Sen. John Osmeña gave yesterday administration officials one week within which to come up with "clear figures" on the proposed privatization of the National Power Corp. (Napocor) or the chamber would junk the measure restructuring the state firm.
Osmeña, chairman of the Senate committee on energy, issued the warning as he lashed at the continued non-appearance of key Cabinet members at committee hearings on a supposed priority measure of the Estrada administration.
"Those who were supposed to attend did not attend, while those who attended came unprepared. The executive department wants us to rush the approval of the bill but its officials are not cooperating with us," he lamented.
He said that the second Regular Session of the 11th Congress has only three weeks left before it adjourns so if the "clear figures" are not produced by the administration by next week, then Napocor's restructuring would not pass the Senate.
"This is the Senate, this is not the House, and in the Senate, there are no quick solutions," Osmeña said, adding that he expected heavy debates on the Napocor restructuring bill once it reaches the floor.
He pointed out that questions of senators on how to treat the stranded liabilities and outstanding debts of Napocor could not be answered adequately in the absence of key administration officials supposedly in the know.
Osmeña said that Napocor has stranded liabilities amounting to P400 billion and debts amounting to P290 billion, for a total of P690 billion. Its assets, if privatized, could bring in P250 billion. He said that the question on how to pay the P440-billion difference between the debts-liabilities and assets has remained unanswered because of uncooperative administration officials.
He noted the admission of Napocor in a committee hearing that it had not done any financial modeling or any advance work on what would be the effect of its stranded debts.
Napocor said the study was undertaken by the Department of Finance, but Osmeña could not get any immediate clarification because Finance Secretary Jose Pardo is in China with President Estrada, while Finance Undersecretary Joel Bañares is out of the country until June 2.
"I called for Budget Secretary Benjamin Diokno but he is not available as he is going to Bicol. We invited Energy Secretary Mario Taioqui. He is in the country but he did not want to come here," Osmeña said.
He said he would request Senate President Franklin Drilon to call a Senate caucus to decide on whether the chamber would pursue a restructuring bill without immediate privatization and defer the privatization portion of the bill until next session.
"I think that is an alternative we have to pursue now. Hopefully, we can finish it before December," Osmeña said.