I'm sure most of my loyal readers are familiar with the TV commercial dub "May Liwanag ang Buhay". While it is true that this company brings light to the home of every Juan ( at least in the NCR), this commercial is a rhetoric.
I am just wondering why Meralco needs to adjust its Maximum Average Price from P1.6012 per kilowatt-hour to P1.6303 when they have just posted a core net income growth of five percent to P3.42 billion in the first quarter. They really targets a core profit of P15 billion for this year – or excluding non-recurring item – up from P14.9 billion last year. [pun intended]
Meralco has 5.07 million connections and 90% is residential customers. If every household consumes an average of 200 kWh a month, based on the P0.0291 per kilowatt-hour increase they can easily get P28.8 million a month or P346.78 million in one year as this Meralco's new MAP will be implemented from July 1, 2012 to June 30, 2013. Really, this increase in our monthly bills empties our pockets of our hard-earned cash as Meralco's executives enjoys a handsome amount of salary and benefits. Talking about economic inequality eh?
What I don't understand is why Energy Regulatory Commission (ERC) approved such an increase in the distributor’s rate. Perhaps the Performance-Based Regulation set by the commission itself, allowing utilities to adjust their rates based on spending requirements, service performance, among others, is to blame?
Tsk! Tsk! Tsk! Our government is aiding those in the upper echelon in the society to rob the common Pinoy.