Crown jewel transfer: Kevin Tan now helms Megaworld
Next-generation tycoon Kevin Andrew Tan has taken over the reins of most of the key businesses founded by his father, Andrew Tan. Rising to the top of flagship Megaworld Corp. doesn’t come as a surprise.
After 35 years of service, Katherine Tan is retiring from Megaworld’s board of directors for “personal reasons.” The younger Tan has taken his seat at the table and was likewise appointed as executive director of the property firm.
The 45-year-old executive, prior to this, was Megaworld executive vice president and chief strategy officer. He was also the senior vice president for the commercial division, which handles the mall business.
The appointment came just a few months after Kevin Tan has became director, president and chief operations officer of parent conglomerate Alliance Global Group. To recall, Tan family’s trusted business partner Kingson Sian had previously held these roles but they were vacated when he retired from Alliance Global subsidiary Travellers International Hotel Group, which operates Newport World Resorts. He also leads the group’s real estate investment trust, MREIT Inc.
The younger Tan’s plate has definitely become fuller with these new roles as these companies continue to expand.
On top of these, the social media-savvy boss keeps his YouTube followers updated through his vlogs that talk about the progress and new ventures of the group. —Tyrone Jasper C. Piad
Article continues after this advertisementERC caretaker not dilly-dallying
While many spectators expressed worries over potential hiccups in the Energy Regulatory Commission (ERC) due to the suspension order against Chair Monalisa Dimalanta, her temporary replacement is stepping up to the plate.
Article continues after this advertisementJesse Hermogenes Andres, with other commissioners, green-lighted the release of more than 500 approvals, just less than a week after formally assuming the position as temporary chief.
The ERC said the approvals were composed of 414 Certificates of Compliance (COCs) and 101 Provisional Authorities to Operate (PAOs).
The COCs are being issued by the ERC to entities to operate a power plant or other power generating facilities. Meanwhile, pending the issuance of a COC, the ERC issues PAOs to enable a generation company to immediately operate its facility.
“There is an urgent need to expedite the evaluation and approval process of ERC so that rollout and expansion projects of private sector proponents can immediately be accomplished,” OIC said.
Andres said that doing so—as quickly as possible—would boost the power sector.
“This will expectedly increase capacities and efficiency in energy generation, transmission, distribution and supply sectors,” he said.
Dimalanta, who has vacated her post for six months following a complaint from a consumer group, remains optimistic about regaining the position.
“As we continue to respect and observe the legal processes at the Office of the Ombudsman, I remain hopeful that they will favorably resolve my Motion for Reconsideration filed on 11 September 2024, and lift the preventive suspension at the soonest time possible,” she earlier said. —Lisbet K. Esmael
Power firm to RE advocates: Hang tight!
Just like how slow brew beats instant coffee in terms of quality, good energy takes time, a power player told advocates.
An official from Aboitiz Power Corp. shot down claims about the sector’s poor performance in supporting the clean energy transition.
“They say [to us]: accelerate the renewables…[You’re] not doing enough, therefore, that’s why you’re trying to actually continue with your coal power plants, with your fossil fuels, because there are not enough renewables,” said Aboitiz Power Corp. chief engineering and project officer Don Paulino.
“But that’s not really true,” he added on Friday at the Economic Journalists Association of the Philippines forum, which gathered government officials and other investors in the energy space.
Aside from the massive money needed to erect renewable projects, Paulino also pointed out the rising demand for liquefied natural gas (LNG), particularly for gas turbines. LNG has been seen as a suitable transition fuel source for many countries, including the Philippines.
And of course, with the high demand, elevated prices come next.
“Yes, we want the cleaner version… but the reality in the Philippines is that a few cents increase actually affects the Filipino,” he said.
“I think the pay should be dictated by what the economy can afford,” the official said. —Lisbet Esmael
Coal as cheapest – a scam?
Many say cool coal prices make it ideal to fuel the Philippines’ power needs. But is it cheap? Really?
For Carlos Lorenzo Vega, vice president of clean energy producer First Gen Corp., affordability accompanies different faces.
“Affordability has many dimensions to it. If we say that this fuel source is expensive today, that could not be true tomorrow,” Vega said at the EJAP forum.
The executive said people in Mindanao boasted how “cheap” coal was. However, it took a hit when Indonesia imposed an export ban, sending the prices to skyrocket to $250 per metric ton from $70.
When the war erupted between Russia and Ukraine, a similar thing happened, with the prices surging as high as $380 per metric ton, he added.
“Our demand, my conclusion is, that it will not stop growing. And if it does not stop growing, the question is, what is the best way to serve it?” Vega asked. —Lisbet K. Esmael
