Malampaya fund to be covered by Aquino’s emergency powers

By , on October 6, 2014


President Benigno Simeon Aquino III delivers his speech during United Nation Climate Change Summit held at the UN Headquarters here on Tuesday (September 23). (Photo by Ryan Lim / Malacanang Photo Bureau)
President Benigno Simeon Aquino III delivers his speech during United Nation Climate Change Summit held at the UN Headquarters here on Tuesday (September 23). (Photo by Ryan Lim / Malacanang Photo Bureau)

MANILA – President Aquino’s emergency powers to prevent the impending energy crisis in 2015 will also give him the authority to tap billions of pesos the Malampaya Fund.

According to Senate President Franklin Drilon, the emergency powers will allow Aquino to use about P4 billion to P10 billion from the Malampaya Fund.

He added that the funds will go the purchase or lease of generator sets from available suppliers, a step deemed to address the forecasted power crisis next year.

“My estimate, if I am not mistaken, and I am just relying on my memory – anywhere from P4 billion to P10 billion depending on megawatts or whether this will cover rental or purchases,” Drilon told radio dzBB.

“There are various amounts involved depending on the situation, and (the funds) will come from the Malampaya funds,” he added.