Philippine stocks: Gainers, losers, market-moving news – December 2021

Enrique Razon Jr.’s International Container Terminal Services Incorporated (ICTSI) told the local bourse on Monday, December 13, that the concession of its subsidiary that operates in Madagascar will be extended by 15 years.

The concession agreement, which was supposed to end in 2025, was extended until 2040. ICTSI has held the concession since 2005 through Madagascar International Container Terminal Services Limited.

Pilipinas Shell Petroleum Corporation in a regulatory filing on Monday, December 13, said the Bureau of Customs (BOC) has recognized its intent to pay “under protest” the excise tax and value-added tax (VAT) on alkylate imports.

“[Shell] will remit a total of P3.49 billion, under protest, representing alleged excise taxes and VAT on fuel blending components used in our refinery for years 2014-2020 to the BOC,” the oil firm said.

Shell noted that “the case on whether alkylate is subject to excise tax is yet to be decided by the courts.”

In March, the Supreme Court lifted the temporary restraining order that prevented the government from imposing taxes on gasoline blended stocks.

First Gen Corporation said on Monday, December 13, that the compressor of one of two gas turbines of Avion power plant has been damaged.

“After carefully reviewing the findings, GE (General Electric) has advised PMPC (Prime Meridian PowerGen Corporation) that Avion Unit 1 cannot be operated and will require further onsite assessment to determine the extent of the damage and effect repairs necessary to place the gas turbine back into service,” said First Gen in a disclosure.

Avion Unit 1 has a capacity of about 48.5 megawatts.