Author Carlo Carrasco

Further rate cuts by BSP could boost demand for condominium units and new residential projects in Metro Manila

October 18, 2024October 10, 2024carlocarrasco

Here in Metro Manila, there is currently an oversupply of condominium units. Further rate cuts by the Bangko Sentral ng Pilipinas (BSP) could boost demand for existing condominium units and also new residential projects within the metropolis, according to a BusinessWorld news report.

To put things in perspective, posted below is an excerpt from the BusinessWorld report. Some parts in boldface…

FURTHER RATE CUTS by the Philippine central bank could help spur new residential project launches and drive take-up of existing condominiums in Metro Manila, a property consultant said.

In its third-quarter property market report, Leechiu Property Consultants (LPC) said the inventory level of condominium units in Metro Manila has reached 67,600 units across 510 buildings — “the highest since the pandemic.”

“It’s an oversupply of the buildings in the market at 29 months’ supply. (Developers) have been slowly launching new projects,” LPC Research Director Roy Amado Golez said at a briefing on Oct. 8.

Quezon City and Ortigas (plus fringe areas) have the most number of unsold condominium units at 18,000 and 13,500, respectively.

High interest rates may have dampened demand for residential condominiums in Metro Manila. LPC said 6,885 units were sold in the July-to-September period, “close to the 7,000 level for the third straight quarter.”

The Bangko Sentral ng Pilipinas (BSP) had kept its policy rate at an over 17-year high of 6.5% from October 2023 to mid-August 2024. It reduced the benchmark rate to 6.25% at its Aug. 15 meeting.

“The interest rate levels today are still at elevated levels, at 6.25%. However, we’ll be likely seeing rate cuts in October as well as December. Hopefully, those rate cuts will boost… the residential market,” Mr. Golez said.

BSP Governor Eli M. Remolona, Jr. earlier signaled the Monetary Board could deliver two 25-basis-point (bp) rate cuts at each of its two remaining meetings this year.

LPC said rate cuts would help ease lending conditions for both developers and homebuyers, as well as encourage developers to launch new projects.

Muted demand may have prompted developers to defer new residential projects. New project launches plunged by 39% to 2,145 units in the quarter ending September, which LPC said was the lowest since the pandemic.

“What developers are most likely doing now is reselling or re-launching or reintroducing marketing programs for their current inventory,” Mr. Golez said, adding that lower interest rates may provide a lift to sales in the next few quarters.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the BSP should reduce the rates soon so that the residential market of Metro Manila will be reinvigorated? Are there any families in your local community who intend to buy a condominium unit and live in it?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

+++++

Thank you for reading. If you find this article engaging, please click the like button below, share this article to others and also please consider making a donation to support my publishing. If you are looking for a copywriter to create content for your special project or business, check out my services and my portfolio. Feel free to contact me with a private message. Also please feel free to visit my Facebook page Author Carlo Carrasco and follow me on Twitter at @HavenorFantasy as well as on Tumblr at https://carlocarrasco.tumblr.com/ and on Instagram athttps://www.instagram.com/authorcarlocarrasco

For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagement, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

New animal shelter in Barangay Ilaya, Las Piñas City inaugurated

October 17, 2024October 10, 2024carlocarrasco

Recently in the City of Las Piñas, a new animal shelter located in Barangay Ilaya was formally inaugurated by the City Government with the presence of Mayor Imelda Aguilar and Vice Mayor April Aguilar, according to an official announcement via social media.

To put things in perspective, posted below is an excerpt of the social media announcement of the City Government. Some parts in boldface…

Las Piñas City’s New Animal Shelter was inaugurated on Friday, September 27, in Barangay Ilaya. The event was attended by City Mayor Imelda Aguilar and Vice Mayor April Aguilar, who led the ribbon-cutting and blessing ceremony of the facility. The shelter, which can accommodate up to 120 pets, is designed to provide a safe and comfortable environment for rescued animals in the city.

The City Veterinary Office, headed by Dr. August Michael Basangan, spearheaded the project. Dr. Basangan highlighted the shelter’s important role in the community, explaining that it will serve not only as a refuge for abandoned and neglected animals but also as a hub for animal welfare services. He added that the City Veterinary Office is working together with local animal rescue groups to help give abandoned and neglected animals a second chance at life.

