GSIS says Meralco behind raps filed with Ombudsman

07/24/2008

The Government Service Insurance System (GSIS) will not be sidetracked into stopping its campaign for reforms at Meralco by the filing of what it described as “baseless and unfounded” cases against it before the Ombudsman.

GSIS chief legal counsel and spokesperson Estrella Elamparo issued this statement yesterday in reaction to reports of yet another complaint filed against it by a dismissed GSIS employee, this time questioning the purchase of GSIS of Meralco shares.

“There seems to be a concerted and well-funded effort to divert public attention from the corporate malpractices that had been uncovered by the GSIS in Meralco. Their tactic seems to be offense is the best defense,” said Elamparo.

“But the Meralco is ready to meet all of these challenges while simultaneously working to protect its investments in Meralco by stopping its questionable self-deals with other Lopez companies. We will not be sidetracked because we are doing this for the benefit of GSIS members are Meralco customers.”

Lopez-controlled Meralco was found to be buying more expensive power and other electrical supplies and needs form Lopez companies. The company is also being criticized for its non-contributory pension fun, and its pass-on charges like systems loss and its own electrical consumption averaging half a billion pesos a year.

Twice in the past, Meralco had also been ordered by the Supreme Court to refund its customers for unauthorized power rate increases.

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