Razon Group sets takeover of Panay electric utility 529 SHARES Share it! Share TweetBy Myrna M. VelascoA business group led by Spanish-Filipino billionaire Enrique Razon is in for another major comeback bid in the power sector, with his group’s targeted takeover of the Panay Electric Company Inc. (PECO) in the Visayas. Nevertheless, the Panay power utility’s takeover is being opposed by PECO Employees and Workers Association (PEWA) — with them manifesting such sentiment in a letter sent to Representative Franz Joseph Alvarez, the chairman of the House Committee on Legislative Franchise. But MMC’s general information sheet showed that as of August 2018, its capitalization was just hovering at P2.5 billion. “Although it has increased its authorized capitalization to P10 million as of March 2016, the same amount of capitalization is still insufficient for the operation of the business of electric power distribution and conveyance to the end-users,” PEWA stressed.

Source: Manila Bulletin September 18, 2018 13:52 UTC