Iloilo biz group refuses to take sides between PECO, MORE Power

The Iloilo Business Club (IBC) urged lawmakers to choose the firm that will provide the best power services to Ilonggos.

“The consumers [here in the city] should be on top of their minds,” IBC Executive Director Lea Lara said in a media interview on Saturday, Oct. 12.

Panay Electric Company (PECO) and MORE Electric and Power Corporation (MORE Power) are currently competing to get the legislative franchise for the distribution of electricity in the city.

PECO has been the city’s sole power distributor for the past 90 years. The Cacho family owns 70 percent of PECO while the Lopez family’s First Philippine Holdings Corp. owns 30 percent of the company.

PECO applied for a 25-year extension of its franchise, which is set to expire in January next year. Its application is pending at the House committee on legislative franchises headed by Rep. Franz Alvarez.

MORE Power, on the other hand, is formerly known as MORE Minerals Corp, a subsidiary of the Ricky Razon-Walter Brown-led Monte Oro Grid Resources (MORE).

Lara refused to take sides between PECO and MORE power.

“We haven’t seen the offer yet. So, very hard pa magcomment.Kavulnerable pa sa aton tanan right now because wala pa ta kabalo kon ano maoffer sang sini nga [new player],” Lara said.

IBC Chairman Juan Jose Jamora III said he is leaving it to Congress to decide on whether or not it extend the franchise of PECO.

Last week, the House of Representatives approved on third and final reading House Bill No. 8132 granting a franchise to MORE Power.

Engineer Randy Pastolero, PECO vice president for operations, said their fight is not yet over.

According to him, the bill still has a long way to go before it is signed into law by President Rodrigo Duterte.

Pastolero said the bill can’t be transmitted to the President for his signature without the concurrence of the Senate.

SOURCE: Iloilo Metropolitan Times

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