BOI FORM 501

APPLICATION NO.: ___________

DATE ACCEPTED : ___________
LAW: E.O. No. 226:

ENERGYAND RELATED PROJECTS

(Revised as of March 2015)

R.A. No. 9513:

APPLICATION FOR REGISTRATION

Schedule 1: PROPONENT
Name of Entity

NEGROS PH SOLAR INC.

Office Address

UG10 Tower 1, Pioneer Highlands, Pioneer St. Mandaluyong City

Telephone No

451-2166

SEC/Registration No.
Ownership

:
:

CS201537522
100% % Filipino

Fax No.
Date
% Foreign

None

January 12,2015
(Nationality)

Authorized Capital

PhP

10,000,000.00

CURRENT STOCKHOLDERS PROFILE:

Name

Nationality

MARIA CELIA RAMONA S.

MONFORT
RYAN MARTIN M. GARCIA
RIA ROSARIO
FRANCESCA M. GARCIA
MARY JOY B. GARCIA
ESTHER S. MONFORT

FILIPINO
FILIPINO
FILIPINO
FILIPINO
FILIPINO

Check if
Director

Position or
Designation in the
Enterprise
PRESIDENT/CEO

X
X

Capital Stock (PhP)

Subscribed
2,499,600
100

624,900
100

99.984%
00.004%

100
100
100

100
100
100

00.004%
00.004%
00.004%

2,500,000

625,300

100%

X
X

Total

(%
Ownership
Paid-up

Indicate in the Nationality if naturalized Filipino

Schedule 2: CONTACT DETAILS

AUTHORIZED REPRESENTATIVE TO BOI:
Name

ENRICO G. MAULLON

E-Mail Address

emaullon@yahoo.com

Landline/Cellphone No.

Position

0916-3416998

Fax No.

LAND SPECIALIST

none

Schedule 3: PROJECT PROFILE:

Name of Project

SUGARLANDIA 1 SOLAR PROJECT

Project Location
IPP Year:

2014

HANDUMANAN ACCESS ROAD, BGY. FELISA BACOLOD CITY

Category :

Regular List

Special Laws List

Activity as Listed in the IPP :

RENEWABLE ENERGY-SOLAR POWER

Specific Products/Services:

Product /Service 1

Capacity for BOI Registration:

Product /Service 2

Export Activities

Product /Service 3

50 MWP

(Maximum Annual Production Capacity, except for power generation activities which should be in MW/kW)

PROJECT DESCRIPTION:
A 50 MW RENEWABLE ENERGY (SOLAR) PROJECT TO BE BUILT ON A 154 HECTARES.LEASED PROPERTY OWNED BY RAMIRO LIM, FELISA
AGRICULTURAL, INC AND JOSE MONTILLA LOCATED AT BGY. FELISA, BACOLOD CITY.. NEGROS PH SOLAR INC. IS A WHOLLY OWNED
FILIPINO CORPORATION SET UP TO FULLY FOCUS ON DEVELOPING THE PHILIPPINE SOLAR MARKET. THIS PARTICULAR PROJECT WILL
BE LOCATED IN BGY. FELISA, BACOLOD CITY.

Schedule 4.A: TYPE OF PROJECT & STATUS (IF APPLICATION IS UNDER E.O. NO. 226)
New:

Expansion:

Modernization:

% Increase in Capacity:

STATUS:

Pioneer

Non-Pioneer

Justification for Pioneer Status:

Schedule 4.B: ENERGY SOURCE & TYPE OF INVESTMENT (IF APPLICATION IS UNDER R.A. NO. 9513)
ENERGY SOURCE:
Biomass
Hydro
Wind
Oil
Geothermal
X
Solar
Coal
Others (Specify)
TYPE OF INVESTMENT:
X New

Additional

Existing

Schedule 5: Project Timetable and Cost (Php)

Activity
Obtaining licenses, permits, registration
Project site preparation and development
Hiring of contractors
Civil works

Schedule
(Month/Year)
June 2014 to
January 2016
June 2015 to
Dec 2015

Acquisition and installation of machinery &

equipment

Dec 2015 to
March 2016

Trial Run

March 2016

Start of commercial operation

March 2016

Related Expenses

Cost (in PhP)

Pre-operating expense

500,000

Land (1 year advance rental)

Land improvements
Building
Leasehold improvements
Other expenses
Machinery & equipment

