Sunday, September 23, 2007

The OMECO AFFAIR -- again!!!

We are fortunate to have gotten a copy of what is supposed to be a document openly accessible to all the subscribers of OMECO. It's the Financial and Statistidcal Report for the Month of July, 2007. From this, salient points may be culled.
1. OMECO paid the IPC the amount of P1,011,432,24. Since the beginning of 2007, the total payment of OMECO to IPC is 7,060,412.09. Umuusok pa ba ang IPC? News has it that IPC is no longer functioning. We are brought back to the old question regarding the IPC's capability to operate. For, if it is still functioning, then why the need for NPC power plants? The point here is that IPC does not deliver according to the stipulations of the contract between itself and OMECO. And it is not penalized. This brings me to a corollary point: I actually expect the Villarosa's to know the demands of delicadeza. In the spirit of concern for the province, can they initiate the rescinding of the contract?
2. For the month of July, 2007 OMECO has negative margin of revenue minus the expenses in the amount of P2,039,510.83. For the month of June, 2007, it was P1,447,006.50. Since January, 2007 the accumulated deficit of OMECO is P8,925,738.71.
3. After depreciation expenses, OMECO lost -- for July, 2007 -- P4,123,681.60; while its deficit is P3,548,638.19 for June, 2007. From January 2007, its accumulated deficit after depreciation is P23,782,450.09. Other way of saying this is: lugi na nga, wala pang pang-improve ng mga facilities.
4. Up to July, 2007, OMECO has an unpaid debt for power supply in the amount of P141,625,030.32. This is OMECO's payable to OMECO.
What shall we do? I suppose all our actions shall commence with the installation of another, this time sensical, General Manager of OMECO.

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