Toyota, Mitsubishi bag perks
The Board of Investments on Wednesday announced the approval of Mitsubishi Motors Philippines Corp. and Toyota Motors Philippines Corp. as participating car makers of the country’s Comprehensive Automotive Resurgence Strategy program.
Trade assistant secretary Rafaelita Aldaba said the Cars program aimed to raise local vehicle manufacturing to expand the country’s auto parts making capabilities.
Cars is expected to attract P27 billion in fresh investments, manufacture 600,000 more vehicles and add P300 billion to the domestic economy, or equivalent to 1.7 percent of gross domestic product.
“The government has set a high level of ambition for the CARS Program, targeting the need to promote an economically-viable scale of production that will allow our auto sector to compete within the region for specific auto models,” Aldaba said.
Mitsubishi applied to produce 200,000 units of the Mirage/Mirage G4 while Toyota applied for the production of 230,000 units of an all new (full model change) Vios. As participating carmakers, they are required to localize the production of body shell and large plastic parts and components.
Mitsubishi will start production in 2017.
Toshiba bullish on storage
Toshiba Information Equipment Inc. said it plans to maximize the potential of the US and China as growth markets for its storage business, particularly in the production and export of solid state drive.
Toshiba corporate representative in Asia and managing director for Toshiba-Asia Pacifc Lte. Tatsuo Doko said that while the market for personal computers and television sets slowed down in 2015, the company expected the growth of the storage business to make up for the slack and bring in revenues.
“We had flat growth for the PC and TV segments, but demand for storage devices remain strong especially with the increasing need of companies to keep their data safe in one place,” he said in a news briefing during the opening of the 2016 Philippine Semiconductor and Electronics Convention and Exhibition at the SMX Convention Center in Pasay City.
TIP has been producing hard disk drives and SSD in the Philippines since 1996. It has shipped over 500 million units of HDD and SSD to clients from different markets worldwide. Othel V. Campos
Therma acquires El Paso
Therma Power Inc., a wholly-owned subsidiary of Aboitiz Power Corp., has acquired El Paso Philippines Energy Co. Inc.’s 50-percent interest in East Asia Utilities Corp. for P509.41 million.
Aboitiz Power said in a disclosure to the exchange the deal was forged through a share purchase agreement signed on June 14.
“The acquisition of the shares in EAUC is in line with Aboitiz Power’s target to increase its attributable net sellable capacity to 4,000 megawatts by 2020,” Aboitiz Power said.
East Asia Utilities operates a bunker C-fired power plant with an installed capacity of 50 MW in Barangay Ibo, Lapu-Lapu City in Cebu. The power plant has the capability of providing critical peaking and ancillary services to the Visayas grid.
Therma Power acquired 5,021,690 shares of El Paso, representing 50 percent of the outstanding shares of East Asia Utilities, bringing its ownership to 100 percent. Alena Mae S. Flores
Basic drills geothermal well
The consortium of Basic Energy Corp. and Trans-Asia Oil and Energy Development Corp. has started drilling an exploratory well for a geothermal project in San Teodoro, Mabini, Batangas.
Basic Energy said in a disclosure to the stock exchange the move followed the Energy Department’s approval of the consortium’s notice of intent to drill in geothermal service contract no. 8 in April.
The approval followed the consortium’s awarding of the drilling contract to Diamond Drilling Corp. of the Philippines, a subsidiary of Lepanto Consolidated Mining Co.
“The drilling of the exploratory well is aimed at determining the extent of the resource. Tests will be done immediately after drilling to ascertain temperature and flow rate, as well as other results necessary to plan for future work programs on production holes,” Basic Energy senior vice president Anthony Cuaycong said.
Basic Energy will drill an exploratory hole with a minimum depth of 1,500 meters to determine the temperature and other qualities of the steam resource. Alena Mae S. Flores
Biggest telecoms fair
The widest assortment of cellphone units and gadgets is showcased at the 23rd Telecommunications and Accessories Fair, the biggest of its kind in the country, at the Greenhills Shopping Center in San Juan City.
The fair, which runs from June 10 to July 4, boasts of 1,400 participants, mostly importers, manufacturers, mall suppliers, traders, wholesalers and retailers who are seasoned businessmen whose career has been propelled with their regular participation in the event.
The Telecommunications Fair, aside from selling the latest top-of-the-line cellphone units, also has assorted gadgets and accessories under one roof, such as ipods, ipads, tablets, powerbanks, laptops, chargers, cables, cases and screen protectors, memory devices, speakers, headsets and earphones.
The 25-day fair is organized by Prime Asia Trade Planners and Convention Organizers headed by Henry Babiera.
Jardine preserves heritage
The National Historical Commission of the Philippines and Jardine Distribution Inc. continue their efforts in preserving historical sites.
“We are happy that we are able to continue this meaningful partnership with NHCP. Solignum is all about preserving what we have so future generations can enjoy it or learn from it,” said Peachy Tiu, JDI marketing manager.
“Preserving our historical landmarks is our own contribution to nation building and our way of showing gratitude to the Filipino people for trusting Solignum all these past decades,” Tiu said.
JDI helps in preserving cultural heritage by donating and applying Solignum wood preservatives to the structures to protect these from further deterioration.
Solignum has mastered the science of total termite solution—from timber protection to soil treatment and decorative products. Among the projects that are successfully preserved and restored by the partnership are the historical Aguinaldo Shrine in Kawit, Cavite and Museo ni Apolinario Mabini located at Polytechnic University of the Philippines-Sta. Mesa.