Economic activity picking up, says MVP

MANILA, Philippines - Economic activity appears to be picking up, based on power sales of Manila Electric Co., Meralco and Maynilad chairman Manuel V. Pangilinan said yesterday.

Interviewed on the sidelines of the launch of Maynilad’s Water Academy in Antipolo, Pangilinan said that third quarter bills of Meralco showed an increase compared to a 1.1-percent decline in the first half.

“If electricity sales is an economic indicator, our indicative sales in July, August and September indicate good news,” Pangilinan said.

Pangilinan is optimistic that if Meralco’s power sales continue to improve, the company will be able to achieve its 2011 revenue targets.

On the other hand, Pangilinan, who is also the chairman of Philippine Long Distance Telephone Co. (PLDT), noted that the reverse is occurring with PLDT whose revenues have gone down in the third quarter of this year compared to the third quarter of last year.

He was more pessimistic about PLDT’s full year performance this year.

Pangilinan noted, however, that the glimmer of economic activity may still be adversely affected by the continuing global economic slowdown especially in the business processing sector, and would affect the country’s overseas foreign workers and their remittances to the country.

Meanwhile, Pangilinan said Metro Pacific Investments Corp. (MPIC) is interested to acquire management of government-owned hospitals.

“We are interested in the Heart Center, the Lung Center, the Kidney Center and the National Children Hospital.”

The MPIC has already secured the management of the Makati Medical Center and the Lourdes Hospital in Sta. Mesa.