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SMC, ACEN units advance in Meralco RE supply bid

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THE UNITS of San Miguel Corp. (SMC) and ACEN Corp. will undergo post-qualification evaluation after Manila Electric Co. (Meralco) identified their bids as the most competitive for a 500-megawatt (MW) renewable energy (RE) supply contract. San Roque Hydropower, Inc. (SRHI), Gigasol3, Inc., and Santa Cruz Solar Energy, Inc. (SCSEI) submitted their qualification documents, technical proposal, and bid price, Meralco said in a statement on Thursday. SRHI offered the lowest rate of P7.10 per kilowatt-hour (kWh) for 340 MW of the total requirement. SRHI, formerly known as Strategic Power Development Corp., is a subsidiary of San Miguel Global Power Holdings Corp., the power arm of SMC. Gigasol submitted a rate of P8.1819 per kWh for 139 MW of the requirement, while SCSEI covered the remaining 21 MW requirement at a rate of P8.1998 per kWh. Both Gigasol3 and SCSEI are subsidiaries of ACEN under the Ayala Group. Meralco stated that all offers received were below the reserve price of P8.2380 per...
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Robinsons Land eyeing to launch 2 residential projects in second half

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GOKONGWEI-LED property developer Robinsons Land Corp. (RLC) will likely launch at least two new residential projects in the second half of the year, a company official said on Monday. “We’ll probably launch one to three projects for the rest of the year, depending on the location,” said RLC Senior Vice-President and RLC Residences General Manager John Richard B. Sotelo on the sidelines of the Economic Journalists Association of the Philippines-San Miguel Corp. Economic Forum 2024. Mr. Sotelo said the company is considering launching two to three towers in Cainta, Rizal as it has already launched four towers. “So we’re thinking of launching maybe two to three more because demand has been very good. If we launch another one after that, we’ll see. Depends on how the market goes,” he said. Mr. Sotelo said the company is considering launching two to three towers in Cainta, Rizal, having already launched four towers. “Demand has been very good. If we launch another one after that, we’ll ...
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PHILEX Mining Corp. said it may extend operations at its Padcal mine site in Tuba, Benguet until 2027 if gold prices remain elevated.

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  PHILEX Mining Corp. said it may extend operations at its Padcal mine site in Tuba, Benguet until 2027 if gold prices remain elevated. “At current metal prices, we (can extend) until 2027,” Philex Mining President and Chief Executive Officer Eulalio B. Austin, Jr. said during the company’s annual stockholders’ meeting on Tuesday. Gold averaged $2,300 per troy ounce in June, while copper averaged $4.37 per pound, according to World Bank data. Originally slated to cease operations by the end of this year, the Padcal mine has been operational since 1958. Mr. Austin said that extending the mine’s lifespan also depends on the company’s profitability. He added that the company’s production cost for gold was $1,800 per troy ounce and    $3.4 per pound for copper. If costs rise but are offset by high metal prices, operations will continue, Mr. Austin said. At the same time, he expressed contentment with metal prices above $2,000 per troy ounce for gold and $3.5 per pound for cop...
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JFC shares climb following acquisition in South Korea

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SHARES in Tony Tan Caktiong-led Jollibee Foods Corp. (JFC) rose last week following a disclosure of its acquisition of a majority stake in South Korean brand Compose Coffee. Data from the Philippine Stock Exchange showed that a total of 2.71 million shares worth P623.46 million were traded from July 1 to 5, positioning JFC as the 10th most active stock in the local market during that period. JFC shares increased by 3.5% week on week, closing at P234 per share, up from P226 per share on June 28. Year to date, JFC’s share price has decreased by 6.9%. Philippine National Bank Senior Equity Research Analyst Jonathan J. Latuja said in an e-mail that Jollibee’s share price was up by more than 3% last week, which was a continuation of its ascent since the previous week. “Excitement about the acquisition of the Korean brand, Compose Coffee, was positively received by the market, which drove Jollibee stock price higher. Compose Coffee could be earnings accretive,” said Mr. Latuja. “This looks b...
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Higher NAIA charges seen to weigh on travel demand

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  THE EXPECTED INCREASE in fees at the soon-to-be privatized Ninoy Aquino International Airport (NAIA) could alter travel demand dynamics, potentially impacting passenger volumes and operational margins for airlines operating at the airport, according to analysts. “Higher charges ultimately end up in passengers’ wallets, and it may depress demand in the short term,” Rene S. Santiago, former president of the Transportation Science Society of the Philippines, said in a Viber message on Sunday. “[This is] highly favorable to SMC (San Miguel Corp.) as it inherits these higher charges that cannot be attributed to it,” he added. In June, the Department of Transportation announced that the proposed increase in passenger service fees at NAIA is intended to enhance operational efficiency. The department said that the planned rate hike is within the approved parameters, terms, and conditions specified in the tender documents for the NAIA rehabilitation project. Passenger service charges, als...
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First Gen postpones delivery of LNG cargo

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 LOPEZ-LED First Gen Corp. has postponed the delivery of its fifth liquefied natural gas (LNG) cargo as it still has enough supply, its president said. “Right now, we’re going through the operation and then there is the Malampaya. We still have the residual gas so we have to deplete residual gas,” First Gen President and Chief Operating Officer Francis Giles B. Puno told reporters on Friday last week. In June, First Gen awarded Japanese company TG Global Trading Co. a contract to supply one LNG cargo of approximately 125,000 cubic meters with delivery scheduled this month. ”We have to defer to a time that [we are] ready,” Mr. Puno said. The LNG will be used by First Gen’s four existing gas-fired power plants with a combined capacity of 2,017 megawatts (mw) that have been supplied for many years with gas from the Malampaya field, the country’s sole natural gas provider. FGEN LNG Corp., a subsidiary of First Gen, constructed an interim offshore LNG terminal and executed a five-year t...
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FedEx to expand facility at Clark airport

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  FEDERAL EXPRESS Corp. (FedEx) plans to expand its facility at Clark International Airport (CIA) to accommodate increasing demand from small- and medium-sized enterprises and large freight shippers seeking access to global markets, the company announced on Thursday. The company has entered into an agreement with Luzon International Premiere Airport Development (LIPAD), the operator of CIA, to initiate the expansion project, FedEx said in a statement. Upon completion, the expansion will increase the size of the company’s current 17,000-square-meter facility twofold. The facility currently boasts a sorting capacity of 9,000 parcels per hour and includes a 630-square-meter area dedicated to freight handling. “The new facility is set to offer enhanced capabilities that will benefit local businesses looking to amplify their presence in international markets and support the growing demand for e-commerce, freight, and cold-chain shipments across the Asia-Pacific region,” said the company...
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