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PIA Press Release

PGMA thanks Leytenos for sharing geothermal resources with entire country

Ormoc City (September 25) -- President Gloria Macapagal Arroyo during the Leyte Optimization turn-over ceremony to PNOC-EDC, thanked the people of Leyte for their generosity in sharing their geothermal resources by supplying power to the other parts of the country.

The Ormat Leyte Co. Ltd., an affiliate of Ormat Technologies, Inc., which built and operated the geothermal plants in Leyte, is now turning over the four optimization geothermal plants with total capacity of 51 megawatts, after many years of bringing clean energy to the Filipino people, the President stressed.

The President underscored her gratitude that Leyte in the Philippines has the biggest steam fields in the world. Mayor Codilla said that the Leyte Geothermal Power is the biggest in Asia, the President said, "but if you talk of wet fields, as PNOC President and CEO Paul Aquino said, the largest in the world is the Leyte Geothermal Fields."

The turn-over ceremony, the President added, comes at a time when "we are developing and promoting our Green Philippines agenda which puts an emphasis on sustainable economic model that brings economic opportunity and the concern for our environment."

The county's economy has reached a new level of maturity and stability with some of the strongest macroeconomic fundamentals in 20 years, President Arroyo stressed.

"We have aimed high and have met the challenge," she added. Six years ago, no one thought they could get more revenues, cut down on tax cheats, strengthen the peso and move the stock market.

No one thought the government could bring the budget into balance as the country did last month, she mused, "prepay our debts and raise employment that we have."

Today, the Philippines is on a path to permanent economic growth and stability. Investments are pouring in, the peso is strong, the stock market has reached its tallest heights, the government has created six million jobs in six years and the world is taking notice, the President beamed with confidence.

The President believes that the Philippine offers one of the best values in Asia for domestic and foreign investors. The surge of investments has been anchored over many industries.

For instance, the President enumerated, the billion dollar investments in our country of several multi-million international companies including Texas instruments in electronics, Korea's Hanjen in shipbuilding, Japan's Marubini and Tokyo Electric in electric power and America's AAS which recently won the bid for the Masinloc Power Plants for $950-M and will expand it by another US$1-B as soon as they get the necessary clearances from the Philippines.

The President said these heavy investments are coming across the board in a number of industries and the government is making it sure this will be sustained. (PIA 8) [top]

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