Mirant Phils says it’s business as usual

Mirant Philippines Inc., a subsidiary of US-based power giant Mirant Corp., said yesterday that its operations in the country will not be affected by the recent developments in the US.

"It’s business as usual. There will be no negative impact on Mirant Philippines," Mirant Philippine vice president for external affairs Paul Flake said in an official statement.

Flake explained that the Chapter 11 (or bankruptcy) filings in the US is limited to Mirant Americas and Mirant Corp. in the US.

"Any restructuring will be confined to those levels. I would like to make it clear that Mirant Philippines is not included in or affected by any of the filings," he stressed.

He also assured that all aspects of the Mirant Philippines’ operations will go on unhampered.

"We will continue to be a separate business unit, generate and deliver electricity to our customers, meet all contractual obligations, and support community development programs," Flake said.

According to him, the company’s assets in the Philippines will continue to be among the most reliable and cost effective in the country.

"Our employees in the Philippines will continue to report for work, get paid and receive the benefits. We are among the best employers in the country and we intend to hold that status in the many years to come," Flake said.

He said the program of Mirant Philippines‚ will not be discontinued. "Our corporate social responsibility (CSR) programs are among the largest in the country and an important component of our business in the Philippines and these will certainly go on," he said.

Being one of the most profitable corporations in the Philippines for the past years, Mirant Philippines has been very active in expanding its business.

Due to its continuing success in the Philippines, the Department of Energy (DOE) has been urging Mirant Philippines to undergo an initial public offering (IPO).