“PECO has remained untouchable.”
Rich families have always lorded over the countrys regional economy, as those with vast landholdings and businesses in the provinces dominate the local economy, usually with their huge agri-industrial businesses migrating to public services.
Such is the case for the Cacho family of Iloilo, the majority owner of the controversial utility firm Panay Electric Co. (PECO), which for 95 years monopolized electricity distribution in Iloilo City by virtue of a franchise from Congress.
Because their business is a monopoly and a rich cash cow, the Cachos controlled regulatory oversight of their business by securing political connections with whoever was in City Hall or in the National Governments regula…
Read the full article at: http://manilastandard.net/opinion/columns/naked-thought-by-charlie-v-manalo/280702/curse-of-an-oligarch.html