A lawmaker has urged the
"While we recognize that Meralco is a private enterprise entitled to turn a profit, we also believe that the company is in a position to somewhat restrain its greed," said House Deputy Minority Leader
Ty speaks for the minority bloc in the House committee on energy, and represents the
LPG-MA has been pushing for stronger government supervision of the energy markets, including the LPG sector, to reinforce consumer protection against potentially unfair trade practices and pricing abuses, particularly by the dominant oil firms.
The hefty dividends came from Meralco's huge annual net profits amounting
Meralco is expected to report shortly a net profit of
Meanwhile, Ty urged the House committee on energy to ascertain whether or not Meralco has fully complied with all previous judicial and regulatory orders for the company to refund certain overcharges.
"We find it totally unfair that Meralco has been paying hefty cash bonuses to its shareholders on one hand, while seeking to postpone customer refunds on the other hand," Ty said.
The refund was due to prior years' corporate income taxes that Meralco passed on to its customers, resulting to overcharges.
PSE records show that the biggest beneficiary of Meralco's large dividend payouts is
Beacon in turn is controlled by
A previous research study by the independent think-tank
This ranking was long before the ERC authorized Meralco to increase its rates by another P4.15 per kilowatt-hour.
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