Ex-SGV vice chairman Louie Benitez joins Concepcion Industries board

Concepcion Industrial Corp. (CIC) led by bilyonaryo Raul Joseph Concepcion tapped a former vice chairman and senior partner of SGV and Co. as its new director.

Luis “Louie” Y. Benitez Jr. was elected independent director in a special stockholders’ meeting on October 26.

Benitez will sit on the ninth board seat vacated by Alfredo Pascual who left CIC in June to join President Bongbong Marcos’ Cabinet as Trade and Industry Secretary.

Benitez has been named chairman of CIC’s audit and risk oversight committee and member of its corporate governance e, nominations and remuneration committee.

ERC to look into complaints of overcharging by power firms

Numerous complaints on increasing electricity rates have prompted the Energy Regulatory Commission (ERC) to launch an investigation on the accuracy and reasonableness of the generation rates being passed on by distribution utilities (DUs) to its consumers.