Can NGCP Resist Maharlika?

There is no reason for NGCP's equity holders to welcome the interest of Maharlika Fund to buy into the company.

- BOO CHANCO

They don't need the additional equity or even if it can help, they are perfectly capable to raise the money themselves. Getting more government presence in the already contentious government concession merely creates additional headaches.

But the idea of getting the Maharlika Fund in the board room of NGCP has a lot of supporters. For one thing, diluting the shares of the current shareholders, including that of the State Grid of China (SGC), seems like a good idea for some. People are antsy about China having a strong presence in a vital infrastructure that our national grid is, given the state of current animosity in our relations with Beijing.

For another, there is a view that the 60 percent share of Synergy Grid Philippines (SGP), the Filipino controlling interest in NGCP may not be enough to protect the national interest. Henry "Big Boy" Sy, Jr., who runs SGP is seen as subject to negative pressure from China if push comes to shove. Big Boy is part of the SM Group with extensive business interest in China, including eight megamalls in the cities of Xiamen, Jinjiang, Chengdu, Zibo, Chongqing, Tianjin, Suzhou and Yangzhou. Maharlika's presence at NGCP will help protect the national interest.

This is not to say that the Sy family are not patriotic Filipinos. Given how they rose from poverty to become the country's top taipan family should more than indicate that their business interests are heavily Philippine-based.