WUC blames P1.5bn loss on low tariffs
Friday, May 22, 2026 | 220 Views |
Under pressure: The Corporation’s finances are strained
The balance sheet for WUC shows that the corporation is sitting on over P19 billion in liabilities, the bulk of these attributable to a listed bond as well as bad credit that has been sitting on the parastatal’s books. Government alone owes the corporation over P800 million.
Appearing before Parliament’s Committee on Statutory Bodies and parastatals, WUC CEO, Gaselemogwe Senai, revealed that the corporation was last profitable in 2018. Losses since then have primarily been driven by below-cost tariffs that make it difficult for cost recovery.
“The trouble with government regulation of the market is that it prohibits capitalistic acts between consenting adults.”~ Robert NozickWhile government must contain the disease, it must also confront the growing economic hardship caused by its response. For many rural households, cattle remain a source of livelihood and the only means for tending for thousands of families, and for these kind of people the longer the restrictions continue, the...