BUSINESS Big solar farm opens in Ilocos Norte

By Alena Mae S. Flores

CURRIMAO, Ilocos Norte—Nuevo Solar Energy Corp., a joint venture of MGen Renewable Energy Inc. and Singaporean firm Vena Energy, on Thursday inaugurated the $65-million (P3-billion) 68-megawatt Garcia 2 Solar Project in this town.

NSEC held the switch-on ceremony for the solar power plant on Thursday.

“There is a good synergy between our two companies, and we hope we can expand more,” Meralco PowerGen Corp. president and chief executive Jaime Azurin said. Meralco PowerGen is

In Brief

GCG to submit stance on LandBank-DBP merger

THE Governance Commission for GOCCs, the central advisory, oversight and monitoring body for government-owned or -controlled corporations, said Thursday it will submit to the Office of the President its recommendation on the proposed merger of state-run Land Bank of the Philippines and the Development Bank of the Philippines. GCG said in a statement legal concerns on the merger were raised by DBP in a sectoral meeting attended by the stakeholders.

“GCG will have to look into the specifics of the merger as it involves two major banks that are state owned. We want to ensure that the merger is seamless and will not disrupt or cause issues or concerns in their respective operations and processes,” GCG chairman Justice Alex Quiroz said.

“It is within the jurisdiction of GCG to ensure that the merger of LBP and DBP is beneficial to the state,” he said. Finance Secretary Benjamin Diokno said earlier the proposed merger was expected to result in savings of about P5 billion annually for the government. Julito G. Rada

Monde Nissin incurred

P13-b net loss in 2022

INSTANT noodle maker Monde Nissin Corp. reported a net loss of P13 billion in 2022, a sharp turnaround from the P3.24billion net income in 2021 after booking one-time impairment and restructuring costs for its meat alternative business.

Monde Nissin said it booked non-recurring net loss of P19.6 billion in 2022 primarily due to a non-cash, non-operating impairment of the intangible assets of Marlow Foods, which owns UK-based meat substitute producer Quorn Foods and Cauldron.

“The impairment was caused by the application of a higher discount rate due to the prevailing higher interest rates and risk premiums, some margin compression, and rationalization of the trend in the meat alternative category,” Monde Nissin chief executive Henry Soesanto said in a briefing.

“This impairment does not have any effect on the day-to-day operations of any of Monde Nissin’s businesses,” he said.

Attributable core net also declined by 19.6 percent in 2022 to P6.6 billion, driven by a decline in gross profit and increased logistical costs. Consolidated sales, however, grew 6.7 percent to P73.94 billion on higher sales in branded food group and strong recovery of domestic noodles.

Jenniffer B. Austria

NextPay processed P3.2-b digital transactions in 2022

FINANCE technology start-up NextPay said it processed P3.2 billion in digital transactions in 2022, up by more than 200 percent from 2021. The homegrown fintech firm served 3,800 growing businesses in the platform, with more than 32,000 employees and over 10,000 suppliers recorded.

“Our growth momentum has not only solidified our position in the market but has paved the way for a promising Series

A funding round in the second half of 2023, indicating a bright future ahead for NextPay,” said NextPay co-founder and chief executive Don Pansacola.

“We take great pride in achieving this significant milestone, which not only showcases NextPay’s remarkable success but also underscores the success of SMEs in the Philippines. Our optimism regarding the continuous expansion of digital banking solutions in the Philippines remains unwavering,” he said.

NextPay is seeking to invite more strategic partners to further its mission of providing accessible and innovative financing services to underserved markets.

Othel V. Campos

the power arm of power retailer Manila Electric Co. NSEC said the solar plant would contribute to the attainment of 35-percent renewable energy target mix by 2030 set by the government and provide additional power supply through MPower,

Meralco’s local electricity supply arm.

“Today, we embark on a new chapter in our partnership with Vena Energy as we start the commercial operations of NSEC. Powered by our shared aspiration to provide clean and sustainable energy, we are proud to have helped accelerate the country’s energy transition and shall continue investing in clean and sustainable energy sources,” Azurin said.

Ilocos Norte Governor Matthew Joseph Marcos Manotoc pledged the local government’s continued support to NSEC “in their further expansion that we are already discussing.”

“We want to make it as easy as possible for NSEC, for we share our over- arching and key goal of the renewable sector,” Manotoc said. He said Ilocos Norte is known as the wind energy capital of the Philippines, but solar energy would also play a crucial role to address the growing power needs of the province.

‘We see that these energy issues will only grow. Our energy demand and energy problems will only grow in the near future, and we are happy that we have a partner in NSEC that is addressing this as we speak,” Manotoc said.

Vena Energy Philippines head Samrinder Nehria the solar project marks a significant milestone in Vena Energy’s renewable energy portfolio in the Philippines.

Nehria said Vena and MGreen’s joint experience and expertise delivered the project successfully within 12 months.

Other officials who attended the event were Mayor Edward Quilala of Currimao, Vice Governor Cecilia AranetaMarcos of Ilocos Norte and Rep. Eugenio Angelo Barba of the Ilocos Norte second Congressional District.

The NSEC solar plant is a part of the larger initiative of MGen to build 1,500 MW of renewable energy projects in the next five years. MGen started its journey towards a balanced, low-carbon energy mix in 2021 through the opening of BulacanSol’s 55-MW solar plant in San Miguel, Bulacan.

Pse Index Closing

Thursday, March 30, 2023 13.78 PTS.

6,644.75

MGen Renewable Energy and