00:34.3
This would not be a self-executing provision
00:37.8
but will require another enabling law
00:40.8
for purposes of the opening up of the sector, Mr. Chairman.
00:47.8
That would be all for now, Mr. Chair,
00:49.7
and for the official position of the DTI,
00:52.1
we'll just respectfully submit it, Chair. Thank you.
00:55.6
Thank you very much, Governor Samaniego.
00:59.9
OIC Deputy Director General Jenny June Romero.
01:03.7
Good afternoon. Thank you for waiting.
01:05.6
Good afternoon, Mr. Chair,
01:07.4
and to all the honorable members of this committee,
01:09.5
and we thank you for inviting PESA to this committee hearing.
01:18.0
as an investment promotion agency,
01:21.3
we are open, we are open,
01:23.9
and we support initiatives
01:25.8
aimed at making our country,
01:29.8
the premier investment destination,
01:33.2
and improving our rank
01:36.3
in investment attraction of foreign direct investments.
01:41.2
And we also share the positions of DTI and BOI
01:46.4
as being part of the DTI family.
01:48.5
And we agree, Your Honors,
01:50.3
that these initiatives must be well-studied,
01:55.6
well-researched, not rushed,
01:59.8
this has to be targeted
02:01.9
so that they will just provide solutions
02:04.6
to critical problems that is ailing our ability
02:07.6
to attract foreign investments.
02:10.8
Your Honors, we are allowed to register corporations
02:13.8
which are 100% owned by foreigners
02:17.0
for as long as the activity
02:19.8
that they will be engaging in
02:21.5
are registered in the SIPP.
02:23.5
And of course, it will be subject to the laws
02:29.0
nationalized activities under the Constitution
02:31.9
and similar laws, Your Honors.
02:35.1
We'll be submitting our comments in the next few days.
02:38.1
Thank you very much, DDG Romero.
02:41.7
We'd like to acknowledge the presence of
02:42.8
Senator Bato de la Rosa,
02:43.7
the Senate Chair of Committee on Public Order.
02:46.5
Good afternoon, sir.
02:49.1
So now we have DICT, ASEC ParaÃso.
02:54.5
Good afternoon, Mr. Chair.
02:56.0
First and foremost, in behalf of our Secretary,
02:58.9
Secretary Ivan Uy,
03:00.5
we would like to thank this honorable committee
03:03.6
for inviting the ICT.
03:04.9
We are honored to be here.
03:06.4
We support the call of the President
03:07.9
to revisit the possible amendments
03:11.9
to the economic provisions of the government.
03:14.1
To illustrate, sir,
03:15.9
we note that there are several innovations
03:18.4
that have been legislated already,
03:20.4
particularly the Public Service Act,
03:22.9
which now considers ICT
03:26.9
as not part of a public union.
03:28.3
Thus, opening it up to 100% foreign investments.
03:33.3
The passage of EO number 32,
03:36.3
which streamlines the telecom industry towers,
03:39.3
which addresses one of the points raised by Mr. Francisco earlier,
03:43.3
that there is a problem or a low-lying fruit
03:47.3
that we can address is the problem of bureaucratic efficiency.
03:55.3
Now, but with these passages,
03:57.3
with these particular legislation,
03:59.3
it also poses several challenges.
04:00.8
For example, in the PSA,
04:02.3
it does not solve the problem of the very restrictive need
04:08.3
for congressional franchises
04:09.8
when it comes to the telecoms industry.
04:14.3
There is a pending bill before the Senate
04:16.8
with regards to the Open Access Act.
04:18.8
I know this is a very, very contentious requirement,
04:26.3
which would probably aid in our deliberations
04:30.3
when it comes to constitutional amendments, sir.
04:34.3
Also, when it comes to,
04:36.3
while government needs vital infrastructures
04:39.3
to improve connectivity and digitalization,
04:43.3
there's also a need to liberalize
04:45.3
or revisit the provisions of the Public Procurement Law
04:48.3
because it's very restrictive when it comes to the ICT industry.
04:53.3
A very good point raised by Chairman Ramos.
04:56.3
Chairman Aguinaldo earlier was,
04:58.3
results can only,
05:00.3
the best indications of a law,
05:03.3
whether a law is effective or not,
05:04.3
would be the results.
05:05.3
But since the PSA and EO number 32
05:09.3
are very, very new laws,
05:12.3
it is very inefficient
05:14.3
or it's not right to judge the law's efficiency
05:17.3
at this point in time.
05:19.3
But I guess it's an improvement
05:21.3
since based on the latest reports of the BOI,
05:25.3
the ICT industry is probably top two
05:28.3
in the FDIs that have come into the country.
05:33.3
If the goal is for investments,
05:36.3
we guess that the law is efficient,
05:39.3
it's probably working,
05:40.3
but if the goal is to improve the lives of the Filipinos,
05:44.3
it remains to be seen,
05:45.3
Mr. Chair and members of the committee.
05:50.3
this one thing is for sure,
05:52.3
we can do better.
05:54.3
at least on the part of the ICT industry.
05:56.3
So, with that, Mr. Chair,
05:57.3
we thank you, sir.
05:58.3
I want to clarify.
06:01.3
changing the constitution,
06:03.3
the positive effects remain to be seen
06:05.3
for the Filipino people?
06:08.3
With regards to the…
06:09.3
I just want to clarify that.
06:12.3
The passage of the legislation,
06:13.3
particularly the PSA,
06:15.3
because it's a fairly new law, sir.
06:19.3
Let's be intense first.
06:20.3
It's not definite
06:22.3
if it will result in benefits
06:23.3
is what you should know.
06:24.3
That's your point.
06:26.3
Thank you, Mr. Chair.
06:30.3
Thank you, Asek Pareizo.
06:32.3
Atty. Gerardo Del Rosario
06:33.3
from the SEC or Securities Exchange Commission?
06:34.3
A pleasant good afternoon,
06:36.3
and the members of the committee.
06:38.3
I would like to say thank you
06:40.3
for inviting the SEC
06:42.3
to join this conference
06:43.3
and this meeting.
06:44.3
From the viewpoint
06:45.3
of company registration,
06:49.3
to the Foreign Investment Act,
06:53.3
to the Negative Lease
06:55.3
as well as the amendment
06:56.3
to the Public Service Act
06:57.3
is a welcome development
06:59.3
We will be implementing the laws
07:03.3
that will be passed
07:05.3
We're open to the…
07:07.3
We're happy that our economy
07:10.3
because we're giving opportunity
07:12.3
to the foreigners
07:13.3
to provide investment
07:14.3
in the Philippines
07:15.3
and it's equivalent
07:16.3
to employment opportunity
07:18.3
with our Kababayans.
