The state-run National Power Corp. is now negotiating with four banks for its P4-billion bridge financing for the Small Power Utilities Group.

Napocor president Froilan Tampinco said the four banks include the Landbank of the Philippines, the Development Bank of the Philippines, Philippine National Bank and ANZ Bank.

"We're negotiating the bridge financing this year and we're choosing on the proposal," Tampinco said.

Tampinco said they already presented the proposals to the board and the board will select only one bank.

He added that the part of the P4 billion will also be spent on their contingency plans for the May 2010 elections to ensure that there will be no power interruptions especially during the election day.

Tampinco also said that they have decided to defer until next year their plan to raise P7 billion for the SPUG or its missionary electrification projects.

Likewise, Napocor needs P28.58 billion equivalent to P0.4912 per kilowatthour to support its SPUG projects as identified under the Missionary Electrification Development Plan for 2009 to 2013.*PNA

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