Marcos signs law renewing Meralco’s franchise for another 25 years

(File photo)

MANILA, Philippines — President Ferdinand Marcos Jr. has signed into law a measure renewing the franchise of power distributor Manila Electric Co. (Meralco) for another 25 years.

This was confirmed by Executive Secretary Lucas Bersamin through a Viber message to reporters on Tuesday.

“Signed April 11, and for 25 years,” Bersamin said.

Last February, the House of Representatives adopted the Senate version of House Bill (HB) No. 10926, which seeks to give Meralco a fresh 25-year franchise.

Meralco’s new franchise was proposed at the time when there are over three years left before its previous franchise ends.

In a statement, Meralco chairman and Chief Executive Officer Manuel Pangilinan thanked Marcos for signing Republic Act. No. 12146.

“This development fortifies our commitment to deliver stable, reliable, and affordable electricity to millions of Filipinos across our franchise area,” he said.

Pangilinan also said the franchise will allow them to implement long-term energy infrastructure projects that will “further improve the delivery of electricity to homes, businesses, and industries that fuel the country’s development.”

“With the continued trust of our leaders and stakeholders, we remain committed to transparency, regulatory compliance, and corporate social responsibility,” he added.