UNCONSCIONABLE GREED

The hearings at the House of Representative exposed the industry malpractice of Meralco and its sister companies. While First Gas was being paid billions of pesos by Meralco for undelivered power which is eventually charged to the filipino people, Meralco purchased the difference from NAPOCOR at peak hours also being charged to the public. First Gas was being paid in BILLIONS while supplying very little power or none at all. This is highway robbery and the justification is that it is an industry practice coming from the fraudulent IPP contracts entered into by the FVR government under the Pick & Pay provision where the IPP is being paid by its CAPACITY to generate power and not the power it is generating. This is UNCONSCONABLE GREED where the public is charged twice by Meralco for the same eletricity it distributed.

But don't blame FVR for entering into that onerous contracts with the IPP. BLAME FORMER PRESIDENT CORY AQUINO whose decision to mothball the BNPP without providing sufficient replacement that resulted in the 12 hours brownouts that turned back our economy by 10 years. FVR succumb to blackmail of the foreign investors who refused to put up the generating plants without assurance of reasonable returns.