Basic Energy Corporation (BEC) is a publicly listed holding company in the Philippines. It has business interests in various fields of renewable energy and alternative fuels, and oil and gas exploration and development.
Fifty years since it was established, BEC has undergone a dramatic transformation from an operating company into a holding company. Aligned with its primary purpose of developing alternative and renewable energy sources, it changed its corporate name to Basic Energy Corporation from Basic Petroleum Corporation in 2007.
BEC continues to fuel the Philippines’ vibrant energy sector with the breadth and depth of its projects and technical knowledge. It aims to be the leading developer of alternative and renewable energy, oil and allied products and services in the country.
SUBSIDIARIES & STRUCTURE
BEC is a holding company with equity investments in wholly owned subsidiaries that are key players in the country’s growth areas:
19 SEPTEMBER 1968
The company was incorporated on the Philippine Securities and Exchange Commission as Basic Enterprises, Inc.
1972
Basic Enterprises, Inc. changed its name to Basic Petroleum and Minerals, Inc. It was listed 1972 on the Philippine Stock Exchange under the stock symbol ‘BSC’.
1974
The company embarked on exploration and development of the Nido, Matinloc, West Linapacan, and Galoc Oil Fields in northwest Palawan in the Philippines.
2006
Basic Petroleum and Minerals, Inc. changed its name to Basic Energy Corporation (BEC) to pursue the production of biofuels and the development of renewable energy resources such as the geothermal exploration in Mabini, Batangas.
2013
BEC secured service contracts from the Department of Energy (DOE) for the exploration and development of geothermal resources in Mariveles, Bataan; Benguet, Mountain Province, Iriga, Camarines Sur and West Bulusan, Sorsogon; and for the development of four hydro-electric projects in Negros Occidental.
2015
The company signed a joint operating agreement with partner Phinma Energy (formerly Trans-Asia Oil and Energy Development Corp.) for the Mabini, Batangas geothermal power project, followed by drilling operations. In the same year, Meta Corporation, a publicly listed firm in Thailand with stakeholdings in renewable energy investments in Japan and Myanmar, infused capital in BEC.
2017
BEC invested in Solmax Taiwan for solar rooftop projects in Taiwan and in Innocent Biomass GK for a biomass power plant project in Saga Prefecture, Japan. It also obtained a 15% equity interest in Vintage EPC and VTE International, both Thailand based companies that provide EPC services for a 220-MW solar power plant project in Myanmar.
2019
The company secured a service contract from the DOE for the development of a wind power plant project in Mabini, Batangas.
2021
The company obtained SEC approval to double its capital to Php5 billion following the acquisition by MAP2000 Development Corporation (M2DC) of 67% of BEC’s outstanding and issued shares. BEC bought a 60% equity in Filoil Energy Corporation (FEC), the jointventure partner of Total Energies in local companies engaging in the supply, distribution, and marketing of petroleum products.
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Solarization, Power Storage and EV-Charging Facility in Retail Stations The Green Energy E-Transport Program (GEEP) of the Filoil Group is a holistic end-to-end renewable energy initiative that will promote the use of renewable energy and address the government’s program to modernize public utility transport in the country. BEC’s participation focuses on the installation of a solar system with battery storage and e-charging facility at the retail station where the modern e-buses will be parked and charged. The solar system will partly supply the electrical load requirement of the retail station cheaper than from the supply grid. The vision of the program is to engage a large network of retail stations across the archipelago in partnership with the various oil companies and transport operators to jumpstart the creation of e-charging access which should stimulate the demand for electric vehicles.
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Mabini Energy Corp. (MEC), a wholly owned subsidiary of the Basic Energy Corp., was awarded by the Department of Energy (DOE) through its Wind Energy Service Contract 2021-01-142 on 17 March 2021. The contract provides MEC the exclusive rights to explore, develop, finance, and operate a wind power plant facility for a period of 25 years, inclusive of the 5-year pre-development stage within the Mabini Peninsula. Currently, MEC is undertaking a wind resource assessment (WRA) campaign in Barangay Bagalangit in the Municipality of Mabini, Batangas. The company is targeting the commercial operation of the plant by Y2027 involving at least 10 wind turbine generators with capacity of 50 Megawatts.
