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“Consumer and energy watchdog groups are saying the quicker the process is finished, the better for the giant utility and its franchise to escape public scrutiny”
Loopholes in Epira, among them the provision allowing cross-ownership and contracts with so-called associated firms, have allowed a key industry player, Manila Electric Company, to gain full control of both power generation and distribution. As to why the franchise renewal is being fast-tracked, consumer and energy watchdog groups are saying the quicker the process is finished, the better for the giant utility and its franchise to escape public scrutiny.
Under the Arroyo administration, the GSIS tried to regain control of Meralco which led to a legal battle at the SEC. Meralco has announced profits of more than P20 billion in the four quarters of 2023 and more than P10 billion nearing the first half of 2024.
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