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Meralco
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Jump to: navigation, search
Manila Electric Railroad and Light Company (MERALCO) Meralco.png
Type Public (PSE: MER and MERB)
Founded January 17, 1895
Headquarters Philippines Pasig City, Philippines
Key people Manuel M. Lopez, Chairman and CEO
Jose P. de Jesus, President and COO
Charles M. Swift, Founder
Industry Power distributor
Website www.meralco.com.ph
Meralco's franchise area.
The Manila Electric Company (PSE: MER and MERB), also known as MERALCO, is the Philippines' largest distributor of electrical power.
The word MERALCO, is an acronym for Manila Electric Railroad And Light COmpany, which was the company's original name from 1903 to 1919.
MERALCO is the Metro Manila's only electric power distributor and holds the power distribution franchise for some 22 cities and 89 municipalities, including the whole of Metro Manila and Mega Manila region.
Contents
[hide]
* 1 History
o 1.1 Public Transportation
o 1.2 Power Generation and Distribution
o 1.3 Retail Enterprises
o 1.4 World War II
o 1.5 Post War Reconstruction (Nationalist Era)
o 1.6 Martial Law Period
o 1.7 2008 Legislative investigation on high power rates
o 1.8 Syndicated estafa and bribery case
o 1.9 Dismissal of syndicated estafa case
* 2 Sell-offs and Acquisitions
o 2.1 San Miguel Acquisition of GSIS Stake
o 2.2 Sell-off of Some Shares to PLDT
* 3 Ownership
* 4 References
* 5 See also
[edit] History
Organized in 1892 and began generation in 1895, La Electricista was the first electric company that provides electricity to Manila during the late Spanish era. La Electricista had built a central power plant on Calle San Sebastian (now R. Hidalgo). On January 17, 1895, its streetlights were turned on for the first time. By 1903, it had about 3,000 electric light customers.
On October 20, 1902, the Second Philippine Commission began accepting bids to operate Manila's electric tramway, and by extension, providing electricity to the city and its suburbs. Detroit entrepreneur Charles M. Swift won the bidding by default as he was the sole bidder and on March 24, 1903, was granted the original basic franchise of Meralco.
In 1904, Meralco acquired both the Compañía de los Tranvías de Filipinas, a firm that operated public transportation and ran Manila's horse-drawn street railways, and added La Electricista. Construction on the electric tramway began that same year. In addition to acquiring La Electricista's Calle San Sebastian power plant, Meralco built its own steam generating plant on Isla Provisora which powered the streetcar system and eventually also the electric service. By 1906, Meralco's yearly power output capacity was around eight million kWh.
[edit] Public Transportation
Meralco built up a strong public transportation business in the decades leading up to World War II, building a 170-strong fleet of streetcars into the 1920s, before switching over to buses later in that decade.
The company operated a 52 mile tram transport from 1903 to the World War II. The equipment and tracks of the system was severely damaged during the war and had to be removed.[1]
[edit] Power Generation and Distribution
By 1915, electricity generation and distribution became the main Meralco's main income generator, overtaking its public transportation operations in terms of revenue. In 1919, it changed its official name to Manila Electric Company. By 1920, the company's power capacity had grown to 45 million kWh.
In 1925, MERALCO, was acquired by the utility holding company Associated Gas and Electric or AEGCO (reorganized as General Public Utilities Corporation or GPU in 1946), which had begun a massive expansion throughout the United States and Canada. With AGECO's financial backing, MERALCO began acquiring a number of existing utility companies in the Philippines, enabling the company to expand beyond its Manila city center base.
By 1930 MERALCO completed construction of the Philippine's first hydroelectric power plant, the 960-kilowatt Botocan Hydro Station. At the time, this plant was one of the largest engineering projects in Asia and constituted the largest single private capital investment in the Philippines. The additional capacity allowed the company to begin hooking up customers throughout the metropolitan area.
[edit] Retail Enterprises
To drive demand for more power, Meralco also opened a retail store in order to sell electric home appliances.[citation needed]
[edit] World War II
During Greater East-Asia War, the Japanese Occupation Forces forcibly transferred all of Meralco's assets and holdings to the Japanese controlled Taiwan Power Company. By the end of the war, most of the former Meralco operations had been destroyed.
[edit] Post War Reconstruction (Nationalist Era)
After WWII, MERALCO's autobus franchise was sold to Halili Transport. In 1962, Don Eugenio López, Sr. acquired MERALCO and it finally became Filipino-owned. In buying Meralco, Don Eugenio demonstrated his belief that Filipinos could manage businesses even better than Americans. During 1962-72, he increased MERALCO's power generating capacity five times.
[edit] Martial Law Period
In 1972 President Ferdinand Marcos both instituted martial law in the Philippines and issued Presidential Decree No. 40 which forcibly nationalized the country's electric generation and transmission.
Don Eugenio Lopez, Sr., who owned Meralco at the time, had both his sons kidnapped by the government who were released to force Don Eugenio to hand over his business empire. The regime arrested his son Eugenio Lopez, Jr. (better known as Geny) on trumped-up charges of conspiring to assassinate the president. With his son held hostage, Don Eugenio was forced to give up his holdings in a group of companies worth several hundred million dollars, but Geny was not released from prison.
By decree, the ownership of the company was stripped away from the López family and placed under a shell company called the Meralco Foundation, Inc., controlled by crony under the newly-created, government controlled Napocor.
