Business
Ayala set to invest P80b in power plants By Alena Mae S. Flores
A
C ENERGY Holdings Inc., the energy arm of Ayala Corp., committed to invest close to P80 billion to bring its capacity to 2,000 megawatts in the next five years.
AC Energy president John Eric Francia told reporters the company was previously looking at investments of P40 billion, but decided to increase it by “close to double” by 2020 due to the additional target capacity. The company, which is expected to reach its 1,000MW attributable capacity target this year, posted a net income of P2.1 billion in 2015. Francia said the company targeted a net income of P5 billion by 2020. He said 60 percent or the bulk of the additional 1,000MW capacity in the next five years would come from renewable energy investments. “The renewable energy revolution is upon us and we are gearing up the organization for this new reality. We will also harness synergies across the Ayala group to achieve this goal” said Francia.
“We expect renewable energy to be more competitive over the next five years, and this will be good from a sustainability, diversification and resiliency standpoint,” he said. Francia said among the company’s strategic priorities in terms of getting to that milestone of 2,000 MW involved “making sure that all our operating plants get to the high efficiency levels and we’re happy to note that we are getting there.” He said the company’s existing power assets had potential for expansion by about 500 MW but AC Energy was also looking at overseas opportunities such as Indonesia. “We hope in the next few months, we will be breaking ground our first project in Indonesia. It’s less than 100 MW wind [project],” Francia said. He said the planned Indonesia investment would be a “three way partnership” with AC Energy taking around 75-percent stake. Francia said the company would also seek acquisitions and develop greenfield projects, both in the Philippines and select Southeast Asian markets including Vietnam and Myanmar. “We will look at on opportunistic basis, Vietnam and Myanmar…but not an immediate priority,” he said.
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THURSDAY, OCTOBER 20, 2016 extrastory2000@gmail.com
Manila
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SEC MEMORANDUM CIRCULAR NO. 17 Series of 2016 SUBJECT : GUIDELINES ON THE APPLICATIONS FOR PAYMENT OF ANNUAL FEES OF CAPITAL MARKET PARTICIPANTS (INSTITUTIONS AND PROFESSIONALS) __________________________________________________________________________________________________________ The Commission En Banc, in its meeting of 01 October 2015 and confirmed on 29 September 2016, resolved to adopt the following Guidelines: 1.
These Guidelines apply to the following SEC-registered/licensed Capital Market Participants: Brokers Dealers in Securities (“BD”), Brokers in Securities (“B”), Dealers in Securities (“D”), Brokers in Proprietary Shares (“BPS”), Voice Brokers (“VB”), Investment Houses (“IH”), Investment Houses Engaged in Dealing Government Securities (“IH-GSED”), Underwriters of Securities Engaged in Dealing Government Securities (“US-GSED”), Government Securities Eligible Dealers (“GSED”), Investment Company Advisers (“ICA”), Mutual Fund Distributors (“MFD”), and their respective Associated Persons (“AP”), Compliance Officers (“CO”), Salesmen (“S”), Fixed Income Market Salesmen (“FIMS”) and Certified Investment Solicitors (“CIS”).
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Payment of annual fees shall be in November of each year. Applications for Payment of Annual Fees filed in December of the same year shall be considered late and shall be charged a surcharge of fifty percent (50%) of the annual fees while applications filed after December shall be charged a surcharge of one hundred percent (100%) of the annual fees. Failure to pay the required annual fees shall, after notice and hearing, result in the suspension or revocation of the registration/license.
3.
Applications for Payment of Annual Fees shall be filed with the Company Registration and Monitoring Department – Licensing Unit (CRMD-LU). Only applications whose documentary requirements are complete and in order shall be accepted for processing.
4.
The requirements for the Applications for Payment of Annual Fees are: A.
General Requirements: a.
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b.
Amendment forms, if applicable.
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ICA
MFD
C.
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Application Form for Payment of Annual Fees • Main : SEC FORM 28.1-1 • Branch: SEC FORM 28.1-1 (BAF)
b.
Original copy of the Surety Bond if the Unimpaired Paid Up Capital is less than PhP100M
c.
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a.
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b.
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a.
