CITY Mayor Rolen C. Paulino said the National Grid Corporation of the Philippines (NGCP) will no longer disconnect electric power supply in Olongapo City tomorrow, July 3, 2013 as threatened in a notice of disconnection last week.
“For now we have averted the power cut-off but we will meet again on Friday,” Paulino told Subic Bay News in an exclusive phone interview immediately after his meeting that dragged on for hours this afternoon with Dept. of Energy Secretary Carlos Jericho Petilla and Emmanuel R. Ledesma, president of the Powe Sector Assets and Liabilities Management (PSALM) Corp.
PSALM is the national government’s agency tasked to handle the privatization of the National Power Corporation (NAPOCOR)
City residents have been seriously worried for the past week or so of the impending power cut that is the result of the city’s over P5 B debt to PSALM, incurred by the previous city administration of James “Bong” Gordon, Jr. for the past 9 years.
Paulino, who assumed office only on Monday, said the meeting on Friday will take up the restructuring of the city’s P5 B debt and a certain amount will have to be paid to PSALM to ensure that no further power cuts will be scheduled. (Vic V. Vizcocho, Jr./SBN)