Property: Cebu treasurer mulls charging FLI interest. Cebu City treasurer Diwa Cuevas wants to collect interest from Filinvest Land Inc (FLI- BUY) for the late payment of PHP800m that is the government’s share in the joint venture project at the South Road Properties. Monthlyinterest would amount to PHP16m for a total of PHP32m for two months.
Property: SMPH files case against DOTC and LRTA. SM Prime Holdings Inc (SMPH-Under review) filed a case before the Pasay City regional trial court against the Department of Transportation and Communication (DOTC) and Light Rail Transit Authority (LRTA) for an apparent breach of contract. The case seeks an injunction that prevents DOTC and LRTA from transferring the location of the proposed common station to Trinoma Mall (owned by Ayala Land Inc, ALI-BUY) instead of SM North EDSA. The common station will interconnect LRT1, MRT3 and MRT7 and this was in the terms of the memorandum of agreement between SMPH and LRTA.
Utilities: MER signs two power supply agreements. As reported by Business Mirror, Manila Electric Co (MER – HOLD) signed two separate power supply agreements (PSAs) with Philippine Power and Development Co (PPDC) and Montalban Methane Power Corp (MMPC). The PSA with PPDC was signed on 15 May for capacity of up to 1,051 kW at PHP5.0056/kWH. PPDC owns and operates three run-of-river hydropower plants in Laguna, namely the 448-kW Palakpakin, 75-kW Calibato and 528-kW Balugbog. Meanwhile, the PSA with MMPC, signed on 16 May, covers the purchase of 8,190 kW at a price of PHP5.50/kWh. MMPC owns and operates the 15-MW methane power plant in Rizal. The PSAs with PPDC and MMPC are valid for five and two years, respectively.
Utilities: 10 companies signify interest on Mindanao geothermal IPPAs. As reported by Manila Standard Today, 10 companies submitted letters of interest to the Power Sector Assets and Liabilities Management Corp (PSALM) for the bidding of the independent power purchase agreement (IPPA) of the Mt Apo 1 and 2 (2x54.2 MW) geothermal power plants. The IPPA pertains only to the management of the output of the two plants, currently at 390 GWh for unit 1 and 398 GWh for unit 2, but ownership and operation remains with Energy Development Corp (EDC – BUY). Out of the 10 bidders, two are foreign owned while eight are Filipino-owned entities. No names were provided by PSALM but EDC and Aboitiz Power Corp (AP – HOLD) earlier expressed interest in participating. PSALM will hold a pre-bid conference on 26 June.
Banks: BSP eases banking hours. The Philippine central bank (BSP) will now allow local banks to extend or change their banking hours without prior regulatory approval. The liberalization rule is in line with the BSP’s thrust of empowering financial consumers, which is essential to fostering the stability of the financial system. Banks need only to send a written notice to the BSP for any changes in operating schedule. At present, banks are required to open for a minimum of six hours a day, five days a week, except during holidays. The new framework also allows banks to render full banking services during their extended operating hours.
Conglomerates: MPTC increases stake in MNTC. Metro Pacific Tollways Corp (MPTC), a subsidiary of Metro Pacific Investments Corp. (MPI- Under review) will increase its ownership in Manila North Tollways Corp (MNTC) to 75% after a share purchase deal with Egis, the company’s French partner in MNTC. MPTC agreed to buy an additional 4.6% in MNTC for a total cost of PHP1.7b.
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