Uy in talks with investors for Cebu casino

By Jenniffer B.

Austria

PH RESORTS Group Holdings Inc., the gaming and tourism holding company of businessman Dennis Uy, is in “final stages” of negotiations with foreign and local investors that would enable it to resume the development of its integrated resort project in Cebu province.

“PH Resorts is also presently engaged in the final stages of negotiations with one foreign and one local investor to help it fulfill its commitment to complete and open its flagship Emerald Bay integrated resort at the soonest possible time,” the company said in a statement Wednesday.

The company said it would make the nec-

DOTr spending P600m on rail feasibility studies

THE Department of Transportation said it will spend P600 million for the feasibility studies of big-ticket railway projects.

Secretary Jaime J. Bautista said the amount would be used to initiate feasibility studies for the PNR North Long Haul Project, Panay Railway Project, North Mindanao Railway Project and San Mateo Railway Project.

Bautista said the funding for the 10,024 kilometers of railway projects would come from the Public-Private Partnership Center, official development assistance loans and from its existing budget.

He said procurement was ongoing for consultancy firms to create the feasibility studies for the rail projects lined up by the Marcos administration.

PNR North Long Haul will be composed of four phases: Clark-La Union, La Union-Ilocos Sur, Ilocos Sur-Ilocos Norte and Cagayan Valley. It is envisioned to link strategic infrastructure, logistic system and economic zones such as the Clark Freeport Zone, Poro Point Freeport Zone, Laoag International Airport, Port Irene and Cagayan North International Airport.

Darwin G. Amojelar

PBB booked 40.1% growth in first-half income to P869m

PHILIPPINE Business Bank, a subsidiary of the AMY Group owned by businessman Alfredo Yao, said Wednesday net income in the first half surged 40.1 percent to P869.2 million from P620.3 million in the same period last year.

PBB said in a disclosure to the stock exchange it observed sustained growth across its business segments. Net interest income expanded 26.6 percent year-on-year to P3.16 billion, while core income reached P1.408 billion.

Pre-tax pre-provision profit in the first half went up 28.3 percent to P1.513 billion from P1.179 billion a year ago.

Total resources rose 10.6 percent to P137.2 billion from P124.1 billion a year earlier, while loans and other receivables increased to P103.8 billion from P97.2 billion. Total deposits reached P112.3 billion.

Total equity also improved by 26.3 percent to P17.1 billion from P13.6 billion.

Headquartered in Caloocan, PBB is one of the top savings banks that cater to corporate and small and medium enterprises markets. Julito G. Rada

PH gets clean record in global IPR watchlists

THE Philippines made significant strides in protecting intellectual property rights, as demonstrated by its positive recognition from both the United States Trade Representative and the European Union, Customs Commissioner Bienvenido Rubio said in a speech during the Asia Security Conference Exhibition in Singapore Wednesday.

Rubio said the Philippines has had a clean record in the USTR Special 301 Report for the past decade and was removed from the EU’s intellectual property watchlist for the past five years. Rubio said this means that the country was doing well in terms of protecting intellectual property rights.

The Philippines also continued to maintain a positive track record in the USTR Special 301 Report that evaluates countries with intellectual property issues. Manila has successfully stayed off the piracy watchlist since 2014, after being on it for two decades. Julito G. Rada essary disclosures at the appropriate time.

PH Resorts has been looking for investors for Emerald Bay after negotiation with Bloombery Resorts Corp. of ports and gaming tycoon Enrique Razon Jr. was terminated early this year.

Located in Mactan, Cebu, Emerald Bay is envisioned to be the premier integrated resort in the Visayas and Min- danao. It will have a total of 146 gaming tables, 729 electronic gaming machines, 780 hotel room bays and five villas.

Phase one of the project was supposed to open in 2022, but was stalled over funding issues and the pandemic.

Aside from looking for new investors for its casino-resort development, PH Resorts is also in advanced discussions with other parties for possible sale of some assets that are not generating any cash flows, it said.

The company did not identify these assets.

PH Resorts owns Clark Grand Leisure Corp. which is developing the 4.4-hectare Base Resort Hotel and Casino in Clark Freeport in Pampanga.

The Clark project was envisioned to be a premier adventure-themed integrat- ed resort. In 2021, PH Resorts asked the government to suspend the license of the project in Clark, citing uncertainties surrounding the casino gaming industry and stiff competition in the area.

PH Resorts president and chief executive Raymundo Martin Escalona said despite posting continued losses, the company remained hopeful for the future.

