Gensan biz chamber backs Socoteco II capital infusion deal

MANILA, Philippines — The General Santos City Chamber of Commerce and Industry (Gensan Chamber) has expressed support for a proposed joint venture aimed at injecting new capital into South Cotabato II Electric Cooperative (Socoteco II). However, the chamber stressed the need for safeguards to protect consumer interests. In a statement approved by its board, the Gensan Chamber acknowledged the potential benefits of the joint venture, including improved services and contributions to local economic development. Nevertheless, it called for transparent operations and robust oversight mechanisms to address consumer concerns regarding electricity rates and service quality. Socoteco II, which serves parts of South Cotabato, Sarangani, and General Santos City, faces pressing needs for infrastructure investment and operational efficiency improvements. The capital infusion is expected to aid in upgrading aging facilities, enhancing supply capacity, and ultimately stabilizing power supply. In the Philippines, improving the operations of electric cooperatives and investing in infrastructure are crucial for regional economic growth. Concurrently, consumer vigilance over pricing and service levels is also paramount. The Gensan Chamber's stance highlights the importance of balancing economic development with consumer protection. Information Source: Inquirer Business