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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

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

 


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East West Banking Corp. discloses virtual Annual Stockholders’ Meeting on April 23

 


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ABS-CBN describes reports on capital infusion, payouts as ‘baseless’

PHILIPPINE STAR/BOY SANTOS

ABS-CBN CORP. said it is not a party to a dispute involving the Lopez family and described reports of a proposed P2-billion capital infusion and alleged executive payouts as baseless.

The company issued the statement following reports of a dispute involving businessman Federico R. Lopez, who filed a lawsuit over his ouster as president and chief executive officer of Lopez, Inc. whose units include ABS-CBN, First Philippine Holdings Corp., and First Gen Corp.

“We wish to state that ABS-CBN is not a party to this case. We, however, wish to address two claims attributed to court records. First, on the claim of ‘unresolved audit findings.’ There were no audit findings. There is nothing to resolve. This claim is unfounded. Second, on the claim that the proposed capital infusion could go to ‘payouts for certain executives.’ No such payouts have been made. No such payouts are planned. This claim is equally baseless,” ABS-CBN said in a statement on Monday.

“Since losing its franchise in 2020, the company has faced challenges unlike any in its history. ABS-CBN has not stopped fighting to ensure its continued existence. It has not stopped serving. The last thing it needs is for its people to be misrepresented in a dispute it is not involved in,” it added.

At the local bourse on Monday, shares in ABS-CBN fell by 17 centavos, or 4.53%, to close at P3.58 apiece. — Ashley Erika O. Jose

Filinvest Development Corp. to hold 2026 Annual Stockholder’s Meeting virtually on April 24

 


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Philippine Savings Bank to hold virtual Annual Stockholders’ Meeting on April 23

 


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AyalaLand Logistics Holdings Corp. to hold virtual Annual Stockholders’ Meeting on April 23

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Philippine National Bank’s Annual Stockholders’ Meeting to be held on April 28 via remote communication

 


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Philippines charts 32 years of internet growth

Vectorjuice | Freepik

Long before full internet access, Filipino computer enthusiasts in the 1980s built early online communities through bulletin board systems, or BBS, which allowed users to exchange messages and files using dial-up connections.

In 1986, the First-Fil RBBS became the country’s first public-access system, followed by the Philippine FidoNet Exchange in 1987, which linked multiple BBS networks across Metro Manila.

Efforts to build a national academic network followed. In 1990, a government-backed committee led by Arnie del Rosario studied plans to connect universities and state institutions. The proposal did not move forward, but it laid the groundwork for later initiatives.

At 1:15 a.m. on March 29, 1994, Filipino engineer Benjamin “Benjie” Tan established the country’s first direct internet connection at a network center in Makati, linking a Cisco router to a US-based provider through a 64-kilobits-per-second (Kbps) leased line.

Hours later, at 10:18 a.m., the connection was publicly confirmed during an international conference at the University of San Carlos in Cebu, where participants received the announcement: “We’re in.”

However, expansion in the mid-1990s faced constraints, including limited infrastructure and high costs. The telecommunications sector was dominated by a single major provider, and landline penetration remained low.

Access was also concentrated in urban centers and academic institutions, while technical expertise and local digital content remained limited. Such conditions kept internet use within a narrow user base during its early years.

In the following decade, commercial services began to take shape. In 2000, PLDT introduced its Asymmetric Digital Subscriber Line, or ADSL, expanding internet availability beyond institutions.

New players entered the market over time. For instance, Converge ICT Solutions, Inc. secured a congressional franchise in 2009 to build and operate telecommunications infrastructure, later expanding its network to compete with established providers.

Mainstreaming digital life

More than three decades after the first connection, internet use now spans daily life in the Philippines. Millions rely on online platforms for communication, business transactions, education, and public services.

The 2024 National Information and Communications Technology Household Survey reported that 48.8% of households now have internet access, up from 17.7% in 2019, or around 13.56 million households.

About 67.3% of Filipinos aged 10 and above, or more than 61 million people, use the internet. Most users access the internet through mobile phones, with 98.8% relying on these devices.

