BIZ BUZZ: Trouble in (investor) paradise | Inquirer Business

BIZ BUZZ: Trouble in (investor) paradise

/ 02:22 AM December 09, 2022

A former head of one of the government’s investment promotion agencies seems to be smelling blood amid reports that the Cabinet Secretary who backed her ouster and supported her replacement at the government body will be axed by the president.

This former head of the agency is apparently stirring trouble again, supported by some loyalists who are still there, throwing the same accusations that she was ousted without just cause.

ADVERTISEMENT

The current head of this investment promotion agency told the Inquirer, however, that these “handful of misfits” who are supportive of the former head have been reshuffled—with support from the employee’s association—after peddling lies. “No truth to the allegations, all lies peddled by … We will have a counter [to these allegations],” said the current head of the investment promotion agency.

—Alden M. Monzon

Eramen Minerals rising

During her recent Manila visit, US Vice President Kamala Harris launched a US Trade and Development Agency (USTDA) grant to Eramen Minerals Inc. (EMI), a Filipino mining company, for a feasibility study to advance the development of an environmentally sustainable nickel processing facility in the Philippines.

FEATURED STORIES

This project will advance the clean energy transition by producing critical minerals that are key elements in the supply chain for batteries and energy storage systems. USTDA’s study will evaluate the technical and economic viability of developing a nickel processing facility at the site of EMI’s mine in Zambales province.

The plant is expected to use EMI’s nickel ore to produce refined nickel and cobalt products for sale as battery precursor materials. The study will help define the technical specifications for the facility and promote alignment with high environmental, social and governance standards.

“EMI seeks to contribute to the green energy transition and energy security through the supply of critical materials from our nickel mining operations for energy storage systems,” EMI president Enrique Fernandez said.

—Daxim L. Lucas

Fresh face, new challenge

Tycoon Dennis A. Uy’s DITO CME Holdings is bolstering its professional ranks with the addition of veteran market strategist Jonathan Ravelas as its newest independent director.

Ravelas officially assumed the new role on Dec. 6, replacing Gregorio Yu.

The straight-talking analyst, who maintains an active presence on Twitter, must have impressed Uy when he lectured the Davao-based tycoon and Udenna Group officials during an internal company event last July.

Ravelas joins during a challenging period for the group, which has gotten entangled in cases with the incumbent telco players over supposed debts.

ADVERTISEMENT

There was that fiasco when DITO CME suddenly withdrew its P8 billion rights offering, angering the Philippine Stock Exchange and scores of minority investors.

DITO Telecommunity has shown promising subscriber growth figures, however, revenues have yet to catch up. For sure, Ravelas would have interesting insights to share as the China-backed telco pursues its growth targets.

—Miguel R. Camus
Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Biz Buzz
For feedback, complaints, or inquiries, contact us.
Your subscription could not be saved. Please try again.
Your subscription has been successful.

Curated business news

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.



© Copyright 1997-2023 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.