Recently, the Lopezes said that there are five foreign firms interested in buying the GSIS stake over at Meralco. In an interview, Meralco President Jesus Francisco intimated to reporters that these foreign companies want to save the Lopezes from the inevitable government takeover come May 27.
How true? Well, Oscar Lopez trip to Europe shows how determined the Lopez family is in maintaining control of the utility firm. Meralco, it seems, is their main bread and butter. They can’t allow government to just raid it and part the spoils among Arroyo’s gang of misfits?
If this is true, then, are we expecting the further “de-nationalization” of Meralco? As it stands, Meralco’s stake is owned partly by two foreign partners of the Lopezes. If the Lopezes increases the participation of 5 more foreign firms, it would further make Meralco one of the most foreign funded utility firm ever.
Speculations are rife that GSIS President Winston Garcia is really bent on carving Meralco up to numerous pieces, to be controlled by the Aboitiz family and the Garcias of Cebu. So, introducing foreigners to buy the GSIS stake would amount to nothing.
There’s still a chance for the Lopezes to save themselves—ask the numerous stockholders of the GSIS funds, like myself, to rally behind them come May 27. Should I or should I not? What do you think?