Category: Business Mirror

For a country that has been relying on imports to fill shortfalls in domestic output and grappling with high prices, the Philippines can be considered a paradox when it comes to food waste. In a statement on the results of the 2023 National Nutrition Survey (NNS) it published on its website on July 3, the Department of Science and Technology-Food and Nutrition Research Institute (DOST-FNRI) said food waste remains a significant issue in the Philippines. Based on the results of the NNS, there was a notable increase in plate waste in 2023, with households discarding an average of 53 grams more food per day compared to 2018-2019.

Dr. Eva A. Goyena, Senior Science Research Specialist at DOST-FNRI, explained that common cooking and preparation habits contribute significantly to this issue, making food wastage a persistent problem in many homes. Goyena said the survey focused on plate waste, which refers to food left uneaten that could still have provided nutrients but was thrown away or given to pets. She said the increase in plate waste is concerning as it does not account for total food waste, such as spoiled or rotten food.

The agency found that despite being a staple food, rice, vegetables and fish were among the wasted foods. These items are usually imported by the Philippines, particularly rice, which is bought in huge quantities by traders. Additionally, DOST-FNRI said rural households were found to waste more food than their urban counterparts, particularly rice, corn, and vegetables.

The report of the United Nations Environment Program last year, which indicated that food waste declined compared to the 2021 level, showed that a significant quantity of produce is still being discarded by households. The 2024 edition of UNEP’s food waste index showed that each Filipino household threw away an estimated 26 kilograms of food per year or a total of 2.954 million tons for all households. The figure is lower than its estimate of 86 kilograms per capita or a total of 9.33 million tons in 2021, when UNEP said it had ‘very low confidence’ in the estimate.

The figures for food wasted by retail institutions and by food service companies are higher compared to households in the 2024 edition, at 44 kilograms per capita and 40 kilograms per capita, respectively. UNEP said, however, that it had ‘very low confidence’ in these estimates. ‘Very low confidence’ means that the Philippines had no identified estimates and the UN unit had to extrapolate the figure.

What’s clear in these findings, however, is that the Philippines has a long way to go in terms of reducing food waste. The government and the private sector must step up efforts to raise awareness on this issue, particularly since the country continues to import rice and other food items in huge quantities. The Philippines is paying foreign farmers in dollars for food that eventually ends up in landfills.

AI-powered human capital management platform Darwinbox has deepened its partnership with JG Summit Holdings Inc., which is moving to unify its people management strategy across its diverse business portfolio.

Under the expanded partnership, JG Summit will leverage the AI-driven HR technology solution of Darwinbox, allowing the Gokongwei-led conglomerate to streamline its data, transactions, and systems.

This will ‘enhance employee experience and improve organizational decision-making.’

‘Our expanded partnership with Darwinbox empowers us to harness AI-driven automation and insights, enabling greater efficiency and effectiveness as we accelerate our business objectives and transform the way we support and grow our talent,’ JG Summit President Lance Gokongwei said.

The expanded agreement builds on a successful four-year collaboration that began in 2021.

‘JG Summit has been one of our first champions in the Philippines and a cornerstone of our expansion in this vibrant market,’ said Rohit Chennamaneni, co-founder of Darwinbox.

‘While our product is built for the world, we’ve made significant investments to localize it for the Philippines-solving for unique policies and processes here. Continuing our partnership with the group, one of the most agile and forward-thinking conglomerates globally, is truly exciting for us.’

Chennamaneni noted that the partnership addresses a critical challenge for large conglomerates operating across multiple sectors: creating workforce cohesion while maintaining centralized talent visibility.

‘This also supports our talent agenda by empowering our HR teams with AI-powered insights that provide customized approaches to develop and retain talent. It will significantly reduce the administrative workload of our HR teams through automation and smart workflows,’ Gulliver Go, chief human resources officer of JG Summit, said.

Darwinbox has recently rolled out a suite of new capabilities, including a multi-country payroll solution specifically designed for the Philippines, over 45 embedded generative AI features, and the launch of its Model Context Protocol (MCP) server-making it the first HR technology platform globally to support agentic AI capabilities.

Gokongwei added that the partnership with Darwinbox ‘goes beyond digitalization.’

‘We are glad to step into the next chapter of our journey with Darwinbox and excited to harness AI-powered capabilities to elevate people management to new heights. This transformation will help us support our workforce better, empower leaders with sharper decisions, and prepare our organization for the future.’

