BIZ BUZZ: NGCP post-Maharlika entry
The National Grid Corporation of the Philippines (NGCP) is not yet ready to reveal who will be ditched with the looming entry of two representatives from Maharlika Investment Corp. (MIC).
NGCP spokesperson Cynthia Alabanza refused to disclose more details on the recent deal involving the sovereign fund’s purchase of a 20-percent stake in the country’s electricity superhighway.
It was in late January when the government unveiled the agreement between MIC, the manager of the country’s first sovereign wealth fund, and Synergy Grid and Development Philippines Inc., which has a 40-percent interest in NGCP.
“Meron pa silang proseso. Meron pang pag-usap na nangyayari,” Alabanza told reporters.
(There is still a process. There is still an ongoing discussion.)
NGCP has been in the hot seat over recurring questions on ownership, as four Chinese nationals hold seats on its board, thus giving rise to concerns over potential security threats.
Does this mean that, given the entry of MIC, the NGCP can expect “less” scrutiny from the government?
Alabanza downplayed the so-called “government harassment,” adding that the deal should not be linked to the probes on NGCP.
But she said the government did not need a share in the NGCP to ensure the smooth operation of the transmission system.
