DOMESTIC manufacturers will be seeking an official scrutiny of the books of accounts of the Manila Electric Co. (Meralco), independent power producers (IPPs) and other power industry players by the Commission on Audit (COA) to determine who among them are really making huge profits and are to be blamed for high power costs.

Jesus Arranza, president of the Federation of Philippine Industries (FPI), said that to finally put a stop to the finger-pointing and exchange of accusations that are now happening, the COA should step in and subject the power players to an audit.

Arranza said that because Meralco, other power distributors, generators and transmission firms are public-utility companies and are servicing the public at large, they should be covered by COA audits.

“Let us determine who among them are having excessive income,” Arranza told the BusinessMirror.

He said FPI counsels will make a determination if this is indeed legally tenable and then they will make a formal petition.

Arranza said the industry and corporate members of FPI are already confused with the different statements and advertisements of Meralco and other power industry players on their cost structures and profits.

A COA audit, he said, will prevent speculations.

Arranza recalled that it was a COA audit that the Supreme Court used as basis in ordering a refund on the overcollection of Meralco.

Aside from excessive profits, Arranza said the COA should also determine issues like self-dealing between power distributors and generators and the charges that are unnecessarily passed on to consumers.

As a result of this, Arranza said not only will the public, know the truth, the wrong practices will also be corrected.

Earlier, the FPI said system loss should not be assessed with value-added tax since it is not part of sales but is actually a result of theft and the incompetence of the distributors.

DOMESTIC manufacturers will be seeking an official scrutiny of the books of accounts of the Manila Electric Co. (Meralco), independent power producers (IPPs) and other power industry players by the Commission on Audit (COA) to determine who among them are really making huge profits and are to be blamed for high power costs.

THE national government estimates that there is at least $3.76 billion worth of projects in the pipeline for funding by the World Bank (WB) from 2008 to 2010 and the Asian Development Bank (ADB) in 2008 and 2009.

THE Philippines has underscored the crucial role that can be played by biotechnology in resolving the food-security problem confronting nations all over the world during the food summit organized by the United Nations Food and Agriculture Organization in Italy.

BELIEVING that the bill seeking the extension of the Comprehensive Agrarian Reform Program (CARP) would not be approved before Congress adjourns sine die on June 13, a militant legislator proposed a compromise that before going on break, Congress should reaffirm the Department of Agrarian Reform’s budget for 2008.

THE board of the Philippine Overseas Employment Administration (POEA) has overturned its previous policy giving full blanket authority to the secretary of labor to approve the renewal of license of manpower agencies sending Filipino labor abroad.

THE Delegation of the European Commission in the Philippines (EC) has urged Philippine exporters to its member-states to register chemical substances contained in their products to be able to qualify for the new rules adopted on June 1.

SEMIRARA ISLAND, Antique—Amid opposition and issues raised by environmental groups against the use of coal to fuel power generating facilities, the Department of Energy admits that removing coal-fired power plants in the generation mix could result in power shortages.