President Benigno S. Aquino III on Thursday led the ceremonial launch of the 420-megawatt Pagbilao III Power Plant project, signaling the start of the 37-month construction of the plant in Barangay Ibabang Polo, Pagbilao, Quezon province.
“This (project) is absolutely necessary to ensure a steady supply of the power that Filipinos need day in, and day out, even as we seek to diversify the energy mix by bringing in other power sources,” President Aquino said in his speech during the event, held in Fairmont Hotel in Makati City.
The President said that apart from supplying additional coal power, the construction of the plant would create 2,000 jobs, which will have a multiplier effect in the community.
“So, to TeaM Energy Corporation and Aboitiz Power Corporation, thank you for your continuing confidence in the Philippines,” he said, referring to the Japanese and Filipino companies that have teamed up to construct the power plant.
President of the Tokyo Electric Power Company (TEPCO), which is a partner of TeaM Energy, Naomi Hirose said they were investing in the Philippines due to President Aquino’s good governance, the country’s Triple “B” credit rating, and economic growth.
“This investment of close to $1 billion will be equipped with the latest, reliable environmental technologies, such as state-of-the-art flue gas desulfurizer. This will ensure strict adherence to the country’s environmental laws and regulations,” Hirose said.
Meanwhile, Aboitiz Power Corporation Chief Executive Officer Erramon Aboitiz said his company initiated the project because it believes that “the Electric Power Industry Reform Act (EPIRA) is working.”
The EPIRA Law or RA 9136 is designed to reduce electricity rates and improve the delivery of power supply to end-users by encouraging greater competition and efficiency in the power industry.
Also present during the launch were Energy Secretary Jericho Petilla; Aboitiz Equity Ventures Chairman Jon Ramon Aboitiz; Vice Chairman of Marubeni Corporation, the other partner of TeaM Energy, Mamoru Sekiyama; and Fairmont Hotel General Manager David Bachelor. PNA