TAKING BACK WHAT HE GAVE HER

THE powerful politician and the minor celebrity have been together for a while until the former dumped the latter. The minor celebrity likes to say that she caught him cheating but she’s just saving face. After all, she thought he would marry her. He simply grew tired of her. She was young when they met. She’s getting older now and no longer as interesting to him. Recently, the powerful man sent an emissary to retrieve the very expensive bags he gave her. People see this as a political move as these could be used against him in the future as eyes are on the minor celebrity, with people knowing she can’t afford those bags.

SETTING AFFAIRS IN ORDER

THE successful businesswoman sold part of her empire allegedly because she is sick and wanted to set her affairs in order. This is not the first time that the businesswoman became seriously sick. She’d been such before but recovered. This time, she is older and wiser so she wants her children to not have any money problems when she is gone. However, the conglomerate that purchased a stake in her business seems to have unsound practices such as not paying suppliers on time and not prioritizing the company’s clients. Because she is busy putting her affairs in order, the businesswoman seems unaware of this.

CONNECTIONS

THERE are rumors that a certain celebrity sought the help of an unsavory character in order to break into the international fashion scene. The said unsavory character is very much well-connected so the celebrity spent a lot of money for media mileage. Despite her popularity in the Philippines, the celebrity wants more, including international recognition. While her recent efforts have gotten a lot of attention here, she is still considered an unknown abroad.

MEDIA TRAINING

THE starlet has apparently received the much-needed media training from her home network and she conducts herself with more grace in public than before. It’s important to remember that the starlet is very young and naive in terms of things related to her career. The starlet is actually a nice girl. Yes, she may have stumbled a few times but the network apparently believes that she is a good person and that’s why they gave her a another chance.

THE Commission on Elections is seeking an additional P1.3 billion to fund the Bangsamoro parliamentary elections next year, after over a billion pesos in preparatory expenses went to waste when the Supreme Court’s halted this year’s polls.

Comelec Chairman George Erwin M. Garcia said on Tuesday that the poll body will write to Senate Committee on Finance Chairman Sherwin Gatchalian to request the increase as senators begin deliberations on Comelec’s 2026 budget.

‘We will try to convince Congress about what we still need now that the elections have been reset.Every postponement-whatever type of election-comes with a cost. When you reset one, some expenses are wasted, so you’ll have to ask for a new allocation. We estimate we’ll need about P1.3 billion more,’ Garcia told reporters in Pasay City.

Garcia explained that about P1.2 billion worth of election-related spending was rendered useless when the Supreme Court declared unconstitutional the two laws that served as the legal basis for the polls.

To recall, the High Court voided Bangsamoro Autonomy Act (BAA) No. 77, or the Bangsamoro Parliamentary Redistricting Act of 2025, and BAA No. 58, or the Bangsamoro Parliamentary Districts Act of 2024, saying both violated the Bangsamoro Organic Law (BOL).

With no valid enabling law, the Comelec had no legal basis to push through with the parliamentary elections this year.

‘Remember, we had already deployed equipment and based our preparations on BAA 58, which the Supreme Court later struck down,’ Garcia said.

‘We had deployed election paraphernalia, machines, ballot boxes, and transmission devices. We also entered into lease contracts for all those materials and we’re still obligated to pay for them even if the elections didn’t proceed.’

Asked whether the polls would push through before March 31, 2026, Garcia said the Comelec would ‘comply with the directive of the Supreme Court,’ but emphasized that the timeline will depend on the actions of the Bangsamoro Transition Authority (BTA).

‘Our compliance is anchored on the actions of the Bangsamoro Parliament, with all due respect. We can’t implement an election without the necessary law,’ Garcia said.

The Supreme Court earlier ordered the BTA to determine, by October 30, 2025, the parliamentary districts for the first regular election of Members of Parliament in accordance with the BOL.

However, Garcia said that based on Comelec’s dialogue with BTA members and other regional leaders, Congress must first pass a law setting the exact date of the Bangsamoro polls before the BTA can enact its own redistricting law.

‘It’s a bit complicated, and we don’t want this issue to turn into a blame game among institutions. We have to coordinate closely because this is about peace,’ Garcia said.

Despite the legal hurdles, Garcia assured the public that the Comelec is doing its best to comply with the Court’s directive to conduct the Bangsamoro parliamentary elections next year.

