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Government Considering Lifting Ban on Open Pit Mining

by Philippine Resources - April 29, 2021

After years of intensive criticism under Duterte's leadership, the mining industry is now benefiting from a string of unexpectedly optimistic policy decisions and considerations.

More than two weeks after President Rodrigo Duterte ended the moratorium on new mining operations, the government is considering repealing the ban on open-pit mining.

“It is being considered,” Mines and Geosciences Bureau (MGB) Director Wilfredo Moncano said in a text exchange when asked if the government will soon lift the ban on open-pit mines.

The Department of Environment and Natural Resources (DENR) Administrative Order (DAO) No. 2017-10, which was signed by former DENR Secretary Gina Lopez-Roy prohibits open-pit mining for copper, gold, silver, and/or complex ores.

Based on DAO 2017-10, open-pit mines “have ended up as perpetual liabilities [for the government], causing adverse impacts to the environment, particularly due to the generation of acidic and/or heavy metal-laden water, erosion of mine waste dumps and/or vulnerability of tailings dams to geological hazards”.

“The records attest that most of the mining disasters in the country were due to tailings spills associated with open pit mining,” it added. 

However, at the time, organizations such as the Chamber of Mines of the Philippines (COMP) said that most copper and nickel ore deposits in the Philippines are near the surface of the planet, and that open pit mining is the only way to exploit them.

COMP also stated that their members, who include the Philippines' largest mining firms, adhere to the highest requirements in any of the tools they use in retrieving minerals in their respective areas.

This order has so far placed three major open pit projects on hold: the Tampakan Copper Project, the King-king Copper Gold Project, and the Silangan Copper and Gold Project.

COMP Chairman Gerald Brimo previously stated that these ventures alone could boost the mining sector's overall contribution to the country's GDP to 1.5 trillion, up from less than 1% now.

The Tampakan mine, for example, is the country's biggest stalled mine, requiring a $5.9 billion investment. The project has been on hold since 2010, when the South Cotabato local government unit (LGU) barred open-pit mining in the province.

Meanwhile, Moncano stated that the government has begun drafting the implementing rules and regulations (IRR) for EO 130, which amends the controversial EO 79 of the Aquino Administration, which was released in 2012 and prohibited the approval of new mining licenses before new revenue-sharing legislation was implemented.

The President ordered authorities to continue to rationalize the proposed revenue-sharing arrangement, but without the moratorium on new mining ventures, under Executive Order 130.

This is done when adhering to stringent mining protection and environmental policies. EO 130 further directs that current mineral agreements be reviewed for future renegotiation.

The government is considering putting further conditions on new mining applications, according to Environment Secretary Roy Cimatu, and this will be included in the draft IRR of EO 130.

In a previous text exchange, Moncano stated that the DENR is now “linking up with Congress” on the current mining fiscal regime.

He stated that the government prefers that the current mining fiscal regime be incorporated into package 2 of the government's tax reform policy, known as the Comprehensive Tax Reform Program (CTRP).

This is amid the fact that many bills relating to the controversial new mining levy have already been filed and are pending in the House and Senate.



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Philippine Resources - May 03, 2021

Philippine Mineral Reporting Code to Comply with International Standards this Year

