Malampaya consortium investing $600m IN BRIEF

President Ferdinand Marcos Jr. approved on Monday the renewal of SC 38 or the Malampaya Deep Water Gas to Power Project for 15 years until Feb. 22, 2039.

“This is a significant development for our national energy security and independence. The Malampaya asset will continue what it has started in operating this world-class installation for further exploration and utilization of the country’s remaining gas reserves, as well as open up the other potential near field areas for future production,” said Razon, who serves as Prime Infra chairman.

The Malampaya project supplies natural gas to power four power generation plants in Batangas province, including Santa Rita, San Lorenzo, San Gabriel and Avion with a combined capacity of 2,011 megawatts.

BPI Wealth reduces UITFs’ minimum investments

BPI Wealth, a wholly-owned unit of the Bank of the Philippine Islands authorized to engage in trust and other fiduciary services, said Tuesday it reduced the minimum investment amount for unit investment trust funds from P10,000 to P1,000 to help promote financial inclusion in the country.

BPI Wealth said in a statement Tuesday the reduction would take effect June 1, 2023. It said the reduction would make investing more accessible to Filipinos, particularly those just starting to build their portfolios.

“It also aligns with BPI’s mission of promoting financial inclusion,” it said.

Unit investment trust funds are financial instruments managed by professionals who help investors make the most of their money. They do not earn through a fixed interest rate, but grow in value depending on the assets it carries and the market. UITFs carry a risk of going down in value as the market moves.

BPI Wealth president and chief executive Maria Theresa Marcial said everyone deserves a chance to grow their wealth and secure their financial future. “With lower minimum amount for UITFs, BPI Wealth is making investing easier and more inclusive,” she said. Julito G. Rada