APC Group being restructured into energy holding company

Will control all energy-related assets of Henry Sy, the Philippines’ richest individual.

APC Group Inc. expects to complete a restructuring plan this year that will transform it into a holding company for all of Sy’s energy-related assets.

Analysts said APC, which is 46% owned by the Sy’s Belle Corporation, is undertaking an overhaul of its operations and sees its restructuring program picking up speed this year.

The main goal of the restructuring plan within the year is to concentrate in energy resource exploration and development to capitalize on the expected increase in demand for power.

Sy, who has interests in banking, property, telecommunications and water-distribution, aims to build a presence in the local energy market.

The SM Group is global oil giant Chevron’s partner for the latter’s geothermal power business in the Philippines. Chevron has two geothermal power projects: the Tiwi and Makiling-Banahaw power plants in Albay and Laguna provinces.

The partners intend to develop other geothermal opportunities in Cebu, Bohol, Palawan, Samar, Northern Luzon and Mindanao to increase their presence in the renewable energy sector.