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MPIC expects go signal for QC project within Q1

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A CONSORTIUM led by Metro Pacific Investments Corp. (MPIC) hopes to get the green light for its waste-to-energy project in Quezon City within the first quarter, a top official said last week.

“I think the mayor is waiting for authority to sign. We are hoping to receive the award within the first quarter,” MPIC President and Chief Executive Officer Jose Ma. K. Lim told reporters in a chance interview in Makati City last week.

The Public Private Partnership Center announced on Feb. 7 that there were no counter offers for MPIC’s proposal to build an Integrated Solid Waste Management facility in Quezon City. This means that the project is now awaiting the City Mayor’s signature to proceed with the Notice of Award.

“There will be some engineering, final engineering test to be done on the site. Once that is completed, we can start construction. That shouldn’t be very long,” Mr. Lim added.

The MPIC-led consortium has proposed to build an Integrated Solid Waste Management facility in Quezon City that can process and convert up to 3,000 metric tons (MT) of municipal solid waste (MSW) per day into 42 megawatts of renewable energy. The facility will have the capacity to power between 60,000 to 90,000 homes.

The consortium includes waste-to-energy specialist Covanta Energy, LLC and investor Macquarie Group, Ltd. It was granted original proponent status in March 2017. The consortium will own 95% of the project, which will then be split on a 60-40 basis between MPIC and the two foreign partners. The remaining 5% will be remitted to the Quezon City government.

Mr. Lim said the first phase of the project will take 18 months, which will cover the construction of the unaerobic treatment facility. The second phase will take another 12 to 18 months.

As partner for the project, the Quezon City government has committed to deliver 1,700 MT of MSW per day, to acquire the right of way for access roads and other utilities, and to acquire the project site of the facility in case expropriation is required.

The concession period will last 35 years.

MPIC’s net income attributable to the parent reached P12.49 billion in the first nine months of 2018, 12% higher than the P11.13 billion it posted in the same period a year ago. This came amid a 42% uptick in gross revenues to P61.35 billion.

MPIC is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being PLDT, Inc. and Philex Mining Corp. Hastings Holdings, Inc. — a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc. — maintains interest in BusinessWorld through the Philippine Star Group, which it controls. — Arra B. Francia





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