AS OF THIS writing we should finally be seeing the final episode of the “MORE and PECO Peep Show” and whatever the outcome, whether you like it or not, consumers of “I Am Iloilo City” stand to benefit the most.
Excerpts from the Sept. 10, 2020 issue of The Manila Times:
No reversal of fortune for PECO
Panay Electric Co. (PECO) cannot consider it a victory if the Supreme Court rules against MORE Electric and Power Corp. (More Power), Deputy Speaker and Surigao del Sur Second District Rep. Johnny Pimentel said on Wednesday.
He explained that in the scenario that the Supreme Court upholds the ruling made by the Mandaluyong City Regional Trial Court (RTC), PECO still could not operate because it did not have a franchise.
And also from the Sept. 10, 2020 issue of The Manila Standard:
According to Deputy Speaker and Surigao Del Sur Rep. Johnny Pimentel;
“We cannot preempt the decision of the Supreme Court but in my opinion, just like in the case of ABS-CBN, the high court will rule in favor of MORE Power because it’s already moot and academic. PECO does not have a franchise to operate anymore,” he said.
Indeed it is already moot and academic considering the fact that the erstwhile power provider of “I Am Iloilo City”, aside from losing franchise when it expired and failed to renew it, the Energy Regulatory Commission also revoked its Certificate of Public Convenience and Necessity. plus having its business permit revoked through Executive Order No.71.
It is already embraced by the natives of “I Am Iloilo City” that they have a new power provider and PECO is already irrelevant.
If we look at the trail and chronology of the legal events, we can see that the odds are not in the favor of PECO. They lost appeal after appeal. It does seem that the universe is against them and when the universe is not on your side it simply means you lost.
Just to refresh everyone’s memory:
After its franchise was revoked, PECO sought relief from the Mandaluyong City Regional Trial Court Branch 29 where it received a favorable decision. Mandaluyong RTC Branch 29 Judge Monique Ignacio declared as unconstitutional Sec. 10 of Section 7 of Republic Act 11212, signed by President Rodrigo Duterte which granted the franchise and eminent domain to MORE Power.
The Supreme Court, however, stopped the implementation of the Mandaluyong RTC decision and issued a Temporary Restraining Order.
PECO appealed the decision and asked for a withdrawal of the TRO.
Unless the SC postponed the decision schedule (Sept. 8) then we should expect that one has already been made, now considering that it was the Supreme Court itself that issued the TRO. Logic dictates that the SC will not contradict itself.
If indeed this is what happens or has happened already all is not lost for PECO. It will not come out of this with empty pockets as waiting for them is compensation for all the assets and properties included in the Writ of Possession. PECO stands to be P481,842,450 richer. This estimated value has already been deposited in Landbank.
That is more than enough startup capital for a fine dining restaurant, a wine bar or perhaps a BMW car dealership. Who knows, maybe even a solar power company or a PR firm./PN
