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San Miguel infuses more funds in MRT-7 project

SAN MIGUEL Corp. (SMC) has infused P147.81 million more in its infrastructure unit to fund the 23-kilometer Metro Rail Transit Line 7 (MRT-7) project, the firm told the local bourse on Friday.

Globe moves tech infrastructure to Amazon cloud service provider

MOBILE NETWORK operator Globe Telecom, Inc. has successfully transferred on Monday the bulk of its technology infrastructure to cloud service provider Amazon Web Systems, Inc. (AWS), in a bid to accelerate the former’s digital transformation and improve customer experience.

Nationwide round-up (12/13/20)

MORE skill training centers have been allowed in areas under a general lockdown to address unemployment amid a coronavirus pandemic, according to the Trade department.

Ayala energy unit says 2.27-B offer shares exempt from SEC registration

AC Energy Philippines, Inc. said on Friday that it had received confirmation from the securities regulator that the Ayala Corp. unit’s proposed stock rights offering is exempt from the registration requirement of the securities code.

National Home Mortgage wins approval to securitize loans

The Securities and Exchange Commission (SEC) approved Friday a plan by the National Home Mortgage Finance Corp. (NHMFC) to securitize more than 1,200 residential...

Lockdown projected to dampen PHL fuel consumption by 18%

Philippine fuel consumption is expected to decline 18% in 2020, due to restrictions on transportation ordeed during the lockdown, the US Department of Agriculture’s...

Worst case for continuing with PHL coal projects seen at P372-B...

The Philippines could sustain up to P372 billion in economic losses under a worst-case scenario of proceeding with all nine gigawatts of pending coal-fired...

Stocks close higher on vaccine optimism; volume declines

SHARE prices closed higher Friday with investors upbeat after a series of developments on the vaccine front, which hold out the prospect of normalizing...

Alsons to issue P3B in commercial papers

ALSONS Consolidated Resources, Inc. will issue P3 billion in short-term commercial papers, it said on Thursday.

IBSI authorized capital stock hiked by P30 million

THE COUNTRY’S corporate regulator has approved the P30-million increase in the authorized capital stock of outsourcing services company Infopro Business Solutions, Inc. (IBSI), data from the local bourse showed.

Regional Updates (12/10/20)

THE truck ban hours in Metro Manila will again be in effect starting Monday, December 14, the Metropolitan Manila Development Authority (MMDA) announced Thursday.

Power rates go down in December

HOUSEHOLDS in Metro Manila can expect to see a P7 reduction in their power bills this month, after Manila Electric Company (Meralco) on Wednesday announced a cut in overall rates due to lower demand in the Luzon grid.

Solar Philippines targets 1 GW in projects next year

SOLAR PHILIPPINES plans to build over 1 gigawatt (GW) of projects in Batangas, Cavite, Nueva Ecija and Tarlac next year, in a bid to boost the country’s installed solar capacity, the company said on Wednesday.

Phoenix Petroleum to settle P3 billion in commercial papers

Dennis A. Uy-led Phoenix Petroleum Philippines, Inc. approved on Wednesday the settlement of P3 billion in outstanding commercial papers issued last year, the firm told the local bourse.

Plastics recyclers seen hampered by lack of incentives

THE plastics recycling industry, specifically the small- and medium-sized firms that engage in such activities, has been offered few incentives, causing the Philippines to lag other countries in the percentage of high-value plastics it recycles, an expert said Wednesday.

Funding for nuclear studies points to ‘tacit’ approval from Senate, legislator...

THE chairman of the Senate energy committee said the chamber’s funding support for developing a nuclear energy program, worth nearly P192 million since 2018, may be taken as “tacit” approval for government initiatives studying the use of the energy source.

DoH official says climate change bigger challenge than COVID-19

ADDRESSING climate change and protecting the environment will reduce the risk of disease outbreaks, with a government official saying that disrupted climates pose an open-ended threat with a range of impacts on public health greater than the threat posed by COVID-19 (coronavirus disease 2019).

SEC tightens rules on investment firms

THE SECURITIES and Exchange Commission (SEC) has tightened the rules covering investment companies and fund managers, in order to align with global best practices and to better protect shareholders.

PSALM demands Olongapo LGU pay P6.7 billion in overdue debt

STATE-RUN Power Sector Assets and Liabilities Management Corp. (PSALM) wants the Olongapo City local government to pay within seven calendar days at least P6.71 billion in electricity bills and other charges incurred over the past 12 years.

LBC Express looks to conduct follow-on offer

LBC Express Holdings, Inc. is planning to sell 69.1 million shares at a maximum price of P25 apiece in its follow-on offering, the Securities and Exchange Commission (SEC) said in a notice on Sunday.

Head of nuclear research agency calls for single regulator to oversee...

NUCLEAR INDUSTRY regulation must be entrusted to a single agency if the Philippines is to be in line with international best practices, the head of the Philippine Nuclear Research Institute (PNRI) said Monday.

Ban on sale, issuance of bearer shares proposed

THE SECURITIES and Exchange Commission (SEC) is drafting new rules that aim to increase the transparency of beneficial ownership of corporations, in a bid to prevent them from being used as vehicles for money laundering and terrorist financing.