Application Form for Payment of Annual Fees SEC FORM ICA-AF
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SM-LTO AGREEMENT. The Land Transportation Office and the SM Group signs an agreement to bring drivers’ license renewal closer, easier and more convenient to the public at SM City North Edsa. Shown after sealing the deal are LTO chief and Assistant Secretary Edgar Galvante (third from left), SM Supermalls president Annie Garcia (fourth from left) and SM Mart Inc. executive vice president Ricky Lim (second from left). With them are SM Mart VP for business center operations Dennis Yaw, LTO executive director Romeo Vera Cruz and LTO-NCR Regional Director Clarence Guinto.
September BoP fell 47% to $117m
THE country’s balance of payments surplus in September declined 47 percent to $117 million from $219 million a year ago, as the highlyanticipated interest rates hike by the US Federal Reserve triggered volatility in the global financial markets. The September surplus was also 83-percent lower than the $682-million surplus in the month of August. The figure brought the BoP surplus in the first nine months to $1.648 billion, lower than $1.808 billion a year ago. “September was particularly a challenging month because people thought that the US Fed would adjust monetary policy, so there was a lot of uncertainty and the global financial markets proved to be more volatile,” Bangko Sentral Deputy Governor Diwa Guinigundo said at the sidelines of an event Wednesday. Despite the lower surplus in September, Guinigundo remained optimistic the $2-billion surplus target could still be achieved. Julito G. Rada
BSP raises weekly auction by P20b
BANGKO Sentral ng Pilipinas will raise for the fifth time the weekly volume in the term deposit auction by another P20 billion from P110 billion to P130 billion beginning Nov. 2 in a bid to effectively siphon off excess liquidity in the financial system. Data on the BSP website showed that the seven-day deposits would
IN BRIEF continue to account for P10 billion, but deposits with a month-long tenor would be increased to P120 billion from P100 billion. Bangko Sentral had already increased the auction volume four times since June―from the original P30 billion to P50 billion, P70 billion, P90 billion, and P110 billion due to oversubscription. Bangko Sentral Governor Amando Tetangco Jr. said there could be room for further adjustments in the auction sizes in future auctions. Julito G. Rada
Economic growth may slow to 6.5%
ECONOMIC expansion in the third quarter may slow to 6.5 percent from 7 percent in the second quarter due to sluggish exports and uncertain growth path of remittances, First Metro Investment Corp. and University of Asia and the Pacific said in a joint report Wednesday. “Employment numbers in July and continued high growth in durable goods imports provide much confidence for a strong performance in the third quarter,” the economists said in the October issue of the Market Call. “However, the erratic movements in OFW remittances and continued weakness in exports may pull growth closer to 6.5 percent,” the report said. Julito G. Rada
Annual Fees: Refer to existing SEC Schedule of Fees and Charges.
5.
All documentary requirements shall be submitted in two (2) hard copies, with at least one (1) original hard copy, and in soft copy via email at cmannualfees@sec.gov.ph.
6.
All SEC Forms in items 4.B and 4.C may be downloaded from the Commission’s website at www.sec.gov.ph.
7.
Mere issuance of the Payment Assessment Form does not constitute filing; only applications which have paid the corresponding annual fees shall be considered filed.A Confirmation of Payment of Annual Fees will be issued by the CRMD as proof of the filing. The terms and conditions imposed upon the original/amended registration shall continuously apply to all registered capital market participants.
8.
These Guidelines shall be applicable for the payment of annual fees in 2016 onwards.
9.
This Memorandum Circular shall take effect after fifteen (15) days from publication in a newspaper of general circulation.
