Wednesday, May 31, 2023
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home Business Columns Out in the Open by Ray S. Eñano

PECO in dire straits; Micro savings gaining

Ray S. EñanobyRay S. Eñano
November 27, 2019, 7:55 pm
in Out in the Open by Ray S. Eñano
Reading Time: 4 mins read
A A
Share on FacebookShare on TwitterShare on Email

Panay Electric Co., or PECO, is fighting a losing battle in Iloilo City. Stripped of a franchise, PECO has become a shell company and the only honorable way out is for it to cut its losses.

For starters, PECO has already alienated many of its 65,000 customers for a decade, infuriated the city’s legislative council and found itself fighting the city hall in a losing cause.

Iloilo City Mayor Geronimo “Jerry” Treñas in 2006 approved the recommendation of the City Treasurer’s Office to enforce a court ruling that favored the imposition of real estate taxes on privately-owned utilities like PECO. The city wanted to tax the land where PECO’s electricity poles stand on the side of the Iloilo’s streets.

Treñas left the mayoral post and had a nine-year stint as the city’s lone representative to Congress. Some 10 years later, Treñas returned to his favorite stomping ground only to learn that PECO  contested his directive. PECO put the money in escrow before  the court ruled again in the city’s favor.

PECO, however, remained defiant and asked the Local Assessments Board to re-compute the company’s realty tax arrears. PECO’s realty tax arrears, per the computation of the the city government, have added up to P90 million with no penalties by March this year. 

The City Treasurer ordered the City Business Permit and Licenses Office to deny the company’s business permit this year. The Local Revenue Code prohibits a local business from getting any city licenses and permits until they settle any tax obligation with the city.

Mayor Treñas is seeking a quick resolution of the issue as PECO’s loss of franchise will force it to cease operations. The utility’s current provisional Certificate of Public Convenience and Necessity from the Energy Regulatory Authority will expire one-and-a-half years from now when the new franchise-owner, More Power and Electric Corp., completes the takeover of the city’s distribution system.

PECO has offered to settle the P90-million tax arrears and the penalty of P7 million in several tranches within a couple of years, but the City Treasurer dismissed it. 

PECO, meanwhile, has riled Mayor Treñas further. Cacho heir Marcelo Cacho ignored the mayor’s complaint filed with Malacañang against the rising number of electricity pole fires in the city based on the official report of the Bureau of Fire Protection.

PECO and the Cachos know that they can’t fight the City Hall. They no longer have the ammunition to wage the battle. If PECO loses ownership and control of the distribution assets in a December 12 auction, including the 30,000 electricity poles that dot the city’s streets, the utility no longer has a reason to exist, unless it manages to redeem the same assets within the one-year period allowed by the law.

Unless stopped by a court or a settlement is reached between the city government and PECO, or the utility redeems its distribution assets by paying its tax arrears, PECO will simply cease to exist. Its distribution assets and poles, the lifeblood of an electricity retailer, could be won by the highest bidder in the December 12 public auction. 

Filipinos no longer unbanked

A study conducted by the Bangko Sentral ng Pilipinas Consumer Expectations Survey in late 2018 indicates that six out of 10 Filipino families do not have any form of savings. Over 2 million are also considered unbanked and unable to access financial products and services.

This unserved segment of the population often resorts to informal lending practices to provide for the everyday needs or meet unforeseen expenses. Without any savings, most people also experience financial stress and are unable to realize their dreams, for themselves and their families.

It is no wonder that the BSP has been encouraging banks and similar institutions to boost their financial inclusion initiatives, especially among the lower income segment, towards empowering them to become financially independent.

Cebuana Lhuillier is one company that has been focusing on financial inclusion by advocating the benefit of having a micro savings, and growing it, little by little, towards achieving financial freedom in the future.

Just this year, the country’s leading micro-financial services provider launched its “#Kaya Na: Unbanked Filipinos No More” campaign geared towards converting Filipinos into instant “iponaryos” or those who are actively saving up their hard-earned money in a micro savings account.   

In carrying out its mission, the brand has empowered its over 8,000 employees in more than 2,500 Cebuana Lhuillier branches nationwide to become iponaryo   ambassadors, visiting far-flung communities, schools and workplaces to teach Filipinos how to manage their spending, save money, keep it safe and grow it further through an interest-bearing micro-savings account.

“This ground-breaking product was designed with the premise that Filipinos, given the right financial tools and opportunities, can be captains of their own ship, navigating their life towards financial freedom,” says Jean Henri Lhuillier, president and CEO of Cebuana Lhuillier.