“We have faced many challenges before but we will succeed. We have already seen some good indicators that make us see a positive future,” he said.

Uy, who is based in Davao City, has various businesses including Udenna Corp., Phoenix Petroleum Philippines, Chelsea Logistics & Infrastructure, Dito CME Holdings, Atok Big Wedge, Family Mart, Conti’s Bakeshop and Wendy’s Philippines.

DOE eyes addition of 8,000 MW of capacity by 2028

By Alena Mae S. Flores

THE Department of Energy is working to bring in 8,000 megawatts of new power generation capacity by 2028, including 43 percent from renewable projects.

By Darwin G. Amojelar

THE Department of Transportation included a P130-billion mandatory infrastructure investment clause in the terms of reference for the bidding of the rehabilitation of the Ninoy Aquino International Airport.

“Aside from the P30-billion upfront payment, there is a commitment to spend P130 billion for mandatory infrastructure that should be implemented within the next five years,” Trans portation Secretary Jaime Bautista said.

He said a number of foreign companies expressed interest to join the bidding for the P170.6billion NAIA rehabilitation project.

Bautista said the department would publish the invitation to bid for NAIA by the first week of August and schedule the submission of bids after two months.

“By November, we can already open the bids and award by the end of December,” Bautista said.

“The financial closing will take about three to six months, so hopefully by the middle of 2024, the winning bidder can

By Othel V. Campos

Philippines as one of the top global outsourcing services destinations.

“We are banking on the improved perception of the Philippines as an investment destination of companies from the Western Hemisphere and attract them to re-engage with the Philippines,” said PEZA director-general Tereso Panga

NAIA project auction

start the concession agreement,” Bautista said. The DOTr and the Manila International Airport Authority will serve as co-grantors for the project, which has a 15-year duration, with an option for a 10-year extension.

The NAIA privatization project aims to address longstanding issues at NAIA such as the inadequate capacity of passenger terminal buildings and restricted aircraft movement. It also aims to increase the annual airport capacity from 35 million to 62 million passengers and raise air traffic movement from 40 to 48 per hour. The project is also expected to improve the overall passenger experience and service quality to prevent long queues, lengthy waiting times and other passenger inconveniences.

The National Economic and Development Authority board, chaired by President Ferdinand Marcos Jr., earlier approved the solicited proposal to rehabilitate, operate, expand and transfer NAIA. It is now known as the Solicited NAIA PPP Project.

following a report that the Philippines slipped three spots in the recent survey by international management consulting firm Kearney.

Based on Kearney’s 2023 Global Services Location Index, the Philippines dropped three notches to 12th place out of 78 countries in terms of attractiveness as an offshore location of business services from 9th in 2021.

“I believe we still remain as a prime destination for the traditional IT-BPM [information technology-business pro- cess management] services where we are ranked in the top 10 among choice destination locations. This is in part due to the high English language proficiency of our workforce as well as the high quality of our IT Engineers,”

Panga said.

Panga said the lowering of the Philippines’ GSLI ranking was due to “nearshoring” strategy by some US businesses. PEZA said this is temporary given that there is a renewal and strengthening of ties with the US under the Mar- cos administration. He said “allyshoring” works for the Philippines even in manufacturing, especially when it concerns the American export producers which remain the country’s second biggest foreign investors in PEZA, next to Japanese.

“The President stressed the need to diversify our sources of power and energy, and renewable energy is the key because this is indigenous and therefore readily available for us, not subject to the volatilities of the external market,” Energy Secretary Raphael Lotilla said during the post-SONA forum at the Hilton Manila in Pasay City. Lotilla said that by 2028, peak demand in the Philippines would reach about 25,000 MW, up from the current 17,000 MW.

“And to be able to meet that demand, we will have to make available more than 8,000 MW of new capacity,” the energy chief said.

“Under the vision of the President, 43 percent of that should at least be renewable energy. But renewable energy as you know is site-specific and therefore connectivity is at the core of RE. We have to connect the source to the market,” Lotilla said.

He said RE would be supported by battery energy storage systems and other technologies.

Philippine Independent Power Producers Association Inc. asked the support of DOE and the Energy Regulatory Commission as its members undertake efforts and commit significant investments in the field of new technologies and/or fuel sources such as energy storage, LNG, hydrogen, ammonia and other technologies.

This is bolstered by the increasing trade and investments between the two countries. In 2022, total electronics exports amounted to $49.1 billion, with the US being the top destination for Philippine exports.