San Bernardino Ocean Power Corp. expressed support to the government’s plan to merge and create a single government guarantee agency, as it will help the company raise international funding.
SBOPC, a joint venture of local company H&WB Asia Pacific (Pte. Ltd.) Corp. and Sabella SAS of France, is building a $25-million pilot phase of an ocean tidal power plant in San Bernardino Strait, envisioned to be the first in the Philippines and Asean.
The company, in a statement, urged the government to approve the creation of a single state-run guarantee agency.
Finance Secretary Carlos Dominguez III announced in July that he wanted to consolidate Philippine Export-Import Credit Agency with Home Guaranty Corp., Quedan and Rural Guarantee Corp. and Small Business Corp.
“Ocean power needs strong government support. The kinetic energy of tidal currents produces stable electricity supply. This is real ‘grid smart’ technology because it can provide steady ancillary service supporting the transmission of electricity from generation to customers up to far-flung areas,” said Antonio Ver, president of H&WB Asia Pacific (Pte Ltd) Corp.