Category Archives: Businessworld

ICTSI SLATED TO START CONSTRUCTION OF THE P4-BILLION TAGUM (DAVAO) INTERNATIONAL PORT

“DAVAO CITY — International Container Terminal Services, Inc. (ICTSI) is set to build a P4-billion port in Madaum, Tagum City starting next year.

“[The project] will start next year, but I am not sure if it will be built under the public-private partnership system,” Tagum City Mayor Ronnel L. Rellon said in a recent interview here.

The proposed location is the 10.3-hectare private commercial port in Barangay Madaum owned by Hijo International Port Services, Inc. Mr. Rellon said the Hijo port development plan shows the need for one-kilometer-wide warehouses, which in turn require a reclamation project that will also start next year.

The existing two-lane Madaum-San Isidro highway is also set to be expanded to a four-lane highway to meet the port’s demands.

Mr. Rellon said ICTSI President Enrique K. Razon, Jr. is keen on developing the Hijo-owned facility into one of the largest port facilities in the Philippines, with a 50-hectare coastal area, a 12-meter draft berth and annual capacity of two million 20-foot equivalent unit containers.

ICTSI and Hijo Resources Corp. signed a joint venture contract for the project in November last year. ICTSI officials, including Mr. Razon, were unavailable for comment. But, Mr. Rellon said he met informally with Mr. Razon a few months ago, when the tycoon confirmed his plans of developing the area, which has been designated a special economic zone. — Carmencita A. Carillo”

Source: http://www.bworldonline.com/content.php?section=Corporate&title=ICTSI-slated-to-start-construction-on-P4-B-Tagum-port&id=78035

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ABOITIZ SEEKS P24 BILLION TO FUND ITS DAVAO CLEAN COAL MEGAPLANT

“A UNIT of Aboitiz Power Corp. (AboitizPower) has signed an agreement with a consortium of local banks for a loan of up to P24 billion to fund its 300-megawatt (MW) coal-fired power plant in Mindanao, the listed parent firm said in a disclosure yesterday.
“Therma South, Inc. (Therma South) signed an Omnibus Agreement with a consortium of lender-banks to obtain loans and credit accommodations in the amount of up to P24 billion,” the disclosure read.

AboitizPower identified BDO Capital & Investment Corp. as the issue manager and lead arranger of the transaction; while BDO Unibank, Inc.-Trust and Investments Group was appointed the trustee and facility agent.

“The proceeds of the loan will be used to finance the construction and operation of Therma South’s 2×150 circulating fluidized-bed coal-fired electric power generation facility…” the disclosure read.

AboitizPower President and Chief Executive Officer Erramon I. Aboitiz had said in May that the 300-MW power plant will be financed 70% through loan and 30% through equity.”

Source:
http://www.bworldonline.com/content.php?section=Corporate&title=AboitizPower-borrowing-P24B&id=78046

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ONE NETWORK BANK ACQUIRES RURAL BANK

DAVAO CITY — One Network Bank has folded in the Rural Bank of New Corella based in Davao del Norte, further extending the reach of Mindanao’s largest rural bank.

Alex V. Buenaventura, bank president, said the acquisition will allow One Network Bank to expand its loan services to other areas in Davao del Norte, particularly to entities engaged in banana farming.

“We will be able to increase our loans to the banana industry,” Mr. Buenaventura told BusinessWorld in a text message.

The acquisition raised One Network Bank’s assets to P1.534 billion from P1.531 billion. It also fulfilled the central bank’s wish for fewer but bigger rural banks.

The memorandum of agreement on the deal was signed on August 10 by Mr. Buenaventura and officials of the other rural bank. It was approved during the banks’ stockholders meeting on August 24.

The Rural Bank of New Corella was based in Davao del Norte, where about 60% of the 40,000 hectares of commercial banana plantation in the region is located.

This latest development is expected to trigger both loan and deposit expansion for One Network Bank.

One Network Bank is itself the result of merger of three profitable banks in 2004 namely the Rural Bank of Panabo based in Panabo, Davao del Norte; the Davao City-based Network Rural Bank; and Provident Rural Bank of Cotabato based in North Cotabato. -xxx-

KADAYAWAN FESTIVAL A SUCCESS

 

DAVAO CITY — This year’s Kadayawan festival, the last under Mayor Rodrigo R. Duterte’s administration, was celebrated at the weekend with crowds of shoppers in commercial centers and tens of thousand of residents and visitors lining up the streets for the agricultural and floral parade yesterday.

“The hotels were fully booked since last week and the shopping centers were filled with people since Friday,” said Rizal Giovanni P. Aportadera, Davao City tourism officer.

Over a hundred contingents participated in the floral parade with most floats decorated with fruits and flowers. Mr. Aportadera said the city’s downtown population, estimated at about half a million, swelled three or four times at the weekend.

Senior Superintendent Ramon C. Apolinario, Davao City police chief, said that the event was generally safe and peaceful.

“I am happy that we [police and military] were able to maintain peace and order that contributed to the success of the Kadayawan,” he added. On Saturday, ‘Indak-indak sa Kadalanan’ (street parade) lasted about 14 hours, said Oscar G. Casaysay, festival committee head.

“We could not believe it would be that long,” he told BusinessWorld, noting that the participants came from as far as Lanao del Sur and Maguindanao. — CQF