Razon-Pacquiao power venture wins SOCOTECO II backing
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More than 32,000 member-consumer-owners (MCOs) of South Cotabato II Electric Cooperative (SOCOTECO II) support a proposed joint venture with IGNITE Power, bringing the Razon-Pacquiao-led firm closer to investing in the cooperative’s distribution network.
In a statement on Sunday, SOCOTECO II Board President Elenito Senit confirmed signing the CJVA with IGNITE Power on 23 July after receiving authority from the cooperative’s Board of Directors.
The endorsement, secured during SOCOTECO II’s 43rd Annual General Membership Assembly, advances the proposed conditional joint venture agreement (CJVA), which seeks to attract private capital to rehabilitate and modernize the utility’s aging power distribution system.
The agreement would help address SOCOTECO II’s long-standing financial and technical challenges by securing investments needed to rehabilitate, expand, and modernize its power distribution facilities, improve service reliability, and strengthen the cooperative’s long-term financial viability.
The deal, however, still requires approval through a plebiscite among MCOs and the issuance of National Electrification Administration (NEA) guidelines.
Additionally, the MCOs also approved a separate resolution calling for the immediate conduct of a plebiscite, where members will vote on the proposed partnership before it becomes final and executory.
Another resolution expressed support for the agreement, citing the need for substantial private-sector investment to improve the quality of electric service across SOCOTECO II’s franchise area.
Senit also said he directed the cooperative’s Institutional Services Department to immediately roll out a comprehensive information, education, and communications campaign to ensure members fully understand the agreement’s provisions, benefits, obligations, and long-term implications ahead of the plebiscite.
“Investors choose locations where electricity is reliable, stable, and affordable,” Sarangani Governor Ruel Pacquiao said.
“We must work together to identify practical solutions that will provide consumers with dependable electricity at a reasonable cost through transparency, efficiency, and responsible governance,” he added.
