SEN. Joker Arroyo on Sunday warned the government against privatizing “crown jewels” such as the National Transmission Co. (Transco), which contributes not less than P15 billion to the government’s coffers annually, and debt-free.
“Transco has made lots of money. It is the envy and the crown jewel not only of Napocor but the whole GOCCs [government-owned and -controlled corporations],” Arroyo said. “It is reminiscent of the injudicious sale of Petron some 10 years ago.”
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