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
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