THE Philippine Economic Zone Authority (PEZA) said it signed a partnership agreement with Topline Energy Solutions Corp. last month to ensure stable power supply in its economic zones.
In a social media post, PEZA said it signed a memorandum of understanding (MoU) with the Cebu-based fuel trading company on Oct. 19.
“The MoU formalizes a strategic partnership aimed at promoting investment activities in the Philippines by providing stable and reliable power supply to various industries, particularly in the Visayas,” the investment promotion agency (IPA) said.
The partnership also aims to promote clean and environmentally friendly energy solutions, including liquefied natural gas, energy efficiency measures, and advanced smart energy technologies.
“These efforts will help reduce carbon emissions across PEZA ecozones and reinforce the Philippines’ commitment to sustainable development,” PEZA said.
According to PEZA, Topline has been pursuing vertical integration by expanding its presence in the retail and commercial fuel segments.
“Additionally, it is enhancing its depot operations to keep pace with Cebu’s increasing market demand. Hence, this will further spur economic growth and trading opportunities in the region,” it added.
Topline Energy is an affiliate of Top Line Business Development Corp., a Cebu-based fuel retailer.
Last week, the Philippine Stock Exchange, Inc. approved the initial public offering of Top Line Business scheduled for Nov. 27-Dec. 3.
The company will offer 3.68 billion primary shares, with an up to 368.31 million-share overallotment option at up to 78 centavos each, which will be used to build fuel depots, acquire tankers, and build 10 service stations.
Separately, PEZA said it has approved P123.72 billion worth of investment pledges comprising 198 projects.
This year, the IPA is hoping to greenlight P200 billion worth of investments. — Justine Irish D. Tabile