MANILA, Philippines — Sen. Risa Hontiveros on Monday claimed that the government had been losing P7.4 billion every year due to the tax exemptions given to the National Grid Corp. of the Philippines (NGCP). Hontiveros made the remark as she called for a security audit of the national grid system and a legislative inquiry into the operations of the NGCP. According to her, before the privatization of the power transmission business, state-owned National Transmission Corp. (Transco) used to pay P9.5 billion in taxes. 9511, which is tasked to operate, maintain, and develop the country’s state-owned power grid. It is a consortium of three corporations — namely, Monte Oro Grid Resources Corporation, Calaca High Power Corp., and the State Grid Corp. of China.

Source: Philippine Daily Inquirer December 09, 2019 14:26 UTC