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Power transmission in the Philippines is a common carrier business (i.e. regulated by the government, serves its franchise area without discrimination, responsible for any losses incurred during delivery). It is regulated by the ERC who has rate-making powers and the final say in the valuation of transmission assets. Pursuant to the Electric Power Industry Reform Act (EPIRA) and the Transmission Development Plan or TDP, maintenance and operations of the nationwide transmission system was subjected to competitive public bidding conducted by the Power Sector Assets and Liabilities Management (PSALM). The National Grid Corporation of the Philippines (NGCP) was the highest bidder. It assumed control of the national transmission system from the National Transmission Corporation (TransCo), whom assumed the same function from the now defunct National Power Corporation, by way of RA 9511 its congressional franchise of 25 years renewable for another 25 years for a total of 50 years. Assuming it secures a renewal, NGCP's franchise will end on December 1, 2058. Unlike outright sale, the concession agreement allowed the Philippine government to keep ownership of the transmission assets through TransCo, in accordance with Section 8 of EPIRA which states that no entity, company, or person other than TransCo who shall own any transmission facilities. TransCo is also responsible for making sure that NGCP complies with the standards set by its congressional franchise.