Category: Philippine Star

Every so often, an IPO bigger than the company itself comes along. Not because of the amount of money it raises or valuation, but because it changes the narrative. I believe the forthcoming GCash IPO could be one of those moments.

Over the past decade, Southeast Asia has witnessed several landmark technology listings. We saw Singapore-based Grab go public through one of the world’s largest SPAC transactions. We saw Indonesia’s GoTo make headlines with one of the biggest IPOs in the country’s history. We watched Sea Limited emerge as one of the region’s most valuable technology companies.

Each of these companies reshaped industries and became symbols of ASEAN’s digital transformation. But GCash may be different. Not bigger. Different. And that distinction matters.

For GCash, financial services are the ecosystem. That is a very different story. At its core, GCash was born to solve a uniquely Filipino problem. How do you provide financial access to millions of people spread across more than 7,600 islands? How do you make financial services available to people who may never have walked into a traditional bank? Those are not merely technology challenges. Those are nation-building challenges.

And that is why the upcoming IPO deserves attention not only from investors, but also from policymakers, regulators, academics and development leaders across ASEAN. When Grab listed, investors saw the rise of the super app. When GoTo listed, investors saw that Indonesia’s digital economy had come of age. When Sea exploded onto global markets, investors saw Southeast Asia’s technology ambitions become reality. When GCash lists, investors may see something entirely different: The monetization of financial inclusion.

For decades, financial inclusion was viewed largely as a social objective. Governments pursued it. Development institutions funded it. Banks supported it. But few believed it could become one of the most valuable technology businesses in the region. GCash is proving otherwise.

Because unlike ride-hailing, food delivery, gaming or e-commerce, financial services require something deeper than convenience. They require confidence.

People trust platforms with their money differently than they trust platforms with their transportation or shopping. You can tolerate a delayed food order. You can forgive a late ride. You cannot forgive a failed remittance sent to your family.

Finance operates on a higher standard. And trust is its currency.

GCash has grown from a payments platform into a financial ecosystem serving tens of millions of Filipinos through savings, lending, investments, insurance and digital commerce. It has become part of the country’s financial infrastructure.

That brings us to the bigger question. Why should ASEAN care? Because successful IPOs do more than create shareholder value. They create belief. The greatest contribution of a successful listing is often psychological rather than financial. Suddenly, entrepreneurs think bigger. Investors become more willing to deploy capital. Governments become more supportive of innovation. Ecosystems mature faster. Success becomes contagious.

But there is another reason this IPO matters. It arrives at a pivotal moment for the region. ASEAN is moving toward deeper digital integration through initiatives such as the ASEAN Digital Economy Framework Agreement or DEFA. By the end of this decade, ASEAN’s digital economy could exceed $2 trillion. The region is beginning to think not as ten separate digital economies, but as one interconnected digital marketplace. In that environment, financial infrastructure becomes even more important.

Money must move seamlessly. Identity must be trusted. Data must be secure. Access must be inclusive. And fintech companies increasingly sit at the center of that transformation. This is where the comparison to SpaceX becomes relevant.

SpaceX did not become important simply because it launched rockets. It became important because it changed assumptions. It proved that a private company could accomplish what many thought only governments could do.

The GCash IPO has the potential to do something similar for ASEAN. For years, Southeast Asia has been viewed as a market where global technology companies come to acquire customers. Now the region is producing companies that create the future themselves.

The Philippines, in particular, has often been underestimated in technology conversations. Yet one of the region’s largest digital financial platforms emerged from Manila.

That should tell us something. Innovation does not belong to geography. It belongs to those willing to solve meaningful problems. And few problems are more meaningful than giving millions of people access to the financial system.

The real significance of this IPO will not be measured by how much capital it raises. Nor will it be measured solely by its valuation. Its true significance will be measured by what happens next. Will it inspire the next generation of founders?

Will it encourage more technology listings across ASEAN? Will it attract greater investment into digital infrastructure? Will it accelerate financial inclusion across the region? Those are the questions that matter.

The biggest IPOs in history are not remembered simply because they raised money, but because they marked the beginning of something bigger. A new industry. A new era. A new belief system.

