Socoteco II Members Approve Conditional Joint Venture with Ignite Power

MANILA, Philippines — More than 32,000 member-consumer-owners (MCOs) of South Cotabato II Electric Cooperative (Socoteco II) have backed the latter’s proposed conditional joint venture deal with Razon-Pacquiao-backed Ignite Power aimed at beefing up its distribution network. The show of approval happened at the power cooperative’s 43rd annual general membership assembly over the weekend. Socoteco II board president Elenito Senit told his members that he signed the agreement with Ignite Power on July 23 after getting the green light from the board of directors. Ignite Power Corp. is a joint venture between MP Holdings Inc., owned by boxing legend and former Senator Manny Pacquiao, and Razon-led Prime Electric Holdings Inc. With the power company on board, Senit said Socoteco would gain the needed capital to pursue rehabilitation, expansion, and modernization works to boost electricity services across General Santos City, Sarangani province, and nearby areas. The MCOs also passed a resolution calling for an immediate plebiscite to let members vote on the proposed partnership before it is finalized. The Socoteco II executive directed its Institutional Services Department to launch an information, education and communications campaign to help members understand the agreement before the plebiscite. Senit also said Socoteco would work closely with the National Electrification Administration and wait for the latter’s guidelines before setting a date and process for the planned plebiscite. /pai INQ