SPEx, D.O.E. SET MEETING AFTER I.C.C. FAVORS MALAMPAYA GROUP By Lenie Lectura
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@llectura
HELL Philippines Exploration B.V. (SPEx), which leads the Malampaya consortium, and the Department of Energy (DOE) are set to meet next week on how to move forward following the Singapore-based International Chamber of Commerce (ICC) ruling on the P53.1-billion tax dispute, which reportedly favored the oil giant. “The Malampaya joint venture
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can confirm that the International Chamber of Commerce arbitration tribunal has issued its decision, which we are currently reviewing with our legal counsels. At this stage we cannot provide details due to the confidentiality of the proceedings, but the joint venture will be engaging the Department of Energy in due course,” SPEx said on Thursday. Sources said a meeting between SPEx representatives and the DOE will take place next week.
Continued on A8
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El Niño damage to farm sector climbs to ₧7.96B By Jasper Emmanuel Y. Arcalas @jearcalas
T
HE damage caused by El Niño to the farm sector has reached nearly P8 billion, but the Department of Agriculture (DA) said its production goals for 2019 will still be achieved despite the losses incurred by rice and corn farmers. Agriculture Secretary Emmanuel F. Piñol said the DA has already extended financial support to farmers and fishermen affected by the weak El Niño. Emergency loans and indemnification provided by government amounted to P360 million.
“To date, the Agricultural Credit Policy Council [ACPC] has allotted P95.875 million of financial assistance under the Survival and Recovery Assistance [SURE] Program to benefit 3,835 affected farmers,” Piñol said in a social-media post on Thursday evening.
“In addition, the Philippine Crop Insurance Corporation [PCIC] has paid P264.515 million of insurance to 24,119 farmers,” he added. As of April 25, Piñol said farm production losses due to El Niño have reached P7.96 billion, nearly 40 percent over the last reported
₧150M
The initial crop damage figure reported by DA in March 2019. As of April 25, farm production losses due to El Niño was at P7.96 billion, nearly 40 percent over the last reported crop damage by the DA and 53 times higher than the March figure crop damage by the DA and is 53 times higher than the initial figure of P150 million it reported in March. The DA said 277,890 hectares of farms were damaged by the extreme heat. Production losses have reached 268,656 metric tons (MT). See “El Niño,” A9
By Butch Fernandez @butchfBM
HE Senate Committee on Energy, after a public hearing on Thursday, is poised to endorse remedial legislation penalizing power producers for unplanned brownouts when Congress reconvenes regular sessions next month. “We want to see a policy penalizing power producers [for unscheduled outages] because a commitment [to supply electricity to consumers] is a commitment,” said panel Chairman Sen. Sherwin T. Gatchalian, adding: “kawawa ang [pity the] consumers.” Relatedly, the Luzon grid was placed on red alert status on
Thursday, the seventh for the month, as the projected demand for electricity thinned. The red alert notice took effect from 10 a.m. to 5 p.m. and from 6 p.m. to 9 p.m. A yellow alert, meanwhile, was raised from 8 a.m. to 10 a.m., 5 p.m. to 6 p.m. and 9 p.m. to 11 p.m. A red alert notice is raised when there is severe power deficiency and zero contingency reserve. When the red alert is issued, power interruptions are expected to happen. A yellow alert, meanwhile, means there are not enough reserves to cover the largest running generating unit at the time but does not necessarily lead to power outages. See “Brownouts,” A4
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The midterm elections should be about values Manny F. Dooc
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I
N April, when the International Women’s Month was celebrated, the avalanche of news about the water crisis and the 2019 national budget imbroglio buried one significant event. I am referring to the launching of the IFC and Insular Life Program for greater financial inclusion for Filipino women. The program, dubbed “InLife Sheroes,” aims “to provide risk-mitigation solutions throughout their lifetime and educate them on financial management, health and well-being.” This initiative will target 1 million Filipino women, particularly the relatively untapped segments such as the women entrepreneurs who neglect to provide for their own life and health protection. A primordial concern of the workingwomen that the program shall also address is the provision of financial solutions to promote and expand their businesses. Continued on A10
7th red alert for Luzon grid; penalties eyed for unplanned brownouts
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DOE officials did not comment when asked how the ICC ruling will impact ongoing petroleum exploration activities in the country. Sources had confirmed that the ICC favored the SPEx. Petroleum Association of the Philippines (PAP) Chairman Rufino Bomasang said the ruling is a big boost to the country, which is pushing for exploration and utilization of indigenous fuels in hopes of finding another Malampaya gas field.
ADB hiking PHL lending to average $2.5B a year By Cai U. Ordinario @caiordinario
I ONE YEAR AFTER Boracay Island was closed for six months, one year ago today, after President Duterte declared it under a state of calamity due to environmental damage, especially the water pollution at Bulabog Beach, where water sports are held. To mark the one-year anniversary of its closure, and celebrate the second phase of the island’s reopening, authorities have scheduled a series of events dubbed “Love Boracay” in the run-up to the May 1. In the past, this period was marked by “Laboracay” parties, which gathered over 100,000 tourists at the white beach. BERNARD TESTA
N support of the Philippines’s aim of addressing its development constraints such as infrastructure gaps, Asian Development Bank (ADB) is increasing its lending to the country under the new Country Operations Business Plan (COBP) 2019 to 2021. In a briefing with reporters on Thursday, ADB President Takehiko Nakao said that while the COBP is still being crafted, the Manila-based multilateral development bank is already keen on increasing its lending to the country to an average of $2.5 billion a year from only $1 billion.
n JAPAN 0.4653 n UK 67.3576 n HK 6.6556 n CHINA 7.7648 n SINGAPORE 38.3336 n AUSTRALIA 36.6148 n EU 58.2287 n SAUDI ARABIA 13.9194
See “ADB,” A2
Source: BSP (25 April 2019 )