MANILA, Philippines -- Manila Electric Co. (Meralco), the country's biggest power distributor, reported on Monday a minor revamp in the composition of its board of directors, following the resignation of two officers.

In a disclosure to the Philippine Stock Exchange, the Meralco board said it accepted the resignations of two directors namely Elpi O. Cuna and Elenita D. Go.

The board has likewise elected Eric O. Recto, who currently heads oil giant Petron Corp. and Vicente Panlilio, a former banker, to serve for the remaining term of the resigned directors and until their successors are elected and qualified.

Meralco, however, did not confirm whether Jose P. de Jesus, who is currently the chief operations officer, will indeed move out of the distribution utility to hold a position under the Aquino administration.

?The company will make appropriate disclosure at the proper time,? Meralco said.

Meanwhile, Meralco also disclosed that its board of directors approved the payment of cash dividend equivalent to 10 percent of par value on the company's 10 percent cumulative preferred stock, series B.

The dividends for the second calendar quarter of 2010 will be payable on July 30 to shareholders of record date as of June 30.