailed Iñigo Pascual and Moophs’ remake of their classic hit “All Out Of Love” for its “great production and sound.”

Mr. Russell joked during a press conference on Feb. 11 (via Zoom) that Mr. Pascual is bound to “sing the song for the rest of his career.”

The song is the latest collaboration between Mr. Pascual and Moophs, who were also behind the dancehall-pop tune “Always,” which became part of Apple Music’s “The 100 Best Songs of 2020.” The two artists also led the island pop track “Catching Feelings,” which has already garnered over 10 million streams on Spotify and over 100K dance challenge entries across various social media platforms.

“All Out Of Love” is just the first in Tarsier Records’ series of Air Supply remakes whose release will be spread out this 2021.

“You can expect a few more remakes by different artists and then we’ll compile them into an album at the end of the year,” Moophs shared. — ZBC

Alorica sets 10-15% revenue growth target

OUTSOURCING firm Alorica Philippines is expecting its revenues to grow 10-15% this year as demand from the retail and logistics industries requiring more customer service assistance swells.

This target outpaces the overall industry target of a 3.2-5.5% revenue compound annual growth rate (CAGR) up to 2022, as reported by industry group Information Technology and Business Process Association of the Philippines (IBPAP).

“There’s a lot of growth that we experience in other industries. To give an example, retail, logistics, health care — from customer service to tech support to online ordering,” Alorica Senior Vice-President Jojo Uligan said at an interview with ANC on Monday.

“The spike of people ordering online and having it delivered — we experience a lot of those as well. The growth will be coming from there.”

Mr. Uligan has not yet responded to requests for comparative growth rates from previous years.

Around 70-80% of Alorica employees work from home, Mr. Uligan said, noting that the measures set during the lockdown improved productivity.

The company will likely permanently retain a percentage of its workforce under WFH, depending on their client-requirements, he added.

IBPAP cut its revenue growth rate to reach $27.88-$29.09 billion in 2022 from the 3.5-7.5% CAGR forecast set in 2019.

Employment CAGR was cut to 2.7-5% from the previous 3-7% goal, which would mean 1.37-1.43 million full-time employees, or that the industry plans to add 130,000 jobs between 2021-2022.

Outsourcing companies that expected contraction last year represented four percent of the total employee headcount of IBPAP’s polled companies, which means that smaller firms with fewer contracts were hit harder by the effects of the pandemic on the economy.

Alorica Philippines employs 43,000 people. — Jenina P. Ibañez

BSP bills undersubscribed on RTBs

THE CENTRAL BANK sold P99.05 billion in one-month securities on Monday, below its program due to the government’s ongoing offer of retail Treasury bonds (RTBs) and expectations of quicker inflation.

Demand for the 28-day bills offered by the Bangko Sentral ng Pilipinas (BSP) on Monday was lower than the P100 billion on the auction block and the P148.81 billion in bids seen on Feb. 9. The auction was suspended last Friday in view of the Lunar New Year holiday.

This is the first time the BSP bills were undersubscribed since the weekly offerings started in September.

Accepted yields for the one-month securities were seen from 1.603% to 2%, a wider band compared with the 1.6% to 1.6235% logged in the previous auction.

With this, the average rate for the papers settled at 1.6402%, higher by 2.78 basis points than the 1.6124% recorded on Feb. 5.

“The very slight undersubscription in the 28-day bills auction reflects market participants preference for shorter tenors in view of the Bureau of the Treasury’s scheduled settlement for the retail Treasury bonds on March 9,” BSP Deputy Governor Francisco G. Dakila, Jr. said in a statement.

The government last week sold an initial P221.218 billion in three-year retail Treasury bonds on strong investor demand due to robust liquidity in the market.

Bids for the retail papers maturing in 2024 offered by the Bureau of the Treasury at the rate-setting auction for the bonds reached P284.183 billion, well above the initial plan to raise at least P30 billion.

The three-year retail bonds fetched a coupon rate of 2.375%. The government is set to sell the RTBs until March 4 but can close the offer period earlier.

The 28-day BSP bills and term deposits are tools used by the central bank to gather excess liquidity in the financial system and to better guide short-term market interest rates.

Aside from the RTB offering, expectations of faster inflation may have also led to the undersubscription and the higher yields seen for the BSP’s 28-day securities, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

Headline inflation spiked to 4.2% in January from 3.5% in December due to the continued increase in food and pump prices. The central bank last week raised its average inflation forecast for the year to 4% (from 3.2%), citing upside pressures from food, oil, and non-oil price hikes.