According to the Philippine Stock Exchange, Inc., full enforcement of the amendments to the 2007 Philippine Mineral Reporting Code (PMRC) to conform with international reporting requirements is planned within the year (PSE). At a virtual briefing on Thursday, PSE Chief Operating Officer Roel A. Refran stated that the proposed 2020 version of the PMRC could be introduced within that timeline. “The full implementation, hopefully, will take effect within the year, including the provision for the transitory period which is two years from approval by the Securities and Exchange Commission (SEC),” Refran said. “We are already in discussions with the SEC on the finalized version. We are just going to finalize a couple of regulatory issues as they pertain to PSE,” he added. In February 2019, the PMRC Committee began a review of the new reporting code in order to make it more international compliant. The 2007 PMRC, according to Ciceron A. Angeles, Jr., chair of the PMRC Committee, establishes minimum requirements, recommendations, and guidance for public reporting of exploration findings, mineral deposits, and ore reserves. The 2007 PMRC, according to Angeles, applies to all solid mineral raw materials such as lead, gold, nickel, and chromite, but not liquid or gaseous materials like oil. “It is required for all listed mining and mineral exploration companies in the PSE or when applying for listing with the PSE,” Angeles said. Angeles, on the other hand, believed the 2007 PMRC should be revised to put it in line with major global mineral reporting codes like the 2019 Committee for Mineral Reserves International Reporting Standards. The planned 2020 PMRC includes reforms such as changing the term "competent person" to "accredited competent person," changing reporting terms from mining reserve to mineral reserve, including technical tests such as scoping, pre-feasibility, and feasibility studies, and adding non-technical aspects to reporting such as product pricing. The PSE has suggested amendments to the 2007 PMRC, including mitigation and remediation measures to address financial, socioeconomic, and health and safety consequences, as well as the addition of a consent form indicating that the certified qualified individual agrees to the report's public dissemination. The mining industry accounts for 6.3 per cent of Philippine exports, or $4.38 billion, according to Dennis A. Quintero, chairman of the Philippines Australia Business Council, although its share of GDP is 0.6 per cent, or P124.5 billion. After the signing of Executive Order (EO) No. 130 on April 14, which lifted the nine-year ban on new mining ventures, Chamber of Mines of the Philippines Chairman Gerard H. Brimo said the amendment to the PMRC is timely. Brimo, however, believes that after the lifting of the moratorium, international investors will take time to return and that the ban on open-pit mining should be lifted as well. He cited a study from the Fraser Institute, a Canadian think tank, that found the Philippines to be unranked in its surveys for attractive and stable mining jurisdictions in 2019 and 2020. “The ban on open-pit mining, a standard mining method practised all over the mining world, needs to be lifted, as, without this, the lifting of the moratorium on new mining projects alone will not allow the industry to achieve its full potential,” Brimo said. “We want to be able to attract quality investors with substantial resources and expertise. We can only achieve that if the fiscal regime for mining is competitive, keeping in mind that we are competing with other mineralized countries for investment in this sector,” he added. Due to its negative environmental effects, the late former Environment Secretary Regina Paz L. Lopez introduced an open-pit mining ban in 2017. Meanwhile, Director of the Mines and Geosciences Bureau (MGB) Wilfredo G. Moncano said the draft EO 130 incorporating rules and regulations (IRR) is progressing, adding that he was recently able to review the draft with Environment Secretary Roy A. Cimatu. “Mr. Cimatu said the IRR should be issued soon and he is ready to sign it. We shall soon be inviting stakeholders as part of due process to hear their comments, suggestions, and inputs to this draft IRR. It may (happen) next week or the following week,” Moncano said. “The MGB will strive to have this IRR forwarded to the Office of the Secretary for his signature as soon as possible. This IRR will come in the form of a department administrative order,” he added. When asked if the MGB would issue a list of businesses or ventures impacted by the removal of the moratorium, Moncano said the MGB is still debating whether to do so. “We need to balance the interests of the mining companies. There were opinions that if we publicized these names to the media, they might be targets of anti-mining protests,” Moncano said. “We are seriously looking at providing these names to the media and to the public but we are also looking at the possibility that these mining projects will be opposed by these anti-mining groups,” he added. The MGB predicted that the volume of metallic mining production will increase 1.13 per cent to P132.21 billion in 2020, with nickel ore and by-products accounting for 51.8 per cent (P68.48 billion), gold 36 per cent (P47.60 billion), copper 11.25 per cent (P14.88 billion), and silver, chromite, and iron accounting for P1.26 billion.