By 1978 all of the Philippines' major power plants, including most notably those previously owned by MERALCO, were owned and operated by NAPOCOR. Control of the Meralco corporation itself was seized by the Marcos Dictatorship, but was returned to its prior owners after the People Power Revolution by President Corazon Aquino in a silver platter without the Lopez family paying for improvments done during Martial Law. She also enacted an executive order that allowed the company to directly compete with NAPOCOR.[2]
[edit] 2008 Legislative investigation on high power rates
Meralco is facing a Philippine legislative inquiry/investigation for alleged excessive pricing.[3] The government has considered a plan to take over Meralco, to reduce electricity bills. Meralco and National Transmission Corporation (Transco) blamed each other for the high power rates.[4] Meralco also blames high power generation costs, high transmission costs and government taxes imposed on the electricity sector from power generation to distribution. Government Service Insurance System (Philippines) President Winston Garcia, however, blamed Meralco's inefficiency, its "bloated bureaucracy" and its sourcing of power from independent power producers (IPPs) also owned by the Lopezes, and the need to amend the Electronic Power Industry Reform Act of 2001. Oscar Lopez, said that if GSIS would buy the shares of Meralco, they must buy in whole cash. Many businessmen also say that taking over Meralco is not the way to reduce electrical price. It depends on the government and the president. As other people say, this issue is only to hide the ZTE NBN scandal and other more issues.[5] A perceived lack of general understanding regarding the issue of system loss, inherent in the business of utilities prompted Meralco's former holding company First Philippine Holdings to issue advertisements explaining systems loss.
[edit] Syndicated estafa and bribery case
The Department of Justice (Philippines), in its August 22, 2008 31-page resolution, filed with the Pasig Regional Trial Court Court, syndicated (fraud) charges against Meralco. The May 29 National Association of Electricity Consumers for Reform (Nasecore) complaint accused Meralco of "illegally declaring as income P 889 million in consumers’ money, which represents interest from meter and bill deposits consumers had been paying since 1995."[6] No bail was recommended for all the accused, 2006 officers of Meralco, to wit: Meralco chairman and CEO Manuel Lopez, executive vice president and chief financial officer Daniel Tagaza, first vice president and treasurer Rafael Andrada, vice president and corporate auditor and compliance officer Helen De Guzman, vice president and assistant comptroller Antonio Valera, and senior assistant vice president and assistant treasurer Manolo Fernando; 2006 Meralco directors Arthur Defensor Jr., Gregory Domingo, Octavio Victor Espiritu, Christian Monsod, Federico Puno, Washington Sycip, Emilio Vicens, Francisco Viray and Cesar Virata.
Nasecore's complaint accusing Meralco of "illegally declaring as income 889 million pesos in consumers’ money, which represents interest from meter and bill deposits consumers had been paying since 1995," was immediately refuted by the accused company as the alleged P889 million only stemmed from a generally accepted accounting principle of reversing Meralco's earlier provision for meter deposit interests which, earlier set at 10% per annum was deemed too high and was set to the recommended 6%.[7] Meralco also questioned how a syndicated estafa case can arise when it has already announced and committed that it will be refunding to customers who paid meter deposit principals plus interest months ahead of the ERC prescribed schedule and has allocated enough funds for the said refund.
Meralco is also involved in the GSIS-Meralco bribery case.[8]
[edit] Dismissal of syndicated estafa case
In October 6, 2008, the Pasig City Regional Trial Court Branch 71 dismissed the syndicated estafa case filed against Meralco board of directors for the prosecution failed to establish all the elements of syndicated estafa.[9]
Presiding Judge Franco Falcon, in the ruling, pointed out that the board is not the kind described by the law as being formed to perpetrate an illegal act for the board of directors were elected by stockholders. The court explained, “Therefore, the accused can never be charged of taking part in the commission of syndicated estafa not only because they are not part of a syndicate as contemplated by law in PD 1689, but more so, because there was absolutely no estafa committed.”
According to Philippine Law, to constitute syndicated estafa, the subject money or property must be received by the offenders. The money represents the accrued interests on the bill and meter deposits, which were paid by Meralco customers, not directly to the board, but to the various Meralco business centers where the customers transacted.
Meralco expressed elation over the dismissal.[10]
[edit] Sell-offs and Acquisitions
[edit] San Miguel Acquisition of GSIS Stake
Food and beverage conglomerate San Miguel Corporation acquired GSIS's entire 27 percent stake in Meralco at P90 per share or a total of P26 billion (excluding interest) in October 27, 2008.[11]
Upon SMC's entry into Meralco, SMC was entitled to different company positions. SMC President Ramon Ang replaced Felipe Alfonso as Meralco vice-chairman. The board also announced the appointment of Jose de Jesus, former president and CEO of the Manila North Tollways Corp. (MNTC), as the new Meralco president and COO, replacing Jesus Francisco.[12]
De Jesus was quoted that under his wing, Meralco will further improve its service for its customers. “The company will focus on searching for opportunities of improving service to Meralco’s millions of customers and bring [the company] closer to and understood by them.” [13]
SMC was also able to secure four board seats in the Meralco board, replacing the seats that were once held by GSIS directors.[14] The new directors included Eduardo Cojuangco, Jr., Aurora Babes Calderon and former Justice Minister Estelito Mendoza. They replaced GSIS nominees Winston Garcia, Bernardino Abes, Jeremy Parulan, and Daisy Arce.[15]
[edit] Sell-off of Some Shares to PLDT
On March 13, 2009, the Lopez Family agreed to sell 20 percent of Meralco to the telecommunications giant PLDT for about 20 billion pesos. This move is to attempt to block the hostile takeover of the largest power distributor by San Miguel Corporation. [16] This means that the Lopez family whose majority stake in Meralco once formed the nucleus of the group’s power empire will retain only 13.4 percent once the transaction is completed within the third quarter of 2009.
On November 6, 2009, only half of the shares were sold to PLDT, and the other half to MPIC both are afilliates of Hong Kong-listed First Pacific, this after a takeover war between PLDT and TriRatna Holdings Corp. ,which is majority owned by Henry Sy, Jr. son of mall magnate Henry Sy.