07:21.3
I would like to emphasize
07:22.3
what Mr. Francisco
07:26.3
that there's a need
07:27.3
for a lot of signature.
07:30.3
bears no more signature.
07:32.3
93% of our registration
07:35.3
bears no signature
07:37.3
The only remaining
07:39.3
which is only one signature
07:43.3
and branch offices.
07:46.3
Thank you, Mr. Chair.
07:49.3
on the part of the SEC.
07:51.3
But you still need
07:55.3
the compliance requirements,
08:00.3
we will be launching
08:01.3
a project which is
08:08.3
or a corporation nowadays?
08:16.3
of the new corporation code,
08:20.3
there are restrictions.
08:21.3
There are no restrictions,
08:23.3
cater to 100% Filipino company.
08:26.3
The basic corporations,
08:31.3
What are your requirements
08:33.3
If there is foreign ownership,
08:34.3
what is the compliance
08:35.3
or regulatory requirement there?
08:40.3
of incorporation?
08:48.3
for our resource persons.
08:50.3
to answer questions
08:52.3
You have 10 minutes
08:53.3
then, Senator Batok,
08:59.3
I think some of our resource persons
09:00.3
took the health break
09:01.3
as a permanent break.
09:02.3
Speaking of which,
09:05.3
my first question.
09:06.3
Well, we still have
09:07.3
very good resource persons
09:08.3
here in the person
09:09.3
of our economic agencies.
09:12.3
Thank you so much,
09:15.3
my first question
09:16.3
to Justice Carpio,
09:18.3
for the next hearing,
09:19.3
if he will be with us.
09:22.3
your questions, ma'am,
09:27.3
on the legitimacy
09:31.3
I was going to ask this
09:33.3
to Sec. Balisakan,
09:35.3
but after hearing
09:39.3
this question of you.
09:42.3
a deputy ombudsman
09:48.3
700 billion pesos
09:51.3
of government's budget
09:53.3
to what are stolen
09:59.3
due to corruption.
10:01.3
Corruption Perceptions Index,
10:04.3
we're still in the top third,
10:07.3
of the most corrupt countries
10:10.3
And in many other studies
10:18.3
on foreign direct investment.
10:21.3
is it not more important
10:29.3
the Constitution?
10:33.3
Thank you for that question, ma'am.
10:51.3
I suppose one way
10:52.3
of thinking of it is
10:57.3
walk and chew gum
10:58.3
at the same time.
10:59.3
We can address both
11:00.3
at the same time.
11:05.3
the studies also show
11:08.3
these restrictions
11:10.3
is also beneficial.
11:13.3
Certainly addressing
11:18.3
to be beneficial.
11:35.3
there are lessons
11:36.3
we can learn from
11:39.3
a few questions about
11:40.3
energy generation
11:41.3
and distribution.
11:50.3
ma'am, if you could
11:51.3
field these questions
11:53.3
or refer to one of
11:54.3
your colleagues from NEDA
11:57.3
In the energy transmission
11:59.3
and distribution sector
12:03.3
the State Grid Corporation
12:06.3
Senate Committee on Energy
12:11.3
they have a veto power
12:12.3
because of this 40% ownership.
12:22.3
by foreign interests.
12:37.3
also mentioned by
12:41.3
on Guimaras Island
12:51.3
make it even more
12:52.3
ready and capable
12:56.3
in the coming years.
13:00.3
price of electricity
13:22.3
the state grid corporation
13:37.3
I'm not an engineer
13:41.3
If the NEDA has any thoughts
13:42.3
about these questions,
13:44.3
not on the technical level
13:45.3
but more on the policy level.
13:46.3
More on the policy level,
13:49.3
as with any reform,
13:51.3
it really needs to be complete.
13:53.3
So, with respect to the reform
13:55.3
in the power sector,
13:57.3
what we have been
13:59.3
pushing for as well is
14:01.3
improve the capacity
14:04.3
the Energy Regulatory Commission,
14:06.3
because they should be
14:11.3
At the same time,
14:17.3
And this is also why
14:18.3
we also mentioned that
14:20.3
as we're going digital,
14:22.3
we really need to beef up
14:25.3
to do cybersecurity.
14:26.3
And a big part of that
14:28.3
is really our human resource.
14:31.3
So, we need to produce
14:38.3
of which we only have
14:43.3
it doesn't have to be
14:48.3
addressing all the problems.
14:50.3
We should have a lot
14:52.3
because there are
14:54.3
different problems.
14:55.3
So, just to say that
14:57.3
we really need to
15:00.3
beef up the capacity
15:01.3
of the regulators themselves.
15:03.3
As to the other points,
15:07.3
I will just relay it to
15:14.3
Before I continue with
15:15.3
my questions for Neda,
15:16.3
dahil nabanggit na rin po
15:17.3
yung cybersecurity,
15:18.3
if Mr. Cheque could ask
15:19.3
the representative from
15:26.3
Ngayon pa lang po,
15:28.3
so many vulnerabilities
15:31.3
as to our cybersecurity.
15:33.3
Witness the recent
15:36.3
Hindi po ba nangangamba
15:41.3
public utilities,
15:43.3
critical infrastructure,
15:45.3
and I have other questions
15:46.3
about this for other
15:47.3
resource persons,
15:48.3
hindi kaya nakakapangamba na
15:50.3
magdadala ng dagdag na panganib
15:52.3
sa national security natin?
15:55.3
Thank you, Mr. Chair.
15:56.3
Mr. Chair, there's always
15:57.3
that possibility.
15:58.3
There's always that fear.
15:59.3
But with the passage,
16:00.3
the passage and approval
16:02.3
of the President of the
16:03.3
National Cybersecurity Plan,
16:09.3
as our colleagues
16:11.3
the cybersecurity capacity
16:15.3
At the heart of it,
16:17.3
is the upskilling
16:19.3
of various cybersecurity
16:20.3
and IT professionals
16:33.3
in government employees
16:36.3
working as cybersecurity
16:37.3
professionals in IT professionals.
16:41.3
that possibility.
16:51.3
knowing the problem
16:52.3
and trying to address it.
16:53.3
Thank you, Mr. Chair.
16:57.3
that Yusek Rosemarie
17:09.3
for our cybersecurity.
17:17.3
in Filipino hands?
17:20.3
We would like to,
17:24.3
we can only address
17:26.3
the lack of cybersecurity professionals,
17:33.3
in Filipino hands,
17:38.3
create the possibility
17:39.3
of cybersecurity threats,
17:42.3
to the legislature
17:50.3
than the investments
17:53.3
to the Filipino people.
