Alcantara family gets SEC nod for P1.15 billion commercial papers

The Securities and Exchange Commission has approved the registration of Alsons Consolidated Resources Inc.’s (ACR) commercial papers worth P1.149 billion.

In a disclosure to the Philippine Stock Exchange, ACR said these securities represent the third tranche issuance and form part of the P3 billion commercial paper program of the company.

The first tranche was issued in December 2022, and the second tranche in June 2023. ACR issued the commercial papers for general corporate purposes and to pay off its maturing debts.

ACR remains a vital energy market participant in Mindanao with its 210-megawatt (MW) Sarangani Energy Corporation (SEC) baseload power plant.

The company’s 100-MW Western Mindanao Power Corporation (WMPC) diesel plant in Zamboanga City and the 103-MW Mapalad Power Corporation (MPC) diesel plant in Iligan City supply ancillary services to the National Grid Corporation of the Philippines, helping stabilize the power grid in the Western Mindanao Region.

Setting sights on the high potential of the emerging renewable market, ACR is focused on building its RE capacity over the next few years, with several renewable energy facilities in the company’s pipeline.

ACR is set to complete the 14.5-MW Siguil Hydro power plant by yearend. It is developing a combined hydro and solar power project in Zamboanga del Norte with a potential capacity of up to 37.8 MW.

It is also venturing into the Visayas energy market with its hydropower project in the Bago River in Negros Occidental, with a planned capacity of up to 42 MW.

The company currently has a portfolio of four power facilities with an aggregate capacity of 468 MW, serving over eight million people in 14 cities and 11 provinces on the country’s second-largest island.

Advocacy group calls out ERC on Meralco’s rate extension

The National Association of Electricity Consumers for Reforms Inc. (Nasecore) has criticized the Energy Regulatory Commission for permitting bilyonaryo Manny Pangilinan-led Manila Electric Company to charge consumers the provisional interim average rate of P1.3810 per kilowatt hour from July 2016 to the present.