PNR: Financially derailed
By On-line staff
Posted : 4/1/2003
The Philippine National Railways (PNR) is barely keeping itself on the tracks as its finances are driving down and its debts shooting up.
PNR general manager Jose Sarasola confessed recently that the PNR is experiencing extreme financial difficulty with its operations hardly generating enough revenues to support itself.
The disclosure came after the labor union of the PNR questioned Sarasola and his management with issues about labor practice.
It is alleged that the PNR management deducted GSIS and Philhealth contributions from their employees and did not remit them. Likewise, it is accused that they also delay distribution of wages and benefits for the employees and retirees alike.
On the other hand, the PNR is also reported to be indebted to its contractors and Meralco.
However, Sarasola asserted that the management had already formed a group to solve the financial crisis and reasoned that they have yet to enjoy to fruits of the PNR's rehabilitation, which is still ongoing. The PNR is said to be receiving financial assistance from the government.
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The Philippine National Railways (PNR) is barely keeping itself on the tracks as its finances are driving down and its debts shooting up.
