San Miguel Holdings collars Cavite-Batangas Expressway

By Darwin G. Amojelar

THE provincial government of Cavite awarded a 35-year tollway concession to San Miguel Holdings Inc. for the construction and operations of the P27billion Cavite-Batangas Expressway project.

The Cavite LGU signed on Feb. 27 this year the joint venture agreement and tollway concession for the implementation of the CBEX project with joint venture partner San Miguel. It involves the construction, financing, operation and maintenance of a 27.06-kilometer toll road traversing the municipalities of Silang, Amadeo, Tagaytay City, lndang, Mendez and Al- fonso in Cavite and Nasugbu, Batangas.

The estimated cost of the project including financing is P27.01 billion, which will be implemented at no cost to the provincial government of Cavite for a concession period of 35 years.

The project aims to improve connectivity between the National Capital Region and Cavite, Laguna, Batangas, Rizal and Quezon and enhance the mo- bility of people and goods in the area. It will also help mitigate road congestion in CALABARZON.

Cavite, through its public-private partnership selection committee, earlier said it did not receive a competitive proposal from other parties to challenge San Miguel’s offer.

The provincial government launched the competitive selection process for the CBEX project in November 2022 to seek comparative proposals for the selection of the joint venture partner to develop the project.

Metro Pacific Tollway’s Corp. in 2018 proposed to the Department of Public Works and Highways a similar project that would also connect Cavite and Batangas through Tagaytay City.

Petron sustains recovery with net profit of P6.7b

OIL refiner Petron Corp. said Monday it strengthened its recovery momentum in 2022 with a consolidated net income of P6.7 billion, up 9 percent from P6.1 billion in 2021 despite navigating a volatile industry environment.

The DPWH then granted the original proponent status to MPTC for CTBEX—a 50.4-kilometer toll road that will connect Cavite and Batangas, with a spur road to Tagaytay City and ultimately terminating in Nasugbu and another spur road to Tuy, Batangas.

MPTC confirmed that the P22.4billion Cavite-Tagaytay-Batangas Expressway Project would overlap some portions of SMC’s Cavite-Batangas Expressway project.

CTBEX is expected to decongest about 23,000 vehicles daily from the nearby thoroughfares. Cavite and Batangas are rapidly-growing provinces that host major industrial parks, commercial districts and residential projects.

Petron saw its sales volume from local and international operations rise for the second straight year to 112.81 million barrels last year. This was up 37 percent from 82.24 million barrels in 2021. The company sold 68.53 million barrels in the Philippines, higher than 2021’s 47.9 million barrels.

“We’ve been consistent in our recovery, with our profits already at pre-pandemic levels over the past two years. We continue to note an increased and growing demand for our products even as we contend with pricing challenges, heavy competition, and the lingering effects of the pandemic,” said Petron president and chief executive Ramon Ang.

Petron’s board also approved the public offer and issuance of preferred shares of up to P50 billion, with features to be determined by the management.

Alena Mae S. Flores

DTI supports changes to economic provisions

TRADE Secretary Alfredo Pascual said he supports efforts to tweak certain economic provisions in the 1987 Constitution.

“We have done a lot of liberalization. We have amended Public Service Act, Foreign Trade Act, Retail Trade Liberalization Trade Act and we have CREATE [Law] that has provided incentives to investment,” he said in a telecast interview.

“The thing is that these laws can be changed anytime. The Constitution sends a more permanent signal to our stakeholders and investors, since it is the foundation of government, so it is more credible. It can provide greater comfort in terms of permanence and reliability of the commitment of the government with respect to foreign investments,” he said. Pascual said among the provisions that needed to be improved is foreign ownership which could be a touchy issue. “The Constitution can provide a longer and clearer provision on leaseholds,” he said.

Othel V. Campos

SMIC prices tender offer for 2GO shares

BEST MOBILE INNOVATION. Metro Pacific Investments Corp.’s health technology platform mWell clinches the most coveted Global Mobile Award for the Best Mobile Innovation for Digital Life award during the Mobile World Congress in Barcelona, Spain. MPIC chairman, president and chief executive Manuel Pangilinan (left) says digitalization is pivotal in MPIC’s commitment to ushering national progress. In her acceptance speech, MPIC chief finance, risk and sustainability officer and mWell chief executive Chaye Cabal-Revilla (right) says as the country’s first and only health and wellness mega app, mWell’s innovative digital solutions continue to respond to the country’s needs, ensuring good health and enabling economic productivity and nation-building through a fully integrated, sustainable and future-proof digital platform.