Over coffee, a friend talked about two interesting items about Finance Secretary Cesar Velasquez Purisima:
Recently Sec. Purisima raised his former proposal for consumers to pay for the liability of PSALM (Power Sector Assets and Liabilities Management Corp.). In recent past, the finance secretary proposed to the Energy Regulatory Commission to allow PSALM to pass on to the users of power to pay for the universal charge of power generation to underwrite PSALM’s debts. In January 2012, PSALM was in a quandary over where to source P85-Billion in loans to finance the company’s requirements. On the other hand, the good finance secretary nearly lost his confirmation at Congress when he defended the power company Mirant Corp. that has failed to pay multi-millions worth of real property tax in its power plant in Pagbilao, Quezon Province in the Philippines. Could these be the reasons why the finance secretary is set to transfer to the Department of Energy (DOE) and Sec. Jose Rene D. Almendras, Business Management graduate of Ateneo, will take over the Department of Finance (DOF)?
The other item that seems to be related to the first is that, Sec. Purisima, one of this administration’s heroes for leading the HYATT 10 group that resigned en masse after the 2004 elections and engineered the HELLO GARCI scandal in June 2005, is part of the team of His Excellency Benigno Simeon Cojuangco Aquino III that is campaigning for straight path or “Daang Matuwid” governance, who is a staunch advocate against economic crimes like smuggling, is beholden to foreign interests. This offense is bigger offense than the violations committed by smugglers. Of course, the Secretary has a house outside of the Philippines where he spends his time outside of the fetters of his job in the country and in the government, but why should he make his loyalty for sale to foreign interests? Is the ‘reasons behind’ enough to cause a paper stampede? Hmmm…