Monday, May 12, 2008
Garcia pushes for gov't takeover on Meralco (4:05 p.m.)
MANILA -- Despite warnings of breaking up Manila Electric Company (Meralco) into two franchises, Government Service Insurance System (GSIS) President Winston Garcia is set on gaining full control of the major power firm. This came hours before the joint congressional hearings on power rates commenced on Monday.
But Elpi Cuņa, vice-president for corporate communications in Meralco, said it is entirely up to Congress to approve any adjustment that needs to be done since it was the one, which gave the power firm the distribution utility license to operate.
The patriarch Oscar Lopez, and a controlling stakeholder of Meralco, doubted the government's capabilities of running Meralco, citing the mismanagement of the state-owned Natonal Power Corporation (Napocor).
Lopez also said he has no interest in meeting Garcia, stating that "there is nothing more to talk about" and that he does not want to have any part in Garcia's "publicity stunt."
The patriarch disregarded statements saying that Meralco needs to be more transparent, saying the Energy Regulatory Commission, Securities and Exchange Commission and Commission on Audit regularly check their records. (Sunnex) |
