The Philippine Electricity Market Corporation (PEMC) recently held its Annual General Membership Meeting (AGMM) and election of its new set of sectoral and independent directors.
“In our efforts to gain a fresh perspective while ensuring the continuity in the implementation of market development programs and governance initiatives, the PEM Board of Directors, both sectoral and independent, are elected every three (3) years,” said PEM Board Chairman Noel V. Aboboto.
The governance of the Wholesale Electricity Spot Market (WESM), which is PEMC’s main mandate, is a self-regulatory mechanism that secures the attainment of the overall objective of the power bourse to establish a competitive, efficient, transparent, and reliable market for electricity providing a level playing field for all market participants.
The PEMC was incorporated in 2003 as a private non-stock, non-profit corporation upon the initiative of the Department of Energy (DOE) to oversee the WESM. It served a dual purpose of being the governing body and autonomous group market operator for over a decade before turning over the operations of the market to the Independent Electricity Market Operator of the Philippines (IEMOP) in September 2018.
“The separation of governance and operations in 2018 really opened up the WESM for growth and exponential possibilities as both companies, PEMC and IEMOP, are able to focus on their respective mandates,” shared Aboboto.
The newly elected PEM Board of Directors representing their sectors include the following —
Following the DOE’s promulgation of the WESM Industry Code of Ethics (WICOE) earlier this year, Chairman Aboboto also led the attendees in the Pledge of Compliance with the WICOE.
In a previous statement on the WICOE, Aboboto had stressed that “market evolution is inevitable, and we should always adapt. But it is important to have the basics that we can always rely on. These include ethical market behavior that we should always aim for: honesty, integrity, and accountability.”
Immediately following the conclusion of the PEMC AGMM 2021, the organizational meeting with the newly elected PEM Board of Directors was convened with the election of the PEMC Officers as its main agenda.
Atty. Leonido Pulido III, more popularly known as Atty. Bodie, was elected PEMC President. He is not new to the industry having served as an Assistant Secretary at the DOE. Pulido brings in his experience as an ASec along with his passion for electric vehicles to mitigate climate change for the creation of environmental sustainability.
Supporting Pulido as the Chief Governance Officer (CGO) is newcomer Atty. Elvin Hayes Nidea who has over 20 years of experience of law practice. He brings in his expertise on corporate law and taxation.
From the previous set of PEMC Officers, Chairman Noel Aboboto, Treasurer Elenita Go, and Corporate Secretary Atty. Marian Dela Fuente have been re-elected and will be continuing with their respective functions.
“The role is daunting, but I am confident that with the support of the PEM Board, the PEMC Officers, and the wealth of experience and knowledge of the men and women that make up PEMC, I will be able to perform my duties as PEMC President,” said Pulido.