NGCP a Filipino company —Sy

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A top official of the National Grid Corporation of the Philippines (NGCP) has reiterateded that the company is a Filipino corporation, run by Filipinos.

Henry Sy Jr., NGCP vice chairman, was quoted by the company in a statement yesterday in his opening remarks at the House Committee on Legislative Franchises.

At present, 40 percent of NGCP is owned by the State Grid Corporation of China (SGCC) while the remaining 60 percent is owned by a group of Filipino businessmen led by Sy Jr. and Robert Coyiuto Jr.  held through their companies Monte Oro Grid Resources Corp and Calaca High Power Corp, respectively.

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The statement said Sy, in the hearing also yesterday, allayed concerns about China’s role in the operation of the country’s power grid, saying SGCC “does not exercise control over the power grid nor over NGCP.”

Sy said domestic corporations Monte Oro and Calaca each hold 30 percent, or a total of 60 percent of the outstanding capital stock of NGCP, whereas SGCC only holds a minority share of 40 percent stressing that SGCC’s shareholding in NGCP is consistent with the Constitution held through trategically held through their companies Monte Oro Grid Resources Corp and Calaca High Power Corp, respectively, NGCP said.

NGP said during the hearing, Sy clarified that SGCC was already on board and the shareholders agreement was already in place when he purchased his shares in 2010.

The statement added Sy also debunked reports that the Chinese can shut down the country’s power grid, stressing that “it is NGCP alone, through its Filipino directors and personnel, and not the Chinese, which has control over the system operations.”

“The Chinese do not have control over the Grid… there is no proverbial single red button that can instantly turn off the Grid,” NGCP quoted Sy as saying at the hearing.

NGCP added Sy stated there are protocols that actually prevent this, Sy stated.

NGCP said Sy also informed the Committee that NGCP’s SCADA system is a secure stand-alone, isolated system not connected to any other network or internet, thus making it safe from remote hacking.

NGCP said Sy also underscored the need for stability, not just in the power grid, but also in supply, law, policy and regulation, for a more robust power industry.

“I strongly urge our DOE to look at the problem as a whole.  The data is clear, 97 percent of the power interruptions from 2016 to 2023 was caused by problems in supply,” Sy said at the hearing as quoted by the NGCP statement.

“We need stable, affordable baseload power.  We need a comprehensive, aligned plan that considers the needs of all sectors.  We are willing to be part of the solution, but transmission should not be the solution to everyone’s problems,” he said.

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