To date, more than 500 pocket sessions nationwide have resulted to the opening of more than 2.5 million Cebuana Lhuillier Micro Savings new accounts, converting ordinary Filipinos to iponaryos.

E-mail: [email protected] or 

[email protected] or [email protected].net

Tags: Bangko Sentral ng Pilipinas Consumer Expectations SurveyCity Business Permit and Licenses OfficeJean Henri LhuillierJerry TreñasLocal Assessments BoardPanay Electric Co
ADVERTISEMENT
Ray S. Eñano

Ray S. Eñano

Related Posts

PH tourism needs infra solutions; Grab’s penalties continue to mount

byRay S. Eñano
May 26, 2023, 8:15 pm
0
8
Southwoods nails Seniors’ Fil golf crown

There’s nothing wrong with promoting emerging and lesser-known destinations across the Philippines to make it a tourism powerhouse in Asia....

Read more

Turning waste into energy will just pollute earth and is not sustainable

byRay S. Eñano
May 17, 2023, 9:20 pm
0
8
Tobacco companies sustain push into healthcare but gov’t keeps bias

Converting wastes into energy runs against the very principle of protecting mother Earth and mitigating climate change. Those advocating it...

Read more

LTO policy reforms bearing fruit; Taguig preparing for new chapter

byRay S. Eñano
May 10, 2023, 6:25 pm
0
8
Tobacco companies sustain push into healthcare but gov’t keeps bias

Policy reforms are the favorite sound bites of aspiring politicians every election year. Every new administration also uses the catch...

Read more

Modern airport without a rail link; Lawyers feasting on legal drama

byRay S. Eñano
May 3, 2023, 7:15 pm
0
8
Tobacco companies sustain push into healthcare but gov’t keeps bias

Modernizing the Ninoy Aquino International Airport is not a complete project without a railway component. Modern urban centers in the...

Read more

Kaliwa Dam needs more serious attention to solve water shortage

byRay S. Eñano
April 13, 2023, 7:55 pm
0
8
Tobacco companies sustain push into healthcare but gov’t keeps bias

Policymakers should revisit the Kaliwa Dam project and weigh the consequences if it remains in the doldrums for a longer...

Read more

PLDT’s lessons from capex overrun

byRay S. Eñano
March 29, 2023, 7:20 pm
0
8
Tobacco companies sustain push into healthcare but gov’t keeps bias

PLDT Inc. chairman Manuel V. Pangilinan, or MVP, called it a hiccup on the road and from the looks of...

Read more

Print Edition

View More

Recent Posts

  • High hopes for Malixi in 1st LPGA drive
  • A Holistic Approach: Samsung Electro-Mechanics Philippines’ Calamba Complex Drives Employee Well-being and Productivity
  • Valley Golf South back in PGT loop
  • Title-hungry Nuggets face odds-defying Heat in Finals
  • North Korea spy satellite crashes into sea
  • High winds halt Spanish rocket launch
  • North Korea spy satellite crashes into sea, Seoul salvages wreckage
  • Cult favorite Neutrogena now comes in refill pods

Advertisement

Latest News

High winds halt Spanish rocket launch

byAFP
May 31, 2023, 5:00 pm
0
8
Southwoods nails Seniors’ Fil golf crown

Paris, France - The maiden flight of the Spanish-built Miura 1 rocket was cancelled Wednesday due to high winds, startup PLD...

Read more

North Korea spy satellite crashes into sea, Seoul salvages wreckage

byAFP
May 31, 2023, 4:48 pm
0
8
Taliban govt resumes issuing Afghan passports in Kabul

Seoul, South Korea - North Korea attempted to launch a spy satellite Wednesday but it crashed into the sea after a...

Read more

Cult favorite Neutrogena now comes in refill pods

byManila Standard
May 31, 2023, 4:43 pm
0
8
Cult favorite Neutrogena now comes in refill pods

Calling all skincare lovers: Trusted dermatologist-recommended skincare brand, Neutrogena, has announced the launch of refill pods for the best-selling, cult...

Read more

A moment on the lips: Restylane launches new treatment 

byManila Standard
May 31, 2023, 4:27 pm
0
8
A moment on the lips: Restylane launches new treatment 

Presenting Restylane Kysse are (from left) Galderma’s General Manager Louie Roxas, facial plastic and cosmetic surgeon Dr. Henry John F....

Read more

Kurimi Milk Tea Bar launches its Yogurt Series

byManila Standard Digital
May 31, 2023, 4:12 pm
0
8
Kurimi Milk Tea Bar launches its Yogurt Series

The Kurimi Milk Tea Bar, the brand behind the Japanese-inspired milk tea and fruit tea, has launched its premium and...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App