Вы находитесь на странице: 1из 10


Based on 2009 Annual Report

Since 1903, Meralco has powered the growth of the Philippines and its people. As
the premier electric service distributor, it is an inseparable partner for prog
ress. Consistently in the list of the Philippines top five corporations and cited
among Asia s finest, Meralco today serves the country s prime business districts an
d top corporations.
The 9,337 sq. km. franchise area covers 31 cities and 80 municipalities includin
g Metro Manila, the entire provinces of Bulacan, Rizal and Cavite; parts of the
provinces of Laguna, Quezon, Batangas and Pampanga. Electrification level in the
franchise is 98.7%.

Meralco s service area, equivalent to only about 3% of the country s total land area
, produces almost 46% of the gross domestic product (GDP), 33% from Metro Manila
alone. The franchise area is home to 24.7 million people, roughly a quarter of
the entire Philippine population of 92 million.

With its newly-formed partnerships with San Miguel Corporation (Southeast Asia s l
argest food conglomerate) and Philippine Long Distance Telephone Company (the co
untry s leading telecommunications provider), Meralco is now more equipped to try
other businesses and introduce new innovations to better serve its customers.


In fulfilling its mandate of distributing electricity to homes and establish
ments within its franchise, Meralco, through its business, fulfills a social res
ponsibility. Meralco is able to provide not just simple energy, but the fuel tha
t drives businesses, uplifts people s way of life, and gives dignity and hope to c
Along with this basic responsibility are programs initiated by the Meralco M
illennium Foundation, Inc. (MMFI) that respond to the other social needs of Mera
lco s customers. Thus, the MMFI becomes the social arm that gives structure and pr
ovides the holistic approach to Meralco s ultimate objective of sharing the light wi
th the communities it serves.

CSR Philosophy
Excellence in Business through Responsible Corporate Citizenship

CSR Vision
To foster Corporate Social Responsibility programs which address the needs o
f communities within MERALCO s business environment

CSR Mission
To render a holistic response to society's needs by relying on the sense of
dedication and service of the MERALCO volunteers.

CSR Principles
Volunteerism, Timeliness and Sustainability

Our Four Commitments

Meralco is committed to fulfill its social responsibilities in the areas of
Community Sponsorship, Social Investment, Workplace Stewardship and Environment

Meralco Millennium Foundation, Inc.

G/F Lopez Bldg., Meralco Corporate Center, Ortigas Avenue, Pasig City
Tel No: (02) 632-8301/1622/3318/3319 | Fax No: (02) 632-8348/8844
Email: ceyap@meralco.com.ph
The Meralco Millenium Foundation, Inc. (MMFI) was registered with the SEC as a n
on-stock, non-profit corporation on May 8, 2002 with the aim to integrate and pr
ovide structure to its corporate social responsibility undertakings in order to
achieve maximum impact for its intended beneficiaries and ensure sustainability.
Its purposes and service deliveries are benefitting the poorest of the poor in
communities within Meralco franchise areas.
The Foundation s programs now focus on the following CSR concerns: Social Investme
nt, Community Sponsorship, Environment Management and Workplace Stewardship. Sta
ffed by 12 seconded Meralco personnel from the CSR office and 1 regular staff, i
t has successfully mobilized 159 Meralco volunteers who contributed 544 hours to
build a day care center in support to the Gawad Kalinga s Sibol program.
Community Sponsorship
Our community sponsorship program includes proactive infrastructure, education a
nd electrification projects that contribute to uplifting the quality of life for
beneficiaries within the franchise area. In particular, Meralco is able to shar
e the value of education and knowledge through activities that help improve publ
ic schools and promote better access to them.

