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According to Lotilla, YNN, as a special purpose vehicle was established to avoid legal complications that might arise if a Filipino company insists on the alleged right to match the bid of a foreign investor.â€œThat explanation is weak,â€ said Santiago. â€œThe more important point is that PSALM refused to give YNN a guarantee for cost recovery, and yet YNN proceeded to bid for Masinloc, and even paid 40 percent of the bid price amounting to $224.7 million.Why would a special purpose vehicle be willing to pay upfront 40 percent of the bid price, when there is no guarantee for cost recovery?â€
Speaking before the Senate Committee on Energy, Lotilla said President Arroyo has approved the recommendation of the joint congressional power commission that studied the manner by which TRANSCO would be privatized. This way, Lotilla said TRANSCO will remain under government control and would avoid spending for its operation and maintenance.
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