Latest news with #EnriqueRazonJr.
GMA Network
26-06-2025
- Business
- GMA Network
Razon-led Prime Electric's More, Negros Power, Bohol Light slash power rates
Tycoon Enrique Razon Jr.'s Prime Electric Holdings Inc. (PHI), through its utility units—More Power in Iloilo City, Negros Power in Central Negros, and Bohol Light in Bohol—has implemented a significant reductions for its power rates this month. In a new release on Thursday, customers of Bohol Light would expect a 75-centavo rollback per kilowatt-hour (kWh) in their bills, which would translate to a P150 in savings for an average household consuming 200 kWh. In Iloilo City, customers of More Electric and Power Corporation would enjoy a rate decrease of 61 centavos per kWh, resulting in an estimated P122 bill reduction for those who are consuming 200 kWh. Meanwhile, customers in Central Negros would look forward to a 55-centavo per kWh cut, lowering the residential electricity rate from P11.69 to P11.14 per kWh. For Central Negros households using 200 kWh monthly, this would mean a P110 in savings, according to PHI. PHI said the total rate reduction for its three distribution utilities stood at P1.91, on the back of 'several favorable economic factors,' including lower costs in the Wholesale Electricity Spot Market and decreased transmission charges. The rate reductions position the three utilities among the most affordable electricity providers in the Visayas region, according to the company. Roel Castro, president and CEO of PHI, said that the company remains committed to delivering affordability and reliability, ensuring that every peso saved on electricity goes toward improving the lives of the communities they serve. "Our goal is to pass these savings directly to consumers, helping families allocate funds toward essentials like food, education, and other vital needs," said Castro. PHI said it continues to prioritize infrastructure upgrades, system loss reduction programs, and smart market participation strategies to sustain low rates while enhancing service quality. — Ted Cordero/BM, GMA Integrated News
Forbes
22-04-2025
- Business
- Forbes
Philippine Billionaire's ICTSI To Expand Brazil Port, Unfazed By Trump's Trade War
ICTSI's Rio Brasil Terminal. International Container Terminal Services Inc. (ICTSI)—controlled by Filipino billionaire Enrique Razon Jr.—is expanding its port operations in Brazil, betting shipment of goods will continue to increase despite the intensifying trade war between China and the U.S. ICTSI Americas, a wholly owned unit of the Manila-based company, has acquired 47% of Inhaúma Fundo de Investimento Imobiliário (FII), ICTSI said in a stock exchange filing without disclosing the amount of the purchase. FII holds perpetual rights to a 32-hectare property, known as 'Estaleiro Inhaúma,' a former shipyard, that sits right next to ICTSI's Rio Brasil Terminal. The Philippine-listed company said it will develop the property in the 'immediate future' to expand the capacity of ICTSI's cargo handling capacity in Brazil. ICTSI has been expanding capacity and modernizing ports in the Philippines and other countries. It has earmarked a record $580 million capital expenditures this year to expand its ports around the world after spending $517 million in 2024 on such projects including those in in Mexico and Brazil. The latest Brazil acquisition comes as economies worldwide brace for an anticipated slowdown in global trade following U.S President Donald Trump's move to raise tariffs on goods made in China and other countries. "The acquisition of this property represents an investment opportunity for ICTSI for the development of the area and, thus potential expansion of the total operational and logistics capacity of the port region of Rio de Janeiro,' ICTSI said. ICTSI handled over 13 million twenty-foot equivalent units of cargo boxes in 2024 in its 32 terminals across 19 countries. Aside from ICTSI, Razon is also the controlling shareholder of casino operator Bloomberry Resorts and Prime Infrastructure Capital, which has a portfolio of water utility and energy assets. Razon has a net worth of about $10.4 billion, according to Forbes' real-time data, making him the second-richest Philippine tycoon.