ASEAN is entering a new chapter. A chapter where we are no longer just consumers of innovation. We are creators of it. Where we are no longer merely importing technology. We are exporting ideas. And where financial inclusion is no longer viewed as charity or compliance. It is recognized for what it truly is: One of the greatest economic opportunities of our time.

The true measure of this IPO will be the millions of lives it proves can be transformed through technology. That is why this IPO is different. And that is why years from now, we may look back on it as more than a listing. We may look back on it as ASEAN’s SpaceX moment.

Interesting economic briefing and fireside chat organized by the UP College of Business Administration Alumni Association (UPCBAA).

Held during the general membership meeting of the Virata School of Business alumni group last Wednesday, UPCBAA president and BDO Capital and Investment Corp. president Eduardo Francisco discussed the country’s soft 2.8 percent gross domestic product (GDP) growth, marking the third straight quarter of sequentially slower growth for the economy. BDO Capital expects the economy to grow by 2.2 percent by the end of the year, or still below pre-pandemic level and 3.2 percent next year. The economy expanded by 4.4 percent in 2025.

He noted that broader inflationary pressures stemming from the energy supply shock triggered by the US-Iran conflict dragged down overall consumption spending, particularly for essentials. Meanwhile, private construction and capital expenditure were dampened by weak risk sentiment, interest rate and foreign exchange volatility and a slow post-pandemic real estate recovery.

Household consumption growth is forecast to reach two percent this year (compared to three percent during the first quarter and 4.5 percent last year), private fixed capital investments growth at three percent (against 2.3 percent in the first quarter and 6.9 percent in 2025) and government expenditures growth for this year at 4.5 percent compared to negative 1.3 percent in the first quarter and 0.9 percent last year.

Meanwhile, export growth is expected to be sluggish at 3.5 percent this year compared to 7.8 percent in the first quarter and 8.2 percent in 2025. Francisco pointed out that growth in exports of goods, led by semiconductors, which registered a 13.3-percent expansion in the first quarter, continues despite trade uncertainties. The relatively resilient IT-BPM sector continues to support services exports, which grew by three percent in the first quarter.

Import growth, he said, remained stable despite weak domestic demand, at 6.1 percent in the first quarter, and is forecast to drop to 4.2 percent for the year. But Francisco warned that stable imports amid a weak external environment may lead to a wider trade deficit.

Francisco emphasized that the Middle East conflict is still evolving, but at least so far, financial stress indicators suggest that the country’s growth slowdown is unlikely to evolve into a systemic shock.

Fellow UP CBA alumni and Energy Undersecretary Wimpy Fuentebella, who joined Francisco in the fireside chat, urged Filipinos who can afford it to switch to electric vehicles to save on foreign exchange spent on imported fuel. He also said the country is on track to achieving a 50-percent renewable energy share in the power mix by 2040.

Lilian Selda of Palawan Group, likewise a fellow alumna, traced the company’s growth from a single loss-making pawnshop in Palawan – acquired by her father – into a diversified enterprise spanning lending, insurance, remittance and foreign exchange, with over 3,600 branches nationwide, addressing the lack of access to formal credit among Filipinos.

Irthym Philippines country manager Daniel Rupinta also joined the fireside chat and discussed the company’s digital health care solutions, which are available abroad but not in the Philippines, leaving Filipinos without access to these technologies due to gaps in local health insurance coverage.

The UPCBAA also elected a new set of trustees and officers. Former senator Manuel Villar was named chairman emeritus, with Toyota Albay chairman Francis Laurel as chairman. Francisco was elected president; KPMG chair and CEO Sharon Dayoan, vice president; lawyer Anthony Parungao, secretary; Palawan Group of Companies vice chairman and CFO Lilian Castro-Selda, treasurer; KPMG partner Michael Guarin, auditor; lawyer Jose Antonio Santos, assistant corporate secretary and lawyer Mary Ann Reyes, PRO. They are joined on the board by Unilab president and CEO Sebastian Baquiran, GCash president and CEO Martha Sazon, The French Baker CEO Johnlu Kua, architect Armin Sarthou, MedGrocer associate director David Gozali, Maharlika Investment Corp. AVP Winchell Wong and Times Paint president and CEO Reginald Yu.

Still no end in sight

Recently, the Securities and Exchange Commission ordered ABS-CBN Corp. and its top executives to answer a complaint filed by board director Federico ‘Piki’ Lopez, who accused them of violating corporate and securities laws.

