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Thursday, May 29, 2008

Government Take Over Of MERALCO

MERALCOWaah! I already sold my television last Saturday night. I will miss watching my favorite TV shows like Desperate Housewives, Brothers & Sisters, Ugly Betty and Grey’s Anatomy. I am also outdated with the current local and international news. Would you believe that I only get my news from the television from the bus on my way home?

The latest news is about the high electricity rates and the government takeover of Lopez’s MERALCO. MERALCO yesterday held their annual stockholders meeting at the MERALCO Theater. Some stockholders were dismayed that they didn’t make it to the registration and didn’t have the chance to vote for the new set of Board members. Protestors pro and anti MERALCO also flocked the vicinity of MERALCO. I was enjoying the scene when GSIS President Winston Garcia received many boos from the crowd. According to him there were even attempts to punch him and even stab him with a knife. I don’t like to be Winston Garcia.

The election of the Board members of MERALCO pushed through even there is a temporary restraining order from the Securities and Exchange Commission or SEC that proxy votes will not be allowed to be counted.

I just hope the issues between Winston Garcia and Manolo Lopez (MERALCO Chairman and CEO) will be resolved soon. Shares of MERALCO already fell 10 pesos from last week due to the controversy. I believe that the Lopez’s should still manage MERALCO. Anyway, it’s their company in the first place. If I am in their position, I will definitely fight for my company. The issue here is how we can lower the electricity price and not about Winston Garcia and Manolo Lopez. The government once again is diverting the issue so we can forget about the ZTE issue.

If you like this post, buy me a cup of coffee.


BoobooStrider said...



electric dreams said...

I don't like to be Winston Garcia, it will be HOT IN HELL!!!!!!!!!!!!!

infinitewebprofit said...

Would you believe that even the power that they are using in Rockwell towers and ABS-CBN are included in the System Loss.
P***, people are paying on these.

Anonymous said...

Oh well, Winston Garcia is a lunatic. :-)

pehpot said...

love this issue! love specially the voting part where WInston Garcia was telling that the stock holders are all dummy holders and one by one people stood up and tell him that they were not a LOpez.. or so.. ang drama!

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