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PIA Press Release

PGMA orders internal review of wesm processes

by ES Subong

Iloilo City (16 October) -- President Gloria Arroyo has recently instructed the members of the Board of the Power Sector Assets and Liabilities Management (PSALM) Corporation to conduct an internal review of PSALM’s trading processes and structure in the Wholesale electricity Spot market (WESM).

The PSALM board members put to task by the President include the Department of Finance (DOF), Energy (DOE), Trade and Industry (DTI), Justice (DOJ), and the National Economic Development Authority (NEDA).

Malacanang said that President Arroyo and the entire energy team are at the forefront of protecting the interest and welfare of the public especially when it comes to electricity, as the Filipinos deserve no less than the maximum and fair benefit from a free market.

Further, the government is making sure that the interest of the public remains its foremost concern, as the former continues to put high priority on the investigations into the power rates issues.

Likewise, the DoE maintains its strict vigilance on the WESM as the Administration continues to assert its goal of protecting the consumers and pursuing all institutional means to advance alternative sources of energy.

Energy Secretary Raphael lotilla said that internal review of trading processes in WESM is meant to reinforce and not intended to preempt the on-going independent investigation being carried out by the Market Surveillance Committee.

He added that the President has instructed to make sure that the conduct of the investigation should be credible, independent and transparent.

Earlier, the passage of the biofuels bill by both houses of congress is a victory for the Philippines as this allows the government to begin the path towards eliminating the nation’s extreme dependence on foreign oil by further developing and expanding the areas of alternative and renewable energy sources that can be used throughout the country. (PIA 6) [top]

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