‘March 31 is our working timeline and as far as the Comelec is concerned, we will proceed,’ he said, adding that the poll body is also willing to assist in redistricting and amending the Bangsamoro Election Code if necessary.

INSTEAD of literally removing ‘dirty money’ from circulation through demonetization, bank-secrecy reform, digitalization and transparency measures are more targeted and capable of real change, according to the Bangko Sentral ng Pilipinas (BSP).

In a research blog, BSP officials Maria Margarita Debuque-Gonzales, Mamerto E. Tangonan and Eloisa T. Glindro wrote that financial transparency reforms offer far greater promise in combating corruption.

Among the reforms proposed is changing the country’s Bank Secrecy Law, which remains one of the strictest in the world, according to the BSP.

Amending the law, the authors said, would empower investigators to trace illicit funds, match deposits to asset declarations and build prosecutable cases.

They also recommended digitalizing and streamlining procurement to minimize discretion and leakage, and strengthening anti-money laundering and counter-terrorism financing enforcement, particularly for politically exposed persons.

Promoting broader financial inclusion through publicly supported digital payment systems to lessen reliance on physical cash was also among the measures highlighted.

‘As international experience shows, denomination or payment-system reforms are most effective when sequenced with broader structural shifts-such as digital adoption, transparency initiatives and institutional strengthening-rather than pursued in isolation,’ the authors wrote.

Although removing the highest denominations from circulation to flush out ‘dirty money’ from the banking system to confront graft may be ‘tempting,’ cash is still king in the Philippines.

The P1,000 bill dominates daily transactions and is preferred for regular and recurring transactions by Filipinos, according to the BSP.

‘The P1,000 bill, in particular, is the economy’s workhorse,’ they said.

Citing the BSP’s Currency Policy and Integrity Department (CPID) draft working paper, the P1,000 bill accounts for 83 percent of the total value and 40 percent of the volume of all banknotes in circulation.

The CPID estimates that replacing the P1,000 and P500 notes, or about 2.5 billion pieces worth P2.2 trillion, would absorb 93 percent of the value and 51 percent of the volume of all notes in circulation.

This would cost around P11.5 billion just in printing, excluding replacement, storage, transport and destruction costs, according to CPID.

It would overload automated teller machines and cash drawers, and require expanded armored car logistics and more vault space for banks and businesses.

‘The logistical cost would far outweigh any potential benefit,’ the BSP officials said.

Moreover, they cited an analysis by the BSP suggesting that the P1000 bill remains appropriate for current price levels, and an even larger denomination might be justified.

During the 2020 pandemic, withdrawals of P1,000 notes hit P1.3 trillion, showing public reliance on cash as a safe asset.

‘Eliminating this denomination could disrupt liquidity, particularly for households and small firms that remain outside the formal financial system,’ they said.

Retiring high-value notes may appear as a ‘clean break with the past’ by removing ‘tainted’ money from circulation, but it is ‘deceptive,’ the authors added.

‘As seen in some developing economies, sudden demonetization can erode confidence in the central bank and fuel suspicion of political motives,’ they noted.

In developing economies where institutional trust still needs to be nurtured, credibility is hard to regain once lost, they added.

Palace has no stand yet

Despite the BSP’s opposition to the proposal to ‘demonetize’ P1,000 and P500 bills, Malacañang has yet to rule out the said measure.

Palace Press Officer Claire Castro said the Marcos administration is still open to the proposal made by Former Finance Secretary Cesar V. Purisima to phase out said bills and make P200 the highest circulating bill.

Purisma claimed the measure will discourage corrupt officials from moving large amounts of illicit cash. Legislative hearings on the raging flood-control fund anomalies have unearthed practices of physically withdrawing boxes of cash, loading them on to ordinary cars and stocking them in mini-warehouses or even condo units of syndicate cohorts.

‘So, we will study it, because if it is not good and has a negative effect [on the public], we will study it to balance the pros and cons of what is being suggested.’ she said in Filipino in a press briefing Tuesday.

BSP Governor Eli M. Remolona, Jr. earlier expressed his reservation on the measure since it will cause inconvenience the public, when it comes to using bills.

Currently, BSP mandates banks to report transactions, which involve P500,000 or more.

Castro said the economic managers will still look into the matter.

‘I will first ask the DOF [Department of Finance] [about the] question so that the answer is more detailed,’ she said.

THE steady stream of cash remittances into the country from overseas Filipinos continues to support households, with inflows expected to rise further as families recover and prepare for more disasters.

