BIZ BUZZ: Rising Sun, rising investments
The head of state-owned National Development Company (NDC) hinted on some big-ticket investments expected from President Marcos’ trip to Japan this week, providing a snapshot of new commitments from investors during the Feb. 8 to Feb. 12 trip.
NDC general manager Antonilo Mauricio, who is part of the advance party that has gone to Tokyo, touted the Feb. 7 meeting with lubricants manufacturing firm Idemitsu to potentially result in the establishment of a $50-million black pellet facility in the Philippines to reduce pollution produced by the energy sector.
The NDC executive also met with Japanese construction consultancy firm Yachiyo Engineering for a yet-to-be disclosed aspect related to the Manila Subway project.
Mauricio, a former director of the Financial Executives of the Philippines, also had a meeting late last month with another group from Japan to discuss a whole host of investment prospects in different fields.
The discussions touched on possible investments involving biometric credit cards, water purification technology (with proof of performance in Osaka Bay) and blockchain-based e-payments.
Mauricio has grand plans for the NDC as, aside from the investments from Japan, he is also negotiating with Green Carbon Inc. for investments in the reforestation of denuded areas, planting of mangroves, intermittent irrigation (to boost rice production with less water usage and less carbon emissions) and development of super rice seeds that require no fertilizer. This deal could be worth anywhere between $40 million and $100 million, we hear.
The partnership with Green Carbon Inc. will all be done in partnership with the University of the Philippines and the Central Luzon State University, according to Mauricio.
—Alden M. Monzon
Aviation losses
When businesses are disrupted due to an unexpected incident—may it be due to the pandemic, calamity, supply chain constraints or others—their owners tend to get anxious. And rightfully so, because of the additional costs to restore operations and losses from foregone revenues.
So just imagine the magnitude of the financial impact of over 300 grounded flights due to the air traffic navigation mess on Jan. 1. Initial investigation pointed to a power-related outage.
Inquirer asked the Department of Transportation (DOTr) for its estimated losses from the unfortunate incident but has yet to receive a response as of press time.
A Cebu Pacific official, however, recently disclosed that local carriers likely incurred P100 million in losses due to the air space shutdown.
During a recent chance interview with Transportation Secretary Jaime Bautista at the Asian Development Bank, he was asked to validate the figure but was mum.
“I cannot confirm,” he told reporters. A few moments later, Bautista left the building for his next event.
Infrawatch PH asked lawmakers earlier to find out the economic losses arising from flight delays and additional expenses shouldered by the passengers to quantify the amount of damages that can be charged against the Civil Aviation Authority of the Philippines.
The DOTr is set to submit to the Senate the findings of its investigation of the air traffic management facility on Feb. 15.
Now, the question is: Will they finally reveal the financial losses incurred from the New Year snafu? Let’s see!
