Yasay urges ERC chief to resist pressure

Energy Regulatory Commission chairman Manuel Sanchez has found an ally in Perfecto R. Yasay Jr., former chairman of the Securities and Exchange Commission (SEC), who threw his support behind the ERC chief for asserting the independence of the quasi-judicial body.

The ERC under Sanchez recently approved a 12-centavo rate adjustment for the Manila Electric Co. (Meralco).

"Chairman Sanchez must protect the independence and integrity of the ERC against pressures from the Palace, from so-called populists, and politicians of all partisan color or creed," Yasay said.

Yasay figured prominently in the administrations of former Presidents Fidel Ramos and Joseph Estrada for his staunch defense of the independence of the SEC. Much publicized was his "David-and-Goliath" face-off with the latter who was pushing him to toe the line in favor of Estrada’s friends.

"The ERC, like the SEC, is a quasi-judicial body, and it makes decisions with the larger and higher interest of the country – after giving due consideration to all contending interests on an issue," Yasay explained.

Yasay said he fully understands the situation Sanchez is in, "but I also do understand that Mr. Sanchez has already decided to stand pat on his decision." Sanchez was drawing mixed reactions from several sectors – with some quarters supporting his decision, while so-called consumerists and a certain former senator were asking for his resignation.

"Our people should rally behind officials who stand their ground," said Yasay, and "not support those who are tossed to and from by fleeting sentiments of many sectors just because they want to be popular."

For Yasay’s staunch defense of the integrity of the SEC, he endeared himself to people who respect "principled leadership and who admire courage against all odds," said an industry observer.

The same should be true for Sanchez, the source added.