SAN JOSE, Antique—To help lessen dependence on imported fuel oil, Filipino-owned Sun West Water and Electric Co. (Suweco) inked a power- supply agreement with Antique Electric Cooperative Inc. (Anteco) for the output of its planned 8-megawatt (MW) minihydro-power project.

Energy Secretary Angelo Reyes said over the weekend that Suweco will invest P1.01 billion to construct the 8-MW minihydro-power project in Bugasong, Antique.
Reyes, who witnessed the signing between Suweco and Anteco, said the 8-MW hydropower facility will allow the country to reduce its dependence in imported fuel by 50,200 barrels of fuel oil equivalent (BFOE).

Based on the project briefs, the project will result in about $6.8 million or P292 million in annual foreign exchange savings for the government.
The Philippine National Oil Co. (PNOC), which is chaired by Reyes, is also pushing for the construction of other hydropower projects.

PNOC and the Spanish firm Soluziana S.A. are in the process of finalizing the feasibility studies of the 5.6-MW Babuyan and the 6.8-MW Langogan Hydropower Projects in Palawan.

The study has been financed through a grant from the Spanish government amounting to €235,000 through the Instituto de Credito Official. The company also revealed that it is also studying the possibility of developing the 23.5-MW  Timbalan Hydropower in Ma. Cristina Madalag, Aklan.

The PNOC Investment and Appraisals Committee is still reviewing and evaluating the results of the Timbalan study.

Another project being considered is the 17.8-MW Catuiran Hydropower project in Calapan, Oriental Mindoro. The feasibility study is also funded by Jetro.  
Once completed, PNOC said the two projects will augment power supply in the Visayas.

THE Philippine Long Distance Telephone Co. (PLDT) Group said its foreign partners in the $550-million Asia-America Gateway (AAG) cable project should have a say on a proposed policy seeking mandatory interconnection of backhaul networks to all landing stations.

Loadstar Investment shares surge despite losses, deficit

OIL company Petron Corp. closed trading on Friday at P6 in a performance that landed it among the market’s 30 biggest gainers last week.

THE Gotianun-led Filinvest Alabang Inc. (FAI) is spending P5.6 billion to build a four-tower residential community within the 244-hectare Filinvest Corporate City (FCC) in Alabang.

LESS than two weeks after opening its operations in the Philippines, business process outsourcing firm TechTeam Global Inc. announced it bought the parent company of Manila-based Onvaio Asia Services Inc.

FLAG carrier Philippine Airlines (PAL) will increase its flight frequencies to Macau and Singapore.

In a statement, PAL said it will mount flights to Macau every day from the five-times-weekly frequency.

SAN JOSE, Antique—To help lessen dependence on imported fuel oil, Filipino-owned Sun West Water and Electric Co. (Suweco) inked a power- supply agreement with Antique Electric Cooperative Inc. (Anteco) for the output of its planned 8-megawatt (MW) minihydro-power project.

LAST week: Philippine stock prices dropped anew by 3.10-percent week-on-week to 2,739.70 after the government reported a higher-than-expected May inflation figure of 9.6 percent. Another major factor was the decision of the Bangko Sentral to raise its key-interest rates by 25 basis points to 5.25 percent.

TALK about clout. Development Bank of the Philippines chairman (DBP), Patricia Santo Tomas, and president, Reynaldo David, introduced last Wednesday, the bank’s first batch of 120 nursing scholars to President Arroyo.