Manila Electric Co.'s (Meralco) bid for an early renewal of its franchise has received support from the Management Association of the Philippines (MAP), which said that a fresh 25-year license would be "crucial" for the well-being of businesses and Filipinos.

The MAP, helmed by former Energy Secretary Jose Rene Almendras, issued a statement touting Meralco's accomplishments such as the near 100-percent electrification of its service area, programs providing discounts for the poor and the elderly, and the firm's green energy initiatives.

"We urge the House of Representatives Committee on Legislative Franchises to favorably consider Meralco's positive impact and approve its franchise renewal, thereby ensuring stability in the power sector and ultimately serving the best interests of the Filipino people and the Philippine economy," Almendras and MAP energy committee chairman Ruth Owen said.

"Meralco's impact goes beyond its own service area," they also said, noting that the firm supports other utilities, particularly during natural disasters, and also actively collaborates with the government via its role in infrastructure programs and public-private partnerships.

The distributor, the country's largest, still has fours years left before its current franchise expires in 2028. It is moving to secure a new one, however, in a bid to prevent potential delays. House Bill 9793, filed by Albay Rep Joey Salceda, aims to give Meralco another 25-year license.

A news website on Wednesday reported that Meralco had lifted term limits for two independent directors, former Chief Justice Artemio Panganiban and businessman Pedro Roxas, as part of efforts to facilitate the franchise renewal process.

The United Filipino Consumers and Commuters last week called the move for an early franchise renewal "ill-timed" as Filipinos are currently bearing the burden of high power rates.