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Nationwide round-up (01/04/21)

THE HOUSE of Representatives committee on health will prioritize proposals to defer the scheduled hike in member contributions to the Philippine Health Insurance Corp. (PhilHealth), the panel’s chairperson said on Monday.

Coal share of power mix seen at 59% by 2029 despite...

COAL-FIRED POWER is expected to account for 59% of the country’s generation mix by 2029 after production at the Philippines’ sole gas field winds down, according to Fitch Solutions Country Risk & Industry Research.

ERC wants new feed-in tariff proposal for ocean energy resources

COMPANIES that are looking forward to a guaranteed rate for power generated from ocean energy resources will have to wait longer as the Energy Regulatory Commission (ERC) denied the feed-in tariff (FiT) proposed by the National Renewable Energy Board (NREB).

Regional Updates (01/03/21)

THE PASIG City government launched another Business One Stop Shop (BOSS) on Sunday, located at the Ayala the 30th Mall, in time for this month’s peak period for business permit renewals.

DoE studying RE, hydrogen, nuclear as alternatives to conventional fuels

ENERGY DEPARTMENT Spokesman Felix William B. Fuentebella said the agency is looking into adding more renewable energy (RE), nuclear, and hydrogen-based power in preparation for any possible supply crunch in conventional fuels.

Biomass industry lobbying for more FiT-subsidized capacity

THE biomass industry is seeking a larger allocation of renewable-energy capacity eligible for subsidized feed-in tariff (FiT) rates, to broaden participation in the biomass and hydro power segments, a developer said.

ERC orders Meralco to refund P1.4 billion in excess charges

THE Energy Regulatory Commission (ERC) on Tuesday ordered Manila Electric Co. (Meralco) to return P1.4 billion to its customers for over-collecting some charges in their monthly electricity bill.

Greenergy ends partnership with RYM, landowners

ANTONIO L. Tiu-led Greenergy Holdings, Inc. on Tuesday announced that it had discontinued its partnership with RYM Business Management Corp. and some landowners after the termination of a memorandum of agreement (MoA).

DoE extends FiT application deadline for river hydro projects

THE DEPARTMENT of Energy (DoE) said it granted another deadline extension for feed-in tariff (FiT) applications by developers of run-of-river (RoR) hydropower projects, adding that it will receive applications until the 250-megawatt (MW) installation target is filled.

PSALM to hold second auction round for Pampanga property

THE Power Sector Assets and Liabilities Management Corp. (PSALM) issued an invitation to bidders Tuesday for the second auction round of a property in Mexico, Pampanga, but did not announce a floor price.

PSE suspends Meralco’s trading of securities amid pending acquisition

THE LOCAL bourse on Monday suspended the trading of securities of Manila Electric Co. (Meralco), which earlier announced its unit Meralco PowerGen Corp.’s (MGen) intention to acquire 100% ownership of Global Business Power Corp. (GBP) as the distribution utility has yet to submit the requirements for the substantial acquisition.

Phoenix Petroleum ends year with P4.25-billion refinancing program

DENNIS A. UY-LED Phoenix Petroleum Philippines, Inc. has closed the year with a P4.25-billion refinancing program, which included the settlement of P3 billion in short-term commercial papers (STCP) and the redemption of its P1.25-billion preferred shares this month, the company said on Monday.

ERC expands open access scheme to more retail power consumers

THE ERC (Energy Regulatory Commission) said it lowered the threshold for participating in the retail competition and open access (RCOA) scheme to users with average monthly peak demand of between 500 kW (kilowatts) and 749 kW in the past year.

Manila Bay rehabilitation efforts ongoing despite lockdown, DENR says

THE Manila Bay cleanup was not delayed by the public health emergency, with various activities carried out this year, the Department of Environment and Natural Resources (DENR) said Monday.

Vessel-monitoring measures seen adding teeth to closed fishing season

THE CLOSED fishing season declared over the Visayan Sea and the Zamboanga Peninsula will be more adequately enforced once the rules on sardine management and vessel monitoring are implemented, environmental non-government organization (NGO) Oceana said.

Shares seen to decline on final week profit taking

PHILIPPINE shares are expected to trade sideways this trading week as investors book profits while waiting for updates on the new strain of the coronavirus disease 2019 (COVID-19), which hit the United Kingdom (UK) earlier this week.

DoE sees pickup in oil demand as transport sector opens further

DEPARTMENT of Energy (DoE) Secretary Alfonso G. Cusi said demand for oil products will be higher in 2021 as the transportation sector continues to open and as the economy recovers.

Meralco unit to take full control of Global Business Power

A SUBSIDIARY of Manila Electric Co. (Meralco) will fully own one of the leading power producers outside Luzon after the latter's two biggest stakeholders signed a deal to transfer their respective holdings for around P34.47 billion.

Ayala energy arm infuses P350M into subsidiary for site acquisition

AYALA-led AC Energy Philippines, Inc. has subscribed to the shares of Buendia Christiana Holdings, Corp. (BCHC) worth P350 million, which the subsidiary will use to acquire potential project sites.

Crop damage from storm Vicky now at P129.76 million

CROP damage from tropical storm Krovanh, known in the Philippines as Vicky, was estimated at P129.76 million as of early Wednesday, the Department of Agriculture (DA) said.

Construction starts on P40-million Benguet vegetable processing, packaging facility

THE Department of Agriculture (DA) said on Wednesday that it started construction on a P40-million vegetable processing and packaging facility in La Trinidad, Benguet, which is intended to reduce waste from unsold crops.