The shelter offers a range of essential services, including adoption programs, deworming, rabies vaccination, and pet registration. As part of the city’s commitment to responsible pet ownership, the shelter also introduced microchipping for both dogs and cats. Dr. Basangan noted the ceremonial application of the first microchip on rescued pets during the event, further emphasizing the city’s efforts to expand its digital pet registration system.

The shelter’s opening coincided with Las Piñas City’s celebration of World Rabies Day, reflecting the city’s broader initiatives for animal health and safety.

Let me end this piece by asking you readers: If you are a resident of Las Piñas City, what is your reaction to this development? Do you think a new animal shelter is needed in your local community right now?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

+++++

Do NOT buy electric vehicles

October 17, 2024October 9, 2024carlocarrasco

If you value your family, your personal safety and if also you have a lot of financial ends to meet, then you must avoid buying electric vehicles (EVs). With so many woke people, climate change extremists and Silicon Valley believers around the world, there is a sinister collective moment to deceive people into buying EVs – especially electric cars for personal/family use – while also campaigning to have combustion engines and fossil fuels banned. These Satanic Leftists are even conspiring with technology developers, government officials and electric vehicle manufacturers to manipulate people into owning EVs.

Of course, that sinister pro-EVs movement DOES NOT CARE about your personal safety and your family at all. They do not want you to realize that electric cars are not only very flawed and disadvantageous….the EVs can also kill you and destroy properties and harm entire communities.

To put things in perspective, watch the selected videos posted below. I encourage you to take time to watch each of them from start to finish and take notes about the key details.

There is also one particular issue that electric vehicle fanatics do not want to talk about and prefer to ignore…the number of deaths caused by electric cars that have gone wrong. Watch the video below.

And then there are also electric bikes (e-bikes) and electric scooters (e-scooters) that cause fire. Watch the selected videos below.

The radicalized believers of EVs do not want you to realize the truth and the facts that electric cars (the most commercially available EV in the market) could spark into a fire hazard that will take so much effort to put out. Imagine yourself getting trapped inside the electric car as it shorts and burst into flames which could kill you and your companions. Electric cars are also very expensive to repair and the number of public electric chargers are still not so many. E-bikes and e-scooters, as seen above, are also dangerous to have.

Let me end this piece by asking you readers: Did you encounter people who tried to fool you into buying an electric car or an electric bike? Are the electric vehicle manufacturers honest and transparent when they try to sell EVs to you? Right now, do you prefer to buy an electric car or a car that runs on fossil fuel?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

+++++

Do you have Atari 50: The Anniversary Celebration for Xbox?

October 16, 2024October 9, 2024carlocarrasco

Welcome back Xbox fans, geeks, retro gaming enthusiasts and all gamers from around the world!

I was born in the mid-1970s. My video gaming experience started with the arcade games. A few years later, my console gaming experience started with the Atari 2600 console (which was our first console at home) and for about five years my friends (who also had the same console in their respective homes) and I enjoyed playing games on it.

In this modern age of gaming, the gaming experience on Xbox this year soured somewhat and there were changes made on Xbox Game Pass (XGP) that I did not like. This year, it is retro gaming that I am enjoying on my Xbox Series X and the best 2024 experience I had was replaying and completing Grandia on it.

Also this year, I bought myself a physical copy of Atari 50: The Anniversary Celebration to add even more retro gaming fun on my Xbox Series X and it has been an enjoyable experience so far. There is absolutely nothing like replaying the Atari 2600 games I enjoyed plus being able to play other games released on other Atari consoles I never had. I also love the fact that the collection (you can by the physical Xbox copy by clicking here) also has Atari’s own arcade games. This is truly a blast of retro gaming fun!

*From my play session of the arcade version of the classic Missile Command.*

*Thanks to the Atari 50: The Anniversary Celebration, I finally got to play the Cloak & Dagger arcade game that was featured in the 1984 movie.*

*Historical insight about the classic game Centipede.*

*Content from the arcade flyer of Missile Command now viewable in high-definition!*

Atari 50: The Anniversary Celebration is not just a collection of video games from the past. It has a stylish presentation that makes it an interactive museum which allows you to look at the arcade flyers, the print ads, the official artworks of games, historical highlights and most notably lots of videos showing interviews of surviving Atari creators/producers who reveal very important details about what they went through, what the company culture was like, and more.

