No talks yet on Socoteco, says Razon-Pacquiao JV

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May 1, 2026 | 12:00am

MANILA, Philippines — The joint venture between tycoon Enrique Razon Jr. and boxing champion Manny Pacquiao said there are no ongoing formal talks for its proposed investment in South Cotabato II Electric Cooperative Inc. (Socoteco 2).

Ignite Power, owned by Razon-led Primelectric Holdings Inc. and Pacquiao’s MP Holdings, added that any decision on the proposed venture with Socoteco 2 should ultimately be left to the utility’s member-consumer-owners (MCOs).

“There are no negotiations at all, and the most that we heard from the board of directors of Socoteco 2 was an initial acceptance of the offer,” Ignite Power legal officer Allana Mae Babayen-on said.

This follows a proposal by Ignite Power to invest up to P10 billion in Socoteco II to modernize and operate its electricity distribution network and address persistent power issues across its franchise area.

Under the proposal, Socoteco II will retain its cooperative identity, along with its existing board structure and member-consumer ownership.

“Nothing has been accepted. Nothing has been negotiated,” Babayen-on said, noting that the parties have yet to reach any agreement.

Socoteco 2 provides electric service to consumers in General Santos City, Sarangani Province, and Tupi and Polomolok in South Cotabato.

In evaluating the proposed joint venture, Babayen-on emphasized that Socoteco 2’s entire membership base should make the decision.

“We want to ask the MCOs, and it is part of our proposal. So it’s not the board of directors; it’s not some of the members; it’s the total MCOs. So that’s the 300,000 (MCOs) that we wanted to ask to decide,” she said.

Babayen-on also dismissed claims that Socoteco 2 is an “ailing cooperative,” stressing that the utility is simply facing challenging times.

“According to the law, if an electric cooperative is ailing, NEA (National Electrification Administration) steps in. So we cannot even offer a proposal if it is ailing,” she added.