Philippines: SMPC allots $6.4m for community infra, livelihood projects

Integrated energy firm Semirara Mining and Power Corp (SMPC) is alotting up to $6.4 million (P320 million) for its host community infrastructure and livelihood projects this year in the Philippines.

The spending is in line with the company’s 5Es program which aims to reduce poverty and facilitate development in its host community using a sustained, holistic approach.

A wholly-owned subsidiary of Philippine conglomerate DMCI Holdings Inc, SMPC’s 5Es program includes initiatives that address education and training, environmental stewardship, employment and livelihood, electrification and basic infrastructure, and emergency preparedness.

SMPC President and COO Victor Consunji said they expect the spending to grow by around 75 per cent compared to last year’s P186 million as they are building more community infrastructure and livelihood facilities.

Majority of the planned expenditure or about P200 million will be used to construct community and livelihood facilities likeevacuation centers, community park, sea port, river walk and sports facilities.

Another P65 million will be spent on environmental stewardship projects, which include the establishment of a Semirara Biodiversity Center and progressive inland and mangrove area reforestation. The rest of the CSR budget will be used to fund community nutrition initiatives in Calaca, Batangas.

“We are closely working with the Department of Energy and the host communities to ensure that our CSR efforts are aligned with the national and local government’s priorities. We want to implement projects that best respond to their needs,” Consunji said.

A subsidiary of DMCI Holdings Inc, SMPC is the only power producer in the Philippines that generates its own fuel. It produces over 800MW of baseload power for the Luzon grid.

SMPC’s last trading price inceased 0.81 per cent or P1.10 to close at P137.70 per share.

Source: Deal Street Asia