The Lopez Group of Companies has retained the control over the now very controversial Manila Electric Company (MERALCO). Five out of their six nominees made it to the 11-man board, the four came from the government bloc and the remaining 2 are independent directors.
LOPEZ BLOC:
- Meralco chairman and CEO Manuel Lopez
- Felipe academic Alfonso
- Meralco president Jesus Francisco
- Former elections commissioner Christian Monsod
- Former Prime Minister Cesar Virata
GOVERNMENT BLOC:
- GSIS President & General Manager Winston Garcia
- GSIS Chairman Bernadino Abes
- Lawyer Daisy Arce
- Lawyer Jeremy Parulan
INDEPENDENT DIRECTORS:
- Former Supreme Court Chief Justice Artemio Panganiban
- Investment banker Vicente Panlilio
The issue about MERALCO is still hot and burning continuously and surely will be prolonged with the latest issue of MERALCO ignoring SEC’s order presented during the meeting. In various issues about MERALCO one thing that caught my attention was the issue on GSIS Winston Garcia investing the fund of GSIS members to MERALCO. Members are shouting for justice because millions and billions of their funds are gone with that investment considering that MERALCO cost of stock is still moving downward. I hope and pray that Mr. Garcia will have a second thought about it for the sake of GSIS members because certainly those members have the rights on that fund. It is their money anyway and not a government fund to be used in such investment. The issue on lowering down the cost of electricity can be resolved within the board in collaboration with different agencies and institutions without having it controlled by government representatives. That's only my opinion as a housewife no politicking. :)
1 COMMENTS:
Hi Crissy, I totally agree with you. It is not good to let someone who already holds a big position in the government, to lead MERALCO. Garcia should focus his attention to the problems of GSIS, he doesn't need another venue to exercise his so-called expertise.
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