Aklan 2nd district Rep. Teodorico Haresco Jr. has reminded the Manila Electric Company (Meralco) of a provision in its operating franchise that allows for government takeover of the power distribution giant's systems.
Aklan 2nd district Rep. Teodorico Haresco Jr. has reminded the Manila Electric Company of a provision in its operating franchise that allows for government takeover of the power distribution giant’s systems.
Earlier in the proceedings, Meralco Senior Vice President and Head of Legal and Corporate Governance Office, Atty. William Pamintuan told the House committee that company profits fell during the two-month ECQ period. He said this is because power demand from the commercial sector during the ECQ “drastically went down by 30 percent.”
“We have a provision, Section 7, in the franchise we gave to Meralco,” Haresco said, referring to Republic Act 9209. Haresco also assailed Meralco’s offer of installment pay for its March to June bills, claiming that it’s “tubong-lugaw,”a colloquial term for gaining large returns on a small capital.
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