MANILA, Philippines — The Manila Electric Co. (Meralco) has been submitting its annual financial and operating reports since 2003 – the year it was granted a legislative franchise under the Republic Act 9209, an official of the company clarified on Sunday.
Meralco First Vice President Jose Ronald Valles denied claims that the company failed to comply with its reportorial requirement after Surigao del Sur Rep. Johnny Pimentel said that the allegations could lead to revocation of its franchise.
“Contrary to claims that Meralco is not compliant to reportorial requirements, the power distributor has clarified that it has religiously submitted its annual financial and operating reports since 2002, a year after it was granted its franchise in 2001,” Valles said in a statement.
“Meralco emphasized that its annual report is a public document and is easily accessible to the public,” he added.
The Philippine Stock Exchange and the Securities and Exchange Commission also receive the exact requirements since the company is a publicly listed entity and “is bound by corporate reportorial requirements,” Valles furthered.
Moreover, he reiterated that the electric distribution utility company “strictly adheres to the law and operates within the bounds of its franchise and the areas it serves.”
