Here's a rundown of the controversies surrounding the National Grid Corporation of the Philippines and a history of how China teamed up with Filipino businessmen to manage the country's transmission network.
MANILA, Philippines – Lawmakers have sounded the alarm over various issues hounding the National Grid Corporation of the Philippines , which include alleged security and spying risks, as well as exorbitant dividends amid power outages in many areas in the country.
The consortium composed of the State Grid Corporation of China , Monte Oro Grid Resources Corporation, and Calaca High Power Corporation emerged as the winning bidder. The balance, around P127 billion, was pegged at the exchange rate of P43.75. Since then, the peso has depreciated, translating to millions worth of savings for NGCP and its shareholders.
In 2014, NGCP’s dividends exceeded net income with P24 billion handed to shareholders even though it only earned P22 billion. “Our profits or dividends were taken from retained earnings which have accumulated over the years. So it’s not a one is to one…the numbers may or may not match,” Alabanza told the Senate panel.Senators have questioned NGCP’s dividend policy amid the company’s struggle to complete some transmission projects.
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