Even so, the central bank kept its policy settings steady at its review last week, maintaining the rates on its overnight reverse repurchase, lending, and deposit facilities at 2%, 2.5%, and 1.5%, respectively. — L.W.T. Noble

Developer turns over Cedar Town units

CITIGLOBAL REALTY and Development, Inc. began turning over the first batch of Cedar Tower’s condotel units to investors.

Cedar Tower is one of the towers under the Tagaytay Clifton Resort Suites (TCRS) project.

“The completion of TCRS is still underway and promises to provide deluxe amenities at an affordable price,” CitiGlobal said.

The TCRS project will feature a clubhouse, gym, library, swimming pool, and other leisure facilities.

Entertainment News (02/16/21)

Love and Revolution at CCP Arthouse Cinema

WHAT better way to celebrate the month of love and arts than the screenings of films and documentaries from the archives of Cinemalaya and Gawad Alternatibo, as well as some well-loved Philippine cinema classics? The Cultural Center of the Philippines (CCP) Arthouse Cinema’s “Of Love and Revolutions,” features stories of love and revolutions in different types and forms daily until Feb. 26, at 3 p.m., via the CCP Vimeo Channel. All screenings are free. To be shown is Ligaw Liham, directed by Jay Abello and Manny Montelibano, about the town simpleton who falls in love with a beautiful married woman. Love for the country rules in Signos, Sister Stella L., EDSA People Power: The Philippine Experience, Revolutions Happen Like Refrains in a Song, and In the Middle of the Night. Mike De Leon’s documentary Signos featuring press freedom icon Joe Burgos, nationalist Jose “Pepe” W. Diokno, director Lino Brocka, human rights lawyer Rene Saguisag, Manila Archbishop Cardinal Sin, and sectoral representatives from the peasants, labor unions, and religious groups who spoke truth to power during the dark years of the 1970s under a dictator. Most of the personalities shown and interviewed in Signos became the inspiration behind the characters portrayed in the acclaimed film Sister Stella L., starring Vilma Santos and also directed by Mike De Leon. It tells the story of the social and political awakening of a nun as she becomes involved in a labor strike. EDSA People Power: The Philippine Experience is a series of video clips shot during the People Power Revolution stitched together in remembrance of the role of the people in toppling a dictator.  It was directed by the “Filipino People” and Eva Mari Salvador. Revolutions Happen Like Refrains in a Song is director Nick Deocampo’s love song about the historical struggle of the Filipino people that led to the 1986 People Power Revolution. The documentary chronicles the filmmaker’s personal history as it intersects with the social upheaval of the 20 years climaxing in the 1986 People’s Power Revolution. In the Middle of the Night puts the spotlight on President Duterte’s War on Drugs. Awarded first prize during the 2017 Gawad Alternatibo, director Bryan Kristoffer Brazil documents the different yet similar cases of brutal killings in the Philippines that have become so rampant and their aftermath. To watch the films, go to vimeo.com/ondemand/ofloveandrevolutions and use the promo code RADICALOVE. For updates, follow the official CCP and CCP Media Arts Division Facebook page.

M Lhullier carries streaming platform POPTV

KNOWN for its remittance service, M Lhuillier has partnered with the newest streaming platform POPTV. POPTV subscriptions are now available in more than 2,600 M Lhuillier branches nationwide. To join, the customer should go to a M Lhuillier branch, fill out the form, pay, and wait for their subscription to be activated. They may also opt to use the ML Wallet App. Log in, go to Bills Payment, and select POPTV. Fill out the details and purchase the subscription using the ML wallet. POPTV carries movies and series that include local blockbusters from ABS-CBN, VIVA, Regal, and TBA Studios, as well as tagalized K-dramas, BL series, animes, Asian movies, and many more. To download the streaming app, search for POPTV PINAS on Google Play, Huawei App Gallery, and Apple App Store. Users can avail its P49 subscription good for 10 days or P99 for 30 days. For more information visit facebook.com/poptvph or visit www.poptv.ph.

