Court stops takeover of power firm’s operations

MANILA, Philippines — The Mandaluyong City Regional Trial Court (RTC) has stopped the takeover by MORE Electric and Power Corp. of billionaire Enrique Razon of the operations of Panay Electric Co. Inc. (PECO) in Iloilo City.

In a five-page order issued on Tuesday, the Mandaluyong RTC Branch 209 issued a temporary restraining order (TRO) enjoining the implementation of the franchise of MORE under Republic Act 11212, which was signed by President Duterte last month.

The TRO stopped the start of the expropriation proceedings against PECO and takeover by MORE of the former’s distribution assets in the franchise area.

The court also enjoined the Department of Energy and Energy Regulatory Commission from issuing a Certificate of Public Convenience and Necessity, provisional authority to operate or other permits for the operations of MORE.

The TRO, issued by Judge Monique Quisumbing, is effective for 20 days after PECO’s payment of P5 million bond. 

The court set the hearing on PECO’s  motion for issuance of a writ of preliminary injunction on April 2.