17:58.3
Congress always appreciates
17:59.3
that kind of respect
18:00.3
for the institution,
18:03.3
bilang resource persons
18:10.3
that the good Secretary
18:14.3
Dahil ngayon pa lang
18:15.3
na kapapasalang pala nga
18:16.3
ng National Cyber Security Plan,
18:18.3
namumroblema na nga tayo
18:20.3
sa mga cyber attacks
18:31.3
additional threats
18:41.3
very progressive,
18:42.3
very forward-looking
18:44.3
advising the President
18:46.3
of cybersecurity,
18:50.3
and the solutions
18:51.3
that we can adopt
19:04.3
it's been more than
19:07.3
generation sector
19:11.3
foreign ownership.
19:13.3
yung pumipigil pa
19:20.3
generation sector
19:31.3
address the question.
19:41.3
our representatives
19:51.3
to get the permits
19:54.3
there was an effort
19:56.3
of the Department
20:38.3
My next question,
20:43.3
originally prepared
20:46.3
but pwede ko rin po
21:03.3
energy proponents
21:16.3
is no longer here.
21:18.3
tinanong ko po ito
21:19.3
dahil binanggit nila
21:26.3
silang magpautang
21:30.3
kung tulad ngayon
21:36.3
distribution utilities
21:59.3
that they deserve
22:11.6
make a difference
23:01.3
permitting process, it's also related
23:03.6
to the capacity of the
23:05.6
ERC. Kasi isa sila sa bottleneck
23:07.7
talaga yung pag-approve ng mga
23:09.7
proposals for this
23:11.1
power plant projects.
23:14.0
So, it really has,
23:15.3
especially, you know, as the economy
23:19.8
ng dadami itong mga ganitong proposals
23:21.6
and so we really need to beef up
23:23.8
the capacity of ERC. Yan lang po,
23:25.8
Mr. Chair. Thank you. Sorry with
23:27.3
your indulgence, Ms. Riza.
23:29.1
Pero wala ba sa Philippine Development
23:31.4
Plan yung streamlining of
23:35.3
processes? Is that there?
23:36.9
Yes, yes. I think it's to do with
23:41.2
mga, I don't know, skilled
23:43.3
personnel. I may be...
23:45.2
And also sa PISAC sana, sa
23:46.8
Private Sector Advisory Council. Kasi
23:49.1
I know they meet directly with the
23:51.1
President and then a lot of their
23:52.9
recommendations have been already implemented or
23:55.0
in the process of implementation like
23:58.7
yung mga yun, very urgent
24:01.1
yung mga ano yun. Very
24:02.1
makakatulong talaga
24:04.8
sa pag-akit ng mga investor.
24:07.0
So, why don't we put it there
24:08.9
sana? Aside from the Development Plan,
24:10.8
pati sa PISAC agenda.
24:13.1
That's my suggestion. Thank you,
24:14.9
Sandra Riza. Salamat, Mr. Chair.
24:17.1
I'm wondering if BOI
24:18.9
Governor Ramos Samaniego would
24:20.8
like to just share some
24:22.9
thoughts about my question. Sayang kasi
24:24.8
mami, diba? Dami nang pumapasok
24:28.7
investors, RE companies.
24:30.9
Sila nga yung majority ng mga bagong
24:32.4
investments natin recently. Sa inyo po, sa
24:34.4
Board of Investments. But
24:36.8
the banks have started
24:38.8
to tell us some of their difficulties.
24:40.8
So, how do we, kumbaga, put
24:42.6
the synopsis in this
24:44.5
subset of the brain
24:50.8
Thank you, Sen. Riza.
24:52.8
Essentially, it's a bilateral
24:54.4
long-term supply contract. So,
24:56.4
it's more of a grid,
24:58.7
grid issue, Senator
25:00.6
Riza. But what the BOI is
25:02.6
doing is, if they're registered
25:04.8
with the BOI, what we do is
25:06.7
we suspend their commercial
25:16.7
we have this Executive Order No.
25:18.7
18 where we facilitate
25:21.6
permits and licenses
25:23.8
for projects that are
25:26.3
categorized as strategic industries.
25:30.7
last year, Mr. Chairman, we
25:36.7
of investment from RE.
25:38.9
And as we're speaking right now,
25:40.7
we are actually working out all of
25:42.5
this. Dollars, ma'am.
25:44.5
Dollars po yan, Governor.
25:50.7
just like from June to
25:55.0
So, it's really, we really
25:56.7
have, when we opened the RE,
26:01.1
actually, that was the time that there was
26:03.1
this onslaught of
26:04.3
all of these RE projects.
26:06.7
And within that period, we have
26:09.7
investments in RE, which include as well
26:14.6
on this, ma'am, what we are doing
26:18.7
EO18, we're looking at each and every
26:20.9
permit, and we're looking at
26:26.7
concern, para e-address,
26:28.7
normally, ma'am, if, but this
26:30.5
long-term power supply agreement is
26:32.5
bilateral in nature.
26:34.7
So, what we could do is, we can just
26:36.7
encourage the parties on
26:38.6
how we can unbundle
26:40.7
this issue, Madam
26:42.7
Senator. It's more of a
26:44.6
grid issue. Right now, we have also
26:46.6
in our recent meeting,
26:48.3
also with the EVOS, that's the one
26:50.5
that there's this energy
26:54.7
shop as well. We also met with
26:56.6
NGCP, where we're
26:58.7
we are now made aware that
27:00.4
all the queues on this, all of
27:02.7
this queuing would now be
27:04.5
done by sometime April.
27:07.2
So, all of this, ma'am,
27:08.4
tinitignan na po namin isa-isa through the
27:10.6
EO18, all of these
27:12.6
issues and concerns on how
27:16.5
facilitate the operation
27:18.8
actually, not just permitting, but
27:22.7
commercial operation of the
27:24.6
projects, Mr. Chairman.
27:28.7
Salamat din, Governor
27:33.0
And of course, Mr. Chair, I also
27:36.1
Yusek Rosemarie has repeatedly said
27:38.9
na importante din yung papel ng
27:42.2
upgrade ng capacity niya.
27:45.2
Also to facilitate
27:46.4
these essential connections like the
27:49.0
long-term power purchase agreements.
27:50.9
Mr. Chair, I think Yusek Rosemarie is raising
27:52.9
her hand to interject.
27:53.6
Yes, Yusek Rosemarie.
27:55.1
Before you answer, Yusek Rosemarie, I might forget
27:57.3
that I wanted to ask this.
