Meralco core profit jumped 12% to P45B

Manila Electric Co. (Meralco), led by tycoon Manuel V. Pangilinan, saw a 12-percent growth in its bottom line in the first three quarters of 2026, thanks largely to greater contribution from its power generation and retail electricity business.

At a briefing on Wednesday, Meralco chief financial officer Betty Siy-Yap said the company’s core consolidated net income grew to P44.8 billion from January to September, up from P40 billion in the same period last year.

This developed as sales volume across both of Meralco’s power generation and retail electricity supply businesses rose 7 percent, reaching 21,419 gigawatt-hours (GWh) and 5,914 GWh, respectively.

Still, Meralco’s distribution utility businesses continued to take the lion’s share of its core consolidated profit with P20.1 billion, or 45 percent of the total.

Overall, Meralco’s sales reached 52,017 GWh during the first three quarters.

El Niño

Siy-Yap said sales were partly buoyed by the El Niño, which caused warmer temperatures that subsequently drove up demand for electricity for cooling devices.

Pangilinan said the “good” third-quarter performance puts the company on track to end 2026 with P56.6 billion in core consolidated net income, which would mark an 11.92-percent increase from P50.57 billion in 2025.

“While global uncertainties continue to put pressure on fuel supply and prices, Meralco’s diversified portfolio continues to give us greater strength and flexibility to navigate the challenges,” the Meralco chair and CEO said in a statement.

Meralco delivers electricity to Metro Manila, Bulacan, Cavite and Rizal as well as parts of Pampanga, Laguna, Batangas and Quezon.

Weaker peso

In the first three quarters, Meralco saw its revenues rise 19 percent to P443.04 billion from P371.76 billion last year.

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Total costs and expenses jumped a fifth to P397.7 billion due to higher purchased power costs, which likewise increased by 20 percent to P338.69 billion in the first three quarters.

Meralco said the weakening peso, which has breached the P64-per-dollar mark, will “definitely” have an impact on the company, particularly on its pass-through generation costs.

But it nonetheless assured consumers that it was already looking at solutions to curb the effects of the depreciating peso. Siy-Yap also emphasized that all of Meralco’s debts are peso-denominated.

On renewable energy, Meralco said MGEN Renewables Inc.—previously SP New Energy Corp., backed by lawmaker Leandro Leviste—is expected to end 2026 back in the black, with a projected net income of P700 million.