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Gold/Mining/Energy : Fenway Resources Ltd. (FWY@V)
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To: Redempto D. Anda who wrote (59)1/9/1997 1:22:00 PM
From: derleo   of 135
 
It is good to get information from the Philippines. You mention that the NGO network has filed a case against the executive director (of the PCSD) for issuing an endorsement without Council (PCSD) approval. You also state that the PCSD did pass a resolution endorsing the Fenway project! Therefore the cases seem to be different. Also you mention that the northern part of Palawan is protected. Isn't the southern part zoned for industry?

I called Fenway, and they stated that the PCSD has the legal responsibility for the decision of issuing the ECC for Palawan or not , and the DENR relies on their judgment. It would seem that all parties recognize the benefits to the country .

I am an investor in the stock. I would expect that there are individuals in the Philippine who are business people (to the right), and some who are environmentalists (to the left), just like in the USA. Its okay to be business oriented as well as environmentally concerned. That how I would describe myself. How would you describe yourself? How would you characterize your paper? How would you describe the Palawan Council? It would seem that the majority of the Council recognizes the business benefits and expects the environmental concerns to be addressed. Are there any newspapers which support the project. I'm sure you want to be fair and provide a balanced view of the situation. As an investor (long) I have my wish list, but I need to know both sides. You mention that Fenway should have a tougher time than the Bolinao project. Was approval given by a council for this and then taken back? Was it in an industrial zoned area? I'm not familiar with this project. Can you tell us more about that project and compare the situation to Fenway's position?

Thank you for your time and information you provide.
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