MANILA, Philippines - Publicly-listed holding firm Pacifica Inc., controlled by the Romero family, has laid out plans to venture heavily into mining and power.
Pacifica chairman and CEO Michael Romero told The STAR that they are in talks involving the operation and maintenance of a 116-megawatt power generation plant in Subic (former the Enron power facility) but an agreement has yet to be signed.
He also revealed that Pacifica is in discussions with several independent power generators to acquire shares. “One of them is Subic Power that who won the bid for the Enron power plant,” he said.
Pacifica celebrated yesterday its 50th year as a publicly-listed firm with renewed focus on investments in mining and energy in the coming years, as Romero led the opening of the stock market with the ceremonial ringing of the bell.
Through the years, Pacifica has maintained its low-key presence in Philippine business. But recently, through the entry of new and aggressive investors, Pacifica said it intends to move forward in industries that are part of the country’s focus - mining and power.
“We would like to say that we are now in the exciting phase of building the business as a holding company,” Romero said.
He said he is looking forward to more business activities in this vibrant economy.
Pacifica was originally incorporated in 1957 to engage in exploration and drilling of oil and gas resources and was listed at the Philippine Stock Exchange (PSE) on Nov. 23, 1959. It converted into a holding company in 2000, and saw the entry of the Romero Group through Mikro-Tech Capital in 2007.
With the entry of Mikro-Tech Capital, the company shifted its focus to the exploration, operation, management and marketing of mining claims.
Over the years, Pacifica’s share price has appreciated 694.87 percent from P.0078 per share to P.061 as of yesterday.
With power plant operation as its secondary purpose, Pacifica in the past participated in biddings as IPP administrator for various contracted capacities but lost.
Despite losing in the power-related biddings, the company said it will continue to be seriously involved in the same as well as in mining opportunities.
Pacifica has the exclusive right to explore, develop, and extract mining products from Kabasalan mining rights which covers potential gold, silver and iron deposits in Zamboanga Sibugay province.
In his remarks, PSE chairman Jose Pardo congratulated Pacifica for being one of the golden circle of 31 firms that have been listed at the PSE, as he recognized its role in the mining and energy sectors.
“At the PSE, we recognize the importance of the energy and mining sectors. To improve access to the capital markets by petroleum and renewable energy firms, the PSE linked the collaboration with the Securities and Exchange Commission and the Department of Energy to enhance listing and disclosure requirements for these firms that are aligned with best practices worldwide,” Pardo said.
He said investment interest on the Philippine mining industry has been on an upswing as he recognized that it is also a key driver of economic growth by providing employment to thousands of Filipinos.