The three business groups welcomed the decision allowing them to proceed with their joint acquisition of two gas-fired power plants and a liquefied natural gas (LNG) terminal.
“The companies expressed their appreciation for the PCC’s thorough review process and affirmed their shared commitment to advancing a competitive energy market that delivers real benefits to Filipino consumers,” they said in a joint statement on Monday.
The PCC also flagged risks of market coordination and foreclosure during its review.
To address these, the firms submitted voluntary commitments, approved on December 20, 2024, after consultations with the Department of Energy and Energy Regulatory Commission.
“In addition, they emphasized their commitment to full compliance with all regulatory requirements and pledged to collaborate closely with stakeholders to align their efforts with the government’s energy goals,” the statement showed.
This landmark transaction is expected to boost the country’s energy security and infrastructure.
“This partnership highlights the shared vision of MGEN, AboitizPower, and SMGP to address the growing energy needs of the Philippines while promoting transparency, fairness, and long-term sustainability in the energy sector,” according to the statement.