27:58.7
Ano yung ako pa gustong hingin?
28:00.6
Kasi nag-release ng
28:04.6
kapon na 12 billion
28:10.8
pledges have materialized.
28:12.9
So could I get details on that, please?
28:15.3
Because that's a very impressive number.
28:18.0
We'd like to know
28:18.9
the details. What industries,
28:21.4
what corporations,
28:23.4
etc. and so forth.
28:24.9
So since we'll take advantage
28:26.9
of your presence to request that, please.
28:29.1
Before the next hearing. Thank you.
28:30.9
The next hearing is next week. Thank you.
28:32.9
Thank you, Sen. Riza.
28:34.2
Thank you, Mr. Chair.
28:38.3
just to say for the record as well na,
28:42.2
press release din ng
28:44.3
ERC, they only have 272
28:46.9
plantelia positions
28:48.4
and they're supposed to do the processing
28:50.8
of all these applications in addition
28:52.6
to monitoring the performance
28:55.4
we really need to
28:59.2
I also know that they
29:02.2
had a large cut in their budget
29:05.2
it has to be, like I said, a system
29:08.2
wide approach for
29:10.1
this one. Thank you, Mr. Chair.
29:12.0
Mr. Chair, the chair happens
29:14.2
to be also the chair of our
29:18.1
passes the budget
29:19.8
bill every year. But I don't handle ERC
29:24.1
That's true, Mr. Chair.
29:25.3
Nung sinabi yun, nag-walk out yung staff.
29:27.7
Nung sinabi yung staff ni Sen. Gachaliano.
29:29.1
Joke lang, joke lang.
29:30.9
Baka pinatawag ko.
29:32.4
In fact, I remember, Mr. Chair, that
29:34.7
the committee as led by
29:39.7
Sen. Sherwin, and this representation,
29:42.9
the budget of the ERC.
29:45.8
So what Yusef Cruzmane has been
29:47.6
saying, we'll find support,
29:49.7
we'll continue to find support here
29:51.2
in the Senate for the capacity.
29:54.4
Traditionally, Sen. Gachaliano,
29:55.5
who's been handling the subcommittee of the
29:57.7
Committee on Finance, handling the energy
29:59.7
agencies, he just
30:01.8
juggles it. In fact, he adds to it.
30:05.0
realigns the budget
30:07.8
where he sees fit.
30:08.9
If he thinks, he doesn't
30:11.7
take it out of the DOE family is what I'm trying to say.
30:14.3
Just in his defense.
30:15.8
Kasi wala po siya dito.
30:17.4
And I confirm that, Mr. Chair.
30:20.0
So just a last question
30:25.8
energy generation and
30:29.5
So, kasi nga napakaseryosong
30:31.4
usapin po itong supply ng kuryente
30:33.8
kung wala ito. Of course, wala
30:35.7
ang manufacturing sector na inaasahang
30:38.0
magbibigay ng empleyo
30:40.0
sa mga mawawala ng trabaho
30:41.7
sa sektor ng agrikultura
30:43.3
na patuloy na gumagamit na ng mga
30:45.7
makina. Alam na ng mga
30:47.8
bansang gaya ng Vietnam, which we've been talking
30:49.8
about a lot, na ang susi
30:51.9
para pumasok ang foreign investors
30:53.6
sa manufacturing sector
30:55.3
ay ang supply ng mura,
30:57.7
sapat at maasahang kuryente.
31:03.6
Yusef Rosemary, hindi kaya ang pag-amienda
31:06.5
ang dapat natin inaatupag sa halip na
31:12.4
Any thought on that,
31:16.4
Yeah, Madam Chair,
31:17.6
I have to beg your
31:19.7
indulgence and we'll just
31:23.7
I'll ask my colleague to
31:25.6
give his comment on that.
31:29.3
Your colleague, ma'am, meaning
31:30.7
Director General Balisakan?
31:33.2
Yeah, and Yusef Dokoy.
31:38.4
Sen. Risa, what was the question?
31:39.7
We missed the question.
31:41.9
I was just wrapping up that
31:43.2
napaka-importante yung mga usaping kuryente
31:47.0
amyandahan na lang natin yung epira
31:49.2
sa halip na amyandahan ng konstitusyon.
31:52.1
Maybe the Philippine Development
31:53.5
Plan even had some points
31:57.7
Comments there from the resource persons?
32:01.7
the good Yusef said she would ask
32:03.7
Director General Balisakan.
32:05.3
Anything on the development plan regarding
32:09.2
Or you take that also as an initial
32:16.0
Yeah, please speak in the mic, Yusef.
32:17.6
It's in the legislative agenda.
32:19.5
Meron ho doon? To amend epira?
32:23.1
So we'll just ask for details
32:25.2
maybe, Sen. Risa?
32:26.8
Thank you, Chair.
32:27.7
Good to know that it's on the LEDAC
32:29.0
priority legislative agenda
32:30.6
at least probably two years before
32:33.2
this whole idea of amending the
32:34.9
constitution came up.
32:36.9
Chair, I think Yusef Fita is also
32:39.0
raising her hand. Yes, yes, of course.
32:40.6
Yusef Fita and anyone for that matter
32:42.6
after her could offer a response.
32:45.1
Go ahead, ma'am. Thank you, Mr. Chair
32:49.1
Actually, I was raising
32:51.1
my hand to go back to the
32:52.8
PPA question that was
32:54.3
raised by Sen. Risa a while ago.
32:57.7
as well, that we need to review
33:02.1
There's so many things,
33:03.6
so many developments that have transpired
33:05.7
since the time it was passed.
33:07.5
And hence, there have been
33:16.9
Sen. Risa, Mr. Chair,
33:21.5
of course, these are crucial for us
33:23.5
to secure the financial viability
33:25.8
of energy projects.
