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(From Philippine Daily Inquirer)
Byline: Juliet Labog-Javellana and Abigail L. Ho
THE LOPEZ-CONTROLLED Manila Electric Co. has found an ally in maverick administration Sen. Joker Arroyo in its dispute with the state-owned National Power Corp. (Napocor) over an alleged unpaid debt of P42 billion.
Napocor is proposing a government takeover of Meralco by converting the debt into shares.
Arroyo, chair of the Senate blue ribbon committee, said the issue of whether Meralco really owed the government P42 billion was beside the point. Its a question of honesty, who is more believable.
Quite frankly, between Meralco and Napocor, I will believe Meralco. Napocor is the most dishonest company in the whole Philippines. How can you believe a company which has caused us P600 billion in debts? the …