Sunday, 09 January 2011 17:47
President Benigno S. Aquino III on Friday said he is bullish about more investments pouring into the energy sector’s expansion programs.
In an ambush interview after the Vin D’ Honneur at the Rizal Ceremonial Hall, the President said there have been several expansion plans presented to him from many quarters of the energy sector.
He said he met on Thursday with two representatives of one of the biggest business groups of the country who informed him that the biggest stumbling block to the resurgence of manufacturing is the high cost of electricity. “We are working on that,” the President said.
He said the investments in the energy sector expansion is a welcome development.
Citing that managing the economy is his priority, the President said he started the week with an inventory of all the debt that is maturing, which includes the P177 billion accumulated debt of the National Food Authority (NFA), then the debts of Metro Rail Transit (MRT) and the South Luzon Expressway (SLEx).
He said the global peso bond offering is beneficial not just in terms of the amount of debt being tackled but in delaying the maturity of the debts. “A lot of them will be maturing soon, so the global bond offering is meant to shield us from foreign currency risk and it pushes the maturity from the next two or three years to 25 years hence.”
The best part is ‘we are diminishing the debt burden because the interest rates will be something in the neighborhood of a little over 6 percent, replacing debt that was taken out 8 plus percent. “So we have savings on our debts aside from stretching their maturities and that is good news.” (PNA)
- 10/01/2011 09:04 - Rebels kill village chief, wound 3 soldiers
- 10/01/2011 09:03 - Earth’s magnetic pole shifts, screws up runway at Florida airport
- 10/01/2011 09:02 - Boy survives three days at sea
- 09/01/2011 17:50 - Aquino says liberalizing PHL aviation to benefit local carriers, boost tourism
- 09/01/2011 17:47 - Chiz says vagrancynot a crime
- 09/01/2011 17:45 - Escudero seeks 20-year imprisonment for erring drivers
- 09/01/2011 17:43 - Passengers overpower would-be hijacker on Turkish Airlines flight
- 08/01/2011 16:11 - Power Interruption Notice from Zamcelco
- 08/01/2011 16:10 - P-Noy wants review of disaster reduction measures
- 08/01/2011 16:08 - Aquino confident next batch of peso-denominated global bonds to be favorably accepted