According to the latest data from the Bangko Sentral ng Pilipinas (BSP), cash remittances grew by 3.2 percent to $2.98 billion in August 2025 from $2.89 billion in the same month a year ago.

From January to August this year, cash remittances rose by 3.1 percent to $22.91 billion from $22.22 billion in the same period last year.

‘Whether there are external threats or not [from pandemics to inflation pressures], expect more foreign currency from Filipinos abroad that addresses family seasonal needs and now due to disasters,’ Institute for Migration and Development Issues (IMDI) Executive Director Jeremaiah M. Opiniano told BusinessMirror.

The growth in remittances is expected to persist, with monthly increases likely to remain stable within 3 percent, Opiniano added.

Nevertheless, Opiniano expressed concern that remittance-receiving households focus mainly on meeting daily needs rather than saving or preparing for rainy days.

Ateneo de Manila University economist Leonardo A. Lanzona shared Opiniano’s sentiments and told BusinessMirror that remittances sent back home are not intended for investments, but to support families in meeting basic day-to-day needs.

‘We cannot always rely on overseas employment prospects to ensure that money flows from abroad remains high,’ Opiniano told this newspaper. ‘The concern is building more assets in aid of international migration, or else there will still be the itch to rely on dollars from, and jobs found, abroad.’

Meanwhile, Lanzona said Filipinos abroad will send more money back home due to the ongoing flood control fiasco in the country.

‘[Remittances are] bound to increase as the country’s economy weakens because of the flood control scandal,’ he said.

The United States remained the top source of remittances to the Philippines during the eight-month period, followed by Singapore and Saudi Arabia, BSP data showed.

However, BSP noted that it is a common practice of remittance centers in various cities abroad to course remittances through correspondent banks, most of which are located in the US.

Remittances coursed through money couriers cannot also be disaggregated by actual country source and are lodged under the country where the main offices are located, which, in many cases, are also in the US.

‘Therefore, the US would appear to be the main source of [overseas Filipino] remittances because banks attribute the origin of funds to the most immediate source. The countries are listed in order of their share of cash remittances, i.e., from highest to lowest,’ BSP said.

Although cash remittances dipped by 6.2 percent from $3.18 billion in July 2025, this reflects seasonal normalization after back-to-school spending and a less volatile peso, Unionbank Chief Economist Ruben Carlo O. Asuncion said.

‘With year-to-date growth slightly ahead of target and holiday inflows ahead, remittances remain on track to meet BSP’s full-year growth forecast,’ Asuncion told reporters in a message.

SM Investments Corp. Chief Economist Robert Dan Roces added that remittance flows in August have some resilience despite global headwinds, and reflect a lower comparative base or mild fluctuations in monthly flows.

‘The ‘ber’ months, when remittances traditionally rise, may buoy the remainder of the year,’ Roces told reporters.

Still, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort warned that global growth could slow down due to Trump’s tariffs, trade wars and protectionist policies.

‘This, thereby, could slow down global trade, investments, and employment, including some OFW jobs in the global supply chains,’ Ricafort said.

A possible US Federal Reserve rate cut could support global economic activities, but may weaken the dollar against major global currencies, Ricafort added.

‘OFW remittances and conversion to pesos seasonally increase in the fourth quarter, especially during the Christmas holiday season towards the end of the year, especially within a week before Christmas to finance the surge, if not the peak, in holiday-related spending,’ Ricafort noted.

Moreover, Ricafort said the proposed 1 percent US tax on OFW remittances could reduce inflows to the Philippines, translating to P8 billion to P9 billion in foregone domestic spending annually.

BSP data further showed that the increase in cash remittances also boosted personal remittances, including money sent through banks and informal channels, along with remittances in kind.

Personal remittances rose by 3.2 percent to $3.31 billion in August from $3.20 billion in the same month last year.

Cumulative personal remittances also increased by 3.1 percent to $25.51 billion in January to August from $24.74 billion recorded in the same period a year ago.

A SENATOR on Wednesday urged the Department of Trade and Industry (DTI) to permanently ban shareholders, incorporators, and executives of companies involved in ghost and substandard government infrastructure projects.

The DTI oversees the Philippine Contractors Accreditation Board (Pcab), which is responsible for regulating contractors.

