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PIA Press Release
2010/02/12

PGLDN finalizes loan package for Bacolod hydropower plant

Iligan City (12 February) -- Lanao del Norte provincial officials headed by Gov. Khalid Dimaporo met with officers of the Development Bank of the Philippines (DBP) last February 10, for presentation of the project proposal that will realize the 12 Mega-watt hydropower plant in Brgy. Pagayawan, Bacolod, Lanao del Norte.

The hydropower plant project is a major component of the Metro Iligan Regional Infrastructure Development Project (MIRIDP) which seeks to jumpstart the local economy and attract investors in the region.

"Through this hydropower plant, the provincial government is set to gain huge revenues that can be used to further improve the social services of the province and provide infrastructure projects especially to interior municipalities," Board member Val Zamora said.

During the meeting, Angelita Aguirog, Manager of DBP in Iligan branch presented the different loan packages available to the province for the implementation of the vital project.

"We will only push through with this project if we can find a way to settle the loan using only the revenue generated by the hydropower plant. The IRA should not be touched," stressed Governor Dimaporo.

More meetings between the technical team of the province and DBP loan officers have been set to explore all options to satisfy the requirements set by Gov. Dimaporo for the project funding.

The group is scheduled to meet again on March 15, 2010 for the final presentation to Gov. Dimaporo of the loan payment schemes acceptable to both parties.

Once completed, the hydropower plant will supply all the electrical requirements of Lanao del Norte Electric Cooperative, Inc. (LANECO) which is serving the entire province. An excess of about 5 mega-watt generated by the plant during non-peak hours can be sold to nearby electric utilities for added income to the provincial LGU. (VNL/PIO-LDN) [top]

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