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Brix Lelis - The Philippine Star
May 5, 2026 | 12:00am
Linemen balance on electric poles along San Marcelino in Ermita, Manila while installing new distribution lines to enhance electricity supply in the area on November 12, 2024.
STAR / Ryan Baldemor
MANILA, Philippines — Power utility giant Manila Electric Co. (Meralco) started the year on a high note, earning over P11 billion from January to March amid increased electricity sales.
Meralco chief finance officer Betty Siy-Yap yesterday reported that the company’s core earnings grew by two percent to P11.43 billion in the first quarter from P11.17 billion in the same quarter last year.
Reported net income likewise improved, ending four percent higher to P10.83 billion from P10.45 billion on a yearly basis.
Siy-Yap attributed the growth to strong sales volume from power generation and retail electricity supply (RES) businesses, which offset the drop in the distribution utility (DU) segment.
DU accounted for the largest share of earnings at 46 percent, followed by power generation at 45 percent as well as RE and non-electricity businesses at nine percent.
During the three-month period, revenues went up by five percent to P120.78 billion from P114.51 billion.
Meralco chairman and CEO Manuel V. Pangilinan said strategic initiatives and prudent financial management supported the company’s performance in the first quarter amid the outbreak of the US-Israel war with Iran.
“We were fortunate to have our solar facilities start to supply indigenous and clean energy in March 2026 at very reasonable prices. Our ability to source contractually committed and reasonably priced coal helped dampen the spike in power prices,” Pangilinan said.
Meralco’s system-wide power sales volume inched up by two percent to 15,895 gigawatt-hours in the first three months against the 15,621 GWh recorded in 2025.
By the end of March, the company’s consolidated customer count stood at 8.3 million, reflecting ongoing efforts to engage and expand its base.
Amid the ongoing geopolitical tensions in the Middle East, Pangilinan said Meralco remains fully committed to managing the war’s impact on electricity rates.
“We will continue to pursue prudent sourcing strategies to manage our exposure to price volatility,” he added. “We stand ready to work with the government in strengthening the country’s resilience against global volatility.”
