The Ty family’s Metropolitan Bank & Trust Co. (Metrobank) reported a 13 percent growth in net income to a record P23.6 billion in the first semester of 2024 from the P20.9 billion earned in the same period last year. In a disclosure to the Philippine Stock Exchange, the Banks said profit...
The newly collected data from the completed seismic surveys of Israeli firm Ratio Petroleum and state-run Philippine National Oil Company-Exploration Corporation (PNOC-EC) will enable a comprehensive assessment of the actual reserves’ potential for oil and gas at their service contracts in the...
Senator Alan Peter Cayetano has filed a resolution seeking to postpone the bidding for Manila Electric Company’s (Meralco) 600-megawatt and 400-megawatt power supply requirements. (Photo from the Office of Senator Alan Cayetano) In filing Senate Resolution 1090 dated July 29, Cayetano said that...
State-run firms Philippine National Oil Company (PNOC) and the National Power Corporation (NPC) have inked a memorandum of understanding (MOU) that will cement their collaboration on setting up a pilot project for the rollout of hybrid systems leaning on solar and wind farms in energizing off-grid...
East Zone concessionaire Manila Water Company said that La Mesa Dam is approaching its spilling level due to sustained heavy rains. In an advisory on Wednesday, July 24, Manila Water stated that La Mesa Dam is expected to overflow once it reaches the level of 80.15 meters. According to the water...
The Manila Electric Co. (Meralco) assured that it practices the government-mandated competitive selection process (CSP), which involves an open and transparent manner to ensure that consumers benefit from sufficient least-cost supply. “We would like to reiterate that Meralco strictly observes and...
Senator Alan Peter Cayetano has called for a suspension of Manila Electric Company (Meralco)’s Competitive Selection Process (CSP) for 600 megawatts of baseload supply starting next year, amid concerns regarding fairness. (Photo from the Office of Senator Alan Peter Cayetano) "So Madam ERC, I...
Pangilinan-led PXP Energy Corporation has formally secured the approval of the Department of Energy (DOE) for the relinquishment of its interest in a petroleum block in the Northwest Palawan basin that was previously awarded under Service Contract (SC) 74. “The DOE has approved the surrender of...
Power utility giant Manila Electric Company (Meralco) has secured three contracts for a total of 500-megawatt capacity that will satiate its requirements for renewable energy (RE) supply portfolio as prescribed under the government-enforced Renewable Portfolio Standards. The tariffs cornered by the...
Clark Water, a subsidiary of Manila Water Philippine Ventures, is ramping up its efforts to combat rising energy costs and reduce its carbon footprint by expanding its solar power infrastructure. In a statement, Lyn Zamora, Clark Water’s general manager, said the water and wastewater service...
At least two port facilities that will support the development of offshore wind projects in the country are being proposed for inclusion in the General Appropriations Act (GAA) or the country’s national budget for next year. According to Energy Undersecretary Rowena Cristina L. Guevara, priority...
Razon-led Manila Water Co. Inc. is spending P577 million on an expansion project to enhance its services in Taguig City. In a statement, the water concessionaire said it is currently constructing the Long Term East 3 (LTE 3) Ruhale-Bambang Felix Line, which aims to extend services to over 700,000...
