Bobi Tiglao Reveals Who Really Owns Maynilad Through his Book "A Colossal Deception"

Veteran investigative journalist Rigoberto "Bobi" Tiglao made an interesting expose through his award-winning book, "A Colossal Deception," about the real owner of Maynilad Water.

The book written by Tiglao in 2016 expose one of the biggest deceptions ever revealed, which was hidden from ordinary netizens, the foreigner's complete domination of our public utilities which is a blatant violation of the Philippine Constitution.

Former President Noynoy Aquino allegedly defied in 2012 a Supreme Court ruling ordering a stop to the foreign control of such strategic public utility.

According to Bobi Tiglao, Foreign ownership in Philippine Long Distance Telephone Co. [PLDT] and Globe Telecom [Globe]—the duopoly in the lucrative telecom industry—are 76 percent and 73 percent, respectively, way above the 40-percent limit set by the Constitution on public-utility firms.

The Constitution’s Section 11, Article XII indeed is quite categorical: ‘No franchise, certificate, or any other form of authorization for the operation of a public utility shall be granted except to citizens of the Philippines or to corporations or associations organized under the laws of the Philippines, at least sixty per centum of whose capital is owned by such citizens.’”

Tiglao noted that "To skirt this constitutional limit, these foreign-controlled firms have claimed and widely propagated the falsehood, that they are majority Filipino-owned: PLDT claims its foreign ownership is just 18 percent, while Globe, 27 percent.

Bobi Tiglao explained that in just 15 years, an Indonesian magnate, Anthoni Salim the biggest controlling stockholder of PLDT through his Hong Kong-based firm First Pacific Co. Ltd. and its subsidiaries used the telco as his launching pad to establish and expand in the country a conglomerate even bigger than those built over so many decades by the old Spanish and Chinese-Filipino elites."

The Indonesian magnate, Salim, through First Pacififc, now controls and mostly owns the biggest conglomerate of public-utility companies in the Philippines.

Its 26-percent shares in PLDT make it the controlling stockholder in the country’s biggest telecommunications firm that has 70 percent of the telecom market.

Bobi Tiglao noted that the two other huge public-utility firms are Manila Electric Co., which has monopoly of power distribution in Metropolitan Manila and six adjacent provinces, and Maynilad Water, the water-distribution monopoly for the western part of Metro Manila.

Source: BusinessWorld

Bobi Tiglao Reveals Who Really Owns Maynilad Through his Book "A Colossal Deception" Bobi Tiglao Reveals Who Really Owns Maynilad Through his Book "A Colossal Deception" Reviewed by Phil Newsome on December 05, 2019 Rating: 5
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