Henry Sy Jr retires early from NGCP

MANILA, Philippines – Henry "Big Boy" Sy Jr is stepping down as president and chief executive officer of the National Grid Corporation of the Philippines (NGCP).

In a statement on Wednesday, March 7, the NGCP board announced the approval of Sy's request to avail of early retirement "to focus on his real estate business."

"The board approved Mr Sy's application for an early retirement effective immediately and designated chief administrative officer Anthony L. Almeda as officer-in-charge," the NGCP board said.

Sy, son and namesake of the Philippines' richest man, also serves as vice chairman of the SM Group's holding firm SM Investments Corporation (SMIC), as well as chairman of its real estate firm SM Prime Holdings Incorporated.

The younger Sy also set up Big Boss Cement Incorporated last January, entering the thriving and competitive industry which is gearing up for the government's massive infrastructure program.

NGCP is a private company majority-controlled by Sy along with Robert Coyiuto Jr of Prudential Guarantee and Assurance, with the State Grid Corporation of China (SGCC) as technical partner.

It holds a 25-year concession to operate and manage the country's power transmission facilities, although the government-owned National Transmission Corporation (TransCo) still owns these assets.

Last February, the firm announced its intention to allow the Department of Information and Communications Technology (DICT) to use its fiber optic cable network for the National Broadband Plan, at no cost. – Rappler.com