President Ferdinand Marcos Jr. has signed into law a measure extending the franchise of Manila Electric Co. (Meralco), the country’s largest power distributor by sales and footprint, for another 25 years through 2050, Malacañan announced Tuesday.
The current Meralco franchise area, which covers Metro Manila and nearby provinces, was set to expire by the end of Marcos’ term in 2028.
Executive Secretary Lucas Bersamin said President Marcos signed the franchise renewal on Friday, April 11. A copy of the new law has yet to be released.
During congressional deliberations on the Meralco franchise, the distribution utility disclosed plans to invest over P40 billion annually over the next five years to upgrade its network that serves tens of millions of Filipinos. The distribution utility serves an area that accounts for 55 percent of gross domestic products.
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