Mandaluyong City, Philippines 13October 2016. TERESITA J. HERBOSA Chairperson SEC FORM NELET-AF (Notarized Endorsement Letter-Annual Fees) Date SECURITIES AND EXCHANGE COMMISSION SEC Bldg., EDSA, Greenhills, Mandaluyong City Attention:
CRMD Licensing Unit
Subject:
Application for Payment of Annual Fees of Capital Market Participants
Gentlemen: (Name of Capital Market Institution), through the undersigned President, hereby applies for the payment of annual fee as (Type of Registration/License), including the annual fees for the following Branches: (Enumerate Branches) and, of the (State Number of Professionals Included in the List) Capital Market Professionals listed in the Annexes, for the year (Indicate Year). The undersigned President certifies that all the information contained in the Application Form for Payment of Annual Fees and in the said Annexes is true, correct, current, accurate and complete. The undersigned Associated Persons/Compliance Officers undertake to attend Certification Seminars and take Certification Examinations, for Associated Persons/Compliance Officers, to be administered by the Securities and Exchange Commission in the future.1 The undersigned understand and agree that should any of the information given is found to be false in any respect, the Commission shall, after notice and hearing, suspend or revoke the registration/license and the persons responsible therefor shall be dealt with in accordance with law. Thank you. Very truly yours,
Did we lose the PCA arbitration case? IN 2014, two years after it lost possession of Scarborough (Panatag) Shoal in a two-month standoff, the Philippines haled China to the Permanent Court of Arbitration, a tribunal established under UNCLOS (UN Convention on the Law of the Sea), of which China and the Philippines are signatories. China refused to participate in the proceedings. On July 23, 2016 PCA issued a ruling declaring that the territorial claims embodied in the so-called ninedash line had no legal basis and that Filipino fishermen had historical rights to fish in the Panatag Shoal. In an additional display of intransigence, China refused to recognize PCA ruling. In both instances this country had international law— represented by the UN, UNCLOS and PCA—on its side. Conversely, by its actions, China had placed itself beyond the pale of international law. Unfortunately, UNCLOS embodies no enforcement mechanism. Given this background, and in the midst of the recent statements and actions of President Duterte, his Secretary of Foreign Affairs and his Secretary of National Defense, I am constrained to ask, did the Philippines lose the PCA arbitration case? Stated differently, did PCA adjudge China to have a legal right to all the territory encompassed by the so-called nine-dash line? I am constrained to ask this question because of all the tiptoeing, kowtowing and walking-on-eggshells that President Duterte and his key people have been doing where relations with China have been concerned. The Chief Executive’s declared unwillingness to take up the PCA ruling during his State visit to China—“I may take it up, but only generally” one day and “I will not take it up” the next day—his talk about an “alliance” with China and the remarks about getting all sorts of goodies, from railways to loans and investments, from
China. And, of course, the pilgrimage-like visit itself. So, I ask, as former President Fidel V. Ramos asked in his newspaper column last week: what gives? Mr. Duterte seems to think that he is the only Filipino who is interested in good and everimproving relations with this country’s giant neighbor to the northwest. Very wrong he is. The Filipino people—including the millions who did not vote for Rodrigo Duterte—value highly cordial and mutually beneficial relations with China and all other countries that will be friendly and helpful to the Philippines. They, too, want to see the Chinese goodies come to this country to make Philippine society better and more progressive. But under present circumstances, tiptoeing and kowtowing to China are out of place. China forcibly deprived this country of its international entitlement when it drove Filipino fishermen away from Scarborough Shoal in 2014. Even today those same fishermen are being deprived by China’s Coast Guard of their right to earn a living in a historically Philippine fishing ground. It bears pointing out, in this connection, that Secretary of Foreign Affairs Perfecto Yasay Jr. spoke recently of seeking Chinese “approval” for Filipino fishermen to fish once again in Scarborough Shoal. Mr. Duterte and his key people may or may not be good card players. If they are, they should know that when one has a good hand, one can afford to be confident. The Philippines won the PCA arbitration case. It should, at the very least, not behave like it lost the case. Any conciliatory and trust-rebuilding gestures should come from the loser, not the other way around. E-mail: rudyromero777@yahoo.com
President Signature over Printed Name Associated Person/Compliance Officer Signature over Printed Name Associated Person/Compliance Officer Signature over Printed Name Subscribed and sworn to before me this ______ day of _________________ 20___; signatories exhibited to me their valid identification cards: Valid ID Date Issued Place Issued President AP/CO AP/CO NOTARY PUBLIC
Doc No. _______; Page No. ______; Book No. _____; Series ________ __________________________________ 1
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MS-OCT. 20, 2016)