Those who were interviewed include Nolan Bushnell (who established Atari, Inc.), David Crane, Jerry Jessop, Bill Rehbock, Owen Rubin, Allan Alcorn, Tod Frye, Wade Rosen, Eugene Jarvis, and Howard Scott Warshaw. These are the guys who not only established Atari as a major gaming industry leader but also laid the foundations of console gaming as a crucial part of home entertainment in general. Also discussed was Atari’s efforts of bringing their arcade games to the consoles at home.

Adding further insight to Atari’s history were video interviews of Ed Fries (a key figure behind the establishment of Xbox), Cliff Bleszinski (Gears of War trilogy) and Tim Schafer (Psychonauts games).

*My physical copy of Atari 50: The Anniversary Celebration which I enjoyed a lot on my Xbox Series X.*

If you are an Xbox Series X owner and you are passionate about retro gaming, I encourage you to go after Atari 50: The Anniversary Celebration while it is still available and you can order a physical copy by clicking https://www.amazon.com/Atari-50-Anniversary-Celebration-Xbox-X/dp/B0BB81M854/ref=sr_1_1?crid=3NGKBZ5ELWEMR&dib=eyJ2IjoiMSJ9.OaxQ6LwrFw8ugeckn5tgrkRkXnRxdqTsibdJxcSrPmD2KjKDq_bR4FE-ADmLqZX905jbSpfkzhRn1UgC-V2yOGYAGlZpzU6euxh2_FNFRYO2ZPfhhwTgMJTJq9qjrMNVwy2_jhwlxf4S9R0GQiGJe_dk0U9o-w1xKXKQ_bNbHN-QGyFXq8KBbwYDluM_pUGjkC-TFth7PX-IltiofdvAK0mSQ3rt9EQ5pa3mYjgWZjE.TAmL4QRUQgmoBpOLyGJYZN-LKOf47qyO3MwplApdC50&dib_tag=se&keywords=atari+50+xbox&qid=1728442894&sprefix=Atari+50+x%2Caps%2C420&sr=8-1

+++++

Multi-medalist figure skater meets Las Piñas Mayor and Vice Mayor at City Hall

October 16, 2024October 7, 2024carlocarrasco

Recently in the City of Las Piñas, local resident Julian Jean Quijano Plata – who won multiple medals in figure skating overseas – was welcomed by the Mayor and Vice Mayor at City Hall and went on to have a discussion, the City Government announced via social media.

To put things in perspective, posted below is an excerpt from the City Government’s announcement. Some parts in boldface…

Las Piñas City Mayor Imelda Aguilar and Vice Mayor April Aguilar warmly welcomed Julian Jean Quijano Plata, a young figure skater from Las Piñas City National Science High School, during her courtesy visit at the City Hall on Tuesday, September 24. The student recently brought pride to the city by winning multiple gold and silver medals at the Skate Asia 2024 competition held in Taipei, Taiwan, from August 3-11, 2024. Her impressive performance in categories such as Freestyle 4, Artistic FS4, and Solo Compulsories earned recognition for both her school and the city.

*Left to right: Las Piñas City Vice Mayor April Aguilar, Julian Jean Quijano Plata and Mayor Imelda Aguilar. (photo source – Las Piñas PIO)*

*A lively discussion at the table between the guests and the Vice Mayor and Mayor at City Hall (photo source – Las Piñas PIO)*

During the visit, Mayor Mel and Vice Mayor April congratulated the skater for her achievements and for being a positive representative of Las Piñas in an international competition. The young athlete expressed her gratitude for the support of her family, acknowledging their role in her success.

The Aguilar administration recognized the hard work and determination displayed by the skater, emphasizing that her accomplishments serve as an inspiration to the youth of Las Piñas.

Let me end this piece by asking you readers: If you are a resident of Las Piñas City, what is your reaction to this development? Are inspired by the recent achievements of the multi-medalist local figure skater? Are there any young athletes in your local community who won honors in competitions overseas?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

+++++

Note: Photos sources from Las Piñas City PIO.