6,525,000
725,000
250,000
000,000
350,000

Others (Annual Salary)

Working capital (_12_ months) 1

2,929,443,885
5,595,300

12,120,300

2,943,389,185
Total Project Cost
Normally covers the first three (3) to four (4) months of operations.NOTE: PROJECT IS STILL ON PRE-DEVELOPMENT
STAGE.
1

Yearly Investment Requirement (For projects with a gestation period of more than one year)
Pre-Operating Period Add columns, if necessary
Year
1
2
Php2,943,389,185

Investment Requirement (PhP)

Total
Php2,949,389,185

Total Investment Requirement should tally with the Total Project Cost

Schedule 6: Project Financing

(PhP)

Percent (%)

Php58,867,784

2%

Equity (To be finance by Balitok Trading

Corporation-same owner of Negros PH Solar, Inc.)
Php2,890,521,401
Foreign Partner (under loan)
2
Total
Php.2,949,389,185
2
Total financing should tally with Total Project Cost in Schedule 5

98%
100%

Schedule 7: Projected Production and Sales Schedule

(Y1 is first year of commercial operation)
A. For Non-Power Applications, e.g., bio-fuels, etc.
Year

Production
Volume 3

Y1
Y2
Y3
Y4
Y5
3

Sales Volume
% Capacity
Utilization

n.a
n.a
n.a
n.a
n.a

n.a
n.a
n.a
n.a
n.a

Domestic

Export

n.a
n.a
n.a
n.a
n.a

n.a
n.a
n.a
n.a
n.a

Average Selling Price per

Unit
Domestic
Export
(Php)
(US$)
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a

Total Projected
Sales Value
Domestic
Export
(Php)
(US$)
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a

Total
(Php)
n.a
n.n
n.a
n.a
n.a

Indicate unit of measure (e.g., metric tons, liters, etc.)

Note: Projected annual production volume should not exceed the production capacity per year being applied for BOI registration
Assumptions Used in the Projections:
- Total number of shifts per day
- Total number of operating days per year
- Total number of capacity determinant machine
- Foreign exchange rate used (Php per US$)

:
:
:
:

n.a
n.a
n.a
n.a

B. For Power Applications

Year
Y1

No. of
Generators
/ PV
Modules

Capacity
per Unit
(W)

Total
Rated
Capacity
(W)

163,935

304.998

50,000,000

Y2

163,935

304.998

50,000,000

Y3

163,935

304.998

50,000,000

Y4

163,935

304.998

50,000,000

Y5

163,935

304.998

50,000,000

Operating
Hours per
Year
4380
hrs/year
4380
hrs/year
4380
hrs/year
4380
hrs/year
4380
hrs/year

Production
(kWh)
72,992,700

Sales (kWh)
72,992,700

Selling
Price
(PhP/kWh)

Sales Value (PhP)

8.69/kwh

634,306,563

72,992,700

72,992,700

8.69/kwh

634,306,563

72,992,700

72,992,700

8.69/kwh

634,306,563

72,992,700

72,992,700

8.69/kwh

634,306,563

72,992,700

72,992,700

8.69/kwh

634,306,563

Note: Formula for Production/Sales (kwh) = Total rated capacity (kw) X Operating hours per year X capacity factor
= 50,000 kw X 4380 hours X 33.33%
Formula for Operating hours/year= 12 hours X 365 days = 4380 hours

C. Carbon Emission Reductions (CERs)

Carbon
Price of
Gross
Emission
CER
Total
CER
Year
Reductions (Equivalent
Revenues
Revenue
(CERs) (in in PhP /MT
(PhP)
(PhP)
MT CO2)
CO2)
Y1
n.a
n.a
n.a
n.a
Y2
n.a
n.a
n.a
n.a
Y3
n.a
n.a
n.a
n.a
Y4
n.a
n.a
n.a
n.a
Y5
n.a
n.a
n.a
n.a
Schedule 8: List and Breakdown of Cost of Raw Materials (Y1-Y5)
A. For New and Expansion Projects (IF APPLICATION IS UNDER E.O. NO. 226)
Y1
a.

Local Raw Materials

b.

