State-run Power Sector Assets and Liabilities Management Corporation (PSALM) has reportedly served a "formal notice of default and confiscation of performance bond" on Monday (December 11) to FDC Misamis Power Corporation of the Filinvest group relating to its independent power producer administrator (IPPA) contract on the 108-megawatt Mt Apo geothermal power plant in Mindanao.
The worth of irrevocable standby letter of credit that it posted relating to the Mt Apo asset had been at P400 million; and that was issued then by East West Banking Corporation.
The conflagration, which reportedly was caused by a Mt Apo
camper who failed to extinguish a campfire last week, has so far burnt down an estimated 300 hectares of the forest.
Recently, he viewed the Philippines' highest mountain called Mt Apo
FILINVEST TOPS BIDS FOR MT APO PLANT'SSUPPLY CONTRACT
FDC Misamis Power Corporation of the Flinvest group has been declared the highest bidder in the auction for the appointment of an independent power producer administrator (IPPA) for the 108-megawatt Mt Apo geothermal power plant, the Power Sector Assets and Liabilities Management Corporation (PSALM) said.
In 2004, the Marubeni Energy Services Corporation (MESC), a Japanese firm that operates and maintains the Mindanao 1 Geothermal Plant in Mindanao's Mt Apo, supported PEF's first programme to return Philippine eagles to their natural habitat.
At the time, Kabayan, a Philippine Eagle, became the first captive-bred eagle released in the deep forests of Mt Apo.