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Longer TRO sought on rate hike

AFP FILE PHOTO

The militant party-list bloc in the House of Representatives on Tuesday asked the Supreme Court to extend indefinitely the 60-day temporary restraining order (TRO) it had issued which stopped the Manila Electric Co. (Meralco) and the power-generating companies (gencos) from collecting the P4.15 kilowatt-hour increase in the generation charge.

Posted: April 16th, 2014 in Latest Business Stories | Read More »

Voiding power rate hike won’t stop DOJ probe

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AFP FILE PHOTO

Despite the decision of the Energy Regulatory Commission (ERC) to void the electricity price hike in the fourth quarter last year, the Department of Justice on Friday said it would continue its investigation into the alleged price manipulation and anticompetitive behavior of power companies.

Posted: March 16th, 2014 in Latest Business Stories | Read More »

Consumers warn of another P5 power rate hike

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AFP FILE PHOTO

Indignant consumers on Saturday slammed the Manila Electric Co. (Meralco) for another rate increase—one not covered by the Supreme Court’s temporary restraining order (TRO).

Posted: February 23rd, 2014 in Latest Business Stories | Read More »

Power regulators blink

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AFP FILE PHOTO

Amid the growing public anger over the record rise in electricity rates, government regulators on Saturday decided to set a lower price cap for electricity being traded on the Wholesale Electricity Spot Market (WESM) while authorities are studying how to prevent power rates increases in the future.

Posted: December 29th, 2013 in Headlines,Photos & Videos | Read More »

‘Floating’ VAT for basic goods

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shopping

Saying the government shouldn’t profit from the people’s misery, Sen. Alan Peter Cayetano has called for “floating rates” in the collection of the value added tax (VAT) to control skyrocketing prices whenever the costs of basic commodities go up.

Posted: December 24th, 2013 in Latest Business Stories | Read More »

JG Summit completes buyout of SMC stake in Meralco

AFP FILE PHOTO

The Gokongwei group has completed its buyout of the San Miguel group’s 27-percent stake in Manila Electric Co., the country’s largest power distribution firm, for P72 billion.

Posted: December 12th, 2013 in Latest Business Stories | Read More »

Despite staggered rate hike, solons want Meralco probed

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INQUIRER.net FILE PHOTO

The Manila Electric Co.’s announcement that it would implement the P3.44 per kilowatt-hour generation rate increase on a staggered basis should not preclude an investigation into the “proposed humongous power rate hike,” militant party-list members said.

Posted: December 8th, 2013 in Latest Business Stories | Read More »

Labor group joins anti-power rate hike protest

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Pedestrians walk past a Meralco sign in suburban Manila in this file photo. AFP FILE PHOTO

The Labor group NAGKAISA joined the chorus of voices denouncing a planned increase in electricity bills in the franchise area of the Manila Electric Co. (Meralco) due to higher generation charges.

Posted: December 6th, 2013 in Latest Business Stories | Read More »

Meralco staggers rate hike after protests

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INQUIRER.net FILE PHOTO

Faced with unprecedented protest actions over an impending record rate increase, Manila Electric Co. (Meralco) on Friday announced it would carry out the estimated P3.44-per-kilowatt-hour increase in generation charge in stages, starting this December.

Posted: December 6th, 2013 in Latest Business Stories | Read More »

Gokongweis raise P8.8B from JG Summit equity deal

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Lance Gokongwei, president of JG Summit. AFP FILE PHOTO

The Gokongwei group has raised P8.8 billion from an overnight sale of shares in flagship conglomerate JG Summit Holdings Inc., partly to fund the acquisition of a 27-percent stake in utility Manila Electric Co.

Posted: November 26th, 2013 in Latest Business Stories | Read More »

MVP says Meralco may tie up with JG Summit

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The Manila Electric Co. (Meralco) may explore synergies with JG Summit Holdings Inc., which is acquiring the stake of San Miguel Corp. in the country’s top distribution utility, Meralco chair Manuel V. Pangilinan told reporters.

Posted: October 27th, 2013 in Headlines | Read More »

Stock market falters after 6-day run-up

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PSE index as of October 09, 2013, 03:46:00 PM

The local stock market ended a six-day run-up on Wednesday as investors weighed the risks of a US debt default as a result of the political stalemate that has held up passage of the US federal budget alongside concerns about weaker global economic prospects cited by the International Monetary Fund.

Posted: October 9th, 2013 in Latest Business Stories,Stocks | Read More »

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