For every peso revaluation, the Philippine National Oil Co. gains P700 million in foreign exchange and it tends to lose P700 million for every one-peso devaluation, PNOC president and chief executive officer Paul Aquino said.

Aquino said the strengthening of the peso is important to PNOC especially with the project commissioning of the additional 20-megawatt power plant in Balas-balas, Puhagan, Valencia, in Oriental Negros.

He added that the bidding of the P1.7 billion additional source of geothermal energy is scheduled on Monday, which he hoped the government will be able to sign up before March this year, if not, it will have to wait for another two years.

Aquino said the money would be loaned from Development Bank of the Philippines from the money placed by the Japan Bank for International Cooperation.

If the power plant is put up on a commercial basis, the project will not be viable, he pointed out.

Aquino and some PNOC board of directors graced the turnover ceremony Wednesday for the new resident manager of the Southern Negros Geothermal Plant in Puhagan, Valencia.

Dwight Maxino, who hand hails from Dumaguete, took the helm from Danny Catigtig, who has been promoted as field operations general manager at the PNOC central office.

Maxino started as a contractual well testing aide in February 1980, promoted as reservoir engineer in three months, and later assigned to different positions.

He codified the operations manual of geothermal operations of PNOC all over the country.*JG

back to top