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| Photo from Business World |
In a recent press
release, Partido Manggagawa (PM) reiterates its call for the government to
reassume control of the national grid, countering the suggested state
investment in the National Grid Corporation of the Philippines (NGCP) through
the Maharlika Investment Corporation (MIC), as proposed by House Speaker Martin
Romualdez.
PM underscores its
opposition to the MIC proposal, expressing concern over the diversion of public
funds to support what it deems an unsound investment proposal. "We have
consistently opposed the creation of MIC, and witnessing public funds being
diverted to support an unsound investment proposal only strengthens our
opposition," emphasized PM.
The group argues that
reclaiming control of the national grid operations is the most appropriate
alternative, as investing public funds into NGCP through MIC, owned by the
country's wealthiest family and supported by Chinese state capital, is totally
unnecessary.
PM urges the
government to take back the national grid operations, highlighting the
historical success of the state's management of the grid before its
privatization in 2008. The national grid was then considered a 'crown jewel'
among Government-Owned and Controlled Corporations (GOCCs), generating an
annual net income of at least ₱20 billion.
"Today, it is the
NGCP, rather than the state, that accumulates wealth, as revealed in previous
Senate investigations. NGCP's financial statements indicate a total
comprehensive income of ₱306.77 billion in 14 years, with ₱238.84 billion
distributed as dividends to shareholders," lamented PM.
According to the labor
group, the real issue facing NGCP is performance, not a lack of cash. PM
contends that pouring more money into NGCP through MIC is unwise and would
divert crucial resources from other essential programs.
The group likewise
suggests that instead of investing further in NGCP, the government should
rather consider imposing a wealth tax on windfall profits of power oligarchs to
address the government’s own fiscal problems.
"NGCP’s problem is performance, not lack of cash. It is the government, on the contrary, which needs more funds; thus, it should also consider imposing a wealth tax against the windfall profits of power oligarchs," concluded PM.
FOR IMMEDIATE
08 January 2024
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