YouTube stars in Sponge Cola’s music video

YOUTUBE content creators Agassi Ching and Jai Asuncion are featured in Sponge Cola’s latest music video of “Siguro Nga.” The onscreen and offscreen love team amassed a fandom in social media with pranks, viral videos, and challenges. In the music video, they portray a fictional romantic couple in disarray. The music video also comes with a meta-karaoke version of the track that allows fans to sing and engage with the narrative. Inspired by the hit K-drama, StartUp, Sponge Cola’s “Siguro Nga” was written by Yael Yuzon as a tribute to one of its characters, Han Ji-Pyeong. Its lyric video features  footage from Seoul, South Korea that includes locations from the series. The music video of “Siguro Nga” is out now on YouTube.

Ben&Ben’s releases new song

FILIPINO folk-pop group Ben&Ben officially dropped a new single called “Inevitable” on Valentine’s Day via Sony Music. Inspired by recent events surrounding the band’s lives, their latest song encourages listeners and music fans to live in the moment freely and truthfully without the need to succumb to expectations. It was written by Paolo Benjamin (lead vocals and acoustic guitars) during an afternoon run by the beach near where Ben&Ben live. Production-wise, the song retains the sonic hallmarks of the group’s prior releases, while employing experiments in texture and tone, described in a release as “world music-meets-acid jazz.” The song eventually made it as the official theme of Smart Communications’ newest commercial ad featuring Hyun Bin and Son Ye Jin, stars of the popular Korean drama, Crash Landing on You. Ben&Ben’s “Inevitable” is out now all digital music platforms worldwide via Sony Music.

Balik sa Bohol Sale

IN A BID to reinvigorate the tourism industry of Bohol, several hotels and resorts are holding the Balik sa Bohol: Bohol Online Sale from Feb. 21 to March 14. In order lure tourists back, massive price drops (by as much as 70%) in rooms, food, tours and related services will be offered by resorts, hotels, and tour operators during the sale, which is organized by the private sector and supported by the Department of Tourism (DoT), the Tourism Promotions Board, and the Provincial Government of Bohol. The participating hotels are: the Amarela Resort, the Amorita Resort, Be Grand Hotel, the Bohol Bee Farm, The Bellevue Resort, Best Western Plus The Ivywall Panglao Resort, Bluewater Panglao Beach Resort, the Bohol Beach Club, the Chocolate Hills Adventure Park, The Acacia Glamping, Donatela Resort and Sanctuary, the Loboc River Resort, Mithi Resort and Spa, South Palms Resorts Panglao, Angels’ Wings Tours and Travel, Baclayon Travel & Tours, Bohol Holidays Travel & Tours, Inc., Coordinates Tours and Travel, and Travel Village. The sale platform is powered by Atlantis and is co-sponsored by Cebu Pacific Air. For more information, contact Margie Munsayac at margie.munsayac@bluewater.com.ph.

2 new songs from Zack Tabuldo

ASIAN television has been the inspiration for Zack Tabuldo’s two latest songs. His newest single “Iyong Iyo” — out now on all digital platforms worldwide via MCA Music, Inc. — is loosely based on the K-drama Hey Ghost, Let’s Fight, in which an exorcist falls in love with a wandering spirit. In “Iyong Iyo,” the singer gives everything to his love — literal possession. Meanwhile, “Elizabeth” — which is set to be released in two weeks — is a bright, 1980s pop-inspired anthem inspired by the original Thai song for the hit comedy, Let’s Fight Ghost. “Iyong-iyo” is currently available on all music streaming sites while “Elizabeth” is set to drop on Feb. 26.

Rally of Hope concert reaches 63 nations

MILLIONS of people from 63 nations convened online on Feb. 6 to call for the healing of the nation and the world at the Rally of Hope Philippines concert, sponsored by the Universal Peace Federation, (UPF), an NGO holding general consultative status with the United Nations (UN). Dubbed as “One Million People Praying for the Healing of the Nation and the World,” the event was telecast on PTV 4 and was simultaneously live-streamed on radio, cable TV stations in different parts of the nation and in countries as far as Fiji, and other social media platforms. The event was an online interfaith gathering to collectively pray for the healing of the world from the coronavirus disease 2019 (COVID-19) pandemic, the healing of Mother Earth from the ruins of climate change, and the healing from social divisions. Some of the Filipino performers at the rally were Jed Madela, Gerphil Flores, 4th Impact,  Reo Brothers, FCPC Baliktanaw, and the Philippine Meistersingers.

STI Holdings net income down 40%

TANCO-led STI Education Systems Holdings, Inc. recorded a P90.32-million attributable net income for the October-December period of its fiscal year that ends on June 30.

