“D” for Dying PDF Print E-mail
Monday, 10 April 2017 12:43

BEHIND  THE  LINES

BY BOB JALDON

Los Angeles, CA. — Just here yesterday to fulfill a doctor’s appointment. Everything’s A-Ok. My heart’s functioning efficiently and my blood sugar is controlled. Now, for the bad news.

I can’t seem to understand the braggadocio, over-bearing false pride of officials of the Zamboanga City Electric Cooperative, Inc. in withholding vital information about the DYING electric company to the bidders for an Investment Management Contract (IMC). This putrid Zamcelco, slowly decaying from enormous lethal diseases, in a manner of speaking, caused by inefficiency and mismanagement for over 35 must be lifted from downright bankruptcy IMMEDIATELY or Zamboanga will go dark in the summer months.

There were three major concerns that the bidders wanted clarified. First, how much is Zamcelco’s total obligations (debt) to power providers, suppliers, etc. Second, who will be the general manager. Third, who’s going to refund to the consumers the overcharged billings amounting to over P500 million, Zamcelco or the IMC. Are these concerns and other apprehensions raised by the bidders, Meralco and Aboitiz, too difficult to be honestly declared? Is Zamcelco scared that its financial statement, just like Donald Trump’s maybe questionable tax returns, might be unnecessarily exposed and puritanically censored by the member-consumers who have been chastised with sorrowful blackouts since the  power-curtailment days in the 1980s? I see no extenuating circumstances that will exempt Zamcelco from providing unbribable information to the IMC bidders unless the honorable officials, most of whom are my friends, have some transgressions and onerous transactions to hide.

Madre de Cacao! Very recently, the National Electrification Administration (NEA) has classified Zamcelco as “D”, the LOWEST rating an electric cooperative can receive. This rating was based on Zamcelco’s financial performance and accounts payable to the National Grid Corporation of the Philippines (NGCP). A rating of “AAA” is the highest that NEA gives to high-performing power cooperatives. NEA uses a two-rating criteria: key performance standards (KPS) and electric cooperatives (EC) classification in rating electric cooperatives. Zamcelco flunked miserably in both departments. This is the main reason why its former general manager got the boot.

The KPS covers 32 financial, institutional, technical and reportorial compliance indicators and standards, while the EC classification covers seven (7) financially-driven standards and parameters, including accounts payables.

Next week, or the week after Holy Week, is crucial to the life of Zamcelco when NEA decides what to do with the IMC bidding. Take note, again, that Zamcelco was rated as “D” in 2016, slipping from “C” in 2015. It’s not going to get any better, believe you me. Zamcelco is among 11 cooperatives that have a “D” rating as compared to 69 coops with the highest “AAA” rating. Eight coops improved their rating from either “AA”, “A” or “B”. With  “D” classification, Zamcelco has a shameful score of 49.40. Susmariajosep, when you get a zero in quizzes in high school, you get a grade of 50.

As basis of comparison, the Pampanga Electric Cooperative (PELCO), a power cooperative that almost went bankrupt years ago, has now a rating of “A” with a score of 88.60 after being managed by Meralco.

It is prayed that, as Atty. Vic R. Solis tweeted: “Unless the doctors from the IMC Medical Center intervene on time, this patient (Zamcelco) is heading straight to the crematorium.”

Last Updated on Monday, 10 April 2017 12:46