Napocor debt transfer still awaiting creditor's approval
Business World, Tuesday, January 11, 2005
Napocor debt transfer still awaiting creditor's approval
A visiting Japanese minister has been asked to help secure Japan Bank for International Cooperation (JBIC) consent for the transfer of National Power Corp. (Napocor) debts to Power Sector Assets and Liabilities Management Corp. (PSALM).
Energy Sec. Vincent S. Perez, Jr. said he emphasized the "urgency of the consent" to Japanese Finance Minister Sadakazu Tanigaki, whom he met yesterday to discuss the progress of Philippine power sector reforms.
"[Japan] took note of the strenuous efforts for power reforms in the country and that he [Mr. Tanigaki] will personally follow-up the consent from JBIC," Mr. Perez told reporters.
"We discussed the progress of power reforms and I think he was impressed with the progress made so far ... We also asked them about the JBIC consent for the debts," Mr. Perez said.
JBIC, one of Napocor's major creditors along with the Asian Development Bank and the World Bank, has to approve the transfer of Napocor's debts under the Electric Power Industry Reform Act of 2001 (EPIRA).
PSALM was given the mandate, under EPIRA, to dispose of all of Napocor's assets, which include 35 power plants and non-power and real estate properties.
The World Bank and JBIC last year gave the go-signal to transfer the first five power plants privatized by PSALM to winning bidders. These assets are the 3.5 megawatt (MW) Talomo hydroelectric plant (HEP) in Davao City; 1.6-MW Agusan HEP in Manolo Fortich, Bukidnon; 1.8-MW Barit HEP in Buhi, Camarines Sur; 0.4-MW Cawayan HEP in Sorsogon City, Sorsogon; and the 1.2-MW Loboc HEP in Bohol.
PSALM recently sold one of Napocor's largest assets, the 600-MW Masinloc coal-fired power plant in Zambales, to YNN Pacific Consortium for $561.7 million.
PSALM has 270 days from the award and effectivity of the sale agreement to obtain the consent of international creditors of Napocor for the transfer of the Masinloc plant.
Napocor debt transfer still awaiting creditor's approval
A visiting Japanese minister has been asked to help secure Japan Bank for International Cooperation (JBIC) consent for the transfer of National Power Corp. (Napocor) debts to Power Sector Assets and Liabilities Management Corp. (PSALM).
Energy Sec. Vincent S. Perez, Jr. said he emphasized the "urgency of the consent" to Japanese Finance Minister Sadakazu Tanigaki, whom he met yesterday to discuss the progress of Philippine power sector reforms.
"[Japan] took note of the strenuous efforts for power reforms in the country and that he [Mr. Tanigaki] will personally follow-up the consent from JBIC," Mr. Perez told reporters.
"We discussed the progress of power reforms and I think he was impressed with the progress made so far ... We also asked them about the JBIC consent for the debts," Mr. Perez said.
JBIC, one of Napocor's major creditors along with the Asian Development Bank and the World Bank, has to approve the transfer of Napocor's debts under the Electric Power Industry Reform Act of 2001 (EPIRA).
PSALM was given the mandate, under EPIRA, to dispose of all of Napocor's assets, which include 35 power plants and non-power and real estate properties.
The World Bank and JBIC last year gave the go-signal to transfer the first five power plants privatized by PSALM to winning bidders. These assets are the 3.5 megawatt (MW) Talomo hydroelectric plant (HEP) in Davao City; 1.6-MW Agusan HEP in Manolo Fortich, Bukidnon; 1.8-MW Barit HEP in Buhi, Camarines Sur; 0.4-MW Cawayan HEP in Sorsogon City, Sorsogon; and the 1.2-MW Loboc HEP in Bohol.
PSALM recently sold one of Napocor's largest assets, the 600-MW Masinloc coal-fired power plant in Zambales, to YNN Pacific Consortium for $561.7 million.
PSALM has 270 days from the award and effectivity of the sale agreement to obtain the consent of international creditors of Napocor for the transfer of the Masinloc plant.
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