33:27.7
They guarantee a market for the electricity
33:29.7
generated and providing
33:31.8
a steady revenue stream for
33:33.6
investors. However, there have
33:35.9
been a lot of challenges
33:37.5
as earlier pointed
33:40.9
there are certain
33:42.8
measures that we need
33:45.7
to focus our efforts on,
33:48.2
particularly in terms of strengthening
33:50.0
our policy and regulatory
33:51.5
frameworks. We need more
33:57.7
incentives for RE would
34:01.6
we need to continue
34:02.9
because there are already
34:05.0
incentives in place, tax breaks,
34:08.1
feed-in tariffs, subsidies,
34:10.5
we hope to be able
34:14.8
these incentives for RE
34:17.7
and enhancing the financial
34:19.7
models in order for
34:21.7
us to address the
34:23.7
risks. Some risk mitigation
34:26.0
instruments would
34:27.7
need to be developed
34:30.0
along with some certain
34:32.5
flexible pricing structures
34:34.2
that could be put in place
34:36.3
or for now probably they need to be studied
34:38.4
in order for us to
34:40.6
see how this could be
34:42.8
implemented given our
34:48.9
more public-private
34:50.2
partnerships, fostering
34:52.4
collaboration between the public and private
34:54.5
sectors to share risks
34:57.7
Capacity building, enhancing the capacity of our
35:01.4
LGUs and utilities
35:04.1
to negotiate and manage
35:05.8
PPAs, ensuring they are
35:08.2
structured to attract
35:09.6
investors while serving public
35:11.8
interests, and improving
35:14.0
market access and infrastructure
35:16.9
developing or establishing
35:19.6
grid infrastructure investments
35:22.2
that would ensure that
35:24.1
the generated power can be
35:26.3
effectively distributed
35:27.6
and sold, and hence
35:29.7
enhancing the attractiveness
35:35.7
policies and encouraging
35:37.7
innovation and technology
35:39.5
adoption. For instance,
35:41.7
the support for emerging technologies
35:44.1
and digital platforms
35:45.8
for PPA transactions.
35:48.6
And we have some startups
35:49.7
by the way who are
35:53.6
these digital platforms
35:59.1
Thank you so much, Yusek Fita.
36:01.4
Very much appreciated
36:02.7
the several concrete input
36:06.1
us not only in this hearing
36:09.8
but also dun sa gagawin namin
36:11.6
hopefully proseso ng
36:15.4
sa EPIRA moving forward.
36:19.7
Mr. Chair, claro there are maybe
36:21.5
a million things we can do
36:23.1
now. Halimbawa, ayusin yung
36:25.5
permitting process.
36:27.6
Identifying deterrents for
36:29.6
industries that are already liberalized
36:33.4
kailangan ang chacha.
36:35.6
Do I still have time in this round for another topic,
36:38.1
You stopped 11 minutes.
36:41.9
Senator Bato if he wishes to ask
36:48.2
Senator Bato is very fast so we can go back to you.
36:50.0
Thank you, Mr. Chair.
36:50.9
Senator Bato, with your permission, Senator Issa.
36:53.6
I just only have one question, Mr. Chair.
36:56.3
Thank you, thank you.
36:57.6
One question lang.
36:59.8
Sorry for I am late.
37:02.0
Hindi ko narinig lahat ng mga
37:07.5
I just would like to
37:12.8
of their positions. Can I
37:15.2
request, Mr. Chair,
37:16.7
we still have 1, 2, 3,
37:19.5
4, 5, 6, 7, 8, 9, 10
37:21.7
resource persons around.
37:23.9
Can I see a raising of hands?
37:26.2
Who among you, based?
37:27.6
Based on your agency's
37:29.4
position, who among you
37:32.4
amending the restrictive provisions
37:35.3
of our economic provisions of our
37:37.3
constitution? Can I
37:39.1
see a raising of hands?
37:45.7
No one on the private side, just the government
37:47.6
side? Government side, 6.
37:49.4
Are you asking also the, just to clarify,
37:51.4
Senator Bato, kasama ba yung, are they also
37:53.5
they're also part of the
37:57.6
So, you have the option to abstain
38:00.9
Yeah, yeah. Gusto ko lang malaman.
38:02.8
Can we ask for the raising of hands again, sir?
38:10.7
So, Mr. Chairman,
38:12.8
I abstain. I think for a foreigner,
38:14.5
this would be a very difficult thing to do.
38:16.3
Thank you. I understand. I understand.
38:17.9
You've made your position clear, Mr. Payne. Thank you.
38:20.3
Thank you. So, 8,
38:23.9
Ayun lang, Mr. Chair. Maraming salamat.
38:27.6
Ang galing nung tanong mo, Senator Bato.
38:30.9
Lengta ko dumating.
38:32.4
Apat na oras kami nakaraupo dito, eh.
38:35.2
Ikaw, in a few minutes na tanong mo kaga.
38:37.8
That's the purpose of our hearing, di ba?
38:39.9
Thank you. Thank you. Salamat.
38:41.5
Thank you, sir. Thank you, sir.
38:44.3
Ang galing. Ang galing.
38:45.1
Back to Senator Rees.
38:48.2
Senator Rees, I've been informed by my staff, si
38:50.1
Dr. Doy Santos has been raising his hand for quite some time.
38:53.2
With your permission, we'll just ask him if he wants to contribute.
38:56.3
Might be on the...
38:57.6
Subject matter at hand.
38:58.7
Go ahead, Dr. Santos.
39:02.0
Thank you, Mr. Chair, Senators.
39:06.2
In response to...
39:07.0
We can't hear you, sir. Could you speak a little louder?
39:13.3
How's that, Mr. Chair?
39:15.3
Can you hear me now?
39:15.7
I understand you've been raising your hand.
39:17.1
You wanted to contribute to this.
39:18.3
Yes, I have. Yes, sir.
39:23.1
Much better now. Much better.
39:25.2
So, in response to the Honorable...
39:27.6
Madam Senator's question,
39:32.5
I would like to share the emerging practices now.
39:37.2
From my state, where I'm based now in South Australia,
39:41.1
where the power prices used to be the most expensive in the nation,
39:45.5
it has now gone to the cheapest.
39:47.8
And a lot of that has gotten to do with the fact that we made a transition into renewables earlier.
39:54.4
And at one point, there was even a major...
39:57.6
There was a major blackout because the grid connection to Victoria was cut during a power out during a storm.
40:04.3
And then Elon Musk came in and there was an agreement to build batteries.
40:10.1
So 100 megawatts.
40:12.0
That's what he did in 90 days.
40:15.5
And so one of the things that came out of that was that battery storage is not only power generation,
40:23.0
but it helped to stabilize the grid by providing ancillary services.
40:27.6
And in fact, helped lower the cost because when you have variable generation and it varies during the day,
40:37.4
the task of the grid is to maintain parity between supply and demand.
40:43.0
So the battery storage was thought to help in providing prevent blackouts by supplying energy.
40:49.9
The utility derived from that 100 million investment was that it helped...
40:57.6
to stabilize the grid because you're talking here about microseconds rather than minutes
41:03.7
to balance the influx and it has resulted in that lower power.
41:10.5
And then the other thing is that microgrids.
41:13.3
So earlier it was highlighted that a lot of the investments are off the grid.
