NEWS
SCG reports P5.856B H1 net profit
11:14 a.m. September 4, 2024
SCG recently announced its operating results for Q2/2024, reporting a surge in its second-quarter profit, buoyed by economic upturns in Vietnam and Indonesia.
The company is implementing strategies to counter domestic economic headwinds and global uncertainties, including cost-cutting measures, AI integration, and a push into low-carbon cement.
Thammasak Sethaudom, SCG President and CEO, revealed that total revenue for Q2 reached P202.456 billion (US$ 3.542 billion), a three percent quarter-on-quarter increase.

Net profit surged by 53 percent to P5.856 billion (US$ 102 million) during the same period.
For the first half of the year, SCG generated a total revenue of P398.707 billion (US$ 6.976 billion), nearly matching the previous year’s figures.
The company’s revenue streams were diversified across its business units, with SCG Chemicals contributing the most significant portion at 39 percent.
Despite facing headwinds such as the petrochemical downturn, intense competition, and a sluggish domestic economy, SCG has managed to sustain its growth trajectory through a series of strategic initiatives.
To mitigate rising energy costs, the company has boosted alternative fuel use in its cement operations, achieving a 47% utilization rate in Thailand. SCG also focuses on high-growth segments like solar energy solutions and has invested in technology to optimize its supply chain and distribution network.
Furthermore, the company has leveraged artificial intelligence to enhance operational efficiency by tailoring its product offerings to meet customer needs, such as CPAC’s compact concrete mixer trucks designed for urban construction.

SCG had robust sales in the first half of 2024, with new products and green initiatives contributing significantly to its overall performance. High-value-added products and services accounted for 39 percent of total sales, while environmentally friendly products under the SCG Green Choice brand made up 54 percent. The company also saw strong growth in its overseas operations, with 44 percent of total revenue generated outside Thailand.
By the second quarter, SCG had a strong financial performance, driven by robust economic recovery in Vietnam and Indonesia. However, the company cautioned that the overall economic landscape remains challenging, particularly in Thailand, where recovery has been slower.
To navigate these conditions, SCG has built up a substantial cash reserve of 124,616 Million PHP (US$ 2,180 million) and focuses on innovative solutions to meet customer needs. The company is also capitalizing on infrastructure development in Indonesia and Vietnam, where government spending is on the rise.
SCG is ramping up its global presence and product offerings. The company is aggressively promoting its Low Carbon Cement, with exports to the US surpassing 1 million tons. Expansion into Vietnam and Australia is underway. In addition to cement, SCG is diversifying its portfolio. Its distribution arm, SCG Distribution and Retail, is expanding its retail footprint in ASEAN, with Mitra10 leading the charge. SCG Smart Living is introducing new landscape materials and HVAC systems.
The company is also making significant strides in the construction materials sector, with a focus on high-value products and expanding into new markets like India. SCG Chemicals is recovering from plant disruptions but faces industry challenges. To mitigate risks, the company is investing in green innovations and plastic recycling. The upcoming Long Son Petrochemicals project is a key growth driver.

