The Bacolod Sangguniang Panlungsod (SP) is urging the management of Central Negros Electric Cooperative (CENECO), to provide the SP and its consumers-members-owners copies of audited financial reports from the time CENECO sold its power assets to Negros Electric and Power Corporation (Negros Power).
The SP on Wednesday, June 10, approved a resolution authored by Councilor Wilson Gamboa, requesting CENECO Acting General Manager Arnel Lapore and Board President Dwight Agsam Carbon to provide the audited financial reports to the Bacolod SP and to make public all information available to CENECO’s consumers-members-owners.
The resolution cited that since the Negros Power took over the operation of CENECO on July 31, 2024, its consumers-members-owners have not been provided with enough financial information despite CENECO’s retention of 30 percent ownership stake.
The resolution noted that CENECO has not conducted any General Assembly to its consumers-member-owners from the time its power assets were sold to the Joint Venture Company Negros Power from July 31, 2024.
Gamboa stressed that an Annual General Assembly is required to serve as venue for informing consumers-member-owners about the cooperative’s disposition of its assets and funds, and its operational status.
Among the financial matters that Gamboa said should be made public are:
- Financial statement and liquidation report covering ₱1.9 billion representing CENECO’s 70-percent share in the assets sold to Negros Power.
- The status of consumer bill collections and deposits made during the transition period beginning August 1, 2024 until the issuance of Negros Power’s Certificate of Public Convenience and Necessity (CPCN).
- The financial statement of CENECO’s accounts receivable amounting to more than ₱1 billion, including an accounts receivable aging report.
The Gamboa resolution also provides that a copy of this Resolution be forwarded to National Electrification Administrator Emmanuel P. Juaneza at 57 NIA Road, National Government Center, Diliman, Quezon City.
Gamboa said that the disclosure of CENECO’s audited financial reports would ensure transparency, accountability, good governance, allow consumers-members-owners access and better understand the current financial position of the cooperative consequent to its partnership with Negros Power.*
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