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Manila Electric Rises on Higher Sales Prospects

Dec. 7 (Bloomberg) -- Manila Electric Co., the Philippines’ largest power retailer, rose to the highest in two weeks in Manila trading after generators cut its electricity costs, prompting speculation demand will increase as it passes on the savings to customers.

Manila Electric, which retails electricity to the capital and nearby provinces, gained 1 percent to 196 pesos as of 10:25 a.m. on the Philippine Stock Exchange, set for its highest close since Nov. 23.

Manila Electric yesterday said prices it pays for supplies from the wholesale electricity spot market, which account for about 60 percent of the total electricity tariff, will drop to 4.97 pesos per kilowatt-hour from 5.29 pesos in November.

“It’s been proven that lower prices encourage consumers to increase their usage, translating to more profit for the power distributor,” First Grade Holdings Inc. managing director Astro del Castillo said.

Link to Company News: {MER PM <Equity> CN <GO>}

To contact the reporter on this story: Cecilia Yap in Manila at cyap19@bloomberg.net

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

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