Boracay, Aklan province secure P20-B pledges for infra, power

MANILA, Philippines - Several private companies have pledged up to P20 billion for infrastructure and power projects for the province of Aklan.

According to the National Economic and Development Authority (NEDA), various power generation companies have committed to establish various forms of renewable energy power plants not only to supply electricity for Aklan but in Boracay and nearby provinces as well.

These companies include the Boracay Island Water Co. Inc. (for the Boracay water project), PetroWind Energy Corp. (for the development of the 50-megawatt (MW) wind power project in Brgy. Pawa, Nabas, Aklan), Oriental Energy and Power Generation Corp. (for the 18 MW Timbaban River hydropower project in Madalag, Aklan) and the Buskowitz Development Inc. (for the solar power project).

“These power generation projects are expected to address the needs of Aklan, particularly that of the Boracay Island, and the rest of Western Visayas,” NEDA Regional Office VI said in a report.

AMA Education System (AMA) also committed investments for an education center   for the youth of Aklan and nearby provinces.

These commitments came in the form of a memorandum of understanding signed by the private entities, government agencies and witnessed by key business individuals.

Among those that were present during the signing  were former Finance Secretary Margarito Teves and Peter Wallace of the Wallace Business Forum.

Other issues tackled during the signing were economic trends, growth potentials and investment gaps of the province’s key industries, namely, agriculture and fisheries, tourism and manufacturing.