GENERAL SANTOS CITY — The Manila Electric Co. (Meralco) has expressed readiness to fully disclose and explain its proposed partnership with South Cotabato II Electric Cooperative (SOCOTECO II) amid growing scrutiny from member-consumer-owners (MCOs), local officials, and civil society groups.
Meralco senior vice president Arnel Casanova said the core issue is now centered on transparency and informed choice rather than competition among firms.
“The issue is about whether MCOs are being given the full picture,” Casanova said, stressing the need for complete disclosure as stakeholders evaluate a proposal that could reshape power distribution in parts of Mindanao.
Under the plan, Meralco clarified that the initiative is not a takeover but a partnership aimed at improving efficiency and service delivery. The proposal involves converting SOCOTECO II into a stock corporation while retaining its name, juridical personality, board structure, and existing assets and liabilities.
In this setup, Meralco would acquire equity through a joint venture arrangement, alongside participation from MCOs. The company said this model preserves local ownership while introducing private-sector capital and technical expertise.
However, the proposed shift from a cooperative — traditionally owned and governed by its members — into a stock corporation has raised concerns among stakeholders. Critics warn it could alter governance structures and weaken member control over long-term decisions.
Casanova, speaking before the General Santos City council, emphasized that MCOs must be given full and accurate information to guide their decision-making. He added that the process should be “transparent, fair, and objective.”