Zaldarriaga appointed as Meralco VP

JOE R. Zaldarriaga, spokesperson and head of corporate communications at Manila Electric Co. (Meralco), has been promoted to the rank of vice president (VP), the company said.

SEC warns public against two unauthorized investment groups

THE SECURITIES and Exchange Commission (SEC) Philippines recently warned the public against participating in investment schemes of Extremebot Corp. and Greenlift Wellness Products Trading (Greenlift) as these entities do not have a license to sell securities.

NEA estimates over 12,000 rural sitios still lack access to power;...

MORE THAN 12,000 rural sitios still do not have access to electricity, with further funding required to meet the government’s 100% electrification target, the National Electrification Administration (NEA) said Saturday.

Transport dep’t signs usufruct agreement for 5 DND properties for Metro...

THE Transportation department and the Department of National Defense (DND) on Friday inked a usufruct agreement covering five properties of the latter, which will...

Nuclear policy recommendation to be submitted to Duterte by mid-December

THE NUCLEAR Energy Program Inter-agency Committee (NEP-IAC) will be submitting its recommendations to President Rodrigo R. Duterte by Dec. 15. The development comes about five...

Group including Manila Water wins Saudi water project

A consortium, which includes Manila Water Company, has been awarded the contract to operate water and wastewater facilities in two provinces in Saudi Arabia. In...

PSALM sells properties in Bohol, Cagayan

Power Sector Assets and Liabilities Management Corporation (PSALM) on Friday said it sold real estate assets in Bohol and Cagayan provinces to two power...

PSEi falls on faster-than-expected Nov. inflation

STOCKS ended lower on Friday as market players reacted to the higher-than-expected inflation print logged last month. The benchmark Philippine Stock Exchange index (PSEi) fell...

Republic Cement looks to co-process 10M plastic sheets, bags

THE RESOURCE RECOVERY arm of Republic Cement Services, Inc., ecoloop, plans to co-process a minimum of 10 million plastic sachets or bags per day by next year as part of its efforts to alleviate the country’s waste problem, officials said on Thursday.

San Miguel to invest P3 billion in Petrogen Insurance

San Miguel Corp. (SMC) is making an equity investment of P3 billion in Petrogen Insurance Corp., a wholly-owned insurance company of Petron Corp., it said in a disclosure to the Philippine Stock Exchange (PSE).

9 Boracay businesses charged with forestry, water violations

THE GOVERNMENT has charged nine Boracay establishments with illegally occupying protected forest land on the island, the Environment department said.

Renewables seen as far cheaper than diesel generators for remote, island...

REMOTE power grids and those on small islands can be run more cost-effectively on renewable sources like solar and wind, compared with diesel generators, according to the Institute for Energy Economics and Financial Analysis (IEEFA), a US non-profit.

PCC approves ACEPH, Axia JV for power plant

THE Philippine Competition Commission (PCC) has approved the joint venture (JV) between Ayala-led AC Energy Philippines, Inc. (ACEPH) and the Philippine energy unit of Japan-based Marubeni Corp. that is looking to build a diesel-fired plant in Rizal.

Mangroves seen more beneficial to seaside residents than fish farms

MANGROVES are more beneficial to fishing communities than fish farming, which employs few workers, a marine scientist said at an online forum organized by Oceana Philippines.

PELCO II awards 15-MW power supply contract

PAMPANGA II Electric Cooperative, Inc. (PELCO II) has awarded a 15-year power supply agreement to Vivant Energy Corp. and Gigawatt Power Inc. to supply 15 megawatts (MW) of the electric utility’s peaking requirements.

2021 budget passage targeted by next week

THE HOUSE of Representatives and the Senate on Tuesday assured the 2020 national budget will not be reenacted as both chambers target ratification of the P4.5-trillion spending plan for 2021 by next week.

PHL coal-fired power capacity seen increasing by 135% despite moratorium on...

POWER generating capacity from coal-fired plants is expected to rise 135% after all plants currently being built become operational, after a moratorium on new builds was declared last month, Clean Air Asia (CAA) said in a report.

Aboitiz Group’s contribution to government coronavirus response efforts reaches P2.2B

THE ABOITIZ GROUP’S contribution to the country’s coronavirus disease 2019 (COVID-19) response has reached over P2.2 billion, with the company being among the firms that first offered support to the government at the beginning of the pandemic.

Labor dep’t employment listings to highlight ‘green’ jobs

ENVIRONMENTAL PRESERVATION jobs have been included in the Department of Labor and Employment’s career information system targeted for launch online early next year, a Labor official said Saturday.

Ayala energy unit raises $300M from green bonds

AC Energy and Infrastructure Corp. has raised $300 million from its green bond issuance, its parent firm Ayala Corp. said in a regulatory filing...

Stocks finish lower as market continues to correct

Local shares tumbled on Friday and closed below the 6,800-mark, as the market continued to correct a week after the central bank announced a...

Pilipinas Shell launches Subic import facility

Pilipinas Shell Petroleum Corp. said Friday that it opened an import facility in Subic to expand its ability to supply fuel to northern Luzon. "The...

Philippines cited for ASEAN green-finance leadership

The Philippines was cited as a regional leader in sustainable finance thanks to the combined efforts of the government, banks, and businesses, according to...