Kansai Electric Power Co. agreed to acquire a 14 percent equity stake in the parent company behind the 600-megawatt energy storage facility in the Philippines, the Japanese utility’s maiden investment in an overseas pumped storage hydropower project. In a disclosure to the Philippine Stock...
Government infrastructure spending shrank by almost 43 percent in the first five months of the year, as tightened governance protocols and stricter validation procedures delayed capital disbursements across major public works projects. According to the latest national government disbursement report...
Three multilateral lenders are expected to greenlight up to $8.9 billion, equivalent to about ₱549 billion, in new loans over the next two years before the Philippines’ upper-middle-income-country (UMIC) status limits the country’s access to concessional financing in the coming years....
Crystal Bridges Holdings Corp., the holding company controlled by the family of billionaire retailer Lucio Co, has allocated ₱6.7 billion for the initial phase of a multi-year program to rehabilitate and expand Primewater Infrastructure Corp. following its acquisition of the utility in May. In a...
President Marcos has approved several initiatives in public transport, education, energy, disaster resilience, and artificial intelligence (AI), Malacañang said. Marcos presided over the 10th Economy and Development (ED) Council Meeting on July 7, where he approved key initiatives to improve...
The Ayala Group’s Bank of the Philippine Islands (BPI) reinforced its leadership in sustainable finance, supporting some of the country’s largest and most transformative renewable energy (RE) projects through a series of landmark financing deals worth a total of ₱376 billion. Helping advance...
The government is looking to include 5,059 priority programs and projects (PAPs), with an investment requirement of almost ₱4.03 trillion, in the proposed 2027 national budget to sustain public investments, especially in infrastructure as well as social development. According to the Department of...
The Asian Development Bank (ADB) has approved an up to $30-million equity investment in a regional infrastructure fund that will bankroll projects, including those in the Philippines, to support energy transition and digital infrastructure in Southeast Asia. Documents showed that the Manila-based...
Investment czar and Department of Finance (DOF) Secretary Frederick D. Go is advancing the development of what is expected to become the Philippines’ and Southeast Asia’s first offshore wind farm, reinforcing the Marcos administration’s push to attract large-scale renewable energy (RE)...
The Lopez family majority alleged that First Gen Corp.’s decision to reduce its stake in Prime Hydropower Energy, Inc. (PHEI) from 40 percent to 33 percent is invalid, as it was never presented to the board of directors for approval and lacks a board mandate. The move was made just three weeks...
Approximately 5.3 million Filipinos are expected to benefit from improved government services after about 500 government agencies and facilities across Mindanao were connected under the first phase of the Mindanao Integrated Government Network (MIGN), the Department of Information and...
The majority owners of the Lopez family are stepping up their opposition against First Gen Corp.’s leadership, alleging that the power producer is bearing the entire financial burden of the multi-billion-peso renewable energy deal while securing only a minority position. In a statement on Friday,...
