The Energy Regulatory Commission (ERC) has formalized a detailed set of annual disclosure requirements aimed at tightening transparency among power generation companies (GenCos) and distribution utilities (DUs) in relation to the Public Offering Requirement (POR) under the Electric Power Industry Reform Act (EPIRA). The move comes amid persistent low compliance with the POR, which mandates that eligible power firms offer at least 15% of their common shares to the investing public. 

Under the ERC’s updated rules, all GenCos and DUs that are already compliant with the POR—whether through their own Philippine Stock Exchange (PSE) listing or through a listed holding company—must annually submit comprehensive corporate records, including Securities and Exchange Commission (SEC) registration documents, the latest general information sheet, current corporate and conglomerate ownership structure maps, and unredacted shareholders’ and share subscription agreements. 

Firms must also provide PSE certification of public listing compliance and a formal certification clarifying the relationship between the utility and any listed holding company.

For entities not yet compliant with the POR, and whose holding companies are likewise unlisted, the ERC requires additional annual submissions, including audited financial performance for the past three years, stockholders’ equity, authorized capital stock, number of stockholders, and a documented explanation for why the company does not qualify for listing. The commission also retains authority to request further information as needed.

The updated disclosure regime follows recent ERC decisions to refine how POR compliance is measured and enforced. In October 2025, the commission amended its POR rules to align compliance timelines with practical readiness for public offering, starting the five-year deadline only after companies meet Philippine Stock Exchange prerequisites, rather than from the issuance of their certificates of compliance.  

ERC data show that a significant share of the country’s generators have yet to meet the public offering mandate, with only 40 of 264 GenCos having complied as of October, leaving the majority outside full public ownership thresholds. 

How should the energy sector balance tighter disclosure rules with the compliance capacities of smaller power firms? Share your perspectives. 

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