Head Topics

NGCP hit over execs’ fat pay amid project delays

  • 📰 inquirerdotnet
  • ⏱ Reading Time:
  • 40 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 86%

Philippines Headlines News

Philippines Latest News,Philippines Headlines

ICYMI: The NGCP has been earning billions of pesos that go to its shareholders as dividends instead of being spent for transmission projects that it had failed to deliver, an inequitable practice that senators said the ERC should switch off at once.

Citing data from the ERC, Gatchalian said NGCP has yet to accomplish dozens of projects, among them the full interconnection of the Visayas-Mindanao grids that should have been finished in 2019.

Alabanza also apologized for the delays in the completion of the projects, many of which, she claimed, were affected by issues involving road right-of-way. NGCP, which has a 25-year concession contract and a 50-year franchise to operate the country’s lone power grid, is 40 percent owned by the State Grid Corp. of China .

According to Concepcion, the consortium raked in more than P20 billion in 2019, and distributed P15 billion of this to its shareholders, while it spent P39 billion for capital outlay. “So your net income was negative? I pity you,” Tulfo quipped, referring to the bigger dividend than the net profit for the year.

“State Grid’s stake cannot and does not amount to control of the company because Filipinos own 60 percent of NGCP,” NGCP said.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in PH

Philippines Latest News, Philippines Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

NGCP exec puzzled as to when making money became so ‘demonized’When did making money become so “demonized?” NGCP assistant vice president Cynthia Alabanza aired this sentiment on Thursday after senators questioned the hefty payouts that its owners have been getting. | MAgerINQ
Source: inquirerdotnet - 🏆 3. / 86 Read more »

NGCP to lawmakers: Power grid safe from hackingThe country's grid operator on Wednesday assured lawmakers that the system has safeguards from possible disruption by external entities.
Source: CNN Philippines - 🏆 13. / 63 Read more »

‘We’ve been had’: Senators lament NGCP profits going to shareholders; review of EPIRA eyedSenators on Wednesday, May 24 expressed their disappointment after officials of the National Grid Corporation of the Philippines (NGCP) confirmed earlier claims that most of its profits went to the pockets its stockholders. ManilaBulletin
Source: manilabulletin - 🏆 25. / 51 Read more »

Only ERC can audit our system operations—NGCP | BusinessMirrorThe National Grid Corporation of the Philippines (NGCP) said Thursday the Energy Regulatory Commission (ERC) is the sole agency that could conduct an audit on its system operations. Know more:
Source: BusinessMirror - 🏆 19. / 59 Read more »

Adult joblessness in PH decreases to 19%MANILA, Philippines — Adult joblessness in the Philippines decreased to 19% in March this year from the 21.3% recorded in December 2022, the latest Social Weather Stations (SWS) survey showed on
Source: inquirerdotnet - 🏆 3. / 86 Read more »

HONOR Magic5 Pro is coming to the Philippines on June 8!
Source: GIZGUIDEPH - 🏆 17. / 59 Read more »