The Bacolod Regional Trial Court Branch 42 denied the petition for a temporary restraining order (TRO) on the joint venture agreement (JVA) of Primelectric and Central Negros Electric Cooperative (Ceneco).
In a decision dated June 22 judge Maria Lina Gonzaga denied the petition for the TRO on the JVA filed by Pepito Pico, Rommel Pido and Aaron Sorbito as representatives of the Negros Consumers Watch and convenors of Ceneceo Anti-JVA Coalition.
Their petition seeks the declaration of nullity of the JVA with an application for issuance of a preliminary injunction and temporary restraining order.
Gonzaga, in her order, said the TRO request was not granted “for non-compliance with the specific provision of the law.”
The JVA between Primelectric, an affiliate company of MORE Power and Ceneco is seen to improve power services in the region with the ratification of the signed agreement by member-consumers through three weekends plebiscite started last Friday.
Based on the guidelines of the National Electrification Administration, the JVA has to garner a majority yes votes.
Primelectric and Ceneco signed the JVA last June 3.
Earlier, Roel Castro, Primelectric president and chief executive officer, said the company is preparing as much as P4 billion investment under the JVA.
Castro said from the P4 billion, 50 percent will be for acquisition and working capital while the other half will be for capital expenditure. -Jed Macapagal
