MANILA, Philippines - A former National Transmission Corp. (TransCo) official is the new president of the successor firm National Grid Corporation of the Philippines (NGCP).
Roque Corpuz, who had served as Transco’s COO in 2002 and was a consultant of Calaca High Power Corp., one of the stockholders of NGCP, was tapped to head the private sector operator of the country’s transmission highway, replacing Walter Brown of Monte Oro Resources.
Corpuz was TransCo COO since 2002 when the National Power Corp. (Napocor) separated its transmission function and spun it off to TransCo under the Electric Power Industry Reform Act (EPIRA).
Rising from the ranks, he joined Napocor in 1973 and became vice president for Luzon’s operation and maintenance before he was appointed to the TransCo post.
In a statement, Corpuz has vowed to keep NCGP’s operations on the right track.
“On my part, I will run NGCP professionally with utmost transparency as what I did when I was still in TransCo,” he said.
Last week, Henry Sy Jr.’s One Taipan Holdings Corp. bought out the group of Monte Oro Resources of businessman Enrique Razon at NGCP.
The NGCP consortium is composed of State Grid of China Corp. with 40 percent share as the foreign partner and local firms Monte Oro Grid Resources Corp. and Calaca High Power Corp. each with 30 percent shareholdings.
On Jan. 15, 2009, state-owned TransCo officially turned over the management and operation of its nationwide power transmission system to NGCP. The concession period is for 25 years, renewable for another 25 years.
One Taipan acquired the 30 percent share of Monte Oro at NGCP for approximately $350 million.
OneTaipan will fund the acquisition from equity and debt arranged by a foreign financial institution.
“The investment represents our commitment to be a part of the power sector which is a critical engine to the country’s development and growth. NGCP’s ability to provide a reliable and cost-effective transmission facility and services will directly redound to the benefit of various industries and the masses,” Sy Jr. said.
He said his company will work closely with the other shareholders to ensure that NGCP delivers on its commitment to provide transmission reliability and efficiency and this, he believes, is anchored on continuously improving its facilities and keeping the NGCP workforce highly motivated.
Sy’s group previously qualified in the transmission company’s privatization in 2007 under Triratna Holdings but did not join the formal bidding.
In October 2009, Sy Jr. also made an offer to acquire the Lopezes’ 13 percent stake in Meralco for P300 per share (approximately $942 million in value) but his offer was matched by the PLDT Group.