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MANILA, Philippines — Metrobank is hailed as the Most Recommended Retail Bank in the Philippines by The Asian Banker in the publication’s recently held Global Excellence in Retail Finance Awards.
OceanaGold PH [OGP 13.33 pre-IPO] [link] was forced to make an unusual clarification last week after news dropped that the Legal Rights and Natural Resources Center (LRC) filed a petition to cancel OGP’s Financial or Technical Assistance Agreement (FTAA), under the theory that the renewal of OGP’s FTAA unfairly excluded local stakeholders and communities from the consultation process. OGP clarified that it hasn’t received a copy of the petition, but said that it believes “the claims in the petition do not appear to have merit” based on the “information provided in the news article.” OGP underlined that its prospectus already disclosed the risk that the “validity of FTAA would be challenged” in the Risk Factors section, and even included information about a separate ongoing case challenging the constitutionality of the Philippine Mining Act. OGP said that it would add a specific mention of this new case to the Risk Factors section.MB BOTTOM-LINE: In mining the FTAA acts like a congressional franchise. It’s like OGP’s permit to operate and conditions of operation all wrapped up in one agreement. So, while attacking the validity of the FTAA could pose an existential threat to OGP’s business model and should certainly be listed in the Risk Factors section of OGP’s prospectus, the key here is the weight given to that risk’s likelihood of coming “true”. We don’t have a lot to go on, and even OGP hasn’t had a chance to become fully acquainted with the ins and outs of the challenge that it’s facing, but these sorts of challenges are a common pushback against companies that disrupt the environment to extract natural resources like mining and renewable energy. I don’t know that we can use the commonality of these kinds of challenges as a proxy for the strength of this particular challenge’s claim. The interests of capital (and the government in receiving taxes) don’t always prevail. I mean, they usually do. But not always.
Sen. Chiz Escudero has issued a strong call for the government to take proactive measures in anticipation of the La Niña weather phenomenon to safeguard vulnerable communities and mitigate potential risks.
MANILA, Philippines -- Despite finishing at the bottom of the UAAP Season 86 women’s volleyball tournament, people should watch out for the University of the Philippines in the coming years, Fighting Maroons head coach Oliver Almadro said.
MANILA, Philippines — No overseas Filipino workers (OFWs) were injured in the series of earthquakes that shook Taiwan early yesterday morning, the Department of Migrant Workers (DMW) said.
MANILA, Philippines — A world-class convention center will rise in Lapu-Lapu City, Cebu which could serve as venue for the Association of Southeast Asian Nations (ASEAN) Summit to be hosted by the Philippines in 2026.
MANILA, Philippines — President Marcos yesterday challenged Filipinos, especially the youth, to uphold Lapu-Lapu’s patriotism and rise against modern-day oppressors.
COTABATO CITY, Philippines — The vice mayor here, a pioneer member of the political party of the Moro Islamic Liberation Front, on Saturday joined, along with thousands, another bloc most known for its cross-section peacebuilding programs and socio-economic thrusts.