MANILA, Philippines — A senior administration lawmaker yesterday revealed an obscure and under-two-year-old independent power company that managed to bag a contract that raked in hundreds of millions of pesos with only P7,000 in paid-up capital. Puwersa ng Bayaning Atleta party-list Rep. Jericho Nograles questioned how and why the Independent Electricity Market Operator of the Philippines (IEMOP) Inc. got the deal to manage the wholesale electricity spot market (WESM) “without any competitive selection process.”“Laway lang ang puhunan. “To make the absurd obvious, a capitalization of P7,000 is not even enough to buy a food cart franchise, what more to manage the wholesale electricity spot market?” he added. IEMOP describes itself as a “non-stock, non-profit organization” which was incorporated to become the independent market operator of the WESM. Only four months after its incorporation, IEMOP entered into an operating agreement with the Philippine Electricity Market Corp. to take over its role to manage the WESM.

Source: Philippine Star January 19, 2020 16:10 UTC