41:19.5
So in fact, as I mentioned earlier in my statement that most of these projects are remote from the grid,
41:28.2
but are actually closer to the consumer.
41:31.6
So it can provide to households in the locality.
41:37.3
But then if you're going to set up a microgrid, then you're no longer engaged in power generation.
41:42.8
You are now engaged in power distribution.
41:46.2
So these are the emerging and then there are these platforms, as was mentioned earlier by the USEC.
41:52.3
And then lastly, there's the ASEAN grid.
41:57.6
Actually, Australia, in my home state, they're producing solar commercials at the commercial scale to feed into Singapore.
42:05.9
Under through undersea cables via Indonesia.
42:10.2
And so there is a plan by the ASEAN group of countries to connect ASEAN.
42:18.4
if you're talking about foreign power, that means that the power,
42:22.2
when there is a deficit in the Philippines and the cheaper power elsewhere,
42:26.4
it could help meet
42:29.2
But then you're talking that the power generators are completely foreign, right?
42:34.7
But then, of course, there needs to be a connection.
42:37.5
There needs to be a grid connection.
42:39.5
And all this renewable, we are aiming for 50% renewable by 2035.
42:44.8
If we have to wait for all those permitting and things like that, the 200 signatures or so that are needed,
42:51.7
are we going to meet that target?
42:53.4
Are we going to do it in a stable manner?
42:56.7
Because flexibility,
42:57.8
stability is needed, but also stability.
43:00.2
And so I submit, Mr. Chair, that the technical know-how, the capabilities,
43:08.0
for that to be diffused,
43:09.5
it's all happening in the major centers of powerhouses of the world.
43:15.3
For that to diffuse to the Philippines, we need to be more open.
43:19.0
And so if we were to just simply amend the PSA Act and include grid distribution and transmission,
43:26.3
how thin are we going to slice that provision?
43:30.7
Because sooner or later, EVs will come into the picture.
43:34.1
So then are you going to include public utility vehicles?
43:38.2
How thin are you going to keep slicing that ham until there's no longer any ham left?
43:43.7
So it might be better, Mr. Chair, that we consider the proposal at hand that you have laid before the table through the RPH6.
43:54.4
Thank you, Your Honors.
43:56.6
That's very useful information.
43:58.7
And in a way, it makes us sad because Australia is going to connect to Singapore,
44:03.0
but tayo, yung connection lang sa grid, di natin magawa-gawa.
44:07.8
Connection of Visayas and Mindanao to the grid, di natin magawa-gawa for so many years already.
44:12.4
That's really sad, actually.
44:13.9
I wish the government could really push on that connection because that's leaving a lot of power,
44:22.7
what's the word, stranded?
44:25.8
Not available to those who need it.
44:30.7
Thank you, Mr. Chair.
44:31.9
Yes, I also appreciate the inputs of Dr. Ocampo.
44:38.6
And not just sad, pero provocative.
44:43.0
Like this ASEAN grid, mali ba natin kaya natin humabol dyan?
44:47.6
And again, not solely through the CHA-CHA route.
44:51.2
For example, I'm just thinking aloud here, if we were to amend existing...
44:55.8
including the EPIRA and acting together, they could create those connections that are needed.
45:02.0
So, just something to think about as we move forward conducting these hearings, of course, also in aid of legislation.
45:10.5
So, maraming salamat para dyan, sir.
45:16.9
Sige, on the Public Service Act naman, if USEC Rosemarie will bear with me, I'd like to pose these questions.
45:25.7
So, under the Public Service Act, NEDA can recommend the classification of a public service as a critical infrastructure.
45:35.6
So, ano-ano po yung mga public services na ngayon kinukonsider na critical infrastructures?
45:49.4
Yeah, Madam Chair.
45:51.0
Right now, we're just looking at the...
45:55.7
Yeah, it's the telecoms industry that is still identified in the law and in the IRR.
46:02.9
We are actually requesting for a TA on this because we are supposed to come up also with a baseline survey.
46:14.5
And so, we are requesting for a TA from World Bank on which to base, actually.
46:19.6
Yung pag-define ng aling yung gagawin ng public utilities. Thank you.
46:25.7
So, sa ngayon, prior the baseline survey, meron na ba kayong inire-rekomenda, I mean, ang NEDA, na iba pang public services for classification as critical infrastructures?
46:37.6
None yet, Madam Chair.
46:39.9
Mr. Chair, please.
46:41.3
Alright. Salamat, ma'am.
46:43.6
I'm asking this also because kasama po ni dating senator at ngayon secretary Ralph Recto at ni dating senador Kiko Pangilinan,
46:53.9
actually, kumontra po ako.
46:55.7
Public Services Act Amendments.
46:57.7
Dahil sa tingin ko, yung telecommunications, airports, at mga tren at riles, dapat manatiling public utilities na hindi mapapasailalim sa kontrol ng dayuhan.
47:10.5
Pero sa huli, ipinasa ang RA 11659 para palawakin ang public services na pwedeng pasukin ng dayuhan.
47:20.7
Pero pagkatapos ng maraming debate, nilinaw ng batas yung kakainan.
47:25.7
Ibang pag... kakaibang pagtrato sa critical infrastructure na sa tingin ko po nararapat lang.
47:31.7
So dito, bawal magmay-ari ang anumang entity na kontrolado o kumikilos para sa dayuhang gobyerno o foreign state-owned enterprise.
47:42.5
And I remember that our good chair himself, Sen Sonny, even interpolated the sponsor on this specific point.
47:51.8
And if I remember correctly, and please correct me if I'm wrong, his concern then was...
47:55.7
He was on the law effectively allowing China to own and take control of DITO Telecom.
48:01.1
But according to our good chair of that bill, now law, may additional safeguards sa telecoms industry dahil tinuturing nga itong critical infrastructure.
48:13.6
Ngayon, ang lehislatura, so parehong sa Senado at sa House of Representatives, kinilala yung pangangailangang protektahan ang critical infrastructure.
48:25.7
So sa tingin ng NEDA, tama po ba na wala nang ganitong distinction, wala nang ganitong proteksyon sa critical infrastructure?
48:38.5
We, you know, national security is really an issue that we should be, we should really take very seriously.
48:47.8
And so, kaya nandun pa rin talaga yung mga, kumbaga yung protection na yun.
48:53.8
Really looking at...
48:55.7
The security review.
48:58.6
So that's part of it.
48:59.8
Meron na actually guidelines para doon.
49:02.8
And, yeah, all those other, all those other safeguards with respect to information, kukuha sila ng, yung parang ISO na certification and all that.
49:13.9
Thank you, Mr. Chair.
