On April 26, 2007, SNAP-Magat, a joint mission between SN Power of Norway and AboitizPower, took over Magat hydroelectric energy plant following a a hit bid and privatization method.

Magat hydro draws water from the Magat Dam, which has the primary motive of irrigating approximately 85,000 hectares of agricultural lands in Cagayan Valley.

SNAP-Magat has a reliable potential of 380 megawatts and is targeting the completion of an 8.5 MW run-of-river hydropower plant alongside the Maris Canal in Brgy. Ambatali, Ramon later this yr.

SNAP President and Chief Executive Officer Joseph S. Yu said, “We selected our theme ‘Power to Sustain’ to re-commit ourselves to contributing to the sustainability now not handiest of our business, however additionally of the environment, host groups, and companions.”

SNAP-Magat owns and operates the Magat hydroelectric energy plant, which has a nameplate potential of 360 MW, placed on the border of Ramon, Isabela and Alfonso Lista, Ifugao. PHILIPPINES-based totally lending startup First Circle has secured $1.Three million in clean undertaking capital investment, boosting the company’s general seed investment to $2.Five million, the employer said in a assertion recently.

Founded in 2015, First Circle aims to provide quick-term operating capital to small and medium companies within the Philippines.

The modern day round of funding follows an initial round in October last 12 months that raised $1.2 million, generally from London-primarily based project capital firm Key Capital.


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The current fundraising, which turned into finished about  weeks in the past, was led via international challenge capital corporations Accion Venture Lab and DeepBlue VC. First Circle’s present investors Key Capital, 500 Startups, and IMJ Investment Partners additionally contributed to the today's fundraising spherical, along side “an undisclosed sum of debt investment,” in keeping with a file through task capital monitor DealStreetAsia.

Other forecasts

Earlier, the International Monetary Fund (IMF) retained its Philippine boom forecast to six.Eight percent this year, citing strong domestic demand, exports recuperation and higher public spending as growth drivers.

The World Bank is forecasting GDP to develop through 6.Nine percent this 12 months, supported by using ongoing infrastructure tasks, robust intake, buoyant remittance inflows and higher receipts from offerings exports.

Manila-based totally lender Asian Development Bank retained its preceding 6.Four-percent outlook with public and personal investments as increase drivers.

Banking massive Standard Chartered revised upward its GDP boom forecast to 6.8 percent from 6.7 percentage, awaiting strong household spending and infrastructure investment to offer strong assist just like 2016.

IHS Markit penciled in 6.Three percentage, bringing up the facts generation-enterprise manner outsourcing industry and remittances from distant places Filipinos as boom engines.

German lender Deutsche Bank revised its 2017 increase outlook to six.2 percent from 5.8 percentage due to more potent-than-expected exports. RAMON, Isabela: The Department of Energy (DoE) advised the non-public quarter to invest in electricity tasks within the u . S . And vowed that the authorities “will provide a conducive environment at the same time as defensive the hobby of the general public.”

This become the message given by way of Energy Secretary Alfonso Cusi in his keynote deal with throughout the latest 10th anniversary celebration of SN Aboitiz Power-Magat Inc.

Cusi challenged the non-public region to discover investment opportunities to help Ambisyon Natin 2040, the usa’s improvement vision beneath President Rodrigo Duterte.


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The anniversary birthday celebration changed into also graced by way of Ambassador Erik Forner of Norway, individuals of SN Aboitiz, representatives from host nearby authorities units in Isabela, Ifugao and Nueva Vizcaya, in addition to other stakeholders.

Noting that the u . S . A . Sources 32 percentage of its strength from renewable power, that's rather higher than maximum different nations in Asia, Cusi additionally harassed that the DoE has followed a “generation-neutral” coverage closer to electricity to increase deliver and make fees more affordable.

While the Secretary hailed Magat hydro as an example of “a nexus of water, meals and electricity,” he additionally advocated more sustainable initiatives that help now not just the community but additionally the complete u . S . A ..