Consunji-owned power project gets incentives

MANILA, Philippines - The Board of Investments (BOI) has granted tax breaks to the multi-million power project of Consunji-owned DMCI Masbate Power Corp. (DMCI-MPC).

The project involves the construction and operation of a 24.4-MW diesel power plant in Brgy. Tugbo, Mobo, Masbate. The proposed power plant is designed as a base load plant to supply electricity in Masbate.

The generated electricity will be sold to the Masbate Electric Cooperative (MASELCO) starting at P 8.79/kWh on the first year upon ERC approval. Project cost is at P 715.374 million and will generate employment for 45 people. The proposed activity is the firm’s second project applied for BOI registration.

This project will serve as replacement for the 29 MW coal-fired power plant under the 2007 IPP which was cancelled on Sept. 16 last year. The project was shelved due to some environmental concerns. To fulfill its commitment to the people of Masbate, DMCI will now implement a diesel-fired power plant project which has gained acceptance and been cleared with the Masbate City Government and other concerned parties. The firm is 100 percent owned by DMCI Holdings.