Basic Energy Corporation (BEC) reported a significant decline in financial performance for 2024, with sales falling to PHP 47.96 billion from PHP 64.07 billion in 2023 and profits dropping sharply to PHP 28.6 million from PHP 99.6 million, according to audited financial statements released on Monday. Despite the financial headwinds, the company is pressing ahead with its transition to renewable energy, highlighted by government approval for a 43-megawatt (MW) solar project in Negros Occidental.
The company attributed its revenue decline to volatile fuel prices and ongoing market pressures. A notable concern in the report is the PHP 16.33 billion owed by customers, with some accounts delayed by as much as 240 days.
BEC’s liabilities totaled PHP 25.95 billion, including PHP 16.14 billion in loans carrying interest rates between 6% and 7%. A reported loss of PHP 41.8 million further widened the firm’s financial shortfall to PHP 551.55 million from PHP 502.42 million in 2023.
Still, BEC maintains confidence in its liquidity position, holding PHP 20.19 billion in cash and liquid assets. The company says this reserve ensures its ability to meet financial obligations as it pursues long-term growth opportunities.
The core of BEC’s operations remains in fuel trading and storage, driven by subsidiaries such as Filoil Energy Co. Inc. and Filoil Logistics Corporation. The firm also reported PHP 407.93 million in receivables from related companies, including Grandway Group Limited, which are accounted for in its financial books. BEC currently has 14.67 billion shares outstanding, with 763.84 million held by company directors.
A major step forward in BEC’s renewable energy ambitions came in March 2025, when the Department of Energy granted a Certificate of Authority for the 43 MW Cadiz 1 Solar Power Project. Spanning 30 hectares in Negros Occidental, the project enables BEC to proceed with permitting, grid connection, and eventual construction.
The Cadiz initiative is part of BEC’s larger goal to develop 500 MW of solar and 500 MW of wind capacity by 2030. The roadmap includes a planned 62 MW solar farm in Mariveles, Bataan.
As BEC navigates financial turbulence, its pivot toward clean energy is emerging as a cornerstone of its future growth strategy—aligning with the Philippines’ broader push for sustainable and resilient energy development.
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