US Dollar reserves of the Philippines reach all-time high of almost $112 billion

October 15, 2024October 8, 2024carlocarrasco

Based on the preliminary data of the Bangko Sentral ng Pilipinas (BSP), the American Dollar reserves of the Philippines reached $111.981 billion (as of September 2024 specifically) which counts as a new all-time high, according to a Manila Bulletin business news report.

To put things in perspective, posted below is an excerpt from Manila Bulletin report. Some parts in boldface…

The country’s US dollar stock climbed to its highest level of $111.981 billion as of end-September 2024, surpassing the previous record of $108.794 billion in 2021, as the central bank was accumulating foreign exchange and assets to boost external reserves and defend the local currency.

Based on preliminary data released by the Bangko Sentral ng Pilipinas (BSP) on Monday, Oct. 7, the gross international reserves (GIR) increased by 14.13 percent or by $13.865 billion year-on-year compared to $98.116 billion same time in 2023.

The GIR also rose by 3.82 percent or by $4.125 billion versus end-August this year’s reserves of $107.857 billion.

The BSP-monitored GIR are foreign assets of the BSP invested in foreign-issued securities, monetary gold, and foreign exchange.

The latest GIR level is “more than adequate external liquidity buffer” that is equivalent to 8.1 months’ worth of imports of goods and payments of services and primary income. It is also about 6.3 times the country’s short-term external debt based on original maturity and 4.4 times based on residual maturity, said the BSP.

Basically, a GIR is adequate if it can finance at least three-months’ worth of the country’s imports of goods and payments of services and primary income. This was based on international standards. The GIR is also viewed as more than sufficient if it provides at least 100 percent cover for the payment of the country’s foreign liabilities, public and private, falling due within the immediate 12-month period.

The reserves were higher in end-September because of the government’s net foreign currency deposits with the BSP that includes proceeds from the issuance of ROP Global Bonds.

The GIR likewise got a boost from the BSP’s gold holdings which had a higher value with the increase in the prices of gold in the global market. The BSP’s net income also increased due to its investments overseas.

Let me end this post by asking you readers: What is your reaction to this recent development? What is the first thing that comes to your mind when the Philippines’ US Dollar reserves grow? Does this development make you feel comfortable when it comes to banking, investing or running a local business? Are you satisfied with the way the BSP has been moving with regards to financial and economy activities?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

+++++

AMRO sees Philippine economy growing 6.1% to 6.3% in 2025

October 15, 2024October 4, 2024carlocarrasco

In its recent update, the ASEAN+3 Macroeconomic Research Office (AMRO) sees the economy of the Philippines achieving growth of 6.1% to 6.3% in 2025, according to a BusinessWorld news report.

To put things in perspective, posted below is an excerpt from the BusinessWorld report. Some parts in boldface…

THE PHILIPPINES will likely post the second-fastest growth in the Association of Southeast Asian Nations Plus 3 (ASEAN+3) region this year and in 2025, driven by faster government spending and easing interest rates, according to a regional think tank.

In its October update, the ASEAN+3 Macroeconomic Research Office (AMRO) retained its gross domestic product (GDP) growth forecast for the Philippines at 6.1% this year and 6.3% next year.

“We didn’t change the forecast for the Philippines. As you can see, we expect growth to be at 6.1%, which will be an improvement from last year’s 5.6%,” AMRO Chief Economist Hoe Ee Khor told a virtual briefing on Thursday.

“This is mainly because we expect government investment spending to be higher this year, together with services exports,” he said.

The AMRO’s projection is within the government’s 6-7% target for 2024. However, its 2025 forecast is below the government’s 6.5-7.5% goal.

Mr. Khor said Philippine economic growth remains one of the strongest in the ASEAN+3 region, which includes members of the ASEAN, China, Hong Kong, Japan and South Korea.

AMRO’s growth forecast for the Philippines is just behind Vietnam (6.2%), and ahead of Cambodia (5.6%), Indonesia (5.1%), China (5%), Malaysia (4.7%), Laos (4.5%), Brunei Darussalam (4%), Hong Kong (3.3%), Thailand (2.8%), South Korea (2.5%), Singapore (2.4%), Myanmar (1.8%) and Japan (0.5%).

