Wednesday, October 18, 2006 Convert Peco into a cooperative, FDC calls anew By Jay Dooma Balnig
ATTORNEY Romeo Gerochi, chairman of the Freedom from Debt Coalition-Iloilo Chapter, wants Panay Electric Company (Peco) converted from a private firm into a cooperative.
He said that with this conversion, consumers will enjoy 20 to 30 percent savings in their electric bills.
He said that this move is secondary to their demand that Peco give the consumers their P2.89 billion refund.
In last week's hearing for Peco's motion for reconsideration before the Energy Regulatory Commission (ERC), the former failed to produce and present their witnesses and supporting documents to attest to their appeal on the refund.
Peco has yet to come out with the scheme on how the refund should be given to consumers.
He added that the design of conversion would be to place the consumers as major stockholders.
Peco is presently owned by the Cacho family.
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