The deal will allow the debts and generation assets of National Power and the transmission assets of National Power to the National Transmission Corp (TransCo) and on to PSALM.
This will precede the sale of the generation assets and, by way of concession, the transmission assets to investors.
"The World Bank supports the Philippine government in pushing forward the reforms stipulated in the Electric Power Industry Reform Act (EPIRA) - the privatisation of the generation and transmission assets and the restructuring of the power sector for the benefit of the Filipino consumers. We hope that this consent will send a positive signal to both domestic and foreign investors interested in acquiring the assets of National Power,” said Joachim Von Amsberg, the Philippines country director for World Bank.
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