MANILA: The Philippines plans to sell by June a dozen power plants owned by National Power Corp (Napocor), kicking off a state asset sale programme expected to raise US$4bil to US$5bil to reduce a gaping budget deficit.
The privatisation of cash-strapped Napocor, which owns most of the country's power plants, would also save the government the 38 billion pesos (US$676mil) it says it spends financing the company each year.
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