Senator Raffy Tulfo on Tuesday said he met with President Ferdinand Marcos Jr. to seek the return of the operations of the NGCP to the country, adding that partial ownership by a Chinese company poses a security threat to the Philippines.
— Senator Raffy Tulfo on Tuesday said he met with President Ferdinand Marcos Jr. to seek the return of the operations of the National Grid Corporation of the Philippines to the country, adding that partial ownership by a Chinese company poses a security threat to the Philippines.
The lawmaker said he proposed to return the systems operation of the grid to the National Transmission Corporation and leave the maintenance to the NGCP. He also said a large chunk of the NGCP's earnings go to shareholders, and that based on the shareholder's agreement, they have the power to veto or junk the board resolution of majority shareholders.
[Translation: Simply put, the Chinese shareholders can do whatever they want when it comes to running the NGCP. This is why our energy situation is fluctuating.]Meanwhile, in a separate statement on Monday, Sen. Chiz Escudero said the move to"renationalize" companies formerly owned by the government might turn off foreign investors.
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