Meralco posts flattish sales as POGOs exit

Power giant Manila Electric Co. (Meralco) expects its energy sales to finish the year largely flat, as the government’s crackdown on Philippine offshore gaming operators (POGOs) has tempered demand.

- By BRIX LELIS

“So technically, it’s still flattish,” Meralco chief revenue officer Ferdinand Geluz said in an interview, pointing to milder heat and POGO vacancies that have partially offset gains from new customer connections.

He noted, however, that the effect of the POGO exit, including in condo units, should gradually ease as these spaces are repurposed for other uses.

“Tts occupancy is like a repurposing. I think, if you heard, Island Cove was bought by EEI (Corp.), and the plan is to repurpose it into some sort of township (development),” Geluz said.