Pacific Bio-Fields Holdings PLC of Japan has committed to a joint venture with local company, Bio-Energy NL Inc. (BENLINC), for a P3.5 Billion biodiesel processing plant that will churn out 24,000 tons of coconut methyl esthers (CME) a year.

Construction of the biodiesel processing plant is said to start by August and will be finished by December of this year. Both companies have already started planting coconut trees for the project in an 1,500-hectare forest located at Pagudpud, Ilocos Norte.
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According to an article by Matt Taibbi in Rolling Stone Magazine, Investment bank Goldman Sachs is largely to blame for the oil price hike due to their machinations to drive up the price. This site has long suspected that speculators and not market demand and supply were what was causing the price of oil to go up.

And what caused the huge spike in oil prices? Take a wild guess. Obviously Goldman had help — there were other players in the physical-commodities market — but the root cause had almost everything to do with the behavior of a few powerful actors determined to turn the once-solid market into a speculative casino. Goldman did it by persuading pension funds and other large institutional investors to invest in oil futures — agreeing to buy oil at a certain price on a fixed date. The push transformed oil from a physical commodity, rigidly subject to supply and demand, into something to bet on, like a stock. Between 2003 and 2008, the amount of speculative money in commodities grew from $13 billion to $317 billion, an increase of 2,300 percent. By 2008, a barrel of oil was traded 27 times, on average, before it was actually delivered and consumed.

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Eastern Petroleum Corp (EPC) announced that they are planning to finance their ethanol processing plant in Isabela province by a syndicated loan worth $30 Million.

The ethanol plant is to be developed by their subsidiary, Eastern Renewables and Fuels Corp (ERFC). The plant is targeted to produce 30 million liters a year of ethanol and will use cassava as a feedstock. The company plans to start its construction next year and finish by 2012.
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Mecaro Rio Vista Energy Corp. (MOREnergy), Mecaro Co. Ltd., Philippine Nippon Steel Construction (PNS Construction) and ESCA Engineering have signed an agreement to provide technical expertise in wind energy projects to Philippine National Oil Co. (PNOC) for the wind projects that it will embark on. Aside from technical support, they will also provide financial and environmental studies for PNOC’s wind energy program.

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The Department of Finance (DOF) has objected to provisions in House Bill 2084 which grants tax incentives to manufacturers of hybrid vehicles. This is different from the perks already given to them by the Board of Investments (BOI) and the Department of Trade and Industry (DTI).

The HB 2084 gives exemptions from the payment of import duties, customs and tariff duties, excise, value-added and ad valorem taxes for those engaged in the manufacture or import of hybrid buses, including their parts and components.
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Philippine National Oil Company (PNOC) said that there are a lot of foreign companies looking to tie up with them for renewable energy projects in the Philippines. PNOC embarks on renewable energy projects via its subsidiary: PNOC Renewables Corp. (PNOCRC)

PNOC president, Antonio M. Cailao, said that they are soon closing a tie up with a German energy firm for a solar energy project. Other prospects waiting in the wings are a US firm looking for a hydro electric power project, Korean nationals looking for wind power project to invest in. Singaporean and Thai investors are also on the lookout for other renewable energy projects.
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