RedBlueThoughts

Stockholders dumped Meralco shares today, bringing down the price to 60 pesos per share. The market remains jittery over the long-term effects of a prolonged Meralco-GSIS row. Winston Garcia’s threat against Meralco chairman Manolo Lopez that he’ll better relinquish the chairmanship to govermment or else sends a different signal to private enterprise. This row has long-term implications not only to the business sector but even in the political stability of this country.

I am surprised though on the muted reactions of political figures in this fight. In fact, I am not hearing anything from any politician in defense of Meralco. By maintaining silence and positioning themselves as “neutral”, these groups are de facto siding with the government against Meralco. Groups should realize that this fight is not about the Lopezes losing control of the firm. No. This is actually a fight of principles. It is a debate between the prevailing global practice of open societies against closed ones. It is a fight between government’s creeping totalitarianism against free enterprise.

Whoever controls the distribution of energy controls the country. By allowing Gloria to destroy Meralco, we are actually allowing her to reconsolidate her powerbase, thereby ensuring her continued stay in power. Civil society groups believe that this is just a fight between elites, hence, not fit to intervene.

I see otherwise. I see this as a ploy by Gloria to further strengthen her base and enable her to perpetuate herself in power beyond 2010. We should not be misled by this issue. More than ever, we need to be very vigilant because, let me repeat myself, whoever controls the distribution of electricity controls the very lifeblood of industry in this country. A government running both generation and distribution of power can very well use this as an extortion tool against any business enterprise critical of its governance style.

Groups critical of Arroyo should set aside partisan political or personal animosities against the Lopezes and unite against this government slowly turning more powerful by the day. A more powerful Gloria, as history shows, would further move brazenly against enemies–perceived or otherwise.

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