SEC drafts guidelines to encourage power firms to hold initial public o ering

THE Securities and Exchange Commission is preparing guidelines that will encourage at least 150 power generators and distributors to comply with the required initial public offering.

SEC director for market securities and regulation department Graciano Felizmenio Jr. said in an interview at the sidelines of a recent forum the draft guidelines aim to facilitate and create a friendly environment for power-related firms to meet public listing requirement under Republic Act No. 9136 or the Electric Power Industry Reform Act.

“We are crafting this [SEC Power guidelines] to ensure the compliance of power and energy-related corporations with the listing requirement,” Felizmenio said.

Section 43 of the EPIRA and Rule 3 Section 4 of its implementing rules and regulations provide that the generation firms and distribution utilities are mandated “to offer or sell to the public a portion of not less than 15-percent of their common shares of stock.”

These firms are required to conduct stock offering five years from the effectively of the law or as early as 2006.

ERC to spread court-ordered power rate hike over 3 years

By Alena Mae S. Flores

THE Energy Regulatory Commission said Monday it will spread the Supreme Courtordered power rate increase amounting to P22.64 billion over a three year period. The Supreme Court earlier allowed Manila Electric Co. “to collect the price increase in November 2013 on a staggered basis as proposed by Meralco and approved by ERC for the protection of consumers.”

ERC chairperson Monalisa Dimalanta did not provide the estimated impact of the SC decision on power rates, but said it would take effect next year.

“I already asked for a computation. We’re working on the timing. Actually, the IEMOP [Independent Electricity Market Operator of the Philippines] has completed the simulation, so likely we will have a two-year, three-year spread,” Dimalanta said. Dimalanta said the rate impact would be significant, so the commission was looking at spreading the cost recovery over a threeyear period.

“It’s significant. Definitely, we cannot do it in one year. Two years is still huge, so three-year spread,” she said.

Dimalanta said the ERC would issue an order giving IEMOP the authority to collect from consumers.

“Not all gencos [generation companies] have claims. Some will even have to pay. The situation is different for each genco,” she said.

The Supreme Court issued a ruling last year nullifying the ERC order imposing regulated prices at the Wholesale Electricity Spot Market for the supply months of November and December 2013.

However, several energy companies had delayed compliance with the IPO requirement, citing volatile market conditions. The move to draft guidelines for listing of energy firms is patterned after the SEC’s previous guidelines that enabled various hospitals to raise up to P1 billion from direct public offering.

Austria

Jenniffer B.

CCAP is composed of 17 major credit card issuers in the Philippines.

CCAP executive director Alex Ilagan said credit cards could be powerful tools for micro, small and medium enterprises to gain ready access to funds and manage their finances. He said there is a need to raise awareness on the use of credit cards for business.

“We know that MSME owners often mix their personal and business finances. They use their personal credit cards to pay for bills or purchases related to their business, enabling them to manage tight cashflow situations. Credit cards can be more than that,” Ilagan said. Julito G. Rada

Genteel Home opens atelier in Mandaluyong

GENTEEL Home, a premier furniture design studio based in Angeles City, Pampanga, opened its newest furniture atelier at the Podium Mall in Mandaluyong City on July 13, 2023 as it celebrates 10 years in the local home furnishing industry.

Genteel Home founder and principal designer Katrina de Leon, SM Supermalls president Steven Tan and actress and international fashion icon Heart Evangelista led the ceremonial ribbon cutting ceremony.

“Our goal is for you to feel seen and understood, as if your desires have been brought to life because Genteel Home is an embodiment of all that is personal, touching, and inspiring.

This is what we proudly showcase here at our newest Design Atelier. It is an open invitation for anyone to step in and have a piece of furniture uniquely designed for them,” de Leon said. De Leon presented Evangelist with an iconic chair thoughtfully created for the international fashion icon.

“This is something that I would definitely love to have. Life is too short and you just really want to live your life as fullest as possible. At the end of the day, you want a home that is peaceful, that feels full of love and your furniture does reflect that. So choose something that would calm your soul,” Evangelista said.

FREE CULTURED MILK.

Universal Robina Corp. and Asahi Beverages Philippines distribute more than 130,000 free Goodday cultured milk drinks to 150 schools as part of an initiative to o er a healthier beverage alternative to students in the country. Goodday is URC’s foray into the P6.5-billion cultured milk category, in partnership with Asahi Beverages. The free drinks were given to schools in Quezon City, Mandaluyong, Caloocan, Navotas, Malabon, Marikina, Pasay, Muntinlupa, Paranaque, Pasig and Taguig in Metro Manila; Bocaue, Meycauyan and Marilao in Bulacan; Santa Rosa, San Pedro and Binan in Laguna; and Kawit, Bacoor and Silang in Cavite.