[edit] Ownership
* San Miguel Corporationand affiliates: 43%[17]
* Metro Pacific Investment Corp. (affiliate of First Pacific): 21.4%
* Philippine Long Distance Telephone Company: 26.7%
* Public Stock: 8.9%
[edit] References
1. ^ Lexis Nexis (1974). Mass Transit. PTN Pub. Co. p. 58. http://books.google.com/books?id=6VNUAAAAMAAJ&q=meralco+world+war&dq=meralco+world+war&lr=&pgis=1. Retrieved 2008-06-15.
2. ^ Bello, Walden; Marissa De Guzman, Mary Lou Malig, Herbert Docena (2005). The Anti-development State: The Political Economy of Permanent Crisis in the Philippines. Zed Books. p. 293. ISBN 1842776312. http://books.google.com/books?id=3S0ukwMn8LoC&pg=PA293&dq=meralco+world+war&lr=&sig=TPqoP76Kr7z-FhRVj8ROjJptJhE. Retrieved 2008-06-15.
3. ^ GMA NEWS.TV, House panel begins probe into high power rates
4. ^ Abs-Cbn Interactive, Meralco, Napocor point fingers on high power rates
5. ^ Abs-Cbn Interactive, High power rates blamed on Meralco, gov't, IPPs
6. ^ gmanews.tv, DOJ charges Meralco with syndicated estafa
7. ^ DOJ files estafa raps vs Meralco
8. ^ newsinfo.inquirer.net, DoJ files syndicated fraud raps vs Meralco execs
9. ^ http://businessmirror.com.ph/index.php?option=com_content&view=article&id=376:meralco-welcomes-dismissal-of-estafa-case-versus-officials&catid=24:companies
10. ^ http://balita.ph/2008/10/15/meralco-exec-expresses-elation-for-dismissal-of-estafa-case-filed-by-doj/
11. ^ http://business.inquirer.net/money/breakingnews/view/20081028-168813/GSIS-sells-Meralco-stake-to-San-Miguel
12. ^ http://www.philstar.com/Article.aspx?ArticleId=434972&publicationSubCategoryId=66
13. ^ http://businessmirror.com.ph/index.php?option=com_content&view=article&id=5349:improving-services-main-thrust-of-new-meralco-president&catid=24:companies&Itemid=59
14. ^ http://www.abs-cbnnews.com/business/01/26/09/smc-replaces-gsis-meralco-board
15. ^ http://www.gmanews.tv/story/145950/San-Miguel-Corp-secures-board-seats-in-Meralco
16. ^ Sanchez-Lacson, Elizabeth; Dumlao, Doris. Lopezes to sell 20% of Meralco to PLDT , Philippine Daily Inquirer
17. ^ http://www.abs-cbnnews.com/business/11/05/09/fphc-sells-67-meralco-stake-pldt-group
From Wikipedia, the free encyclopedia
Jump to: navigation, search
Manila Electric Railroad and Light Company (MERALCO) Meralco.png
Type Public (PSE: MER and MERB)
Founded January 17, 1895
Headquarters Philippines Pasig City, Philippines
Key people Manuel M. Lopez, Chairman and CEO
Jose P. de Jesus, President and COO
Charles M. Swift, Founder
Industry Power distributor
Website www.meralco.com.ph
Meralco's franchise area.
The Manila Electric Company (PSE: MER and MERB), also known as MERALCO, is the Philippines' largest distributor of electrical power.
The word MERALCO, is an acronym for Manila Electric Railroad And Light COmpany, which was the company's original name from 1903 to 1919.
MERALCO is the Metro Manila's only electric power distributor and holds the power distribution franchise for some 22 cities and 89 municipalities, including the whole of Metro Manila and Mega Manila region.
Contents
[hide]
* 1 History
o 1.1 Public Transportation
o 1.2 Power Generation and Distribution
o 1.3 Retail Enterprises
o 1.4 World War II
o 1.5 Post War Reconstruction (Nationalist Era)
o 1.6 Martial Law Period
o 1.7 2008 Legislative investigation on high power rates
o 1.8 Syndicated estafa and bribery case
o 1.9 Dismissal of syndicated estafa case
* 2 Sell-offs and Acquisitions
o 2.1 San Miguel Acquisition of GSIS Stake
o 2.2 Sell-off of Some Shares to PLDT
* 3 Ownership
* 4 References
* 5 See also
[edit] History
Organized in 1892 and began generation in 1895, La Electricista was the first electric company that provides electricity to Manila during the late Spanish era. La Electricista had built a central power plant on Calle San Sebastian (now R. Hidalgo). On January 17, 1895, its streetlights were turned on for the first time. By 1903, it had about 3,000 electric light customers.
On October 20, 1902, the Second Philippine Commission began accepting bids to operate Manila's electric tramway, and by extension, providing electricity to the city and its suburbs. Detroit entrepreneur Charles M. Swift won the bidding by default as he was the sole bidder and on March 24, 1903, was granted the original basic franchise of Meralco.
In 1904, Meralco acquired both the Compañía de los Tranvías de Filipinas, a firm that operated public transportation and ran Manila's horse-drawn street railways, and added La Electricista. Construction on the electric tramway began that same year. In addition to acquiring La Electricista's Calle San Sebastian power plant, Meralco built its own steam generating plant on Isla Provisora which powered the streetcar system and eventually also the electric service. By 1906, Meralco's yearly power output capacity was around eight million kWh.
[edit] Public Transportation
Meralco built up a strong public transportation business in the decades leading up to World War II, building a 170-strong fleet of streetcars into the 1920s, before switching over to buses later in that decade.
The company operated a 52 mile tram transport from 1903 to the World War II. The equipment and tracks of the system was severely damaged during the war and had to be removed.[1]
[edit] Power Generation and Distribution
By 1915, electricity generation and distribution became the main Meralco's main income generator, overtaking its public transportation operations in terms of revenue. In 1919, it changed its official name to Manila Electric Company. By 1920, the company's power capacity had grown to 45 million kWh.
