The government plans to wrest control of the National Grid Corporation of the Philippines (NGCP) from bilyonaryos Henry Sy, Jr. and Roberto Coyiuto through the controversial Maharlika Wealth Fund (MWF), Albay Rep. Joey Salceda has revealed.
Salceda revealed one of the ulterior motives for the MWF’s creation in an interview with Ted Failon on Radyo 5 on December 5.
“Yung National Grid natin, hindi natin kontrolado, Intsik ang nagpapatakbo. Ito po yung mga balakin talaga nito,” Salceda said. “If you just look at the National Grid, it is earning 47.7%. Target po talaga ito ng pondong ito.”
NGCP is the country’s power transmission service which had been privatized by virtue of the Electric Power Industry Reform Act of 2001.
The Sy-Coyiuto controlled power firm has tapped the State Grid Corporation of China as a private partner. However, it has repeatedly shut down claims that its owners have ceded control of the grid over to their Chinese counterparts.