OPINION | The SC on Meralco rate hike, Bidenflation and Peso depreciation [My Cup Of Liberty By Bienvenido S. Oplas, Jr.] READ:
On July 4, the Supreme Court upheld the Meralco rate hike of December 2013 and allowed it to collect a staggered amount of P22.64 billion, and junked the petition by Bayan Muna and the National Association of Electricity Consumers for Reforms which argued there was lack of due process in the Energy Regulatory Commission’s approval of the power rates increase.
But power demand was high in 2013. GDP growth that year was 6.8%, of which investment growth was 18.4%. Peak demand growth in the Luzon grid was 5.3% that year, and yet the combined power under-generation was 5,000 MW comprising 39% of total installed capacity in Luzon . I arranged the countries into four groups: A is North America, B is Europe, C is North Asia, and D is ASEAN. Other countries do not have June 2022 inflation numbers yet as of this writing.
I like the chart and explanation that Romy gave. As a free market advocate, I do not support a fixed exchange rate. It has to be market-determined and will lead to quick adjustments by all economic players — exporters, importers, consumers of imported goods like oil, families of OFWs, and so on. I also agree that this is cost-push inflation, not demand-pull inflation.
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