Thursday, June 1, 2023
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home News National

‘Filipinos should be vigilant about Malampaya deal’

Manila StandardbyManila Standard
November 19, 2021, 11:40 pm
in National
Reading Time: 3 mins read
A A
Share on FacebookShare on TwitterShare on Email

Udenna Corp.’s acquisition of 90 percent of the Malampaya gas project is a cause for concern and Filipinos should be vigilant about this development. 

In an interview aired on ANC, Atty. Rico Domingo, president of the Philippine Bar Association, said “the Filipino people should be vigilant about this. It is, as I mentioned, several times this is of national interest. This is for the future generations of Filipinos.”

Domingo also urged the public to “monitor this” as this will eventually have an impact on future generations. 

“And we cannot allow this. We have to stand up and be counted here,” he said during the interview.

Domingo is representing individuals who have filed a complaint before the Ombudsman accusing Department of Energy Secretary Alfonso Cusi and businessman Dennis Uy of graft over the sale of Chevron’s stake in the Malampaya project to Uy’s Udenna Corp.

Domingo said the controversial sale is bigger than the Pharmally case. “We’re talking about P138 billion here,” he said, adding that the government would also lose P42 billion outright, because of the sale.

He said the P138 billion figure, is the total loss that the government will incur “during the entire duration of the project.”

Domingo added that this amount could even be used for other government projects such as COVID-19 alleviation.

Reports said Udenna has acquired a 90 percent stake in the Malampaya project by buying the 45 percent stake of Chevron for $565 million, and another 45 percent stake from Shell for $460 million.

Senator Risa Hontiveros meanwhile said she believes it is “very puzzling and alarming” that a single private entity was allowed to acquire almost all of the Philippines’ strategic fossil energy assets in the West Philippine Sea (WPS). 

Hontiveros said  the company, led by a campaign donor of President Rodrigo Duterte, seemed to have secured a “mind-blowing” number of favorable government deals in recent years.  Dennis Uy, a campaign donor and friend of President Duterte.  

Hontiveros has filed Proposed Senate Resolution No. 950, urging the Senate Blue Ribbon Committee to look into the “propriety” of Udenna’s takeover of the said assets in the WPS, as well as its impact on the nation’s security and economic interests.

“By allowing Udenna to control both the Malampaya Project and its gas pipeline, as well as the fossil energy resources in the Recto Bank, the Department of Energy (DOE) and the Philippine National Oil Company (PNOC) not only deprived the Philippine government of a substantial source of revenue, but also allowed private – and possibly foreign – interests an undue advantage over the nation through the possession of its vital strategic assets,” Hontiveros said.

The DOE also recommended the award to Udenna of two service contracts covering areas in the Recto Bank – an underwater formation said to contain most of the oil and natural gas in the West Philippine Sea.  

The senator pointed out that Udenna paid for the Malampaya shares not with existing assets but with loans from various banks. In return, Udenna is set to earn a projected income of nearly $1.2 billion from its Malampaya shares.

Hontiveros flagged that state-owned PNOC may have allowed Udenna’s “buying spree” by not exercising its right of first refusal  – which gave PNOC the right to have the first opportunity to purchase Malampaya shares owned by Shell and Chevron.  

“If the government had matched Udenna’s offer, it would have been guaranteed a net income of around USD 275 million for around four years, until the existing wells are depleted by 2024. By failing to exercise its right of first refusal, the government was deprived of hundreds of millions of dollars which we could have used to meet the people’s needs,” Hontiveros said. With Macon Ramos-Araneta

Tags: Alfonso CusiDepartment of EnergyMalampayaPhilippine Bar AssociationRico DomingoUdenna Corp
ADVERTISEMENT
Manila Standard

Manila Standard

Related Posts

China blames US ‘provocation’ for fighter jet incident in SCS

byAFP
June 1, 2023, 12:15 am
0
8
Sweet dreams are made of these: Tips to achieve great sleep every night

Beijing blamed US “provocation” Wednesday for an incident last week when a Chinese plane crossed in front of an American...

Read more

Divorce is still long shot in the Philippines

byAFP
May 31, 2023, 11:50 pm
0
8
Southwoods nails Seniors’ Fil golf crown

Mother-of-three Stella Sibonga is desperate to end a marriage she never wanted. But divorce in the Catholic-majority country is illegal,...

Read more

Three die in four-vehicle smashup at SCTEX in Mabalacat, Pampanga

byDarwin G. Amojelar
May 31, 2023, 11:40 pm
0
8
Three die in four-vehicle smashup at SCTEX in Mabalacat, Pampanga

Three people were reported killed in a multiple-vehicle accident in a portion of the Subic - Clark - Tarlac Expressway...

Read more

CA okays appointments of 86 soldiers, 7 diplomats

byMacon Ramos-Araneta
May 31, 2023, 11:30 pm
0
8
CA bypasses appointments of Pascual, Lotilla

The powerful Commission on Appointment (CA) on Wednesday gave its nod to the promotions of 86 senior officers of the Armed...

Read more

Nine OFWs home after rescue from Thai, Myanmar crime rings

byVito Barcelo
May 31, 2023, 11:20 pm
0
8
BI’s task is to check travel documents, Tansingco says

At least nine overseas Filipino workers (OFWs) who were victims of a human trafficking syndicate were repatriated after being rescued...

Read more

BARMM Speaker eyes presidential pardon for Candao

byNash B. Maulana
May 31, 2023, 11:10 pm
0
8
Southwoods nails Seniors’ Fil golf crown

COTABATO City—The Speaker of the Bangsamoro Parliament has issued a statement saying a former governor of the Autonomous Region in...

Read more

Print Edition

View More

Recent Posts

  • Urban gardening
  • Maharlika bill goes to Palace
  • Economic managers laud passage of MIF with ‘several safeguards’
  • Solons commend Speaker for ‘exceptional’ leadership
  • House suspends Teves for another 60 days amid refusal to return to PH
  • PBBM: Gov’t, LGUs must digitalize transactions
  • Typhoon ‘Betty’ affects close to 15,000 people
  • Radio broadcaster gunned down in Oriental Mindoro

Advertisement

Latest News

PBBM: Gov’t, LGUs must digitalize transactions

byVince Lopez
June 1, 2023, 12:40 am
0
8
Villacorta new LTO officer-in-charge

The Marcos administration is pushing for more digitized transactions in all government agencies, including at local government units (LGUs), to...

Read more

Typhoon ‘Betty’ affects close to 15,000 people

byJoel E. Zurbanoand1 others
June 1, 2023, 12:35 am
0
8
Puerto bet tops Bb. Pilipinas pageant

By Joel E. Zurbano and Charles Dantes A total of 14,908 people or 3,821 families have been affected as of...

Read more

Radio broadcaster gunned down in Oriental Mindoro

byCharles Dantes
June 1, 2023, 12:30 am
0
8
Southwoods nails Seniors’ Fil golf crown

A radio broadcaster was shot dead outside his home in Calapan City, Oriental Mindoro on Wednesday, police said, the latest...

Read more

PH’s power grid performs better under NGCP

byAlena Mae S. Flores
June 1, 2023, 12:25 am
0
8
Maguing power tower damaged by bomb

By Alena Mae S. Flores The National Grid Corp. of the Philippines said Wednesday the power grid’s performance continues to...

Read more

Villacorta new LTO officer-in-charge

byCharles Dantes
June 1, 2023, 12:20 am
0
8
Villacorta new LTO officer-in-charge

The Department of Transportation on Wednesday named lawyer Hector Villacorta as the officer-in-charge of the Land Transportation Office. In a...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App