More cars, higher toll lifted NLEX Corp.’s income in first half

By Darwin G. Amojelar

the weekend net income grew 28 percent in the first half from a year ago, driven by vehicle traffic recovery and increased toll.

The operator of North Luzon Expressway and Subic-Clark Tarlac Expressway said it earned P4.5 billion from January to June, higher than P3.5 billion it posted in the same period last year. Six-month revenues climbed 23 percent to P10.4 billion from a year earlier on strong traffic demand and implementation of toll adjustments.

NLEX implemented toll adjustments on NLEX and SCTEX in May 2022 and June 2022, respectively.

All vehicle classes posted doubledigit growth in revenues, with Class 1 revenues growing by 19 percent, Class 2 by 31 percent and Class 3 by 21 percent. This was partly due to the base effect of mobility restrictions still enforced in the first quarter of 2022, the company said.

The company said that as of June 2023, average daily traffic on NLEX reached 322,540 daily vehicle entries, higher than the 2022 figures by 16 percent, while average daily traffic in SCTEX went up 14 percent to 80,938 daily vehicle entries.

Cost of services amounted to P3.7 billion, up 17 percent from P3.2 billion in the same period last year.

NLEX paid P999 million in conces- sion fees to the Bases Conversion and Development Authority, representing 50 percent of toll revenues on SCTEX.

The company said that as of the second quarter of 2023, concession fees increased 37 percent from the same period in 2022, driven by higher toll revenues on SCTEX.

Philippine National Construction Corp.’s fee amounted to P519 million, which consisted of the government’s share in NLEX revenues.

NLEX spans about 105 kilometers or 598 lane-kms. and is the main infrastructure backbone that connects Metro Manila to Central and Northern Luzon. SCTEX is a 93.77-km four-lane divided highway, traversing the provinces of Bataan, Pampanga and Tarlac.

MGreen’s RE portfolio includes the 55-MW BulacanSol solar plant in San Miguel, Bulacan in partnership with Powersource Energy Holdings Corp.; the 68-MW solar farm in Currimao, Ilocos Norte with Vena Energy’s Pasuquin Energy Holdings Inc.; and PH Renewables Inc.’s 75-MW solar farm in Baras, Rizal with Mitsui & Co.’s Mit-Renewables Power Corp.

PHRI recently completed commissioning tests for phase one of its project involving 67.5 MW scheduled for commercial operations this month. Phase 2 of the project is targeted to be operational by mid-2024.

“We will continue to work with the energy industry, government, and other pertinent stakeholders to help further accelerate the country’s energy transition as we aggressively pursue more renewable energy projects. This is in line with Meralco’s long-term sustainability strategy to embark on a just, affordable and orderly transition to clean energy,” MGen president and chief executive Jaime Azurin said.

He said more RE projects are under development and assessment in line with One Meralco’s target to reduce direct emissions by 20 percent through 2030 as it drives to be coal-free before 2050.

PH1 World eyes 9 new residential projects as prices continue to soar

PH1 World Developers Inc., the real estate arm of Megawide Construction Corp., disclosed plans to build nine new projects in Luzon, including two high-rise condominium towers in Metro Manila. Megawide chairman and chief executive Edgar Saavedra expressed optimism on the strong demand for the projects, which incorporate new technologies and design that give up to 38-percent more usable space in the form of lofts at no extra cost.

Saavedra said PH1 World’s projects are designed to have large and comfortable space, unlike the “shoebox” units of other developers. It is possible through the unique add-loft technology that delivers additional living spaces in each unit, he said.

He said the company’s residential towers are also equipped with up to eight elevators per building, which reduce queues among homeowners during busy hours.

THE country’s balance of payments position posted a lower deficit of $53 million in July 2023, an improvement from the $1.8-billion shortfall a year ago, the Bangko Sentral ng Pilipinas said over the weekend.

“The BOP deficit in July 2023 reflected net outflows arising mainly from the national government’s payments of its foreign currency debt obligations,” the BSP said in a statement.

This resulted in a cumulative BOP surplus of $2.2 billion in the first seven months of 2023, a reversal from the $4.9-billion deficit recorded in the same period last year.

“This development reflected mainly the improvement in the balance of trade and the sustained inflows from personal remittances, net foreign borrowings by the national government, trade in services and foreign direct investments,” the BSP said. The BOP surplus allowed the Bangko Sentral ng Pilipinas to raise its gross international reserves. Data from the BSP showed that the GIR increased to $100 billion as of end-July from $99.4 billion as of end-June. The latest GIR level represented a more than adequate external liquidity buffer equivalent to 7.4 months’ worth of imports of goods and payments of services and primary in- come, the BSP said.

It was also about 5.9 times the country’s short-term external debt based on original maturity and 4.1 times based on residual maturity.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said BOP data in the coming months could still improve “with the continued growth in the country’s structural inflows as the economy reopened further towards greater normalcy.”

These include the OFW remittances, busi ness process outsourcing revenues, exports, foreign tourism receipts and POGO revenues. Julito G. Rada

PH1 World, established in 2014 as MySpace, is the company behind The Hive Residences in Taytay, Rizal with 978 residential units; My Enso Lofts along Timog Ave. in Quezon City with 1,204 residential units and 21 retail units; One Lancaster Park, a 15-tower mid-rise project in Imus, Cavite in joint venture with Profriends Inc. which when completed would have 10,166 residential units; the 16-hectare Modan Lofts Ortigas Hills in Taytay, Rizal with add-loft technology; and Northscapes San Jose del Monte, its first horizontal project with 343 residential units.

PH1 World invested about P600 million in the San Jose del Monte project in Bulacan province.

The company recently secured a P3-billion loan from BDO Unibank Inc. to finance its projects. PH1 World president Gigi Alcantara said they are in negotiations for the development of two new vertical projects, including one in Quezon City and another in Pasig City. Both sites are located near Light Rail Transit Line 2, she said.