Sen. Marcos questions proposed Maharlika investment in NGCP
Sen. Imee Marcos (Voltaire F. Domingo/Senate Social Media Unit)
MANILA, Philippines — Senator Imee Marcos on Tuesday questioned the proposal for the Maharlika Investment Fund (MIF) to invest in the National Grid Corporation of the Philippines (NGCP).
It was Sen. Marcos’ cousin, House Speaker Martin Romualdez, who proposed that the MIF invest in the NGCP.
“Why should the MIC (Maharlika Investment Corporation) spend money to improve the performance of the NGCP when it is regulated by the Energy Regulatory Commission? Why should we use public funds when regulatory measures are available?” the senator said in a statement.
“The problem of NGCP is not lack of cash but lack of performance. The NGCP’s comprehensive income totaled P 307 billion in the past 14 years, of which P 239 billion or more than 77 percent has been distributed to shareholders, even as the NGCP claimed P309 billion in transmission upgrades,” she added.
Panay Island and parts of Negros Oriental recently suffered widespread power outages. The President himself lamented the incident citing the economic losses and inconveniences it caused.
Sen. Grace Poe, chairperson of the Senate committee on public services, has since called for a review on the NGCP’s franchise.
