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Gold/Mining/Energy : Fenway Resources Ltd. (FWY@V)
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To: donald sew who wrote (43)1/3/1997 6:09:00 AM
From: Redempto D. Anda   of 135
 
Greetings from Palawan!

There is no ECC yet for Fenway, and no construction this month. The ECC will have to be reviewed by the DENR. Yes, the Palawan Council for Sustainable Development (PCSD) passed a resolution "authorizing" the DENR to issue an ECC (last November 15). Maybe in the market for Fenway, it meant something but for us here it didn't. The final environmental statement of Fenway has not even been submitted, both to the PCSD and DENR.

Besides, the PCSD cannot "authorize" the DENR to issue an ECC. The PCSD can only recommend. It is a sharing of power between these two entities. The DENR cannot issue an ECC without PCSD endorsement. The final authority that will grant the ECC is the DENR.

The PCSD cannot also approve a project without studying it. Their issuance in favor of Fenway is now being questioned. Their executive director is currently facing an administrative case (filed by the Palawan NGO Network) exactly for issuing an endorsement without Council approval (this is with respect to another matter concerning a plan to build a resort in a protected area of northern Palawan).

I advise you to wait what happens on January 17. The PCSD might just yet discuss this matter.

FYI, I'm no investor. I am a journalist and the Fenway project happens to be one of the bigger stories here. Happy New Year.
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