Mining

Marcelle P. Villegas - March 17, 2021

The Aftermath of the Carmen Copper Mine Landslide

After the tragic landslide that occurred at the open pit’s north wall at around 4:15 p.m. on Monday, 21 Dec. 2020,  Mines and Geosciences Bureau (MGB) 7 ordered the immediate suspension of the mine operations in Carmen Copper Corporation (CCC). According to MGB’s report last 22 Dec. 2020 on their official website, they stated “Initial investigations revealed there was no mining activity in the area on that day.” [1] On that day, landslide debris fell on the water at the pit bottom. This has an elevation of 41m above sea level. The landslide created a tsunami-like wave that reached an elevation of 105m in the southern portion of the pit where the workers were located. On 22 Dec. 2020, four fatalities were recorded along with six missing. [1] Further on, an assessment of the area was conducted by Director Pacquito Melicor Jr. (DENR Central Visayas Regional Executive Director), Director Armando Malicse (MGB 7 Regional Director), MGB Region 7 team, and Mine Safety, Environment and Social Development Division. CCC and Toledo City Disaster Risk Reduction and Management team continued their search and retrieval operations on a limited scale due to unstable condition. MGB 7 technical personnel continues its on-site inspection and investigation in accordance with R.A. 7942 (Philippine Mining Act of 1995) and the DENR Administrative Order Nos. 2010-21 (Consolidated IRR of RA 7942) and 2000-98 (Mine Safety and Health Standards). [1] A list of names of workers who died was given by CCC to the Toledo Police Station Chief, Lt. Col. Junnel Caadlawon. The second list contains the names of those who are still missing. [2] Those who died from the landslide are the following: Junil S. Lagola, age 44, from Barangay Don Andres Soriano, leadman Ernesto G. Caspe, age 54, from Dasmamac, Lutopan, checker Juan M. Tapang, age 44, from Don Andres Soriano Village, heavy equipment operator Dionisio Labang, from barangay Uling, Naga, backhoe operator/Anseca Contractor Those who are still missing are the following: Jose B. Carpentero, age 31, from Barangay Biga, heavy equipment operator from Mine Services Department Jonwel S. Herediano, age 33, from Barangay Don Andres Soriano, pump operator Simeon B. Laconas, age 33, from Barangay Biga, leadman - mine services department John Paul L. Resuelo, age 27, from Barangay Biga, heavy equipment operator Renante F. Sepada, age 35, from Barangay Bagakay, pump operator Alfred C. Tautho, age 33, from Barangay Mainggit, welder Carmen Copper Corp. (CCC) expressed their support and commitment to provide free education until college and allowances to all the children of its employees who died or are still missing after the tragedy last December. Based on a press statement of the company last 27 Dec. 2020, they have provided various forms of financial and other assistance to the immediate families of its deceased workers. [3] Additionally, CCC also offered employment opportunities for the victims’ next of kin, spouse and children. “CCC has given the same attention to the immediate family of the missing CCC employees and will afford them of the same commitments CCC provided to the family of the deceased,” according to the company’s statement. CCC also extended support to the family of the contractor who was among the victims. [3] On 8 Feb. 2021, Toledo City Mayor, Hon. Marjorie Piczon-Perales along with Vice-Mayor Jay B. Go met the families of the victims at the open shed of the City Hall Garden to provide them with “ayuda” or financial assistance. This was posted on the Toledo City Public Information Office social media page. The mayor granted the families of deceased workers the amount of Php15 million. For the victims who are injured, they were given Php5 million. Additionally, they were all given food packs. [4] On 29 Jan. 2021, the Office of Senator Christopher “Bong” Go distributed assistance to the Toledo City residents who were affected by the landslide in CCC mine. This was held at the Carmen Copper Recreation Center, Toledo City, Cebu. During the distribution, 248 families received meals, financial assistance, food packs, vitamins, face masks and face shields. Senator Go also gave bicycles and shoes to selected recipients, and computer tablets for their children to be used for online classes. Health and safety protocols were strictly implemented to avoid the further spread of COVID-19. The Senator was not present during the distribution but he sent them a video message with words of encouragement. [5] Senator Go also offered assistance to those who needed major medical operations such as heart surgeries. He urged those in need of such medical attention to seek assistance from any of the Malasakit Centers in the province. [5] While the local and national government along with CCC are busy sending assistance to the families of the victims of the December landslide, mining industry in general received backlashes from various groups who believe that the deaths and injuries could have been