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NEA welcomes bid of Crown-Desco for Zamcelco (NEA Rep to attend AGMA)

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After receiving a massive 2.5 B peso bid for the right to manage its power cooperative, debt ridden Zamboanga City Electric Cooperative (Zamcelco) received a letter from NEA to proceed with the general membership meeting to approve the Investor-Manager contract.  NEA wrote ZAMCELCO informing them that a NEA Representative will be sent to attend the September 11 general membership meeting and advised the power coop to ensure compliance with all notice and consultation rules.

In an interview with Manila reporters last week, Administrator Masongsong expressed optimism that Zamboanga City residents will soon be alleviated from rotating brownouts with the capital infusion of the winning bidder, theJoint Venture of Crown Investment and Desco. “Talagang maganda yung offer ng lone bidder para sa Zamcelco, parang di mo pwedeng tanggihan ba. (The offer is truly great for Zamcelco.  An offer that perhaps you cannot refuse)”, says Masongsong.  He further expressed optimism on the positive effects to the city grid, “Optimistic nga ako na coop to coop lang, lalo na may investor na P2.5 B. (For grid partnerships handled by fellow cooperative, I am already optimistic (of the success) what more with a 2.5 Billion peso investor.)”

Administrator Masongsong then lined up the next steps for the IMC bid, “To consummate that, it needs the annual general membership confirmation after that it will be forwarded to NEA for evaluation and confirmation.” Masonsong added, “The offer of the lone bidder which they (ZAMCELCO board) approved is too tempting.  Wala ng iba (There is no other bidder).  And kung i-delay mo pa further, lolobo lang yung utang. (If the IMC bid is further delayed, the debts of ZAMCELCO will just increase.)”

The joint venture is glad that Zamboanga City fully supports its bid.  “From the mayor to the city council, including Congressman Dalipe as well as heads of city businessmen groups, our bid was welcomed with various statements of support.  City officials and key stakeholders recognize that ZAMCELCO needs capital and professional management to upgrade the city grid and improve electricity services for the consumers.”  In its statement, the joint venture confirmed its readiness to infuse capital of 2.5 Billion pesos once all steps are taken to approve the IMC contract.

Four other bidders submitted their technical qualifications for the IMC: Davao Light and Industry, Nikolas Management, Filinvest and Comstech. However, these bidders did not submit a financial bid against the joint venture’s 2.5 Billion peso bid. (PR)




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