Pangan: The role of IPAs
IPAs, or the Investment promotion agencies of the government get huge budgetary support (about P58 billion) to lure more investments into the country as disclosed by Finance Secretary Carlos G. Dominguez III.
For the last five years, the national government has extended support for these IPAs totaling P58 billion.
Secretary Dominguez averred that these IPAs contribute efforts to attract more economically stimulating and productive investments that would create jobs and improve the economy.
The IPAs receiving budget support from the national government include: Authority of the Freeport Area of Bataan, the Aurora Pacific Economic Zone and Freeport Authority, the Board of Investments, the Bases Conversion and Development Authority, together with Clark Development Corporation, Cagayan Economic Zone Authority, the Subic Bay Metropolitan Authority, the Tourism Infrastructure and Enterprise Zone Authority and the Zamboanga City Special Economic Zone Authority.
Per press release, for the years between 2017 and 2021, the BCDA group which consists of the Clark Development Corporation, the John Hay Management group and the Poro Point Management group have received the largest budgetary support of P7.47 billion combined.
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Speaking of efforts to enhance and promote use of renewable energy, SM Prime Holdings Inc., is one of the country's biggest conglomerates aiming to meet sustainability goals, including a major shift to renewable energy.
This it has achieved by acquiring a 100 percent stake in the Philippine Geothermal Production Co. Inc. (PGPC). SM Prime Holdings Inc. is aiming to source half of its energy requirements from renewable sources, hopefully by end of the year, this according to SM Investments Corp., (SMIC) president and CEO Frederick Dy Buncio, as per Philippine Star report.
PGPC, however, is not involved in actual power generation but develops and operates the steam fields which the company then sells to a power generator.
It operates the Tiwi and Mak-ban steam fields in Albay, Laguna and Batangas.
SMIC's core businesses, meanwhile, include banking, retail and property and its portfolio of investments include logistics firm 2GO, Goldilocks and condo developer MyTown.