Piki asked the regulators to investigate what he described as a pattern of corporate asset dissipation, excessive executive compensation, questionable related-party transactions and alleged misstatements in financial reports.

He also sought the appointment of an interim management committee to oversee ABS-CBN, conduct a forensic audit and investigate the respondents.

For its part, ABS-CBN said its board of directors and committees have consistently exercised proper oversight of executive compensation, capex and financial reporting in accordance with applicable laws.

The complaint was filed by Piki against ABS-CBN, The Big Dipper Digital Content and Design Inc, chairman Martin Lopez, president Carlo Katigbak and treasurer and group CFO Ricardo Tan Jr.

Meanwhile, the Lopez family majority continues to challenge Piki and the First Gen Corp. board’s hydropower partnership deal with Prime Infrastructure Capital – particularly the alleged P42-billion premium that First Gen agreed to pay for a 33-percent stake in Prime Infra’s hydropower business, and the alleged ‘poison pill’ provision that will allow Prime Infra to buy out First Gen’s 33-percent stake at a 25-percent discount if Piki and his designates are removed from the company for any reason.

However, First Gen has clarified that the inclusion of ‘change-of-management-control’ (CMC) provision was requested by Prime Infra, not by Piki.

The company has further explained that there is nothing unusual or ‘scandalous’ about the CMC provision, also known as a ‘key man clause.’ It said that such provisions are commonly found in large-scale energy and infrastructure projects where investors place significant value on the experience and continuity of a management team responsible for executing complex, multibillion-peso developments.

First Gen has stated that the inclusion of the CMC provision reflects Prime Infra’s confidence in Piki and his management team and underscores the importance of management continuity to the success of the projects.

The past few weeks, our diplomatic relations with China appear to have deteriorated into a war of angry press releases, spiced with travel bans.

The Chinese embassy in Manila has stepped up its public diplomacy, issuing toe-to-toe responses every public issuance from Philippine officials at any level – emulating the ‘wolf warrior’ style now preferred in Beijing. The Philippine Coast Guard has been equally relentless in its verbal attacks about China’s ‘gray tactics’ in the contested waters – and often straying into the domain of the Department of Foreign Affairs (DFA).

Beijing escalated its responses. It banned local officials from Kalayaan, Palawan from entering China. This township, as we know, is an artificial settlement to populate at least one of the contested marine features in the South China Sea.

Last week, Beijing banned our Defense Secretary, Gilbert Teodoro, and his immediate family from going to China. This was after Teodoro made strong statements about China during a high profile security forum held in Singapore. This is an unprecedented measure.

By some wonderful coincidence, someone crawled out of the woodwork to question Teodoro’s citizenship. As some point, it turns out, Teodoro held Maltese citizenship or at least carried a Maltese passport.

Manila’s preferred style of diplomatic engagement with Beijing has not found favor with the other members of the ASEAN. They have long suspected us of being Latino in sentiment and only Asian by geography. We did not conform with the ‘Asian’ style of diplomatic engagement: quiet and consensual rather than candid and confrontational.

I had personal experience with this. When the Philippines filed an arbitration case against China, I was invited for tea with the Chinese ambassador. I received a stern lecture on why friends and neighbors should not drag each other to court – even as I pleaded with the ambassador that I was merely an opinion writer and not a policymaker.

Our ASEAN colleagues are always polite. But it was clear they are uncomfortable with the head-to-head style of diplomatic engagement the Philippines preferred – possibly dictated by the expectations of the domestic audience. Our blaring claims of sovereign rights over marine features in the South China Sea that fall within our exclusive economic zone was never overtly endorsed in ASEAN forums.

Last week, on the 10th anniversary of arbitral court ruling upholding Philippine claims, someone from the ASEAN community finally broke the uncomfortable silence. Former Malaysian foreign minister Saifuddin Abdullah warned that Manila’s decision to revive and internationalize the arbitration ruling contributed to regional tensions, invited foreign intervention and undermined ASEAN centrality. He urged the Philippines to embrace ‘quiet diplomacy’ and warned against ‘making too much noise.’

ASEAN was speaking to us in its usual discreet manner: using a retired minister to convey the message. This minimizes ruffling feathers and helps save face. It has deniability built into it. Although not the association’s ‘official’ position, it is undoubtedly the ASEAN speaking to us.

