BUSINESS

By Darwin G. Amojelar

THE Department of Transportation said Friday the Japan International Cooperation Agency pledged P125.7 million to create a 30-year railway masterplan for Metro Manila and surrounding regions.

Transportation Secretary Jaime Bautista said the 30-year plan to be formulated by the government with technical cooperation from JICA “would certainly enable us to build more than just a thousand kilometers of rails.”

“This time, our railway personnel will have to adapt to new technologies

MORE Electric signs deal to promote green energy

MORE Electric and Power Corp. said Friday it signed a tripartite agreement with the Energy Regulatory Commission and the Iloilo City government to promote renewable energy resources that will make electricity more affordable for consumers in Iloilo.

The agreement allows MORE Power, Iloilo City’s power distributor owned by businessman Enrique Razon Jr., to establish a one-stop shop to offer RE technologies such as net metering and distributed energy resources which provide consumers with more choices of lowering energy consumption.

MORE Power president and chief executive

Roel Castro said the agreement with ERC and Iloilo City LGU supports the national government’s thrust to contribute to the global commitments to lower greenhouse gas emissions by popularizing the use of renewable energy resources.

“One of the obligations under the agreement is to have a one-stop shop where applicants and interested parties can come. Our collaboration with the city government has been active for the past three years, and we warmly welcome the involvement of ERC. Being the first in the Visayas to enter into this agreement showcases our strong support for the government,” said Castro.

The ERC will provide the technical and regulatory expertise to streamline the documentary submission, installation, payment and permitting processes of net-metering program.

Alena Mae S. Flores

Coin deposit machines collect over P18.8m

THE Bangko Sentral ng Pilipinas said Friday its coin deposit machines deployed at various shopping malls accepted more than P18.8 million worth of coins with over 10,900 transactions as of July 31, 2023 after they were launched on June 20.

It said coins deposited into the machines were mostly credited to customers’ e-wallets, while a portion was exchanged for shopping vouchers.

The BSP said with the continued increase in deployments in key retail establishments, it expected more Filipinos to enjoy the benefits offered by the CoDMs. CoDMs allow customers to conveniently deposit legal tender coins and have the equivalent amount credited to their GCash accounts. The BSP is also working to onboard Maya, providing more e-wallet options to the public.

CoDMs located at Festival Mall in Alabang and SM Malls may also exchange coins for shopping vouchers that can be used at any SM Store nationwide. CoDMs accept all denominations (1-, 5-, 10- and 25-sentimo; and 1-, 5-, 10- and 20-piso) of the BSP Coin Series and the New Generation Currency Coin Series. The project is in line with the BSP’s Coin Recirculation Program which aims to flush out idle coins from piggy banks and jars and put them back in circulation to support the currency needs of the growing Philippine economy.

G. Rada

Julito

Ayala’s IMI to divest 80% interest in UK company

INTEGRATED Micro-Electronics of the Ayala Group is selling its entire 80-percent stake in UK-based electronics manufacturer STI Ltd. to Rcapital, a private investment firm based in London for GBP2.2 million (P156 million).

IMI said in a disclosure to the stock exchange Friday the divestment is in line with the group’s ongoing strategy to sharpen its portfolio, focusing on its growth and profitability within core markets. “The rationalization of IMI’s operations will allow for tighter management focus and capital allocation as the company navigates today’s challenging macroeconomic and geopolitical environment,” the company said.

STI is primarily engaged in providing electronics design and manufacturing solutions for the aerospace, defense and security sectors. It has two factories in the United Kingdom and one in Cebu. It also operates a design center in London.

IMI acquired an 80-percent interest in STI in 2017 as part of its move to expand into the aerospace and defense markets, while strengthening the industrial segment in manufacturing and technology development and engineering. Jenniffer B. Austria and modern equipment. No one else can lead this railway renaissance,” Bautista said.

Under the masterplan, the government of Japan, through JICA, will continue to invest in the country’s railway infrastructure expansion and will cover areas in Metro Manila, Central Luzon and CALABARZON for 30 years or until 2055.

The masterplan is expected to be completed by the fourth quarter of 2026.

DOTr Undersecretary for railways

Cesar Chavez said the 30-year plan was “unheard of, and treated as a voyage to the future like a mission to Mars.”

“This masterplan, for example, will transcend five presidencies, and I am sure that it will contain a blueprint so viable, and a vision so compelling that succeeding administrations will have no choice but to follow it,” Chavez said.

“With 150-year experience in rail development, with 30,000 kilometers of rail, with 25 billion riders a year, there are no better senseis than these kind, compassionate, generous, hardworking and honest people,” he said.

Chavez said he is “confident that the masterplan that will be drafted will not end up in some dusty archives, but will be a living document.”

The master plan aims to rapidly expand the railway infrastructure network and sustainable urban development, increase rail passenger trips and double the average distance of all trips within one hour during peak rush hour by 2055.

The plan also aims to enhance the learning and planning capabilities of the