The Independent Electricity Market Operator of the Philippines (IEMOP) is a non-stock, non-profit corporation established in May 2018 to assume the market operator functions of the Philippine Electricity Market Corporation (PEMC) for the Wholesale Electricity Spot Market (WESM).  It is headed by a professional Board of Directors whose members are independent of government and of the market participants.  Republic Act No. 9136, otherwise known as the Electric Power Industry Reform Act (EPIRA) requires that WESM market operations be transferred to an independent entity that is separate from its governing body, which is the PEMC Board of Directors.  As jointly endorsed by the market participants and the Department of Energy (DOE), it is IEMOP that will take on this role and pursue the WESM objectives of having a transparent, fair, competitive, and reliable market for the trading of electricity throughout the Philippines. As market operator, IEMOP is bound to strictly comply with the EPIRA, its Implementing Rules and Regulations, the WESM Rules and other related issuances of the DOE.  Its service obligations are reiterated in the Operating Agreement it executed with PEMC, which agreement also formalized the transfer from PEMC of the assets and liabilities  pertaining to market operations effective 26 September 2018.