Senator Francis “Chiz” Escudero has warned that reacquiring properties formerly owned by the Philippine government might discourage foreign investors from investing in the country. Escudero raised the issue after some lawmakers back proposals for the government to buy back the 40 percent stake acquired by Chinese investors in the National Grid Corporation of the Philippines (NGCP). “The renationalization of formerly-owned sold state assets is a policy that the national government should be very careful about or should be more circumspect about as it might send a wrong signal to existing ang potential investors,” Escudero said in a statement on Tuesday, May 16. “I don’t support it. Not until I read the fine print and subject it to a thorough study,” Escudero said when asked about the proposal. According to Escudero, such policy “U-turns” can be destabilizing and costly. “How much would this buyback cost? Do we even have the money given our huge debt? Are the current owners selling or will this be a forced sale? These are some of the questions that need answers,” he pointed out. Escudero also questioned the capability of the government to run the NGCP, which is now being blamed for the power outages in various parts of the country. The senator recalled that the government’s failure to effectively manage the NGCP in the past led to the privatization of the agency. “Is there a formal finding from regulators that its NGCP’s fault other than mere finger pointing? Does anyone honestly think that the government can run NGCP better than the private sector?” Escudero asked. Escudero emphasized there is a need to conduct an “expert determination”  on the role of NGCP in  “power outages and shortages.” “If power generation is the problem, are we not applying the wrong solution? Maybe, instead of finding solutions, we’re looking for convenient scapegoats, “ he said. “Been there, done that’ na tayo diyan (on this issue) and the Napocor (National Power Corp.) and the NGCP, at that time, racked up hundreds of billions of pesos of debts which we are paying up to now,” he pointed out. NGCP, which started operations as power transmission service provider in 2009 under a congressionally-granted 50-year franchise, is 40 percent owned by the State Grid Corp. of China (SGCC). The remaining 60 percent is owned by a group of Filipino businessmen led by tycoons Henry Sy Jr. and Robert Coyiuto Jr.