‘Napakadaling gumawa ng korporasyon dito, at pare-pareho lang ang mga shareholders. I suggest to ban them. Pati mga incorporators, mag-i-incorporate na naman sila at papalitan lang ang pangalan ng kumpanya. Dapat hindi na sila makasali sa mga government projects,’ Sen. Sherwin Gatchalian said during the hearing on the DTI’s proposed 2026 budget.

He said Pcab should adopt a similar policy implemented by the Government Procurement Policy Board (GPPB), which extends the blacklisting of companies participating in government bidding to their shareholders and relatives. GPPB serves as the central body for public procurement policy in the country.

‘We have to penalize these suppliers and contractors. Even if Pcab penalizes them, they still manage to join other government contracts, including supply projects. So, coordinate with GPBB as well. Kapag banned na sa Pcab, dapat ban na agad sa GPBB and vice versa,’ he told the DTI.

THE world has crossed into a dangerous new climate reality, with warming oceans triggering irreversible tipping points across critical Earth systems.

According to the newly released Global Tipping Points Report 2025, these changes are no longer distant threats-they are unfolding now, with profound implications for billions of people worldwide.

‘As we head towards overshooting 1.5°C, new research indicates that other critical Earth system tipping points are closer than previously thought,’ the report warns.

The study was authored by 160 scientists from 87 institutions across 23 countries, led by Professor Timothy M. Lenton, Global Systems Institute, University of Exeter in England.

Among the most urgent findings: warm-water coral reefs have already surpassed their central thermal tipping point of 1.2°C. W.

Global temperatures now average 1.4°C above pre-industrial levels, fueling the fourth and most extensive coral bleaching event on record-impacting over 83 percent of reefs worldwide.

‘Every fraction of additional warming increases the risk of triggering further damaging tipping points,’ the report said.

Multiple earth systems at risk

In addition to coral reefs, the report identifies several other Earth systems nearing or breaching their tipping thresholds:

Amazon Rainforest Dieback: Risk of shifting from carbon sink to source due to deforestation and warming.

Greenland and West Antarctic Ice Sheets: Melting could lock in meters of sea-level rise, threatening coastal cities and island nations.

Atlantic Meridional Overturning Circulation (AMOC): Weakening could disrupt global climate patterns and monsoons.

Boreal Forest Shift: Warming and drying may trigger large-scale dieback in northern forests.

Permafrost Thawing: Releases methane and CO2, amplifying global warming in a feedback loop.

‘These climate tipping point risks are interconnected and most of the interactions between them are destabilizing, meaning tipping one system makes tipping another more likely,’ the report said.

Coral Triangle collapse

For the Philippines, located at the heart of the Coral Triangle, the implications are existential. The region hosts the highest marine biodiversity globally and supports millions through reef-based fisheries, tourism, and coastal protection.

Economic Disruption: Coral reef degradation could cost the Coral Triangle region over $75 billion in tourism and fisheries losses.

Food Insecurity: Reef fisheries supply essential protein to more than 150 million people. Their collapse would severely impact nutrition and local economies.

Disaster Risk: Healthy reefs reduce wave energy by up to 97 percent, acting as natural buffers against storm surges and sea-level rise.

Even under the most optimistic climate scenarios, the report finds that coral reefs are ‘virtually certain’ (>99% probability) to tip.

Preserving any functional reef systems would require reversing global warming to below 1.2°C-and ideally to 1°C.

SEA’s Climate Frontline

The report highlights Southeast Asia’s broader vulnerabilities, affecting over 600 million people.

In Vietnam, the Mekong Delta-responsible for half the country’s rice production-is under severe threat from rising seas. This poses a direct risk to Philippine food security, as the Philippines imports over 80 percent of its rice from Vietnam, with the bulk sourced from the Mekong region. Any disruption from flooding, saltwater intrusion, or monsoon instability could impact supply chains and drive-up domestic prices.

Meanwhile, coastal megacities like Bangkok, Ho Chi Minh City, and Jakarta face increasing risks of inundation and infrastructure collapse.

The potential collapse of AMOC adds further concern. Its destabilization could disrupt tropical monsoons, threatening water access and agricultural productivity across Asia.

Monsoon disruption: Over 3 billion people in South and Southeast Asia depend on monsoon systems. A weakened AMOC could reduce rainfall and undermine rice production.

Sea-level rise: Melting polar ice sheets are nearing tipping points that could lock in meters of sea-level rise. For Small Island Developing States (SIDS), including parts of the Philippines, this could mean permanent uninhabitability.

