Socoteco II sets September plebiscite on Ignite Power deal

MANILA, Philippines — About 200,000 members of the South Cotabato II Electric Cooperative (Socoteco II) will decide next month whether to approve a proposed joint venture with Razon-Pacquiao-backed Ignite Power, as the former faces P2.1 billion in financial losses and an aging network.

On Wednesday, the power cooperative announced it will hold the plebiscite over four weekends: Sept. 5-6, 12-13, 19-20, and 26-27, 2026.

READ: Socoteco II gives nod to Ignite Power tie-up

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“The Board deemed it necessary to hold the voting over several weekends to give all qualified member-consumers ample opportunity to participate in this historic decision,” Socoteco II President Elenito Senit said.

To recall, over 32,000 member-consumer-owners of Socoteco II backed in July the joint venture deal with Ignite Power.

Moreover, the company offered to infuse new funds to rehabilitate and modernize the electric distribution system, including upgrading and additional substations, replacement of aging lines and equipment, expansion of network capacity, among others.

In addition, Ignite Power is a joint venture between MP Holdings Inc., owned by boxing legend and former Senator Manny Pacquiao, and Razon-led Prime Electric Holdings Inc. /pai