MANILA (UPDATE) — Meralco is getting another 25-year franchise, Malacañang confirmed on Tuesday.

President Ferdinand Marcos Jr. has approved the proposed measure extending the franchise of Meralco for another 25 years, according to Executive Secretary Lucas Bersamin.

“Signed by the President, not lapsed into law. [The] MRO shall release [it] after the RA number has been affixed,” Bersamin said in a text message to Malacañang reporters.

Meralco Chairman and CEO Manny Pangilinan said he welcomes the government's decision.

"The fresh franchise enables us to implement long-term energy infrastructure projects that will further improve the delivery of electricity to homes, businesses, and industries that fuel the country’s development. It also allows us to continue investing in the modernization and expansion of our distribution network—making it more resilient to climate-related disruptions—while introducing innovations that enhance efficiency and raise customer experience," Pangilinan said in a statement.

He also thanked President Marcos for his support, as well as the Senate and House of Representatives for passing the measure. Pangilinan said the renewal allows Meralco to implement long-term energy infrastructure projects, modernize and expand its distribution network, and introduce innovations to improve customer service and system resilience.

“It also reinforces our common desire to attain substantial energy independence in the long run,” he added. “With the continued trust of our leaders and stakeholders, we remain committed to transparency, regulatory compliance, and corporate social responsibility.”

Meralco earlier said electricity rates are going up in April by P0.72/kwh due to higher generation and transmission charges. These charges are bigger than the P0.20/kwh refund the power company is offering in April.