Transparency vowed in Camago-Malampaya bidding

An international finance consultant assured yesterday that there will be "full transparency" in the bidding of the $1.6- billion Camago-Malampaya natural gas pipeline project of the Philippine National Oil Co. (PNOC).

Richard Parry, executive vice president of Tailor-Dejongh Inc., an international project development and finance expert, said the company sees high potentials in the gas pipeline project in Palawan, which is expected to provide at least 2,000 megawatts power in Mindanao for 25 years or more.

"We want this to be a transparent process where simply the best deal is obtained," Parry told airport reporters upon arrival here during the weekend.

PNOC president Ramon Mitra has engaged the services of Tailor-Dejongh Inc. -- which is based in Washington DC -- to draft the loan package and debt restructuring for PNOC's participation in the power project.

PNOC will finance 10 percent of the project, amounting to about $160 million. It will have to secure the funds from international creditors.

Parry said their group will be providing PNOC the "financial advisory services" to help it get the "best deal from whatever bank."

Parry said their involvement in the PNOC bidding would be to "identify the most competitive source . . . to arrange financing from the best source."

"As such, they would identify the lending firm, appropriate cost and repayment period.