SCG Packaging is expanding its capacity to meet rising demand, especially in tourism and services. The company is also venturing into medical supplies and labware. SCG Cleanergy is focusing on solar energy solutions and energy storage.
Despite economic challenges, SCG’s ASEAN operations have shown strong growth, driven by the recovery in Vietnam. The company continues to invest in research and development, with a focus on sustainability and innovation.
SCG’s commitment to the local market is evident through initiatives like the NATCON-CONEX 2024 exhibition and dealer appreciation programs. The company is poised to capitalize on growth opportunities in the ASEAN region and beyond.
NEWS
COA named WTO External Auditor, begins six-year term
7:11 p.m. April 6, 2026
The Commission on Audit (COA) has been appointed as the new External Auditor of the World Trade Organization, reflecting its credibility and strong reputation in international auditing and growing influence in advancing good governance around the world.
The Philippines’ audit body, an independent constitutional commission, succeeds France’s supreme audit institution, the Cour des Comptes, and will serve a non-renewable term of six years.
In its role, COA will oversee the audit of the WTO’s financial statements, pension plan, and operations in line with the Organization’s financial regulations.
The audit body was selected by the WTO General Council on the recommendation of its Committee on Budget, Finance and Administration (CBFA). The committee cited how COA’s proven track record in auditing international organizations will help strengthen financial accountability and reinforce trust in the WTO’s governance framework.
“COA’s appointment as the WTO’s new external auditor demonstrates how the world views our capabilities as an independent audit body– reliable, trustworthy, and world-class. We are committed to upholding the highest standards of independence and professionalism in our work with the WTO, continuing our mission to promote transparency and accountability in international institutions,” said COA Chairperson Gamaliel A. Cordoba.
He said the WTO appointment represents a significant milestone for COA, illustrating its expanding influence and growing force in advancing transparency, accountability, and good governance not just in the Philippines, but around the world.
COA earlier served as External Auditor for several major specialized United Nations agencies, including the World Health Organization (WHO), the International Labor Organization (ILO), the United Nations Industrial Development Organization (UNIDO), and the Food and Agriculture Organization (FAO).
In these assignments, COA was commended for its rigorous standards and contribution to strengthening transparency and accountability in global governance. #
NEWS
MTerra Solar powers up 250 MW, boosting energy supply amid global volatility
7:45 p.m. April 1, 2026
Meralco PowerGen Corporation (MGEN), through its affiliate Terra Solar Philippines Inc. (MTerra Solar), has successfully energized the first 250-megawatts (MW) of its solar capacity – now operating as a generator and marking the start of its contribution to the country’s growing demand for reliable and clean energy.
This milestone represents a critical step in the project’s phased development and comes at a pivotal time for the Philippines, as global fuel market volatility driven in part by the current situation in the Middle East, continues to highlight the urgency of strengthening domestic and renewable energy sources. The early delivery of capacity from MTerra Solar reinforces efforts to enhance the country’s energy self-sufficiency and reduce exposure to imported fuel risks.
“Reaching this milestone reflects the strong execution, collaboration, and dedication of our teams and partners. More importantly, it underscores the role of projects like MTerra Solar in helping secure the country’s energy future at a time when reliability and
affordability are under increasing pressure,” said MGEN Renewables and MTerra Solar President and CEO Dennis B. Jordan.
MTerra Solar was initially authorized to export up to 85 MW of firm power to the grid as part of testing and commissioning activities. With the continued support from the Department of Energy (DOE) and the National Grid Corporation of the Philippines (NGCP), the facility is now exporting up to 250MW — providing additional capacity to help stabilize supply during a period of heightened system demand.
During a previous MTerra Solar event, DOE Secretary Sharon Garin emphasized the project’s significance in strengthening the country’s renewable energy pipeline and addressing immediate supply challenges.
“The initial grid synchronization of MTerra Solar – led by MGEN and Actis – represents a meaningful step towards our transition to a cleaner and more energy-resilient Philippines. Developments of this scale are critical as we navigate current global uncertainties while ensuring long-term energy security,” Secretary Garin said.
“Beyond its contribution to the renewable energy transition, MTerra Solar plays an important role in supporting the country’s near-term energy requirements. The project’s phased energization enables earlier delivery of capacity to the grid, helping ease supply constraints and supporting efforts to maintain stable electricity prices amid evolving global conditions,” MGEN President and CEO Emmanuel V. Rubio shared.
In addition, MTerra Solar has also energized the first tranche of its battery energy storage system (BESS). Through energy generated from its solar output, the plant has been able to deliver up to 450 MWh of energy to the grid at night. This tranche now represents the largest operational BESS available in the Philippines.
Following these milestones, the facility will still undergo a series of comprehensive activities in the coming weeks to ensure the safe, efficient, and reliable integration of battery storage with the solar facility. Once fully operational, the integrated BESS will enhance grid stability and enable the dispatch of renewable energy beyond daylight hours, strengthening system reliability while maximizing the value of solar power generation.
MTerra Solar underscores MGEN’s commitment to advancing a diverse energy portfolio that addresses the energy trilemma – ensuring that supply remains sustainable, reliable, and affordable. At full capacity, the project is expected to generate up to 3,500 MWp of solar power, supported by a 4,500 MWh battery energy storage system – delivering clean energy to approximately 2.4 million households.
The project will also avoid an estimated 4.3 million tons of carbon emissions annually, equivalent to removing more than 3 million gasoline-powered vehicles from the road. With
Phase 1 on track for completion this year and Phase 2 already under construction, MTerra Solar will continue to scale up its capacity, contributing meaningfully to the Philippines’ renewable energy targets of 35% by 2030 and 50% by 2040.
NEWS
Food delivery rider smashes PH cycling record using bike with P2,500 frame
2:25 a.m. March 30. 2026
TAGAYTAY City— Patrick Gerard Lee put the Philippines on the medals board with his bronze medal in men C5 scratch race of para cycling in the Asian Cycling Confederation Track and Para Track Cycling championships on Sunday at the Tagaytay CT Velodrome.
It was the first medal for the Philippines in the annual championships hosted this year by the PhilCycling and Tagaytay City—and the first continental exposure of the national para cycling team.
As importantly, Lee earned points for qualification to the Los Angeles 2028 Paralympics.
But before Lee turned the crowd inside the Tagaytay CT Velodrome into a frenzy, a Panda Food delivery bike rider—Zedrick Ivan Honorica—set a new Philippine record in men elite sprint using the same bike he uses in plying his trade.
Honorica’s bike? A Brain frame that costs P2,500 and a wheel set worth P12,000 which he raised from delivering food—a bicycle that astronomically pales to the equipment used by the elite countries’ riders, some breaching P7 million.
“I pushed and pushed myself, it’s a very tough race,” said Lee, 21, who lost his right forearm from under the elbow in a meat grinder at his aunt’s stall at Marilao Market when he was five years old.
“I’m really very happy because it’s for our country,” added Lee, who’s set to race again on the last day Wednesday of the championships supported by Tagaytay City Mayor Brent Tolentino and supported by the Philippine Sports Commission, Philippine Olympic Committee, MVP Sports Foundation, Sports Plus PH, Toyota and Peak.
Uzbekistan’s Azimbek Abdullaev won the gold medal and Japan’s Ruito Kameda secured the silver but with a tough challenge from Lee—the result went down to the photo finish.
Another Filipino, Joel Inn Tacutaco, finished fifth in the 14-rider race.
Honorica? He’s not your ordinary elite cyclist—literally, he came out of nowhere.
“I race in ‘bente-bente, nothing more,” said the 21-year-old who broke the national record his fellow Marikeño and many-time tour champion Jan Paul Morales set in the Doha 2006 Asian Games.”
“I wasn’t aware of the national record, but I know Kuya JPM [Morales], him being a champion … he doesn’t know me, though,” he added.
Honorica said he’s an accidental member of the national team in the Asian championships.
“I saw a post on Facebook by national coach Gil [Virgilio Espirutu) on an invitation for a power test [informal tryouts], and I was second best … that was only last January,” he said.
Honorica clocked 10.865 seconds, beating Morales’s 20-year-old record of 11.42 seconds.
The effort landed him in 21st out of 22 riders in the event won by Japan’s Kaiya Ota in 9.348 seconds, also shaving a fraction from his previous best of 9.350.