49:16.6
At ngayong lumalalim yung hidwaan sa pagitan ng mga bansa, mas nagiging konkreto yung mga banta sa cybersecurity natin.
49:25.3
Diba, mas mahalaga pa nga na-protectahan yung national security natin?
49:33.7
But, like I said, actually, yung issue of cybersecurity, nandyan talaga siya, regardless of, of course, like you said, with the geopolitical tension, mas siguro, mas prominent siya.
49:49.4
But just the same, we really need to...
49:53.4
We really need to beef up our capacity to guard against cyber attacks.
50:04.3
So I think one thing that's affirmed to me dito sa recent exchange natin, kailangan explicit, even for those who support RBH6, na meron pa rin pagkakaiba yung mga ituturing na critical infrastructure.
50:20.6
Hindi sila kapareho lang ng...
50:23.4
Diba, na pwede lang buksan sa 100% foreign ownership dahil nga critical infrastructure sila.
50:30.0
So, isang halimbawa lang before I leave this topic.
50:34.0
Napabalita na meron ng tatlong prospective winning bidders yung P170.6 billion na IA privatization.
50:43.2
Sa pagkakaalam ko, all of the three bidders have foreign partners based on existing cap on foreign equity ownership.
50:51.5
Pero sa amended public...
50:53.4
Public Service Act natin ay iniwan sa discretion ng Pangulo ng Pilipinas kung alin sa natitira pang public services ang itatalaga nito na critical infrastructure.
51:06.8
So, sa RBH6 po ba, nakikita nyo ba na may plano na nating ito dubukas sa foreign ownership ang lahat at alisin na ang naiwang discretion sa Pangulo sa bagay na ito?
51:23.4
I think the issue of security, national security for that matter, is, you know, it's really parang overarching consideration naman ito.
51:38.8
Parang, regardless of whether we go by the RBH6 or not, nandyan lagi yung consideration for national security.
51:51.9
So, again, dapat...
51:53.4
I think, Madam Chair, if the language of the law is, yung ilalagay lang yung unless otherwise provided for by law.
52:14.4
And our current legal framework is the amended Foreign Investment Act.
52:21.5
And then the amendment, Public Service Act.
52:23.4
Nakalagay naman yun doon.
52:27.4
Thank you, Ma'am.
52:29.1
Binabalikan ko lang po itong issue, Mr. Chair, kasi maalala natin, nung nagkaroon ng shutdown sa airport, nung nakaraang New Year, saka Labor Day,
52:39.1
sinabi ko na hindi silver bullet yung solution na privatization.
52:44.3
Dahil ang nakita kong mas problema dito ay kapabayaan, hindi lack of funds or opportunities para sa modernization.
52:51.8
Na IA actually generates an annual operating income of at least 15 billion pesos.
52:58.3
This was pre-pandemic, of course, 2019.
53:00.9
At nakakabawi rin ito ngayon.
53:03.9
Unfortunately, very little is left with MIAA for operations, as 50% or more of its net income is remitted to the National Treasury,
53:13.2
on top of the 20% national government share in the authority's operating income based on actual collections.
53:21.8
Kaya hirap ang MIAA sa sariling upgrading at modernization.
53:26.8
And according to the Workers' Union, Mr. Chair,
53:30.1
the samahan ng mga manggagawa sa paliparan ng Pilipinas or SMPP, 5 to 7% na lang ang budget para sa maintenance every year.
53:40.5
Hindi parang kahawig halos ito ng transko na kumikita naman ng 20 billion pesos kada taon,
53:47.4
pero ipinamigay natin sa lokal at dayuhang konsorsyum ng NGC.
53:51.8
para patakbuhin at pagkitaan.
53:55.5
So sana we, does NEDA have any thought about that?
53:58.8
What we did to transko in this whole privatization process?
54:06.4
Baka si Yusek mag-inig.
54:08.4
No, just to say that in the amended Foreign Investment, sorry, Public Service Act,
54:15.5
there actually is a provision for the performance requirement monitoring,
54:21.8
by the regulator.
54:23.4
So merong mga performance parameters.
54:27.8
And parang on this basis, merong ano yan eh,
54:31.0
I believe may sanction na nandun.
54:33.7
I just forgot kung ano yung nilagay doon na sanction.
54:37.5
Pero kasama yun sa safeguard.
54:39.2
With respect to transko, I'm not ready to do that info unless si Yusek Agabi.
54:47.3
Would Yusek Agabi care to comment on this, Mr. Chair?
54:51.8
I'm sorry, we didn't catch the question, Mr. Chair.
54:54.2
I was wondering about how transko was handled.
55:00.7
Speaking of performance requirements, kung in terms of its financial performance,
55:04.8
it was profiting 20 billion pesos every year,
55:09.0
but we turned it over to the NGCP consortium.
55:13.5
And in terms of performance requirements, I don't know how well the NGCP is acting.
55:21.5
As a system operator.
55:25.9
I think there are some sectors, or there are some people who believe,
55:33.0
based on hindsight, that maybe the National League should not have been privatized.
55:40.6
But then there's also views which says that privatization actually worked
55:46.0
because they were able to put in the needed capital
55:51.1
to improve the system.
55:51.5
To improve the grid itself.
55:53.1
So it's mixed, Madam Chair.
55:56.9
Fair enough, Mr. Chair.
55:58.7
Your permissions.
56:00.3
But we're still paying the debts from NAPOCOR.
56:02.6
Bayad na ba yun from the time of NAPOCOR
56:06.3
when the whole power sector was in public hands?
56:10.5
We incurred massive debts, di ba?
56:12.9
And have we paid those debts already?
56:15.2
We are still paying for some.
56:16.4
We're still paying those debts, correct.
56:17.4
If you look at your bill, you will see the universal charges.
56:21.5
UCSD, Universal Charged Stranded Debt,
56:26.1
and SCC, Stranded Contract Costs.
56:28.8
Those are the amounts we're still paying for, Mr. Chair.
56:32.6
A reminder kasi we often hear, not from Sen. Rizzo,
56:35.4
but from other sectors, dapat gobyerno nag-ahandle niyan eh.
56:38.6
Dati nga gobyerno nag-ahandle, tingnan niyo nangyari.
56:42.5
Thank you, Mr. Chair.
56:43.7
And fair enough, USEC, it is a mixed record of privatization.
56:47.7
Pero I'm glad na may openness of mind tayo na
56:51.1
sometimes privatization is not the best mode,
56:55.0
sector by sector or industry by industry sa ating ekonomiya.
56:59.5
Kaya exciting din tignan kung paano mangyayari yung review
57:04.2
at saka amendment or updating ng IPIRA.
