MANILA, Philippines—Six foreign companies from Korea, China and Japan have begun conducting due diligence before they fully commit to coal and hydropower projects in the Philippines.
Energy Secretary Jose Rene D. Almendras said during the House committee energy hearing on Tuesday that the prospective firms were new players, and their projects would be their first foray in the Philippine power industry.
He declined to name all but one of the companies.
The prospective firms, one of which has been identified as HydroChina, are still awaiting the proposed amendments to the Electric Power Industry Reform Act and the implementation of other measures that are meant to improve the country’s investment climate, Almendras said.
Also, the Department of Energy needs to first thresh out a number of issues—including the real property tax case over the 700-megawatt Pagbilao coal facility in Quezon, the inability of cash-strapped electric cooperatives to pay power generation companies, as well as inconsistencies in government policies—before the foreign companies invest in the Philippines, the energy chief said.
“Investment climate is favorable. However, there are nuances. There is still fear about inconsistencies of policies. I just came from Japan and we had a very good road show…. We were successful in showing them that there are opportunities. However, the assurance that they are looking for is consistency of policy, consistency in implementation,” Almendras explained.
Last month, the government was able to convince local authorities in Quezon to stop the auction of the Pagbilao power plant. The government offered a compromise in settling P6 billion in real-estate tax liabilities owed by those running the power facility in the province.
The Pagbilao plant had already been scheduled for auction by the Office of the Municipal Treasurer of Pagbilao, after it was “subjected to a warrant of levy” last January 10 for non-payment of real-property taxes. –Amy R. Remo, Philippine Daily Inquirer
Sept 5 – Oct 5
National Teachers Month
“Pay teachers decent wages,
Pay attention to teachers!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of
Forced Labour and Freedom of Association protocols.
Accept National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
September
Monthly Observances:
Health, Safety, and Sanitation Month
Clean-up Month
Civil Service Month
National Peace Consciousness Month
Social Security Month
Rule of Law Month
National Teachers’ Month (Sept 5-Oct 5)
Weekly Observances:
Sept 17 – 23:
World Clean and Green Week
Week 2: Education Week
Week 4: Medicine Week
Last Week: Family Week
Daily Observances:
Third Saturday: International Coastal Clean-up Day
Third Monday: World Health Day
Last Friday: National Maritime Day
Sept 8: National Literacy Day
Sept 15: Philippine Medicine Day
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
