Our credit rating is high. As you see, we are still paying the moot bataan nuke plant. If you have some financing plans payable in 200 years, we'll take it! put some extra missile's too in the contract.
speaking of the BNPP, here are articles about this White Elephant in Morong:Bataan Nuclear Power Plant: The 30 year old White Elephanthttp://www.kwebgimo.com/more.php?id=8
August 11, 2004
I have a confession to make. I only knew recently that we actually have this power in our country, an actual completely built nuclear power plant in Bataan. If I didn't read the Daily Inquirer the other day, I wouldn't be aware of it.
The Bataan Nuclear Power Plant (BNPP) was built in Morong, Bataan during the Marcos regime in 1977 because of the power crisis during that time. Westinghouse Electric Corporation was contracted to build it and was completed in 1984.
The Bataan nuclear power plant has 2 nuclear reactors each capable of generating 600 MWatts of power. That is enough power to light the whole luzon, if not, even the whole country at that time. The cost of each nuclear reactor amounted to 1.9 Billion US Dollars. It was considered as the biggest project the Philippines has undertaken in history. But ever since it was completed in 1984, it was never used up until now. It never operated.That was 30 years of idleness despite its completeness and capability. Main reason was its safety, considering that the plant was actually built in an earthquake prone area. Another thing is the reliability of the technology since during that time, nuclear power design was still at its development and not yet perfected. It was declared since then that the plant was unsafe to operate.
So knowing all these, I guess what really striked me is that Billion Dollar amount. Lets not forget that it was loaned. And, let us not forget that until now, our government is still paying that debt even though its not being used. The bill we pay to US amounts to 155,000 US dollars per day since 1984. Politics and corruption. The root of all stupidity in our government.
This just gave me a thought. All these years, the government has been paying the US bank Eximbank more money than spending them on us, the citizens. Imagine that 155,000 us dollars every day.
Politics and corruption, The roots of stupidity in our government. Corruption has sure kept this country under bondage. Marcos together with a crony during that time recieved a commision from that project. Westinghouse actually bribed a crony of his so that the contract will go to them. Westinghouse was actually bidding with General Electric but Westinghouse won the bid even thought GE was more experienced in nuclear technology.
My beloved countrymen, I'll just leave to you all the thinking. Imagine those million dollars spent over 30 years. Just imagine how many schools it could have built and how many scholars it can fund. Just imagine how many free houses can be built for the poor with that money. Imagine how many facilities it can build for the benefit of ours. Imagine how many MRT lines it can build, maybe even subways. Imagine how big an international airport it can build. Iimagine how many environmental cleanups it can do. Imagine the scientific research it can fund to unleash indispensable discoveries from our brilliant scientists. Imagine how many factories it can build to provide work for the Filipinos. Just Imagine the WASTE.
----------Philippine nuclear plant costs 155,000 dlrs a day but no electricityhttp://www.spacewar.com/2004/040630032556.4we4ezy4.html
MANILA (AFP) Jun 30, 2004
Nearly 30 years after work began on the Bataan nuclear power plant just north of Manila, Filipino taxpayers are still paying 155,000 dollars a day in interest on a structure that has never produced one watt of power.
Thelmo Cunanan, chief executive of state-run Philippine National Oil Co., said it had become the country's most outstanding white elephant.
"The fact that we are still paying interest on a project that is 30 years old and has not produced a watt of electricity should send at least one positive signal to the investment community," he told AFP in a telephone interview.
The signal was that "If we enter an agreement at least we pay our bills. There were times when I thought: why should we? Why don't we simply turn our backs and walk away from it but that is not the way we Filipinos do business."
The Bataan nuclear power plant was a knee jerk reaction by former Philippine dictator Ferdinand Marcos to the energy crisis of the early 1970s.
The oil embargo had 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 power needs and lessening the nation's reliance on imported oil.
Construction began in 1976 and was completed in 1984 at a cost of 2.3 billion dollars.
The power station, 60 miles (97 kilometres) north of Manila, has been the centre of controversy from the day construction began.
When Marcos was overthrown by the so-called People Power Revolution in early 1986 a team of international inspectors visited the site and declared it unsafe and inoperable as it was built near major earthquake fault lines and near the Pinatubo volcano which at the time was dormant.
The first post-Marcos government of Corazon Aquino sealed the nuclear plant's fate for good when it banned the use of nuclear power and enshrined it into the constitution.
Debt repayment on the plant is the country's biggest single obligation.
Successive governments have looked at ways of converting the plant into an oil, coal or gas fired power station.
According to Cunanan a South Korean company recently expressed an interest in taking over the nuclear power station and developing it as a commercial operation. But the provision in the constitution ruled it out.
Cunanan said it would be unfair to name the company but said the government has not ruled out converting the plant into a fossil fuel power station.
Some studies in the past have shown that converting the plant may be too expensive.
The plant itself has been maintained despite never having been commissioned.
A Westinghouse light water reactor, it was designed to produce some 621 megawatts of electricity.
Much of the technology used in the plant was early 1970s but modified following the Three Mile Island accident in the United States in 1979.