MANILA, Philippines -- Malacañang said Wednesday it can take over the Manila Electric Company (Meralco) but insisted that it has no intention of doing so.

Nevertheless, Executive Secretary Eduardo Ermita acknowledged that the government is trying to ?influence the situation? and get Meralco to open its books to public scrutiny as part of efforts to bring down electricity rates.

Also, in what could be a move to consolidate the government?s stake in the Lopez family-led utility firm, Ermita said Government Service Insurance System (GSIS) chairman Winston Garcia will initiate a meeting with the other government stakeholders such as the Land Bank of the Philippines (Landbank) and Development Bank of the Philipines (DBP).

"The government has always the capability to run such a public utility. It's just like taking over the operation of an international airport, we always will be in a position to take over. Capability-wise, yes, we have, but there is no intention [or] nothing leading to it anyway," Ermita said in his weekly news conference.

"Ang pinag-uusapan lang dito [What we are talking about here] is how to influence the situation so that we can bring down electricity rates and from the point of view of GSIS, they'd rather sit down with [the] appropriate groups, probably with their stakeholders and probably with the management of Meralco," he explained.

Ermita noted that if the GSIS, Landbank, and DBP consolidate their shares, the government would control about 33 to 34 percent of Meralco.

"If they [government stakeholders] attempt?to buy out the other shareholders just to have the majority, then they will have a say in running Meralco. But I said that's a big if and I'm saying I think they're exhausting all efforts to come to an understanding so that Meralco would first agree to what the GSIS is asking for, to have access to the books,? Ermita said.

?But let us disabuse the minds [of doubters] that just because GSIS, DBP and Landbank are in government, it would mean they are being directed to do what they are doing because of the intention to take over" Meralco, he added.

Ermita said Malacañang would always support moves that would benefit the public, which is why it has filed petitions before the Energy Regulatory Commission (ERC) to lower Meralco?s rates.

Director Vic Dimagiba of the Bureau of Trade?s Regulation and Consumer Protection said the ERC is committed to speed up proceedings on the government's petition.