NEWS IN BRIEF; P/$ Rate Closed at P56.095
The peso closed at P56.095 to the US dollar last Friday at the Philippine Dealing System of the Bankers Association of the Philippines. The weighted average rate stands at P56.045.
Kepco studies Cebu coal plant
The local subsidiary of Korean Electric Power Corp. is planning to undertake the feasibility study for the 200-megawatt coal fired power plant in Cebu. Kepco is willing to invest up to $250 million for the Cebu coal plant, which will be built near the Naga power complex run by Salcon Power Corp. Company president Lee Gil Gu said the results of the feasibility study will ensure a complete operation of the said plant. "We have sent out the bids but we have not yet decided on who will do it (feasibility study) but whats important is that is the result," he said. Kepco plans to start actual construction by July or August next year. The estimated construction period is two years. The company is also proposing to undertake the development of the 100MW coal fired plant in the Visayas. But then Gil Gu declined to give an update. "Its hard for us to talk about it," he said. This is because Kepco has been encountering strong opposition from environmentalist groups for the 100-MW coal plant aimed at augmenting the power situation in the Visayas. However Kepco has already signed a memorandum of agreement with local government officials of Banate as probable site. Unfortunately the IloIlo Provincial Board is protesting this MOA. Kepco is the largest Korean power investor in the Philippines. It operates the $700 million, 1,200-MW Ilijan natural gas power plant in Batangas. It is also in charge of the 650-MW Malaya Thermal Power Plant in Rizal.
ICTSI reinforces MICT security
International Container Terminal Services, Inc. (ICTSI) recently reinforced security measures at the Manila International Container Terminal (MICT), in line with the July 1 global implementation of the International Ship and Port Facility Security (ISPS) Code of the United Nations International Maritime Organization (IMO). "We cannot underestimate the seriousness of terrorism, which prompted security authorities to consolidate efforts at a global level, as demonstrated in the focus made on the ISPS Code," said ICTSI terminal manager Felipe Pacheco. He added that it is for this pressing reason that all MICT port users and ICTSI employees must adhere to stricter safety and security measures. The reinforced security measures include: no vehicles of any kind are allowed in the areas of …
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Publication information: Article title: NEWS IN BRIEF; P/$ Rate Closed at P56.095. Contributors: Not available. Newspaper title: Manila Bulletin. Publication date: June 27, 2004. Page number: Not available. © 2009 Manila Bulletin Publishing Corp. COPYRIGHT 2004 Gale Group.
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