13 Feb 2007
To ensure that the public has full confidence in the integrity and transparency of the government's processes with regard to the privatization of the National Transmission Corp. (TransCo), the Power Sector Assets and Liabilities Management Corp. (PSALM) board has decided to conduct another bidding.
We consider the failed bidding last 05 February 2007 indicative of recurring issues that we need to urgently and effectively address. We will develop a concrete plan of action and find ways to enhance the value of the asset for the next bidding.
While we conduct this comprehensive review of the TransCo bidding, we will intensify our efforts to accelerate the privatization of our power generation assets, such as Masinloc, which we are determined to sell by the third quarter of this year.
The government is fully committed to privatization in the power sector with every step of the process conducted fairly and transparently.
Strategic Communications and Partnership Division |