Imported Raw Materials

Total Raw Materials

c. Direct Labor Cost
d. Total Overhead Cost
e. Total Production Cost (a+ b+c+d)
(Provide additional sheet if necessary)

Y2

n.a
n.a
n.a
n.a
n.a
Sub-Total n.a
n.a
n.a
n.a
n.a
n.a
Sub-Total n.a
n.a
n.a
n.a
n.a

Y3

n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a

Y4

n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a

n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a

Y5

n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a

Y1 is first year of commercial operation

B. Modernization Projects - Compliance to 25% Substantial Reduction of Total Production Cost

Total Raw Materials

Local
Imported
Direct Labor
Manufacturing Overhead:
Utilities:
Electricity
Water
Communication
Total Utilities
Other Manufacturing Overhead:
Indirect Labor
Factory Supplies
Insurance Expenses
Depreciation & Amortization
Repairs & Maintenance
Others
Total Other Manufacturing Overhead
Total Cost of Goods Sold (TCGS)

Production Cost
Before
Modernization

Production Cost
After
Modernization

Substantial Reduction Cost on

Production cost
Amount Difference

Percentage

(A)

(B)

A-B = (C)

C / TCGS

n.a
n.a
n.a
n.a
n.a

n.a
n.a
n.a
n.a
n.a

n.a
n.a
n.a
n.a
n.a

n.a
n.a
n.a
n.a
n.a

n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a

n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a

n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a

n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
(25%

minimum)

Schedule 9: Jobs Generation/Annual Payroll

Number of Personnel
Classification

Y1

Direct Labor

Y2

50

Y3

50

Y4

50

50

Annual Payroll (PhP)

Y5
50

Y1

Y2

PhP4,155,300

Indirect Labor

Y3

hPP4,155,300

Y4

PhP4,155,300

Y5

PhP4,155,300

PhP4,155,300

Selling/Admin

12

12

12

12

12

PhP1,440,000

PhP1,440,000

PhP1,440,000

PhP1,440,000

PhP1,440,000

Total

62

62

62

62

62

PhP5,595,300

PhP5,595,300

PhP5,595,300

PhP5,595,300

PhP5,595,300

Y1 is first year of commercial operation

1
Schedule 10: List of Machinery/ Equipment
A. For New and Expansion Projects
Check if
Description / Type of
Already Already
For
Country Source
acquire installe acquisitio
Machine
d

End-use4

Inverter

China

Generator

Japan

Modules

China

Mounting system (module

support, sigma post,
clamping foot plate, hex nut
bolt, base rail,
SCADA Monitoring system

China

Singapore/Taiwan

Circuit Breaker

local

138 KV Switch Substation,

Disconnecting switch,
metering system with
associated components

local

138KV Transformer

korea

Plugs and cables

China

MV Termination Kit

Malaysia

Connector

China

Converting
DC power to
AC power
Provide backup energy
Harness all
energy
generated from
sun (DC)
Support and
give stability to
modules/solar
panels
Monitor,gather,
process data
For
synchronized
opening and
closing
operation of
indl poles
Interlocked
with associated
circuit breaker
to prevent
making or
breaking load
current.
To withstand
mechanical and
thermal
stresses caused
by short
circuit.
For power line
connection
For Medium
voltage cable
termination
installation
For component
cable hook-up

Qty
No. of
units

Unit Cost
(Php)

120,060,000

120,060,000

1,188,000

1,188,000

163,935

12,965

2,125,417,275

81,967

6,500

532,785,500

6,086,605
1

8,505

8,505

37,642,000

37,642,000

28,358,000

28,358,000

72,000,000

72,000,000

2,398,000

2,398,000

3,500,000

Total:

Total Cost
(Php)

2,929,443,885

Application or manufacturing stage where the equipment will be used

B. For Modernization Projects (Existing & Replacement)

Existing Machines & Equipment
Process Flow/
Section

n.a
n.a

Machine
Type/Model

Age/ Year Quantity

Actual
Acquired
Production
Capacity

n.a
n.a

n.a
n.a

n.a
n.a

End-Use

n.a
n.a

Replacement Machines & Equipment

under Modernization Program
Quantity
Production
Expected
Capacity
Efficiency

n.a
n.a

n.a
n.a

n.a
n.a

n.a
n.a

(Provide additional sheet if necessary)

