STATEMENT ABOUT THE CENECO’S JOINT VENTURE WITH MORE ELECTRIC AND POWER CORPORATION

The MBCCI, as the voice of the business sector in Negros Occidental, has focused advocacy on business growth and socio-economic development. Water, power, and connectivity are some essential utilities vital for development.

After a thorough study of the proposal for the improvement and development of the power supply and distribution in Bacolod City and the adjacent cities and municipalities covered by CENECO, the chamber is expressing its support for the joint venture project.

In a business forum held at Seda Hotel, the MBCCI leaders had the opportunity to know the salient features of the joint venture proposal from CEO Ruel Z. Castro and his team. Probing questions in all aspects of the proposed improvements were asked by the chamber’s representatives.

What the chamber desires from the joint venture is an affordable, reliable, and available power supply in covered cities and municipalities and the joint venture project shall assure this:

1. Upon execution, there is an actual payment of 70% of the assets of CENECO that will be used by the joint venture company.
2. The assets were valued by an independent third party valuator.
3. There is a concrete and doable program for the reduction of systems losses that will lead to lower and affordable power rates.
4. There will be the acquisition of needed capital expenditures and a strategic and massive system rehabilitation leading to 24/7 supply, lower occurrence of unscheduled power interruptions (UPI), more efficient operations and reasonable power rates.
5. There will be a proactive information system, use of the latest technologies to monitor service areas, and a state-of-the-art customer care program which means faster response to requests of consumers.
6. The employees from CENECO will be rehired, if qualified, and given adequate compensation.
7. The joint venture will have corporate social responsibilities and partnerships that will help communities, LGUS, and barangays.
8. CENECO, having 30% equity in the joint venture corporation wi representation in the governing board.

Hence, the support of the MBCCI to this joint venture. The MBCCI business sector, will vigilantly monitor the delivery of the promises Electric and Power Corporation and CENECO throughout the joint venture period.

Mr. Roberto L. Montelibano
President, MBCCI