AIB, PETRICHOR and PRESCORP ink Partnership Agreement for Waste to Energy Power Plant Project in Cagayan Economic Zone
Front: (L-R) Ms. Vaidyanathan Gayathri , Mr. Alex P. Bangcola, , Mr. Rey Ignes.
Back: (L-R) Representative from the office of the President, Mr. Ashraf Ader, Ms. Arleth Mendoza, Atty. Jomaila Rangiris, Atty. Aimee Macarambon, Mrs. Pontillo, and Mr. Florentino Pontillo.
On December 8, 2020, Mr. Alex P. Bangcola, Chairman and CEO of Amanah Islamic Bank (AIB), Ms. Gayathri Vaidyanathan, CEO of Petrichor Capital SDN BHD, and Mr. Reynaldo Ignes, Chief Finance Officer of Philippine Renewable Energy Solutions Corporation (Prescorp) signed a tripartite Memorandum of Agreement (MOA) at the Manila Hotel for the development of Waste to Energy (WTE) facility which will be piloted in Cagayan Economic Zone Authority.
The WTE project is worth USD 130 Million and will be outsourced through AIB’s General Islamic Investment Account or Sukuk. The AIB acts as conduit for the Prescorp, the project proponent and Petrichor as the investor. Islamic Banking has gained prominence and preference in the international financial market due to its profit and loss sharing mechanism and Shariah compliance.
In consonance to AIB’s mission to support green finance and participate in national socio-economic development, this project will benefit the Local Government Unit (LGU) of Cagayan as it will generate jobs in the area and it will generate income from the sales of energy such as biochar and feedstock derived from processed and converted waste.
As the Philippine economy suffered harshly during the COVID-19 pandemic, this project is timely because the economy is gradually opening and the government has prepared an economic recovery plan for various sectors including the Energy sector.
BULLETIN OF VACANT POSITIONS IN
AL-AMANAH ISLAMIC INVESTMENT BANK OF THE PHILIPPINES
Under the leadership of Chairman & CEO Alex P. Bangcola and through the initiative of Chief Operating Officer/Legal Counsel Imelda Tarhata F. Macarambon, the officers and employees of the Almanah Islamic Bank raised funds out of their own salary to extend sadqah (charitable assistance) to students of Mindanao State University who were stranded inside its campus or areas were its Units are situated due to sudden Declaration State of Health Emergency by President Rodrigo Duterte on March 8, 2020, which placed the entire Nation under Enhanced Community Quarantine (ECQ) or Lockdown. Above said officers were top contributors, while all other officers who were receiving RATA, all contributed P500, P150 from employees with SG14-16 without, and P100 from those with SG10-13 positions. The sadqah (donated amount) for food and other basic provision to affected students was handed to MSU Crisis Management Committee on Covid 19 through MSU President Habib W. Macaayong at his Office in MSU Campus, Marawi City, byAIB Branch Head Sittie Haniyah G. Guro and Accountant Nasima T. Abdul Basit on 7 April 2020.