11 Dec 2007
The Power Sector Assets and Liabilities Management Corporation (PSALM) re-asserted its confidence that the bidding for the right to operate the National Transmission Corporation (TransCo) will push through on 12 December despite protestations from various parties.
“We are relying on the EPIRA which provides in no uncertain terms that the implementation of the EPIRA’s provisions can only be enjoined by an order from the Supreme Court,” PSALM President Jose C. Ibazeta said.
The EPIRA (Electric Power Industry Reform Act) is the law which mandates the privatization of TransCo as part of broad reforms in the Philippine electricity industry.
“Barring such an order from the Supreme Court, given that all preparations are in place, there is no reason to stop the TransCo bidding on December 12,” Mr. Ibazeta added.
Meanwhile, the Securities and Exchange Commission (SEC) issued separate legal opinions confirming that the pre-qualified bidders for the TransCo concession meet the Filipino nationality requirement for the operation of TransCo.
Upon a query from the bidders, the SEC’s Office of the General Counsel confirmed that each of the groups’ proposed structure and equity investments meet the ownership requirement for grantees of a public utility franchise.
“We are hopeful that the confirmation from the SEC as to the nationality of the bidders will put to rest all doubts about their qualification. This is just more reason for us to push through with the December 12 bidding,” Mr. Ibazeta remarked.
Strategic Communications and Partnership Division |