Manila Bulletin
January 19, 2011, 7:45pm
MANILA, Philippines – President Benigno S. Aquino III has endorsed a compromise deal for the national government to finance the pet development projects of Quezon in exchange for condoning the P6-billion tax liabilities of a power plant in the province.
The President in effect averted the imminent auction of the Pagbilao power plant in a bid to sustain investor confidence while keeping the province of Quezon satisfied, according to Secretary Ramon Carandang of the Presidential Communication Development and Strategic Planning Office (PCDSPO).
The compromise deal involving Quezon province and the 735-megawatt power plant, operated by Team Energy Corp. was reached during the President’s meeting with his economic managers in Malacañang.
The local government of Pagbilao earlier scheduled the auction of the power plant on January 26 for non-payment of property taxes. The power plant provides 7 percent of the electricity in Luzon.
Carandang, speaking to reporters in the Palace, said the President spoke to Quezon Governor David Suarez for 10 minutes about the compromise deal to prevent the auction of the plan. Details of the deal, including the mutually agreed amount to compensate Quezon province, will still be worked out by Executive Secretary Paquito Ochoa Jr. and other concerned government agencies, he said. (Genalyn D. Kabiling)
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