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A project of this nature and magnitude requires a contract between the owner and NGCP. However, this was implemented without the knowledge or agreement of Power Sector Assets and Liabilities Management Corp. (PSAUME) and TransCo. TransCo also stated that there was no notification or petition to the Energy Regulatory Commission (ERC) in violation of the provisions of the EPIRA Act and the concession agreement. After this significant development, PSAUME handed over the 25-year-old TransCo dealership on January 14, 2009 in simple ceremonies to the Psalm Makati Bureau officially to the NGCP. Turnover means that PSAUME and NGCP met all the conditions and completed the results at the conclusion of the transaction. With nearly two years left in the Duterte government, the government has sufficient time to consider the CCGCP concession contract and the NGCP still has a long way to go to overcome the controversies it has generated. But SGCC has been part of the NGCP since the concession agreement was awarded by the Philippine government itself in 2008. In accordance with the provisions of the sale transaction, the CCGCP paid $987.5 million to PSAUME as an advance for the operation of the transmission system.

This represents 25% of the $3.95 billion purchase price for the acquisition of the $3.95 billion concession contract. The remaining 75% is due using a 15-year repayment profile that provides the investor with a “pre-established” investment structure. This means that the investor has the leverage to structure his own funds or shares in relation to his bonds. Thus, the NGCP financed its down payment of 25% with loans and some capital, while the remaining 75% would be financed by the company`s revenues. “What`s the problem? The problem is the law. You can`t break the law. What I recommend is that Congress have a second look. If that is what it takes to correct this error, so be it.

But if that is the only way to correct the injustice that is being done, then we have to go through that process. But we want to do things niv… if we can check the terms of the concession contract to make it reactive… public interest,” said Matibag.