Aboitiz Power Corporation, through wholly-owned subsidiary Hedcor Inc., signed an agreement with the Davao City Water District, paving the way for the eventual construction of a 10 to 15 megawatt hydroelectric power plant along the Tamugan River in Mindanao, Philippines, Aboitiz announced.
Recently, Philippine power producer First Gen Corp. announced plans to spend about $1.5 billion over three to five yearsto increase generation from hydropower and other means by 1,000 megawatts.
The local stock market climbed to a fresh 25-month high on Tuesday and breached its 3,200 psychological resistance level.
As the market tracked the movement in US equities, where the Dow rose to an 18-month high, traders say the quarter end window dressing was made easy by gains in Wall Street overnight.
At the close of the trading session, the Philippine Stock Exchange composite index was up by 8-tenths of a percent or 24 points to 3,202.17.
