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Manila Bulletin devider Business devider The Stock Market devider Major NGCP shareholder prepares to divest for move into generation

Major NGCP shareholder prepares to divest for move into generation

Published Mar 19, 2026 08:07 am
One of the major shareholders behind the National Grid Corporation of the Philippines (NGCP) is reportedly preparing to pull the plug on its role in the country’s transmission reins. According to a highly placed source, this will not be a total retreat from the energy sector, but a calculated capital pivot into the power generation segment.
“The deal on the planned divestment of that shareholder in the holding company SGP (Synergy Grid & Development Philippines Inc.) is already being sorted,” the source noted.
Though the insider stopped short of naming the shareholder, relentless industry whispers point to a familiar player—an investor who previously acquired a stake in NGCP. The source added that “the same hand may now have its strategic business repositioning."
To recall, business magnate Henry Sy Jr. swooped in to acquire the 30 percent equity of Monte Oro Grid Resources Corp. when the Philippines’ richest man, Enrique Razon, exited the transmission arena in 2010—an equity shift that rewired the balance of power in the deregulated electricity sector.
Exploring new partnerships?
Amid reports of a realignment toward power generation by the divesting stakeholder, multiple sources revealed that this billionaire NGCP owner has already been exploring potential ventures and partnerships in that new sphere.
When one rumored prospect was pressed on a potential investment alliance with the NGCP shareholder, a key executive in that company simply responded with a teasing “Secret!”
Meanwhile, regarding the purported buyer of the SGP shares, another industry source conveyed that “the transaction is expected to be consummated through a foreign-registered corporate vehicle subtly anchored by local backers.” The source further hinted that the businessman behind it once helmed a major oil company’s share acquisition through a foreign entity, and leads family-linked businesses spanning finance, banking, real estate, and mining.
The source added: “We’ve also been hearing about a businessman with ‘ER’ initials. And yes, he has deep connections in the energy sector—both in power and petroleum.”
Several sources similarly indicated that if new shareholders step into NGCP’s holding firm, a leadership shake-up at the transmission company may eventually transpire.
Completion of major transmission projects
Under NGCP’s grip on the country’s power transmission backbone, the long-elusive dream of the Philippines to have a unified national grid finally materialized; that’s via the completion of the $1.0 billion Mindanao-Visayas Interconnection Project, which went live in 2024.
The company has also recently crossed the finish line on a series of multi- billion projects —including the ₱10.2 billion Hermosa-San Jose 500-kV line, the ₱19.8 billion Cebu-Negros-Panay 230-kV and the ₱20.94 billion Mariveles-Hermosa-San Jose 500-kV transmission development ventures.
For this year, the company further announced its target of completing several key projects – including the Amlan-Dumaguete 138kV; Tuguegarao-Lal-lo (Magapit) 230kV; Tuy 500/230kV Substation Stage 1 (Tuy-Dasmariñas 500kV; Nabas-Caticlan-Boracay 138kV and the Tacurong-Kalamansig 69kV transmission facilities.
Before NGCP’s concession arrangement with the Philippine government expires in 2034, the firm is expected to implement massive-scale projects to expand and reinforce the power grid, not just to meet surging power demand but to steer the country toward a clean energy transition.
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