Business NEWS

With electricity demand fall due to economic slowdown, the recurring net income of First Gen Corporation had declined 15-percent to P6.7 billion (US$133 million) in the first half of the year versus last year’s P8.2 billion (US$156 million).

Gasoline prices at the pumps are anticipated to go up by P0.50 to P0.65 per liter next week, based on the result of trading in the world market last week. For diesel, consumers’ pockets may still experience respite as there might be no change in the cost of the commodity or there could just be a very marginal increase of P0.05 per liter.

A large majority, 74.8 percent, of European businesses in the Philippines are dissatisfied with the government’s COVID-19 responses and are putting on hold additional investments and delaying investment decisions, a survey among European companies showed.

Leading oil firm Petron Corporation is now prepping up for the resumption of operations of its 180,000 barrels per day refining facility in Limay, Bataan by September 1 this year.

Given volume growth mainly underpinned by its liquefied petroleum gas (LPG) business, listed firm Phoenix Petroleum Philippines Inc. reported that it was able to trim losses in the second quarter to P5.0 million versus a comparatively dismal net loss of P386 million in the first quarter.

Shell Tabangao refinery shutdown

Some $35 million have been invested by manufacturers who have repurposed their factories to produce medical grade COVID-19 personal protective equipment (PPEs), face masks, and coveralls, and saved 7,450 workers, who were supposed to be laid off due to the weakening of the economy. 

AC Energy Philippines (ACEPH), the energy investment subsidiary of the Ayala group, logged P1.96 billion net income in the initial six months of the year; completely reversing a net loss of P552 million in the same period last year.

As a tough yet strategic choice to sustain its downstream oil market operations and to withstand the disruptive impact of the coronavirus pandemic, Pilipinas Shell Petroleum Corporation has decided this week to permanently shut down its refining operations in the country -- that’s after 58 long years of business presence.

The garment and wearables sector, which directly employs over 180,000 workers, has urged for an aggressive clear-cut national agenda at this time of pandemic where manufacturers have a strong voice at the Inter Agency Task Force (IATF) to the represented by the Secretary of the Department of Labor and Employment (DOLE).

Recovery of the Philippine real estate sector is expected to be slow but growth could occur within 18 to 24 months driven by new segments, particularly logistics, according to a property management and consultancy services firm.

The Philippines will be up for a tough competition against neighbor-countries in Southeast Asia for the next round of estimated US$3.0 trillion energy investments in the region, but Energy Secretary Alfonso G. Cusi said the country preps on improving investment climate so it could corner a pie of that capital.

With new wave of stymied economic activities, the demand for electricity in the Luzon grid had plunged by 700 megawatts (MW) again following the government’s enforcement of modified enhanced community quarantine (MECQ) in Metro Manila and nearby provinces.

 Business name registration for retail sale via the internet reached over 68,000 with more enterprises and would be entrepreneurs adapting to the opportunities offered by digital technology, according to the Department of Trade and Industry.

Philippine Competition Commission (PCC) Chairman Arsenio M. Balisacan told the pharmaceutical giants of the need to ensure access to affordable life-saving medicines and that it will remain ever vigilant to guard against anti-competitive and abuse of dominance especially at this time of pandemic.

The Department of Energy (DOE) is re-calibrating the aggregate volume of renewable energy (RE) capacity that it will auction next year for the distribution utilities’ compliance with the Renewable Portfolio Standards (RPS) policy.

The customers of Manila Electric Company (Meralco) will experience a slight relief as the utility firm’s rates will be down by P0.2055 per kilowatt hour (kwh) in this August billing.

Filipino motorists pockets could gain slight relief if they will fill up with diesel on their vehicles this week, as the price of this fuel will be reduced by P0.20 per liter.