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Beng supports IMC


Mayor Beng Climaco yesterday expressed support, subject to laws, to the Investment Management Contract (IMC) that the Zamboanga City Electric Cooperative (ZAMCELCO) is set to implement to free it from debts and consequently improve management and ensure stable power supply.

This, even as Mayor Climaco during the special general assembly (SGA) of Zamcelco yesterday morning, called on the Department of Energy, National Electrification Administration (NEA) and Task Force Duterte Zamboanga City Power (TFD-ZCP) to ensure transparency in the bids and awards process for the IMC.

The mayor challenged all lawyers present during the SGA to come together to answer all legal questions pertaining to the IMC and ensure that the IMC process is completed free from undue influence the soonest possible time.

On the other hand, Climaco called on the Zamcelco Board to be accountable to the consumers stating that the bid amount must help spur business in Zamboanga City.

The local government unit’s goal, she added is for Zamcelco to be the primary Distribution Utility (DU) in Mindanao.

The mayor, it is recalled, has been pressing for the implementation of the IMC in a bid to improve Zamcelco’s management and ensure a very stable electricity in Zamboanga City.

Meanwhile, the SGA voted to approve the IMC which the Zamcelco board, through the bidding process, decided to award to the Crown Investment Holdings with funding for working capital of P2.5B.

Under the IMC, which will run for 25 years and renewable thereafter, the winning bidder shall make upfront payment of Zamcelco’s liability to the National Electrification Administration (NEA), payment of past due obligations to current power suppliers, with ERC-approved power supply agreements, among other terms of reference.

The well-attended SGA was held at the Zamcelco gymnasium in Putik. (Sheila Covarrubias)

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