BUSINESS In Brief
Quezon transmission line up
The Energy Regulatory Commission has allowed Energy World Power Operations Philippines Inc. to develop a point-to-point transmission facility to connect its 650-megawatt combined cycle gas plant in Pagbilao, Quezon to the power grid.
The ERC approved the application of EWPOPI, a wholly-owned unit of Energy World Corp., to develop the P694-million transmission facility that will link its power plant to the New Pagbilao Station of National Grid Corp. of the Philippines.
“The proposed connection scheme is consistent with the provisions of the PGC (Philippine Grid Code) and should comply with the requirements related to the connection point,” the regulator said in a ruling.
Pending the completion of the New Pagbilao Substation, EWPOPI’s facility will be linked through an interim connection by cutting in along the Naga-Tayagas 500 kV line.
EWPOPI is building a 650-megawatt, combined cycle gas-fired power plant and liquefied natural gas hub terminal. Alena Mae S. Flores
Indonesia woos PH companies
JAKARTA, Indonesia—The Indonesian government is inviting Philippine conglomerates to invest amid a financing gap to provide adequate infrastructure.
“We are welcoming investors from both domestic as well as international, of course the Philippines. We would like to invite more Philippine investors to invest in geothermal,” State Minister for National Development Planning Bambang Permadi Soemantri Brodjonegoro said.
“What we know in Indonesia you are quite advanced in geothermal in terms of infrastructure. We hope some private sectors from the Philippines will be participating,” he added.
The Ministry of National Development Planning of Indonesia said the country’s infrastructure funding requirement between 2015 and 2019 was estimated at 6,780 trillion rupiah ($507.1 billion). Darwin G. Amojelar
Uber study sees fewer cars
Car ownership will go down in the future once ride-sharing becomes the major transport mode in the metropolis, according to a study commissioned by Uber.
Ride-sharing is a transportation mode seen to maximize the utilization of a private vehicle while minimizing the impact on traffic congestion.
“Ride-sharing can work and has been working for us at Uber. About 71 percent of people in Metro Manila consider ride-sharing an alternative to owning cars. This may reduce about 66 percent of cars on the road,” said Uber Philippine general manager Laurence Cua in a briefing Thursday.
The figure is equivalent to some 4.9 million liters of unconsumed gasoline and could save the planet about 11,300 metric tons worth of carbon footprints.
Metro Manila’s population stands at 12.88 million as of 2015 based on census survey 2015. Othel V. Campos
MB keeps benchmark rates
THE Monetary Board, the policy-making body of Bangko Sentral ng Pilipinas, kept the benchmark interest rates steady on account mainly of a manageable inflation environment.
Bangko Sentral Governor Nestor Espenilla Jr. said on Thursday the interest rates of 3.5 percent for overnight lending, 3 percent for overnight borrowing, and 2.5 percent for overnight deposit facility were left unchanged. The reserve requirement ratios were also maintained.
“The Monetary Board’s decision is based on its assessment that the outlook for the inflation environment remains manageable. While inflation has trended higher (at 3.5 percent in October) due mainly to higher utility rates and fuel prices, latest forecasts continue to show the future inflation path staying within the government’s 2 to 4 percent target range for 2018 to 2019,” Espenilla said. Julito G. Rada