Tuesday, June 5, 2012

Bantayan Obtains P15-M Power Loan

..BANTAYAN ISLAND, Cebu - The Cebu provincial capital has granted Bantayan Electric Cooperative (Banelco) and Bantayan Island Power Corporation (Bipcor) a R15- million loan to pay for their unpaid fuel bills to Petron Corporation. With this, Governor Gwendolyn Garcia said, "BipCor may now continue with its operations without rotating brownouts or power rationing." Garcia earlier met with National Power Corporation president Froilan Tampingco, fourth district Rep. Benhur Salimbangon, Atty. Joel Bontuyan of the Energy Regulatory Commission, three mayors of Bantayan Island and representatives of Banelco and Bantayan Island Power Corporation (Bipcor) to discuss the matter. With said loan, Bantayan Island consumers will expect a slight increase in their electricity bills within two years, the term given to Banelco to pay back its loan from the Cebu provincial government with interest. Garcia said the mayors agreed to the proposed increase of around R.35 to R.39 centavos. Garcia was set to meet the Banelco board together with the Capitol finance team to determine the increase in Bantayan consumers' electricity bill. ..