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Tuesday, January 20, 2004
Philexim offers help in power, water crisis
By Jessica B. Natad
THE country’s export and import credit agency has expressed willingness to help Cebu address its power crisis by extending its services to investors who want to venture into the generation, distribution or transmission of power for Cebu’s consumption.
According to Philippine Export-Import Credit Agency (Philexim) president and chief executive officer Joel Valdes, Cebu’s power shortage problem needs to be resolved immediately to sustain the area’s investment potentials.
“We believe in Cebu’s investment potential. Cebu has shown better economic performance than other areas in the country despite the global crisis. A power shortage will hamper Cebu’s development,” he said on the sidelines of a press conference held to announce Philexim’s partnership with Goldland Philippines Corp. (GPC) and Philippine Veterans Bank (PVB) at the Shangri-La’s Mactan Island Resort Friday.
Guarantee
Philexim helped GPC by guaranteeing the firm’s P380-million loan with PVB. The loan was meant to finance the completion and operation of GPC’s multibillion project, Hilton Cebu Resort and Towers, located in Mactan.
Philexim is authorized by the government to extend national government guarantees to Philippine registered corporations through its guarantee and financing programs.
In its intention to help solve Cebu’s power problem, Valdes said Philexim had offered its services to the Visayan Electric Co. (Veco). But the power distribution company refused Philexim’s proposal.
Meanwhile, he said Philexim is now talking with the Metropolitan Cebu Water District (MCWD) for a possible P1.2-billion loan for the water project in Carmen, Danao.
Sourcing water from Luyang River in Carmen, Cebu is among the water supply augmentation projects being considered by MCWD. The source can supply MCWD with 50,000 cubic meters of potable water a day.
Valdes said MCWD’s loan, if finalized, will be used to buy the pipes needed to bring the water from Carmen to Cebu.
Tsuneishi
Aside from MCWD, Philexim is also looking at shipbuilder Tsuneishi Heavy Industries (Cebu) Inc. located in Balamban, to be one of its possible loan beneficiaries.
Philexim is also eyeing prospects in Boracay and Cagayan de Oro.
(January 20, 2004 issue)
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