Commercial Law

SPC POWER Corp. has turned over the 153.1-megawatt (MW) land-based power plant in Naga City, Cebu to the Power Sector Assets Liabilities Management, Inc. (PSALM), ending the legal tussle over the ownership of the asset. In a disclosure on Monday, SPC said it had executed a joint turnover certificate with PSALM on July 13, 2018, resulting in the listed company turning over the Naga power plant complex to the agency in charge of privatizing the government’s power generation assets. “Thus, SPC turned-over the Naga Power Plant to PSALM while PSALM returned the bid of SPC,” the company told the stock exchange. It said the turnover is pursuant to the decision of the Supreme Court (SC) in Osmeña versus PSALM et al., declaring as null and void the asset purchase agreement and land lease agreement covering the complex, entered into by PSALM and SPC Power. The move paves the way for Aboitiz Power Corp. to take hold of the complex after years of legal proceedings that ended ...

TRANSPORTATION SECRETARY Arthur P. Tugade on Tuesday said the government is planning to put a “cap” on the wave of ride-sharing drivers applying for franchise once “compliance” among those who want to operate under the scheme is already established. In a press briefing in Malacañang yesterday, Mr. Tugade said the measure is being studied because “the proportionate increase in the applicant and the users of the application of the TNCs (Transportation Network Companies) is not proportionate to the increase in those registering.” In July last year, the government stopped processing new applications for Transport Network Vehicle Services (TNVS), the new category created for ride-sharing services. Mr. Tugade said the suspension was enforced because the number of franchise applicants ballooned at that time. “We wanted to have compliance. Once we have the compliance then we can establish a cap,” the transportation chief said. “So habang kinukuha namin ’yung datos na...