
Panay Electric Company (PECO) was founded in 1921 by Philippine Revolution general and senator Esteban de la Rama. In 1927, Candelaria Soriano Cacho acquired the whole company, making it the first 100-percent Filipino-owned private company in the Philippines. In 1996, First Philippine Holdings Corporation of the influential López family of Iloilo acquired 30% of the capital stock of PECO, leaving 70% for the Cacho family. In 2019, MORE Electric and Power Corporation (MORE Power), owned by billionaire Enrique Razon, filed an expropriation case to acquire the assets of PECO.
Characteristics | Values |
---|---|
Owner | First Philippine Holdings Corporation of the influential López family of Iloilo |
Acquired | 30% of the capital stock |
Acquired by | Cacho family |
Acquired in | 1996 |
Owner | Candelaria Soriano Cacho |
Acquired | Whole company |
Acquired in | 1927 |
Owner | Esteban de la Rama |
Acquired | Franchise |
Acquired in | 1921 |
What You'll Learn
History of Panay Electric Company
Panay Electric Company (PECO) was founded on May 14, 1921, by Philippine Revolution general and senator Esteban de la Rama. On February 22, 1921, he was granted a franchise by Act 2983 to install, operate, and maintain an electric light, heat, and power system in the municipalities of Iloilo, La Paz, Jaro, and Arevalo. PECO began serving as Iloilo City's electric power distributor on June 12, 1923. On January 27, 1927, Candelaria Soriano Cacho acquired the whole company, making it the first 100-percent Filipino-owned private company in the Philippines.
In 1974, under martial law, the company faced technical and financial problems, resulting in the towns being taken over and serviced by the electric cooperative ILECO 1, leaving the City of Iloilo as the only area serviced by PECO. In 1996, First Philippine Holdings Corporation of the influential López family of Iloilo acquired 30% of the capital stock of PECO, leaving 70% for the Cacho family. On January 18, 2019, PECO's franchise expired and was not renewed by Congress. Billionaire Enrique Razon-owned MORE Electric and Power Corporation (MORE Power) filed an expropriation case to acquire the assets of PECO. MORE Power was granted a 25-year contract to serve and operate the city's electricity distribution system by virtue of Republic Act 11212, signed by President Rodrigo Duterte on February 14, 2019, ending PECO's 97-year-long operation in Iloilo City.
PECO has been serving the valued consumers of Iloilo City since 1923. It was then incorporated by the following: Don Esteban De la Rama, Jose Ma. Arroyo, a former senator and after whom the Arroyo Fountain in front of the capitol was named; lawyer Mariano Jalbuena, Emiliano Lizares, Jose Lopez-Vito, Modesto Ledesma, Marcos Alfaras, Jose Tiongco, Yap Seng, Eulogio Hernandez, Jose L. Jalbuena, Jose G. Paramos, and G.M. Saul. An electric utility committed to contributing to the socio-economic progress and stability of the community by providing excellent service to the public in a reliable and safe manner and at the least possible cost.
Athens, AL: Electric Company Deposit Requirements
You may want to see also
Acquisition of Panay Electric Company
Panay Electric Company (PECO) was founded on May 14, 1921, by Philippine Revolution general and senator Esteban de la Rama. On June 12, 1923, PECO began serving as Iloilo City's electric power distributor. On January 27, 1927, Candelaria Soriano Cacho acquired the whole company, making it the first 100-percent Filipino-owned private company in the Philippines. In 1974, under martial law, the company faced technical and financial problems, resulting in the towns being taken over and serviced by the electric cooperative ILECO 1, leaving the City of Iloilo as the only area serviced by PECO. In 1996, First Philippine Holdings Corporation of the influential López family of Iloilo acquired 30% of the capital stock of PECO, leaving 70% for the Cacho family. On January 18, 2019, PECO's franchise expired and was not renewed by Congress. Billionaire Enrique Razon-owned MORE Electric and Power Corporation (MORE Power) filed an expropriation case to acquire the assets of PECO. MORE Power was granted a 25-year contract to serve and operate the city's electricity distribution system by virtue of Republic Act 11212, signed by President Rodrigo Duterte on February 14, 2019, ending PECO's 97-year-long operation in Iloilo City.
Casa Grande's Electric Power: Essential Services for a Brighter Future
You may want to see also
Franchises of Panay Electric Company
The Panay Electric Company (PECO) was founded by Esteban de la Rama on May 14, 1921. PECO was granted a franchise to install, operate, and maintain an electric light, heat, and power system in the municipalities of Iloilo, La Paz, Jaro, and Arevalo. PECO began serving as Iloilo City's electric power distributor on June 12, 1923. On January 27, 1927, Candelaria Soriano Cacho acquired the whole company, making it the first 100-percent Filipino-owned private company in the Philippines.
