American business again interested in RP — energy chief

The business community in the US has expressed strong interest in the Philippine energy sector, said the energy chief who went with President Benigno Aquino III in a weeklong working visit to the US last month. When Energy Secretary Jose Rene Almendras presented the government’s 32 energy projects to American businessmen in the US, the response was overwhelming, he said. “I think the real success of the US trip beyond the numbers is the attention we seem to have gotten back. People are taking notice of the Philippines again. There are analysts saying we’re back in the ball," Almendras told reporters over the weekend. Investors are likely to come in the near term, he said, refusing to give further details of these likely investments as making an announcement would be premature. The bulk of investments the Philippine delegation managed to present in the US were energy-related, Almendras pointed out. “I think it’s a very good trip. We’ve closed the AES Corp. deal. That’s $1 billion. Assuming we can get all the permits… we hope to start construction by next year. I want to start construction by next year because I want the plant to be ready by 2014," he said. “In addition to the AES Corp. deal, there have been other renewable-energy companies that are interested. It’s just that President Benigno Aquino III does not want to announce anything until signed and confirmed," Almendras said. AES Corp. will expand the Masinloc coal-fired power plant in Zambales. —JE/VS, GMANews.TV