Metro Manila posted the highest household connectivity rate at 68.7%, followed by Central Luzon at 61.3%. In contrast, the Bangsamoro Autonomous Region in Muslim Mindanao recorded 27.7%, while the Zamboanga Peninsula posted 21.2%.

According to DataReportal, 99.7% of the Philippines’ total internet user base, regardless of age, used at least one social media platform in January 2024. Among social media platforms, Facebook still had the largest number of users at 86.75 million during the same period.

Meanwhile, connectivity intelligence firm Ookla reported that median fixed broadband speeds reached about 94.42 megabits per second (Mbps) in the second quarter of 2024, up 51% from 62.51 Mbps in 2022. Mobile speeds also increased, with a median of 27.75 Mbps in early 2024.

Regions in Luzon posted the fastest fixed broadband performance in the Philippines, with the top five areas all recording download and upload speeds above 90 Mbps. Region IV-A or CALABARZON recorded the highest median fixed download speed at 99.55 Mbps, while Eastern Visayas posted the lowest at 38.43 Mbps.

Addressing internet barriers

The World Bank noted that the Philippines only recorded 28 mobile towers per 100,000 people in 2022, about one-third of the Southeast Asian average. Telecom infrastructure investment also declined from 0.64% of gross domestic product in 2018 to 0.44% in 2022.

Cost continues to limit internet access for many households. Among those without internet, 58.3% cited high subscription fees as the main reason, while 41.7% pointed to both service and equipment costs.

Although average monthly spending dropped to P1,069.10 in 2024 from P1,280.59 in 2019, broadband remains expensive relative to income. Fixed broadband costs account for about 11% of per capita gross national income, about twice the Southeast Asian average.

According to the World Bank, outdated regulations remain a major barrier to addressing the digital divide. Laws governing telecommunications, including the 1931 Radio Control Law and the 1995 Public Telecommunications Policy Act, date back to 1931 and 1995 and have not kept pace with technological changes.

To address major internet challenges, the government has launched several initiatives, led by the Department of Information and Communications Technology (DICT). These include the National Broadband Program, the National Fiber Backbone project, the Free Wi-Fi for All program, and the Common Tower initiative.

The Marcos administration has also unveiled a P6-trillion National Digital Connectivity Plan aimed at accelerating internet expansion and improving service quality. The plan focuses on four pillars: governance, infrastructure investment, meaningful access, and network resilience.

In a statement, DICT Secretary Henry Rhoel R. Aguda said the connectivity plan, alongside the Konektadong Pinoy initiative, aims to provide affordable and resilient connectivity for every Filipino.

“Connectivity is no longer just a tech issue, it is an economic issue, a job issue, and an inclusion issue,” Mr. Aguda said. “Let us move with urgency, let us move with purpose and let us move together so no Filipino, no matter where they live, is left behind.”

President Ferdinand R. Marcos, Jr. also promised to continue pursuing reforms in the telecommunications sector so more Filipinos can access the internet.

“We have seen this progress take shape. The rollout of 5G networks, the deployment of fiber-optic cables, the growth of mobile broadband, and the rise of digital services have transformed how Filipinos communicate, how they study, do business, and engage with government,” he said during his speech at the Philippine Telecom Summit 2026.

At the same time, telecommunications companies are expanding fiber networks and upgrading technologies to improve service. Fiber deployment has increased significantly, with millions of households now within reach of fiber connections.

Fixed wireless access and satellite services are also emerging as alternatives, particularly in remote areas where fiber deployment is difficult due to the country’s geography of more than 7,000 islands.

Satellite internet services, including low-Earth orbit systems, have expanded, though performance and cost remain concerns compared to fixed broadband. — Mhicole A. Moral

What to Do on Holy Week


Watch Martir sa Golgota

THE musical Martir sa Golgota will be performed this week for free in various public venues. Produced by Tanghalang Santa Ana and directed by Lou Veloso, the show centers on characters such as Lazarus and Martha and delivers messages on love, faith, and transformation in line with the Holy Week. Its remaining shows this week are at the municipal plaza of General Trias, Cavite, on March 31, 8 p.m., and at Plaza Hugo in Santa Ana, Manila, on April 1, 7 p.m. Admission is free.


