By Danessa Rivera (The
Philippine Star) | Updated April 3, 2016 - 12:00am
MANILA, Philippines – TeaM Energy
Corp., a partnership between Japanese firms Tokyo Electric Power Co. and
Marubeni Corp., received the highest rating from Integrity Initiative (II), a
private-led effort to promote good governance, transparent business transactions
and implement strict integrity standard in the Philippines.
In a statement, TeaM Energy said it
was given an Advanced rating after an external validation audit conducted by
the II.
The audit covers the internal and
external business processes of the power firm in dealing with employees and
external stakeholders including government regulators and host communities.
“With the Advanced rating given by
the Integrity Initiative, we are only one of 14 private firms in the
Philippines to receive such a distinction from among over 2,600 signatories to
the integrity pledge,” TeaM Energy chairman and CEO John Alcordo said.
Beginning in 2010, the II is a
private sector organization formed by the Makati Business Club (MBC) and
European Chamber of Commerce in the Philippines (ECCP) which reviews and
validates the ethical business practices of private and public entities with
the intention of uplifting ethical standards among private companies and
government institutions.
Under the II audit, TeaM Energy
scored a total of 270 points, well within the 223 to 296 points required in
order to be recognized at the advanced level by the II.
The advanced rating shows that TeaM
Energy is doing its share in promoting a culture of business integrity which
helps the country improve its global competitiveness in order to attract new
investments, Alcordo said.
“We wish to thank the Integrity
Initiative for recognizing our efforts at further improving our corporate
governance efforts. By participating in this, we are helping promote the Philippines
as a desired venue for investments not only in the energy sector, but for
various industries as well,” he said.
“As our company deals regularly with
various stakeholders including partners in government both at the local and
national levels, it is important that all our dealings are conducted with the
highest of ethical standards in mind,” Alcordo said.
TeaM Energy is one of the largest
independent power producers in the country, with more than 2,000 megawatts (MW)
of installed generating capacity nationwide, namely the 735-MW Pagbilao Power
Station in Quezon and the 1,218-MW Sual Power Station in Pangasinan.
It also has a 20 percent stake in
the 1,200 MW natural gas-fired plant in Ilijan, Batangas.
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