Dennis Uy Udenna decries allegations vs the Malampaya take over; the field would be dry in 5 years

Every generation needs a revolution - an entrepreneurial revolution

Malampaya deal above board - Udenna from GMA news

Udenna through its lawyer Atty Raymond Zorilla said the Malampaya deal is above board.  There is no law requiring that the sale of shares of stocks that require prior govt approval.  The management of the gas fields shall be under the same persons who are now running the facility. 

The group decried making the deal a political battlefield.  A graft charge has been filed at the ombudsman

The deal was subject of an investigation by committee headed by Sen Win Gatchalian and alleged to be "lutong makaw"  (He is a Chinese and businessman too

Dennis Uy was reported to have spent $190 million for the deal (about P9,5 billion)  

The criticism vs the deal were based on alleged crony relationship with the President (he is from Davao and was alleged to have contributed plenty to the 2016 election campaign of PDU30) and lack of capital and expertise to push with the deal. 

Uy however has to contend with declining gas reserves at Malampaya  LNG production of Malampaya declining  It is down by 50% compared last year.  And the gas field will be completely exhausted by 2027.  I would comment that Udenna must be crazy to enter into a deal in field that would be exhausted in 5 years.    

To run the NG fed power plants in Batangas like the Ilijan and Sta Rita, the regassification facility are now being built.   

Re gassification process

Reasons to be confident about the business external environment

Every generation needs a revolution - an entrepreneurial revolution

                                                   vs. China

Important developments for Philippine Economy

1.   Its Gross International Reserve (GIR) tops $`100 billion  on account of higher gold prices.  No need to worry much on the P11 trillion debt ($220 billion debt)

2.  7.1 % GDP growth for the third quarter  vs 12% for the second quarter (Quite robust)

     This boosted the PSE and made the peso stronger.     The year to date is about 4%

https://www.bworldonline.com/peso-climbs-on-strong-q3-gdp-growth/

We can breathe with sigh of relief.  

Changing fortunes of times - Who is now the biggest automaker?

Every generation needs a revolution - an entrepreneurial revolution

Before they used to be Toyota, VW, BMW.  They are no longer the automaker giants.  It is now TESLA whose market cap topped trillion

From Techcrunch - Tesla topeed 1 trillion market cap

The reasons for this bull run were:

1.  Record profits;

2.  Tesla topped ICE sales in Europe

3.  Hertz coming out of bankruptcy buying 100,000 TESLA units

This development reflect the growing awareness of decarbonizing the  planet earth (to stop global warming and flooding of coastal areas) and severe climate change.

But Toyota is resisting this wave of change.  It favors fuel cells, and does not favor total disregard of ICE (Internal Combustion Engine)

The fortunes of TESLA reflect the gtowing consciousness that we should stop the carbon emitters like ICE, coal power plants.  (We havent figured out how to dispose the dead batteries and sourcing of rare earth metals for the batteries.  The mining of these minerals will mean more destruction of forests and even water resources)