BIZ BUZZ: Lucio Co hops into RE bandwagon
There’s another tycoon inching his way into the renewable energy (RE) race: Lucio Co.
Co’s listed supermarket, liquor and property holding company Cosco Capital Inc. has cleared a regulatory hurdle that previously blocked his way to the starting line.
Cosco is set to purchase 60 percent of the shares of renewable energy firm Catuiran Hydropower Corp. for P551.88 million after the Philippine Competition Commission clarified that the transaction was not subject to compulsory notification.
READ: Lucio Co joins renewable energy race
The transaction involves 360 million shares priced at P1.533 per share, which Cosco noted is below 10 percent of its total book value as of end-2023.
Catuiran is the developer of an 8-megawatt hydropower plant in Oriental Mindoro province that started commercial operations in 2019.
Co now joins other tycoons—the Zobel family through ACEN Corp., the Aboitiz clan, Manuel V. Pangilinan through MGen Renewable Energy, Edgar Saavedra through the Citicore Group—in the robust RE market.
The holding company that owns grocery retail chain Puregold Price club and liquor firm The Keepers Holdings is now positioning itself as among the industry players that could help reach the government’s goal of utilizing RE.
We’re all seated to see whether this will eventually pull more tycoons into the game. After all, renewable energy won’t be cheap as long as the players are too few. —MEG J. ADONIS
Ultra-rich Filipinos choose Metrobank
The country’s ultra-rich have chosen, and their best bet is the Ty family’s Metropolitan Bank and Trust Co. (Metrobank).
The Euromoney Global Private Banking Awards 2024 officially recognized Metrobank as the best bank for affluent Filipinos, or the so-called ultra high-net-worth individuals.
The few Filipinos under this segment are those whose net worth stands above $30 million.
Euromoney recognized Metrobank for being a “knowledgeable and experienced” group of relationship managers, with clients gaining access to its entire product suite.
“We take this recognition as both an affirmation of our efforts and a challenge to continue elevating the services we provide,” said Lizette Perez, head of Metrobank’s Private Wealth division.
READ: Metrobank to pay record dividends as 2023 earnings post 29% growth
Metrobank currently boasts of providing a holistic service to its ultra wealthy clients, including wealth management and estate planning, as well as financial education programs for family heirs.
In terms of total assets, Metrobank is the third largest bank in the country with P2.84 trillion in assets, September 2023 data from the Bangko Sentral ng Pilipinas show. —MEG J. ADONIS
Bamboo farm to sprout at Aurora ecozone
A 2,000-hectare plantation is being planned inside the Aurora Pacific Economic Zone and Freeport Authority (Apeco) in Casiguran, with a deal signing expected to take place today.
A source at the nearly 17-year-old government-owned and controlled corporation told Biz Buzz that the management, led by Apeco president and CEO Gil G. Taway IV, will sign the agreement with Kapwa Agroforestry Corp.
“There are still many unused portions of land inside APECO where bamboo planting seems ideal. So, this is a really good plan,” the source told Biz Buzz in a recent interview.
The agroforestry firm will be the fourth new locator to enter the 13,000-hectare development under Taway’s auspices.
READ: The bamboo, a fascinating grass
In late February, Apeco signed a deal with the Subic-based APG International Aviation Academy to establish its second school in the country inside the special economic zone.
APECO had said back then that the aviation school would pour in around P100 million for new planes and facilities, as well as occupy initially two hectares of land to cater to as many as 1,000 students annually. — ALDEN M. MONZON
Earth Hour energy savings
An initiative to switch off lights for an hour held during the weekend resulted in more than 100-ercent increase in energy savings this year, according to the Department of Energy (DOE).
The DOE estimated that Earth Hour 2024 has generated electricity savings of 132.11 megawatts (MW) nationwide, up 110.73 percent from last year.
Broken down, electricity savings were recorded at 73.86 MW from Luzon; 53.30 MW from Visayas and 4.95 MW from Mindanao.
“This only demonstrates our people’s dedication to safeguarding our planet. By coming together for this symbolic gesture, we send a powerful message of unity and commitment to sustainable practices,” Energy Secretary Raphael Lotilla said.
Organized by the World Wide Fund for Nature, the annual Earth hour movement aims to promote energy efficiency and conservation.
“As we enter the warm and dry season coupled with El Niño phenomenon, let us sustain the momentum in order to prevent supply strain due to shifts in peak demand consumption brought about by increased cooling needs.” he added. —JORDEENE B. LAGARE
