Power distributor Manila Electric Co. (Meralco) pledged to uphold transparency, good governance, and support for national development goals as President Ferdinand Marcos Jr. signed a law renewing its franchise until 2053.
In a statement released earlier this week, Meralco chief executive officer Manny V. Pangilinan said the franchise extension allows the company to better serve consumers and pursue long-term infrastructure projects to enhance its services.
“It also allows us to continue investing in the modernization and expansion of our distribution network—making it more resilient to climate-related disruptions—while introducing innovations that enhance efficiency and raise customer experience,” Pangilinan said.
“With the continued trust of our leaders and stakeholders, we remain committed to transparency, regulatory compliance, and corporate social responsibility,” the Meralco chief concluded.
Executive Secretary Lucas Bersamin earlier confirmed that Marcos inked the bill on April 11. The Republic Act number has yet to be released, but the franchise renewal is already stirring discussion in business and political circles.
Meralco, which first received its franchise in 1903, last secured a 25-year extension through Republic Act 9209 in 2003. Its current franchise was set to expire in 2028.
Senate approved Meralco’s franchise renewal, initially filed in the Lower House as House Bill No. 10926, last February. (TCSP)
