JORDEENE SHEEX LAGARE

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A unit of Ayala-led Manila Water Co. Inc. in Aklan province’s Boracay island has secured a P2.4-billion loan from the Bank of the Philippine Islands (BPI) to finance its capital expenditures (capex). In a disclosure, Manila Water said Boracay Island Water Co. Inc. signed on Wednesday a loan agreement with…

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A unit of AboitizPower Corp., the power arm of conglomerate Aboitiz Equity Ventures, Inc., has taken full ownership of a 59-megawatt (MW) solar project in San Carlos City, Negros Occidental. AboitizPower International Pte. Ltd. struck a Share Purchase Agreement (SPA) with SunE Solar B.V. for the acquisition of 100 percent…

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MANILA Electric Co. (Meralco), the Philippines’ largest power distribution utility, will form a new subsidiary that will own, maintain and operate electric vehicles and charging stations in a bid to help lower the country’s carbon emissions. In a disclosure to the Philippine Stock Exchange (PSE), Meralco said its board approved…

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HYDRO power plant operator SN Aboitiz Power (SNAP) is targeting to add new capacity of 500 megawatts (MW) in the next seven to 10 years, according to its top executive. SNAP President and Chief Executive Officer Joseph Yu told reporters that securing the necessary permits and constructing the power facilities…

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SAN Miguel Corp. (SMC) expects revenues to hit P927 billion next year, taking into account the projected contribution of the newly acquired 630-megawatt (MW) Masinloc coal power plant in Zambales, company sources said. The Ramon Ang-led conglomerate expects this year’s revenue to touch P815 billion, the sources said on Monday.…

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Energy safety is the Philippines’ top priority, especially during the Christmas season, Energy Secretary Alfonso Cusi said on Monday. “We do not want our [countrymen]to suffer power interruptions or brownouts, especially during the holidays, but energy safety should be first,” the chief of the Department of Energy (DoE) said in…

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LISTED PetroEnergy Resources Corp. (PERC) has received a notice of approval from the Philippine Stock Exchange (PSE) for its planned stock rights offering in January, which is expected to raise P1.2 billion in fresh funds. The company said the proceeds of the stock rights offer would be used to finance…

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SAN Miguel Corp. (SMC) announced on Monday that its power business had acquired the 630-megawatt (MW) Masinloc coal power plant in Zambales for $1.9 billion. SMC Global Power Holdings (SMCGPH) signed a share purchase agreement with Masin-AES Pte. Ltd equity holders AES Philippines Investment Pte. Ltd. and Gen Plus B.V.…

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Oil companies will increase the prices of gasoline, diesel and kerosene on Tuesday, reversing the price cut they implemented a aweek ago. Flying V was the first to adjust pump prices, raising the price of diesel by 50 centavos per liter, gasoline by 30 centavos per liter, and kerosene by…

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Regulatory and infrastructural headwinds to liquefied natural gas (LNG) projects and competition from cheap coal are seen to curtail gas growth in the Philippines, Fitch Group-owned BMI Research has said. In its analysis, BMI projects an average annual gas growth of 5 percent over 2018 to 2026, slightly above the…

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