In 1925, MERALCO, was acquired by the utility holding company Associated Gas and Electric or AEGCO (reorganized as General Public Utilities Corporation or GPU in 1946), which had begun a massive expansion throughout the United States and Canada. With AGECO's financial backing, MERALCO began acquiring a number of existing utility companies in the Philippines, enabling the company to expand beyond its Manila city center base.
By 1930 MERALCO completed construction of the Philippine's first hydroelectric power plant, the 960-kilowatt Botocan Hydro Station. At the time, this plant was one of the largest engineering projects in Asia and constituted the largest single private capital investment in the Philippines. The additional capacity allowed the company to begin hooking up customers throughout the metropolitan area.
[edit] Retail Enterprises
To drive demand for more power, Meralco also opened a retail store in order to sell electric home appliances.[citation needed]
[edit] World War II
During Greater East-Asia War, the Japanese Occupation Forces forcibly transferred all of Meralco's assets and holdings to the Japanese controlled Taiwan Power Company. By the end of the war, most of the former Meralco operations had been destroyed.
[edit] Post War Reconstruction (Nationalist Era)
After WWII, MERALCO's autobus franchise was sold to Halili Transport. In 1962, Don Eugenio López, Sr. acquired MERALCO and it finally became Filipino-owned. In buying Meralco, Don Eugenio demonstrated his belief that Filipinos could manage businesses even better than Americans. During 1962-72, he increased MERALCO's power generating capacity five times.
[edit] Martial Law Period
In 1972 President Ferdinand Marcos both instituted martial law in the Philippines and issued Presidential Decree No. 40 which forcibly nationalized the country's electric generation and transmission.
Don Eugenio Lopez, Sr., who owned Meralco at the time, had both his sons kidnapped by the government who were released to force Don Eugenio to hand over his business empire. The regime arrested his son Eugenio Lopez, Jr. (better known as Geny) on trumped-up charges of conspiring to assassinate the president. With his son held hostage, Don Eugenio was forced to give up his holdings in a group of companies worth several hundred million dollars, but Geny was not released from prison.
By decree, the ownership of the company was stripped away from the López family and placed under a shell company called the Meralco Foundation, Inc., controlled by crony under the newly-created, government controlled Napocor.
By 1978 all of the Philippines' major power plants, including most notably those previously owned by MERALCO, were owned and operated by NAPOCOR. Control of the Meralco corporation itself was seized by the Marcos Dictatorship, but was returned to its prior owners after the People Power Revolution by President Corazon Aquino in a silver platter without the Lopez family paying for improvments done during Martial Law. She also enacted an executive order that allowed the company to directly compete with NAPOCOR.[2]
[edit] 2008 Legislative investigation on high power rates
Meralco is facing a Philippine legislative inquiry/investigation for alleged excessive pricing.[3] The government has considered a plan to take over Meralco, to reduce electricity bills. Meralco and National Transmission Corporation (Transco) blamed each other for the high power rates.[4] Meralco also blames high power generation costs, high transmission costs and government taxes imposed on the electricity sector from power generation to distribution. Government Service Insurance System (Philippines) President Winston Garcia, however, blamed Meralco's inefficiency, its "bloated bureaucracy" and its sourcing of power from independent power producers (IPPs) also owned by the Lopezes, and the need to amend the Electronic Power Industry Reform Act of 2001. Oscar Lopez, said that if GSIS would buy the shares of Meralco, they must buy in whole cash. Many businessmen also say that taking over Meralco is not the way to reduce electrical price. It depends on the government and the president. As other people say, this issue is only to hide the ZTE NBN scandal and other more issues.[5] A perceived lack of general understanding regarding the issue of system loss, inherent in the business of utilities prompted Meralco's former holding company First Philippine Holdings to issue advertisements explaining systems loss.
[edit] Syndicated estafa and bribery case
The Department of Justice (Philippines), in its August 22, 2008 31-page resolution, filed with the Pasig Regional Trial Court Court, syndicated (fraud) charges against Meralco. The May 29 National Association of Electricity Consumers for Reform (Nasecore) complaint accused Meralco of "illegally declaring as income P 889 million in consumers’ money, which represents interest from meter and bill deposits consumers had been paying since 1995."[6] No bail was recommended for all the accused, 2006 officers of Meralco, to wit: Meralco chairman and CEO Manuel Lopez, executive vice president and chief financial officer Daniel Tagaza, first vice president and treasurer Rafael Andrada, vice president and corporate auditor and compliance officer Helen De Guzman, vice president and assistant comptroller Antonio Valera, and senior assistant vice president and assistant treasurer Manolo Fernando; 2006 Meralco directors Arthur Defensor Jr., Gregory Domingo, Octavio Victor Espiritu, Christian Monsod, Federico Puno, Washington Sycip, Emilio Vicens, Francisco Viray and Cesar Virata.
Nasecore's complaint accusing Meralco of "illegally declaring as income 889 million pesos in consumers’ money, which represents interest from meter and bill deposits consumers had been paying since 1995," was immediately refuted by the accused company as the alleged P889 million only stemmed from a generally accepted accounting principle of reversing Meralco's earlier provision for meter deposit interests which, earlier set at 10% per annum was deemed too high and was set to the recommended 6%.[7] Meralco also questioned how a syndicated estafa case can arise when it has already announced and committed that it will be refunding to customers who paid meter deposit principals plus interest months ahead of the ERC prescribed schedule and has allocated enough funds for the said refund.
Meralco is also involved in the GSIS-Meralco bribery case.[8]
[edit] Dismissal of syndicated estafa case
In October 6, 2008, the Pasig City Regional Trial Court Branch 71 dismissed the syndicated estafa case filed against Meralco board of directors for the prosecution failed to establish all the elements of syndicated estafa.[9]
Presiding Judge Franco Falcon, in the ruling, pointed out that the board is not the kind described by the law as being formed to perpetrate an illegal act for the board of directors were elected by stockholders. The court explained, “Therefore, the accused can never be charged of taking part in the commission of syndicated estafa not only because they are not part of a syndicate as contemplated by law in PD 1689, but more so, because there was absolutely no estafa committed.”