Philippine growth is also projected to be above the projected ASEAN+3 average of 4.2% this year. This was slightly lower than the previous forecast of 4.4%.

“Growth for the region will be driven by continued recovery in external trade, resilient domestic demand, and a boost in tourism due to relaxed visa policies in some economies,” AMRO said.

For 2025, the ASEAN+3 region’s growth forecast was upgraded to 4.4% from 4.3% previously, in line with expectations of steady global growth.

“The region is on track to achieve steady growth this year and the next and this will be underpinned by resilient domestic demand and the ongoing recovery in exports,” AMRO Principal Economist Allen Ng told the briefing.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think inflation the Philippine economy has enough momentum to grow better in 2025 than what AMRO predicted?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

+++++

Lunar Remastered Collection coming to Xbox Series X|S and Xbox One in Spring 2025

October 14, 2024April 19, 2025carlocarrasco

Welcome back Xbox fans, geeks, retro gaming enthusiasts, RPG enthusiasts and gamers!

In case you missed the news, GungHo America announced that the remastered editions of the classic Japanese role-playing games (JRPGs) Lunar: The Silver Star and Lunar: Eternal Blue will be released together in a single package titled Lunar Remastered Collection which is set for a Sprint 2025 release window (release date to follow) for multiple platforms, including Xbox Series X|S and the aging Xbox One!

Feeling excited or curious? Watch and learn from the official trailer of Lunar Remastered Collection released by GungHo (which is the same publisher behind the Grandia HD Collection).

To put things in perspective, posted below is an excerpt from the official press release of GungHo. Some parts in boldface…

The LUNAR Remastered Collection breathes new life into the beloved classics LUNAR: Silver Star Story Complete and LUNAR 2: Eternal Blue Complete (PlayStation 1 version), both originally developed by GAME ARTS. This revamped collection retains the charm of both titles while introducing exciting new enhancements and quality-of-life improvements!

Fans of the LUNAR series can wax nostalgic with 90s-esque animated cutscenes, iconic characters with the classic JRPG charm, and old-school turn-based combat with a twist. JRPG enthusiasts and long-time supporters of the series alike will undeniably be captivated by the game’s romantic storytelling and stunning soundtrack, and witness firsthand how LUNAR paved the way for generations of JRPGs to come.

*Gameplay shot from Lunar: Silver Star Story Complete which was supposedly remastered with high-definition in mind (which could explain the blurry upper and lower portions of the screen).*

The trailer of Lunar Remastered Collection showed this sharp and lively looking image of an anime sequence. Here is hoping all the anime cutscenes in the two games will be of the highest quality possible with high-definition in mind.

The key features announced are as follows:

Strategic Turn-Based Action: Play through two magical worlds in LUNAR: Silver Star Story Complete and LUNAR 2: Eternal Blue Complete as you fight it out in turn-based battle style, where each character’s speed, distance, position, and attack reach must all be accounted for.

Powerful Voices and Captivating Animated Sequences: Immerse yourself in battles with fully-voiced attacks and incantations in either Japanese or an all-new English voiceover by playable characters and enemies. Not to mention, the timeless and stylistic animated sequences that will still capture the hearts of players today.

Relive the Classic or Go Remastered: Choose between classic or remastered mode — an option that allows fans to travel back in time to the games’ PS1 releases, or see them in a new light with wide-screen support, revamped PS1 pixel art, and high-definition animated cutscenes.

Two New Language Options: LUNAR Remastered Collection not only includes Japanese and English subtitles and sound, but also two new subtitle language options, French and German.

Speed up Battle + Improved Strategy Settings: Save time and speed through battles with the flip of a switch! Additionally, new options have been added to the original strategy settings for streamlined combat.

To read the entire press release, click https://www.gunghoonline.com/article/527/journey-back-to-the-stars-lunar-remastered-collection-breathes-new-life-into-timeless-jrpgs-arriving-spring-2025

The Lunar legacy of releases

For the newcomers reading this, Lunar: The Silver Star was developed by Game Arts (also the same team behind Grandia and Grandia II) and released on the Sega CD (Mega CD in other countries) add-on for the Genesis (Mega Drive) console in 1992. Years later, that game had a huge remake as Lunar: Silver Star Story Complete on Sega Saturn (1996), PlayStation (1998) and Windows PC (1999).