Teacher Education Project

In line with Meralco s commitment to improving the quality of education within its
franchise area, Meralco s Teacher Education Project gives beneficiary public high s
chool teachers training seminars and lectures on more efficient and up-to-date m
ethods to enhance and augment their individual competencies and effectiveness in
teaching and classroom management. The program aims to properly equip the teach
ers with the knowledge, skills and attitudes in Organized Workplace Cleanliness
(5S), Environment Conservation, Spirituality in the Workplace, and Basic Compute
r Literacy (MS OFFICE and Windows)
Liwanag Reading Corner
The Liwanag Reading Corner began as the designated reading area in each of the M
eralco Sibol Schools. The reading corner is a showcase of books, puzzles, and ot
her educational materials. But with the success of the Meralco Sibol School prog
ram, the Liwanag Reading Corner has evolved into the Liwanag Learning Package , whi
ch is a complete educational package of equipment and materials such as a comput
er, a TV and DVD player, puzzles, toys, books and coloring materials. Training f
or the Meralco Sibol School volunteer teachers is also included in this package,
consisting of workshops in curriculum development, waste management, and storyt
Kiddie Fire Marshal Project
The Kiddie Fire Marshall Project was borne out of the partnership between Meralc
o, the Department of Interior and Local Government (DILG) and the Department of
Education (DepEd) in response to issues in public safety and for which a Memoran
dum of Agreement was signed. An animated, youth-oriented audiovisual presentatio
n produced by Meralco, it was distributed to public elementary schools as part o
f an information campaign on public safety and fire prevention. The audiovisual
presentation also served as Meralco's information tool in its anti-pilferage cam
Brigada Eskwela
Since its inception, Meralco has joined the Department of Education (DepEd) in t
he latter s Brigada Eskwela campaign. It is a nationwide program to assess and upd
ate all electrical connections in public schools. The program involves the asses
sment of the existing connections and updating account records, as well as takin
g corrective actions where discrepancies are found. The program was further high
lighted with the preparation of a procedural manual in coordination with Meralco s
customer retail service department. The procedural manual was designed to guide
communities nationwide with the monitoring and maintenance of said electrical c
onnections in public schools.
Meralco Sibol School Program
Its continuing commitment to uplift the quality of life of communities within it
s franchise area led Meralco to partner with the Gawad Kalinga Community Develop
ment Foundation, Inc. for the launching of the Meralco Sibol School Program. The
Meralco Sibol School Program is the company s response to the need for promoting
quality values-based pre-school education in depressed communities. Since 2005,
Meralco s employee-volunteers have been involved in the construction of Meralco Si
bol School facilities in various Gawad Kalinga sites. The program showcases both
the structure and the complete learning
STEP-UP Program
Since 2004, Meralco has been working with the Philippine Business for Social Pro
gress (PBSP) to address the lack of access to basic services, livelihood opportu
nities and overall development of 26 selected urban poor communities in Metro Ma
nila. Meralco s involvement in the program is largely to provide technical assista
nce in and help facilitate the electrification of these identified communities.
GK-Meralco Electrification Program
To further achieve its vision of dignified communities, Meralco s partnership with
Gawad Kalinga was expanded to cover the electrification program that seeks to l
end technical assistance to GK project teams and help facilitate the rebuilding
and energizing of about 15 GK sites through the kapitbahayan system.
Lugao Con Love Feeding Program
Since the Company believes that good health results to better knowledge absorpti
on, Meralco launched the Lugao Con Love Feeding Program which is a supplementary
feeding program aiming to improve the nutritional status of children enrolled i
n various Meralco Sibol Schools. It includes parent orientation, de-worming, fee
ding, weight monitoring and provision of eating utensils.
Martsa sa Eskwela
One problem Meralco sees in public schools is the lack of hygienic lavatories fo
r the students. With this in mind, the Martsa sa Eswela Project was initiated in
line with Meralco s 104th Anniversary and Employees Week Celebration. By providing
and rehabilitating toilet facilities to these public schools, students enjoy a
better academic experience.

