President’s Hall, Malacañang
17 April 2013

President Benigno S. Aquino III witnessed the ceremonial contract signing of Filinvest Development Corporation (FDC) and Phividec Industrial Authority for the construction of the PhP30 billion power plant investment by FDC Misamis Power Corporation within the Phividec’s industrial estate in Villanueva, Misamis Oriental.

The 28-year land lease agreement will cover an initial 84.4 hectares of land for the construction of a circulating fluidized bed (CFB) coal-powered plant, the latest in ‘clean coal technology’ which is targeted to generate an initial 270-megawatts that will permanently solve Mindanao’s perennial power brownouts by early 2016.

In his message, President Aquino expressed his confidence that the investment will yield positive economic growth in Mindanao.

“This signing gives us peace of mind that the permanent solutions are being put in place. By 2016, these plants will be providing 405 megawatts of coal power to the Mindanao grid. With the energy these plants will be producing, by 2016, we expect production capacity to be almost 470 megawatts above peak demand. Moreover, these will diversify the energy mix, and more importantly, they will provide a more robust base load capacity for the region,” he said.

“At the end of the day, you are not just entering into another business venture –you are not just increasing the energy generation capacity of Mindanao. You are helping Filipinos live better, more dignified lives; you are fortifying the backbone of their economy; ultimately, you are increasing the capacity of Mindanaoans – and all Filipinos – to hope for brighter futures,” the Presided added.

President Aquino also assured the investors that the government is working steadily with the Moro Islamic Liberation Front to put in place a peace agreement that will lead to peace and prosperity in the region.

Officiating the contract signing were PIA Administrator Leo Tereso A. Magno and FDC Misamis Power Corporation Jesus N. Alcordo. The signing was officially witnessed by PIA Board Chairman BGen Triunfo P. Agustin (Ret), PIA Corporate Secretary Raul Ragandang, Filinvest Land Inc. First Vice President Antonio E. Cenon, Filinvest Land Inc. First Vice President & General Counsel Pablito A. Perez.

Joining the President at his side were Defense Secretary Voltaire Gazmin and Energy Secretary Carlos Jericho Petilla.

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