Company History
The IBAAN ELECTRIC AND ENGINEERING CORPORATION (formerly known as Ibaan Electric Light and Power Co., Inc.) was founded in 1947. It began its commitment to service by supplying power and electricity to a limited area of the Poblacion of Ibaan at the rate of Six (6) hours every night.
In 1956, the original owner and incorporators sold its franchise rights and assets to a business group headed by Hon. Ben R. Medrano. After only (1) one year of operation, the new management had made electricity available on a twenty-four (24) hours basis to an expanded area. Soon thereafter, expansion efforts were initiated to cover the whole municipality.
In June 0f 1962, the National Power Corporation (NPC) had agreed to deliver and supply electricity to the Municipality of Ibaan. BY 1969 twenty-four (24) of the Twenty-six (26) barangays of Ibaan enjoyed the comforts attendant to the supply of electricity. The two (2) barangays could unfortunately not be reached by electric power due to extremely poor road conditions and problem associated with the necessary acquisition of right of way. Finally, in 1983, after all the obstacles, the whole Municipality of Ibaan was fully provided with electric power service.
Witnessing the Municipality of Ibaan thrive and the commercial operations therein boom as a consequence of rural electrification, the residents of the adjacent barangays of Adya (Lipa City), Pagasa (Taysan, Batangas) and Salaban ( San Jose, Batangas) petitioned IEC to extend its service to their respective areas. True to its avowed commitment to service, IEC secured the necessary waiver from the franchise holders concerned and extended electric power service to the aforesaid barangays in 1972.
Since October 21, 1982, when its original franchise expired, IEC had been operating under a provisional authority to operate granted and renewed annually by the Energy Regulatory Board. However, on May 27, 1992, it was granted a legislative franchise under Republic Act # 7578 for an electric light, heat and power system and for other purposes for a period of twenty-five (25) years.
On June 25, 1996, the group headed by Col. Nicetas S. Katigbak, (Ret.), purchased the entire stocks, operational franchise including the shares of the stockholders of IEC, paving the way for the new hope to the resident of Ibaan.
On August 1, 2010, all shares of Ibaan Electric & Engineering Corporation was sold and transferred to Salvame Family.
On October 2014, as compliance to the new rules and policy of Securities and Exchange Commission (SEC), Ibaan Electric & Engineering Corporation change its name into IBAAN ELECTRIC CORPORATION with the same Board of Directors and By-Laws.
On July 21, 2016, Ibaan Electric Corporation was granted another twenty-five (25) years of franchise to construct, operate, and maintain an electric light, heat, and power system in the Municipality of Ibaan, Province of Batangas under Republic Act No. 10892.
Our Vision
To be a globally competitive distribution utility that provides an effective and reliable supply of energy through an exceptional kind of service.
Our Mission
- To deliver reliable and dependable power.
- To bring light to our consumers with high standard and humane service.
- To be a steward of the community through corporate social responsibility.
- To maintain integrity, loyalty and spirituality among employees.