The failed auction of the National Transmission Corp. is only a “temporary snag” that will not affect the investment outlook of the Philippines, Malacañang said in a press statement yesterday.

Presidential Spokesperson Ignacio Bunye said the public need not fear the failed bidding could dampen investor enthusiasm on the privatization of the TransCo.

TransCo, considered as the country’s biggest privatization effort with an estimated value of $3 billion, has been on the auction block since 2003.

Posted: 02|7|07 at 9:58 am. Filed under: Auction News.