prevented. Barely a month before the landslide, there had been reports from residents of Barangay Biga in Toledo City who claim they warned officials of the MGB Central Visayas and CCC as well about large cracks in the village prior to the landslide. However, they said that their appeal was not properly addressed. [6] Biga Barangay Captian Pedro Sepada Jr. told a local newspaper in Cebu last 29 Dec. 2020 that prior to the landslide, barangay officials called for an emergency consultative meeting on 26 Nov. 2020 with representatives of CCC, MGB 7 and Biga residents to talk about the possible measures to be done after the cracks were discovered. Sepada said that MGB 7 Director Armando Malicse and CCC Vice President for Safety, Ignas Alburo were present. No representative from the Toledo City government was present. Sepada noted that during the meeting, they were not given a concrete response or alternative solution by CCC or MGB to provide assurance to the residents that they will all be safe while mining operations are ongoing. But Sepada said that they were simply told by MGB 7 and CCC officials that their place remained safe. [6] According to the local news reports in Toledo City, residents now believe the huge cracks caused the fatal landslide.      “It was only after the landslide last Dec. 21, that they declared our area to be unsafe within a radius of 600-meter distance from the pipeline of Carmen Copper. They now say it’s unsafe. What happened to their guarantee of safety before?” [6] Governor Gwendolyn Garcia said last December that they shall leave the investigation to MGB before implementing any course of action. She mentioned that she will leave it up to the MGB 7 to decide whether or not CCC has any liability.  Garcia said, “The investigation is not our expertise nor is that our mandate. MGB has already issued a suspension of operations and MGB is going to undertake the investigation. So let’s put things in proper perspective. While the investigation is ongoing, perhaps it is best to wait for the results.” [6] “I am not taking any sides. I want to be as objective as possible. However, there are some personalities who are not as objective because they have their own interest in Carmen Copper. They want to control so that they can do business with Carmen Copper. This is a warning to those who want to make it difficult.” Garcia also noted that CCC mining operations have given so much to Toledo City in terms of employment and the city’s development. She said that a thorough investigation is needed in order to prevent those with “personal interest” in the mining operations of CCC from ruining the lives of so many people working there. [6] Garcia assured the Province will provide assistance and support to the families of miners who died and those who remain missing after the landslide. [6] Renester P. Suraltra, a college professor wrote a commentary last December on SunStar Cebu with the title “Toledo tragedy: The untold story”. He wrote, “Who is always responsible for any mining accident? Is it nature or man? Who is at fault? Is it the bad weather or the safety engineer?” “Accidents may happen in the workplace but it can also be avoided. We can’t discount the fact that accidents can happen because of unsafe supervision, lack of situation awareness, and failure to identify the potential threat. That’s the job of the safety engineer under the direction and supervision of sympathetic and responsible management. If workers are dying frequently then responsible mining is a big issue.” “There is another lesson to be learned in the Toledo mining tragedy. We should never compromise safety and security. We can’t always blame nature out of man’s folly. One should think that the mining industry provides short-term revenue but long-term harmful effect on nature and the environment. Life is much precious than copper and gold.” [7] Acknowledgement: Ryan Peter Vivo Penaranda for Cebuano to English translation from some news articles   Reference: [1] Mines and Geosciences Bureau Press Release (22 Dec. 2020)."Carmen Copper Mine In-Pit Landslide Incident". [2] ANV (23 Dec. 2020). SunStar Cebu. "Listahan sa namatay, missing sa Carmen pit gipagawas". [3] WBS and PR (27 Dec. 2020). SunStar Cebu. "Carmen Copper Corp. commits to help landslide victims' families".  [4] Toledo City Public Information Office Facebook Page (8 Feb. 2021). "Families of the victims of the land in Biga Pit Gitagaan ug ayuda in Toledo". [5] Office of the Presidential Assistant for the Visayas Facebook Page (31 Jan. 2021). "Hundreds of Toledo City, Cebu residents affected by a copper mine landslide receive assistance from Senator Bong Go". [6] Sabalo, Wenilyn (30 Dec. 2020). SunStar Cebu. "Biga chief claims please ignored before landslide". Retrieved from - https://www.sunstar.com.ph/article/1881418/Cebu/Local-News/Biga-chief-claims-pleas-ignored-before-landslide [7] Suralta, Renester P. (27 Dec. 2020). SunStar Cebu. "Tell it to SunStar: Toledo tragedy: The untold story". Retrieved from - https://www.sunstar.com.ph/article/1881194