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Through the Iriga Geothermal project, where BEC has a 20% participating interest, the company can explore the potential of the country’s geothermal resources and contribute to boosting renewable energy supply. Located in Iriga, Camarines Sur province, the project is currently in the pre-development stage. Project operator DESCO Inc., which has an 80% participating interest, is conducting site preparation and permitting activities which were stalled when the country enforced quarantine and health restrictions due to the COVID-19 pandemic. DESCO is targeting the drilling of the first exploratory well by the end of 2022 after obtaining local and national permitting works. It will then assess the geothermal reserve of the project and its viability to support a geothermal plant operation.
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Property Investments BEC invests in real property to support its business in addition to pursuing opportunities in the extractive industry and fulfill its vision to become a major supplier of renewable and alternative energy and allied products and services in the Philippines.
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Vision
Basic Energy Corporation strives to be the leading Philippine energy developer. Basic Energy aims to be a major instrument in the country’s drive for energy self-sufficiency through clean, efficient and reliable energy sources without compromising our commitment to:
[1] protecting the environment;
[2] looking after shareholder value and interest;
[3] fostering social development in the communities it operates in, and;
[4] making a difference in the lives of its country, community, people and employees.
Mission
We aim to be a major Philippine company in the exploration, production, and supply of alternative and renewable energy, oil and allied products and services. Basic Energy Corporation is now geared towards maximizing the numerous opportunities and secure a formidable position in these industries.
Values
In the need to make our country self-sufficient in energy, and in the development of Filipino technology;
In our duty to contribute to the development of our country, promote unity, and help uplift the lives of the Filipino people;
In our responsibility to protect the interests of our local and foreign shareholders, and to provide them with value for their investments;
In maintaining high standards of professionalism, excellence, and business ethics in our endeavours as a Company and as individuals;
In people as our primary resource and in providing opportunities for their continued professional and individual growth so they can achieve their full potential;
In treating our people with dignity and respect, looking after their personal welfare, and rewarding them on the basis of their performance, competence, and loyalty to the Company;
In seeking joint venture partners who share our vision and who will cooperate with us in achieving our common goals;
In the need to protect the environment; and
In Divine Providence whose love fuels our very existence and on whose goodness we fully depend and trust.
DIRECTORS AND EXECUTIVE OFFICERS
Board of Directors
| Ramon F. Villavicencio (Profile) | - Chairman |
| Manuel Z. Gonzalez (Profile) | - Vice-Chairman |
| Oscar L. de Venecia, Jr. (Profile) | - Director |
| Beatrice Jane L. Ang (Profile) | - Director |
| Ramon L. Mapa (Profile) | - Director |
| Jaime J. Martirez (Profile) | - Director |
| Ma. Rosette Geraldine L. Oquias (Profile) | - Director |
| Supasit Pokinjaruras (Profile) | - Director |
| Reynaldo D. Gamboa (Profile) | - Independent Director |
| Kim S. Jacinto-Henares (Profile) | - Independent Director |
| Andres B. Reyes, Jr. (Profile) | - Independent Director |
Advisory Board
| Jose C. de Venecia, Jr. | - Chairman |
| Seiichi Wada | - Vice-Chairman |
| Francis C. Chua | - Member |
| Gabriel R. Singson, Jr. | - Member |
| Jose P. de Venecia III | - Member |
| Oscar S. Reyes | - Member |
| Reynaldo T. Casas | - Member |
Officers
| Oscar L. de Venecia, Jr. (Profile) | - President and CEO |
| Luisito V. Poblete (Profile) | - Chief Operating Officer |
| Gwyneth Ong | - Corporate Secretary |
| Dominique P. Pascua (Profile) | - Compliance Officer |
| Alain S. Pangan (Profile) | - Vice President- Finance |
| Alberto P. Morillo (Profile) | - Vice President- Operations |
| Darius Efren A. Marasigan | - Business Development and Risk Management Officer |
Mabini Wind Power Project
Iriga Geothermal Energy Project