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Natural Resources


Vulcan Materials Corporation

Vulcan Materials Corporation (VMC) (100% owned) posted a net loss of P0.05 million for 2020, compared to a net loss of P0.33 million in 2019. VMC ceased its operations effective December 2017 following the sale of its crushing plant and exploration/production rights over the Montalban quarry to Big Rock Aggregates Corporation.


Anglo Philippine Power Corporation (APPC)

On September 26, 2016, SEC approved the incorporation of Anglo Philippine Power Corporation (APPC) (100% owned) to spearhead the Company’s foray into the power generation business. APPC is presently evaluating various renewable energy projects for future investment.

APPC wholly-owned subsidiary, Bataan Aggregates Corp. (BAC), commenced commercial operations in January 2018.  On October 2019, BAC sold its quarry equipment to Concrete Stone Corp. and paid over the proceeds of the sale to APPC in settlement of BAC’s debt. BAC registered a net loss of P3.3 million in 2020, compared to a net loss of 2.9 million for the year 2019.


The Philodrill Corporation

For year 2020 The Philodrill Corporation (OV) (34.87% owned) registered a consolidated net loss of 251.9 million, compared to a net loss of P63.2 million in 2019. The Galoc wells continue to produce at an aggregate output of about 1,890  bopd and total production has reached about  690,946 barrels as of the end of December 2020.


United Paragon Mining Corporation

United Paragon Mining Corporation (UPM) (25.69% owned) UPMC posted a net loss of P57.9 million in 2020, compared to a net loss of 46.9 million in 2019. UPM has received a new exploration permit last August 24, 2018. On June 22, 2020, the Company submitted a request letter to Mines and Geosciences Bureau (MGB) Regional Office No. 5 for an extension of one year to implement the revised exploration work program that will expire on August 20, 2020 due to force majeure (pandemic COVID 19). MGB approved the extension until February 19, 2021. In October 2020, completed the exploration work program by drilling 3 holes, totaling 604.9 meters. In February 4, 2021, the Company filed a Declaration of Mining Project Feasibility (DMPF). With the recent lifting of the moratorium on mining agreements under EO 130, the Company is expected to exert all efforts to obtain the conversion of its exploration permit to Declaration of Mining Project Feasibility (DMPF) and eventually into a mineral production sharing agreement so as to begin operations as soon as possible. 

Atlas Consolidated Mining and Development Corporation

Atlas Consolidated Mining & Development Corp. (AT) (28.64% owned) posted a consolidated net income of  P117.7 million in 2020, compared to a net loss P565 million in 2019.


Oil Exploration

Pending the transfer of its petroleum assets, the Company continues to participate in the following Oil Exploration contracts:

Service Contract 6A                    Octon, NW Palawan                   11.11000 %
Service Contract 14D                 Tara, NW Palawan                        2.50000 %
Service Contract 53                    Onshore Mindoro                         5.00000 %
Service Contract 41                    Sulu Sea                                           1.67900 %
SWAN Block                                  NW Palawan                                 33.57800 %

In Oil Exploration, the consortium decided to progress the Proof of Concept (POC) work to a full-scale Seismic Inversion and Reservoir Characterization project (the “LMKR Work”) in SC 6A (Octon). Accordingly, the 2020 Work Program and Budget was amended to include the LMKR work, which commenced in September 2020 and was completed in December 2020. In SC 53 (Onshore Mindoro), the DOE agreed in principle, in January 2020, to give due course to the Motion For Reconsideration filed by partners Philodrill, Anglo and Basic. Subsequently, Basic withdrew from the MR in February 2020, and from the joint venture in March 2020. After compliance with updated legal, technical and financial qualifications, DOE finally approved the MR in January 2021, with Philodrill and Anglo retaining 81.48% and 18.52% participating interests respectively. The JV can now work on obtaining the Certificate of Precondition (CP) from the National Commission on Indigenous People (NCIP) and move forward with the necessary works for the appraisal of the Progreso gas discovery. 

Property Development


Tipo Valley Realty, Inc. (TVRI)

Tipo Valley Realty, Inc. (TVRI) (97.59% owned) – For year 2020, TVRI posted a net loss of P4.6 Million, compared to a net loss of P4.5 million for the same period in 2019. On June 16, 2020, TVRI’s conversion application involving  248 parcels of land with an  aggregate area of 272.2865 hectares located in Hermosa, Bataan, was granted with finality by the DAR Central Office.  The Company is in the process of complying with post-approval conditions. Furthermore, TVRI has acquired an additional of 134,297 square meters for possible access to the site.

MRT Development Corporation

The Company continues to maintain 15.79% interest in MRT Development Corp. which generates revenues from concessionaire rentals and advertising fees in the MRT 3 stations. Infrastructure Project Investments MRT Holdings, Inc.
The Company continues to maintain its 18.6% equity in MRT Holdings, Inc., the indirect majority owner of the Metro Rail Transit Corporation (MRTC). As of end-December 2020, average ridership is more than  100,000 passengers per day


Other Investments


Brightnote Assets Corporation

The Company has minority investment in Brightnote Assets Corporation, a holding company organized for the purpose of investing in the Calabarzon area.

Filipinas Energy Corporation (FEC)

Filipinas Energy Corporation (FEC) has not undertaken any business operation since its incorporation due to the deferment of the transfer of the Company’s oil and mineral assets.


Latest Disclosures


Service Contract Areas

  • SC6A
  • SC6B
  • SC14
  • Mindoro

For more information, please refer to Updates section of the website.