In a bid to ensure reliable supply of electricity in Mindanao, First Bukidnon Electric Cooperative, Inc. (FIBECO) and Pulangui Hydro Power Corporation (PHPC) entered into a Memorandum of Understanding (MOU) on March 8 to kick off the construction of the 250-MW Pulangui 5 hydro power plant in Bukidnon.
Senator Juan Miguel Zubiri and National Electrification Administration (NEA) Chief Edgardo Masongsong were on hand during the signing ceremony at Solaire Resorts and Casino, Pasay City.
"The construction of Pulangui 5 will be the beginning of the realization of our goal to jumpstart economic activity in Mindanao and ensure sustainable power supply for the country,” said Masongsong, who, like Sen. Zubiri is from Mindandao.
According to the NEA chief, the NEA and its partner electric cooperatives are actively involved in securing investments in power plant projects "not only to address our growing energy requirements, but also to achieve the social and economic change envisioned by President Rodrigo R. Duterte for the country.”
The Pulangui 5 hydro power plant, valued at US$800 million, is expected to be completed in 2020 or 2021.
According to Masongsong, “FIBECO will be part owner of the power plant, with shares of stock under negotiation.”
“The construction of Pulangui 5 is in line with the thrust of the NEA to generate greater efficiencies in the power distribution system of the electric cooperatives," stressed the former legislator.
"Revenues from the project will contribute to the reduction of power rates for electricity consumers in the franchise of the EC."
During the ceremony, FIBECO was represented by the Board of Directors and Management led by its President, Director Romeo Pacanan, and General Manager, Rey Balaba.
Meanwhile, PHPC was led by Chairman Michael Chen, together with consultant Dr. Regin Mordeno and Mr Sean Lin of Energy China.