Social Investments
Social investment projects are timely charitable assistance projects for communi
ties in need, either directly or through partnership with other institutions. Th
ese include traditional Christmas gift-giving activities for children spearheade
d by Meralco executives, corporate-wide outreach projects, and relief operations
among others.
Dulot Liwanag at Sagip Bayan Program
Meralco Relief Program
Nakakikilabot ang pinsala dulot ng bagyong Ondoy. Milyun-milyon ang apektado at
ayon sa datus ng isang TV network, 310 na ang nasawi at maaaring tumaas pa ang b
ilang na ito.
Kabilang sa mga biktima ang mga empleyado ng Meralco at kanilang pamilya. Ganun
din ang malaking bilang ng contractual employees, kabilang na ang mga agency gua
rds, janitors at iba pa. Karamihan sa mga ito ay naninirahan sa Eastern Metro Ma
nila at Cainta, Antipolo sa lalawigan ng Rizal.
Hindi lamang mga bahay ang nalubog sa tubig kundi pati ang mga gamit tulad ng mg
a appliances, furniture, kotse at mga iba pang mahahalagang bagay.
Bakit ba nangyari ito? Bakit mabilis na tumaas ang tubig? Kung parehas lang nama
n ang dami ng ulan sa buong Metro Manila at karatig na mga lugar, bakit higit na
mas marami ang naipon na tubig sa Pasig, Cainta, Marikina, San Mateo, Montalban
, Antipolo at ibang lugar sa Quezon City? Bakit nagpakawala ng maraming tubig sa
ibat-ibang dam nang walang pasabi?
Maraming katanungan ang walang maayos na kasagutan. Malaki ang problema na hindi
pa rin nauugat ang dahilan at hindi nabibigyan ng tamang lunas. Ngunit, sa kasa
lukuyang sitwasyon, mas kailangang tulungan muna natin ang ating mga kababayang
lubos na nahihirapan kaysa mag-analisa ng nangyaring sakuna.
Umaksyon agad ang Meralco upang matulungan ang mga biktima ni Ondoy. Simula Ling
go ng umaga, ika-27 ng Setyembre, inumpisahan na ang pagkilos. Kahit papaano, na
katulong tayo sa pagsagip sa mga nanganganib. Ang ibang opisina ng Meralco ay na
ging pansamantalang tuluyan ng mga na-stranded ng baha.
Pagkain, inuming tubig, damit at kumot ang mga pangunahing pangangailangan ng mg
a biktima. Nagkaroon agad ng mobilisasyon upang maka-ipon ng mga relief goods. N
agbigay ng donasyon ang ating business partners at mga empleyado mismo. Ang mga
naipon ay inilagak sa Multi-purpose Hall, Fitness Center. Mga 651 na empleyado a
ng nag-volunteer upang magre-pack at mamahagi ng mga ito.
Nakatutuwa malaman na ilan sa mga employee-volunteers ay biktima mismo ng bagyon
g Ondoy. Yung mga janitors na hanggang ngayon ay lubog pa sa baha ang mga bahay
ay katulong sa pag re-repack ng relief goods. Nagbabalot din dun ng relief goods
ang isang lady executive ng Meralco na nakatira sa Cainta na lubog pa ang bahay
at brand new na kotse.
Marami ang naging bayani sa sakunang ito. May mga sundalong namatay habang inili
ligtas ang kanilang kababayan sa Laguna. May isang binatilyo na maraming iniligt
as ngunit bandang huli ay namatay dahil nabagsakan ng TV set. Mayroon namang isa
ng Judge, gamit ang kanyang Jetski, nagligtas sa mga nanganib niyang kababayan.
Kabilang sa mga unsung heroes ang mga kawani ng Meralco na tuloy ang pagbibigay ng
serbisyo baha man o bagyo, naka assign man sa Networks, Business Center, Teleco
ms at iba pa. Likas sa mga empleyado ng Meralco na bigyang lunas ang kanilang sa
riling suliranin, ngunit sila ay handa rin tumulong sa kanilang kapwa sa lahat n
g oras, hindi lang sa pagkukumpuni ng kanilang kuryente kundi pati na rin ang ib
a pang pangunahing pangangailangan ng mga customer.
Nakatutuwa malaman na ilan sa mga employee-volunteers ay biktima mismo ng bagyon
g Ondoy. Yung mga janitors na hanggang ngayon ay lubog pa sa baha ang mga bahay
ay katulong sa pag re-repack ng relief goods. Nagbabalot din dun ng relief goods
ang isang lady executive ng Meralco na nakatira sa Cainta na lubog pa ang bahay
at brand new na kotse.
Marami ang naging bayani sa sakunang ito. May mga sundalong namatay habang inili
ligtas ang kanilang kababayan sa Laguna. May isang binatilyo na maraming iniligt
as ngunit bandang huli ay namatay dahil nabagsakan ng TV set. Mayroon namang isa
ng Judge, gamit ang kanyang Jetski, nagligtas sa mga nanganib niyang kababayan.
Kabilang sa mga unsung heroes ang mga kawani ng Meralco na tuloy ang pagbibigay ng
serbisyo baha man o bagyo, naka assign man sa Networks, Business Center, Teleco
ms at iba pa. Likas sa mga empleyado ng Meralco na bigyang lunas ang kanilang sa
riling suliranin, ngunit sila ay handa rin tumulong sa kanilang kapwa sa lahat n
g oras, hindi lang sa pagkukumpuni ng kanilang kuryente kundi pati na rin ang ib
a pang pangunahing pangangailangan ng mga customer.
15,377 bags ng relief goods laman ang mga donasyon mula sa mga empleyado, busine
ss partners, at maging ang mga simpleng mamayan, at 48 kaban ng bigas, ang naipa
mahagi na sa iba t-ibang lugar tulad ng Alabang, Montalban, San Mateo, Taytay, Mal
abon, Antipolo, Pasig, Valenzuela, Angono, Binangonan, Tanay, Caloocan, Marilao,
Marikina, Pasig, Tatalon, Pateros, Taguig, Cainta, Obando, Cavite at Laguna.
Tulungan natin ang mga biktima ng bagyong Ondoy kahit sa ano mang paraan. Suport
ahan natin ang mga relief activities ng kumpanya.

