MWSS fines Manila Water P1.134 billion
THE Metropolitan Waterworks and Sewerage System (MWSS) has penalized Manila Water Company, Inc. with a P1.134-billion fine -- consisting of a P534.05-million penalty and a P600-million fund for the development of a new water supply source -- in connection with the shortage that hit much of its Metro Manila concession area last month, the regulator said in a statement on Wednesday.
Ayala Land plans to raise P25-26B in country’s first REIT offer
AYALA LAND, Inc. (ALI) is preparing what could turn out to be the country’s first real estate investment trust (REIT) offering, where it plans to raise about P25-26 billion.
Fitch Ratings cuts PHL growth forecast on budget delay
FITCH RATINGS on Wednesday joined another credit rater and various multilateral organizations in cutting Philippine economic growth projections, due largely to a delayed national budget that is expected to crimp state spending.
Beijing seen recalibrating Belt and Road initiative
BEIJING -- China is expected to promote a recalibrated version of its Belt and Road initiative at a summit of heads of state this week in Beijing, seeking to allay criticism that its flagship infrastructure policy fuels indebtedness and lacks transparency.
Power supply watched after quake
LUZON managed to avoid widespread brownouts despite the 6.1 earthquake that rocked parts of the island on Monday, knocking out several major power plants.
Senate leaders see fresh push for procurement reform next Congress
BILLS proposing to amend Republic Act No. 9184, or the “Government Procurement Reform Act,” will likely be filed anew in the next Congress despite tepid legislative interest since 2016, Senate leaders said in recent remarks.
Boao Forum meeting participants voice need for closer links, cite risks
FOREIGN AND LOCAL delegates at the 2019 annual conference of the Boao Forum for Asia called for closer development coordination among peers, building on China’s Belt and Road initiative and the Regional Comprehensive Economic Partnership, in order to resist a wave of protectionism threatening the rules-based multilateral system.
PCC checks for collusion in power sector
THE PHILIPPINE Competition Commission (PCC) will check allegations of collusion among power plant operators amid recent outages “that may have contributed to price increases in the retail electricity market,” the watchdog said in a press release on Monday.
Hanjin liabilities now pegged at $1.71B
CLAIMS against Hanjin Heavy Industries and Construction Philippines, Inc. (HHIC-Phil) now total about $1.71 billion, according to a recent interview with the firm’s rehabilitation receiver who cited latest assessments and said she has yet to receive a “firm” business proposal.
Waiver of March charge could cost Manila Water nearly P500 million
AYALA-LED Manila Water Company, Inc. expects the cost of its move to voluntarily waive the minimum charge of its entire client base for March plus the waiver of a full month’s bill of its most severely affected customers to hover below P500 million, its top official said on Monday.
Budget dep’t expects contract awards to surge after polls
THE DEPARTMENT of Budget and Management (DBM) sees a “surge” in contract awarding once the 45-day ban on public works lifts after the May 13 mid-term elections.
‘Underspending’ shaves deficit in Q1
THE STATE’s fiscal deficit shrank last quarter amid “underspending” with delayed enactment of the 2019 national budget, according to preliminary Bureau of the Treasury (BTr) data which the Finance department released on Thursday.