MANILA, Philippines — The Maharlika Investment Fund’s (MIF) acquisition of a 20 percent stake in the National Grid Corporation of the Philippines (NGCP) has sparked concerns over the government’s role in the power sector, adding if the move will truly benefit consumers, Senator Risa Hontiveros said. 

“Una, gusto ba ng gobyerno na mas maimpluwensiyahan ang kalakaran ng NGCP sa pamamagitan ng dagdag na board seats? Kung iyan ang layunin, bakit hindi na lang natin pakinggan ang panawagan na ibalik sa pamahalaan ang kontrol sa systems operation function ng NGCP?” she said.

The Philippine government, through the state-run Maharlika Investment Corporation (MIC), recently secured a 20 percent stake in NGCP, the private concessionaire operating the country’s power transmission system. 

The stake was acquired from Synergy Grid Corporation (SGP), a Filipino-led consortium that owns 60 percent of NGCP. 

Meanwhile, a Chinese state firm continues to hold a 40 percent stake in the company, a position that gives it veto power.

Through this acquisition, MIC will now have two board seats each in SGP and NGCP. However, Hontiveros argued that the investment does not change China’s influence over the power grid.

“We have to begin looking at all our options, including the re-nationalization of our power grid, as done by countries like the United Kingdom,” she said.

The senator also questioned whether the MIF investment would translate into tangible benefits for Filipino consumers.

“Talaga bang mapapababa ng MIF investment ang ating buwanang bill ng kuryente at mapapalakas ang power reliability ng bansa?” she said, pointing out that NGCP continues to post substantial profits while failing to deliver reliable service. 

She also raised concerns over unresolved issues within NGCP, such as the P8.7 billion in security and janitorial expenses that the grid operator allegedly sought to pass on to consumers.

“Nakakagulat na ngayon pa nag-invest ang MIF sa NGCP, ngayong may posibilidad na ma-cancel o ma-amyenda ng Kongreso ang prangkisa nito,” she said.

Hontiveros, who previously voted against the Maharlika Investment Fund Act, reiterated her stance that public funds should be managed prudently.

“When I voted against the Maharlika Investment Fund Act, I said that government should not be reckless with the people’s money. Hindi magandang senyales na sa dami ng pwede nitong pasukin, ang unang investment ng MIF ay sa panay kontrobersiya na NGCP,” she said.

The investment marks MIC’s first major venture since it was established to manage the Philippines’ sovereign wealth fund.