“Banks will always take away your umbrella when it’s rainy season when you don’t have the money,” Ang said on Friday. “But we have the money to pay.” Refinancing for San Miguel and its units is done, he said, without elaborating.
SMC Global Power, one of the nation’s top two electricity generators, will free up as much as 12 billion pesos as its annual lease with the government for the 1,200-megawatt Ilijan power plant ends this year, Ang said. It also expects 14 billion pesos in savings when its lease for the 1,200-megawatt Sual plant terminates in 2024.
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