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PIA Press Release
2007/09/26

Feature: PNOC-EDC living proof of viability of gov't privatization policy

Tacloban City (September 26) -- The Philippine National Oil Company Energy Development Corporation is one of the good proofs of the viability of the Government's Privatization Policy.

This was pronounced by President Gloria Macapagal Arroyo during her short visit to Ormoc City to witness the Leyte Optimization Handover Ceremony on September 25.

The President said that privatization with a power generation and supply sector remains a top priority. "It hasn't been happening, in fact, enough for me but now I'm glad for making progress," the President added.

Reform of power supply is essential for the country's long-term health. The country will not be able to take the economy to the next step without it.

The President added that the government is always concerned about prices that consumers and industrial alike pay. "

"We want them much lower. These, while we're eager to move along the privatization of NAPOCOR which shall free the government of it's subsidy and allow the government to make more investments in other infrastructure areas," she continued.

The PNOC-EDC was oversubscribed in December and in the follow-through in July, the President revealed. PNOC0-EDC was listed on the Philippine Stock Exchange on December 13, 2006. By July 2007, it has become a majority privately owned company with almost 53% of its outstanding shares being owned by about 170 institutional funds.

The IPO is the most successful for the Philippine Government in twelve years, providing a template for other state firms intending to go public.

Now, PNOC-EDC gears up for the final leg of its privatization, after the government, through the PNOC Board has approved the sale of its remaining stake in PNOC EDC on September 1, 2007.

This is a step in the right direction towards attaining PNOC EDC's vision to become an international geothermal company, President and CEO Paul A. Aquino said. (PIA 8) [top]

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