Lenten exhibit at Fisher Mall

THE FISHER MALL branch in Quezon Ave. Quezon City, in partnership with Veritas DZRV 846, has mounted a special Lenten-Holy Week exhibit titled Transitus: Journeying with Christ from the Cross to Eternal Life. It celebrates the 800th anniversary of the Transitus of St. Francis of Assisi, with the goal to allow visitors to reflect and deepen their faith. It features a variety of religious images. It is located at the Event Center on the upper ground floor of Fisher Mall, Quezon Avenue, and runs until April 5. Meanwhile, the mall is also the venue for the Hoppy Easter Wonder Land on Easter Sunday, April 5, 11 a.m., at the 4th floor hallway near Kids Paradise. It is open to children ages one to 12. Registration is now ongoing until April 4 at a booth on the Upper Ground Floor near the Event Center. To join present a P1,500 single or accumulated receipt. There will be an egg hunt, mascot appearances, face painting and DIY bunny mask painting, and a magic show.


Easter at Megaworld Malls

THIS Easter season, Megaworld Lifestyle Malls will have Easter-themed installations and experiences at their various malls. The biggest is a 24-foot bunny and 10-foot Easter egg serving as the visual centerpiece at Uptown Bonifacio, designed by florist Teddy Manuel with layers of pastel blossoms and sculptural accents. On April 5, the mall will have Easter Safari, a lineup of activities for children ranging from designing their own Easter eggs and making cupcakes, to watching magic tricks, musical safari performances, and puppet shows. There will also be a classic Easter egg hunt and face painting. Similar events will take place at Eastwood City, Venice Grand Canal, ForbesTown, McKinley West, Lucky Chinatown, Alabang West Parade, Southwoods in Laguna, Twin Lakes in Tagaytay, and Festive Walk Iloilo, all on April 5.


Free kids’ activities at Anko

TO KEEP children entertained, Australian home and lifestyle brand Anko is hosting free in-store activities and dropping an affordable Easter collection. On the weekend, from 2 to 5 p.m., Anko Club parents can treat their kids to Easter coloring sessions across all Anko stores. Little artists who post their works on social media will receive an exclusive Easter goodie bag. There will be a face painting activity at the Glorietta Activity Center in front of the mall’s Anko branch from April 4 to 5. Finally, at Anko stores, families can buy egg hunt gear and DIY kits.


Easter events at Araneta City

THIS Easter, Araneta City will be celebrating with their “Level Hop” lineup of events, all taking place on April 5, 2 p.m. onwards at the area’s various malls. At Gateway Mall 2’s Quantum Skyview, there will be a costume contest, an Easter spectacle performance, DIY tote bags, a kids’ coloring activity, a 360 photobooth, and loot bags. Over at Gateway Mall 1’s Activity Area, mallgoers can expect the “Hoppy Easter Fun Fest,” with giant inflatables, free gashapon toys, and loot bags. The Farmers Plaza Activity Area’s party will have face painting and giant inflatables while the Ali Mall Activity Area will host bunny ear and egg painting as well as a photobooth. Those who want to join the “Easter Level Hop Run” egg hunt should be ready in the morning, as it takes place from 5 to 9 a.m. at Smart Araneta Coliseum’s Green Gate.


Easter quest at Shang Plaza

THE traditional egg hunt will be turned into something more adventurous at Shangri-La Plaza mall. Named the “Super Easter Quest,” the mall-wide, game-inspired experience will let kids become players that must collect Golden Eggs, earn stars, and complete a quest across the mall. The young participants must follow a Quest Map and complete a series of challenges set up around the Grand Atrium on April 5. Each station unlocks a Golden Egg that brings them one step closer to finishing the quest and claiming their Super Star Prize Pack. Participation is open to children, with a registration fee of P2,000 per kid. Register via this link: https://eventsatshangri-laplaza.helixtickets.asia/.

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