SOCOTECO II rejects claims of a joint venture with MERALCO
GENERAL SANTOS CITY (MindaNews /14 October ) — The South Cotabato II Electric Cooperative, Inc. (SOCOTECO II) on Tuesday rejected reports suggesting a joint venture with the Manila Electric Company (MERALCO), emphasizing that no formal discussions or agreements have taken place.
“Recent online claims suggesting otherwise are inaccurate and risk misleading our Member-Consumer-Owners (MCOs) and stakeholders,” SOCOTECO II said in an official statement.
The cooperative said it remains focused on “restoring operational performance, closing critical efficiency gaps, and ensuring full compliance with all regulatory mandates,” noting that system losses have been reduced to approximately 12%.
“In alignment with this direction, the cooperative is not considering any form of partnership or collaboration with private utility entities at this time,” it added, urging members and stakeholders to rely only on official statements from the cooperative.
The clarification comes after local media pages speculated about a potential joint venture, following a phone interview aired on the Facebook page of Brigada News GenSan on October 1.
In the interview, MERALCO outlined a proposed plan for SOCOTECO II, which drew attention in light of reports that the cooperative has faced operational and financial challenges in recent years.
Atty. Jacinto Sales, MERALCO Legal Counsel for External and Government Affairs, described the proposed plan, which would convert SOCOTECO II from a non-stock corporation into a stock corporation.
“Mahimo silang [member-consumers] tag-iya aning bag-ong kumpanya. They will become part-owners ug makadawat sila og annual dividends o mga dividendo gikan sa kita sa kumpanya, basta magsugod na og income ang kompanya (Member-consumers will become stockholders and will be entitled to annual dividends once the company starts earning),” Sales said.
Sales said the proposal reflects Meralco Chairman and CEO Manuel V. Pangilinan’s vision to expand reliable power services beyond Luzon.
“Where there is reliable power, didto pud magtapok ang mga negosyo ug industriya, ug gusto namo nga ma-experience pud na sa General Santos, Sarangani Province, ug uban pang lugar sa South Cotabato (Where there is reliable power, that’s where businesses and industries thrive, and we want that for General Santos, Sarangani Province, and the rest of South Cotabato),” he added.
He noted that the duration of the joint venture would depend on the final agreement and government regulatory approvals, and that the plan has the support of Meralco’s top management and board.
SOCOTECO II, however, emphasized that no formal discussions, negotiations, or agreements with MERALCO or any other private utility have taken place, and that the cooperative remains fully committed to serving its members independently.
The proposal has drawn attention online for its potential impact on consumer ownership, dividends, and the modernization of local electricity services. (Guia A. Rebollido/MindaNews)
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