Quantcast
Latest Stories

First Pacific keen on Angat plant

MVP confirms initial talks with Korean firm

By

Manuel V. Pangilinan file photo

Hong Kong-based First Pacific Co. Ltd., headed by businessman Manuel V. Pangilinan, confirmed that it was in talks with Korea Water Resources Corp. on a potential partnership involving the 246-megawatt (MW) Angat hydropower plant in Bulacan.

Pangilinan, who serves as managing director of First Pacific, said his group had spoken with officials of Korea Water.

“We visited Daejeon in Korea,” Pangilinan said on Friday, referring to the South Korean company’s headquarters. “They have not made a decision on which group to partner with.”

First Pacific is an investment holding firm controlled by Indonesia’s Salim family and whose investments are mainly located in the Philippines. Through local units, it has a controlling stake in Maynilad Water Services Inc., which supplies water to the west zone of Metro Manila and nearby provinces, and a 48-percent stake in Manila Electric Co., the country’s biggest electricity retailer.

First Pacific was among the interested groups when the Angat hydroelectric plant was auctioned in 2010.

At the time, it had partnered with rival Ayala Corp., which owns the Philippine capital’s east zone concessionaire Manila Water Corp., as well as the Lopez group in a joint bid against other players like San Miguel Corp., Consunji-led DMCI and the Aboitiz Group.

The state-run Power Sector Assets and Liabilities Management Corp. (PSALM) eventually announced that Korea Water submitted the highest bid of $440.8 million.

In May 2010, however, the Supreme Court issued a “status quo ante order” effectively blocking the planned privatization of Angat Dam’s hydroelectric power plant.

The high court only last year rendered as valid and legal the sale of the Angat power plant to Korea Water. But the plant has yet to be turned over as the government and Korea Water finalize certain details under a so-called water protocol.

Korea Water, the leading water resources and power firm in South Korea, signed last April its agreement to the water protocol governing the operations of the Angat hydropower plant. Both parties decided to “re-execute” the documents governing the sale of the facility to Korea Water because the Supreme Court required some changes in the documents.

However, no definite schedule was given for the turnover of the Angat facility.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , First Pacific , Investment , Manuel V. Pangilinan , News , Power Sector Assets and Liabilities Management Corp.

  • disqus_ZrxaGjUzMQ

    YOU CAN DO THE PROJECT FIRST and we will think if it justify the rate increases

  • disqus_ZrxaGjUzMQ

    maynilad IS making PRESS RELEASE TO JUSTIFY their CR A Z Y WATER RATE INCREASES — THEY WILL PRETEND THEIR IS A PROJECT AND SUDDENLY CANCEL THE PROJECT AFTER THEY GET THEIR RATE INCREASES APPROVE NO MORE YOU CANNOT FOOL US — NO MORE RATE INCREASES FROM NOW ON



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • US teacher fired over comment on black president
  • Magnitude-7.5 earthquake shakes Mexican capital
  • Title of new Hillary Clinton book: ‘Hard Choices’
  • Filipinos, Dutch re-enact crucifixion of Christ
  • 14 killed in car bombing in Homs
  • Sports

  • Nadal ousted by Ferrer in Monte Carlo quarters
  • Pacquiao shorts in Bradley fight sold for P1.7M in LA auction
  • Ryu pitches Dodgers past Giants
  • Alonso sets the pace in Chinese GP practice
  • Heat seek Three-peat but Spurs, Pacers top seeds
  • Lifestyle

  • Levine designs womenswear with help from fiancee
  • Gabriel Garcia Marquez, Nobel laureate, dies at 87
  • Ford Mustang turns 50 atop Empire State Building
  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • Entertainment

  • Myx TV premieres Asian American ‘docu-series’
  • A nutty finale for ‘Scandal,’ TV’s craziest show
  • EXO postpones release of mini album ‘Overdose’
  • ‘X-men’ filmmaker slams ‘fabricated’ sex attack claims
  • Singer Chris Brown’s bodyguard on trial in DC
  • Business

  • US commerce secretary spells out economic facet of ‘pivot to Asia’
  • Italy sells luxury state cars on eBay
  • Asian shares mostly up in quiet trade
  • Dollar up in Asia on US jobs data, Ukraine deal
  • Barbie doll has a problem
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • Las Vegas ‘Pinoy Pride’ fest hails Filipino heritage
  • Marking Jesus’ journey on Good Friday
  • Filipina accomplice arrested for fake bills in Malaysia
  • DoH denies Filipino nurse no longer positive for MERS virus
  • WHO warns vs spread of MERS-Cov, urges vigilance in taking precautions
  • Marketplace