Malaysia is, of course, not a neutral observer in the South China Sea squabbles. The country is a contestant in the area. For decades, Kuala Lumpur has expanded and consolidated its presence in the southern Spratlys.

The country occupies several maritime features that fall within Manila’s exclusive economic zone as defined by the UN Convention on the Law of the Sea. Some of these outposts have undergone reclamation and host some military presence – although marginal when compared to China’s massive island-building effort.

Kuala Lumpur has been more openly critical of the Philippines for asserting its maritime rights by insisting on the full application of international law. At the same time, Malaysia has strengthened its physical presence on disputed features – constantly insisting that all discussions about them remain behind closed doors.

It might sound reasonable enough that our ASEAN partners insist on ‘quiet’ diplomacy. It must be noted, however, that Malaysia itself repeatedly rejected China’s maritime claims and on several instances filed diplomatic protests concerning China’s incursions into what it claims are its waters.

Our neighbors, those with outstanding claims to the South China Sea maritime features, are not subjected to daily acts of bullying by the China Coast Guard and its sprawling ‘maritime militia.’ The domestic constituencies of our ASEAN partners are not as insistent about defending territorial claims.

Then there is the matter of Philippine claims to Sabah.

In 2024, Malaysia strongly protested Manila’s submission to the Commission on the Limits of the Continental Shelf. The Philippine continental shelf projection partly relies on baselines connected to Sabah. In Its protest, Kuala Lumpur described its sovereignty over Sabah as ‘indisputable.’ Manila’s submission in this regard has apparently caused some discomfort in Kuala Lumpur.

The Philippines and Malaysia are staunch partners. We share in the vision of an ASEAN community. But we do have our territorial disputes. Relegating our Sabah claim to ‘quiet’ diplomacy got us nowhere.

Nevertheless, it would be useful for Manila to constantly keep our partners in the ASEAN in mind as we pursue our own path to diplomatic resolution of overlapping territorial claims. Our regional community is a precious thing. Our neighbors have a keener regard for quiet consensus-building than we might sometimes have.

China has been more stringent in asserting its territorial claims vis-a-vis the Philippines. This could be due to our overt alliance with the US.

The conduct of our diplomacy is partly shaped by the jingoism of our politicians.

Mike Phillips and Kent Pastrana will take center stage in the 2026 Collegiate Press Corps Awards presented by Strong Group Athletics after being named the Collegiate Men’s and Women’s Basketball Players of the Year.

The big man from De La Salle University earned the distinction following another stellar campaign, leading the Green Archers to their second UAAP championship in three seasons against University of the Philippines and further cementing his status as one of the country’s top players entering the pros and the national team with Gilas Pilipinas.

Pastrana, also a Gilas campaigner, continued her rise in the women’s ranks after steering University of Santo Tomas back to the top of the UAAP at the expense of the dynastic National University program.

Phillips registered a double-double average of 13.3 points and 13.7 rebounds, while Pastrana tallied 13.0 points, 7.7 rebounds, 5.3 assists and 3.8 steals en route to UAAP Season 88 Finals MVP citations for their respective squads.

The two headline the Mythical Teams of both divisions for the annual awarding rites, also backed by Converge FiberX, San Miguel Corporation, the Philippine Sports Commission, Go For Gold, D’ Generals and Buffalo’s Wings ‘N Things, with Discovery Suites Manila as the official venue partner.

Joining Phillips in the men’s elite team are UST’s Collins Akowe, Colegio de San Juan de Letran’s Jonathan Manalili, San Beda University’s Janti Miller and Far Eastern University’s Janrey Pasaol.

Pastrana then will have NU’s Tin Cayabyab and Season MVP Ann Pingol, Ateneo de Manila University’s Kacey Dela Rosa and fellow UST standout Brigette Santos to complete the women’s dream team.

Phillips and Pastrana spearhead a total of 26 awardees in the annual awarding ceremony by the national print and online media covering the collegiate beat in recognition of the country’s finest student-athletes on Monday at Discovery Suites Manila in Ortigas, Pasig.

‘Malayo pa, pero malayo na (Still a long way to go, but we’ve come a long way).’

