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)
March –
IT’S WOMEN’S MONTH!
“Respect and support women
every day of the year/s!”
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
Monthly Observances:
Women’s Role in History Month
Weekly Observances:
Week 1: Environmental Week;
Women’s Week
Week 3: Philippine Industry and “
Made-in-the-Philippines Products Week
Last Week: Protection and Gender-Fair Treatment
of the Girl Child Week
Daily Observances:
March 8: Women’s Rights and
International Peace Day;
National Women’s Day
March 4: Employee Appreciation Day
March 15: World Consumer Rights Day
March 18: Global Recycling Day
March 21: International Day for the Elimination
of Racial Discrimination
March 23: International Day for the Right to the Truth
Concerning Gross Human Rights Violations
and for the Dignity of Victims
March 25: International Day of Remembrance of the
Victims of Slavery and the Transatlantic Slave Trade
March 27: Earth Hour
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
