why was meralco privatized

Principal Subsidiaries: Corporate Information Solutions, Inc.; Meralco Industrial Engineering Services Corporation; Rockwell Land Corporation; Meralco Energy, Inc.; e-Meralco Ventures, Inc. In 1962, Meralco became the first major American enterprise to be Filipinized when a group led by Eugenio Lopez Sr took over the company. It lasted about 25 to 30 minutes. Moreover, since the Electric Power Industry Reform Act (EPIRA) was passed in 2001, power rates have already increased by 100 percent. Should not the size of the rate increasethe biggest in Meralcos historyhave thrown up a red flag and prompted it to withhold approval instead of automatically granting it? For example, it was the proponent of 7 coal Power Supply Agreements (PSA), often called sweetheart deals as the applications made were with the companys own sister companies, amounting to 3.5 GW of coal. That plant came on line in 1994, with commercial operations starting the following year. For example, when the government water company the Manila Waterworks and Sewerage System (MWSS) was privatized, water services in the National Capital Region was divided between two concessionaires: one owned by the Ayala group of companies and its British and Japanese partners, and the other by the Lopez group of companies and its French partner, which later gave it up and passed it on to the partnership of DMCI and Metro Pacific Investments Corporation. Generating capacity in the key Luzon grid is now highly concentrated among three major groups: San Miguel 30 per cent, Aboitiz, 17 per cent, and Lopez, 15 per cent. These actions of Meralco are not isolated, but in fact are reflective of a pattern of overcharging and then prolonging the return of refundable amounts to consumers. We see them around but we don't know what goes on behind the scenes. Besides, the entire process of returning the shares was thoroughly reviewed as described above. Meralco became the very first billion-peso company in the Philippines. This was all the more remarkable because much of it had been achieved without recourse to government guarantees. 1970 The Philippine Government made it a state policy for the government to own all major generating facilities. On June 30, 1961, Don Eugenio Lopez led a group of intrepid Filipino entrepreneurs to create the forerunner of First Philippine Holdings Meralco Securities Corporation (MSC). Slowly establishing their foothold in the industry are the Ayala and SM group of companies.

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