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The weight exchange rate closed higher at P47.42 to the US dollar yesterday at the Philippine Dealing & Exchange Corp. from P47.52 the previous day. The weighted average rate depreciated to P47.496 from P47.325. Total volume amounted to $848.92 million. Firm builds Palawan Nike Air Max power plant Filipino-owned Palawan Power Generation Inc. is investing P140 million to put up a 9-megawatt power plant in Tiniguiban, Puerto Princesa, Palawan. The project was granted pioneer incentives by the Board of Investments entitling it to income tax holiday incentives and preferential duty on the importation of capital equipment. The company is expected to start commercial operation in March this year employing 39 workers.
PPGI will operate, convert and rehabilitate the Puerto Princesa 9-megawatt diesel power plant it leased from the National Power Corp. It will also convert the diesel-fired engine to make it run on bunker fuel. Once operational, the project is expectd to generate savings of at least P2.3 billion over a 15 year period. The proponent said that when the power plant is fully restored, it will be able to service about one-fourth of the total electricity demand in Palawan. PPGI is a unit of Palawan electric Cooperative, which holds the franchise to distribute power in Palawan.
PPGI s major stockholders are FLG Management & Development Corp., Theta Petroleum Corp. and Power One Corp. NPC buys Indonesian coal The National Power Corp. you have bought 585,000 tons nike free run of coal from three Indonesian suppliers, its first purchase since July after failing to award tenders because of high prices. Australian thermal coal prices, a benchmark for Asia, were quoted around $83 a ton at the start of the week, down nearly 60 percent from a record peak above $ 200 a ton in July last year. PT Trubaindo Coal Mining, PT Indominco Mandiri and PT Ekstrim Prima Coal will supply coal starting this month to National Power Corp s Shual and Pagbilao power plants, both located in Nike Air Jordan Shoes the northern Luzon region, according to data posted on the state power company’s website.