Your Choice On December 12,
2015
One of the alternatives to select
from in the Akelco referendum is for Akelco to become a stock corporation under
the Securities and Exchange Commission (SEC).
Today, and for the last 43 years
since 1972, Akelco is a non-stock non-profit electric agency under the
supervision and control of the government thru the National Electrification
Administration (NEA).
As a non stock non profit
organization under the NEA, Akelco is capitalized by the government thru the
NEA. Consumers’ benefit is only the electrical connection services provided by
Akelco management and technical staff members. Although the consumer members
elect the members of the Board of Directors by district, the Board of
Directors’ actions are subject to the approval of the NEA. This is
understandable as funds in the Akelco come from the government.
Therefore, to me, Akelco BoD is a
mere rubber stamp of NEA. Its actions such as appointment of personnel,
purchase of materials, machine and equipment are subjects for
approval-disapproval or revision of NEA.
BoD plans, programs, projects,
and activities can never be implemented without NEA approval. Hence, this
situation moves consumer members to care less for Akelco.
On the other hand, if the members
of Akelco will vote in the referendum on Dec. 12, 2015 to convert Akelco into a
corporation under the Securities and Exchange Commission (SEC), Akelco will be
owned by the stockholders. A conversion process will be drafted and approved to
convert Akelco into a stock and profit corporation. The present Akelco asset
will be inventoried and assigned its total value. The asset may either be
donated to the said corporation or be sold to the said corporation using
stockholders’ money or the proceeds from the sale of shares of stocks.
If converted into a stock and
profit corporation, Akelco must be registered with the SEC. Necessary documents
for registration must be prepared and submitted to SEC.
Shares of stocks will be sold to
probable buyers of shares of stocks. Buyers of shares of stock become
stockholders. The stockholders will elect their officers to the BoD to serve as
a policy and plan making body. They will appoint a management group to
implement the approved policies and plans. At the end of the year, a financial
report will be prepared. Any surplus after deducting the cost of operation from
the gross sales and upon approval of the BoD, the surplus will be given to the
stockholders as dividends. The dividend
amount is dependent upon the amount of shares of stock a stockholder holds.
For one thing, converting Akelco
into a stock corporation is a sort of a “private public partnership”. This will
relieve the government from spending government money for its operations and
maintenance. The stockholders will take over. Any problem in Akelco, the
private sector will solve it.
Since Akelco is a corporation,
the stockholders owned it. It will be highly protected from vandals, thieves,
and other destructions.
Since shares of stocks will be
marketed, both investment and money in circulation will increase. Akelco will
be highly operated in a business manner. Systems loss will be minimized. Any
problem concerning Akelco will be solved by stockholders or by the corporation
itself.
I may not discussed Akelco to
become stock nonprofit cooperative under the Cooperative Development Authority
(CDA). It is highly dangerous to convert Akelco under the CDA. Akelco
distributes a very important commodity, power. And only, a small number of
cooperatives had been successful. Even the Aklan Cooperative Development Bank
in Kalibo went bankrupt and closed shop.
JOKER
ARROYO’S “EXCEPTIONAL HUMILITY”
“He dazzled the nation with his
brilliance, with his high sense of duty and strong commitment to defend the
underprivileged.”
Drilon said, Arroyo, who
reportedly passed away in the United States on October 5, “led a life of
integrity, good character, diligence and with a profound love for the masses
that are dearest to his heart.”
“It was a great honor to work
with him; first in the Executive Department, and later in the Senate. I attest
to Joker’s exceptional humility and simplicity as a public official,” Drilon
said.
“With his frugal and prudent
ways, he will always be fondly remembered for being the ‘Scrooge of the
Senate,” Drilon said.
Drilon said, Arroyo’s passing “is
the nation’s collective loss, but his life will always be an inspiration to
every Filipino.”
“With deep sorrow, we remember
him in our prayers and condole with his family. We join the whole nation in
mourning the loss of a gem of a public servant whose achievements as a lawyer,
human rights defender, lawmaker and public servant are unparalleled,” the
Senate chief said. /MP
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