This phrase has become a powerful reminder of progress, showing that while the finish line may still be far, every step forward is proof of how far the journey has already come.

The same could be said for the country’s retail competition and open access (RCOA) program.

For years, only large electricity users had the privilege to directly negotiate their power supply.

Now, the doors to the retail electricity market are gradually opening wider, bringing more consumers closer to exercising their ‘power of choice.’

That shift reached a major milestone yesterday, when the RCOA contestability threshold officially dropped to 100 kiloWatts from 500 kW.

The same threshold also took effect for the retail aggregation program (RAP), which enables smaller electricity users to pool their demand and secure deals from their preferred supplier.

With the lower thresholds, more consumers now have the option to break free from being tied to rates charged by power utilities and gain access to more competitive electricity pricing.

For the Energy Regulatory Commission (ERC), this is more than a regulatory milestone; it is a meaningful step forward for Filipino consumers.

‘For the first time, residential communities are participating in the competitive retail market through aggregation, extending the power of choice beyond large corporations and industrial customers to ordinary households,’ ERC chairman and CEO Francis Saturnino Juan said yesterday.

The initial implementation of the lower threshold has already attracted new entrants, with 77 contestable customers – 58 in Luzon and 19 in the Visayas – scheduled for their initial RCOA switch, bringing the total to 96.

Similarly, 11 retail aggregated groups in Luzon, including household consumers, are preparing to enter under RAP, pushing the total number to 40.

Juan expects the expansion of the competitive market to spur stronger innovation and attract more investments across the sector while strengthening consumer welfare.

‘This is the direction envisioned under EPIRA (Electric Power Industry Reform Act) – an electricity sector that is transparent, competitive and ultimately driven by the interests of the Filipino people,’ he added.

RCOA was first implemented in 2013 for large consumers with a minimum monthly consumption of one megawatt. The threshold was later lowered to 750 kW in 2016 and further reduced to 500 kW in 2020.

ERC director for market operations service Sharon Montañer said the energy regulator is set to release a roadmap this year for the lowering of the RCOA threshold toward the household level.

‘There are challenges that need to be addressed before we can go lower, such as technical challenges, particularly on metering,’ Montañer told The STAR.

Indeed, much still needs to be done before the ‘power of choice’ finally reaches every Filipino home.

The direction is clear, but turning promise into reality will require sustained action, consistency and real follow-through beyond plans on paper.

Port giant International Container Terminal Services Inc. (ICTSI) is proceeding with the 26-year extension of its contract to operate and maintain one of the world’s most technologically advanced terminals.

In a stock exchange filing, ICTSI said all conditions precedent and required regulatory approvals for the extension of the Victoria International Container Terminal Ltd. (VICT) terminal operating agreement have been satisfied as of June 25.

‘Accordingly, the 26-year extension of VICT’s concession to operate and manage the Webb Dock East terminal at the Port of Melbourne is now effective, extending the contract term from 2040 to 2066,’ the company said.

ICTSI early this year said that its wholly owned subsidiary, VICT and Port of Melbourne Operations Pty Ltd. signed an extension of its contract to operate and manage the Webb Dock East terminal located in the Port of Melbourne for another 26 years.

The contract extension increases the remaining life of its contract to a total of 40 years. According to ICTSI, an ongoing investment program due for completion in late 2026 will increase estimated capacity to 1.6 million twenty-foot equivalent units.

It said that no significant capital expenditure for further capacity expansion is anticipated under the terms of the extended contract.

‘As Australia’s first fully automated container terminal and one of the most technologically advanced in the world, coupled with the ability to accommodate larger container ships, VICT remains positioned as the premier gateway to Melbourne and the state of Victoria,’ ICTSI said.

ICTSI began operating in Australia in 2014, when the original lease was signed, and has since invested in upgrading Webb Dock East to ensure capacity meets demand.

The Mandaue City Government is eyeing a bigger budget for 2027, with city officials proposing to increase the city’s annual allocation from the current ?4.5 billion to between ?4.8 billion and ?5 billion.

Mandaue City Mayor Thadeo Jovito “Jonkie” Ouano said the city will continue to adopt what he described as a “more realistic” budget while increasing spending to address the growing needs of residents.

