House approves 25-year renewal of Meralco franchise set to expire in 2028

The House of Representatives has approved a 25-year renewal of Manila Electric Co.'s (Meralco) franchise, despite its current franchise expiring in 2028. The vote saw 186 lawmakers in favor, with seven against and four abstaining. The new bill, House Bill No. 10926, consolidates three proposals and mandates Meralco to maintain and improve its distribution systems. It also requires the company to submit annual operational and financial reports to Congress. Critics, including Rep. Raoul Manuel, argue that the renewal lacks urgency and raises concerns about high electricity costs and potential oligarch control over the power sector.