MANILA, Philippines – Power Sector Assets and Liabilities Management Corp. (PSALM) vice chairman Froilan Tampinco is now officially the next president of the National Power Corp. (Napocor).
Executive Secretary Eduardo Ermita announced the appointment of Tampinco yesterday after indicating that President Arroyo had accepted the resignation of Napocor president Cyril del Callar before she left for the United States last Sunday night.
Del Callar, who cited unspecified health reasons for his resignation, will be out of the Napocor by the end of the month.
Ermita said last Saturday that the President wanted an insider to replace Del Callar, and described Tampinco as a career official at the Napocor and the next in line to Del Callar.
Tampinco is a licensed chemical engineer, educator, health physicist, corporate planner, utility operations and marketing executive.
He is currently vice president for Asset Management & Electricity Trading Group of the PSALM, whose core function is the privatization/disposal of the assets of Napocor and the formulation of strategies and programs for PSALM’s participation in the development of the Wholesale Electricity Spot Market.
Before joining the PSALM, Tampinco was vice president for sales and services of Napocor, vice president/head of GenCo 2, Group Manager of RAFS, NLRC and concurrent Group Manager for Marketing & Corporate Planning Services of GenCo 2.
The privatization of the assets of Napocor is one of the most important programs of the government, as it is envisioned to end years of losses that have cost the national government a substantial amount of money.
Operations of the transmission and generation assets are also expected to improve once it is run by the private sector.
In addition, the privatization of Napocor’s assets is expected to generate a substantial amount in revenues for the national government.