Boston, MA -- (SBWire) -- 10/03/2013 --As expected, the Philippines continue to exhibit conditions that are ideal for construction activity - conducive monetary environment, political stability and robust government spending - and these conditions are showing signs that they could continue into 2014. As a result, we have significantly revised up our construction and infrastructure growth forecasts for the country over the near-term. However, the lack of significant progress with the government's private-public partnership programme suggests that project execution risks in the country remain considerable and this is a major threat to our long-term outlook for the sector.
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Major developments in the Philippines' infrastructure industry:
- In May, the Philippines' Department of Transportation and Communications (DOTC) had selected seven groups to bid for the Mactan Cebu International Airport (MCIA) project, reports Inter Aksyon. The DOTC and Mactan Cebu International Airport Authority (MCIAA) plan to include strict competition safeguards in the concession agreement, which is expected to protect a likely conflict-of-interest situation during the operational stage of the project. The new international passenger terminal building in MCIA will have a capacity of about 8mn passengers per year and after its completion, the existing terminal will be converted into an exclusively domestic passenger terminal.
- In May, San Miguel announced that it will invest US$1.5bn in the development of two power plants, reports ABS-CBN. The majority of the money will be used to develop a US$1bn, 600MW coal-fired plant at Bataan in the state of northern Luzon. The remainder will be used to develop a US$500mn power plant in Davao, which will generate electricity for the Luzon and Mindanao grids. Both facilities are scheduled to commence commercial operations in 2015. In July 2013, San Miguel had started building the 600-megawatt (MW) Davao coal-fired power plant in Mindanao. The power plant would have an initial capacity of 150MW and may be upgraded to it full capacity at 600MW. The plan would also use locally sourced coal from its own mines in Mindanao.
- In June, Palm Concepcion Power, a joint venture between Palm Thermal Consolidated Holdings and Jin Navitas Resource, signed term loan facility agreements worth PHP6bn (US$138.59mn) with two banks - Asia United Bank and China Banking Corp. The loan facility would finance the construction and operation of a 135MW coal-fired power plant in Iloilo province in the Philippines. The PHP12.5bn power plant project is understood to be the most advanced and fuel-efficient plant in the Visayas. The power plant would be managed by Canadian construction company SNC Lavalin and will use Alstom's technology for steam turbine and generator. The project is scheduled for completion in early 2016.
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