• 6 AUGUST - *1907 - Gen. Macario Sakay, one of the Filipino military leaders who had continued fighting the imperialist United States invaders eight years into the Ph...
    7 years ago

......................................................................................

The Daily Tribune

(Without Fear or Favor)

Specials:

Bulatlat.com

World Wildlife Fund for Nature-Philippines

The Philippines Matrix Project

Wikileaks: Power dynasties at work in Meralco battle 08/28/2011

Sunday, August 28, 2011

ARROYOS, ABOITIZES VS LOPEZES

Wikileaks: Power dynasties at work in Meralco battle

08/28/2011
The United States subscribed to the view that dynastic families that included the Arroyos, the Aboitizes and the Lopezes, waging a protracted war against each other was behind the bitter board room struggle between the Lopez family and the state pension fund Government Service Insurance System (GSIS) for control of dominant electricity distributor Manila Electric Co. (Meralco) toward the end of the previous administration of President Gloria Arroyo, leaked cables from the US Embassy showed.

The cable which was among some 3,071 communications of the US diplomatic post in Manila released the other day by whistle-blower site Wikileaks said “the conflict, which some analysts see as a feud between the Arroyo and Lopez families, has eroded the appearance of stability that Philippine economic managers want to project, and may give foreign investors qualms about the Philippine power sector.”

The US Embassy viewed the struggle for control of Meralco as highlighting the role of prominent families in business and government and creates uncertainty that could damage efforts to attract investors.

“Lack of additional investment into the power sector will almost certainly leave Filipino consumers more vulnerable to power disruptions,” it noted..... MORE

SourceThe Daily Tribune

URL: http://www.tribuneonline.org/headlines/20110828hed1.html

0 comments

Blog Archive