Adaptation limits

The report warns that tipping points may generate changes so abrupt and widespread that adaptation becomes unfeasible, ineffective, or prohibitively costly.

These ‘adaptation tipping points’ result in residual loss and damage-harms that cannot be avoided, adapted to, or recovered from.

Responding effectively will require expanding Loss and Damage mechanisms to reflect the systemic, irreversible nature of tipping point impacts. This includes rethinking financial instruments, insurance models, and legal responsibilities, while ensuring affected communities receive support beyond what adaptation alone can deliver.

Homegrown ice cream brand Carmen’s Best said it is adding cheese products to its offerings as it grows its dairy footprint nationwide, particularly to Cebu and Davao, among others.

‘Soon, Carmen’s Best will also be introducing its line of cheese products, starting with a classic Filipino favorite-Kesong Puti,’ Carmen’s Best said in a statement on Wednesday.

As it has farms in Luzon and Mindanao, including a recently acquired facility in Maramag, Bukidnon, the brand claims to have one of the biggest dairy herds in the Philippines.

The brand said it also has two dairy facilities and an ice cream plant in Laguna, plus a newly added facility in Mindanao.

‘Carmen’s Best is poised to make its dairy products more accessible across Luzon, Visayas, and Mindanao.’

‘From the very beginning, the goal of Carmen’s Best has been simple: give Filipinos access to dairy products that are made fresh, with no substitutes, and with no shortcuts taken,’ Jovy Hernandez, president and CEO of Metro Pacific Agro Ventures Inc. (MPAV) and Carmen’s Best said.

‘Now that we’ve expanded to Visayas and Mindanao, we’re excited to offer more customers not just our ice cream but also our new milk and cheese products, all proudly made with 100 percent fresh cow’s milk.’

Earlier, the homegrown ice cream brand said it also participated in the 2025 Food Summit where Hernandez met with leaders of the agriculture sector and the Cebu Chamber of Commerce.

‘The engagement underscored the brand’s commitment to working hand-in-hand with local partners in strengthening the dairy industry in Visayas and Mindanao.’

Carmen’s Best said it started expanding nationwide last March through key retail partnerships with SM Hypermarket, Robinson’s Supermarket, Metro Paisano, Puregold, and The Marketplace, making its products easier to find.

Soon, the ice cream brand said it will also be present in restaurants, hotels, resorts, events, and festivals. In Cebu, scooping stations are also in the pipeline.

‘Dairy lovers in Cebu, Davao, Bukidnon, and CDO [Cagayan de Oro] can look forward to getting a chance to try out and enjoy Carmen’s Best portfolio of fresh, dairy products.’

The lineup currently spans three main categories, all crafted with fresh, locally sourced milk and made under the highest quality standards, the brand noted.

Carmen’s Best said it started as a homegrown ice cream brand in 2011, with its premium, handcrafted flavors made from the freshest milk from its farm in Laguna.

With the investment and support from the Metro Pacific group, it said it has grown into a dairy brand, expanding into milk, cheese, and other dairy products in the near future that ‘uphold the same standards of purity, quality, and taste.’

Beyond creating ‘premium’ local dairy products, the homegrown brand said it is committed to ‘strengthening the local dairy industry by championing farm-to-table freshness, investing in sustainable farming practices, and supporting Filipino farmers.

Mindoro Geothermal Power Corp. (MGPC), a subsidiary of Emerging Power Inc. (EPI), said on Wednesday the service contract for its Montelago Geothermal Power Project has been revoked by the Department of Energy (DOE).

The DOE letter of final and irrevocable termination of Geothermal Renewable Energy Service Contract No. 2010-02-013 between MGPC and the DOE covering the geothermal project also stated that the company must pay $120,000 within 30 days from date of receipt.

The DOE, according to MGPC, cited failure to comply with the required milestones as stipulated in approved five-year work program of the project. MGPC said it will settle the financial obligation within the period required by the DOE.

‘The company has fully provided for the impairment of its investment in EPI in relation to EPI’s investment in MGPC. The termination of the service contract and the payment by MGPC of the financial obligation will not have a material impact on the company’s financial situation,’ it said.

The geothermal project was supposed to provide 40 megawatts (MW) to stabilize power and electricity costs in Mindoro. The project was plagued by delays due to, among others, withdrawal of endorsement by a local government.

EPI is a subsidiary of Nickel Asia Corp.