Meralco aiming for low double-digit growth in 2025 amid 'tough year' for PH economy | ABS-CBN
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Meralco aiming for low double-digit growth in 2025 amid 'tough year' for PH economy
Meralco aiming for low double-digit growth in 2025 amid 'tough year' for PH economy
MANILA — Power utility giant Meralco touted a strong start to the year on Monday, as it announced a 10.8 percent increase in its consolidated core net income (CCNI) to P11.2 billion in the first quarter.
MANILA — Power utility giant Meralco touted a strong start to the year on Monday, as it announced a 10.8 percent increase in its consolidated core net income (CCNI) to P11.2 billion in the first quarter.
The growth was supported by its distribution utility business and power generation unit.
The growth was supported by its distribution utility business and power generation unit.
“Our first quarter results reflect a strong start in 2025 with solid financial performance across the business portfolio,” said Meralco SVP and CFO Betty Sy-Yap in a media briefing.
“Our first quarter results reflect a strong start in 2025 with solid financial performance across the business portfolio,” said Meralco SVP and CFO Betty Sy-Yap in a media briefing.
“In the first three months of 2025, the distribution utility business accounted for the largest share at 60 percent, or P6.7 billion, of CCNI out of the total P11.2 billion, up from a 58 percent share (in the) same period last year. The power generation business share grew to 31 percent with P3.4 billion contribution, also higher versus the 27 percent last year,” she added.
“In the first three months of 2025, the distribution utility business accounted for the largest share at 60 percent, or P6.7 billion, of CCNI out of the total P11.2 billion, up from a 58 percent share (in the) same period last year. The power generation business share grew to 31 percent with P3.4 billion contribution, also higher versus the 27 percent last year,” she added.
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Despite these developments, Meralco Chairman Manuel Pangilinan admitted that the rest of the year would be tough on the business and the Philippine economy in general.
Despite these developments, Meralco Chairman Manuel Pangilinan admitted that the rest of the year would be tough on the business and the Philippine economy in general.
“The ADB (Asian Development Bank) and the World Bank have reduced the GDP forecast for the Philippine economy, and we’re seeing the result of the banks; they’re (at) single-digit growth. So it’s sort of an indicator that it’s going to be a tough year for the economy for a number of reasons,” Pangilinan said.
“The ADB (Asian Development Bank) and the World Bank have reduced the GDP forecast for the Philippine economy, and we’re seeing the result of the banks; they’re (at) single-digit growth. So it’s sort of an indicator that it’s going to be a tough year for the economy for a number of reasons,” Pangilinan said.
“Our target is to be able to produce double-digit growth in our core income for the year, but low double-digit growth,” he said.
“Our target is to be able to produce double-digit growth in our core income for the year, but low double-digit growth,” he said.
He acknowledged the bright spot that was the renewal of Meralco’s 25-year congressional franchise this April.
He acknowledged the bright spot that was the renewal of Meralco’s 25-year congressional franchise this April.
“The recent 25-year renewal of Meralco’s franchise, signed by President Marcos, is a milestone for the Company, for which we are grateful indeed. This reinforces our commitment to public service, to sustainable growth, to nation-building. It is as well a reminder of our public accountability,” Pangilinan said in a separate statement.
“The recent 25-year renewal of Meralco’s franchise, signed by President Marcos, is a milestone for the Company, for which we are grateful indeed. This reinforces our commitment to public service, to sustainable growth, to nation-building. It is as well a reminder of our public accountability,” Pangilinan said in a separate statement.
“As we move forward, we remain dedicated to enhancing our services and ensuring that our stakeholders receive the best value from partnering with us for development,” he added.
“As we move forward, we remain dedicated to enhancing our services and ensuring that our stakeholders receive the best value from partnering with us for development,” he added.
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