PNT Foreign Exchange $ 1.00 Cdn = P 40.78 Php
12 BUSINESS NEWS PHILIPPINE ASIAN NEWS TODAY May 16 - 31 , 2018
Gov ’ t streamlines biz processes
The Department of Trade and Industry expressed optimism the newly-enacted Ease of Doing Business and Efficient Government Service Delivery Act of 2018 will make doing business in our country easier as it promotes efficient government .
Under the EODB / Efficient Government Act , businesses can expect streamlined processes , reduced processing times from all government agencies , including governmentowned and controlled corporations ( GOCCs ).
Government agencies shall be made to comply with the prescribed processing time : three working days for simple transactions , seven working days for complex transactions , and 20 working days for highly technical transactions .
The EODB-EGSDA Act , which amended the Anti-Red Tape Act of 2007 , requires all local government units to streamline procedures for the issuance of business permits , clearance and other type of authorizations by implementing unified business application form .
Local government units ( LGUs ) are mandated to setup Business One Stop Shop ( BOSS ) to facilitate business permits application . The law also provides that barangay clearances and permits must be issued at the city or municipality to speed up transactions .
Apart from streamlining , the law also provides for the creation of a Central Business Portal that will receive and capture application data on business-related transactions , while Philippine Business Databank shall provide LGUs and national government agencies access to information to verify validity and existence of businesses . With this , businesses are not required to submit the same documentary requirement previously submitted .
Ramon Lopez , DTI secretary and chair of the Ease of Doing Business and Anti Red Tape Advisory Council ( EODB / ARTAC ) called RA 11032 a landmark legislation that will have a direct impact on all citizens and business sector .
The EODB-EGSDA law will be implemented by the Anti-Red Tape Authority , an agency under the Office of the President that will monitor compliance of agencies , and implement and oversee national policy on anti-red tape and ease of doing business .
The seven-member Ease of Doing Business and Anti-Red Tape Advisory Council will be composed of the Secretaries of DILG , DICT , and DOF , and two members from the private sector . The EODB / ARTAC will serve as the policy and advisory body of ARTA , to be chaired by DTI secretary , and the directorgeneral of the Anti Red Tape Authority as vice chair . ( Malaya )
Meralco sets additional P70-B capital investment
As its parent firm , Manila Electric Company ( Meralco ) will be rolling out up to P70 billion worth of capital spending for projects that will chiefly reinforce its distribution network and other ventures it will be engaging in at the utility segment of the business , according to company president and chief executive officer Oscar S . Reyes .
He noted that the next batch of capital expenditures will be for its next regulatory reset in 2019 to 2023 ; with him emphasizing that average capital outlay on a twoyear period is estimated at P35 billion .
“ If you extrapolate , that will be P70 billion for four years ,” Reyes said , although he emphasized that the capital needs of their distribution network will depend on eventual load growth being served by their system .
That level of spending is almost parallel to the P73 billion that the company had budgeted over regulatory years July 2015 to June , 2019 .
The next round of investments will go along with the 50-year corporate life extension ( starting May 7 , 2019 ) that the company has approved on its annual stockholders meeting on Tuesday ( May 29 ).
Meralco chairman Manuel V . Pangilinan said the extended corporate life has yet to be filed with the Securities and Exchange Commission ( SEC ) and subject to the approval of the company ’ s stockholders .
On the power generation front , Meralco and its power generation subsidiary are eyeing several brownfield and greenfield assets – including possible buy into the 50-percent thermal capacity of the Ayala group .
When asked on that particular prospect , Pangilinan indicated that the company ’ s interest is “ ocean
deep ”, but he has not elaborated as to which numbers they have been looking at .
Meralco PowerGen President and CEO Rogelio L . Singson further asserted that he had already seen the numbers , but he cannot further comment “ because we have non-disclosure agreement .”
Singson has been more forthright though on the company ’ s targeted investments on the solar space – to the tune of 500 to 600 megawatts of capacity into years 2021-2022 . “ In the next 3 to 4 years at least 500 to 600MW ( of solar ). It should be at least 20 to 30-percent of the portfolio of MGen ,” he stressed .
Given the intermittent nature of solar , the MGen chief executive further noted that battery storage will be the ‘ coupling technology ’ that they shall be leaning on – primarily the prospective partnership deal they have been pursuing with Japanese
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multinational conglomerate Hitachi Ltd .
“ We ’ re hoping that battery will come into play within the next five years . We ’ re seriously looking at development in battery ,” Singson asserted .
At this stage though , he emphasized that the “ cost proposition ” for battery is still comparatively expensive and the capacities still at relatively smaller magnitude . “ It is still in the development stage as far as battery is concerned . They ’ re still very small capacities , the biggest being in the order of just 2.0 megawatts ,” he said . ( M . Velasco , mb . com . ph )