According to Philippine Law, to constitute syndicated estafa, the subject money or property must be received by the offenders. The money represents the accrued interests on the bill and meter deposits, which were paid by Meralco customers, not directly to the board, but to the various Meralco business centers where the customers transacted.
Meralco expressed elation over the dismissal.[10]
[edit] Sell-offs and Acquisitions
[edit] San Miguel Acquisition of GSIS Stake
Food and beverage conglomerate San Miguel Corporation acquired GSIS's entire 27 percent stake in Meralco at P90 per share or a total of P26 billion (excluding interest) in October 27, 2008.[11]
Upon SMC's entry into Meralco, SMC was entitled to different company positions. SMC President Ramon Ang replaced Felipe Alfonso as Meralco vice-chairman. The board also announced the appointment of Jose de Jesus, former president and CEO of the Manila North Tollways Corp. (MNTC), as the new Meralco president and COO, replacing Jesus Francisco.[12]
De Jesus was quoted that under his wing, Meralco will further improve its service for its customers. “The company will focus on searching for opportunities of improving service to Meralco’s millions of customers and bring [the company] closer to and understood by them.” [13]
SMC was also able to secure four board seats in the Meralco board, replacing the seats that were once held by GSIS directors.[14] The new directors included Eduardo Cojuangco, Jr., Aurora Babes Calderon and former Justice Minister Estelito Mendoza. They replaced GSIS nominees Winston Garcia, Bernardino Abes, Jeremy Parulan, and Daisy Arce.[15]
[edit] Sell-off of Some Shares to PLDT
On March 13, 2009, the Lopez Family agreed to sell 20 percent of Meralco to the telecommunications giant PLDT for about 20 billion pesos. This move is to attempt to block the hostile takeover of the largest power distributor by San Miguel Corporation. [16] This means that the Lopez family whose majority stake in Meralco once formed the nucleus of the group’s power empire will retain only 13.4 percent once the transaction is completed within the third quarter of 2009.
On November 6, 2009, only half of the shares were sold to PLDT, and the other half to MPIC both are afilliates of Hong Kong-listed First Pacific, this after a takeover war between PLDT and TriRatna Holdings Corp. ,which is majority owned by Henry Sy, Jr. son of mall magnate Henry Sy.
[edit] Ownership
* San Miguel Corporationand affiliates: 43%[17]
* Metro Pacific Investment Corp. (affiliate of First Pacific): 21.4%
* Philippine Long Distance Telephone Company: 26.7%
* Public Stock: 8.9%
[edit] References
1. ^ Lexis Nexis (1974). Mass Transit. PTN Pub. Co. p. 58. http://books.google.com/books?id=6VNUAAAAMAAJ&q=meralco+world+war&dq=meralco+world+war&lr=&pgis=1. Retrieved 2008-06-15.
2. ^ Bello, Walden; Marissa De Guzman, Mary Lou Malig, Herbert Docena (2005). The Anti-development State: The Political Economy of Permanent Crisis in the Philippines. Zed Books. p. 293. ISBN 1842776312. http://books.google.com/books?id=3S0ukwMn8LoC&pg=PA293&dq=meralco+world+war&lr=&sig=TPqoP76Kr7z-FhRVj8ROjJptJhE. Retrieved 2008-06-15.
3. ^ GMA NEWS.TV, House panel begins probe into high power rates
4. ^ Abs-Cbn Interactive, Meralco, Napocor point fingers on high power rates
5. ^ Abs-Cbn Interactive, High power rates blamed on Meralco, gov't, IPPs
6. ^ gmanews.tv, DOJ charges Meralco with syndicated estafa
7. ^ DOJ files estafa raps vs Meralco
8. ^ newsinfo.inquirer.net, DoJ files syndicated fraud raps vs Meralco execs
9. ^ http://businessmirror.com.ph/index.php?option=com_content&view=article&id=376:meralco-welcomes-dismissal-of-estafa-case-versus-officials&catid=24:companies
10. ^ http://balita.ph/2008/10/15/meralco-exec-expresses-elation-for-dismissal-of-estafa-case-filed-by-doj/
11. ^ http://business.inquirer.net/money/breakingnews/view/20081028-168813/GSIS-sells-Meralco-stake-to-San-Miguel
12. ^ http://www.philstar.com/Article.aspx?ArticleId=434972&publicationSubCategoryId=66
13. ^ http://businessmirror.com.ph/index.php?option=com_content&view=article&id=5349:improving-services-main-thrust-of-new-meralco-president&catid=24:companies&Itemid=59
14. ^ http://www.abs-cbnnews.com/business/01/26/09/smc-replaces-gsis-meralco-board
15. ^ http://www.gmanews.tv/story/145950/San-Miguel-Corp-secures-board-seats-in-Meralco
16. ^ Sanchez-Lacson, Elizabeth; Dumlao, Doris. Lopezes to sell 20% of Meralco to PLDT , Philippine Daily Inquirer
17. ^ http://www.abs-cbnnews.com/business/11/05/09/fphc-sells-67-meralco-stake-pldt-group
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• ALT+ESC (Cycle through items in the order that they had been opened)
• F6 key (Cycle through the screen elements in a window or on the desktop)
• F4 key (Display the Address bar list in My Computer or Windows Explorer)
• SHIFT+F10 (Display the shortcut menu for the selected item)
• ALT+SPACEBAR (Display the System menu for the active window)
• CTRL+ESC (Display the Start menu)
• ALT+Underlined letter in a menu name (Display the corresponding menu)
• Underlined letter in a command name on an open menu (Perform the corresponding command)
• F10 key (Activate the menu bar in the active program)
• RIGHT ARROW (Open the next menu to the right, or open a submenu)
• LEFT ARROW (Open the next menu to the left, or close a submenu)
• F5 key (Update the active window)
• BACKSPACE (View the folder one level up in My Computer or Windows Explorer)