Mining

Philippine Resources - April 23, 2021

Government won’t back down on Executive Order 130

The government has stated that it would not bow to calls to rethink Executive Order (EO) No. 130, which lifted the ban on new mining deals, noting the need for new revenue in the wake of the pandemic. “We are not paying attention to those calling for the EO to be withdrawn because the country is facing many problems. We need to find a source of funds and this is one path to recovery,” Environment Undersecretary Jonas R. Leones said in a Laging Handa briefing. Funds provided by new mining deals, according to Mr. Leones, can be used to combat the coronavirus disease 2019 (COVID-19) and provide financial assistance to the sick. He went on to say that EO 130 is one of the government's measures to resolve its financial problems during the public health emergency. President Rodrigo R. Duterte signed Executive Order 130 on April 14, allowing the government to review active mining agreements for future renegotiation. The EO modifies a 2012 order by former President Benigno S. C. Aquino III that halted the issuance of new mining agreements. The EO has been met with opposition based on concerns that it would damage the climate and indigenous communities. Mr. Leones stated that there are 100 mining ventures in the works, with total revenue of P21 billion for the government. “We can use the country’s resources to generate the necessary income for our economy,” Mr. Leones said. Mr. Leones went on to say that the forthcoming mining deals are divided into two phases, with Phase 1 containing 35 mining projects that are able to be launched quickly and Phase 2 containing 65 projects. Director of the Mines and Geosciences Bureau (MGB) Wilfredo G. Moncano said Phase 1 projects are scheduled to begin within months and are in the process of securing the required approvals before moving forward with mining. Phase 2 projects, according to Mr. Moncano, are those that can be mobilized by next year and have reached benchmarks such as the Declaration of Mining Project Feasibility. Significant investments have been made in three projects in the pipeline, according to Ronald S. Recidoro, executive director of the Chamber of Mines of the Philippines, who said in a cell phone message that the Tampakan Copper Project of Sagittarius Mines, Inc.; the King-King Copper-Gold Project of the Nationwide Development Corp. and St. Augustine Gold & Copper Ltd.; and the Silangan Copper and Gold Project of Philex Mining Corp. “We are already looking at over $4 billion in capital expenditure, with over P40 billion in local government unit (LGU) taxes, P20 billion in social development projects, and P15 billion paid to indigenous peoples as royalties,” Mr. Recidoro said. “Of course, this will not come immediately, or in one go, but it will be spread over the life of the mining project. But to get this significant amount of revenue spread over years, and spent in the remote areas that need it most, is definitely a plus,” he added. Francis Joseph G. Ballesteros, Jr., Philex Mining's Head of Public and Regulatory Affairs, said in a text message that the firm is also searching for a commercial partner for its Silangan project in Surigao del Norte. “We are still aggressively on the lookout for a business partner for Silangan. Perhaps, with this new EO 130, investor interest will be encouraged. We hope that we can accomplish this within the year,” Mr. Ballesteros said. The MGB predicted that the size of the metallic mining industry's production will rise 1.13 per cent to P132.21 billion in 2020, with nickel ore and its by-products accounting for 51.8 per cent (P68.48 billion), gold 36 per cent (P47.60 billion), copper 11.25 per cent (P14.88 billion), and silver, chromite, and iron accounting for P1.26 billion.

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Philippine Resources - May 07, 2021

Semirara Mining Expects Profit Recovery This Year

Semirara Mining and Power Corp. (SMPC), a publicly traded integrated energy firm, expect some profit recovery this year, owing to improved coal and power demand and costs. SMPC chairman and CEO Isidro Consunji said at the company's virtual stockholders' meeting that the company's bottom line will boost as the coal and energy markets rebound from last year's historic lows. “To take advantage of the upswing, we will capitalize on our COVID-19 resiliency and adaptation strategy of focusing on our people, finances, and execution skills. However, given our operational headwinds and until our country reaches herd immunity, it is unlikely that we will return to our pre-pandemic profit level this year,” he said. The business ended in 2020 with a combined net income of P3.3 billion, down 66% from P9.6 billion the previous year. Revenues dropped 36.2 per cent to P23.3 billion as coal production, sales, and prices fell, while energy sales fell due to low power rates and Southwest Luzon Power Generation Corp's (SLPGC) expected and unplanned outages. The coal division of SMPC and the SLPGC plants will be the key drivers of development this year. With remedial steps introduced in Molave North Block 7 (NB7), the coal industry is expected to reach 13 million metric tons, according to SMPC president and COO Maria Cristina Gotianun. “This year, we expect our coal business to perform better on the back of recovering consumption and prices. The remedial measures we have been implementing since December have also allowed us to steadily normalize production. Now that the water seepage at NB7 has gone down to manageable levels, we expect annual production to hit 13 million metric tons,” she said. Due to excessive water seepages, SMPC postponed mining operations in Molave NB7 in early December, reducing coal output by 13% to 13.2 million metric tons. SLPGC is expected to drive profits in SMPC's power market due to higher sales, but Sem-Calaca Power Corp. (SCPC) is expected to produce poor performance. SCPC is the owner of the Calaca coal-fired power plant in Batangas, which it bought from the government in 2009 for $362 million. In the same location, SLPGC operates a 2x150-MW coal power plant. “For this year, we expect uneven results from our power subsidiaries. SLPGC is set to stage a strong profit recovery because of higher plant availability and better spot market prices. Unfortunately, SCPC is likely to deliver disappointing results because of the forced outage of its Unit 2 beginning Dec. 3 last year,” Gotianun said. SCPC's outage was triggered by a seven-month-old generator stator failing. Repairs are currently being negotiated with generator provider GE, according to Gotianun. “While they have agreed to cover the majority of the costs related to fixing the equipment, we are intent on making them shoulder all the necessary expenses. We expect to complete our negotiations within the year,” she said. “In the meantime, we are doing our best to fast track the repair of the generator. If all goes well, Unit 2 can be up and running by the third quarter of this year,” Gotianun said. This year, SMPC will invest P4 billion to rebound from last year's slump. The overall sum will be divided between SCPC and SLPGC for their prevention and repair services, with P2.9 billion going to buy mining and service equipment for the coal industry. Since the COVID-19 pandemic placed a burden on the company's liquidity last year, the management agreed to delay P3.7 billion of CAPEX to this year as part of its cash saving steps.