According to Ouano, Mandaue maintained the same ?4.5-billion budget in both 2025 and 2026. The proposed increase for next year is anchored on projected growth in collections from business taxes, real property taxes (RPT), and the National Tax Allocation (NTA).

“By next year mu-increase to ?4.8 up to ?5 billion,” said Ouano.

The mayor, however, clarified that the proposed budget is still subject to final approval following the city’s budget deliberations.

The city government recently held its 2027 Budget Forum to discuss proposed appropriations and funding priorities.

Among the city’s top priorities for next year are education and healthcare. The proposed budget will also provide funding for flood mitigation projects, public safety initiatives, and housing programs.

“As always… mao man gyud na ang atong mga priorities,” said Ouano.

Ouano said that aside from flooding and traffic congestion, one of Mandaue City’s biggest challenges remains providing adequate housing, particularly for families displaced by disasters such as fires.

He expressed hope that the city would eventually be able to address the housing shortage.

“Kapila ko gipangutana unsa kunoy nakit-an nako nga pinaka dakong challenge sa city, muingon gyud ko og permi na besides sa flooding and traffic, naa man gyud na di man na mawagtang, kini gyung housing,” said Ouano.

The mayor acknowledged that Mandaue continues to attract people because of employment opportunities, but the influx has also increased the demand for housing.

“So mao na ang atong challenge. Sa akong giingon dili man sad ta ganahan magpabalhin kung walay tay relocation,” said Ouano.

To help address the housing backlog, the city is constructing Tipolo Residences Buildings 3 and 4 in Barangay Tipolo.

However, Ouano admitted that the project will accommodate only a fraction of the families needing permanent homes. The new building can house only about 100 families, while around 700 families are still waiting for permanent relocation.

At present, these families are temporarily staying at Pasilong sa Paradise, Paglaum Village, and Bayanihan Village in Barangay Guizo.

“Challenging para nato sa city pero nangita ta og pamaagi ana,” said Ouano.

For the health sector, Ouano said the city’s free medicines program covering all 27 barangays will continue.

“Ato na siyang ipadayon,” said Ouano.

Meanwhile, the mayor said two of his major campaign commitments-the construction of a modern Mandaue City Hospital and a dedicated building for Mandaue City College-have already entered the bidding stage.

While awaiting the start of construction, the city government is preparing for the procurement of equipment and the hiring of additional personnel needed to operate the facilities once completed.

“Mao sad na ang atong pangandaman sad, kinahanglan ta og additional revenue,” said Ouano.

As of June, the city has nearly reached its revenue collection target for the year, according to the mayor.

“Hapit na pero layo-layo pa man sad ta sa December,” said Ouano, adding that the city’s revenue goal remains attainable because its target is realistic.

The water level in Magat Dam in Ramon, Isabela has continued to decline and is nearing its critical level, according to the National Irrigation Administration (NIA).

As of 2 p.m. yesterday, Magat’s elevation was 166.51 meters, or higher by only 6.51 than its minimum operating level of 160 meters.

The dam is one of the country’s major sources of power and irrigation supply.

The NIA-Magat River Integrated Irrigation System said the drop in the water level has resulted in fish kill incidents, particularly in Aguinaldo, Ifugao; Cordon, Isabela and Diadi, Nueva Vizcaya.

To prevent further losses, fish cage owners and operators were compelled to sell the remaining live fish at a lower price. They are asking financial assistance from the government.

Magat Dam’s power plant, which is owned and operated by a Norwegian-Filipino consortium, committed to continue providing power even as the elevation is dropping.

Magat generates 350 megawatts of power for the Luzon grid as well as provides irrigation water to 96,000 hectares of palay farms in Isabela, Cagayan and Quirino.

The Yuchengco Group remains on track toward the commercial operation of its three renewable energy (RE) projects in Luzon and the Visayas.

Yuchengco-led PetroWind Energy Inc. has secured approval from the Independent Electricity Market Operator of the Philippines (IEMOP) to begin commercial power delivery from its 13.56-megawatt (MW) Nabas-2 wind farm in Aklan.

This effectively allows the project to sell its generation output in the country’s spot market, the centralized venue for electricity trading.

A winner of the government’s first green energy auction (GEA-1), Nabas-2 received provisional authority to operate from the Energy Regulatory Commission last month.