• ESC (Cancel the current task)
• SHIFT when you insert a CD-ROM into the CD-ROM drive (Prevent the CD-ROM from automatically playing)
• CTRL+SHIFT+ESC (Open Task Manager)
Back to the top
Dialog box keyboard shortcuts
If you press SHIFT+F8 in extended selection list boxes, you enable extended selection mode. In this mode, you can use an arrow key to move a cursor without changing the selection. You can press CTRL+SPACEBAR or SHIFT+SPACEBAR to adjust the selection. To cancel extended selection mode, press SHIFT+F8 again. Extended selection mode cancels itself when you move the focus to another control.• CTRL+TAB (Move forward through the tabs)
• CTRL+SHIFT+TAB (Move backward through the tabs)
• TAB (Move forward through the options)
• SHIFT+TAB (Move backward through the options)
• ALT+Underlined letter (Perform the corresponding command or select the corresponding option)
• ENTER (Perform the command for the active option or button)
• SPACEBAR (Select or clear the check box if the active option is a check box)
• Arrow keys (Select a button if the active option is a group of option buttons)
• F1 key (Display Help)
• F4 key (Display the items in the active list)
• BACKSPACE (Open a folder one level up if a folder is selected in the Save As or Open dialog box)
Back to the top
Microsoft natural keyboard shortcuts
• Windows Logo (Display or hide the Start menu)
• Windows Logo+BREAK (Display the System Properties dialog box)
• Windows Logo+D (Display the desktop)
• Windows Logo+M (Minimize all of the windows)
• Windows Logo+SHIFT+M (Restore the minimized windows)
• Windows Logo+E (Open My Computer)
• Windows Logo+F (Search for a file or a folder)
• CTRL+Windows Logo+F (Search for computers)
• Windows Logo+F1 (Display Windows Help)
• Windows Logo+ L (Lock the keyboard)
• Windows Logo+R (Open the Run dialog box)
• Windows Logo+U (Open Utility Manager)
Back to the top
Accessibility keyboard shortcuts
• Right SHIFT for eight seconds (Switch FilterKeys either on or off)
• Left ALT+left SHIFT+PRINT SCREEN (Switch High Contrast either on or off)
• Left ALT+left SHIFT+NUM LOCK (Switch the MouseKeys either on or off)
• SHIFT five times (Switch the StickyKeys either on or off)
• NUM LOCK for five seconds (Switch the ToggleKeys either on or off)
• Windows Logo +U (Open Utility Manager)
Back to the top
Windows Explorer keyboard shortcuts
• END (Display the bottom of the active window)
• HOME (Display the top of the active window)
• NUM LOCK+Asterisk sign (*) (Display all of the subfolders that are under the selected folder)
• NUM LOCK+Plus sign (+) (Display the contents of the selected folder)
• NUM LOCK+Minus sign (-) (Collapse the selected folder)
• LEFT ARROW (Collapse the current selection if it is expanded, or select the parent folder)
• RIGHT ARROW (Display the current selection if it is collapsed, or select the first subfolder)
Back to the top
Shortcut keys for Character Map
After you double-click a character on the grid of characters, you can move through the grid by using the keyboard shortcuts: • RIGHT ARROW (Move to the right or to the beginning of the next line)
• LEFT ARROW (Move to the left or to the end of the previous line)
• UP ARROW (Move up one row)
• DOWN ARROW (Move down one row)
• PAGE UP (Move up one screen at a time)
• PAGE DOWN (Move down one screen at a time)
• HOME (Move to the beginning of the line)
• END (Move to the end of the line)
• CTRL+HOME (Move to the first character)
• CTRL+END (Move to the last character)
• SPACEBAR (Switch between Enlarged and Normal mode when a character is selected)
Back to the top
Microsoft Management Console (MMC) main window keyboard shortcuts
• CTRL+O (Open a saved console)
• CTRL+N (Open a new console)
• CTRL+S (Save the open console)
• CTRL+M (Add or remove a console item)
• CTRL+W (Open a new window)
• F5 key (Update the content of all console windows)
• ALT+SPACEBAR (Display the MMC window menu)
• ALT+F4 (Close the console)
• ALT+A (Display the Action menu)
• ALT+V (Display the View menu)
• ALT+F (Display the File menu)
• ALT+O (Display the Favorites menu)
Back to the top
MMC console window keyboard shortcuts
• CTRL+P (Print the current page or active pane)
• ALT+Minus sign (-) (Display the window menu for the active console window)
• SHIFT+F10 (Display the Action shortcut menu for the selected item)
• F1 key (Open the Help topic, if any, for the selected item)
• F5 key (Update the content of all console windows)
• CTRL+F10 (Maximize the active console window)
• CTRL+F5 (Restore the active console window)
• ALT+ENTER (Display the Properties dialog box, if any, for the selected item)
• F2 key (Rename the selected item)
• CTRL+F4 (Close the active console window. When a console has only one console window, this shortcut closes the console)
Back to the top
Remote desktop connection navigation
• CTRL+ALT+END (Open the Microsoft Windows NT Security dialog box)
• ALT+PAGE UP (Switch between programs from left to right)
• ALT+PAGE DOWN (Switch between programs from right to left)
• ALT+INSERT (Cycle through the programs in most recently used order)
• ALT+HOME (Display the Start menu)
• CTRL+ALT+BREAK (Switch the client computer between a window and a full screen)
• ALT+DELETE (Display the Windows menu)
• CTRL+ALT+Minus sign (-) (Place a snapshot of the entire client window area on the Terminal server clipboard and provide the same functionality as pressing ALT+PRINT SCREEN on a local computer.)
