MANILA — Synergy Grid & Development Phils Inc, which is part of the Filipino consortium controlling the National Grid Corp of the Philippines, said on Friday the firm performed well despite criticisms, especially from lawmakers.
SGP owns controlling shares in Monte Oro Grid Resources Corp (MOGRC), which is a member of the NGCP consortium along with the Calaca High Power Corp and the State Grid Corporation of China.
"National Grid Corporation of the Philippines (NGCP) relies on its overall good performance and service track record to defend against allegations of violations," the SGP said in a disclosure to the stock exchange.
SGP said NGCP has been investing "hundreds of billions" to reinforce the transmission system.
Since it took over national grid operations, the NGCP said transmission service has significantly improved while substation capacity was doubled, SGP said citing data from the Energy Regulatory Commission.
"NGCP believes and is confident that it has complied with its obligations under its franchise and the Concession Agreement and it shall continue to comply with all lawful directives and pursue its mandate faithfully," the Filipino consortium member said.
Senator Raffy Tulfo, Chairperson of the Senate Committee on Energy, earlier met with President Ferdinand Marcos Jr. on May 15 to express his intent to investigate the situation at NGCP.
The Palace said it agrees with the lawmaker and that it is willing to "take back" control of the NGCP if proven that there are inefficiencies and if proven that the stake owned by a Chinese-run firm is a threat to national security.
Other lawmakers have also criticized the NGCP due to recurring power outages as well as the alleged national security threat.