NGCP elects Henry Sy Jr. as president and CEO

National Grid Corporation of the Philippines, operator of the country's transmission highway, has elected Henry Sy Jr. as president and CEO. Son of taipan and mall magnate Henry, Sy Jr. replaced Roque Corpuz, who was appointed in March after One Taipan Holdings Inc. bought Monte Oro Grid Resources Corp., which holds a 30-percent stake in the National Grid consortium for $350 million. The National Grid consortium is composed of State Grid of China Corp. with 40 percent share as the foreign partner, Calaca High Power Corp. of the Coyuito Group with 30 percent, and Monte Oro, now controlled by One Taipan with 30 percent. Sy Jr. said in a statement he would work closely with his partners to ensure that the company delivers on its commitment to provide transmission reliability and efficiency anchored on continuously improving its facilities and keeping the National Grid workforce highly motivated. The company will prepare a master plan to develop a National Grid connecting all the major islands in the country with the assistance of the State Grid of China, its foreign financial and technical partner. "National Grid’s ability to provide a reliable and cost-effective transmission facility and services will directly redound to the benefit of various industries and the Filipino masses," Sy Jr. said. "As a former government corporation, we will also propose some salary adjustments in order to attract and keep the best engineers," he added. —Carmela Lapeña/VS, GMANews.TV