Meralco-Batelec JV gains traction

MANILA, Philippines — A proposed joint venture between Manila Electric Co. and electric cooperatives in Batangas has received support from at least 18 mayors in the province.

“We are grateful for LMP-Batangas backing this initiative because an improved power service isn’t just beneficial to the daily grind; when you look at the bigger picture, it also impacts the local economy,” Meralco chief external and government affairs officer Arnel Casanova said. Through the partnership, the Pangilinan-led distribution utility can also infuse more capital into the electric cooperatives in addition to its technical expertise.

Ayala Corp., the country’s oldest conglomerate, is planning to raise as much as P15 billion from the issuance of preferred shares. Headline inflation likely settled within the 3.4 to 4.2 percent range in June, according to the Bangko Sentral ng Pilipinas...

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