Similarly, the ERC has issued a certificate of compliance for another Yuchengco project, the 33.8-MWp Limbauan-2 Solar in Isabela, confirming its readiness to deliver power to the grid.

The solar farm is now awaiting IEMOP’s go-signal to participate in the spot market.

Also moving toward commerciality is the 25-MWp Bugallon Solar in Pangasinan, which recently secured clearance for its point-to-point grid connection.

The facility has been undergoing grid compliance testing with the National Grid Corp. of the Philippines since its commissioning on April 18.

Developed by PetroGreen Energy Corp. (PGEC), both solar projects secured wins in the GEA-2 round, locking in long-term revenue certainty.

‘These approvals over the past two months bring these three projects of PetroGreen subsidiaries closer to full commercial operations, further strengthening our company,’ said Dave Gadiano, PGEC assistant vice president for power markets.

‘Their full operation will add capacity to our RE portfolio, increase PGEC’s revenue stream and deepen our reliability for meeting service contracts and GEA commitments to the Department of Energy,’ he added.

In the first quarter, RE assets remained the Yuchengco Group’s primary revenue driver for the power business, with electricity sales rising on the back of additional wind and solar capacity.

However, the planned maintenance shutdown at its geothermal plants in March tempered gains from other facilities.

The mayor of Cotabato City warned on Sunday, June 28, that any subordinate maliciously maligning any candidate or political party now gearing up for the September 14 Bangsamoro parliamentary polls could be suspended or, if evidence warrants, terminated from service.

Cotabato City Mayor Bruce Matabalao told reporters on Sunday that he shall immediately censure employees under his office if they are proven to have openly engaged in rude partisan talk and cast insults on political parties and aspirants for seats in the parliament of the Bangsamoro Autonomous Region in Muslim Mindanao.

The local government unit of Cotabato City, the regional capital of BARMM, which has 37 barangays, is home to mixed Muslim, Christian and indigenous non-Moro communities.

The Commission on Elections had permitted at least 16 regional parties to participate in the September 14 BARMM elections.

Matabalao, now in his second term as mayor, is the chairperson of the multi-sector Cotabato City Peace and Order Council, which has extensive programs promoting cultural and interfaith solidarity among constituent communities.

Matabalao told reporters on Sunday that while he firmly respects, in keeping with his neutrality, the right of employees under him to freely choose what parties to support and whom to vote for among candidates for the BARMM parliament, he shall, at the same time, do his best to prevent any possible outbreak of intense misunderstandings among them and the supporters and anointed bets of partisan groups that they are not in favor of.

He said he is against the possible unrestrained use of Facebook or any other media platforms by his subordinates in the city government to malign candidates opposing their favored bets of the 80-member BARMM parliament, as well as against absurd loose talk during gatherings or while at work.

‘We just have to wait for the actual polling day to vote for chosen candidates. We, in the meantime, must avoid causing disunity among the local communities by talking badly about the candidates we do not support and the parties where they belong. We should not use Facebook to besmirch any party or candidate for that matter. Sportsmanship, respect and amity are so essential in local politics,’ Matabalao said.

Two ranking BARMM officials, Regional Labor and Employment Minister Muslim Sema and the lawyer Naguib Sinarimbo, a member of the regional parliament, separately told reporters on Sunday that they are in favor of Matabalao’s policy, which, for both of them, is a tacit move to forestall any deep-seated political tension among employees of the city’s local government and the local communities with political preferences.

Sema, president of the Bangsamoro Party of the Moro National Liberation Front, and Sinarimbo, deputy floor leader in the parliament and spokesperson of the Bangsamoro Federalist Party, had earlier announced that their respective blocs have stringent policies against the use by members and supporters of Facebook or the mainstream media to put candidates of other parties for the parliament in a bad light.

Sema, who is chairman of the MNLF’s central committee, and Sinarimbo, figurehead of the Cotabato City chapter of the Bangsamoro Federalist Party, had earlier assured reporters of their willingness to sign a common manifesto, along with officials of other regional political parties, pledging support for the joint efforts of the Commission on Elections, the Philippine National Police and the Armed Forces to ensure safe and fraud-free September 14 polls in the autonomous region.

“We want this upcoming first ever Bangsamoro regional elections to be peaceful, orderly and clean,” Sinarimbo said.