In a disclosure to the stock exchange on Monday, the listed private school operator disclosed that its net income is lower by 40.4% than the P151.65 million it posted in the similar period in 2019 due to fewer revenues.

STI Holdings said its total revenues during the three-month period fell 22.2% to P632.42 million against P813.23 million in 2019.

For the first six months of its fiscal year, STI Holdings recorded an attributable net loss of P112.32 million, a turnaround from the P307.67-million income it had in 2019.

Its revenues during the period dropped 42.3% to P929.06 million against P1.61 billion a year ago.

“The shift in the start of the school year for the senior high school (SHS) and tertiary programs, and the lower number of enrollees brought about by the impact of and restrictions implemented due to the coronavirus disease 2019 (COVID-19) pandemic resulted in the decrease in revenues,” the disclosure said.

“All classes in STI Education Services Group, Inc. (STI ESG) and STI West Negros University, Inc. (STI WNU) started on Sept. 7, 2020, while SHS classes in iACADEMY started on Aug. 24, 2020 and tertiary classes started on Aug. 28, 2020,” it added.

According to the disclosure, the total enrollees of schools under STI Holdings reached 70,223 students for school year 2020-2021, down 16.4% compared to 83,967 students in the previous school year.

To recall, STI changed its fiscal year and now begins every July 1 of each year and ends on June 30 of the next year, in an effort to align its academic cycle with the academic calendars of public and private education institutions.

On Monday, STI Holdings shares at the stock exchange rose 1.22% or P0.005 to close at P0.415 apiece.

CEU NET INCOME DIPS 17%
Meanwhile, Centro Escolar University (CEU) reported a P109.41-million net income for the October-to-December period, or the third quarter of its fiscal year that ends in March due to lower revenues.

In a separate disclosure on Monday, the listed university said its net income for the period is 17% lower than the P131.76-million net income it had in 2019.

Its revenues for the three-month period fell 22.6% to P367.52 million against P474.60 million in 2019.

For the first nine months of its fiscal year, CEU recorded a P188.05 million net income, reversing its net loss of P14.57 million in the previous year.

Revenues for the period declined 6% to P910.32 million, from P968.36 million in 2019.

CEU stocks fell 1.81% or 12 centavos to end at P6.52 each on Monday. — Revin Mikhael D. Ochave

More Golden Haven memorial parks in the pipeline

GOLDEN HAVEN Memorial Parks is still looking to expand, even with over 30 locations nationwide.

The company has made a name for itself for its memorial parks with architectural designs inspired by iconic landmarks around the world.

The first Golden Haven Memorial Park in Las Piñas has Spanish colonial influences, and features a statue of Pope John Paul II.

In Bulacan, the Golden Haven park is inspired by the famed Amazon rainforest in Brazil. Golden Haven’s parks in Mindanao also have Mediterranean influences.

“At Golden Haven, we take our obligations to the departed — and their surviving families — quite seriously. This explains why our parks will always serve as places for both peaceful reflection and renewed joy and celebration,” Rizalito “Red” J. Rosales, chief operating officer of Golden Haven, said in a statement.

Golden Haven said its memorial lots have seen a 20% appreciation in value every year.

How PSEi member stocks performed — February 15, 2021

Here’s a quick glance at how PSEi stocks fared on Monday, February 15, 2021.

Peso climbs as gov’t eases restrictions

THE PESO started the week a tad stronger than the greenback as the economy reopens further and amid the ongoing sale of retail Treasury bonds (RTBs).

The local currency closed at P47.93 versus the dollar on Monday, appreciating by 11.5 centavos from its previous finish of P48.045 on Thursday, based on the data from the Bankers Association of the Philippines.

The peso opened Monday’s session at P48.04 versus the dollar. It climbed to as high as P47.90, while its weakest showing was at P48.06 against the greenback.

Dollars traded surged to $1.512 billion yesterday from $727.5 million on Thursday. The market was closed on Friday, Feb. 12 in observance of Chinese New Year.

The peso strengthened as the government continued to relax quarantine restrictions to help the economy recover from the pandemic’s impact, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said via Viber.

Mr. Ricafort added that the ongoing sale of RTBs may have caused some investors to convert their dollars to peso. The Treasury is offering three-year RTBs until March 4 that carry a coupon of 2.375% for a minimum investment of P5,000.

