$1-B project readied after Masinloc sale

By Riza Recio

04/26/2008

Masinloc, Zambales — A ferro-nickel smelting plant worth $1 billion is being planned to be put up in Zambales which intends to source its massive power supply requirement from the 660-megawatt Masinloc coal-fired power plant that was recently acquired by a consortium led by Singapor-based AES Corp, Zambales Governor Amor Deloso said.

Deloso, in his speech during the formal turn-over of Masinloc to AES the other day, said the Zambales provincial government will also grant tax incentives on the property tax assessment and will allow fair market value of Masinloc to be assessed on construction cost of P21.2 billion.

“I hope that this gesture of the provincial government will send a strong signal to locators around the world that the Province of Zambales is a world-class investor-friendly destination to base their future business,” he said.

Speaking also before the Masinloc employees and supporters during the turn-over ceremony, AES president Matthew Bartley said as one of the world’s largest global power companies, AES’s experience with the privatization of this plant reaffirms its interest in furtehr investments in the Philippines, particularly Zambales.

“This is a message we intend to send out to the gloabl community that is constantly looking for investments opportunities to locate their businesses,” he said.

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