TOP BELGIAN COMPANY WINS BID TO DEVELOP PHILIPPINE POWER PLANT

24 October 2007 –  Philippine Ambassador Cristina Ortega welcomed Suez-Tractebel SA’s  entry into the Philippine investment scene to develop the Calaca power plant in Batangas. The top Belgian utility holding company and one of the world’s top independent power producers, with operations in more than 100 countries in five continents, won the bid through its wholly owned subsidiary, Calaca Holdco Inc. (CHI), in an auction held on 16 October 2007.

Ambassador Ortega noted that with this investment, Belgium would play a major role in boosting the Philippine energy and power industry, a priority investment area in the country.

Ambassador Ortega cited President Arroyo’s comprehensive economic program for sustainable development for the renewed investor confidence in the country. The success of this economic program shows clearly in the excellent performance of the Philippine stock market, stronger peso, and the 7.5 % GDP growth in the second quarter.

Ambassador Ortega hopes that the Suez Tractebel SA investments in the Philippines will pave the way for other Belgian companies to invest in the Philippines. She adds that the country is becoming an attractive investment site not  only to Belgians but for other European investors. END.