Republic of the Philippines invites bids for Transco sale

The wheels are finally set in motion for a deal that has been a year and a half in the making.

The Department of Energy of the Republic of the Philippines yesterday put out public notices inviting interested parties to apply to bid for Transco, the transmission assets of the National Power Corporation. The notices formally put in motion a process that has been awaited since the ratification of the Electric Power Reform Act Epira in June 2001. CSFB is advising the government on the sale, a mandate it has held since August 2001.

Between then and now, the process has had to cross some interminable legal and regulatory hurdles, including the passage of the Implementing Rules and Regulations, the Privatization Plan and a soon to be ratified Franchise Deal.

Despite this...

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