The National Transmission Corp. (TransCo) and the National Grid Corporation of the Philippines (NGCP) have agreed to resume the physical inventory of the country’s current transmission assets which will bolster the reliability and integrity of the country’s transmission infrastructure.
TransCo president and chief executive officer (CEO) Fortunato Leynes and NGCP president and CEO Anthony Almeda on August 14 signed a memorandum of agreement (MOA) aimed at ensuring accurate records and updated asset registries.
Under the MOA, TransCo is permitted to conduct a comprehensive physical inventory and validation of transmission assets to update its records and fixed asset registry in order to reflect current and accurate information.
TransCo said the physical inventory will be conducted exclusively by its employees, including its officers and staff with all activities to be done in accordance with established protocols and guidelines under the concession agreement.
“TransCo believes in a diplomatic and developmental approach towards providing a solid foundation for future asset management and operational efficiency. With this agreement, TransCo can ensure the interest of the government and its citizens,” said Leynes, in a statement.
TransCo is the government-owned-and-controlled corporation who owns the country’s transmission assets while NGCP is the private corporation that won the concession to operate and maintain the said assets.
