BIZ BUZZ: Tollways not taking toll on RSA
With tycoon Ramon S. Ang dropping the 19.37-kilometer Pasig River Expressway (PAREx), has the tollway business taken a toll on the billionaire? It appears that it hasn’t.
RSA broke ground for the 76.8-km Pangasinan Link Expressway in the same week it announced the cancellation of the PAREx project—a move he made after hearing out the public’s opinion on the project’s potential adverse impact on the environment, including the Pasig river ecosystem.
On top of this, the billionaire expressed optimism toward the highly anticipated tollway joint venture (JV) company of San Miguel Corp. (SMC) and Pangilinan-led Metro Pacific Investments Corp. (MPIC).
“We will finalize this very soon,” Ang told the media last week.
The JV talks have been going on since last year after SMC and MPIC announced their plan to build toll roads in Southern Tagalog.
However, one of the key matters of the merger has yet to be settled: the inclusion of MPIC’s $1-billion Indonesian toll road business as both companies currently tally their assets ahead of the deal. The individual company valuation, after all, will determine the lead in this venture, Metro Pacific Tollways Corp. president Rogelio Singson previously said.
While Ang doesn’t fully know yet all the details on MPIC’s Indonesian business, he said: “I think it should be good.” The SMC chief said he has yet to take a better look at this segment.
Now, the question is: Who will eventually take the driver’s seat in this SMC-MPIC mega tollway company? Let’s see! —Tyrone Jasper C. Piad
Maharlika to BGC?
Bonifacio Global City (BGC)—known for its sprawling commercial spaces and premium grade offices—could potentially be the home of the government’s latest startup.
Speaking to reporters on the sidelines of the induction ceremony for new officers of the Economic Journalists Association of the Philippines (Ejap) last week, Finance Secretary Ralph Recto said officials of Maharlika Investment Corp. (MIC), the company managing the Philippines’ first sovereign wealth fund, identified BGC as a possible office location.
Nothing is final yet but Recto said the MIC was looking at leasing an office soon.
With the various offerings in the country’s hot property market right now, it should not be hard for MIC to find a home fitting for a company that is supposed to be the flagship of President Marcos’ economic vision. —Ian Nicolas P. Cigaral
Danel Aboitiz takes helm of Aboitiz Power
Danel Aboitiz, a member of the fifth generation of the large Aboitiz family, is set to become president and CEO of Aboitiz Power on July 1.
Aboitiz will succeed Emmanuel Rubio, who will be retiring on June 30 when he turns 60 years old.
According to AboitizPower, the leadership transition is “in line with the company’s succession plan.”
“Danel inherits a company in great shape and the company is confident that he will take AboitizPower to the next level,” it said.
The 42-year-old is currently the chief commercial and stakeholder engagement officer of the power firm. He concurrently holds various directorships within the Aboitiz Group.
Aboitiz, who graduated with honors from the University of Edinburgh with a Master of Arts Degree in Philosophy and Politics, also serves as a director of the Philippine Electricity Market Corp., vice chair of the Philippine Independent Power Producers Association and vice chair of the Energy Committee of the Management Association of the Philippines.
Rubio, who assumed the top AboitizPower post in January 2020, was one of the few C-suite executives of the conglomerate who did not come from the Aboitiz family.
It was during his stint that AboitizPower steered toward cleaner sources of energy. The firm is pursuing its “decarbonization strategy” of expanding its clean energy portfolio to 4,600 megawatts (MW) over the next decade.
AboitizPower has close to 1,000 megawatts (MW) of renewable energy projects in the pipeline. — Jordeene B. Lagare
Sun Life’s lucky No. 13
Contrary to popular belief—or superstition—13 is a lucky number, at least for Sun Life of Canada (Philippines) Inc.
The financial services giant clinched the Top Insurance Company title for the 13th year in a row after raking in P55.79 billion in total premium income last year.
Based on the report released by the Insurance Commission, Sun Life was likewise ranked first in total assets with P306.44 billion, as well as net income with P8.79 billion.
“Being consistently No. 1 means that our clients continue to trust us to help them secure a brighter future for themselves and their loved ones,” said Sun Life Philippines CEO and country head Benedict Sison.
Now on its 129th year in the Philippines, Sun Life is the longest-standing life insurance firm in the country.
And after securing numerous other awards, including the Corporate Excellence Award at the Asia-Pacific Enterprise Awards, the company expects to deliver more for its clients this year.
“It is a privilege to be their chosen partner in their financial journey, and we will continue to honor their confidence by serving them with excellence,” Sison said. —MEG J. ADONIS INQ
