Ibazeta replaces Reyes at DOE

MANILA, Philippines - The president of the Power Sector Assets and Liabilities Management (PSALM) Corp. yesterday assumed the position of energy secretary replacing Angelo Reyes, nominee of congressional party-list transport group 1-Utak (Isang United Transport Koalisyon).

Jose Ibazeta’s name cropped up as one of the possible replacements for Reyes when news about the latter’s political plan to run for mayor of Taguig City came out.

Ibazeta has been president of PSALM since February 2007 and is credited with the successful privatization of National Power Corp.’s (Napocor) generating assets.

PSALM has already privatized 81 percent (3,072 megawatts) of Napocor’s generating assets in Luzon and the Visayas with government revenue of $2.99 billion.

Ibazeta has been special envoy to Middle East countries in charge of coordinating humanitarian and reconstruction efforts related to Iraq since June 2003.

He served as treasurer of International Container Terminal Services Inc. (ICTSI) from 1987 to February 2007. He also serves as a consultant to the chairman of A. Soriano Corp. (Anscor) and has been chairman emeritus of Atlas Consolidated Mining & Development Corp. since April 2, 2003.

He has also been either a director or board member of several companies for many years now.

Ibazeta is a trustee of Catholic Priesthood Foundation, CCP Foundation and AIESEC Philippines. He has also been a member of the Makati Business Club since 1996 and Management Association of the Philippines since 2000. He is currently a member of the Philippine Chamber of Commerce and Industry.

He is affiliated with the Ateneo de Manila University as a trustee of the Ateneo Scholarship Foundation.

He finished Bachelor of Science in Economics at the Ateneo in 1963 and earned a Master’s in Business Administration from the University of San Francisco in 1968 and another MBA in Banking and Finance from New York University in 1975.

“I am really heartened and confident that the one taking over the reins of the Department of Energy is a man of the stature and caliber of Nono Ibazeta,” Reyes said.

“I know him, we’ve worked together for two years and seven months. I’m sure the President (Arroyo) made the right decision in placing in the hands of Nono Ibazeta the responsibility for charting the direction for the Department of Energy,” he said.

Ibazeta, on the other hand, said solving the Mindanao power crisis would be his first order of the day.

“I have an idea of what Secretary Reyes does obviously because we have worked together for the last two years. But needless to say what he has accomplished, my function now in DOE is to make sure it continues and prospers. The secretary left a lot of legacy, we’ll make sure it happens, accomplished,” he said.

In inheriting the energy problems, Ibazeta said he has kept an open mind and will take them one at time.