MGen, AP, SMGP seal 1st integrated LNG deal By Lenie Lectura @llectura
ALLIANCE GLOBAL GROUP EYES 100-PERCENT RENEWABLE ENERGY USE FOR MEGAWORLD, NEWPORT WORLD RESORTS; TAPS MERALCO’S MPOWER Andrew Tan’s Alliance Global Group Inc. (AGI), through its companies Megaworld and Newport World Resorts operator Travellers International Hotel Group, has tapped MVP-led MPower of Meralco to achieve its goal of sourcing 100 percent of its power requirements from renewable energy this year. MPower is set to supply a total of 100 megawatts of renewable energy to around 70 property developments of both Megaworld and Newport World Resorts. Leading the ceremonial signing of the landmark deal were Kevin Andrew L. Tan, chief executive officer of AGI (second from left) and Manuel V. Pangilinan, chairman and CEO of Meralco (second from right). Witnessing the signing were Lourdes T. Gutierrez-Alfonso, chief operating officer of Megaworld (left) and Redel M. Domingo, first vice president and head of MPower.
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A $3.3-BILLION power deal meant to boost energy security in the country was forged among Pangilinan-led Meralco PowerGen Corp. (MGen), Aboitiz Power Corp. (AP) and San Miguel Global Power Holdings Corp. (SMGP) of Ramon Ang. Under the deal, MGen and AP will jointly invest in two of SMGP’s gas-fired power plants—the 1,278 MW Ilijan power plant and a new 1,320 MW combined cycle power facility which is expected to start operations by the end of 2024‚and together with SMGP
will invest in almost 100 percent of the liquefied natural gas (LNG) import and regasification terminal owned by Linseed Field Power Corp. Additionally, all three companies will acquire the LNG import and regasification terminal of Linseed Field Power Corp. This will be used to receive, store and process LNG fuel for the two power plants, thus fully integrating the local energy sector into the global natural gas supply chain. This move is expected to steer the country towards a cleaner, more sustainable future in line with the Marcos administration’s push for more natural gas in the country’s
energy mix. More important, SMGP said this will make competitively priced and affordable power accessible to a broader base of Filipino consumers. T he col l aborat ion w i l l substantially augment the country’s power supply with over 2,500 MW of generation capacity once fully operational, backed by advanced LNG storage and regasification capabilities. This effort will not only meet the country’s energy requirements but also support its environmental objectives by significantly lowering emissions. UBS AG served as the financial adviser to MGen and AP on this transaction.
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END-JAN DEBT HITS NEW RECORD HIGH OF P14.8T w
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Monday, March 4, 2024 Vol. 19 No. 141
P25.00 nationwide | 2 sections 20 pages |
By Reine Juvierre S. Alberto
HE national government’s outstanding debt as of end-January this year rose to a new record high of P14.79 trillion, according to the Bureau of the Treasury (BTr). level is at P10.16 trillion, indicating an increase of P144.25 billion or 1.44 percent from the end-December 2023 level due to the net issuance of government securities. Gross issuance of domestic debt for last month reached P211.11 billion, while principal payments amounted to P69.67 billion, which resulted in a net issuance of P141.44 billion, the Treasury added. “Meanwhile, the valuation effect of local currency depreciation against the US dollar on foreign currency-denominated domestic debt added P2.81 billion to the January total,” the Treasury said. See “Debt,” A2
TAYTAY TWILIGHT TAPESTRY In Taytay, Rizal, along Cabrera Road, travelers are greeted by a mesmerizing spectacle as a radiant sunset gracefully drapes the skyline of Metro Manila, evoking the image of a celestial canopy gently settling upon the earth’s embrace. This breathtaking vista invites observers to pause and immerse themselves in the splendor of nature’s artistry. BERNARD TESTA
PHL MUST CUT POVERTY RATES BEFORE PURSUING UMIC DREAM By Cai U. Ordinario @caiordinario
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EFORE fulfilling its dream of reaching Upper Middle Income Country (UMIC) status, the Philippines must first significantly bring down poverty, according to the French Development Agency (AFD). A report written by AFD Country Risk Economist Benoît Jonveaux said poverty in the Philippines remains high, especially when using UMIC standards. The World Bank said UMIC poverty lines are higher at $6.85 per day compared to lower-middle-income countries (LMICs) at $3.65 per day. “The Philippines has significantly lagged behind its Asean neighbors, as a result of the relatively weaker growth since the mid-1960s. In 1965, per capita GDP in purchasing power parity
[PPP] terms in the Philippines was among the highest in the region,” the report stated. Jonveaux explained that while the country’s poverty rate improved to 16.7 percent in 2019 from 26.3 percent in 2010, this was based on national thresholds. Using the World Bank threshold for LMICs, poverty rate in the country was still at 18.3 percent in 2019 but was still lower than the 35.3 percent in 2010. The report said the country’s poverty rate remains higher than its Asean neighbors such as Vietnam, with a poverty rate of 5.3 percent and Thailand at 1 percent. “The poverty rate at the thresholds defined for UMICs [upper-middle-income countries, a status that the country should reach between 2025 and 2027] still stood at 52 percent of See “PHL,” A2
Marcos to raise ‘key’ global peace issues in Melbourne By Samuel P. Medenilla @sam_medenilla
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RESIDENT Ferdinand R. Marcos Jr. said he will be raising “key issues” which affect global peace during the Association of Southeast Asian Nations (Asean)-Australia Special Summit this week. In his departure speech on Sunday, the chief executive said he will present the country’s position on the matter during the Leaders’ Retreat of the Summit. He will also be participating at the Leaders’ Plenary “where we will take stock of Asean-Australia cooperation and propose ways forward to further bolster relations.” “This administration continues to ensure that our constructive engagements with Asean, our External Partners, and stakeholders, will best serve our national interest, in as much as we promote the
region’s peace, stability, security, and prosperity, for the well-being of the Filipino and all our region,” Marcos said. He will participate in the Special Summit commemorating the 50 years of Asean-Australia Relations upon the invitation of Australian Prime Minister Anthony Albanese. While in Melbourne March 4 to 6, 2024, the President noted he will also be discussing the same international security concerns in his keynote speech to the Lowy Institute. “I will highlight the Philippines’s role as an active participant in world affairs and a contributor to the rules-based regional security architecture,” Marcos said. He is also scheduled to meet with the Filipino community and business groups in Australia as well as hold bilateral talks with New Zealand on “political, economic, and See “Marcos,” A2
IMAGE CREDIT: DARYA PETRENKO | DREAMSTIME.COM
The BTr reported that the national government’s (NG) debt increased by P173.91 billion in January from the P14.62-billion outstanding debt level in December. Governmentdatashowed that the end-January debt is also higher by 7.97 percent or P1.091 trillion than the end-January 2022 level. The Treasury traced the increase in debt “to the net issuance of domestic securities and the effect of peso depreciation.” Of the total debt stock, 68.71 percent comprised domestic borrowings, while 31.29 percent came from foreign sources. T he NG ’s d ome s t i c debt for the end-January
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HOW CHINESE SCIENCE FICTION WENT FROM UNDERGROUND MAGAZINES TO NETFLIX EXTRAVAGANZA
PESO EXCHANGE RATES n US 56.1740 n JAPAN 0.3746 n UK 70.9309 n HK 7.1753 n CHINA 7.8152 n SINGAPORE 41.7464 n AUSTRALIA 36.4850 n EU 60.7072 n KOREA 0.0421 n SAUDI ARABIA 14.9789 Source: BSP (March 1, 2024)