Panay Electric Co. assured it will continue serving consumers of Iloilo City and stressed it is not willing to sell its assets to More Electric Power Corp. of businessman Enrique Razon Jr. if the latter’s franchise is approved.
“Peco has made a commitment to the City of Iloilo that it will continue to operate despite not yet securing its franchise renewal,” said Peco corporate affairs manager Mikel Afzelius, said.
“If their [MORE] bill becomes a law, Peco will still continue to operate since MORE doesn’t have any power distribution assets up to now. MORE can put up their own assets and be a power distribution company if they want but they should not expropriate Peco’s assets because that is already unconstitutional to grab someone else’s private property without the two parties agreeing on a valid sale,” he said.
Afzelius said if MORE tried to expropriate its assets, Peco would exert all legal remedies to protect itself.
The official also reiterated the MORE had no experience in the power distribution industry.