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Thursday May 8, 4:13 PMCorr: Philippines' Gov't Says No Intention to Take Over MeralcoCorrection: adds country code.MANILA, May 8 Asia Pulse - The Philippines' Presidential Palace, Malacanang on Wednesday reiterated it has no intention of taking over the Manila Electric Company (Meralco). Executive Secretary Eduardo Ermita, in his weekly press briefing, said "the government has always the capability to run such a public utility. It's just like taking over the operation of an international airport, we always will be in a position to take over. Capability-wise, yes, we have, but there is no intention (or) nothing leading to it anyway." Nevertheless, he acknowledged that the government is trying to "influence the situation" and get the power firm to open its books to public scrutiny as part of efforts to bring down electricity rates. Ermita said GSIS chairman Winston Garcia will initiate a meeting with the other government stakeholders such as the Land Bank of the Philippines (Landbank), PhilHealth, Social Security System (SSS) and Pag-IBIG in a move "to consolidate the government's stake in Meralco. "If the GSIS, Landbank, SSS, PhilHealth and Pag-IBIG consolidate their shares, the government would control about 33 to 34 percent of the Lopez-owned power firm," he said. Adding that "if they (government stakeholders) attempt to buy out the other shareholders just to have the majority, then they will have a say in running Meralco. "But, I said that's a big if and I'm saying I think they're exhausting all efforts to come to an understanding so that Meralco would first agree to what the GSIS is asking for -- to have access to the books." Press Secretary and Presidential Spokesman Ignacio Bunye earlier said Malacanang is not interested in anyway in the shake-up of the Meralco management. What Malacanang supports is the clamor for transparency in the affairs of Meralco, and why consumers are made to pay for systems losses of the electric firm, he said. Bunye pointed out that the government does not need to make enemies, "what we need is lower electricity charges." He added that he does agree with alleged plans for a government takeover of Meralco, pointing out that "we only agree on the opening of the books" of the power company. Bunye said that the GSIS general manager may have his own reason for his actions against the Meralco management, but Malacanang will support Garcia's position only as far as his call for transparency and the opening of Meralcos books are concerned. (PNA) |
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