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Scientists
Show that Meralco Can Very Well Pay Back Its Customers
Meralco
can very well pay back its customers and must refund its 3.8 million customers a
total of P29.3 billion immediately, the activist scientist group AGHAM said
using available data. "By simply applying the fundamental arithmetical
operations of addition and multiplication, we arrive at this justified and
logical result", Dr. Giovanni Tapang, national chairperson of AGHAM and
convenor of POWER said.
By
Dr.
Giovanni Tapang
AGHAM/
Samahan ng Nagtataguyod ng Agham at Teknolohiya para sa Sambayanan
Reposted by Bulatlat.com
 Meralco
can very well pay back its customers and must refund its 3.8 million customers a
total of P29.3 billion immediately, the activist scientist group AGHAM said
using available data. "By simply applying the fundamental arithmetical
operations of addition and multiplication, we arrive at this justified and
logical result", Dr. Giovanni Tapang, national chairperson of AGHAM and
convenor of POWER said.
"Can
Meralco pay back its customers? Yes. If you look at the Meralco Annual Report
for 2001, Meralco's 'Retained earnings as of yearend was P28.0B (inclusive of
P12.6B appropriated amount)'. They need only P10.23 billion to refund its
residential customers that comprise 90% of their clients. Why is Meralco saying
it will go bankrupt and come running to President Arroyo for succor? ", Dr.
Tapang who is also a physics professor at the University of the Philippines
asked.
"Meralco's
retained earnings would be more than enough to cover this amount. Aside from
that, Meralco still holds in its banks the amount of P12 billion in accumulated
deposit that households pay for new service connections", Dr. Tapang
pointed out. "They could cut down or sell their other expenditures such as
Meralco Theater , Rockwell , Meralco Shooting Range, Long Ranger Helicopter,
John F Cotton Hospital and Jolly Recreation Center and other extravagances which
are not essential to power distribution"
"We
propose that Meralco pay the residential customers in cash immediately because
these are the customers who need every bit in these times of crisis.", Dr.
Tapang suggested. "As for the industrial and commercial customers, their
refund could be credited to their future billings, or if they agree, in the form
of stocks."
"In
the long run, public utilities should not be in the control of private entities
like Meralco because of the very nature of the service of these utilities. The
people are at the mercy of companies who try to wring out
every
bit of centavo from consumers. This is true not just in the power sector but
also in other utilities like water, oil and telecommunications.", Dr.
Tapang said. "What is saddening is that the government and the president is
doing everything to save these companies instead of punishing them," he
added.
AGHAM
or the Samahan ng Nagtataguyod ng Agham at Teknolohiya para sa Sambayanan is a
convenor and member of POWER, People Opposed to Warrantless Electricity Rates
which is an alliance of organizations and groups consistently upholding the
fight against power rate increases and the anomalous PPA.
AGHAM/Reposted
by Bulatlat.com
Facts
on the Overcharging Case vs Meralco
Meralco
Refund for the Period 1994 to 2002
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