Otto Energy announced that over 6.92 million barrels of oil had been extracted from the Galoc Oil Well as of March of this year from the 10 million barrels of estimated reserves the oil field contains. That is roughly 70% of the estimated extractable oil from the said field.
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An article on the Catholic Church’s opposition to the Reproductive Health Bill has hit the frontpage of popular social aggregation site, Reddit.
An article submitted to reddit gets voted at by its members for significance, if it gets enough votes from the users of reddit then the article percolates to the top and eventual front page where a lot more readers will be able to see it and eventually vote on it.
Filipino’s have long been discussing amongst themselves the pros and cons of the Reproductive Health Bill with various sectors taking a rabid stance on their particular choice. I see the significance of this event for a chance for us to see what the whole world’s opinion is to the Philippines actions on this monumental decision in our country’s history.
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It was announced today by the Iglesia ni Cristo (INC) that they were in support of the government sponsored Reproductive Health Bill that aims to stem overpopulation in the Philippines through the promotion of Responsible Parenthood.
INC’s statement said that it was a “moral imperative” for parents to provide their children with food, shelter, clothing, proper education, religious, and moral training. In order to do this, parents have to plan the size of their family.
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Publicly listed Ayala Corp disclosed that they would enter into a joint veture with Sta. Clara Power Corp in order to develop hydro electric power plants around the country. This venture would be accomplished through their subsidiary, Michigan Power Inc. (MPI). Ayala Corp would have a 70% ownership in the venture with an infusion of P600 million.
Ayala Corp has been primarily known as a leading real estate developer and mall operator in the Philippines with their very successful investments in the Makati district. Unknown to most people is that they have also other successful investments in different facets of industry (car and electronics manufacturing to name a few)
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Just when we thought that Feed-in Tariff (FIT) for the Renewable Energy(RE) sector would be delayed again, the Department of Energy’s National Renewable Energy Board (NREB) announced that they had decided on 11.38 centavos per kWh as a Feed-in Tariff that will go to operators of Renewable Energy power plants. This amount will still be approved by the Energy Regulatory Commission (ERC) and will be implemented by 2014 when the 830 MW RE target has been hit.
The 11.38/KwH will be added to the average joe’s energy bill and will be given to the Renewable Energy operator. In layman’s terms its the price we have to pay in order to encourage investors to build clean energy power plants that will supply energy to the grid. The recommended FIT by developers was actually 16.45 centavos/KwH.
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After announcing earlier this year that they were entering renewable energy production via the purchase of Northwind Power, another Ayala Corp subsidiary, Integrated Micro-Electronics, Inc(IMI), announced that it was expanding its Solar Panel production capacity.
According to the report, publicly listed IMI established IMI Energy Solutions in 2010 in Fremont, California to produce develop and prototype solar panels. Output made by IMI Energy Solutions will be mass produced by IMI. Plans are to produce it either in the Philippines or in another country.
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