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MVP targets higher Meralco capex for 2025
The Philippine Star
|November 21, 2024
Tycoon Manuel V. Pangilinan expects Manila Electric Co. (Meralco) to increase its capital spending for 2025, seeing another banner year amid a robust economic outlook.
"I believe so," said Pangilinan, who serves as Meralco chairman and CEO, when asked if the group will allocate a higher capital expenditure (capex) budget next year.
"I think it will be a better year for Meralco next year.
(I'm) quite confident (as) the economy is doing okay under President Marcos," he said.
The company set aside close to P40 billion for its capex this year, the bulk of which was earmarked for the distribution utility and power generation businesses.
The Meralco board has yet to review the budget next year, but Pangilinan said it would be largely driven by the $4-billion Terra Solar project in Central Luzon, which is poised to become the world's largest solar facility.
This story is from the November 21, 2024 edition of The Philippine Star.
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