Photo Release

October 21, 2021

On assets transfer to IEMOP: Sen. Aquilino “Koko” Pimentel III questions the transfer of assets of the market operator in energy sector to Independent Electricity Market Operator of the Philippines Inc. (IEMOP). Pimentel said that while IEMOP was incorporated as a non-stock, non-profit entity, the transfer of assets could allow them to acquire millions or billions of assets of the market operator. Energy Sec. Alfonso Cusi said the IEMOP will not get to own the assets of Philippine Electricity Market Corporation (PEMC). Pimentel pointed out that Sec. 30 of Republic Act 9136, or the Electric Power Industry Reform Act, provides that "an independent entity shall be formed, and the functions, assets and liabilities of the market operator shall be transferred to such entity...” Cusi assured Pimentel that the department will revisit the law, particularly on the transfer of assets from PEMC to IEMOP. Pimentel made the manifestation during Thursday’s hybrid hearing of Finance Subcommittee E October 21, 2021, on the proposed budget of the Department of Energy (DOE). (Screen grab/Senate PRIB)

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