Philippines Nuclear Power Plant, a $1.06 Billion Debt, Finally Paid
June 14, 2007Finally…!
Nuclear power plant loan finally paid
Agence France-Presse
Last updated 08:08pm (Mla time) 06/13/2007MANILA, Philippines — The Philippine government has finally paid off the Bataan nuclear power plant almost 32 years after work began on what became the country's biggest white elephant that never produced a single watt of electricity, a government official told AFP Wednesday.
"The final payment of $15 million was settled in April," Filemon Condino, head of the fiscal planning and assessment division of the Bureau of the Treasury said.
One of the pet projects of late dictator Ferdinand Marcos, the controversial power plant cost the Filipino taxpayer a total of P21.2 billion ($460 million dollars at today's exchange rate) on a debt of $1.06 billion.
"It is now officially off the books," he said. "Today, it is just a big white elephant."
The nuclear power plant, located in Bataan province west of Manila, was a knee-jerk reaction by Marcos to the energy crisis of the early 1970s.The Middle East oil embargo of the time put a heavy strain on the Philippine economy, and Marcos saw nuclear power as the best way forward in terms of meeting the country's future needs and reducing reliance on imported oil.
Construction began in 1976 and was completed in 1984 at a cost of $2.3 billion.