Mining

Philippine Resources - May 07, 2021

Australian Mining Firms Show Interest in the Philippines

According to Australia's Ambassador to the Philippines, Steven Robinson, several Australian mining firms have shown interest in mining in the Philippines, and the recent lifting of a nine-year ban on new mining ventures has paved the way for the possibility of responsible and world-class mining. Robinson said that mining if conducted safely and in accordance with international standards, could help the Philippines recover from the effects of the pandemic's economic impact. “The miners that we already have here—Orica [Philippines], OceanaGold, Red 5 [group], a number of them—are already thinking about what the future holds for them as a result of that ban being lifted,” he said in a virtual briefing on Monday. “They have started to reach out to us just in recent times to express interest in mining across the Philippines. I think that is a very positive step for the Philippines and good for Australian miners here,” he added, when asked to comment on the lifting of the ban. Malacanang recently released Executive Order No. 130, effectively lifting the nine-year ban on new mining deals. The order reversed a clause of then-President Benigno Aquino III's Executive Order No. 79, which was issued in 2012. The EO included a clause prohibiting the issuance of new mining licenses or mining output sharing arrangements unless a new revenue-sharing scheme was established. President Rodrigo Duterte said that the mining tax scheme included in the Tax Reform for Acceleration and Inclusion (TRAIN) Act had already met the EO's requirements. The TRAIN Act increased the excise on minerals, mining goods, and quarry services from 2% to 4%, lowering personal income taxes while increasing consumption taxes. Duterte previously stated that the country had only used about 5% of its natural wealth. According to the Australian ambassador, this demonstrated that there was something that could be achieved in the world to assist in its economic recovery. “The Philippines is a natural resource-rich country, and there’s much that could be done here that will really benefit the Philippines’ recovery, and Australian firms know that,” Robinson said. 

Industry

Philippine Resources - May 07, 2021

AC Energy Focuses on 12GW of Renewable Energy Projects

AC Energy (ACEN) is operating on approximately 12 gigawatts (GW) of renewable energy (RE) projects, more than double its goal of five GW for 2025, as it strives to become Southeast Asia's largest listed RE network. At COL Financial's briefing, ACEN President and CEO Eric Francia said the 12GW of projects placed the Ayala-led company in a fantastic position to achieve its long-term goals. Solar and wind platforms will make up the majority of the projects it plans to begin in 2021. With 5,200 megawatts (MW), Australia leads the way, followed by the Philippines with 3,400MW, Vietnam with 2,400MW, and India and other Asia-Pacific countries with 900MW. 1,000MW of the 12GW projects in the pipeline are expected to reach financial close in the next six to twelve months, bringing the company more than halfway to its target. By the end of the year, ACEN hopes to obtain regulatory clearance for the influx of foreign funds. The Ayala Group's power arm is maintaining a follow-on offering (FOO) until Friday, with shares priced at Php6.50 per share. “We are grateful for the continued support of our regulators and for the overwhelming response we received from the institutional investors during the book-building process. The exceptional investor support reinforces AC Energy’s position as the region’s leading renewables platform,” Francia said in a statement disclosed to the Philippine Stock Exchange. The FOO is part of a five-step effort by the company to generate Php30 billion for clean energy programs this year. “The FOO completes the company’s successful fundraising efforts this year and allows it to play a meaningful role in the green-led recovery,” Francia added.

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