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P20B profit target on track: MVP to pour in P50B to boost Meralco’s distribution, power generation

Bilyonaryo Manny V. Pangilinan is hoping to jolt the economy out its slump with P50 billion in new investments in Manila Electric Co., jointly owned by the Salim-Metro Pacific group and the Gokongwei family.

“We estimate that we need to execute close to Pesos 50.0 billion of capital expenditures for our distribution business and generation investments. We look at this as an opportunity to create jobs, propel business activities and stimulate consumption,” said Pangilinan.

Pangilinan hoped Meralco would play a “meaningful role in the lives of our customers and in helping the country get back on the road to recovery.”

“We reiterate our commitment to continue to provide the most reliable and resilient network to ensure that the entire franchise is enabled for the economic upturn,” he added.

Meralco is making the massive investment commitment despite suffering a 39-percent drop in profits to P11.3 billion in the first nine months this year.

Officials attributed to its bad investment in Singapore-based Pacific Light Power which cratered P2.7 billion in the first quarter.

Pangilinan, however, is still confident Meralco will meet its P21 billion profit target in 2020.

““As 2020 comes to a close, we remain to be on the lookout for ways to limit the adverse impact of this pandemic, while remaining steadfast in commitment to keeping the lights on. We firmly believe that there is opportunity in every crisis and, are hopeful that we will emerge stronger than ever,” said the Meralco chairman.

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