Lingap Kapwa sa Kapaskuhan

(Corporate-Wide Christmas Outreach Project)
The corporate-wide outreach Lingap Kapwa sa Kapaskuhan is Meralco s way of showing
appreciation to the communities that actively support the company s drive to redu
ce system loss. Every year, outreach groups composed of employee-volunteers, con
duct outreach activities in communities and public schools spread over the north
, central and south areas of the franchise. Various forms of assistance are give
n including provision and rehabilitation of basic electrical and lighting servic
es, equipment and furniture, and improvement of public facilities.
Handog ng Meralco sa Pasko
Handog ng Meralco sa Pasko is a gift-giving project specifically participated in
by Meralco executives and their spouses. Every year, Meralco executives play Sa
nta Claus to about 400 daycare children. This project not only gives the partici
pants an opportunity to spread goodwill and Christmas cheer, but also strengthen
s Meralco s commitment to uplifting the quality of pre-s
Munting Mukha ng Ligaya (MML Outreach)
Meralco Chairman and CEO Manuel M. Lopez holds a personal outreach every year du
ring his birth month as a form of thanksgiving. Together with the Meralco family
, Mr. Lopez celebrates with the students and teachers of various public elementa
ry schools within the franchise area in a day of games and gift-giving.
Meralco Employees Fund for Charity, Inc.
Monthly membership contributions and regular involvement have largely been the f
orces behind the success of the Meralco Employees Fund for Charity, Inc. (MEFCI)
, an employee-initiated organization formed in the 1970 s that implements charity
projects complementary to those sponsored by the company. On its own, MEFCI cond
ucts regular dental and medical missions in depressed communities within the fra
nchise area in cooperation with the Meralco Corporate Wellness Center, provides
scholarship grants to deserving individuals, donates various medical equipment t
o charity institutions and government hospitals, and provides assistance in reli
ef efforts during calamities.
Project Tulong Kapwa Outreach
Spearheaded and funded by the Sportsmen For A Cause (SFAC) committee, Project Tu
long Kapwa Outreach includes gift-givings or donations to community members, inf
rastructure rehabilitation, livelihood seminar, and medical/dental missions to d
epressed communities.
Fun-tastic Friendship Fair
Also known as the Meralco Day Outreach, the Fun-tastic Friendship Fair is a Carn
ival-type of experience with activities (mostly rides and games) catering to chi
ldren. To make the event more memorable, Meralco employees share the fun by bein
g the kids ates and kuyas for the day.
Delightful Christmas Outreach
Meralco treasures the spirit of Christmas and with this in mind, the Company rea
ches out to less fortunate children, charitable institutions and day care center
s and delights them by providing Christmas loot bags and annually lighting up Ba
rangay Maliwanag, a display of lights which is surely a feast for the eyes, in t
he Meralco compound.
Corporate Giving Program
Instead of stocking up on old clothes, linen, books, furniture and supplies, amo
ng others, Meralco employees and affiliates generously donate these to less fort
unate individuals including fire and calamity victims.
e-Log on Mo Na Project
Because Meralco recognizes the need for catching up with technology in today s mod
ern world, the Company launched e-Log on Mo Na Project which is a computer, prin
ter and mobile phones donation to various Police Organizations and Local Governm
ent Units. The project consists of computer installation, computer literacy trai
ning and maintenance of computer units.
Workplace Stewardship
Workplace Stewardship program of the Company is focused on creating a work envir
onment that will release the full potential of employees, thus, letting them con
tribute fully in reaching personal goals, achieving Company objectives, and addr
essing Community needs.
Project Kasambahay
Because Meralco goes by the saying that charity begins at home, Project Kasambah
ay was initiated to express the Company s gratitude to its dear service personnel.
Participated by all officers led by the Chairman, this corporate-wide Christmas
gif-giving activity recognizes the efforts and contributions of the men and wom
en who work day in and day out to help the Company provide quality service to it
s customers.
Environment Management
As part of its commitment to good corporate governance, Meralco initiates corpor
ate-wide campaigns in support of the environment. These include training project
s on solid waste management for partner communities. The company in partnership
with various government and non-government organizations also undertakes conserv
ation campaigns to encourage everyone to start caring for our environment.
Meralco Ecological Centers
In response to R.A 9003 (Ecological Solid Waste Management Act.), the Meralco Ec
ological centers are a testament to the company s commitment to environmental prot
ection and conservation. The facilities and projects in this program are all gea
red to making all of the companies establishments zero-waste facilities. At the he
art of this project is a Materials Recovery Facility that oversees the implement
ation of its established solid waste management program. The materials recovery
facility, or MRF, conducts waste segregation and classification, recycling, and
composting operations. In addition to this MRF, selected Meralco establishments
have also put up their own vegetable gardens to further maximize the by-products
of their operations. Expansions to this program have gone into effect in the Me
ralco Villages, also, integration into the training programs at the Meralco SIBO
L schools.
Biodiversity Conservation
MERALCO as an institution is not only about business and numbers. The same dedic
ation that goes into serving its clients goes into its efforts to conserve and p
rotect the environment. It is this dedication to the environment that has led to
Meralco s partnership with the Haribon Foundation in the implementation of variou
s information campaigns and programs to promote and advocate care and protection
of our environment. The most notable of these projects are the Boto para sa Baya
n signature campaign, focusing on the prevention and elimination of illegal minin
g and logging, raising over 20,000 signatures to the cause. The Paraisong Pinaka B
illboard campaign, and the Haribon Forum ; a monthly forum on biodiversity and envi
ronmental conservation.
Bio Intensive Garden
As Meralco embraces the Green Evolution, the Bio Intensive Garden was introduced
not only to care for Mother Nature but also to provide livelihood opportunities
through savings for Gawad Kalinga villages to which this was implemented. This
project revolves around organic, self-sustaining backyard farming to act as a st
able supply of nutritious food as well as to reduce use of chemical fertilizers
by using compost from solid waste.

