The Philippine government will take back control, if needed, of the company that runs the nation’s power transmission network partly owned by the State Grid Corporation of China, President Ferdinand Marcos Jr.’s office said.
(Bloomberg) — The Philippine government will take back control, if needed, of the company that runs the nation’s power transmission network partly owned by the State Grid Corporation of China, President Ferdinand Marcos Jr.’s office said.
Marcos met with Senator Raffy Tulfo who informed the president about his intention to investigate the situation at National Grid Corporation of the Philippines and Marcos agreed with Tulfo’s proposal to “conduct a comprehensive study or hold hearings,” Marcos’s communications office said in a statement posted on its Facebook page.
Tulfo “aimed to examine the security aspect, particularly on who truly controls the corporation,” according to the statement. “If necessary, the government will take back control of the entity,” it said.
The meeting comes after power outages hit parts of the Philippines’ main Luzon island last week after a transmission line and a power plant tripped.
NGCP was created when a consortium including State Grid Corporation of China won the 25-year concession to run the nation’s power transmission network in 2007. The company also counts Synergy Grid & Development Phils Inc. President Henry Sy Jr. and Prudential Guarantee & Assurance Inc. chairman Robert Coyiuto Jr. as shareholders.
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