Ayalas’ power arm secures P5 billion loan from Ty-blings

Metropolitan Bank & Trust Co. (Metrobank), one of the country’s largest banks owned by the Ty family, has signed a P5 billion loan with ACEN, the listed energy platform of the Ayala group, to fund its aggressive renewable energy expansion across the country.

Metrobank sees its lending facility with ACEN as key to paving the way in achieving a secure, reliable, and affordable electricity supply in the Philippines and within the region.

“ACEN plays an important role in promoting renewable energy within the country and the Asia Pacific region. We are honored to be a partner of ACEN in pursuing their energy projects that are key to building a more sustainable future for our planet and the generations to come,” said Metrobank Institutional Banking Sector Head Mylene Caparas.

ACEN chief finance officer Cora Dizon said the collaboration with Metrobank is “a critical catalyst for our ambitious expansion plans and the execution of pivotal projects as we steadfastly work towards our 20 GW by 2030 vision”.

“It empowers us to generate more clean and sustainable energy, a necessity in this era of escalating power demand,” Dizon said,

Advocacy group calls out ERC on Meralco’s rate extension

The National Association of Electricity Consumers for Reforms Inc. (Nasecore) has criticized the Energy Regulatory Commission for permitting bilyonaryo Manny Pangilinan-led Manila Electric Company to charge consumers the provisional interim average rate of P1.3810 per kilowatt hour from July 2016 to the present.