Panay Electric Company: Unveiling The Ownership Mystery

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.

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.

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.

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.

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.

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.

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