Philippines to Sell Power Assets, San Miguel, Arroyo Says

Philippine President Gloria Arroyo said she will accelerate the sale of energy-related assets and the government's 24 percent stake in San Miguel Corp. to further reduce the nation's budget deficit.

Arroyo will replace power sector officials and reorganize the transmission grid and generation plants before selling energy assets, she said in an interview. The government may sell its indirect 6.9 percent stake in Philippine Long Distance Telephone Co., the nation's largest phone operator.

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