Danilo Suarez concerned NGCP is ‘owned by the Chinese’
Quezon 3rd District Representative Danilo Suarez in his Manila Standard column expressed concern that the National Grid Corporation of the Philippines is “majorly owned by the Chinese.”
The Quezon politiko said the issue concerns national security as well as high power rates.
“One of my concerns is that SGCC (State Grid Corporation of China) has the highest stake in the consortium, owning 40 percent of the company, while CHPC and MOGR own 30 percent each. This means that the NGCP is majorly owned by the Chinese, which I see as a threat to national security,” Suarez said.
But he lamented that his bill to address this has not progressed in the committee on energy at the House of Representatives.
“Another concern is that, most Filipino consumers and businesses are complaining of high power rates these days. One of the reasons why we have high power rates is that most of the fuel used for power generation are imported, meaning, these are subject to global market forces and are impacted by foreign exchange movements. Furthermore, power demand is less relative to those of comparable countries,” Suarez explained.
“I call on the NGCP to take urgent and significant actions to address these concerns on national security and high power rates. As a legislator, it is my duty to protect our country and our people. Expect that I will be vigilant in monitoring these concerns,” he added.
Recommended on other sites
Politiko Main Latest News
North Luzon Latest News
Metro Manila Latest News
Central Luzon Latest News
Bicol Latest News
Visayas Latest News
The comments posted on this site do not necessarily represent or reflect the views of management and owner of POLITICS.com.ph. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.