A similar approach of releases happened too with the sequel Lunar: Eternal Blue which started on Sega CD. Its remake was titled Lunar 2: Eternal Blue Complete which was released on Sega Saturn (1998) and PlayStation (1999).

Historically, Lunar: Silver Star Story Complete and Lunar 2: Eternal Blue Complete were published in America by Working Designs (closed down since 2005) with its very own stylized way of translating the Japanese content into English (note: localized as opposed to straightforward translation), in-depth approach to English dubbing, and elaborate packaging (with unique stuff) done with the fans and collectors in mind. Working Designs was also responsible for releasing the two Lunar RPGs’ original versions on Sega CD and the company established close ties not only with Sega of America but also Game Arts itself.

*Lunar: Silver Star Story Complete for PlayStation print ad.*

*Lunar 2: Eternal Blue Complete for PlayStation print ad.*

With regards to story concepts and characters, Lunar: The Silver Star tells the tale of Alex Noa – a young and resilient fighter who recently passed the White Dragon’s trial–as he embarks on his journey to become a Dragonmaster. As Alex revels in his success in passing the trial, a mysterious Magic Emperor unexpectedly enters the fold, aiming for world domination.

Lunar: Eternal Blue follows the story of Hiro, an inquisitive archaeologist, and friends as they journey to help a mysterious girl from the Blue Star, Lucia, to seek out the Goddess Althena and stop Zophar – a relentless and evil God of Destruction who plots the demise of Lunar – from wiping out their existence.

*Watch out for the official 2025 release date of Lunar Remastered Collection.*

As of this writing, Lunar Remastered Collection for Xbox Series X, Xbox Series S and Xbox One has yet to appear on the Xbox online store. For updates about the upcoming retro gaming collection of RPGs, visit https://www.lunarremastered.com/

+++++

At least 4 more airports expected to be privatized in 2025

October 14, 2024October 9, 2024carlocarrasco

Recently the Department of Transportation (DOTr) announced that at least four more airports are expected to be privatized in 2025, according to a BusinessWorld news report. Clearly the recent privatization of the Ninoy Aquino International Airport (NAIA) sparked a wave of change with regards to air travel and the need to modernize airports.

To put things in perspective, posted below is an excerpt from BusinessWorld report. Some parts in boldface…

AT LEAST four more Philippine airports in the countryside are expected to be privatized in 2025, the Department of Transportation (DoTr) said last week.

“For next year, we have Iloilo, Puerto Princesa and Kalibo [airports],” Transportation Undersecretary Roberto C.O. Lim told reporters on the sidelines of an aviation forum. “We have ongoing negotiations with the proponents.”

The agency also expects to launch the competitive tender for the Davao International Airport under a public-private partnership (PPP) program.

Villar-led Prime Asset Ventures, Inc. holds the original proponent status for both P14.7-billion Iloilo International Airport and P10.24-billion Puerto Princesa International Airport, according to the Public-Private Partnership (PPP) Center website.

Meanwhile, Mega7 Construction Corp. has submitted an unsolicited proposal to operate, upgrade and maintain the P3.62-billion Kalibo International Airport.

Mr. Lim said the government expects to award the contract for the operations and maintenance of New Bohol-Panglao International Airport this year. The contract is undergoing a Swiss challenge, which allows other companies to submit alternative proposals that the original proponent can match.

In September, the infrastructure arm of the Aboitiz Group got the contract for the operations and maintenance of the P12.75-billion Laguindingan International Airport in Northern Mindanao.

Aboitiz InfraCapital, Inc. is expected to sign the contract this month, the Transportation department said, adding that the new private operator would take over operations by next year.

The same company also holds the original proponent status for the operations and maintenance of the P4.5-billion Bohol airport.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you approve of having more airports nationwide to get privatized? Do you have any concerns about the private entities mentioned in the report that want to privatize the other airports?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

+++++

Due to failure to fulfill energy commitments, Solar Philippines’ 21 contracts with government will be terminated

October 13, 2024October 12, 2024carlocarrasco

Have you ever heard of a corporation called Solar Philippines? That company boasted being the largest solar company in Southeast Asia and the national government awarded them with lots of contracts years ago. The results, however, are disastrous as Solar Philippines failed to fulfill the energy commitments which compelled the government to initiate moves to discontinue 21 of the 42 contracts, according to a GMA Network news report.

