The Energy Regulatory Commission (ERC) has updated its guidelines to streamline the process for power generation companies and electric distributors to offer shares of ownership to the public, fulfilling a requirement under the Electric Power Industry Reform Act of 2001 (EPIRA).
The amended rules, approved on Oct. 16, 2025, aim to make it easier for these energy companies to comply with the mandate to sell at least 15 percent of their ownership to the public. Companies can do this either by listing on the Philippine Stock Exchange (PSE) or by directly offering and selling their shares.
“This update is a win for rationality and public participation in the energy sector,” said ERC chairman and chief executive Francis Saturnino Juan in a statement.
“When energy companies offer shares to the public, it allows Filipinos to invest directly in the industry that powers our nation. It also makes these companies more accountable to their investors and the consumers they serve,” he said.
The revisions focus on three main areas to reduce complexity and provide more flexibility in the implementation of the public offering requirement (POR).
First, the rules now provide a clearer definition of a “holding company,” eliminating previous confusion about which parent companies were affected.
Second, the ERC is now providing more realistic timelines, acknowledging that the process takes significant time and planning. Companies are now given a longer and more practical period to prepare for and complete their public offering.
Finally, the requirements have been synchronized with the current listing standards of the PSE, which ensures energy companies follow a single, consistent set of rules when they decide to go public.
The regulator said these changes are particularly helpful for small and medium-sized power producers and utilities who may have found the previous rules challenging.
By making the process more manageable, the ERC encourages broader compliance and avoids having to excuse noncompliance through the repeated issuance of provisional authority to operate rather than the regular Certificate of Compliance (COC).
