July 9, 2018 | 12:05 am By Albert F. Arcilla, Correspondent
ZAMBOANGA CITY — Financially
troubled Zamboanga City Electric Cooperative, Inc. (Zamcelco) is aiming to
finally award an investment management contract (IMC) by Aug. 2 after two
bidders submitted letters of intent.
“As of the moment, two bidders are
interested to participate in the bidding, the Aboitiz Power Corp., and the
Crown Investment Holding, Inc.,” Zamcelco President Omar A. Sahi said in an
interview with the local media here last week.
Among the companies that earlier backed
out of a potential IMC is Manila Electric Co.-Comstech Integration Alliance,
Inc. (Meralco-Comstech), Zamcelco announced last week.
A dialogue held last week was
attended by local officials and representatives of Zamcelco and its suppliers
to discuss the cooperative’s “ailing financial condition,” according to a
statement from the Zamboanga City government.
During the meeting, one of the
suppliers, the Alsons Group’s Western Mindanao Power Corp. (WMPC), vowed not to
cut supply as Zamcelco has started paying outstanding dues of more than P258
million.
WMPC supplies 50 megawatts to
Zamcelco.
The electric cooperative’s other
suppliers are the Power Sector Assets and Liabilities Management Corp.,
Enfinity Philippines, and San Miguel Power Corp. with total payables reaching
P948.5 million.
Zamcelco officials said their
projected monthly collection is P370 million, operating at a system loss rate
of 22%.
Edgardo F. Ancheta, Zamcelco general
manager, said while “the cooperative is intensifying anti-pilferage campaigns
and pursuing restructuring schemes to meet its obligations,” the IMC “is the
best move” to resolve its financial difficulties.
“Every month, Zamcelco is losing
roughly P20 million due to system loss,” Rikki Lim, one of Zamcelco’s board
members, said.
Zamboanga City Representative Celso
L. Lobregat, meanwhile, said in a radio interview here that two important
issues need to be included in Zamcelco’s new attempt for an IMC.
“The new ruling of the ERC (Energy
Regulatory Commission) should be included in the terms of reference and the
bidders should have the track record on running a power distribution,” Mr.
Lobregat said.
In February this year, the ERC
announced it has reduced the allowable percentage of system loss for electric
cooperatives to a range of 8.25% to 12%.
The Zamboanga Chamber of Commerce
and Industry Foundation, Inc. (ZCCIFI) has proposed that the National
Electrification Administration (NEA) immediately take over Zamcelco to curb
further problems.
ZCCIFI President Pedro Rufo N.
Soliven said Section 31 of the Electric Power Industry Reform Act of 2001
authorized NEA to step in to provide institutional, financial, and technical
assistance to cooperatives in trouble.
“To ensure the economic and
financial viability and operation of all electric cooperatives: restructuring
ailing electric with the end in view of making it economically and financially
viable,” Mr. Soliven said.
Meralco’s controlling stakeholder,
Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc. Hastings
Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest
Holdings, Inc., has interest in BusinessWorld through the Philippine
Star Group, which it controls.
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