Meanwhile, Metro Manila and other key regions across the country remain under general community quarantine (GCQ) this month.

Mayors in the capital want to defer the reopening of cinemas and other activity centers, even as a resolution allowed these establishments to resume operations starting mid-February.

“Peso was also stronger after the latest decline in the US dollar vs. major global currencies to 2-week lows amid less demand for the US dollar as a safe haven amid new record highs in the US stock markets and in other stock markets around the world amid improved global market risk appetite,” Mr. Ricafort added.

A trader said other external factors helped push the peso up against the greenback on Monday, including the signal from Federal Reserve Bank of San Francisco President Mary Daly last week that the US central bank may not taper its bond buying program over the near term even if the world’s largest economy continues to see a steady recovery.

“The local currency might weaken amid expectations of contraction in the European economic activity for the fourth quarter of 2020,” the trader added.

For Tuesday, Mr. Ricafort expects the peso to appreciate and move within P47.88 to P47.98 per dollar while the trader said it might range from P47.80 to P48 against the greenback. — B.M. Laforga

Stocks drop further as market remains cautious

LOCAL SHARES declined further on Monday as the market anticipates companies’ earnings reports and with the country’s vaccination program still being finalized.

The Philippine Stock Exchange (PSEi) dropped 31.8 points or 0.45% to close at 6,959.21 on Monday, while the broader all shares index went down by 15.3 points or 0.36% to finish at 4,207.66.

“The market remained in the negative territory for the 2nd straight session as investors continue to wait for more earnings releases from index companies, as well as further details regarding the vaccine rollout as that will help paint a better picture of the country’s economic outlook,” AB Capital Securities, Inc. Junior Equity Analyst Lance Soledad said in a Viber message.

AAA Southeast Equities, Inc. Research Head Christopher John Mangun said the details of the vaccine rollout will affect the market’s movement.

“Investors are still taking a cautious approach, waiting on changes in government policies regarding mobility and business restrictions. Trading volumes on blue chips continue to decline as volatility quiets down,” Mr. Mangun said in an e-mail.

The Philippines is set to receive 600,000 doses this month of Sinovac Biotech’s COVID-19 vaccine donated by China, a portion of which will be used to inoculate military personnel, a senior government official said on Thursday, Reuters reported.

The Philippines aims to start its mass vaccination program using 117,000 doses of the Pfizer-BioNTech vaccine secured through the COVAX international vaccine-sharing facility, which are also due to be delivered this month.

The Philippines has negotiated supply agreements with Moderna, Gamaleya, Janssen, Pfizer, AstraZeneca, Sinovac, and Novavax for 148 million doses of coronavirus vaccines, the bulk of which is expected to arrive in the second and third quarters of this year.

Majority of sectoral indices closed lower on Monday except for mining and oil, which gained 15.44 points or 0.16% to 9,131.71 and financials, which rose 0.68 point or 0.04% to end at 1,457.76.

Meanwhile, property went down 28.54 points or 0.8% to 3,524.30; holding firms decreased by 52.62 points or 0.73% to 7,152.36; services slumped 3.54 points or 0.23% to 1,496.15; and industrials dropped 14.62 points or 0.16% to 9,021.22.

Value turnover went up to P19.36 billion on Monday with 18.73 billion issues switching hands, higher than the P15.09 billion with 22.92 billion shares traded on Thursday.

Decliners outnumbered advancers, 125 versus 90, while 51 names closed unchanged.

Foreigners turned buyers, with net inflows recorded at P5.76 million versus the P185.64 million in net selling recorded the previous trading day.

“For the week, we expect the index to range trade between 6,800 and 7,160 as investors wait for more earnings results, and details regarding the vaccination drive of the country,” AB Capital Securities’ Mr. Soledad said. — K.C.G. Valmonte

Las Piñas-Zapote River Drive to ease traffic, flooding in south of Metro Manila

With the completion of the 25-kilometer Las Piñas-Zapote River Drive, Sen. Cynthia Villar is expecting a significant reduction in the volume of vehicles plying Alabang-Zapote road, a major thoroughfare in the South.

​Metro Manila Development Authority has named the four-lane Alabang-Zapote Road as one of the major bottleneck areas in the southern part of Metro Manila.

​Senator Villar, Environment Secretary Roy Cimatu, Public Works and Highways Secretary Mark Villar, and Las Piñas Rep. Camille Villar, led the recent inauguration of the completed river drive project.

