William Belo’s Wilcon jumps 8% as it joins PSE index in place of First Gen

It took bilyonaryo William Belo more than four years for Wilcon Depot (WLCON) to reach blue chip status but it was all worth it for the hardworking businessman.

WLCON rose 8.1 percent to P31.35 after the Philippine Stock Exchange announced that it would join the 30-stock PSE Index on October 11.

WLCON has gained 520 percent from its initial public offering price of P5.05 in March 2017.

WLCON will take the spot to be vacated by First Gen (FGEN) which the PSE decided to remove from both the main and industrial index.

FGEN lost 7.69 percent to P30 following the PSE’s announcement.

ERC to look into complaints of overcharging by power firms

Numerous complaints on increasing electricity rates have prompted the Energy Regulatory Commission (ERC) to launch an investigation on the accuracy and reasonableness of the generation rates being passed on by distribution utilities (DUs) to its consumers.