Cash-strapped BPC receives P1.5bn bailout

The details are contained in a report by Parliament’s Finance and Estimates Committee on the 2013/14 Supplementary Budget. The supplementary was passed last Friday, with reservations by some legislators on certain items requested by line ministries.

According to the report, a presidential directive was issued on September 11 for treasury to provide the BPC with P1,49 billion. The funds were specifically for Eskom imports, obligations of the Morupule B loan, Morupule Coal Mine bill and operation and maintenance for the Morupule B project.