Business NEWS

Consunji-led Semirara Mining and Power Corporation (SMPC) has declared dividend of P1.25 per common share to all of its outstanding stockholders as of the specified record date and based on the company’s dividend policy.

Filipino motorists will need to stretch their fuel budgets anew as prices at petroleum pumps will rise this week by a scale of P0.60 per liter for gasoline; and P0.70 per liter for diesel.

 The Philippine government is currently discussing with the Asian Development Bank (ADB) the viability of a plan to ‘buy out’ the older fleets of coal-fired power facilities in Mindanao grid.           

The costs to be paid in charging electric vehicles as well as the standards to be enforced in charging stations remained as the ‘most debatable’ concerns in the crafting of the proposed Comprehensive Roadmap for Electric Vehicles (CREV) in the Philippines.

A power supplier of Bantayan Island Electric Cooperative Inc. (BANELCO) in Cebu has demanded payment of P116.5 million of outstanding obligations that the utility firm allegedly failed to settle under their supply deal.

Beyond the provision of quality fuel products, Pilipinas Shell Petroleum Corporation is also extending value-added services to its customer-partners that include strengthening safety standards and measures on fleet deployments.

As global oil prices swung to new highs last week, price increases at Philippine pumps are anticipated again next week.

Seeks gov’t intervention

The recurring gas production restriction from the Malampaya field will de-rate anew the electricity generation of the 1,200-megawatt Ilijan gas-fired power facility in Batangas, one of the biggest power plants in the country.

After chiding the United States for technically snubbing the Philippines’ offer of energy investments, Energy Secretary Alfonso G. Cusi still tugged his way into courting American firms to pour in capital in geothermal as well as petroleum exploration projects being offered by the country.

Following government’s approval of its 45-percent stake acquisition in the multi-billion Malampaya project, Udenna Corporation conveyed that it absorbed the technical team and core of experts from previous interest-holder Chevron Corporation so it can seamlessly help in the continuous operation of the gas producing field.

The Department of Energy (DOE) has officially approved the transfer of the divested 45-percent shareholdings of American firm Chevron Corporation in the multi-billion Malampaya gas field project to UC38 LLC, a subsidiary of Udenna Corporation owned by businessman Dennis Uy.

The electrical linemen and meter readers in the power sector are being pushed for prioritization in the country’s Covid-19 vaccination program given the very high risk of exposure they have in carrying out their jobs.

With the easing of quarantine protocols this week, Filipino motorists can benefit from the marginal rollback in pump prices implemented by the oil companies at the scale of P0.25 per liter for gasoline, and P0.10 per liter for kerosene products.           

National government agencies (NGAs) as well as local government units (LGUs) have been prodded to lead the way in complying with the mandated energy efficiency and conservation (EE&C) roadmap and standards being cast for the country.           

The Department of Energy (DOE) is laying down the guidelines and requirements for energy efficiency (EE) ventures seeking tax incentives with the Board of Investments (BOI).

State-run National Transmission Corporation (TransCo) has warned that the feed-in-tariff allowance (FIT-All) fund could be depleted, adversely impacting the financial viability of the beneficiary-renewable energy (RE) firms.

The ‘bad summer habits’ of power plants are back again, hence, the Department of Energy (DOE) and Energy Regulatory Commission (ERC) are being urged to investigate the causes of the simultaneous forced outages of the generating facilities as these have been triggering spikes in electricity rates passed on to consumers.