In 1974, under martial law, the company faced technical and financial problems, resulting in the towns being taken over and serviced by the electric cooperative ILECO 1, leaving the City of Iloilo as the only area serviced by PECO. In 1996, First Philippine Holdings Corporation of the influential López family of Iloilo acquired 30% of the capital stock of PECO, leaving 70% for the Cacho family.
On January 18, 2019, PECO's franchise expired and was not renewed by Congress. Billionaire Enrique Razon-owned MORE Electric and Power Corporation (MORE Power) filed an expropriation case to acquire the assets of PECO. MORE Power was granted a 25-year contract to serve and operate the city's electricity distribution system by virtue of Republic Act 11212, signed by President Rodrigo Duterte on February 14, 2019, ending PECO's 97-year-long operation in Iloilo City.
Philadelphia Electric Company's Evolution: From Monopoly to Modern Utility
You may want to see also
Ownership of Panay Electric Company
The Panay Electric Company (PECO) was founded by Esteban de la Rama on May 14, 1921. PECO was granted a franchise by the Philippine Revolution general and senator to install, operate, and maintain an electric light, heat, and power system in the municipalities of Iloilo, La Paz, Jaro, and Arevalo. PECO began serving as Iloilo City's electric power distributor on June 12, 1923. On January 27, 1927, Candelaria Soriano Cacho acquired the whole company, making it the first 100-percent Filipino-owned private company in the Philippines.
In 1974, under martial law, the company faced technical and financial problems, resulting in the towns being taken over and serviced by the electric cooperative ILECO 1, leaving the City of Iloilo as the only area serviced by PECO. In 1996, First Philippine Holdings Corporation of the influential López family of Iloilo acquired 30% of the capital stock of PECO, leaving 70% for the Cacho family.
On January 18, 2019, PECO's franchise expired and was not renewed by Congress. Billionaire Enrique Razon-owned MORE Electric and Power Corporation (MORE Power) filed an expropriation case to acquire the assets of PECO. MORE Power was granted a 25-year contract to serve and operate the city's electricity distribution system by virtue of Republic Act 11212, signed by President Rodrigo Duterte on February 14, 2019, ending PECO's 97-year-long operation in Iloilo City.
Powering San Antonio: Exploring Electric Companies in Texas
You may want to see also
Technical and financial problems of Panay Electric Company
Panay Electric Company (PECO) was founded by Esteban de la Rama on May 14, 1921. PECO was granted a franchise to install, operate, and maintain an electric light, heat, and power system in the municipalities of Iloilo, La Paz, Jaro, and Arevalo. PECO began serving as Iloilo City's electric power distributor on June 12, 1923. On January 27, 1927, Candelaria Soriano Cacho acquired the whole company, making it the first 100-percent Filipino-owned private company in the Philippines.
In 1974, under martial law, PECO faced technical and financial problems, resulting in the towns being taken over and serviced by the electric cooperative ILECO 1, leaving the City of Iloilo as the only area serviced by PECO. In 1996, First Philippine Holdings Corporation of the influential López family of Iloilo, acquired 30% of the capital stock of PECO, leaving 70% for the Cacho family.
On January 18, 2019, PECO's franchise expired and was not renewed by Congress. Billionaire Enrique Razon-owned MORE Electric and Power Corporation (MORE Power) filed an expropriation case to acquire the assets of PECO. MORE Power was granted a 25-year contract to serve and operate the city's electricity distribution system by virtue of Republic Act 11212, signed by President Rodrigo Duterte on February 14, 2019, ending PECO's 97-year-long operation in Iloilo City.
PECO faced technical and financial problems in 1974, resulting in the towns being taken over and serviced by the electric cooperative ILECO 1, leaving the City of Iloilo as the only area serviced by PECO.
The Birth of TV: First Electric Company Show
You may want to see also
Frequently asked questions
Panay Electric Company (PECO) was incorporated by Don Esteban De la Rama, Jose Ma. Arroyo, lawyer Mariano Jalbuena, Emiliano Lizares, Jose Lopez-Vito, Modesto Ledesma, Marcos Alfaras, Jose Tiongco, Yap Seng, Eulogio Hernandez, Jose L. Jalbuena, Jose G. Paramos, and G.M. Saul.
Candelaria Soriano Cacho acquired the whole company on January 27, 1927.
First Philippine Holdings Corporation of the influential López family of Iloilo.
MORE Electric and Power Corporation (MORE) is owned by billionaire Enrique Razon.
January 18, 2019.