57:08.1
Yung huling tanong ko, Mr. Chair, tamang-tama,
57:10.6
USEC Agabin is on board.
57:11.9
It's for the DOF.
57:13.7
Ito naman, itatanong ko sana kay Sec. Ralph,
57:17.7
pero just in case you've had a conversation on this subject,
57:22.8
mula nung deliberation sa Public Service Act,
57:26.6
yung concerns niyo ba, concerns ni Sec. Ralph ha,
57:29.4
on the protection of critical infrastructure,
57:33.1
Kasi maalala ko rin,
57:35.5
my colleagues will correct me if I'm wrong,
57:37.1
nung deliberation sa PSA bill,
57:40.1
may sinasabi si Sec. Ralph noon, Sen noon,
57:42.9
masyadong loose yung definition ng public utilities
57:45.9
to the point na kontra sa at least sense at spirit
57:50.9
ng deliberations ng CONCOM of 1986.
57:54.4
Naalala ko, napansin ni Sec. Ralph noon, Sen Ralph,
57:58.8
na sa bill, yung seaport, critical infra,
58:02.7
pero airport, hindi.
58:05.1
So, would the good USEC have knowledge
58:07.7
kung mula nun nagbago yung concerns ni Sec. Ralph
58:11.5
dun sa usaping yan?
58:13.2
Interestingly, Mr. Chair, Madam Senator,
58:16.4
when we were discussing it,
58:18.3
Sec. Ralph did mention that,
58:20.3
he voted against it.
58:22.7
Those were his same concerns,
58:24.3
and he actually said that,
58:25.9
you know, I'm actually open to it
58:28.2
when it comes to toll roads.
58:32.2
So, and he didn't say that his view has changed.
58:36.3
He did mention his perspective
58:39.6
when you were crafting the amendment to the PSA, Madam Chair.
58:47.0
It's, I think, for us legislators,
58:48.8
as interesting to,
58:50.3
to look at or be reminded of the deliberations on bills
58:53.2
as it is for us all now to
58:54.8
be reminded of the deliberations on the Constitution.
58:58.6
So, marami salamat, USEC Agabit.
59:00.6
Marami salamat, Mr. Chair.
59:02.6
Those are my questions for today.
59:03.9
Thank you very much, Senator Risa.
59:05.4
Senator Bato, anything else before we...
59:08.7
Any last words from the resource persons?
59:11.0
I'm sure we're all somewhat exhausted from,
59:14.8
but from a very stimulating discussion.
59:16.5
And allow me to thank our resource persons,
59:19.4
especially those who stayed.
59:20.3
And our colleagues, especially.
59:22.1
And Risa Senbato.
59:23.4
And those who came earlier.
59:24.2
Any last words before we suspend the hearing?
59:27.0
Of course, we'll continue.
59:28.9
The subcommittee will continue to have hearings next week.
59:37.2
Dr. Santos, go ahead.
59:38.0
Yes, my last statement actually is
59:41.7
in relation also to the question of the Honorable Madam Senator Risa
59:46.5
earlier about corruption.
59:48.5
If we go back in time,
59:51.7
it was actually when we tried to be more preferential
59:57.3
to domestic ownership in the 60s,
60:01.9
that growth slowed and corruption thrived.
60:06.2
And in fact, that's what created the first boom-bust cycle.
60:10.3
And similarly, in the 70s,
60:14.1
when we tried state ownership, state intervention,
60:16.7
as I pointed out in my statement earlier,
60:20.1
it became unsustainable and then FDI fell.
60:23.7
So, I know that some have spoken about,
60:28.4
well, Dr. Carlos said,
60:32.0
where's the empirical data?
60:36.3
We don't just need to rely on charts and those statistics,
60:40.3
but also our history.
60:42.8
And collectively, our memories are very short.
60:46.7
Very few really go back to 1902 and our history.
60:50.1
I don't actually talk about where these economic restrictions arose.
60:55.6
Why are we the only country out of the 18 that your honor surveyed,
61:01.8
your people surveyed?
61:03.5
Why are we the only country with these?
61:05.5
And it was, as I pointed out, a strange quirk in our history,
61:09.1
in the origins of our country,
61:11.6
which eventually you heard of path dependence.
61:14.3
Sorry, Professor Fabella, my professor will scold me for not mentioning this.
61:20.1
following that ever since and, in fact, expanding it.
61:23.2
So, my last statement is,
61:25.2
if we want to truly enter a new phase, a new era,
61:29.2
a new or bagong Pilipinas,
61:31.2
the best way to signal it is to start to unwind
61:35.2
the centuries-old pattern of being close to the world
61:42.2
Thank you, your honors.
61:44.2
Thank you very much for your time.
61:47.7
Thank you, Dr. Santos.
61:48.7
San Teresa, then back to Mr. Pena.
61:50.1
Thank you so much, Dr. Santos.
61:51.1
And I apologize, Mr. Chair.
61:52.1
I was addressing you earlier because I saw the nameplate of Attorney Ocampo across me.
61:53.1
I actually called you Dr. Ocampo earlier.
61:54.1
I apologize for that.
61:55.1
And thank you so much for your inputs.
61:56.1
Thanks for being called Dr. Ocampo.
61:59.1
Thank you, Mr. Chairman.
62:00.1
I guess the only thing I would say is the world is changing very, very rapidly.
62:01.1
The competition is increasing.
62:02.1
And if we want to keep up with it, we're going to have to, whatever we do, whether it's
62:03.1
the government or the government itself, we're going to have to keep up with it.
62:04.1
And if we want to keep up with it, we're going to have to, whatever we do, whether it's
62:05.1
the bureaucracy, whether it's the legislature, whether it's the Constitution, we're going
62:06.1
to have to move nimbly and quick.
62:09.1
Thank you, everyone from our place.
62:10.1
This has been a very lively very engaging talk.
62:12.1
I'm going to give it up for Mr. Ocampo.
62:13.1
And thank you for watching today.
62:14.1
I hope you have a very, very pleasant day.
62:16.1
Have a good weekend.
62:17.1
Have a great weekend, everyone.
62:19.1
Have a great weekend.
62:20.1
Have a wonderful weekend.
62:21.1
I'm sure you will share.
62:24.1
Thank you all very much.
62:25.1
I'm going to go for my interview.
62:39.7
you've convinced some of our colleagues
62:41.6
but we'll continue nonetheless.
62:43.7
Thank you very much, Your Honors, and
62:45.3
we appreciate your presence here this morning.
62:47.6
We will suspend the hearing.
