Meralco approached the government for assistance in view of financial problems that made it difficult for Meralco to meet its huge debt service requirements. Consequently, an inter-agency government panel was formed to conduct valuation studies. On August 11, 1975, the first memorandum agreement between the government and Meralco was signed by then Executive Secretary Alejandro B. Melchor, Jr. and former Meralco Chairman Emilio M. Abello, Sr. Through the years, the composition of the government panel underwent several changes brought about by retirements from service, shifts in assignments and appointments of technical men. Representations for NPC started with Ramon R. Ravanzo in 1975, then to Conrado D. del Rosario later that year, and on to President Gabriel Y. Itchon. The historic EDSA revolution in February 1986 swept Corazon C. Aquino into power becoming the first woman president in Asia. In 1986, NPC President Gabriel Y. Itchon retired from the government service. President Aquino appointed former NPC General Manager Conrado D. del Rosario as the new NPC president who assumed office from May 1986 to November 1987. Del Rosario was replaced by Ernesto M. Aboitiz when the latter was appointed by President Aquino as NPC president in November 1987. At the same time, Meralco returned to Lopez Family ownership as the government removed it from NPC control. NPC takes over other power generators The most significant achievement of NPC in 1988 was the signing of a memorandum of agreement with the National Electrification Administration (NEA) for the takeover by NPC of the generation facilities of electrical cooperatives in the remote islands of the archipelago. President Aquino's directive pegged electricity rates nationwide to no more than ₱2.50 per kilowatt-hour and impelled NPC to take over the electricity production activities of cooperatives in the small islands and isolated areas. As of April 1991, the NPC has taken over the generation facilities and technical operation of various electric cooperatives of 26 remote islands of the archipelago. Fully supportive of the government's policy of encouraging private sector investments, the NPC has finalized in 1989 for private investors to participate in electric power generation through schemes such as co-generation, Build Operate Transfer (BOT), and Build Own Operate (BOO). This directive bolsters the national policy of encouraging active private sector involvement in the major economic activities of the country, recognizing that the private sector can be a partner in nation-building. Increase in generator capacity In addition, proposals from