Many people go to Iceland to chase the breathtaking but elusive Aurora Borealis.
Or they go to New Zealand for the stunning landscapes, maybe visit Hobbiton, the famous movie set of ‘Lord of the Rings’ and ‘The Hobbit.’
Not the technical people from Energy Development Corp., whose parent firm First Gen Corp. is awash with P50 billion in cash from the sale of its gas business to tycoon Enrique Razon Jr.
If they are traveling to Iceland, New Zealand or even the United States, they are on the prowl for opportunities in geothermal energy.
EDC recently firmed up its debut in Indonesia. But the Lopez group’s investment horizon goes far beyond Southeast Asia.
‘Aside from Indonesia, there are very, very early stages of research. I don’t call it exploration. It’s research [first]-technical, commercial, legal, in the US, Iceland, New Zealand,’ Allan Barcena, EDC assistant vice president and head of corporate support group, told Biz Buzz on the sidelines of an energy forum organized by the Economic Journalists Association of the Philippines.
These countries have vast geothermal areas harnessed for energy production, not just to showcase geysers and hot springs.
At the very least, EDC would like to bring home new technologies.
‘It’s not only the resource itself but sometimes the technology,’ Barcena said.
‘Also, we’ll go to other countries to explore carbon storage technologies. Even if we are very low in emission in geothermal (operations), we’d like to really bring it down by capturing our CO2 (carbon) emissions in our power plants.’
EDC is exploring these technologies because they are not yet available in the Philippines, he added.
‘The technology is still new but we’d like to pilot these in EDC.’ -Doris Dumlao-Abadilla
Security Bank’s Vohra passes the torch
One pandemic and a flood control crisis later, Security Bank Corp. is welcoming a new chief as part of its succession plan, and he’s another veteran banker.
Security Bank on Tuesday announced its appointment of Victor Lee Meng Teck as the company’s new president and CEO, effective in early January 2026.
The former CEO of CIMB Singapore succeeds Sanjiv Vohra after more than six years. Although leaving his post, Vohra will remain the bank’s senior advisor to the board.
‘We’re grateful to Sanjiv for his steady leadership during one of the most challenging periods in recent history,’ Security Bank chair Cirilo Noel said in a statement.
Vohra’s appointment in 2019 came just months before the onset of the COVID-19 pandemic, which paralyzed economies across the globe and certainly was a challenge even for banks.
‘His vision and dedication have left the bank stronger, more resilient and well-prepared for the future,’ Noel added.
For his part, Lee was lauded for spearheading the growth of CIMB Singapore and doubling the bank’s revenue and raising return on equity to nearly 20 percent.
‘As we welcome Victor, we’re confident this seamless transition will allow us to sustain momentum and capture new opportunities,’ Noel noted.
This is a timely development, especially since former Security Bank chief financial officer Eduardo Olbes just retired. He’s also staying on board as senior advisor to the president and CEO.
Is this a new era for Security Bank? Abangan! -Meg J. Adonis INQ