Estrada prods Congress on Napocor sale

President Estrada prodded yesterday leaders of Congress to pass into law as soon as possible the controversial Palace-certified bill to privatize the state-owned National Power Corp. (Napocor) to bring down the costs of power to industries and attract local and foreign investors.

President Estrada issued this call when he spokes yesterday at the inauguration of the Sanyo Capacitor Phils. Corp. where he flew to open the latest plant of this Japanese company in the country which set up a factory in Hacienda Luisita Special Economic Zone in San Miguel Tarlac.

In his speech, President Estrada reiterated his administration's commitments to implement the economic reforms and legislative measures that would open up more foreign equity in the country's business and local industries.

The President said he has signed into law several of these "important" reforms and legislations which Congress approved such as the Retail Trade Law and the Revised Securities Act. Mr. Estrada also cited some executive fiats he issued like the Creation of an Investors' One-Stop Action Center in the Department of Trade and Industry.

"These changes in the way business is done in the Philippines may be considered milestones since they open up a once-exclusive enclave of Filipino business folks, as well as put into action our quick resolve to be more transparent in processing business applications," he pointed out.

President Estrada, however, lamented that several Palace-certified reform bills "that would further open investments areas" and to provide "more transparent environment for private businesses to operate" remain pending in both the Senate and the House of Representatives.

The Chief Executive specifically cited the pending bill on the privatization of Napocor which is now being deliberated at the Senate. The bill, though approved already at the House, suffered setback with the controversies related to alleged "payola" by certain power firms out to block its passage into law.