Meralco earnings surge to P26.5 billion in 6 months

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July 30, 2026 | 12:00am

MANILA, Philippines —  Utility giant Manila Electric Co. (Meralco) saw its core earnings climb to over P26 billion in the first half on the back of strong results from its power generation business.

 Meralco chief finance officer Betty Siy-Yap yesterday reported a 3.8-percent rise in consolidated core net income to P26.5 billion from P25.5 billion a year ago.

Reported net income likewise increased, closing 11.3 percent higher to P26.3 billion from P23.6 billion on a yearly basis.

The country’s largest power utility attributed the growth to higher contributions from the generation portfolio, coupled with the slight increase in the overall power sales volume.

 Despite modest electricity sales performance, the distribution utility business remained the primary growth driver, accounting for 48 percent of the company’s total core earnings.

The power generation business contributed 39 percent of the bottom line, while the retail electricity supply segment accounted for the remaining 13 percent.

“Our diverse earnings mix strengthens our resilience and allows us to continue investing in our distribution network and clean energy capacity while creating sustainable value over the long-term,” Meralco chairman and CEO Manuel V. Pangilinan said.

 During the six-month period, Meralco’s revenues jumped by 15.7 percent to P283.71 billion from P245.22 billion, thanks to increased electricity sales.

 Amid the ongoing energy emergency, Pangilinan said the company continues to recognize how global fuel supply disruptions push electricity rates higher.

“While many of these are beyond our control, we remained focused on what we could manage – working closely with our fuel suppliers and exercising prudent sourcing strategies, strengthening our network and pursuing efficiencies to contain costs,” he said.

Last month, Meralco recorded one of the country’s highest residential rates at P14.48 per kilowatt-hour, according to the Department of Energy.

In another development, Meralco is studying potential legal action against the South Cotabato II Electric Cooperative (Socoteco 2), citing an alleged “illegal direct award” of joint venture with rival Ignite Power.

 “We may file a case against them. We wrote them a letter objecting to the illegal direct award, manifest partiality to Ignite Power and lack of transparency,” Meralco senior vice president Arnel Casanova said.

 This comes after Socoteco 2 moved forward with its conditional joint venture agreement with Ignite Power, backed by tycoon Enrique Razon and boxing legend Manny Pacquiao.

Casanova, however, said the deal was “devoid of transparency and fraught with deception and coercion.”

 “It is a sham proceeding in violation of the law,” Casanova said.