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National Business News

PECO asks: Why hasn’t MORE Power started setting up its own assets?

peco asks why hasnt more power started setting up its own assets - PECO asks: Why hasn’t MORE Power started setting up its own assets?

PANAY ELECTRIC Company, Inc. (PECO), which has re-filed an application before Congress for the renewal of its franchise to distribute power in Iloilo City, has questioned the capability of its competitor, MORE Electric and Power Co. (MORE Power), to set up its own network. “It is already six months and we still don’t see any assets that can be verified… If they cannot acquire the properties and facilities of PECO, they (said they) will set up their own assets and facilities… we don’t see any assets,” PECO Administrative Manager Marcelo U. Cacho said in an interview on Monday. The two companies are currently battling it out in more than one court over the expropriation of PECO’s assets as well the provisions of MORE Power’s franchise contained in Republic Act No. 11212, signed into law last February. Mr. Cacho said they have already received notice for Congressional hearings on their franchise application and are hopeful that it will be considered for renewal. He noted that MORE Power has not made good on its promise to immediately deliver better services to Iloilo consumers. “I think it boils down that they deceived the (Congressional) committee because their only plan since the start was the take-over of PECO’s business without the plan of setting up their own facilities. They are not ready, not capable, had no intention of setting up their own technical assets,” Mr. Cacho said. MORE Power officials declined to comment on Mr. Cacho’s statements. — Emme Rose S. Santiagudo

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