Latest news with #P170
GMA Network
09-07-2025
- Business
- GMA Network
OVP proposes higher budget in 2026 at P903M
The proposed budget of the Office of the Vice President (OVP) for 2026 has increased by P170 million from the current fiscal year, OVP spokesperson Ruth Castelo said Wednesday. At a press conference, Castelo said the OVP, under the leadership of Vice President Sara Duterte, initially made a proposal of P733 million for next year, retaining the office's 2025 budget. However, Castelo said that the Department of Budget and Management (DBM) increased the proposed budget to P803.6 million, which further grew to a total of P903 million, upon the request of the OVP. 'So nagdagdag sila…ng less than P70 million, mga P60 something million. And then, nung nagdagdag sila ng P60 something million, we requested for additional personnel services,' she said in an ambush interview. (So they added…less than P70 million, about P60 something million. And then, when they added P60 something million, we requested a higher budget for additional personnel services.) 'Siyempre may cost 'yun…na additional employees para mas ma-fulfill yung functions and other IT equipment that are needed for the OVP. Ang binigay na final ng DBM is P903 million,' she added. (Of course there is a cost for additional employees to better fulfill the functions of the office, and other IT equipment that are needed for the OVP. The final budget given by DBM is P903 million.) Castelo also confirmed that the OVP will not be requesting any confidential funds for next year. 'No confidential funds. Hindi naman na tayo nag-request niyan [we didn't request]… If they want to give, they want to give,' she explained. Asked how confident is the OVP that Congress will approve the P903 million budget request for next year, Castelo said, 'We can just hope and pray that they see the need for this budget.' She also affirmed that the OVP staff will be attending the budget hearings, both at the Senate and House of Representatives. — RSJ, GMA Integrated News
GMA Network
08-07-2025
- Business
- GMA Network
TopLine to acquire Total Oil gas stations, assets for P180M
TopLine Business Development Corp., through its subsidiary Light Fuels Corp. (LFC), is set to acquire gasoline stations, machinery, and assets of Total Oil & Gas Resources Inc. (TOGRI) in several areas across the country for P180 million. LFC will acquire 38 Gas & Go stations of TOGRI located in various areas across Cebu, Leyte, Negros Oriental, and Siquijor, including fixtures, machinery, and equipment, TopLine said in a regulatory filing. It will also purchase a depot facility in San Jose, Negros Oriental, including equipment and machinery. The purchase agreement also includes 15 tank trucks and intangible assets such as a customer loyalty program with over 45,000 active users and leasehold rights over the leased premises. According to TopLine, the acquisition will have a positive impact on its business operations and financial outlook for the year through the expansion of its retail network, improvement of logistics and supply chain, and the enhancement of customer engagement. 'The acquisition will enable TOP to accelerate its market entry and rapidly scale its operations across key regions,' TopLine said. 'This is aligned with the company's long-term growth objectives of expanding its presence in the retail fuel sector and increasing brand visibility,' it added. While TopLine did not give a timeline for the purchase, it said an initial payment of P10 million will be made, while the balance of P170 million will be paid by LFC through manager's check or fund transfer. Top Line raised P732.62 million from its initial public offering (IPO) in April, which it said would be used for its vertical integration strategy, including the expansion of Light Fuels, and for working capital. TopLine, through its affiliates, is also involved in port operations and management (Pier Eighty-Eight Ventures Inc.), real estate development (Topline Properties and Development Corp.), clean and green technology (Topline Energy and Power Development Corp.), port and ferry terminal operations (Topline Marine Wharf Development Corp.), technology research and development (Topline Hi Tech and Synergy Corp.), and restaurant operations and manpower services (Topline Services and Development Corp.). Shares in TopLine were last trading at P0.69 apiece, up P0.12 or 21.05% from Monday's finish of P0.57 per share. —VBL, GMA Integrated News
Filipino Times
16-03-2025
- Business
- Filipino Times
OWWA to expand OFW Lounge to more airports following positive response
After receiving favorable feedback on the OFW Lounge at Ninoy Aquino International Airport (NAIA) Terminal 3, the Overseas Workers Welfare Administration (OWWA) is set to establish similar lounges at international airports in Clark, Cebu-Mactan, and Davao. The OFW Lounge at NAIA Terminal 3 was built by the New NAIA Infrastructure Corp. (NNIC) and later turned over to OWWA for management. A separate, smaller OFW Lounge at Terminal 1 was constructed by OWWA, but the NNIC-built facility is more modern and spacious. Completed in September 2024, the lounge offers comfortable seating, Wi-Fi, charging stations, and power outlets for departing overseas Filipino workers. It also provides complimentary buffet-style meals and has an information desk to assist workers with travel-related inquiries. New hires can also connect with experienced OFWs to gain insights about working abroad. Beyond expanding the OFW Lounge network, NNIC is deploying eight additional internal shuttle buses operating 24/7 to assist passengers transferring between terminals. 'NAIA is operating well beyond its capacity, and while major infrastructure upgrades are in progress, expanding our shuttle fleet is an invaluable step to ensure accessibility and convenience [of passengers],' said Ramon Ang, president of NNIC and San Miguel Corp. (SMC). NNIC, led by SMC in partnership with South Korea's Incheon International Airport Corp. (IIAC), took over NAIA's management in September 2024. The consortium has committed P170 billion to modernize the airport, with plans to boost passenger capacity from 43 million to 62 million annually and increase aircraft movements from 42 to 48 per hour while ensuring efficient and safe operations.
