$350M set for Benguet hydropower projects

By George Cawaling

LA TRINIDAD, Benguet -- The municipalities of Kibungan and Kapangan, both in this province, are recipients of $350-million hydropower projects, it was reported.

This came as a result of a memorandum of agreement forged by concerned local government units and four hydropower companies -- Korea Water Resource Corporation (Kwater), Cordillera Hydroelectric Power Corp. (Coheco), Park Hydro Electric Power Corporation (Phepco) and Petroxy Power Corp.

The MoU paves the way for the four companies and LGUs to pool their resources and start the projects before the end of 2009.

Start of construction of the projects is set early next year as the detailed engineering designs will then be ready.

The executives and officials who took part in the MoU signing held recently at the Manor in Camp John Hay in Baguio were Kwater Director for Overseas Project Wonchul Park, Choheco and Phepco President and CEO Larry Howon Kim, Kwater Country Manager Sejin Chang, Eastern Luzon Founder Youngsoo Kwon and EVP Petroxy Corp.

Others were Soorae Park, Petroxy Business Development and Project Manager Neil Javier Agustin, Benguet Hydro Project Manager Agustin Petican, Petroxy Branch Manager Abraham Alejo, Mayor Benito Siadto of Kibungan, DENR personnel, lawyer Manny Santos (interim president and CEO of NWPC), Dr. Nehemias Esguerra (NWPC management), and Jophet Banghulot (NWPC).

Mayor Roberto Canuto of Kapangan was unable to attend the affair due to an earlier commitment.

Meanwhile, $400 million hydropower projects are also expected to be implemented by a Korean consortium in the Visayas.