The Makati Business Club recommends renewing Manila Electric Co.’s (Meralco) franchise, joining another influential business group, the Management Association of the Philippines, in backing the initiative.
Meralco’s franchise area covers key economic regions like the National Capital Region, Calabarzon (Cavite, Laguna, Batangas, Rizal, and Quezon), and Central Luzon, essential for economic performance, the MBC said in a statement.
“We acknowledge concerns about electricity prices in the country, which are comparatively high among ASEAN nations. However, it is important to note that the Philippines boasts a liberalized energy market, devoid of government subsidies,” the group said.
“In this context, a 2023 report by the International Energy Consultants has shown that Meralco’s distribution rates remain fair and reasonable, particularly given prevailing inflation rates,” it added.
Meralco has achieved near-universal electrification and meets growing demand, aligning with government goals for energy security and sustainability.
The company also promotes renewable energy and aids customers in transitioning to cleaner power sources. Renewing Meralco’s franchise supports economic growth, energy security, and investment attraction.
