How a Manila utility company evolved from horse-drawn trams to a national power giant.
In short: Meralco began as a provider of electric streetlights in 1903, eventually expanding into a massive power distribution network. Its history is marked by rapid technological shifts, wartime destruction, and complex political takeovers that saw the company move between private ownership, state-controlled foundations, and modern corporate conglomerates.
The Manila Electric Company, or Meralco, originated from the acquisition of early utility firms like La Electricista, which first illuminated Manila in 1895. By 1903, the company was granted a formal franchise under the American Insular Government. In its early decades, the firm was as much a transportation company as an electric utility, operating a fleet of streetcars and building infrastructure like the 23MW Botocan Hydro Station, the Philippines' first hydroelectric plant, completed in 1930.
The company's trajectory shifted dramatically during the 20th century. During World War II, its assets were forcibly transferred to the Japanese-controlled Taiwan Power Company, and by the war's end, most facilities were destroyed. In 1962, the López family regained control and significantly expanded generating capacity. However, the declaration of Martial Law in 1972 led to a hostile takeover. President Ferdinand Marcos nationalized electric generation, and the company was placed under the Meralco Foundation, controlled by Benjamin Romuáldez, following the arrest of Eugenio López, Jr.
Ownership returned to the López Group after the 1986 People Power Revolution, though the company's structure continued to evolve. By 2012, the López Group had reduced its holdings to 3.95%, with the First Pacific Group and the JG Summit Group emerging as majority shareholders. Throughout its history, Meralco has faced significant controversy, including legislative investigations into high power rates in 2008 and legal battles over accounting practices regarding consumer meter deposits. Today, the company remains the sole electric distributor for Metro Manila, with its franchise recently renewed until 2053.
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Sources
- Summary by Intellect · source: Meralco
- Also: Wikidata — Meralco · CC0
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