"As instructed by the PSALM Board, we will comply with the Office of the Government Corporate Counsel’s (OGCC) instructions to come up with procedures on how to go about the negotiated deal with Singapore Power," PSALM vice president Froilan Tampinco said.
OGCC has approved the sale of Transco through a negotiated scheme but has instructed PSALM to draw up specific steps on how to go about the negotiations.
Tampinco said they have set a self-imposed deadline of two weeks to be able to come up with the proposed modes of negotiation.
"We should take into consideration that there is, of course, a sense of urgency in this and we should not allow opportunity to pass," he said.
The PSALM official said the procedures will include the timeframe on how long the negotiations with Singapore Power will last. "We will attach a timeframe on these procedures," he added.
After that, he said they expect to enter into formal talks with SPC. "We can already notify the parties concerned that we have already threshed out legal issues and will be ready to commence with the negotiation after guidelines on the sale are finalized," he added.