President Duterte has signed a law granting billionaire Enrique Razon-led More Electric and Power Corp. (MORE) a 25-year franchise to distribute and supply power in Iloilo City.
The bill grants More a franchise to establish a reliable power distribution system in Iloilo that will ensure continuity and uninterrupted supply of electricity in the area.
This hopefully brings an end to the dispute between MORE and the Cacho family-owned Panay Electric Co. Inc. (PECO), the long-time power distributor in Iloilo.
Peco’s franchise expired on Jan. 18, 2019 but will continue to operate until the establishment or acquisition by MORE of its own distribution system.
“This provisional authority to operate during the transition period shall not be construed as extending the franchise of PECO after its expiration on January 18, 2019, and it shall not prevent the grantee from exercising the right of eminent domain over the distribution assets existing at the franchise area,” the bill said.
Razon earlier said he was ready to shell out as much as P2 billion to upgrade Iloilo City’s power utility and improve electric service reliability in the area.