To put things in perspective, posted below is an excerpt from the GMA News report. Some parts in boldface…

The Department of Energy (DOE) on Thursday said it is set to discontinue 21 or half of the 42 service contracts it awarded to Solar Philippines following the company’s alleged failure to carry out its energy commitments.

The DOE made the announcement at the Senate finance subcommittee hearing on the agency’s budget after Senate President Pro Tempore Jinggoy Estrada inquired about the matter.

“Twenty-one of the contracts are already being processed for termination because they are not able to deliver the scheduled targets of the work program,” Energy Undersecretary Rowena Cristina Guevara said at the hearing.

Estrada said different renewable energy companies were awarded a total of 473 service contracts for the construction of solar farms as of last March, supposedly for 32,359 megawatts of renewable energy supply.

He said that only 174.41 megawatts or 2% had been completed and started commercial operations of the 10,000 megawatts committed by Solar Philippines and its affiliates.

“The vast majority of the total commitment have not yet entered the development stage and remain in various phases of pre-development. How will this affect the department’s targets?” the senator asked.

He was referring to the Iba-Palawig project, Iba-Palawig 2 project, and San Marcelino phase 3 project.

Guevara said that acquisition of land, either through lease or purchase, is the most challenging part of energy companies in constructing power facilities.

“Previously, possessory rights were not required when we issued service contracts. However, under the new guidelines, developers must have possessory rights before service contracts are granted,” she said.

Estrada, however, inquired specifically as to why Solar Philippines, owned by businessman Leandro Leviste, was taking too long to adhere with the terms of its service contracts compared with other developers.

“You know, my conclusion is that while other project developers take an average of around two to three years to develop solar power projects, Solar Philippines and its affiliates have taken more than three years to even take its projects to development phase and much longer for actual construction,” the senator said.

“Bakit masyadong pinagkakatiwalaan itong Solar Philippines? (Why put so much trust with Solar Philippines?) Why do you keep on awarding contracts to them?” he added.

Guevara said 22,000 megawatts of capacity were already fully developed or are in development of 32,359 megawatts covered by service contracts.

“The remaining 10,000 megawatts depend on Solar Philippines, which could significantly compromise the DOE’s ability to meet its commitment to transitioning to renewable energy. I hope you seriously consider this matter,” Estrada said.

Senators Pia Cayetano and Sherwin Gatchalian also inquired about delays in the commitments indicated in the service contracts.

According to Guevara, the DOE would issue new sets of terms of reference for its succeeding green energy auctions, to include the performance of renewable energy companies as qualifying conditions.

In my honest opinion in relation to this development, renewable energy sources like solar and wind are truly unreliable. On the part of Solar Philippines (founded in 2013), generating 174.41 megawatts instead of the required 10,000 megawatts over the years is shocking. That being said, initiating moves to discontinue the 21 contracts with Solar Philippines makes a lot of sense.

Again, in my own view, the government should stop focusing so much on renewable energy and focus more on nuclear power to ensure clean and abundant energy for the entire nation as the energy needs of the people and businesses will only keep on growing. Solar power cannot be relied on as the sun does not shine brightly 365 days per year nor can the power collected through solar panels be enough to meet the needs to the nation.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think it is right for the government to move to terminate the 21 contracts with Solar Philippines? Are you convinced that solar power is not the solution for the nation’s energy requirements? What excuse can Solar Philippines come up with to convince the government to retain the 21 contracts?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

+++++

	Instapundit »… on Trump’s America Urges Allies T…
	The H.A.R.D. Corps (… on A Look Back At The H.A.R.D. Co…
	Instapundit »… on A Lot More American Fruits And…
	Instapundit »… on Varied And Impactful Changes R…
	Instapundit »… on Japan And Italy Agree On Strat…

Share this:

Share this:

Share this:

Share this:

Share this:

Share this:

Share this:

Share this:

Share this:

Share this: