SC favors Razon in Iloilo City ‘power’ row
THE Supreme Court (SC) ruled in favor of business tycoon Enrique Razon over a power dispute in Iloilo City, unimpeachable sources told The Manila Times on Tuesday.
The high court en banc voted 9 against 6, allowing Razon’s More Electric and Power Corp. (MORE) to expropriate the distribution assets of Panay Electric Co. (PECO), which the Cacho-Lopez-owned firm had opposed in a motion for reconsideration.
MORE had pushed for the expropriation of PECO’s distribution assets in exchange for about P500 million in line with its 25-year congressional franchise to distribute power in Iloilo City as provided under Sections 10 and 17 of Republic Act 11212.