THE National Transmission Corp. (TransCo) and the National Grid Corp. of the Philippines (NGCP) said they have agreed to resume the physical inventory of transmission assets.
“Transco believes in a diplomatic and developmental approach towards providing a solid foundation for future asset management and operational efficiency,” President and Chief Executive Officer Fortunato C. Leynes said in a statement on Wednesday
“With this agreement, TransCo can ensure the interest of the government and its citizens,” he added.
Under the memorandum of agreement, TransCo will conduct the inventory and validate the transmission assets, in order to update TransCo’s records and fixed asset registry.
TransCo said that the inventory will be conducted “exclusively” by TransCo employees.
TransCo is a government-owned and -controlled corporation which owns the country’s transmission assets, while the NGCP is the private corporation that won the concession to operate and maintain the transmission system. — Sheldeen Joy Talavera
