Monday, May 12, 2008 De Castro frowns on Meralco takeover By Carlo P. Mallo
VICE President Noli de Castro is not in favor of the proposed government takeover of the Metro Manila's largest electric distributing company.
The takeover of the Manila Electric Railroad and Light Company (Meralco) is meant to help in answering the clamor of the business sector for lower electricity rates.
De Castro told reporters Friday that he is not even in favor of the proposed take over by the government's insurance arm, GSIS, which holds the second most number of shares in the Lopez-owned power distributing company.
"Let us leave it to the private sector," de Castro said. Prior to his stint in politics, de Castro was one of the top media personalities of the Lopez owned media network, ABS-CBN.
Moreover, when asked as to his personal stand on the issue of lowering the electricity rates in Metro Manila, all that the Vice President said was that "what the President wants is paano ibababa ang singil ng kuryente (how we can lower the electricity rates)".
De Castro also said even as the President wants to lower the rates being offered by the National Power Corporation to Meralco, they are also taking into consideration the possible effect it may have on the country's top power producer.
"Tinitingnan rin natin kung ano ang magiging epekto nito (We have to look at what its effect could be)," de Castro said.
The Vice President said that other power distributing companies may follow suit and also ask Napocor for lower rates, if the rates offered to Meralco are also lowered. "Baka mag incur ng losses and Napocor (maybe Napocor will incur losses)," de Castro said.
