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Tuesday, February 17, 2004
RP borrows $415-M to boost power sector
TO HELP improve the country's power sector, the country has recently inked a total of $415 million loan with the Japan Bank for International Cooperation
(JBIC), the National Economic Development Authority (Neda) reported.
Three loan agreements were signed for new investments in the power sector.
The first one is a $40 million credit for the operations of the Wholesale Electricity Spot Market, another $68.5 million to finance the setting up of submarine cables to support the increasing power demand in Cebu and the rest of Visayas, and $307 million loan to fund one of the major projects in Mindanao for this year-- a 210 megawatt coal fired power plant in Misamis Oriental.
Besides these loans for the power sector, the country has also signed an agreement with JBIC for a $19.8 million loan earmarked for small-scale projects in the Autonomous Region in Muslim Mindanao (Armm).
The agreements were signed during the latter part of the year, during President Arroyo's working visit to Japan.
A looming power crisis is feared on or before 2005, a study made by the government showed.
In Mindanao, some P2.3 billion is allotted by the National Transmission Corporation (NTC) to improve the region's power transmission. CEU
(February 17, 2004 issue)
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