Manila, April 15 -- President Ferdinand R. Marcos Jr. has signed into law the bill extending the franchise of the Manila Electric Company (Meralco) for another 25 years, securing the continued operations of the country's largest electricity distributor until 2053.

Executive Secretary Lucas Bersamin confirmed to reporters that the measure was signed on April 11.

The official copy of the law is expected to be released by the Malacanang Records Office once it is assigned a Republic Act number.

Meralco welcomed the development, calling it a recognition of its role in powering the country's economic growth.

The franchise extension, the company said, enables it to carry out long-term infrastructure projects and energy solutions vital to nat...