The creation of a transition team at Philippine Electricity Market Corp. (PEMC) will foster transparency in the electricity spot market, Energy Secretary Alfonso Cusi said.
Cusi said on Thursday that the objective was to gain the trust and confidence of investors and increase the benefits to consumers.
He said the panel, which took office this month after PEMC President Merlinda Ocampo resigned on July 1, was also assessing whether the independent market operator (IMO) should be a government-owned and controlled corporation (GOCC) or a private company.
Cusi said he was waiting for the transition group to complete its work and submit its recommendations..
Last week, transition panel member and former Energy Regulatory Commission (ERC) Executive Director Francis Saturnino Juan said that some of them would focus on operations while others would work on assessments and recommendations.
The panel has been given seven months to look into the current PEMC structures, systems and resources.
Led by former Energy Regulatory Board Chairman Oscar Ala, the panel also counts as members Jose Mari T. Bigornia, Jose M. Layug, Jr. and Rauf A. Tan.