Manila Electric News

MANILA, Philippines -- Manuel Lopez is stepping down effective immediately as chairman of power retailer Manila Electric Co., Lopez told shareholders on Tuesday.

Manila Electric Co., the power retailer that sold its plants to the Philippine government almost four decades ago, will partner with a Japanese utility to build the Southeast Asian nation's first natural-gas fired power plant in more than 10 years to help reduce outages.

MANILA, Philippines - Despite the opposition of project developers affiliated with the National Renewable Energy Board , other industry players including the Manila Electric Company are favoring bidding for the renewable energy installations that will be availing of the feed-in-tariff charges.

MANILA, Philippines - Lopez Holdings Corporation almost tripled its profits for the first quarter of the year due to the sale of Manila Electric Company shares by affiliate First Philippine Holdings Corporation .

MANILA, Philippines - High-end property developer Rockwell Land Corp. listed P9.1 billion worth of common shares by way of introduction in the Philippine Stock Exchange on Friday.

Philippine conglomerate Metro Pacific Investments Inc. said Wednesday its first-quarter net profit nearly doubled from a year earlier to PHP1.57 billion thanks to higher profit contributions from its water utility unit and Manila Electric Co.

Manila Electric emerges as the best performer on earnings quality among 38 stocks in the Philippines, tracked by at least three analysts, Thomson Reuters StarMine data shows.

MANILA, Philippines - Despite the implementation of the rate hike of state-run National Power Corporation , the generation charge of Manila Electric Company will be lower by P0.0638 per kilowatt hour this May billing.

Banking on the revived interest of investors, Philippine Ambassador to Japan Manuel M. Lopez is embarking on a new and lofty mission to make great strides in attracting foreign capitals that can help lift the country's economic stature.