After ALECO's Financial Turnaround, NPC Pulls out from Its Management

Manila Bulletin, March 25, 2010 | Go to article overview

After ALECO's Financial Turnaround, NPC Pulls out from Its Management


After injecting efficiency and financial turnaround in Albay Electric Cooperative (ALECO), state-run National Power Corporation (NPC) is set to cap its 20-month takeover at the distribution utility with the forthcoming entry of a new management team.The operations and management manager of ALECO under German Silva as underpinned by a management contract with NPC, noted that company president Froilan Tampinco already gave instruction “to facilitate the formal, peaceful and systematic turnover of ALECO to the new management team.”The state-run power firm was reportedly given 30 days to facilitate the turnover of command. Following series of financial losses, NPC reported that ALECO finally logged a net income of P153.47 million in 2009.The electric cooperative’s string of losses started in 2005 with P181 million; more than P312 million in 2006, P401 million in 2007 and P242 million in 2008.Such dismal financial performance then prompted the government to facilitate management takeover of ALECO; and intervention was made thru the state-owned power firm.With ALECO now on the turnaround page, it appears that it even fares better than NPC which is reportedly bleeding red on the financial front.“We are glad to report that in the past one year and eight months that we have undertaken the management of ALECO, for the first time in at least five years, it was able to post a net income of  P153. …

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