Ignite Power, the energy partnership between billionaire Enrique Razon Jr.’s Primelectric Holdings Inc. and boxing legend Manny Pacquiao’s MP Holdings, clarified on Thursday, April 30, that no formal negotiations are currently underway for a proposed joint venture with South Cotabato II Electric Cooperative Inc.

In a statement, Ignite Power said any final decision regarding the partnership must be determined by the cooperative’s 300,000 member-consumer-owners rather than its leadership alone.

The statement comes amid mounting scrutiny over the future of the utility provider, known as Socoteco II.

Allana Mae Babayen-on, Ignite Power legal officer, said that while the Socoteco II board had expressed an “initial acceptance” of a proposal, no binding agreements have been reached.

She described the current status of the deal as stagnant in terms of formal dialogue, noting that nothing has been negotiated or accepted at this stage.

The proposed partnership would require a massive mobilization of the cooperative’s base to move forward. Under the provisions of Presidential Decree No. 269, a joint venture involving an electric cooperative must secure a qualified majority in a referendum. This mandate requires the approval of 50 percent plus one of all active member-consumer-owners, a threshold Babayen-on cited as a core component of Ignite’s strategy to ensure grassroots legitimacy.

Ignite Power also pushed back against characterizations of Socoteco II as a failing entity. Despite local concerns regarding service reliability, Babayen-on rejected the “ailing” label often applied to struggling utilities under Philippine law.

She noted that if the cooperative were legally classified as ailing, the National Electrification Administration would be required to intervene, potentially precluding a private joint venture offer.

The legal counsel characterized Socoteco II as a functional entity experiencing “difficult times” rather than systemic collapse.

Ignite Power maintained that its proposal represents the most viable path toward stabilizing operations and lowering costs for consumers in the region. The firm’s entry into the South Cotabato power market follows a broader trend of private sector investment in provincial utilities, framed by Ignite as a move to treat electricity as a basic human right rather than a mere commodity.