In a press conference, Sanchez said "In my nine months of stay in ERC, I was able to start the momentum and have set the machinery in motion. It will be up to my predecessor to continue what I have started."
Sanchez’s decision to leave his post follows the resignation of Finance Secretary Jose Isidro Camacho and Power Sector Assets and Liabilities Management Corp. (PSALM) president Edgardo del Fonso.
Sources told The STAR that del Fonso will be replaced by National Economic and Development Authority (NEDA) assistant director-general Raphael Lotilla, although Sanchez said there is no stopping Manila Electric Co. (Meralco) from imposing the additional 12-centavo power rate increase starting Jan.4, 2004.
Sanchez defended the ERC’s decision to grant Meralco’s petition for a provisional authority saying that "this will stabilize prices so that many investors will put up new power plants in the future."
"Our decision is pro-consumer in the long-term. Many may have their own interpretation, but we believe we have made the right decision," he said.
Meralco filed with the ERC last Oct. 10 a petition to adjust its rates by an average of 13.6 centavos per kilowatt-hour, to update its tariffs to more recent cost levels. Citing the power firms’ urgent need for rate relief, the ERC allowed Meralco last Nov. 27 to provisionally adjust its rates by 12 centavos per kilowatt-hour starting January 2004.
Sanchez admitted that being an ERC chairman is difficult but doable job. "My replacement should be patient, level-headed and should not be emotional," he said.
The ERC chief said his greatest achievement was to improve the benefits of ERC employees.