Fitch upgrades PHL outlook to ‘positive’
FITCH RATINGS on Tuesday upgraded its outlook for the Philippine economy to “positive” from “stable,” bolstering hopes for a rating upgrade.
Fitch also maintained the country’s credit rating at “BBB” — a notch above minimum investment grade — which it received in December 2017.
“The outlook revision reflects Fitch’s expectations of continued adherence to a sound macroeconomic policy framework that will support high growth rates with moderate inflation, progress on fiscal reforms that should keep government debt within manageable levels and continued resilience in its external finances,” the global ratings agency said in a note sent to reporters. READ MORE
Philippine Infradev Holdings, Inc. (the “Company”) wishes to inform the Exchange and the investing public that the Department of Environmental and Natural Resources, through the Environmental Management Bureau, has issued the Environmental Compliance Certificate dated 27 November 2019 (“ECC”) for the Makati Subway Project, a Public-Private Partnership between the City Government of Makati and the Company as the lead proponent of a consortium. The Company received a copy of ECC today.
The Company signed on November 4, 2019 a share purchase agreement with the Philippine Investment Alliance for Infrastructure (“PINAI”) for the acquisition of PINAI’s shares in Philippine Wind Holdings Corporation (“PhilWind”), which directly and indirectly owns ~67% of North Luzon Renewables Corporation (“North Luzon Renewables”). North Luzon Renewables owns and operates an 81 MW wind farm in Pagudpud, Ilocos Norte. It is a joint venture of AC Energy, Inc., UPC Philippines Hold Co I B.V., Luzon Wind Energy Holdings B.V. (an affiliate of Mitsubishi Corporation), and PINAI. The wind farm started its commercial operations in November 2014. This disclosure was amended today to apprise the public that on February 4, 2020, the Company received a copy of the Philippine Competition Commission’s Decision No. 04-M-030/2020 dated January 28, 2020 finding that the transaction “will not likely result in substantial lessening of competition” and resolving “to take no further action with respect to the Transaction…” We also wish to further clarify that the Company will be purchasing the entire shares of PINAI in PhilWind and that following this transaction, the Company will directly and indirectly own 67% of North Luzon Renewables. Date of Approval by Board of Directors: Oct 31, 2019 Date of Approval by Stockholders: N/A Other Relevant Regulatory Agency, if applicable: Philippine Competition Commission Date of Approval by Relevant Regulatory Agency: Jan 28, 2020 Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction: – With this acquisition, the Company will increase its effective interest in North Luzon Renewables, which is a generating asset with stable cash flows from Feed-in-Tariff (FIT) under the Renewable Energy Act. The acquisition supports the Company’s strategic objective to be the growth platform of the AC Energy Group in the country and helps meet the Company’s goal of achieving 2 GW of attributable renewable energy capacity by 2025.
- ACEPH is a great company with great vision – FINWAZE looks at this company for dividends & capital appreciation for long term investing – VALUE INVESTING
- IRC have complied to SEC requirements and they are good to go
- Corona Virus is still a challenge & we are cautious READ MORE