Phinma sells stake in solar firm to steel products unit UGC

LISTED company Phinma Corp. has sold its stake in a solar energy unit for around P218.35 million to a subsidiary as it rationalizes the ownership structure of its construction materials business.

DoE ‘respects’ Petron’s decision to close Bataan refinery — Cusi

THE Department of Energy (DoE) respects Petron Corp.’s move to shut down its oil refinery in Limay, Bataan as it is a business decision on the firm’s part, the agency’s top official said on Monday.

Aboitiz group leads Mindanao livelihood recovery program

THE corporate social responsibility arm and hydropower systems unit of the Aboitiz group announced that they would be rolling out a P450,000-livelihood recovery program in parts of Mindanao to help communities affected by the global health emergency.

Renewable energy share declines sharply since passage of 2008 law

THE share of renewables in the Philippines’ energy mix has declined to just under 21% from nearly 34% since the Renewable Energy (RE) Act of 2008 was passed, posing a threat to power self-sufficiency because much of the non-renewable fuel requirement is imported, the head of the government’s renewables regulator said Friday.

Phoenix Petroleum seeks trading suspension of its series A preferred shares 

DENNIS A. UY-LED Phoenix Petroleum has requested on Monday for the voluntary suspension of the trading of its third tranche series A (PNX3A) preferred shares, as the firm addresses concerns and questions on their settlement.

First Gen unit picks 3 foreign firms for LNG carrier

A UNIT of First Gen Corp. has selected three foreign firms to advance to the next round of the tender process for the charter of a floating storage regasification unit (FSRU), the Lopez-led company said in a regulatory filing on Monday.

Crop damage from latest typhoon hit P5.4 million — DA

AGRI dep’t crop damage estimates from Typhoon “Vicky” reach P5.37 million in Southern Mindanao.

No foreign interest yet in geothermal projects

THE Energy department has yet to receive applications from foreign investors interested in geothermal and biomass projects, officials said Monday, two months after geothermal was opened up to 100% full foreign ownership.

ERC sets hearing on NGCP network charge to pay for 2019...

THE Energy Regulatory Commission (ERC) will hold a virtual hearing next year to assess the National Grid Corp. of the Philippines’ (NGCP) request to collect Force Majeure (FM) Pass-Through charges to compensate it for damage caused by typhoons and earthquakes last year.

No Meralco disconnection until Jan.

MANILA ELECTRIC Co. (Meralco) has extended the no-disconnection policy until end-January next year for consumers who could not settle their unpaid power bills, House Speaker Lord Allan Q. Velasco said on Sunday.

Nuclear project costing must reflect waste storage, decommissioning

ANY FULL accounting of the affordability of nuclear power must include the costs to be incurred in storing nuclear waste and decommissioning power plants, according to an expert from the University of the Philippines (UP).

ERC to enforce new rules on allowable outages of power plants

THE Energy Regulatory Commission (ERC) has set new regulations for the allowable planned and unplanned outages of coal, gas, diesel, renewables, oil-fired thermal and...

DoE remits P4.15B to LGUs for virus fight

THE ENERGY department has so far remitted P4.15 billion from its Energy Regulations 1-94 (ER 1-94) program to help local government units (LGU) stem...

PSEi ends lower as investors sell shares before the holidays

PHILIPPINE SHARES ended lower on Friday as investors chose to pocket their gains as the trading year winds down. The benchmark Philippine Stock Exchange index...

AC Energy approves nearly P11B in funding for solar, wind projects

AYALA-led AC Energy Philippines, Inc. (ACEN) has approved a total of P10.81 billion in funding for a solar energy project and a wind farm, the firm told the local bourse on Thursday.

Philodrill extends SRO subscription to end-2021

LISTED exploration company The Philodrill Corp. has extended its subscription call for half the balance of its stock rights offering (SRO) to Dec. 31, 2021, the firm told the local bourse on Thursday.

PSE extends disbursement of proceeds from stock rights offer

THE Philippine Stock Exchange (PSE) has extended the timeline for the use of the proceeds for its stock rights offer (SRO) to Dec. 31, 2023, the local bourse said on Thursday.

Regional Updates (12/17/20)

MACTAN-CEBU International Airport Authority (MCIAA) General Manager Steve Y. Dicdican has been ordered suspended for six months for allegedly violating the Anti-Dummy Law.

Developers granted 3-year extension to comply with accounting norm on borrowing...

THE Securities and Exchange Commission (SEC) has granted property firms more time to implement an accounting standard governing the treatment of borrowing costs, citing the need to provide relief to the industry during the financial crisis.

Dutch firm to start preparation work for Bulacan airport in Q1

CONSTRUCTION of the P740-billion airport project in Bulacan is set to begin in the first quarter of 2021, San Miguel Corp. (SMC) said on Tuesday, with land development work to be undertaken by a Dutch company.

AboitizPower seeks to raise P30B from retail bonds

ABOITIZ POWER Corp. is looking to raise P30 billion by issuing retail bonds, which it plans to sell in tranches depending on market conditions, the energy company told the stock exchange on Tuesday.

PHL finishes in lower half of rankings for digital readiness

THE PHILIPPINES was ranked towards the lower half of a 90-country study on digital infrastructure quality, according to a study conducted by Tufts University in Massachusetts and Mastercard, Inc.

SEC seeks nominations for microfinance NGO council

THE Securities and Exchange Commission (SEC) said Tuesday that it is soliciting nominations from the private sector for individuals to serve on the Microfinance NGO Regulatory Council (MNRC), following a recent vacancy due to resignation.

SEC wins case vs investment agents

THE CORPORATE regulator won a lawsuit against three operators who illegally solicited investments from the public, the Securities Exchange and Commission (SEC) said on Monday.