Palace lawyer to public: File class suit vs Meralco

MANILA, Philippines - The chief presidential counsel on Tuesday urged the public
to file a class suit against the Manila Electric Company (Meralco) following it
s admission that consumers paid for the firm's systems losses.
Meralco's systems losses is estimated at close to half-a-billion pesos.
Somebody has to file a case against Meralco. This (class suit) is allowed by law,
" Chief presidential legal counsel Sergio Antonio Apostol said.
Apostol reminded the public that that Meralco had previously lost a case in the
Supreme Court when it ordered the electric company to refund the public some P30
billion for overcharging their consumers.
Meralco on Monday - during the Joint Congressional Power Commission (JCPC) heari
ng - had admitted that consumers paid for 72 million kilowatt-hours of power thr
ough the firm's "system loss" charge.
System loss is that portion of electricity which is pilfered or is lost during t
Meralco's 9.5 percent system loss is said to be one of the factors for the count
ry's high electricity rates.
For her part, Deputy Presidential spokesperson Lorelei Fajardo said Meralco's ad
mission highlights the need for the amendment of the Electric Power Industry Ref
orm Act or Epira.
It is now a matter for the legislators to seriously consider in their considerati
on to amend the EPIRA law. In the meantime, Meralco may have to seriously consid
er their position on this matter," she added.
Fajardo also denied that Malacañang is exerting pressure on Meralco to get back or
defuse" the Lopezes - owners of First Holdings Corp. that manages Meralco - as p
art of a plan to neutralize support for the political opposition in the 2010 ele
She said the concerns and suggestions raised by the General Service Insurance Sy
stem (GSIS) is legitimate" and comes from a major stockholder of Meralco.
The concern of GSIS as an investor is a legitimate concern that affects all secto
r in our society. The Palace is monitoring the outcome of the JCPC hearings and
is optimistic that the resolution of the issues will cause relief to the consumi
ng public," she said. - GMANews.TV

Meralco: What the issue really is - John Mangun

For shareholders, the issue is clear; and the issue is not GSIS versus Lopez. It
is only about having the best possible team run a profitable publicly owned com
pany, which just happens to hold a government-regulated monopoly. However, if Me
ralco is now going to be operated principally in the public interest and not for sh
areholder interest, sell your stock as quickly as possible at any price. If any p
otential new management can run Meralco more effectively, efficiently and profit
ably, buy more shares.

