Razon-Pacquiao group’s Socoteco bid gains traction

MANILA, Philippines — Tycoon Enrique Razon Jr. and boxing legend Manny Pacquiao are a step closer to partnering with South Cotabato II Electric Cooperative (Socoteco 2) to modernize its aging power distribution system.

In a recent annual general membership assembly, over 32,000 member-consumer-owners (MCOs) endorsed Socoteco 2’s conditional joint venture agreement (CJVA) with Razon and Pacquiao’s Ignite Power.

The approval allowed Socoteco 2 to move forward with a board resolution authorizing the cooperative to enter into the agreement.

Socoteco 2 board president Elenito Senit said the CJVA could help address the cooperative’s long-standing financial and technical challenges by securing investments needed to upgrade and modernize its facilities.

With these planned improvements, Senit expects MCOs to benefit from more reliable power service and a stronger distribution system.

Under the proposal, Ignite Power, a joint venture between Razon-led Primelectric Holdings and Pacquiao’s MP Holdings, will provide fresh capital to support Socoteco 2’s rehabilitation efforts.

The cooperative serves consumers in parts of South Cotabato, Sarangani and General Santos City.