Schedule 11: Financial Projections (Note: Not applicable if output of project being applied for registration is for
Own-Use of the applicant enterprise)
Financial Projections (at least 5 years projection): (preferably in Excel format)
- Projected Income Statements (Itemized Cost of Sales and Operating Expenses) without ITH as attached
For Enterprises with Existing Operations
Schedule 12: Actual Production and Sales Schedule (Volume and Value) - Past Three (3) Years Operations
A. For Non-Power Applications, e.g., bio-fuels, etc.
Selling Price per
Intalled
Production Sales Volume (No.
of units)
Unit
Capacity
Volume
Year
(No. of
(No. of
Domestic Export
Domestic Export
Units) 5
Units)
(Php)
(US$)
n.a
n.a
n.a
n.a
n.a
n.a
n.a

Total Sales Value

Domestic
(Php)
n.a

Export
(US$)
n.a

Foreign Exchange
Rate
(in PhP per USD)

n.a

n.a

n.a

n.a

n.a

n.a

n.a

n.a

n.a

n.a

n.a

n.a

n.a

n.a

n.a

n.a

n.a

n.a

n.a

n.a

n.a

Indicate unit of measure (e.g., metric tons, liters, etc.)

B. For Power Applications

Ye
ar

n.a

No. of
Generators
/ PV
Modules

Capacit
y per
Unit
(MW)

Total
Rated
Capacity
(MW)

Operating
Hours per
Year

Production
(kWh)

n.a

n.a

n.a

n.a

n.a

Sales
(kWh)

n.a

Selling
Price
(PhP/kWh)

n.a

Sales Value
(PhP)

n.a

% Actual
Dispatch
n.a

ATTACHMENTS:
a. Project site should be shown in Google Map, indicating also the applicants existing project/s (if any) located
near the proposed. Sketches not acceptable.
b. Schematic Diagram showing Business Model of the activity being registered (clearly indicate how the
proponent will earn revenues and make profit).
c. DOE Endorsement (if applying under EO 226) or DOE Certificate of Registration (if applying under RA
9513)
The applicant has read the Republic Act 9513 (Renewable Energy Act of 2008), and the Rules and

Regulations adopted by the DOE and BOI/ Omnibus Investment Code of 1987 and the Rules and
Regulations adopted by the BOI and commit itself to abide by the provisions thereof.
DONE IN THE CITY/PROVINCE OF

THIS
20

DAY OF

.
sgdMARIA CELIA RAMONA S.
MONFORT

Applicant/Authorized Officer

REPUBLIC OF THE PHILIPPINES

CITY/PROVINCE OF
MUNICIPALITY OF

)
)

S.S.

SUBSCRIBED AND SWORN to before me this

the City/Province of
No. 17262868
issued at
City of Mandaluyong
February 17
20 15
.

day of

20
affiant exhibited to me his CTC

in
on

NOTARY PUBLIC
Until Dec. 31,
Doc. No.
Page No.
Book No.
Series of

:
:
:
:

SAMPLE FORMAT (Use separate sheet)

SECRETARYS CERTIFICATE
I, ESTHER S. MONFORT, of legal age, Filipino, being the duly elected and qualified Corporate Secretary of
Negros PH Solar, Inc., a corporation duly organized and existing under the laws of the Philippines, with office address
at UG10 Tower 1, Pioneer Highlands, Mandaluyong City, under oath, do hereby certify that at the special meeting of
the Board of Directors of the Corporation held on February 7,2015, the following resolution was unanimously
adopted:
RESOLVED, that MARIA CELIA RAMONA S. MONFORT, President, be as it is hereby, authorized to
transact, execute and sign all documents in behalf of the Corporation pertaining to its application for registration with
the Board of Investments (BOI) for purposes of availing the applicable incentives under the Renewable Energy Act of
2008 (Republic Act No. 9513)/ Omnibus Investments Code of 1987 (Executive Order No. 226) as amended for the
proposed Solar Plant Project as Renewable Energy Developer/ (New , which is covered by the Special Laws/Regular
List of the 20___ Investment Priorities Plan (IPP) of the BOI.
IN WITNESS WHEREOF, I have hereunto affixed my signature this __________ day of _____________ 20___ at
__________________________.
Sgd. ESTHER S. MONFORT
Corporate Secretary
Subscribed and Sworn to before me this __________________ at _______________, affiant exhibited to me his
CTC No. ____576-202-334________________ issued on ___Nov.14,2015________________ at Bacolod
City_________.
Notary Public
Doc. No. _______
Page No. _______
Book No. _______
Series of _______