• CTRL+ALT+Plus sign (+) (Place a snapshot of the active window in the client on the Terminal server clipboard and provide the same functionality as pressing PRINT SCREEN on a local computer.)
Back to the top
Microsoft Internet Explorer navigation
• CTRL+B (Open the Organize Favorites dialog box)
• CTRL+E (Open the Search bar)
• CTRL+F (Start the Find utility)
• CTRL+H (Open the History bar)
• CTRL+I (Open the Favorites bar)
• CTRL+L (Open the Open dialog box)
• CTRL+N (Start another instance of the browser with the same Web address)
• CTRL+O (Open the Open dialog box, the same as CTRL+L)
• CTRL+P (Open the Print dialog box)
• CTRL+R (Update the current Web page)
• CTRL+W (Close the current window)
Complete .com Address 1 Ctrl+Enter Win/Linux Ctrl/Cmd+Enter/Return Enter/Return
General keyboard shortcuts
• CTRL+C (Copy)
• CTRL+X (Cut)
• CTRL+V (Paste)
• CTRL+Z (Undo)
• DELETE (Delete)
• SHIFT+DELETE (Delete the selected item permanently without placing the item in the Recycle Bin)
• CTRL while dragging an item (Copy the selected item)
• CTRL+SHIFT while dragging an item (Create a shortcut to the selected item)
• F2 key (Rename the selected item)
• CTRL+RIGHT ARROW (Move the insertion point to the beginning of the next word)
• CTRL+LEFT ARROW (Move the insertion point to the beginning of the previous word)
• CTRL+DOWN ARROW (Move the insertion point to the beginning of the next paragraph)
• CTRL+UP ARROW (Move the insertion point to the beginning of the previous paragraph)
• CTRL+SHIFT with any of the arrow keys (Highlight a block of text)
• SHIFT with any of the arrow keys (Select more than one item in a window or on the desktop, or select text in a document)
• CTRL+A (Select all)
• F3 key (Search for a file or a folder)
• ALT+ENTER (View the properties for the selected item)
• ALT+F4 (Close the active item, or quit the active program)
• ALT+ENTER (Display the properties of the selected object)
• ALT+SPACEBAR (Open the shortcut menu for the active window)
• CTRL+F4 (Close the active document in programs that enable you to have multiple documents open simultaneously)
• ALT+TAB (Switch between the open items)
• ALT+ESC (Cycle through items in the order that they had been opened)
• F6 key (Cycle through the screen elements in a window or on the desktop)
• F4 key (Display the Address bar list in My Computer or Windows Explorer)
• SHIFT+F10 (Display the shortcut menu for the selected item)
• ALT+SPACEBAR (Display the System menu for the active window)
• CTRL+ESC (Display the Start menu)
• ALT+Underlined letter in a menu name (Display the corresponding menu)
• Underlined letter in a command name on an open menu (Perform the corresponding command)
• F10 key (Activate the menu bar in the active program)
• RIGHT ARROW (Open the next menu to the right, or open a submenu)
• LEFT ARROW (Open the next menu to the left, or close a submenu)
• F5 key (Update the active window)
• BACKSPACE (View the folder one level up in My Computer or Windows Explorer)
• ESC (Cancel the current task)
• SHIFT when you insert a CD-ROM into the CD-ROM drive (Prevent the CD-ROM from automatically playing)
• CTRL+SHIFT+ESC (Open Task Manager)
Back to the top
Dialog box keyboard shortcuts
If you press SHIFT+F8 in extended selection list boxes, you enable extended selection mode. In this mode, you can use an arrow key to move a cursor without changing the selection. You can press CTRL+SPACEBAR or SHIFT+SPACEBAR to adjust the selection. To cancel extended selection mode, press SHIFT+F8 again. Extended selection mode cancels itself when you move the focus to another control.• CTRL+TAB (Move forward through the tabs)
• CTRL+SHIFT+TAB (Move backward through the tabs)
• TAB (Move forward through the options)
• SHIFT+TAB (Move backward through the options)
• ALT+Underlined letter (Perform the corresponding command or select the corresponding option)
• ENTER (Perform the command for the active option or button)
• SPACEBAR (Select or clear the check box if the active option is a check box)
• Arrow keys (Select a button if the active option is a group of option buttons)
• F1 key (Display Help)
• F4 key (Display the items in the active list)
• BACKSPACE (Open a folder one level up if a folder is selected in the Save As or Open dialog box)
Back to the top
Microsoft natural keyboard shortcuts
• Windows Logo (Display or hide the Start menu)
• Windows Logo+BREAK (Display the System Properties dialog box)
• Windows Logo+D (Display the desktop)
• Windows Logo+M (Minimize all of the windows)
• Windows Logo+SHIFT+M (Restore the minimized windows)
• Windows Logo+E (Open My Computer)
• Windows Logo+F (Search for a file or a folder)
• CTRL+Windows Logo+F (Search for computers)
• Windows Logo+F1 (Display Windows Help)
• Windows Logo+ L (Lock the keyboard)
• Windows Logo+R (Open the Run dialog box)
• Windows Logo+U (Open Utility Manager)
Back to the top
Accessibility keyboard shortcuts
• Right SHIFT for eight seconds (Switch FilterKeys either on or off)
• Left ALT+left SHIFT+PRINT SCREEN (Switch High Contrast either on or off)
• Left ALT+left SHIFT+NUM LOCK (Switch the MouseKeys either on or off)
• SHIFT five times (Switch the StickyKeys either on or off)
• NUM LOCK for five seconds (Switch the ToggleKeys either on or off)
• Windows Logo +U (Open Utility Manager)
Back to the top
Windows Explorer keyboard shortcuts
• END (Display the bottom of the active window)
• HOME (Display the top of the active window)
• NUM LOCK+Asterisk sign (*) (Display all of the subfolders that are under the selected folder)
• NUM LOCK+Plus sign (+) (Display the contents of the selected folder)
