BUSINESS SMC signs P100-b loan for MRT-7 project

By Darwin G. Amojelar

SAN Miguel Corp. said Tuesday it signed a P100billion syndicated loan agreement with a consortium of major Philippine banks for the ongoing construction of Metro Rail Transit Line 7 project.

The fund, which reached financial close on June 1, will help further speed up the construction of MRT-7 which reached 61.92-percent completion as of June 14, 2023, the conglomerate said.

“We are happy to have achieved this milestone. It reflects the confidence that our partner banks have in the government’s vision for progress, and our ability to execute on vital projects that are critical to the country’s social and eco-

In Brief

DOTr approves delivery of license plastic cards

THE Department of Transportation has issued a notice of proceed to Banner Plastic Card, Inc. for the procurement of 5.2 million driver’s license plastic cards. Transportation Undersecretary for Administration and Finance Kim Robert De Leon said up to one million plastic cards will be delivered within the next 60 days as part of the first delivery from Banner Plastic Card, the contractor behind Land Bank of the Philippines’ Visa debit cards. Banner Plastic Card manufactures prepaid top-up cards, lottery tickets, scratch-and-win cards, contactless smart cards/RFID tags and magnetic ticket cards among others. The contract price for the 5.2 million cards amounted to P219.24 million.

“We expect the backlogs of the license cards to be addressed quickly. Our aim is to normalize the supply of the cards, so we will ensure that Banner deliver these cards efficiently,” De Leon said.

“Banner Plastic Card, Inc. should be able to make its first delivery within 60 days from June 26, 2023 as part of the terms of reference,” he added.

De Leon assured that while it may take time for the company to deliver its first set of plastic cards, the DOTr is working double time to catch up with the depleting supply of plastic cards.

Darwin G. Amojelar

Toyota Motor, Lalamove partner for MSME needs

LEADING mobility company Toyota Motor Philippines has partnered with leading logistics provider Lalamove through its auto brand, Lalamove Automotive, with the introduction of Toyota Lite Ace as a transport partner.

With micro, small and medium enterprises or MSMEs’ mobility needs continuously increasing, TMP and one of its dealerships Toyota Taytay, Rizal, together with Toyota Financial Services Philippines, created an affordable pricing scheme for the Lite Ace.

“We are very happy and excited that Toyota Taytay, Rizal is part of this partnership with Lalamove Automotive, Toyota Financial Services and Toyota Motor Philippines. To have a hand in assisting our customers in improving their quality of life by expanding access through financing so that they can acquire reliable Toyota mobility vehicles to use in their business is a privilege on our part. We hope that in the long run, more and more customers will benefit from this partnership, leading to better livelihoods for more Filipinos and a stronger Philippine economy,” said Toyota Taytay, Rizal president Zellyn Lim.

Aspiring and existing Lalamove operators may purchase the Lite Ace Panel Van variant through the partnership, under Lalamove Automotive’s Vehicle Ownership Program. Toyota Taytay and TFS then collaborated with Lalamove to provide an option for partner operators, giving them the convenience to grow their transport and delivery services.

Othel V. Campos

DOE grants moratorium on ENEX service contract

THE Department of Energy has granted the request of ENEX Energy Corp. subsidiary, Palawan55 Exploration and Production Corp. for force majeure relief due to the operational and financial risks associated with conducting drilling operations in the Service Contract 55 contract area in the West Philippine Sea.

“Pursuant to Section 26.01 of SC 55, the DOE found basis to place SC 55 under force majeure from 6 December 2022 until such time that a clearance to proceed with exploration activities in the West Philippine Sea has been issued by the national government,” ENEX said.

Palawan55 owns majority stake in SC 55, which holds the Cinco prospect, estimated to contain 1.3 trillion to 2.4 trillion cubic feet of gas and 45 million barrels of oil.

SC 55 is a deep-water block in the southwest Palawan Basin covering an area of 9,880 square kilometers. ENEX has been scouting for partners willing to take a minority stake to derisk the development of SC 55.

DOE has already approved the updated proposal of the SC 55 consortium to develop the Cinco-1 well and Palawan55 was supposed to drilling of an appraisal well last April which was initially estimated to cost $40 million to $50 million. Alena Mae S. Flores nomic development and growth,” SMC president and chief executive Ramon Ang said.

The funding is also a testament to the resilience and strong business prospects of SMC and its subsidiaries amid a very challenging macro-economic environment, it said.

“The support we are getting from major Philippine banks shows that they recognize how important this project is to many Filipinos, and appreciate our overall vision of a Philippines made more progressive, resilient, and competitive, through investments in major projects such as efficient mass transport systems,” Ang said.

Members of the consortium are BDO Unibank Inc., Philippine National Bank, Bank of Commerce, Security Bank and the Government Service Insurance System. Lead arrangers and bookrunners for the transaction are BDO Capital & Investment Corp., PNB Capital and Investment Corp., SB Capital Investment Corp. and BankCom-Investment Banking Group.

Law firms Picazo Buyco Tan Fider & Santos and SyCip Salazar Hernandez & Gatmaitan advised on the transaction.

“SMC’s investments in various infrastructure projects boost the economy as these initiatives facilitate improved connectivity between regions and communities, positively impacting trade, tourism, and overall social integration.

We commend SMC for taking these steps towards the country’s growth and we are proud to be their partner in this esteemed endeavor,” said BDO Capital & Investment Corp. president Eduardo Francisco said.

PNB Institutional Banking head and executive vice president Jun Audencial said investing in infrastructure paves the way to improve productivity and growth, expand distribution networks, facilitate trade and connectivity and promote economic inclusion.

“SMC helps provide job opportunities for Filipinos and make the country more industrially competitive. Infra-

KEYNOTE SPEAKER.

House Speaker Ferdinand Martin Romualdez (center) delivers his keynote address ‘Enabling Legislations for Just and Sustainable Transitions’ at the opening of the two- day 44th National Conference of Employers organized by the Employers Confederation of the Philippines from June 27 to 28 at the Fiesta Pavilion of Manila Hotel. With Romualdez are (from left) Philippine Chamber of Commerce and Industry and ECOP vice president George Barcelon, ECOP chairman Edgardo Lacson, ECOP president and PCCI honorary chair and treasurer Sergio Ortiz Luis Jr. and ECOP governor and NCE44 organizing committee chair Arturo Guerrero III.