DOE orders creation of team to assess, audit performance of NGCP

By Alena Mae S. Flores

THE Department of Energy issued an order creating the performance assessment and audit team for the operations of the National Grid Corp. of the Philippines.

Department Order 2023-06-0018, signed by Energy Secretary Raphael Lotilla on June 8, 2023, said the team would assist Congress and the President in continuously reviewing laws and policies relating to energy.

It said the PAA should serve as a basis for the DOE, the Energy Regulatory Commission and other relevant agencies to develop policies to attain secure, reliable and affordable supply of elec- tricity.

“The PAA shall serve as basis for the DOE or the ERC to recommend to Congress any actions to be taken in respect of the franchise of the TNP [transmission network operator] and SO [system operator], and as basis for Congress to act upon such recommendations,” the order read.

It said the PAA may also serve as basis for the National Transmission Corp. and the Power Sector Assets and Liabilities Management Corp. to assess the performance of the TNP and SO of its obligations under the concession agreement dated Feb. 28, 2008.

“The PAA shall be conducted in a transparent, and timely manner with results thereof to be used for improving operations and performance, and for evaluating the level of implementation and compliance by the TNP and SO with the TDP [Transmission Development Plan],” the order said.

The DOE said the PAA would be part of the industry’s best practices and compliance of all transmission systems and facilities.

It would also served as the “basis for the ERC’s enforcement of an incentive and penalty system that ensures accountability of the TNP and SO in performing its mandate in ensuring the security and reliability of the grid while allowing non-discriminatory access to all grid users.” delivered in the same period last year.

Meanwhile, commercial vehicle sales grew 46.3 percent in May to 28,385 units from 23,323 units a year earlier. Month-on month also increased 21.7 percent from 23, 326 units in April.

Commercial vehicles sold from January to May totaled 124,242 units, up by 31.2 percent from last year’s 94,727 units.

“The steady year-on-year growth recorded in the first five months gives the industry a reason to be even more optimistic and grateful at the same time as attaining its growth forecast this year felt even closer to reality and proves rather possible,” said Gutierrez.

LOGISTICS PARTNER.

2GO, the Philippines’ largest end-toend logistics, transportation and distribution solutions provider and a part of SM Investments Corp., is the official logistics partner of IRONMAN events in the Philippines.

As with its previous support in the Davao leg, 2GO transported largeticket paraphernalia, including bikes, race equipment, race bibs, singlets, merchandise and exhibition materials to Subic.

Shown are athletes of the 2GO Tri relay team participating in IRONMAN Subic.

By Julito G. Rada

STATE-RUN pension fund Government Service Insurance System said Tuesday it reduced its outstanding loans by 39 percent through enhanced collection efforts. GSIS president and general manager Wick Veloso said in a statement the agency was seriously adhering to the recommendations of the Commission on Audit following audit findings that showed uncollected service loans surpassing P45 billion.

“As part of our ongoing efforts to improve our collection practices, we have reduced our total loan receivables. In 2016, our receivables stood at P74.25 billion. We’ve managed to cut this by 39 percent to P42.01 billion in 2023,” he said.

He also expects Voyager to contribute positively to PLDT in the next two to three years.

“I think recovery will be led by the enterprise part of the business,” Pangilinan said. Voyager raised $210 million in new funds in April 2022, propelling the company’s valuation to unicorn status at $1.4 billion.

Leading the round is new investor SIG Venture Capital, the Asian venture capital arm of SIG. Other new investors include Singapore-based global investor EDBI and investment holding company First Pacific Company Ltd.

Other participants in the round are Voyager’s shareholders PLDT Inc., KKR, a global investment firm; Tencent, a leading technology company; International Finance Corp.; and IFC Emerging Asia Fund and IFC Financial Institutions Growth Fund, two funds managed by the IFC Asset Management Company, a division of IFC.

“In the first four months of 2023 alone, we reduced our due and demandable loans by P3.57 billion or 7.83 percent from its 2022 balances of P45.58 billion, bringing our April 2023 level down to P42.01 billion,” he said. He said the substantial reduction in outstanding loans was the result of numerous measures the pension fund instituted over the years such as various condonation and restructuring programs designed to alleviate borrower debts.