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MANILA, Philippines - The Board of Investments (BOI) has granted tax perks to two companies that would put up a combined 735 megawatts of power-generating capacity in the Luzon grid.
In a statement, the BOI said it approved the provision of fiscal incentives to the P49.45 billion expansion of the Masinloc Power Partners Co. Ltd.
The expansion includes the construction of two units of 300-megawatts each, bringing the Masinloc coal-fired plant's capacity to 1,200 megawatts.
The plant is owned by US-based AES Corp., which operates in 27 countries in Asia, North America, South America, Europe and Africa.
A second company that would receive fiscal perks is South Luzon Thermal Energy Corp. for its P12.878 billion project, which involves the construction of a 135-megawatt coal-fired power plant.
The planned facility would begin commercial operations on August 2014, and would serve electric cooperatives, industries and the wholesale electricity spot market.
Data from the Department of Energy showed that electricity demand is expected to grow at an average of 4.5 percent a year or up to 12,005 megawatts by 2014. The Luzon grid alone will require an additional 1,050 megawatts two years from now.
The two power projects are aligned with the 2011 Investment Priorities Plan of the government meant to attract investments in key industries to achieve inclusive growth.
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