MANILA, Philippines – Power generation companies and distribution utilities (DUs) are now required to list on the local stock market as the Energy Regulatory Commission (ERC) has approved the rules on the public offering of at least 15 percent of their shares to the public.
The ERC said the new rules are consistent with the mandate of the Electric Power Industry Reform Act (EPIRA) and the rules of the Philippine Stock Exchange (PSE) and the Securities and Exchange Commission (SEC). These will take effect 15 days after publication in newspapers of general circulation.
The ERC, the power sector regulator, has been trying to impose these rules but has been encountering opposition from industry players.
The commission said these rules aim to enhance the inflow of private capital and broaden the ownership base of the power generation, transmission and distribution sectors.
According to the ERC, this move will also protect public interest as it is affected by rates and services of the DUs and other providers of electric power.
Moreso, these rules will provide the public offering process and requirements of the applicable provisions of Executive Order 226, otherwise known as the Omnibus Investment Code of 1987, Republic Act 8799 or the Securities Regulation Code, the PSE’s rules and regulations, and all other applicable laws, rules and regulations.
The ERC cited that the EPIRA provides that it is the policy of the government to enhance the inflow of private capital and broaden the ownership base of the power generation, transmission and distribution sectors.
The ERC said these rules apply to generation companies; DUs; electric cooperatives; privately-owned DUs; and local government unit (LGU) owned-and-operated distribution systems.
It will also be applicable to generation companies’ and DUs’ respective holding companies.
The new rules said “if the holding company is already listed with the PSE, the generation company or the DU need not comply with the requirement since the listing of the holding company is deemed already as compliance with the EPIRA. This does not require the holding company to undergo public offering.”
These new rules will not apply to entities engaged in electric generation and distribution business as partnerships which do not list partnership interests. –Donnabelle L. Gatdula (The Philippine Star)
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
October –
Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
National Quality and Productivity Improvement Month
National Health and Wellness Tourism Month
National Indigenous Peoples Month
Weekly Observances:
Week 1: Elderly Filipino Week
Week 2: National Health Education Week
Local Government Week
National Mental Health Week
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24:
United Nations Week
Last Week:
Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
Daily Observances:
First Monday (Oct 4): Universal Children’s Day i
n the Philippines
Oct 5: National Teachers’ Day
Oct 10: Local Government Day
Third Thursday (Oct 14): Conflict Resolution Day
Oct 21: Tenants’ Emancipation day
Oct 24: United Nations Day
Oct 29: National Indigenous People’s Thanksgiving Day
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
