SOCOTECO II-IGNITE deal hinges on September vote



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The proposed partnership between South Cotabato II Electric Cooperative (SOCOTECO II) and IGNITE Power will hinge on a September plebiscite, when around 200,000 member-consumer-owners will decide whether the cooperative can proceed with a deal intended to modernize its power distribution system.
The vote represents the next major hurdle for the proposed Conditional Joint Venture Agreement after some 32,000 MCOs endorsed the proposal during the cooperative’s annual general membership assembly last 25 July.
For the partnership to be finalized, however, it must secure the approval of a majority — or 50 percent plus one — of all qualified MCOs, consistent with the requirements of Presidential Decree No. 269, as amended.