Cash-strapped power firm goes on the block

LEGAZPI CITY: A week after the National Grid Corp. of the Philippines (NGCP) plunged Albay in darkness for the local power utilities cooperative’s failure to settle its P59-million debts last month, the ailing cooperative foes up for bidding on Wednesday.

Ma. Alvie Boral, Albay Electric Cooperative public information officer said that four major companies expressed willingness to join the bidding and carry out a rehabilitation of the criminally mismanaged cooperative.