Business Mirror

Boardroom battles are common and the current fight over management control of th
e Manila Electric Co. (Meralco) is nothing unusual. Ignore for a moment that the
Government Service Insurance System (GSIS) is a quasigovernment corporation and
the potential politics involved. It is, at its simplest, an effort by two group
s that own and directly control about the same percentage of share ownership to
try to run the company.
Meralco is a publicly owned and listed company, meaning that anyone can share in
the potential price appreciation of its shares and can receive a portion of com
pany profits when dividends are declared.

This company is a public utility, which means it has a monopoly in the delivery
of service to the public. In return for the benefits of not having any competiti
on, the government regulates how much profit the company can make. Normally, the
regulated price that it sells its services to the public depends on the rate of
return or profit the company will make and that is controlled by the government

In theory, without government regulation, Meralco could charge whatever price it

wanted and the public would have no choice but to pay or not have electric serv
ice. But Meralco prices are under government control. Therefore, the government
has an obligation to keep the price charged as low as possible to serve the best
public interests while, at the same time, allow enough return to keep the compa
ny financially sound, able to expand and enhance company business interests and
allow the shareholders to make money on their investment.

A public utility must serve both the public interest and the interest of its inv
estors. However, because of the government control of pricing, it is the absolut
e obligation of government regulators to protect and serve the public interest.
Then, after the regulations are set, it is management s responsibility to protect
shareholder interests within the boundaries that the regulators establish.

It is not the job of the Meralco management to protect the public. That is the g
overnment s job. It is not the job of government to protect the Meralco shareholde
rs. That is the management s job.

If I am a shareholder of Meralco, I want the company to charge P50 per kilowatt-

hour so my company can make a lot of profit. As a consumer, I want the governmen
t to keep electricity prices as low as possible while insuring reliable service.
Any reasonable person can see that there can be an inherent conflict of interes
t in those two positions. That is why public utilities function best when privat
ely owned and operated and regulated by the government.

The idea of "public interest" is a little confusing also. "Public interest" is o

nly an issue not because of the product that Meralco delivers, but because it is
a monopoly. Clean and pure drinking water is just as much a matter of public in
terest as electricity. Yet there is no discussion about the pricing of bottled w
ater because there are hundreds of suppliers. Because it is a free market, price
s range in my area from P30 to P50 per bottle.

If you are a Meralco shareholder, you have no obligation to concern yourself wit
h the public interest. Again, that is the government regulator s job. You need to
protect your Meralco investment by making sure your company s management is doing
the best job possible for the company.

The issues raised by the GSIS are important to you as a company owner since both
sides are asking for your support. This is almost like a political campaign in
the sense that there is an incumbent management with a track record you can look
at and a challenger that has some specific proposals for your corporation.

A very sensitive issue is the purchase of power by Meralco from the Lopez group
electricity generator First Gen Corp. The controlling management of Meralco also
controls First Gen. No question that this arrangement makes for bad public rela
tions for a public utility. Unquestionably, as a public company, this arrangemen
t would raise a few eyebrows and would deserve shareholder scrutiny. According t
o the 2007 Meralco Annual Report, First Gen sells electricity, including transmi
ssion costs, to Meralco at a lower rate (P4.91 v. P6.25) than the National Power
Corp. (Napocor). Yet GSIS wants Meralco to buy a majority of its electricity fr
om Napocor, reducing purchases from the independent producers. Either I am missi
ng something or a further explanation is needed.

The expenses of Meralco are too high, we are told, because of an excess of emplo
yees. Fair enough. Last year, Meralco posted a P3.6-billion profit. Shareholders
should be told how much savings could accrue through new management initiatives
and what effect their efforts would have on the bottom line. Meralco paid a P1
cash dividend and a 10-percent stock dividend in 2007. What effect will a new ma
nagement team have on those numbers?

For shareholders, the issue is clear; and the issue is not GSIS versus Lopez. It
is only about having the best possible team run a profitable publicly owned com
pany, which just happens to hold a government-regulated monopoly. However, if Me
ralco is now going to be operated principally in the "public interest" and not f
or "shareholder interest," sell your stock as quickly as possible at any price.
If any potential new management can run Meralco more effectively, efficiently an
d profitably, buy more shares