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BOI approves P5B housing, power projects

[ ] July 1, 2010

The Board of Investments (BOI) has approved P5.155 billion worth of projects this week, led by six housing projects with an aggregate amount of P2.6 billion and three power projects valued at P2.5 billion.
Meanwhile, three manufacturing for export projects also got the BOI nod.
Two of the power projects are in renewable energy: the P903.3 million 7.2 megawatt (MW) biomass power plant in Alicia, Isabela by Lucky PPH International Inc. (LPPHI) owned by Filipino and Chinese investors and the P798.26-million 4 MW landfill methane recovery and electricity generation in San Antonio, San Pedro, Laguna of Bacavalley Energy Inc. (BEI) owned by local businessmen.
The BOI also approved the P653.7 million 620MW Limay oil-fired combined cycle power plant in Limay, Bataan of Panasia Energy Holdings Inc. (PEHI) owned by San Miguel Corp.
Two companies owned by common stockholders are investing a combined P1.045 billion for two housing projects in the Visayas. 8990 Cebu Housing Development Corp. is investing P583.68 million for Deca Homes Mactan 4 Subdivision in Bangkal, Lapu-Lapu City, Cebu while Iloilo Housing Development Corp. is putting in investing P461.68 million for Deca Homes Pavia Subdivision, in Iloilo City.
Both companies have the same stockholders: Luis Yu Jr. (75 percent), Jesus Atencio (15 percent) and Mariano Martinez Jr. (10 percent).
Cityland Inc. meanwhile is spending P959.17 million for Tagaytay Prime Residences 1 Residences, a 21-storey condominium project in Brgy. San Jose, Tagaytay City. Cityland is owned by Stephen Roxas (28 percent), Grace Lusion (15 percent), Andrew Luison (14 percent), Daniel Yon Chiong (9 percent), Helen Roxas (9 percent), Lucy Fan (9 percent),and Alive Cohoc (7 percent).
Property Company of Friends, Inc. (PCFI) is investing P606 million for two housing projects: the P314.67 million Lancaster Villages Phase 1 in Kawit, Cavite and the P290.97-million Monticello Villas Phase 1 in Pavia, Iloilo.
The company’s major stockholders are the Choa family (60 percent) and Maplecrest Property Mgt., Inc. (40 percent), which is also owned by the Choas.
LPPHII’s RE project will generate electricity through gasification of biomass materials such as rice stems and rice husks, primarily, corn stalks, and other agricultural wastes. It will supply the electricity requirements of 13 municipalities in Isabela.
The facility will require 28,800 MT of biomass per year to operate. The company has entered into an agreement with various rice millers in the area for rice husk to ensure reliable and steady supply of biomass.
About 5 MW of electricity generated by the plant has an assured market through a 25-year power Supply Agreement (PSA) with the Isabela 1 Electric Cooperative, Inc. The remaining electricity produced will be supplied to Lucky Brothers Rice Mill, the firm’s sister company, to supply power to its milling operation.
The company’s major stockholders are Lucky Pua (45 percent), Jennifer and Raymond Dizon (25 percent) along with their Chinese partners Riqiang and Wenquiang Pan who hold the remaining 30 percent stake.
BEI’s RE project involves the construction and operation of a 4 MW landfill methane recovery and electricity generation project in San Antonio, San Pedro, Laguna. The methane that will be captured will be used as fuel to produce electricity as a base load in supplying the power requirements of the area.
The project will considerably reduce if not eliminate 70 percent emission of methane generated by the landfill facility for a period of 10 years.
To get the project off and running, BEI will install methane recovery wells, methane collection pipes, power generation, transformers, and transmission equipment on the landfill site.
BEI’s major stockholders are Salvador Zamorra II (60 percent), Hanniel Fernandez (5 percent) and Peregrino Fernandez Jr (35 percent) who also serves as the company president.
SMC’s PEHI will operate the 620MW Limay oil-fired combined cycle power plant which it acquired from the National Power Corp. for $13.5 million late last year.
Since its commissioning in 1994, the project was owned and operated by the Napocor but said project was never registered with the BOI.
The Limay plant was turned over last January and started operation the following month. There are no Energy Supply Agreements (ESA) with distribution utilities and industrial accounts that are included in the sale of the plant.
The Limay power plant serves as reserve/back-up plant within the Luzon grid. The Wholesale Electricity Spot Market (WESM) gives the dispatch order to PEHI when the grid requires additional electricity.
All of the plant generated output will be sold to WESM starting at P12.42 on its 1st year of operation as compared to Napocor’s selling price of P15 per kWh.
AGS Industrial Development Corp. is investing P100.63 million for the manufacture for export of nylon filament yarns and nets and twines in Valuenzuela City with annual capacities of 513 metric tons (MT) and 1,197 MT, respectively.
Riverdale Confectionery Industry Inc. meanwhile is expanding the production for export of marshmallows in its plant in Imus, Cavite at an investment cost of P26.4 million.
Zamboanga Carageenan Manufacturing Corp. is putting in P63.16 million as a new export producer of food-grade semi-refined carrageenan powder at an annual capacity of 2,300 MT at its facility in Zamboanga City.

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