San Miguel Corp. (SMC) is reportedly buying ailing electric cooperatives in Bicol as part of its plan to monopolize power distribution in the region, the head of an anti-crime and corruption watchdog said on Thursday.
Dante Jimenez, chairman of the Volunteers Against crime and Corruption (VACC) and concurrent regional lead convenor of the Bicol Autonomy Movement (BAM), said that residents are “up in arms,” convinced that the concession agreement awarded to SMC would “surely jack up power rates.”
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