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House leader calls rumored government takeover of NGCP a 'good investment opportunity'

Philippines | National

House leader calls rumored government takeover of NGCP a 'good investment opportunity'

By Ellson Quismorio

At A Glance

House Deputy Minority Leader AAMBIS-OWA Party-list Rep. Lex Anthony Cris Colada says the rumored government takeover of the National Grid Corporation of the Philippines (NGCP) is a "good investment opportunity".

(MANILA BULLETIN)

Is the Philippine government eyeing a takeover of power grid operator National Grid Corporation of the Philippines (NGCP) through the Maharlika Investment Fund (MIF)?

House Deputy Minority Leader AAMBIS-OWA Party-list Rep. Lex Anthony Cris Colada raised this scenario during the hearing Thursday, Jan. 23 of the House Committee on Legislative Franchises on the NGCP's performance.

“Rumor has it, the last quarter of 2024, [Department of Finance] Secretary [Ralph] Recto came out with his pronouncement, iyong sinabi niya (what he said was) Mr. Rafael Consing should take a good look at NGCP,” Colada said.

"That’s a good investment opportunity for four reasons. These four reasons are security, profitability, track record, and development-oriented," he noted.

Consing is the chief executive officer (CEO) of the Maharlika Investment Corporation (MIC), which controls the MIF.

Established under the current Marcos administration, the MIF is the Philippines' first ever sovereign wealth fund.

Committee chairman, Parañaque City 2nd district Rep. Gus Tambunting oversaw Thursday's hearing, which--among other things--assessed NGCP's performance as the country's sole transmission entity.

The hearing is still ongoing as of this posting.

Related Tags

AAMBIS-OWA Party-list National Grid Corporation of the Philippines Lex Anthony Cris Colada Maharlika Investment Fund (MIF) Maharlika Investment corporation

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