ILOILO CITY—The Supreme Court, voting 9-6, affirmed an earlier ruling upholding the constitutionality of the franchise of the Razon-owned More Power Electric Corp. (More Power) which allowed the takeover of distribution assets of rival Panay Electric Company (Peco).
The high court denied the motion for reconsideration filed by Peco which sought the reversal of the court’s Sept. 15, 2020 decision, according to a statement posted on the court’s website.
The ruling was promulgated on March 9 but the full text has not been posted as of March 17.
On Sept. 15, 2020, the Supreme Court reversed a July 1, 2019 decision of the Mandaluyong Regional Trial Court declaring that Sections 10 …
Keep on reading: SC affirms ruling on constitutionality of Peco asset expropriation