PSALM raises P36.23M from selling real estate assets

 

By Eireene Jairee Gomez August 9, 2020

https://www.manilatimes.net/2020/08/09/news/regions/psalm-raises-p36-23m-from-selling-real-estate-assets/752748/

 

The Power Sector Assets and Liabilities Management Corp. (Psalm) has successfully privatized its real estate assets in Nasipit in Agusan del Norte and Maco in Compostela Valley, raising a total of P36.23 million that can be utilized to pay for remaining liabilities of the National Power Corp. (NPC).

In a statement, Psalm said the lot in Maco with an area of 1,595 square meters was awarded to Therma Marine Inc. with it winning bid amounting to P3.20 million, and the lot with an area of 3,395 sqm in Nasipit was awarded also to Therma Marine Inc. for P4.41 million.

Psalm said the real estate assets covered by the privatization process also included three lots with a total area of 10,596 square meters in Agusan and Manolo Fortich in Bukidnon, with the winning bid offer coming from FG Bukidnon Power amounting to P28.61 million.

All the bid offers were above the minimum bid prices approved by the PsalmBoard of Directors. In compliance with the Psalm policies, the basis used for the minimum bid price was the higher valuation out of the two external appraisal reports that were done on the said real estate assets.

“We are glad that the privatization activity was successful despite the pandemic… The proceeds will be used by us to pay the remaining financial obligations that we got from the National Power Corporation,” said Psalm President and Chief Executive Officer Irene Besido Garcia.

The results of the bidding exercises will be subject to post-qualification process to ensure that the winning bidders met all the financial and legal requirements as indicated in the asset sale provisions, Psalm said.

Philex gets net loss recovery in H1

 

By Eireene Jairee Gomez August 4, 2020

https://www.manilatimes.net/2020/08/04/business/companies/philex-gets-net-loss-recovery-in-h1/750327/

 

PHILEX Mining Corp. posted a core net income of P402 million in the first semester of 2020, a solid turnaround from a net loss of P19 million recorded in the same period last year.

In a disclosure on Monday, the Pangilinan-led mining firm said improvements in the mine and mill operations paved the way for the company’s core net income to reach P300 million in the April to June period, in addition to P103million in core earnings it recorded in the first quarter.

Philex Mining continued to generate higher tonnage since the first quarter of the year. For the second quarter, total tonnage milled totaled 2.002 million tons, a 1-percent increase from 1.973 million tons year-on-year. This brings the firm’s total tonnage milled at 3.971 million tons in the first six months of 2020, up by 4 percent from 3.805 million tons in the same period in 2019.

The company said the continued improvement in the execution of the mining plan and mill operations resulted to higher tonnage and better blended metal grades. Gold production for January to June reached 28,332 ounces (oz), a 20-percent increase from 23,675 oz last year. Likewise, copper output rose by 13 percent to 13.541 million pounds (lbs) from 12.007 million lbs a year ago.

During the second quarter, gold output was at 14,173 oz versus 13,182 oz while copper output went up by 8 percent to 6.803 million lbs from 6.280 million lbs last year.

Operating revenues during the period six-month period was 19 percent higher at P3.680 billion as compared to P3.089 billion year-on-year as a result of significantly favorable realized gold prices though tempered by declining realized copper prices, and lower foreign exchange rates.

In the second quarter alone, operating revenues hit P1.967 billion, a 22-percent increment from the previous P1.613 billion.

Meanwhile, earning before interest, tax, depreciation and amortization during the first half of the year rose by 71 percent to P1.127 billion from P660 million in 2019.

As an export-oriented company, Philex was allowed to remain operational during the enhanced community quarantine in accordance with the guidelines of the government Inter-Agency Task Force for the Management of Emerging Infectious Diseases.

“We have adjusted our supply chain model based on new normal in order to mitigate the risk of possible disruptions in the flow of the materials and supplies needed in our mine and mill operations. We also have put in place adequate health protocols to protect our employees, both in Padcal mine and at the head office, as they continue to perform their day to day work in the office, underground mining and mill operations”, said Philex Mining President and Chief Executive Officer Eulalio Austin Jr.

Philex Mining Chairman Manny Pangilinan was optimistic the company is heading towards a better full-year performance in 2020 compared with 2019 “provided we are able to maintain our production volume and improve mining efficiencies.”

Philex Mining and its subsidiaries are engaged in large-scale exploration, development, and utilization of mineral resources. Its Padcal mine is one of the oldest operating mines in the Philippines.

Shares of Philex Mining rose 5 centavos or 1.57 percent to close at P3.24 each om Monday.

Nuclear power will improve our economy

 

By Ramon T. Tulfo August 4, 2020

https://www.manilatimes.net/2020/08/04/opinion/columnists/topanalysis/nuclear-power-will-improve-our-economy/750331/

 

AMONG the highlights in President Rodrigo “Digong” Duterte’s State of the Nation Address was the possible resurrection of the Bataan Nuclear Power Plant (BNPP) to bring down the cost of electricity in the country.

The inordinately high cost of electricity has driven or discouraged foreign companies from setting up their factories here.

The inordinately high cost of electricity has driven or discouraged foreign companies from setting up their factories here.

The BNPP, which was being constructed during the time of President Ferdinand Marcos, would have considerably brought down the cost of power in the country if it had been allowed to operate.

The vindictive President Corazon Aquino scrapped the nuclear power plant out of spite for the Marcos regime.

The possible reopening of the BNPP, or another nuclear facility, would jibe with the impending influx of investors from China who plan to set up factories here.

I should know, as I am one of the country’s special envoys to China.

Many Chinese companies have expressed a desire to set up factories in the country and were talking with government agencies before the coronavirus disease 2019 (Covid-19) pandemic.

My special envoy office facilitated dialogues between several Chinese investors and officials of the Departments of Trade and Industry; Tourism; Energy; and Foreign Affairs.

Thomas Kwok, a representative of several Chinese investors, told Trade and Industry Secretary Ramon Lopez that his clients were eyeing the economic zones in the country to set up their factories.

More Chinese and other foreign investors would be encouraged to put up their offices and plants in the country if the power rates were brought down.

Many multinational companies transferred their plants to our neighboring countries because of the high cost of electricity here.

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Meanwhile, a P12-billion hydroelectric run-of-river plant is being built in Benguet, even with the Covid-19 lockdown.

It will be finished in 2023, a legacy of the Digong administration to the Filipino people.

Renewable energy — like the 60-megawatt hydroelectric project under construction in Benguet — makes use of natural resources such as rain, wind and the sun.

Renewable energy is not dependent on fossil fuels and, therefore, environment-friendly.

The Benguet hydroelectric project makes use of people from indigenous communities.

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