​The new road project will also lessen travel time from Cavitex to MCX to 25 minutes, the senator said.

​She added that she is fully aware of the terrible traffic affecting Las Piñas residents and all motorists and commuters passing through the Alabang-Zapote Road.

​Aside from faster traffic flow, the senator braced for easier business movements to and from Las Piñas and adjacent areas.

“​I initiated this road project to make travel easier and less burdensome for our people,” said Villar, adding that this will also help lessen flooding in the city, resulting from the massive cleanup of Las Piñas and Zapote River.

Due to the cleanup component of the road project, the city has rid the river of tons of garbage. “We can help stop flooding in Las Piñas and Bacoor,” the senator said.

Villar said the completion of the road project includes 25 kilometers starting from C5 Road to Brgy. Longos in Zapote, passing Zapote Underpass, Brgy. Pamplona Dos, BF Resort Village, Moonwalk Village, Soldiers Hills Village, Ayala Southvale, Springville Heights, Versailles, Enclave, Portofino, Evia Mall to Daang Hari and MCX.

​She said the new road will also complete the 25-kilometer project from Cavitex to MCX, connecting Cavite, Las Piñas, and Muntinlupa to the Southern Luzon Expressway (SLEX).

​The completed Las Piñas-Zapote River Drive is part of the 32-kilometer river drive road improvement initiated by Senator Villar in 2012. The other projects include Molino River Drive which is set to be completed in the next two years.

​“Not only will the Las Piñas and Zapote River Drive, and the Molino River Drive ease up the traffic woes and flooding, they will also maintain the cleanliness of the river, which is considered the artery of the city and nearby areas. The people along the river cannot throw their waste there anymore because the road is already fenced,” the senator cited.

​Villar has spent decades ensuring the cleanliness, maintenance, and rehabilitation of the Las Piñas-Zapote River. It was previously clogged with garbage hindering water flow and causing water pollution and massive flooding.

​She has created various livelihood projects out of waste like water hyacinth, waste coconut husks, plastic and kitchen waste, and garden waste from the river, as raw materials. For protecting water resources and providing livelihood to Filipinos, her initiative program, “Sagip-Ilog” received the Best Practices Award from the United Nations in 2011.

 

 

 

3 gas-fired power plants seen launching between 2022, 2025

ENERGY WORLD Corp. (EWC), Excellent Energy Resources, Inc. (EERI), and Batangas Clean Energy, Inc. have projected the launch commercial operations of their natural gas-fired power plants between 2022 and 2025, according to the Department of Energy (DoE) documents.

According to the DoE’s list of private-sector initiated committed power projects in Luzon compiled as of the end of December, the plants launching in the next few years include the 650-megawatt (MW) EWC combined cycle gas turbine (CCGT) in Quezon; EERI’s 1,750-MW Ilijan liquified natural gas (LNG) power plant in Batangas; and the Batangas Clean Energy’s 1,100-MW natural gas-fired plant.

Committed power projects are those that have obtained financing from investors or banks.

The 650 MW – EWC CCGT plant is scheduled to begin commercial operations by December 2022.

The first phase of the Ilijan LNG power plant is scheduled to go onstream by March 2023, and the second phase is due to start its commercial run by June 2024.

Meanwhile, Batangas Clean Energy’s natural gas-fired plant project is targeted for operations by December 2025. The DoE added that the Batangas Clean Energy’s project is still in the feasibility study stage with construction to begin by the third quarter this year.

Greater dependence on gas-fired plants coincides with the Philippines’ transition to imported gas in the wake of the impending depletion in 2027 of the Malampaya gas field, the country’s only indigenous source.

A month earlier, the DoE identified Vires Energy Corp. and Atlantic Gulf and Pacific Co. (AG&P), among others, as potential investors in a floating facility for imported gas.

Vires Energy is owned by listed company A Brown Co., Inc., while AG&P, which operates globally, is a Filipino firm with manufacturing plants in Batangas.

The two firms were mentioned by DoE Assistant Secretary Leonido J. Pulido III last month at a Senate hearing on the proposed midstream natural gas industry act, which covers various operations including the aggregation, supply, importation, receipt, unloading, loading, processing, storage, regasification, transmission and transportation of natural gas in original or liquefied form. — Angelica Y. Yang

1...8,4868,4878,488...14,244Page 8,487 of 14,244
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube