A SENATE BILL that seeks to increase Manila Electric Co.’s (Meralco) franchise for one more 25 years is now up for debate within the plenary.
“Meralco has long been a partner in our nation’s progress, but with that partnership comes accountability,” Senator Emmanuel Joel J. Villanueva said in his sponsorship speech for Senate Bill No. 2824 late Wednesday.
“This bill ensures that Meralco continues to fulfill the needs of our people while preparing for the challenges and opportunities of the long run,” he added.
The proposed measure, if passed, will allow Meralco to proceed to construct, operate, and maintain its electric distribution systems in areas resembling Metro Manila, Bulacan, Cavite, Laguna, Batangas, and Rizal.
Meralco supplies power to not less than 7.775 million Filipinos.
Last month, the House of Representatives approved a counterpart bill on final reading. It features a provision that permits Meralco’s franchise to return into effect 4 years before its initial concession expires.
Citing the Electric Power Industry Reform Act of 2001, Mr. Villanueva emphasized the necessity for the corporate to make sure a reliable power supply in a “least cost manner” or at reasonable rates.
Meralco plans to take a position about P24 billion over the following five years to reinforce its power distribution system by replacing over 45,000 old poles and upgrading power lines, in line with the senator.
“We join our countrymen within the hopes that these investments will make Meralco’s power supply much more reliable,” he said.
Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.
Hastings Holdings, Inc., a unit of PLDT Useful Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — John Victor D. Ordoñez
