If it looks that all will be quiet in the energy sector in 2023, the casual observer is in for a surprise.
That’s because, according to Biz Buzz sources, the next big corporation that will come under pressure from the combined might of a corporate rival and some regulators (working hand in hand, of course) will be the National Grid Corp. of the Philippines (NGCP).
“It will be a busy year for NGCP as they will be the next target after San Miguel Corp.,” said one knowledgeable source, referring to last year’s all-out assault on the Ramon Ang-led conglomerate, which was seeking some financial breathing space after being caught on the wrong side of coal prices on two large power supply deals.
But the assault on NGCP is just about to begin.
The goal of this effort, as we understand it, is nothing less than the complete re-nationalization of the company that was privatized in 2009.
Recall, of course, that NGCP, which runs the Philippines’ power grid, was already the subject of two unsuccessful “assassination attempts” during the Duterte administration when certain public and private interest groups within the energy sector tried to convince the then sitting President to sanction a re-nationalization of the firm.
Despite months of publicity campaigns against the firm and a hostile stance by regulators, both attempts eventually failed, especially since reversing the privatization of NGCP would require a massive buyout of the 40-percent stake of the State Grid Corporation of China.
This time around, we’re told that NGCP’s adversaries are taking a slightly different tack. They want to make it so costly for NGCP to operate that it becomes an unprofitable enterprise, thus weakening the hold of its Filipino shareholders, billionaires Henry Sy Jr. and Robert Coyiuto Jr.
Once they feel the financial squeeze—along with the pressure from adverse public opinion that will be engineered over the next few months—it will be easier for a party like the national government to buy the private parties out (and re-privatize it down the road to friendlier hands perhaps?).
Of course, all this will depend on whether these parties can convince President Marcos to approve of this audacious and risky plan.
So will NGCP survive a third “assassination attempt”? Or will it be a case of “third time lucky” for the parties that have been lusting for this company? Abangan!
—Daxim L. Lucas
Shakey’s steady expansion
Its expansion may not be flying as fast as Potato Corner but the Po family’s Shakey’s Pizza Asia Ventures is just as bullish on Peri-Peri Charcoal Chicken and Sauce Bar.
The grilled chicken chain opened some of its first outlets in Central and Northern Luzon, banking on the return of diners who have been cooped up in their homes during the pandemic lockdowns.
Peri-Peri, which has 68 outlets, recently opened in Baguio City and Tuguegarao after recent store openings in Cabanatuan, Nueva Ecija and Cauayan, Isabela.
“Given its strong performance in the metro, we believe it’s high time to expand to new cities and give their local residents a taste of Peri-Peri,” Shakey’s Pizza CEO Vicente Gregorio said.
The company sees growth across all its brands in 2023, thanks to pent-up demand for dining out.
—Miguel R. Camus INQ
Email us at BizBuzz@inquirer.com.ph
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