• NUM LOCK+Minus sign (-) (Collapse the selected folder)
• LEFT ARROW (Collapse the current selection if it is expanded, or select the parent folder)
• RIGHT ARROW (Display the current selection if it is collapsed, or select the first subfolder)
Back to the top
Shortcut keys for Character Map
After you double-click a character on the grid of characters, you can move through the grid by using the keyboard shortcuts: • RIGHT ARROW (Move to the right or to the beginning of the next line)
• LEFT ARROW (Move to the left or to the end of the previous line)
• UP ARROW (Move up one row)
• DOWN ARROW (Move down one row)
• PAGE UP (Move up one screen at a time)
• PAGE DOWN (Move down one screen at a time)
• HOME (Move to the beginning of the line)
• END (Move to the end of the line)
• CTRL+HOME (Move to the first character)
• CTRL+END (Move to the last character)
• SPACEBAR (Switch between Enlarged and Normal mode when a character is selected)
Back to the top
Microsoft Management Console (MMC) main window keyboard shortcuts
• CTRL+O (Open a saved console)
• CTRL+N (Open a new console)
• CTRL+S (Save the open console)
• CTRL+M (Add or remove a console item)
• CTRL+W (Open a new window)
• F5 key (Update the content of all console windows)
• ALT+SPACEBAR (Display the MMC window menu)
• ALT+F4 (Close the console)
• ALT+A (Display the Action menu)
• ALT+V (Display the View menu)
• ALT+F (Display the File menu)
• ALT+O (Display the Favorites menu)
Back to the top
MMC console window keyboard shortcuts
• CTRL+P (Print the current page or active pane)
• ALT+Minus sign (-) (Display the window menu for the active console window)
• SHIFT+F10 (Display the Action shortcut menu for the selected item)
• F1 key (Open the Help topic, if any, for the selected item)
• F5 key (Update the content of all console windows)
• CTRL+F10 (Maximize the active console window)
• CTRL+F5 (Restore the active console window)
• ALT+ENTER (Display the Properties dialog box, if any, for the selected item)
• F2 key (Rename the selected item)
• CTRL+F4 (Close the active console window. When a console has only one console window, this shortcut closes the console)
Back to the top
Remote desktop connection navigation
• CTRL+ALT+END (Open the Microsoft Windows NT Security dialog box)
• ALT+PAGE UP (Switch between programs from left to right)
• ALT+PAGE DOWN (Switch between programs from right to left)
• ALT+INSERT (Cycle through the programs in most recently used order)
• ALT+HOME (Display the Start menu)
• CTRL+ALT+BREAK (Switch the client computer between a window and a full screen)
• ALT+DELETE (Display the Windows menu)
• CTRL+ALT+Minus sign (-) (Place a snapshot of the entire client window area on the Terminal server clipboard and provide the same functionality as pressing ALT+PRINT SCREEN on a local computer.)
• CTRL+ALT+Plus sign (+) (Place a snapshot of the active window in the client on the Terminal server clipboard and provide the same functionality as pressing PRINT SCREEN on a local computer.)
Back to the top
Microsoft Internet Explorer navigation
• CTRL+B (Open the Organize Favorites dialog box)
• CTRL+E (Open the Search bar)
• CTRL+F (Start the Find utility)
• CTRL+H (Open the History bar)
• CTRL+I (Open the Favorites bar)
• CTRL+L (Open the Open dialog box)
• CTRL+N (Start another instance of the browser with the same Web address)
• CTRL+O (Open the Open dialog box, the same as CTRL+L)
• CTRL+P (Open the Print dialog box)
• CTRL+R (Update the current Web page)
• CTRL+W (Close the current window)
Complete .com Address 1 Ctrl+Enter Win/Linux Ctrl/Cmd+Enter/Return Enter/Return
Saturday, January 16, 2010
The Changelog
Sunday~12:05am~01/17/2010
--installed windows xp sp2 (my own favorite ~ wmp9 and ie6)
--changed the appearance (black background, brick)
--created this changelog text file
--installed agp video driver... restart*
--installed sis ethernet driver... restart*
--darkgreen, teal
--installed Realtek hd audio driver... restart*
--setup homepage of ie6 to http://www.yahoo.com.ph
--installed flashplayer
--installing microsoft office 2003: word, excel, outlook (installed the install on 1st use)
--installing microsoft office 2007: onenote, powerpoint, visio,
Sunday~12:05am~01/17/2010
--installed windows xp sp2 (my own favorite ~ wmp9 and ie6)
--changed the appearance (black background, brick)
--created this changelog text file
--installed agp video driver... restart*
--installed sis ethernet driver... restart*
--darkgreen, teal
--installed Realtek hd audio driver... restart*
--setup homepage of ie6 to http://www.yahoo.com.ph
--installed flashplayer
--installing microsoft office 2003: word, excel, outlook (installed the install on 1st use)
--installing microsoft office 2007: onenote, powerpoint, visio,
Monday, January 4, 2010
always have an unsecure email (for games, for non-junk prons, for non-professional chat)
a separate work-personal (4 office Wrk + home or "outside Wrk" expan/practice or career pract.
~a dummy work-personal (for people use of prank calls)
a separate hobby-personal (for hobbies + hobby expan /practice
~ a dummy hobby-personal
and a secure secure secure secure... to the Nth until the user that tracking you
DAMN, am i really doin' this?
a separate work-personal (4 office Wrk + home or "outside Wrk" expan/practice or career pract.
~a dummy work-personal (for people use of prank calls)
a separate hobby-personal (for hobbies + hobby expan /practice
~ a dummy hobby-personal
and a secure secure secure secure... to the Nth until the user that tracking you
DAMN, am i really doin' this?
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