Extended payments to ruin power firms

By Alena Mae S. Flores – May 22, 2020 at 09:10 pm
from manilastandard.net

The country’s power generators warned Friday that extended payment flexibilities will take a toll on their operations, force them to stop new investments or close shop in a worst-case scenario.

Philippine Independent Power Producers Inc. president and executive director Anne Estorco Montelibano said during the Joint Congressional Energy Commission Hearing that power generators had adapted to the needs of the industry since the start of the enhanced community quarantine on March 15

She said the power industry had been complying with the extension of payment and the four-month installment ordered by the Energy Regulatory Commission and the Department of Energy.

“While we extend that liberality to our counterparties, we have experienced difficulty in our own suppliers and creditors where some, naturally affected by the pandemic, are unwilling to extend payment flexibilities,” Montelibano said.